FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-7541
THE HERTZ CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-1938568
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
225 Brae Boulevard, Park Ridge, New Jersey 07656-0713
(Address of principal executive offices)
(Zip Code)
(201) 307-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report.)
The registrant meets the conditions set forth in General
Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing
this Form with the reduced disclosure format permitted by General
Instruction H(2) of Form 10-Q.
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
Indicate the number of shares outstanding of each of the
registrant's classes of common stock as of June 30, 1996: Common
Stock, $1 par value - Class A, 200 shares; Class B, 51 shares;
and Class C, 490 shares.
Page 1 of 20 pages
The Exhibit Index is on page 17
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM l. FINANCIAL STATEMENTS.
INTRODUCTORY STATEMENT
The summary of accounting policies set forth in Note 1 to the
consolidated financial statements contained in the Form 10-K for
the fiscal year ended December 31, 1995, filed by the registrant
with the Securities and Exchange Commission on March 13, 1996,
has been followed in preparing the accompanying condensed
consolidated financial statements.
The condensed consolidated financial statements for interim
periods included herein have not been audited by independent
public accountants. In the registrant's opinion, all adjustments
(which include only normal recurring adjustments) necessary for a
fair presentation of the results of operations for the interim
periods have been made. Results for interim periods are not
necessarily indicative of results for a full year.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(In Thousands of Dollars)
A S S E T S
Unaudited
June 30, Dec. 31,
1996 1995
CASH AND EQUIVALENTS $ 146,420 $ 137,257
RECEIVABLES, less allowance for
doubtful accounts: 1996, $11,454;
1995, $7,985 711,557 789,801
DUE FROM AFFILIATES 341,907 407,442
INVENTORIES, at lower of cost or market 16,957 17,930
PREPAID EXPENSES AND OTHER ASSETS (Note 1) 94,296 83,345
REVENUE EARNING VEHICLES AND OTHER
EQUIPMENT, at cost, less accumulated
depreciation: 1996 $493,087; 1995,
$486,266 5,685,938 4,170,169
PROPERTY AND EQUIPMENT, at cost,
less accumulated depreciation:
1996, $498,494; 1995, $485,680 529,794 495,890
FRANCHISES, CONCESSIONS, CONTRACT COSTS
AND LEASEHOLDS, net of amortization
(Note 5) 9,803 7,722
COST IN EXCESS OF NET ASSETS OF PURCHASED
BUSINESSES, net of amortization
(Note 5) 535,581 547,074
$8,072,253 $6,656,630
LIABILITIES AND SHAREHOLDERS' EQUITY
ACCOUNTS PAYABLE $ 646,723 $ 585,663
ACCRUED LIABILITIES 539,310 473,019
ACCRUED TAXES 89,437 74,714
DEBT (Note 4) 5,524,127 4,297,484
PUBLIC LIABILITY AND PROPERTY DAMAGE 303,444 311,669
DEFERRED TAXES ON INCOME 94,000 77,800
SHAREHOLDERS' EQUITY:
Preferred stock -
Series A, 10% cumulative 236,000 236,000
Series B, various rates cumulative 249,900 249,900
Common stock 1 1
Additional capital paid-in 59,008 59,008
Reinvested earnings 325,066 276,733
Translation adjustment 5,252 14,539
Unrealized holding gains (losses) for
available-for-sale securities (Note 1) (15) 100
Total shareholders' equity 875,212 836,281
$8,072,253 $6,656,630
The accompanying notes are an integral part of this statement.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In Thousands of Dollars)
Unaudited
Three Months
Ended June 30,
1996 1995
REVENUES $911,401 $858,555
EXPENSES:
Direct operating 437,214 432,608
Depreciation of revenue earning
equipment (Note 3) 221,539 208,610
Selling, general and administrative 108,388 102,248
Interest, net of interest income
of $2,359 and $3,479 74,976 80,574
842,117 824,040
INCOME BEFORE INCOME TAXES 69,284 34,515
PROVISION FOR TAXES ON INCOME
(Note 2) 29,739 14,878
NET INCOME $ 39,545 $ 19,637
The accompanying notes are an integral part of this statement.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In Thousands of Dollars)
Unaudited
Six Months
Ended June 30,
1996 1995
REVENUES $1,714,543 $1,594,234
EXPENSES:
Direct operating 861,033 833,003
