UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
--------- ---------
Commission File Number: 1-6620
GRIFFON CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 11-1893410
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 JERICHO QUADRANGLE, JERICHO, NEW YORK 11753
- ----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(516) 938-5544
----------------------------------------------------
(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 such filing
requirements for the past 90 days.
X Yes No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date. 30,684,712 shares of Common
Stock as of January 31, 1998.
<PAGE>
FORM 10-Q
---------
CONTENTS
--------
PAGE
----
PART I - FINANCIAL INFORMATION (Unaudited)
---------------------
Condensed Consolidated Balance Sheets at December 31, 1997
and September 30, 1997 ........................................... 1
Condensed Consolidated Statements of Income for the Three
Months Ended December 31, 1997 and 1996 .......................... 3
Condensed Consolidated Statements of Cash Flows for the Three
Months Ended December 31, 1997 and 1996 .......................... 4
Notes to Condensed Consolidated Financial Statements ............. 5
Management's Discussion and Analysis of Financial
Condition and Results of Operations .............................. 7
PART II - OTHER INFORMATION
-----------------
Item 1: Legal Proceedings ....................................... 9
Item 2: Changes in Securities ................................... 9
Item 3: Defaults upon Senior Securities ......................... 9
Item 4: Submission of Matters to a Vote of Security Holders ..... 9
Item 5: Other Information ....................................... 9
Item 6: Exhibits and Reports on Form 8-K ........................ 9
Signature ........................................................ 10
<PAGE>
GRIFFON CORPORATION AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
December 31, September 30,
1997 1997
----------- -------------
(Unaudited) (Note 1)
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 12,673,000 $ 15,414,000
Marketable securities 382,000 1,379,000
Accounts receivable, less allowance
for doubtful accounts 100,608,000 105,050,000
Contract costs and recognized
income not yet billed 42,288,000 40,465,000
Inventories (Note 2) 83,072,000 88,123,000
Prepaid expenses and other current
assets 16,193,000 13,676,000
------------ ------------
Total current assets 255,216,000 264,107,000
PROPERTY, PLANT AND EQUIPMENT
at cost, less accumulated depreciation
and amortization of $56,536,000 at
December 31, 1997 and $53,673,000 at
September 30, 1997 76,962,000 77,080,000
OTHER ASSETS 46,437,000 43,572,000
------------ ------------
$378,615,000 $384,759,000
============ ============
<FN>
See notes to condensed consolidated financial statements.
</FN>
</TABLE>
<PAGE>
GRIFFON CORPORATION AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
December 31, September 30,
1997 1997
----------- -------------
(Unaudited) (Note 1)
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Accounts and notes payable $ 46,603,000 $ 52,612,000
Other current liabilities 71,168,000 76,488,000
------------ ------------
Total current liabilities 117,771,000 129,100,000
------------ ------------
LONG-TERM DEBT AND OTHER LIABILITIES 49,819,000 53,854,000
------------ ------------
SHAREHOLDERS' EQUITY:
Preferred stock, par value $.25 per share,
authorized 3,000,000 shares, no shares
issued
Common Stock, par value $.25 per share,
authorized 85,000,000 shares, issued
31,350,612 shares at December 31, 1997
and 31,278,830 shares at September 30,
1997, and 671,900 shares and 603,700
shares in treasury at December 31, 1997
and September 30, 1997, respectively 7,838,000 7,820,000
Other shareholders' equity 203,187,000 193,985,000
------------ ------------
Total shareholders' equity 211,025,000 201,805,000
------------ ------------
$378,615,000 $384,759,000
============ ============
<FN>
See notes to condensed consolidated financial statements.
</FN>
</TABLE>
<PAGE>
GRIFFON CORPORATION AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
-------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31,
-------------------------------
1997 1996
---- ----
<S> <C> <C>
Net sales $229,031,000 $181,744,000
Cost of sales 171,108,000 135,761,000
------------ ------------
Gross profit 57,923,000 45,983,000
Selling, general and administrative
expenses 43,618,000 33,257,000
------------ ------------
Income from operations 14,305,000 12,726,000
------------ ------------
Other income (expense):
Interest expense (965,000) (775,000)
Interest income 207,000 323,000
Other, net (31,000) 54,000
------------ ------------
(789,000) (398,000)
------------ ------------
Income before income taxes 13,516,000 12,328,000
------------ ------------
Provision for income taxes:
Federal 3,935,000 4,062,000
State and other 1,066,000 746,000
------------ ------------
5,001,000 4,808,000
------------ ------------
Net income $ 8,515,000 $ 7,520,000
============ ============
Net income per share of common stock (Note 3):
Basic $ .28 $ .26
============ ============
Diluted $ .27 $ .24
============ ============
<FN>
See notes to condensed consolidated financial statements.
