<PAGE> 1
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 OCTOBER 3, 1997
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- --- EXCHANGE ACT OF 1934
Commission file number 1-5989
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.)
4711 Golf Road
Skokie, Illinois 60076
-----------------------
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code:(847) 677-2600
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 November 5, 1997 there were 47,547,052 shares of Common Stock, $1.00 par
value, of the registrant outstanding.
<PAGE> 2
PART I. FINANCIAL INFORMATION
ANIXTER INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
OCTOBER 3, JANUARY 3,
1997 1997
-------- --------
(UNAUDITED)
<S> <C> <C>
Current assets:
Cash and equivalents $ 15,500 $18,200
Accounts receivable (net of allowance for doubtful
accounts of $10,000 and $9,000 respectively) 552,100 441,100
Inventories, primarily finished goods 411,400 397,300
Other assets 9,000 11,900
---------- ----------
Total current assets 988,000 868,500
Property, at cost 148,600 128,400
Accumulated depreciation (84,000) (66,800)
---------- ----------
Net property 64,600 61,600
Goodwill (net of accumulated amortization
of $62,300 and $57,600 respectively) 204,400 183,100
Assets held for sale, net 31,300 44,000
Investment in ANTEC 88,500 77,800
Other assets 30,100 26,000
---------- ----------
$1,406,900 $1,261,000
========== ==========
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
2
<PAGE> 3
ANIXTER INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
-------------------------------------
<TABLE>
<CAPTION>
OCTOBER 3, JANUARY 3,
1997 1997
---------- ----------
(UNAUDITED)
<S> <C> <C>
Current liabilities:
Accounts payable $ 287,700 $ 209,200
Accrued expenses 100,500 97,100
Income taxes payable 7,900 7,200
-------- --------
Total current liabilities 396,100 313,500
Deferred taxes, net 31,300 29,800
Other liabilities 15,200 13,800
Long-term debt 508,300 468,400
-------- ----------
Total liabilities 950,900 825,500
Stockholders' equity:
Common stock 47,500 48,000
Capital surplus 51,100 57,100
Retained earnings 377,300 344,500
Cumulative translation adjustments (25,100) (14,100)
---------- ----------
450,800 435,500
Unrealized gain on investment in ANTEC
(net of deferred income taxes) 5,200 -
---------- ----------
Total stockholders' equity 456,000 435,500
---------- ----------
$ 1,406,900 $ 1,261,000
========== ==========
</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 NINE-MONTH PERIODS
ENDED ENDED
------------------------- --------------------------
OCTOBER 3, SEPTEMBER 27, OCTOBER 3, SEPTEMBER 27,
1997 1996 1997 1996
---------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Revenues $726,500 $ 631,500 $2,067,800 $1,810,700
Cost of goods sold (547,800) (476,300) (1,557,000) (1,358,100)
---------- ------------- ----------- -------------
Gross profit 178,700 155,200 510,800 452,600
Operating expenses (147,800) (133,200) (425,800) (383,800)
Amortization of goodwill (1,600) (1,500) (4,700) (4,600)
---------- ------------- ----------- -------------
Operating income 29,300 20,500 80,300 64,200
Interest expense and other, net (9,000) (6,900) (23,600) (18,800)
Equity in ANTEC earnings - 1,900 2,200 3,600
---------- ------------- ----------- -------------
Income before income taxes 20,300 15,500 58,900 49,000
Income tax expense (9,000) (6,900) (26,100) (22,000)
---------- ------------- ----------- -------------
Net income $ 11,300 $ 8,600 $ 32,800 $ 27,000
========== ============= =========== =============
Net income per common and common
equivalent share: $ .24 $ .18 $ .69 $ .54
========== ============= =========== =============
Weighted average common and
common equivalent shares 47,500 48,500 47,600 50,300
========== ============= =========== =============
</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>
NINE-MONTH PERIODS
ENDED
-------------------------
OCTOBER 3, SEPTEMBER 27,
1997 1996
---------- -------------
<S> <C> <C>
Operating activities:
Net income $ 32,800 $ 27,000