Depreciation of revenue earning
equipment (Note 3) 413,926 378,727
Selling, general and administrative 212,837 197,710
Interest, net of interest income
of $5,117 and $6,021 142,291 150,925
1,630,087 1,560,365
INCOME BEFORE INCOME TAXES 84,456 33,869
PROVISION FOR TAXES ON INCOME
(Note 2) 36,123 14,597
NET INCOME $ 48,333 $ 19,272
The accompanying notes are an integral part of this statement.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands of Dollars)
Unaudited
Six Months
Ended June 30,
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 48,333 $ 19,272
Non-cash expenses:
Depreciation of revenue earning
equipment 413,926 378,727
Depreciation of property and
equipment 42,038 37,262
Amortization of intangibles 8,566 9,497
Provision for public liability
and property damage 60,800 68,110
Provision for losses for doubtful
accounts 6,118 2,292
Deferred income taxes 16,200 4,500
Revenue earning equipment
expenditures (4,792,476) (4,659,215)
Proceeds from sales of revenue
earning equipment 2,846,534 2,834,807
Changes in assets and liabilities,
net of effects from sale in 1996
of certain claim administration
service operations, and in 1995
of the European car leasing and
car dealership operations -
Receivables 58,500 (78,387)
Due from affiliates 65,535 12,621
Inventories and prepaid expenses
and other assets (12,363) (24,048)
Accounts payable 65,877 220,736
Accrued liabilities 68,751 20,903
Accrued taxes 14,806 859
Payments of public liability and
property damage claims and expenses (69,016) (61,802)
Net cash flows used for
operating activities (1,157,871) (1,213,866)
The accompanying notes are an integral part of this statement.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands of Dollars)
Unaudited
Six Months
Ended June 30,
1996 1995
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures $ (97,876) $ (96,946)
Proceeds from sales of property and
equipment 15,641 19,099
Available-for-sale securities -
Purchases (4,793) (1,688)
Sales 4,821 2,201
Proceeds from sale in 1996 of certain
claim administration service operations
and in 1995 of the European car leasing
and car dealership operations, net of
cash and equivalents 15,346 56,560
Purchases of various operations (6,054) -
Net cash flows used for investing
activities (72,915) (20,774)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term
debt 149,841 319,805
Repayment of long-term debt (97,711) (280,981)
Short-term borrowings:
Proceeds 659,840 662,715
Repayments (356,995) (330,976)
Ninety day term or less, net 885,109 884,369
Net cash flows provided from
financing activities 1,240,084 1,254,932
EFFECT OF FOREIGN EXCHANGE RATE
CHANGES ON CASH (135) 213
NET INCREASE IN CASH AND EQUIVALENTS
DURING THE PERIOD 9,163 20,505
CASH AND EQUIVALENTS AT BEGINNING OF
YEAR 137,257 99,749
CASH AND EQUIVALENTS AT END OF PERIOD $ 146,420 $ 120,254
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for -
Interest (net of amount capitalized) $ 137,911 $ 153,384
Income taxes 16,582 19,902
In connection with an acquisition made during 1996, liabilities
assumed were $36 million.
The accompanying notes are an integral part of this statement.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Available-for-Sale Securities
As of June 30, 1996, Prepaid Expenses and Other Assets in the
condensed consolidated balance sheet include available-for-sale
securities at fair value of $5,586 thousand (cost $5,603
thousand). The fair value is calculated using information
provided by outside quotation services. These securities include
various governmental and corporate debt obligations, with the
following maturity dates for the twelve month period following
June 30, 1996 (in thousands): fair value $158 (cost $164) in
1997; fair value $4,510 (cost $4,494) 1998 through 2002; fair
value $918 (cost $945) 2003 through 2014. For the six months
ended June 30, 1996, proceeds of $4.8 million from the sale of
available-for-sale securities were received, and net losses of
$10,064 were realized. For the six months ended June 30, 1996,
unrealized holding losses, and unrealized holding gains, net of
taxes, included in Shareholders' Equity were $69,288 and $54,192,
respectively.