</FN>
</TABLE>
<PAGE>
GRIFFON CORPORATION AND SUBSIDIARIES
------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31,
---------------------------
1997 1996
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 8,515,000 $ 7,520,000
Adjustments to reconcile net income to net cash ----------- -----------
provided by operating activities:
Depreciation and amortization 3,271,000 2,749,000
Provision for losses on accounts receivable 403,000 522,000
Change in assets and liabilities:
Decrease in accounts receivable and
contract costs and recognized income not yet billed 2,216,000 5,978,000
Decrease in inventories 5,051,000 1,535,000
Increase in prepaid expenses and other assets (2,777,000) (1,800,000)
Decrease in accounts payable and accrued
liabilities (14,605,000) (6,355,000)
Other changes, net 877,000 (626,000)
----------- -----------
Total adjustments (5,564,000) 2,003,000
----------- -----------
Net cash provided by operating activities 2,951,000 9,523,000
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease in marketable securities 997,000 1,931,000
Acquisition of property, plant and equipment (3,810,000) (4,043,000)
Acquired business --- (1,320,000)
Proceeds from sale of discontinued operation --- 2,771,000
Other, net (1,834,000) 562,000
----------- -----------
Net cash used in investing activities (4,647,000) (99,000)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury shares (1,181,000) ---
Payment of long-term debt (408,000) (129,000)
Decrease in short-term borrowings (139,000) (2,500,000)
Other, net 683,000 9,000
----------- -----------
Net cash used in financing activities (1,045,000) (2,620,000)
----------- -----------
NET INCREASE (DECREASE)IN CASH AND CASH EQUIVALENTS (2,741,000) 6,804,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 15,414,000 17,846,000
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $12,673,000 $24,650,000
=========== ===========
<FN>
See notes to condensed consolidated financial statements.
</FN>
</TABLE>
<PAGE>
GRIFFON CORPORATION AND SUBSIDIARIES
------------------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(Unaudited)
(1) Basis of Presentation -
---------------------
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments) considered necessary for a fair presentation
have been included. Operating results for the three month period ended December
31, 1997 are not necessarily indicative of the results that may be expected for
the year ended September 30, 1998. The balance sheet at September 30, 1997 has
been derived from the audited financial statements at that date. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's annual report to shareholders for the year
ended September 30, 1997.
(2) Inventories -
-----------
Inventories, stated at the lower of cost (first-in, first-out or average)
or market, are comprised of the following:
<TABLE>
<CAPTION>
December 31, September 30,
1997 1997
------------ -------------
<S> <C> <C>
Finished goods . . . . . . . . . . $43,840,000 $43,722,000
Work in process . . . . . . . . . 17,309,000 21,228,000
Raw materials and supplies . . . . 21,923,000 23,173,000
----------- -----------
$83,072,000 $88,123,000
=========== ===========
</TABLE>
(3) Net Income Per Share -
--------------------
Statement of Financial Accounting Standards No. 128, "Earnings per Share"
which became effective for the fiscal year beginning October 1, 1997,
establishes new standards for computing and presenting earnings per share (EPS).
The new standard requires the presentation of basic EPS and diluted EPS. Basic
EPS is calculated by dividing income available to common shareholders by the
weighted average number of shares of common stock outstanding during the period.
Diluted EPS is calculated by dividing income available to common shareholders by
the weighted average number of common shares outstanding adjusted to reflect
potentially dilutive securities. Previously reported EPS amounts have been
restated under the new standard.
