<PAGE> 1
<TABLE>
<CAPTION>
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 JUNE 28, 1996
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-- EXCHANGE ACT OF 1934
Commission file number 1-5989
------
<S> <C>
ANIXTER INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
Delaware 94-1658138
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2 North Riverside Plaza
Suite 1900
Chicago, Illinois 60606
--------------------------------
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code:(312) 902-1515
--------------
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
--
At July 26, 1996 there were 49,264,514 shares of Common Stock, $1.00 par value, of the registrant outstanding.
</TABLE>
<PAGE> 2
PART I. FINANCIAL INFORMATION
ANIXTER INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
JUNE 28, DECEMBER 31,
1996 1995
----------- ------------
(UNAUDITED)
<S> <C> <C>
Current assets:
Cash and equivalents $ 8,300 $ 10,500
Accounts receivable (net of allowance for doubtful
accounts of $9,000 and $9,000, respectively) 446,600 400,000
Inventories, primarily finished goods 378,300 364,100
Income taxes receivable - 8,300
Other assets 7,300 6,400
------------- ----------
Total current assets 840,500 789,300
Property, at cost 117,900 97,400
Accumulated depreciation (57,100) (48,200)
---------- -----------
Net property 60,800 49,200
Goodwill (net of accumulated amortization
of $54,600 and $51,500 respectively) 184,800 183,000
Assets held for sale, net 55,200 42,800
Investment in ANTEC 75,400 73,700
Other assets 23,800 55,000
---------- ----------
$1,240,500 $1,193,000
========== ==========
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
2
<PAGE> 3
ANIXTER INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
June 28, DECEMBER 31,
1996 1995
----------- -----------
(UNAUDITED)
<S> <C> <C>
Current liabilities:
Accounts payable $ 223,900 $ 232,400
Accrued expenses 81,800 99,500
Income taxes payable 7,900 -
------------ ----------
Total current liabilities 313,600 331,900
Deferred taxes, net 37,700 37,400
Other liabilities 16,100 17,600
Long-term debt 442,100 333,700
----------- ----------
Total liabilities 809,500 720,600
Common stock repurchase commitment - 23,400
Stockholders equity:
Common stock 49,100 52,500
Capital surplus 68,100 99,900
Retained earnings 326,900 308,400
Cumulative translation adjustments (13,100) (11,800)
----------- -----------
Total stockholders equity 431,000 449,000
---------- ----------
$1,240,500 $1,193,000
========== ==========
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
3
<PAGE> 4
ANIXTER INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE-MONTH PERIODS SIX-MONTH PERIODS
ENDED ENDED
------------------------------- --------------------------------
JUNE 28, 1996 JUNE 30, 1995 JUNE 28, 1996 JUNE 30, 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues $611,800 $542,000 $1,179,200 $ 1,044,900
Cost of goods sold (460,200) (405,900) (881,800) (781,700)
-------- -------- -------- --------
Gross profit 151,600 136,100 297,400 263,200
Operating expenses (129,700) (108,900) (250,600) (210,700)
Amortization of goodwill (1,600) (1,500) (3,100) (3,000)
---------- ---------- --------- --------
Operating income 20,300 25,700 43,700 49,500
Interest expense and other, net (6,400) (5,400) (11,900) (10,300)
Equity in ANTEC earnings 900 300 1,700 2,100
Marketable equity securities losses - (3,000) - (3,000)
---------- ---------- ---------- -------
Income before income taxes 14,800 17,600 33,500 38,300
Income tax expense (6,700) (8,700) (15,100) (18,300)
--------- ---------- --------- ---------
Net income $ 8,100 $ 8,900 $ 18,400 $ 20,000
======== ========= =========== ===========
Net income per common and common
equivalent share: $ .16 $ .16 $ .36 $ .35
========== =========== =========== ===========
Weighted average common and
common equivalent shares 50,300 56,800 51,200 57,200
=========== ============ =========== ============
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
4
<PAGE> 5
ANIXTER INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
SIX-MONTH PERIODS
ENDED
--------------------------------
JUNE 28, JUNE 30,
1996 1995
---------- ----------
<S> <C> <C>
Operating activities:
Net income $18,400 $20,000
Adjustments to reconcile net income
to net cash used by
operating activities:
Depreciation 9,600 7,300
Amortization of goodwill 3,100 3,000
Deferred income tax expense 200 1,800
Loss on sale of marketable securities - 3,000
Equity in ANTEC earnings (1,700) (2,100)
Non-cash financing expense 900 400
Other, net 1,100 1,300
Changes in current assets and liabilities, net (87,000) (46,300)
-------- --------
Net cash used by operating
activities (55,400) (11,600)
Investing activities:
Purchases of property, net (21,400) (15,900)
Sales of marketable equity securities - 72,600
Cash provided (used) by assets held for sale, net (1,600) 9,700
Other investments - (4,900)
------- -------
Net cash provided (used) by investing activities (23,000) 61,500
------ -------
Net cash provided (used) before financing activities (78,400) 49,900
Financing activities:
Borrowings 402,300 504,000
Reduction in borrowings (268,000) (476,300)
Proceeds from issuance of common stock 1,200 5,200
Purchases of treasury stock (58,600) (62,900)
Other, net (700) (800)
---------- ----------
Net cash provided (used) by financing activities 76,200 (30,800)
-------- ----------
Cash provided (used) (2,200) 19,100
Cash and equivalents at beginning of period 10,500 14,200
-------- --------
Cash and equivalents at end of period $ 8,300 $ 33,300
========= ========
Supplemental cash flow information:
Interest paid during the period $ 11,400 $ 11,400
======== ========
Income taxes paid during the period $ 8,300 $ 8,200
========= ========
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
5
<PAGE> 6
ANIXTER INTERNATIONAL INC.