Note 2 - Taxes on Income
The income tax provision is based upon the expected effective
tax rate applicable to the full year. The effective tax rate is
higher than the U.S. statutory rate of 35% due to higher tax
rates relating to foreign operations and adjustment for state
taxes net of federal benefit.
Note 3 - Depreciation of Revenue Earning Equipment
Depreciation of revenue earning equipment includes the
following (in thousands of dollars):
Unaudited
1996 1995
Three months Ended June 30
Depreciation of revenue earning equipment $218,847 $186,751
Less adjustment of depreciation upon
disposal of the equipment 181 4,497
Rents paid for vehicles leased 2,511 17,362
Total $221,539 $208,610
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 3 - Depreciation of Revenue Earning Equipment (continued)
Unaudited
1996 1995
Six months Ended June 30
Depreciation of revenue earning equipment $415,453 $331,567
Less adjustment of depreciation upon
disposal of the equipment (6,802) 4,840
Rents paid for vehicles leased 5,275 42,320
Total $413,926 $378,727
The adjustment of depreciation upon disposal of revenue
earning equipment for the three months ended June 30, 1996 and
1995 included net losses of $1.2 million and net gains of $1.3
million, respectively, on the sale of equipment in the
construction equipment rental operations in the United States;
and net gains of $1.0 million and net losses of $5.8 million,
respectively, in the car rental and car leasing operations.
The adjustment of depreciation upon disposal of revenue
earning equipment for the six months ended June 30, 1996 and 1995
included net gains of $.5 million and $.2 million, respectively,
on the sale of equipment in the construction equipment rental
operations in the United States; and net gains of $6.3 million
and net losses of $5.0 million, respectively, in the car rental
and car leasing operations.
During the six months ended June 30, 1996, the registrant
purchased Ford Motor Company ("Ford") vehicles at a cost of
approximately $2.5 billion, and sold Ford vehicles to Ford or its
affiliates under various repurchase programs for approximately
$1.5 billion.
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Debt
Debt at June 30, 1996 and December 31, 1995 consists of the
following (in thousands of dollars):
Unaudited
June 30, Dec. 31,
1996 1995
Notes payable, including commercial paper,
average interest rate: 1996, 5.4%;
1995, 5.8% $1,961,706 $1,036,215
Promissory notes, average interest rate:
1996, 7.42%; 1995, 7.62%; (effective
average interest rate: 1996, 7.48%; 1995,
7.67%); net of unamortized discount:
1996, $3,472; 1995, $3,019; due 1997
to 2005 1,791,528 1,694,641
Property and equipment lease obligations,
average interest rate: 1996, 7.5%; 1995
7.9%; due 1996 to 1998 2,509 3,572
Medium term notes, average interest rate:
1996, 9.3%; 1995, 9.4%; due 1996 to 1997 75,300 119,175
Senior subordinated promissory notes,
average interest rate 9.5% (effective
average interest rate 9.6%); net of
unamortized discount: 1996, $239; 1995,
$313; due 1996 to 1998 249,761 249,687
Junior subordinated promissory notes,
average interest rate 6.9%; net of
unamortized discount: 1996, $265;
1995, $286; due 2000 to 2003 399,735 399,714
Subsidiaries' short-term debt, including
commercial paper in millions (1996,
$996.5; 1995, $747.2) and other
borrowings; average interest rate in
domestic and foreign currencies: 1996,
5.2%; 1995, 5.9%; including unamortized
discount: 1996, $26; 1995, $29 1,043,588 794,480
Total $5,524,127 $4,297,484
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Debt (continued)
The aggregate amounts of maturities of debt for the twelve
month periods following June 30, 1996 are as follows (in
millions): 1997, $3,180.8 (including $2,958.2 of commercial paper
and short-term borrowings); 1998, $475.6; 1999, $120.1; 2000,
$349.8; 2001, $548.7; after 2001, $849.1.
At June 30, 1996, approximately $195 million of the
registrant's consolidated shareholders' equity was free of
dividend limitations pursuant to its existing debt agreements.
At June 30, 1996, the registrant and a subsidiary had $268.9
million of outstanding loans from Ford.