<PAGE>
Options to purchase 735,000 shares of Common Stock were not included in the
computation of diluted net income per share for the three months ended December
31, 1997 because the effect would have been antidilutive. The following table
sets forth the computation of basic and diluted net income per share:
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31,
-------------------------------
1997 1996
---- ----
<S> <C> <C>
Numerator:
Net Income $ 8,515,000 $ 7,520,000
Preferred Stock dividends --- (98,000)
Numerator for basic net income ----------- -----------
per share -- income available to
common stockholders 8,515,000 7,422,000
Effect of dilutive securities:
Preferred Stock dividends --- 98,000
----------- -----------
Numerator for diluted net income
per share -- income available to
common stockholders after
assumed conversions $ 8,515,000 $ 7,520,000
=========== ===========
Denominator:
Denominator for basic net
income per share -- weighted
average shares 30,477,000 28,907,000
----------- -----------
Effect of dilutive securities:
Convertible Preferred Stock --- 1,606,000
Employee stock options and other 931,000 727,000
----------- -----------
Dilutive potential common shares 931,000 2,333,000
----------- -----------
Denominator for diluted net
income per share -- adjusted weighted
average shares and assumed conversions 31,408,000 31,240,000
=========== ===========
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
-----------------------------------------------------------
AND RESULTS OF OPERATIONS
-------------------------
Results of Operations
- ---------------------
Net sales were $229.0 million for the three-month period ended December 31,
1997, an increase of $47.3 million or 26.0% over last year.
Net sales of the building products business were $153.6 million, an
increase of $37.4 million or 32.2% over last year. Net sales of acquired
companies accounted for $24.5 million of the increase with higher garage door
unit sales due to stronger construction and related retail markets and internal
growth in the service business accounting for the remainder of the increase. Net
sales of the specialty plastic films business were $39.5 million, approximately
the same as last year. Net sales of the electronic information and communication
systems business were $35.9 million, an increase of $9.4 million or 35.4% over
last year due to new programs and increased funding levels on existing programs.
Income from operations for the three-month period ended December 31, 1997
was $14.3 million, an increase of $1.6 million or 12.4% over last year.
Operating income of the building products business increased approximately $.5
million compared to last year. The effect of the sales growth was offset in part
by higher costs for hardware and packaging, increased operating expenses
associated with new distribution centers and certain manufacturing
inefficiencies related to production of commercial doors. Recent acquisitions
have increased the number of production facilities in the building products
segment. Consequently, the company is reviewing its manufacturing structure with
a view towards consolidating operations and expects to complete the review and
implement related decisions in fiscal 1998. Operating income of the specialty
plastic films segment increased approximately $.4 million compared to last year
due to increased manufacturing efficiencies. Operating income of the electronic
information and communication systems operation increased by approximately $.7
million due to the increased sales.
Liquidity and Capital Resources
- -------------------------------
Cash flow provided by operations for the quarter was $3.0 million and
working capital was $137.4 million at December 31, 1997.
Programs to upgrade and enhance the company's strategic business systems
were previously initiated in order to replace aging technologies and provide the
infrastructure to support growth in each of our business segments. In addition
to other benefits that are anticipated from these upgrades and enhancements, the
new systems are designed to be Year 2000 compliant. The implementation of this
new technology has already begun, and is planned to be completed in stages over
the next three years. During the quarter the company had capital expenditures of
$2 million in connection with such upgrades and enhancements. Future capital
expenditures of approximately $15 million are expected in connection with these
<PAGE>
ongoing programs.
During the quarter $1.2 million was used to acquire approximately 74,000
shares of Common Stock.
Anticipated cash flows from operations, together with existing cash and
marketable securities, bank lines of credit and lease line availability, should
be adequate to finance presently anticipated working capital and capital
expenditure requirements and to repay long-term debt as it matures.
The statements contained in this report that are not historical facts are
forward-looking statements subject to risks and uncertainties that could cause
actual results to differ materially from those set forth or implied, including
the effect of business and economic conditions; the impact of competitive
products and pricing; capacity and supply constraints or difficulties; and other
risks and uncertainties.
<PAGE>
PART II - OTHER INFORMATION
---------------------------
Item 1 Legal Proceedings
-----------------
Atlantic Richfield Company (ARCO) v. Current Controls, et al.
--------------------------------------------------------------
Without acknowledging any responsibility, fault or liability in
connection with the Site, the Company has entered into an agreement
with the plaintiff to settle the action for an insignificant amount.
Item 2 Changes in Securities
---------------------
None
Item 3 Defaults upon Senior Securities
-------------------------------
None
Item 4 Submission of Matters to a Vote of Security Holders
---------------------------------------------------
(a) The Registrant held its Annual Meeting of Stockholders on February 5,
1998.