NOTES TO THE CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation: The accompanying consolidated financial statements
should be read in conjunction with the consolidated financial statements
included in Anixter International Inc.'s (Company) Annual Report on Form 10-K
for the year ended December 31, 1995. The condensed consolidated financial
information furnished herein reflects all adjustments (consisting of normal
recurring accruals) which are, in the opinion of management, necessary for a
fair presentation of the condensed consolidated financial statements for the
periods shown. All operating activities of the Company are carried out by its
principal subsidiary, Anixter Inc. ("Anixter"), which is a leading supplier of
wiring systems, networking and internetworking products for voice, data, and
video networks and electrical power applications.
In 1996 the Company changed its year end from a calendar year ending December
31 to the Friday nearest December 31. Fiscal year 1996 will end on January 3,
1997 while the second quarter ended on June 28, 1996. This change does not
have a significant effect on the results of operations for the quarter ended
June 28, 1996.
Principles of consolidation: The condensed consolidated financial statements
include the accounts of Anixter International Inc. and its subsidiaries after
elimination of intercompany transactions.
NOTE 2. SUMMARIZED FINANCIAL INFORMATION OF ANTEC
The Company's ownership interest in ANTEC at June 28, 1996 and June 30, 1995
was 31% and 30%, respectively. This investment is accounted for under the
equity method. The following summarizes the financial information for ANTEC:
6
<PAGE> 7
ANTEC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1996 1995
---------------- -------------
(UNAUDITED)
<S> <C> <C>
Assets:
Current assets $ 222.4 $ 232.2
Property, net 26.0 25.9
Goodwill 169.3 171.8
Other assets 23.6 27.0
-------- -------
$ 441.3 $ 456.9
======== =======
Liabilities and Shareholders' Equity:
Current liabilities $ 88.0 $ 101.8
Long-term debt 110.2 117.9
Shareholders' equity 243.1 237.2
-------- -------
$ 441.3 $ 456.9
======== =======
</TABLE>
ANTEC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE-MONTHS ENDED SIX-MONTHS ENDED
JUNE 30, JUNE 30,
------------------------- ----------------------- -
1996 1995 1996 1995
------ ------ ------ -------
(IN MILLIONS) (IN MILLIONS)
<S> <C> <C>
Revenues $162.8 $165.3 $ 325.2 $ 324.2
====== ====== ======== ========
Operating income $ 8.5 $ 5.8 $ 16.7 $ 19.5
====== ====== ======== ========
Income before
income tax expense $ 6.3 $ 3.0 $ 11.8 $ 11.5
====== ====== ======== ========
Net income $ 3.0 $ 1.1 $ 5.6 $ 5.5
====== ====== ======== ========
</TABLE>
7
<PAGE> 8
NOTE 3. STOCKHOLDER'S EQUITY
On August 31, 1995, the Company's Board of Directors authorized a two-for-one
stock split in the form of a stock dividend paid October 25, 1995, to
stockholders of record September 22, 1995. All share and per share data have
been adjusted to reflect this split.