The registrant and its subsidiaries have entered into
arrangements to manage exposure to fluctuations in interest
rates. These arrangements consist of interest-rate swap
agreements ("swaps") and forward rate agreements ("FRAs"). The
differential paid or received on these agreements is recognized
as an adjustment to interest expense. These agreements are not
entered into for trading purposes. The effect of these
agreements is to make the registrant less susceptible to changes
in interest rates by effectively converting certain variable rate
debt to fixed rate debt. Because of the relationship of current
market rates to historical fixed rates, the effect at June 30,
1996 of the swap and FRA agreements is to give the registrant an
overall effective weighted-average rate on debt of 6.42%, with
47% of debt effectively subject to variable interest rates,
compared to a weighted-average interest rate on debt of 6.37%,
with 54% of debt subject to variable interest rates when not
considering the swap and FRA agreements. At June 30, 1996, these
agreements expressed in notional amounts aggregated (in millions)
$357.5 swaps, and FRAs in the amount of $30.8 which were settled
in 1996. Notional amounts are not reflective of the registrant's
obligations under these agreements because the registrant is only
obligated to pay the net amount of interest rate differential
between the fixed and variable rates specified in the contracts.
The registrant's exposure to any credit loss in the event of non-
performance by the counterparties is further mitigated by the
fact that all of these financial instruments are with significant
financial institutions that are rated "A" or better by the major
credit rating agencies. At June 30, 1996, the fair value of all
outstanding contracts, which is representative of the
registrant's obligations under these contracts, assuming the
contracts were terminated at that date, was approximately a net
payable of $.3 million. This relates to notional principal
<PAGE>
THE HERTZ CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - Debt (continued)
(in millions) of $357.5 swaps maturing $27.8, $237.0, $63.8,
$27.6, $1.2 and $.1 in 1996, 1997, 1998, 1999, 2000 and 2002,
respectively; and of notional principal scheduled to start after
June 30, 1996 of $.4 swaps maturing in 1996, and $15.4 FRA's
maturing in 1997.
Note 5 - Purchases and Sales of Operations
In June 1996, the registrant acquired all of the capital
stock of a foreign licensee vehicle rental and leasing operation
and the assets of a domestic car rental operation. In February
1996, the registrant acquired the assets of a domestic
construction equipment rental and sales operation. The costs
related to these acquisitions exceeded the net assets acquired by
$6.1 million.
In May 1996, the registrant sold certain of its claim
administration service operations effective February 29, 1996,
which included the administration of workers' compensation claims
and other related services, and health related benefit claims.
The net proceeds from the sale approximated $15.3 million, which
exceeded its book value by approximately $3 million. The total
assets of these operations at February 29, 1996 were $15.5
million and revenues for the year ended December 31, 1995 were
$31.0 million, with negligible net income. Therefore, the
registrant believes that this transaction will not have a
material effect on its financial position or future operations.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.
Second Quarter 1996 vs. Second Quarter 1995
Revenues in the second quarter of 1996 of $911 million
increased by $53 million as compared to the second quarter of
1995. This increase was primarily attributable to increases in
the car rental operations resulting from a greater number of
transactions and rate increases; and improvements in construction
equipment rental and sales due to increased volume resulting from
the opening of new locations and increased activity in
construction and industrial related markets. These increases
were partly offset by lower revenues in the claim administration
service operations, parts of which were sold effective February
29, 1996, and changes in foreign exchange rates.
Total expenses increased $18 million to $842 million in the
second quarter of 1996 as compared to $824 million in the second
quarter of 1995. Direct operating expense increased principally
due to the higher volume of business, but is lower in 1996 as a
percent of revenues due to more efficient fixed cost coverage.
Depreciation of revenue earning equipment increased primarily due
to an increase in vehicles and equipment operated and higher
prices for automobiles; these increases were partly offset by
higher net proceeds received on disposal of revenue earning
equipment in excess of book value due to improved market
conditions. Selling, general and administrative expense
increased primarily due to higher administrative, advertising and
sales promotion costs. The decrease in interest expense was
primarily due to lower interest rates in 1996, partly offset by
higher debt levels in 1996.
The tax provision of $30 million in the second quarter of
1996 was higher than the tax provision of $15 million in the
second quarter of 1995, primarily due to the higher income before
income taxes in 1996. See Note 2 to the Notes to Condensed
Consolidated Financial Statements.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (continued).
First Half of 1996 vs. First Half of 1995
Revenues in the first half of 1996 of $1,715 million
increased by $120 million as compared to the first half of 1995.