(b) Not applicable
(c)(i) Four directors were elected at the Annual Meeting to serve until
the Annual Meeting of Stockholders in 2001. The names of these
directors and votes cast in favor of their election and shares
withheld are as follows:
<TABLE>
<CAPTION>
Name Votes For Votes Withheld
---- ---------- --------------
<S> <C> <C>
Henry A. Alpert 26,528,938 1,146,000
Abraham M. Buchman 26,561,863 1,113,075
Rear Admiral
Clarence A. Hill, Jr. 26,887,199 787,639
William H. Waldorf 26,570,170 1,104,668
</TABLE>
(ii) In addition to the election of directors, the stockholders (1)
approved a proposal to adopt a 1998 Stock Option Plan; 17,674,904
shares were voted in favor of this proposal, 9,821,996 shares against
and 178,138 shares abstained, and (2) approved a proposal to approve
the company's Senior Management Incentive Compensation Plan;
21,523,278 shares were voted in favor this proposal, 2,195,592 shares
against and 228,738 shares abstained.
Item 5 Other Information
-----------------
None
Item 6 Exhibits and Reports on Form 8-K
--------------------------------
27.1 -- Financial Data Schedule (for electronic submission only)
27.2 -- Financial Data Schedule (for electronic submission only)
27.3 -- Financial Data Schedule (for electronic submission only)
<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.
GRIFFON CORPORATION
By /s/ Patrick L. Alesia
-----------------------------
Patrick L. Alesia
Vice President and Treasurer
(Chief Accounting Officer)
Date: February 11, 1998
----------------
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from the condensed
consolidated financial statements for the period ended December 31, 1997 and is
qualified in its entirety by reference to such statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> DEC-31-1997
<CASH> 12,673,000
<SECURITIES> 382,000
<RECEIVABLES> 149,964,000
<ALLOWANCES> 7,068,000
<INVENTORY> 83,072,000
<CURRENT-ASSETS> 255,216,000
<PP&E> 133,498,000
<DEPRECIATION> 56,536,000
<TOTAL-ASSETS> 378,615,000
<CURRENT-LIABILITIES> 117,771,000
<BONDS> 48,747,000
0
0
<COMMON> 7,838,000
<OTHER-SE> 203,187,000
<TOTAL-LIABILITY-AND-EQUITY> 378,615,000
<SALES> 229,031,000
<TOTAL-REVENUES> 229,031,000
<CGS> 171,108,000
<TOTAL-COSTS> 171,108,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 403,000
<INTEREST-EXPENSE> 965,000
<INCOME-PRETAX> 13,516,000
<INCOME-TAX> 5,001,000
<INCOME-CONTINUING> 8,515,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,515,000
<EPS-PRIMARY> .28
<EPS-DILUTED> .27
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated financial statements for the periods indicated and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<RESTATED>
<S> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> SEP-30-1997 SEP-30-1997 SEP-30-1997 SEP-30-1997
<PERIOD-END> SEP-30-1997 JUN-30-1997 MAR-31-1997 DEC-31-1996
<CASH> 15,414,000 10,060,000 18,820,000 24,650,000
<SECURITIES> 1,379,000 1,379,000 1,379,000 2,367,000
<RECEIVABLES> 152,142,000 121,647,000 109,819,000 119,260,000
<ALLOWANCES> 6,627,000 5,643,000 5,382,000 4,977,000
<INVENTORY> 88,123,000 73,561,000 71,235,000 69,597,000
<CURRENT-ASSETS> 264,107,000 213,390,000 211,803,000 226,337,000
<PP&E> 130,753,000 121,204,000 113,215,000 104,782,000
<DEPRECIATION> 53,673,000 52,417,000 49,938,000 47,472,000
<TOTAL-ASSETS> 384,759,000 312,499,000 304,183,000 313,878,000
<CURRENT-LIABILITIES> 129,100,000 97,062,000 87,793,000 97,671,000
<BONDS> 52,863,000 25,902,000 34,985,000 37,419,000
0 0 0 0
0 0 0 393,000