NOTE 4. SUBSEQUENT EVENT
Subsequent to June 28, 1996 Anixter intends to file a Form S-3 Registration
statement with the Securities and Exchange Commission seeking approval to offer
up to $200 million of unsecured debt securities consisting of notes and
debentures. The proceeds from the offering are to be used for general corporate
purposes which may include the reduction of other indebtedness and possible
acquisitions. Pursuant to the terms of the offering, the securities will be
unconditionally guaranteed on a senior unsecured basis by the Company.
Approximately $100 million of these securities are expected to be sold during
the third quarter of 1996.
8
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL LIQUIDITY AND CAPITAL RESOURCES
CASH FLOW: Consolidated net cash used by operating activities was $55.4
million for the first six months of 1996 compared to $11.6 million for the same
period in 1995. Cash used by operating activities increased due to higher
working capital investments. The increased working capital investment was
principally related to higher inventories throughout much of the first six
months of 1996 as a result of lower than anticipated sales increases.
Consolidated cash used by investing activities was $23.0 million for the first
six months of 1996 versus $61.5 million provided for the same period in 1995
partially due to increased capital expenditures relating to expansion and,
service and logistic initiatives. 1995 also includes $72.6 million of proceeds
on the sale of marketable equity securities. Consolidated cash provided from
net financing activities was $76.2 million for the first six months of 1996 in
comparison to $30.8 million used in the first six months of 1995. The
consolidated net financing activities in 1996 and 1995 include $58.6 million
and $62.9 million of treasury stock purchases, respectively. Cash used for
assets held for sale, net was $1.6 million in the first six months of 1996
versus net cash provided of $9.7 million for the same period in 1995 and
reflects the payment of liabilities relating to those assets offset by proceeds
from sales.
Consolidated interest and other expense net was $11.9 million and $10.3 million
for the six months ended June 28, 1996 and June 30, 1995, respectively. The
Company has entered into interest rate agreements which effectively fix or cap,
for a period of time, the interest rate on a portion of its floating rate
obligations. As a result, the interest rate on approximately 45% of debt
obligations at June 28, 1996 is fixed or capped. The impact of interest rate
swaps and caps on interest expense, net for the six months ended June 28, 1996
and June 30, 1995 was to increase interest expense by approximately $.5 million
and $.4 million respectively.
FINANCINGS:
At June 28, 1996, $57.6 million was available under the bank revolving lines of
credit at Anixter, of which $43.5 million was available to pay the Company for
intercompany liabilities.
9
<PAGE> 10
Subsequent to June 28, 1996 Anixter intends to file a Form S-3 Registration
statement with the Securities and Exchange Commission seeking approval to
offer up to $200 million of unsecured debt securities consisting of notes and
debentures. The proceeds from the offering are to be used for general corporate
purposes which may include the reduction of other indebtedness and possible
acquisitions. Pursuant to the terms of the offering, the securities will be
unconditionally guaranteed on a senior unsecured basis by the Company.
Approximately $100 million of these securities are expected to be sold during
the third quarter of 1996.
OTHER LIQUIDITY CONSIDERATIONS: Certain debt agreements entered into by the
Company's subsidiaries contain various restrictions including restrictions on
payments to the Company. Such restrictions have not had nor are expected to
have an adverse impact on the Company's ability to meet its cash obligations.
The finance business of Signal Capital Corporation ("Signal Capital") has been
included in assets held for sale since acquisition in 1988. Subsequent to the
purchase, the Company sold or liquidated, through June 28, 1996, $1.4 billion
of the portfolio. The $27 million net portfolio at June 28, 1996 represents
approximately 2% of the original acquired Signal Capital portfolio. Proceeds
were used to repay indebtedness and repurchase shares of the Company's common
stock. The Company continues to liquidate the acquired Signal Capital
portfolio in an orderly manner that maximizes its value to shareholders and no
material amounts of new loans or investments are being made by Signal Capital.
CAPITAL EXPENDITURES AND ACQUISITIONS
Consolidated capital expenditures were $21.4 million and $15.9 million for the
first six months of 1996 and 1995, respectively.
10
<PAGE> 11
RESULTS OF OPERATIONS
The Company has experienced increased revenues due to the continued growth of
the North American communications and electrical wire and cable businesses and
its continuing worldwide expansion. While the Company continues to believe
that its revenue base will grow and its worldwide expansion will result in both
increased revenues and operating profits, this forward-looking statement is
subject to a number of uncertainties and actual results could differ
materially. The Company competes with distributors and manufacturers who sell
products directly or through existing distribution channels to end users or
other resellers. The Company's relationship with the manufacturers for which
it distributes products could be affected by decisions made by these
manufacturers as the result of changes in management or ownerships as well as
other factors. In addition, the Company's future performance could be affected
by economic downturns and possible rapid changes in applicable technologies.