This increase was primarily attributable to gains in the car
rental operations resulting from a greater number of transactions
and rate increases; and improvements in construction equipment
rental and sales due to increased volume resulting from the
opening of new locations and increased activity in construction
and industrial related markets. These increases were partly
offset by lower revenues in the claim administration service
operations, parts of which were sold effective February 29, 1996,
and changes in foreign exchange rates.
Total expenses increased $70 million to $1,630 million in the
first half of 1996 as compared to $1,560 million in the first
half of 1995. Direct operating expense increased principally due
to the higher volume of business, but is lower in 1996 as a
percent of revenues due to more efficient fixed cost coverage.
Depreciation of revenue earning equipment increased primarily due
to an increase in vehicles and equipment operated and higher
prices for automobiles; these increases were partly offset by
higher net proceeds received on disposal of revenue earning
equipment in excess of book value due to improved market
conditions. Selling, general and administrative expense
increased primarily due to higher administrative, advertising and
sales promotion costs. The decrease in interest expense was
primarily due to lower interest rates in 1996, partly offset by
higher debt levels in 1996.
The tax provision of $36 million in the first half of 1996
was higher than the tax provision of $15 million in the first
half of 1995, primarily due to the higher income before income
taxes in 1996. See Note 2 to the Notes to Condensed Consolidated
Financial Statements.
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
(4) Instruments defining the rights of security
holders, including indentures. During the quarter
ended June 30, 1996, the registrant and its
subsidiaries ("Hertz") incurred various
obligations which could be considered as long-term
debt, none of which exceeded 10% of the total
assets of Hertz on a consolidated basis. Hertz
agrees to furnish to the Commission upon request a
copy of any instrument defining the rights of the
holders of such long-term debt.
(12) Computation of Ratio of Earnings to Fixed Charges for the
six months ended June 30, 1996, and 1995.
(27) Financial Data Schedule for the six months ended June 30,
1996.
(b) Reports on Form 8-K:
The registrant did not file any reports on Form 8-K
during the quarter ended June 30, 1996.
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.
THE HERTZ CORPORATION
(Registrant)
Date: July 29, 1996 By: /s/ William Sider
William Sider
Executive Vice President and
Chief Financial Officer
(principal financial officer
and duly authorized officer)
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
EXHIBITS
filed with
FORM 10-Q
for the quarter ended
June 30, 1996
under
THE SECURITIES EXCHANGE ACT OF 1934
THE HERTZ CORPORATION
Commission file number 1-7541
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description Page No.
12 Computation of Ratio of Earnings
to Fixed Charges for the six months
ended June 30, 1996 and 1995. 18
27 Financial Data Schedule for the six
months ended June 30, 1996. 19 - 20
<PAGE>
EXHIBIT 12
THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars Except Ratios)
Unaudited
Six Months
Ended June 30,
1996 1995
Income before income taxes $ 84,456 $ 33,869
Interest expense 147,408 156,946
Portion of rent estimated to represent
the interest factor 34,667 40,134
Earnings before income taxes and fixed
charges $266,531 $230,949
Interest expense (including capitalized
interest) $147,815 $157,481
Portion of rent estimated to represent
the interest factor 34,667 40,134
Fixed charges $182,482 $197,615
Ratio of earnings to fixed charges 1.5 1.2
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1,000
<CASH> 6,948
<SECURITIES> 139,472
<RECEIVABLES> 723,011
<ALLOWANCES> (11,454)
<INVENTORY> 16,957
<CURRENT-ASSETS> 0
<PP&E> 7,207,313
<DEPRECIATION> (991,581)
<TOTAL-ASSETS> 8,072,253
<CURRENT-LIABILITIES> 0
<BONDS> 5,524,127
0
485,900
<COMMON> 1
<OTHER-SE> 389,311
<TOTAL-LIABILITY-AND-EQUITY> 8,072,253
<SALES> 0
<TOTAL-REVENUES> 1,714,543
<CGS> 0
<TOTAL-COSTS> 1,481,678
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 6,118
<INTEREST-EXPENSE> 142,291
<INCOME-PRETAX> 84,456
<INCOME-TAX> 36,123
<INCOME-CONTINUING> 48,333
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 48,333
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