<COMMON> 7,820,000 7,732,000 7,723,000 7,326,000
<OTHER-SE> 193,985,000 180,724,000 172,457,000 169,799,000
<TOTAL-LIABILITY-AND-EQUITY> 384,759,000 312,499,000 304,183,000 313,878,000
<SALES> 770,227,000 535,671,000 342,551,000 181,744,000
<TOTAL-REVENUES> 770,227,000 535,671,000 342,551,000 181,744,000
<CGS> 571,132,000 398,591,000 256,281,000 135,761,000
<TOTAL-COSTS> 571,132,000 398,591,000 256,281,000 135,761,000
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 1,312,000 1,124,000 793,000 522,000
<INTEREST-EXPENSE> 3,475,000 2,061,000 1,479,000 775,000
<INCOME-PRETAX> 53,033,000 33,384,000 19,285,000 12,328,000
<INCOME-TAX> 19,869,000 12,599,000 7,382,000 4,808,000
<INCOME-CONTINUING> 33,164,000 20,785,000 11,903,000 7,520,000
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 33,164,000 20,785,000 11,903,000 7,520,000
<EPS-PRIMARY> <F1> 1.12 .70 .41 .26
<EPS-DILUTED> <F1> 1.06 .67 .38 .24
<FN>
<F1>EPS data have been restated in accordance with Statement of Financial
Accounting Standards No. 128, "Earnings per Share"
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated financial statements for the periods indicated and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<RESTATED>
<S> <C> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS YEAR
<FISCAL-YEAR-END> SEP-30-1996 SEP-30-1996 SEP-30-1996 SEP-30-1996 SEP-30-1995
<PERIOD-END> SEP-30-1996 JUN-30-1996 MAR-31-1996 DEC-31-1995 SEP-30-1995
<CASH> 17,846,000 15,243,000 15,377,000 26,163,000 9,656,000
<SECURITIES> 4,297,000 3,307,000 3,311,000 5,294,000 12,197,000
<RECEIVABLES> 125,302,000 120,157,000 110,861,000 111,215,000 106,678,000
<ALLOWANCES> 4,519,000 5,182,000 5,109,000 5,790,000 3,727,000
<INVENTORY> 69,886,000 85,676,000 90,387,000 88,994,000 78,823,000
<CURRENT-ASSETS> 229,015,000 225,882,000 222,745,000 234,778,000 212,046,000
<PP&E> 100,716,000 114,752,000 111,426,000 108,462,000 96,734,000
<DEPRECIATION> 45,010,000 55,168,000 52,783,000 50,485,000 48,333,000
<TOTAL-ASSETS> 311,169,000 311,811,000 307,362,000 318,725,000 285,616,000
<CURRENT-LIABILITIES> 105,751,000 103,987,000 101,603,000 108,591,000 97,806,000
<BONDS> 32,458,000 39,872,000 45,475,000 33,225,000 16,074,000
0 0 0 0 0
405,000 416,000 416,000 417,000 417,000
<COMMON> 7,313,000 7,305,000 7,302,000 7,774,000 7,770,000
<OTHER-SE> 165,242,000 160,231,000 152,566,000 168,718,000 163,549,000
<TOTAL-LIABILITY-AND-EQUITY> 311,169,000 311,811,000 307,362,000 318,725,000 285,616,000
<SALES> 655,063,000 461,329,000 292,472,000 153,363,000 506,116,000
<TOTAL-REVENUES> 655,063,000 461,329,000 292,472,000 153,363,000 506,116,000
<CGS> 489,460,000 345,217,000 220,289,000 114,959,000 368,794,000
<TOTAL-COSTS> 489,460,000 345,217,000 220,289,000 114,959,000 368,794,000
<OTHER-EXPENSES> 0 0 0 0 0
<LOSS-PROVISION> 1,166,000 866,000 547,000 239,000 858,000
<INTEREST-EXPENSE> 3,409,000 2,524,000 1,523,000 766,000 2,162,000
<INCOME-PRETAX> 45,957,000 28,539,000 15,754,000 9,548,000 38,046,000
<INCOME-TAX> 17,890,000 11,053,000 6,128,000 3,716,000 14,801,000
<INCOME-CONTINUING> 28,067,000 17,486,000 9,626,000 5,832,000 23,245,000
<DISCONTINUED> (5,244,000) 246,000 103,000 31,000 562,000
<EXTRAORDINARY> 0 0 0 0 0
<CHANGES> 0 0 0 0 0
<NET-INCOME> 22,823,000 17,732,000 9,729,000 5,863,000 23,807,000
<EPS-PRIMARY> <F1> .75 .58 .31 .19 .75
<EPS-DILUTED> <F1> .72 .55 .30 .18 .71
<FN>
<F1>EPS data have been restated in accordance with Statement of Financial
Accounting Standards No. 128, "Earnings per Share"
</FN>
</TABLE>