EARNINGS PER SHARE: Weighted average common and common equivalent shares
outstanding decreased from June 30, 1995 to June 28, 1996 primarily as a result
of the Company's treasury stock purchases in 1995 and 1996. An increase in
borrowing costs associated with stock purchases offset the decrease in shares
resulting in no significant effect on earnings per share.
QUARTER ENDED JUNE 28, 1996: Net income for the second quarter of 1996 was
$8.1 million compared with $8.9 million for the second quarter of 1995.
The Company's revenues during the second quarter of 1996 increased 13% to
$611.8 million from $542.0 million in 1995 due to the continued growth in
demand for its communication products in North America and further market
penetration in the Asian and Latin American expansion markets. During the
current period Europe s sales growth was negatively impacted due to exchange
rate fluctuations which resulted in a 4.1% lower growth rate as compared to
what it would have been had 1996 exchange rates remained constant with those in
1995. Revenues by major geographic market are presented in the following
table.
11
<PAGE> 12
<TABLE>
<CAPTION>
QUARTERS ENDED
----------------------
JUNE 28, JUNE 30,
1996 1995
-------- --------
(IN MILLIONS)
<S> <C> <C>
North America $471.3 $415.5
Europe 110.6 105.0
Asia and Latin America 29.9 21.5
-------- -------
$611.8 $542.0
======== ======
</TABLE>
Gross margins increased at a slightly lower rate than the 13% rate of growth in
sales principally due to lower gross margins on certain structured wiring
products in North America. This decrease was due to a substantial increase in
the availability of these products from the manufacturers. As a result of
these changes gross profit margins were 24.8% versus 25.1% in 1995.
Operating expenses increased 19% to $129.7 million due to increased headcount
in most areas of the Company, costs relating to customer service based
initiatives in North America and Europe, and geographic expansion in Asia and
Latin America. As a result of these increases the operating expense ratio,
before goodwill amortization, has risen to 21% in the second quarter of 1996
from 20% in the second quarter of 1995.
Operating income decreased to $20.3 million in 1996 from $25.7 million in the
second quarter of 1995. Operating income by major geographic markets is
presented in the following table.
<TABLE>
<CAPTION>
QUARTERS ENDED
----------------------
JUNE 28, JUNE 30,
1996 1995
-------- --------
(IN MILLIONS)
<S> <C> <C>
North America $27.4 $22.4
Europe (1.2) 5.0
Asia and Latin America (5.9) (1.7)
----- -----
$20.3 $25.7
===== ======
</TABLE>
12
<PAGE> 13
The decrease in European profitability is due to volume related softness in
communications sales in certain countries, and increased spending for technical
and sales force increases to support a move toward an expanded end user
customer focus. Changes in currency exchange rates in the second quarter 1996
did not have a significant effect on operating income.
Increased losses in emerging markets were due to new locations opened in the
later part of 1995 and planned increases in headcounts required to penetrate
the Asia/Pacific and Latin American markets.
Consolidated net interest expense for the second quarter of 1996 increased to
$6.4 million from $5.4 million in 1995 due to increased working capital
borrowings partially offset by lower interest rates.
The consolidated tax provision decreased by $2.0 million to $6.7 million due to
lower pre-tax earnings and a decrease in the effective tax rate. The 1996
effective tax rate of 45% is based on pre-tax book income adjusted primarily
for amortization of goodwill and losses of foreign operations which are not
currently deductible. The decrease from 1995 to 1996 in the effective tax rate
is attributable to a number of factors, including a reassessment, and
subsequent adjustments by the Company of its overall income tax liability
accruals.
SIX MONTHS ENDED JUNE 28, 1996: Net income for the first six months of 1996
was $18.4 million compared with $20.0 million for the same period of 1995.
The Company's revenues during the first six months of 1996 increased 13% to
$1,179.2 million from $1,044.9 million in 1995 due to the continued growth in
demand for its communication products in North America, and further market
penetration in the Asian and Latin American expansion markets. Sales growth for
the first six months and in particular the first quarter have been negatively
affected by the disruptive effects of a sales force reorganization in North
America which was completed in the first quarter of 1996 and stronger
competitive pressures. The reorganization, which divided the sales force into
product specialties, is intended to better focus the Company's sales efforts to
support longer term sales growth. Revenues by major geographic market are
presented in the following table.
13
<PAGE> 14
<TABLE>
<CAPTION>
SIX-MONTHS ENDED
----------------------
JUNE 28, JUNE 30,
1996 1995
-------- --------
(IN MILLIONS)
<S> <C> <C>
North America $ 896.1 $ 800.2
Europe 226.6 205.1
Asia and Latin America 56.5 39.6
---------- ----------
$1,179.2 $1,044.9
========= ========
</TABLE>
Gross margins increased 13% to $297.4 million in the first six months of 1996
from $263.2 million in the first six months of 1995 due to a 13% volume
increase, however, the Company has experienced some deterioration in the gross
profit percentage in the second quarter as a result of lower gross margins on
certain structured wiring products in North America.
Operating expenses increased 19% to $250.6 million in 1996 from $210.7 million
in 1995 due to increased headcount in most areas of the Company, costs relating
to customer service based initiatives in North America and Europe, and
geographic expansion in Asia and Latin America. The Operating expense ratio,
before goodwill amortization, was 21% in the first six months of 1996 versus
20% in the same period of 1995.
Operating income decreased to $43.7 million in 1996 from $49.5 million in the
first six months of 1995. Operating income by major geographic markets is
presented in the following table.
<TABLE>
<CAPTION>
SIX-MONTHS ENDED
----------------------
JUNE 28, JUNE 30,
1996 1995
-------- --------
(IN MILLIONS)
<S> <C> <C>
North America $51.7 $42.4
Europe 2.2 10.1
Asia and Latin America (10.2) (3.0)
---- ------
$43.7 $49.5
===== =====
</TABLE>
14
<PAGE> 15
The increase in North American operating income, which includes the results of
the North American business unit as well as certain corporate expenses, is due
to higher sales volume and gross profits partially offset by increased
operating expenses. In 1996 these corporate related expenses were less than
the prior year by approximately $1.6 million which accounts for the better
growth in operating profits than in sales.
The decrease in European profitability is due to softness in communications
sales in certain countries, and increased technical and sales force spending to
support the change to an expanded end user customer focus. Changes in currency
exchange rates in the first six months of 1996 reduced operating income by $.9
million as compared to what it would have been had 1996 exchange rates remained
constant with those in 1995.
Increased losses in emerging markets were due to new locations opened in the
later part of 1995 and increases in headcounts required to penetrate the
Asia/Pacific and Latin American markets.
Consolidated net interest expense for the first six months of 1996 increased to
$11.9 million from $10.3 million in 1995 due to increased borrowings partially
offset by lower interest rates.
The consolidated tax provision decreased from $18.3 million to $15.1 million
due to lower pre-tax earnings and a decrease in the effective tax rate to 45%
from 47.8% in the previous year. The decrease in the effective tax rate is
attributable to a number of factors, including a reassessment, and subsequent
adjustments by the Company of its overall income tax liability accruals.
15
<PAGE> 16
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K
None
16
<PAGE> 17
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.
ANIXTER INTERNATIONAL INC.
Date: July 30, 1996 By: /s/ Rod F. Dammeyer
------------- -----------------------------------------------
Rod F. Dammeyer
President and Chief Executive Officer
Date: July 30, 1996 By: /s/ Dennis J. Letham
------------- ------------------------------------------------
Dennis J. Letham
Senior Vice President - Finance
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule Contains Summary Financial Information Extracted form Itel's
Consolidated Financial Statements and is Qualified in its Entirety by Reference
to Such Financial Statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-03-1997
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-28-1996
<CASH> 8,300
<SECURITIES> 0
<RECEIVABLES> 446,600
<ALLOWANCES> 9,000
<INVENTORY> 378,300
<CURRENT-ASSETS> 840,500
<PP&E> 117,900
<DEPRECIATION> 57,100
<TOTAL-ASSETS> 1,240,500
<CURRENT-LIABILITIES> 313,600
<BONDS> 0
<COMMON> 49,100
0
0
<OTHER-SE> 381,900
<TOTAL-LIABILITY-AND-EQUITY> 1,240,500
<SALES> 1,179,200
<TOTAL-REVENUES> 1,179,200
<CGS> 881,800
<TOTAL-COSTS> 1,135,500
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 11,900
<INCOME-PRETAX> 33,500
<INCOME-TAX> 15,100
<INCOME-CONTINUING> 18,400
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 18,400
<EPS-PRIMARY> .36
<EPS-DILUTED> .36
</TABLE>