Adjustments to reconcile net income
to net cash provided (used) by
operating activities:
Depreciation 19,200 15,100
Amortization of goodwill 4,700 4,600
Deferred income tax expense (2,700) 1,000
Other, net (3,200) (1,700)
Changes in current assets and liabilities, net (41,000) (89,500)
---------- -------------
Net cash provided (used) by operating
activities 9,800 (43,500)
Investing activities:
Purchases of property, net (21,000) (25,300)
Cash provided (used) by assets held for sale, net 12,700 (6,000)
Acquisitions and other investments (28,600) -
---------- -------------
Net cash used by investing activities (36,900) (31,300)
---------- -------------
Net cash used before financing activities (27,100) (74,800)
Financing activities:
Borrowings 935,700 1,001,000
Reduction in borrowings (901,700) (861,000)
Proceeds from issuance of common stock 4,100 1,200
Purchases of treasury stock (9,900) (71,800)
Other, net (3,800) (1,200)
---------- -------------
Net cash provided by financing activities 24,400 68,200
---------- -------------
Cash used (2,700) (6,600)
Cash and equivalents at beginning of period 18,200 10,500
---------- -------------
Cash and equivalents at end of period $ 15,500 $ 3,900
========== =============
Supplemental cash flow information:
Interest paid during the period $ 25,600 $ 17,800
========== =============
Income taxes paid during the period $ 27,200 $ 12,000
========== =============
</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 January 3, 1997. 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. Substantially 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.
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 October 3, 1997 and September 27,
1996 was approximately 18% and 31%, respectively. On February 6, 1997 a
wholly-owned subsidiary of ANTEC was merged into TSX Corporation. Under the
terms of the transaction, TSX Corporation shareholders received one share of
ANTEC Corporation stock for each share of TSX Corporation stock that they
owned. The transaction was accounted for as a pooling of interests. Upon
consummation of this transaction the Company's ownership interest in ANTEC was
reduced to approximately 19% which resulted in a cessation of equity method
accounting for this investment after that date. As a result of this change,
the Company recorded a $1.2 million after tax gain in the first quarter of
1997.
NOTE 3. SUMMARIZED FINANCIAL INFORMATION OF ANIXTER INC.
The Company has an approximately 99% ownership interest in Anixter Inc. at
October 3, 1997 and September 27, 1996 which is included in the consolidated
financial statements of the Company. The following summarizes the financial
information for Anixter Inc.
6
<PAGE> 7
ANIXTER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
OCTOBER 3, 1997
(IN MILLIONS)
<TABLE>
<CAPTION>
OCTOBER 3, JANUARY 3,
1997 1997
----------- ----------
(UNAUDITED)
<S> <C> <C>
Assets:
Current assets $ 955.5 $ 857.7
Property, net 61.7 61.6
Goodwill 182.2 183.1
Other assets 37.6 34.1
----------- ----------
$1,237.0 $ 1,136.5
=========== ==========
Liabilities and Stockholders' Equity:
Current liabilities $ 368.0 $ 304.0
Other liabilities 10.9 11.4
Long-term debt 494.8 468.4
Subordinated notes payable to parent 26.0 29.0
Shareholders' equity 337.3 323.7
----------- ----------
$1,237.0 $1,136.5
=========== ==========
</TABLE>
ANIXTER INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE-MONTHS ENDED NINE-MONTHS ENDED
OCTOBER 3, SEPTEMBER 27, OCTOBER 3, SEPTEMBER 27,
1997 1996 1997 1996
---------- ------------- ---------- -------------
(IN MILLIONS)
<S> <C> <C> <C> <C>
Revenues $719.4 $631.5 $2,060.7 $1,810.7
========== ============= ========== =============
Operating income $ 26.7 $ 20.6 $ 74.8 $ 63.5
========== ============= ========== =============
Income before income tax expense $ 17.4 $ 13.3 $ 50.0 $ 42.7
========== ============= ========== =============
Net income (loss) $ 8.3 $ 3.9 $ 24.7 $ 18.0
========== ============= ========== =============
</TABLE>
7
<PAGE> 8
NOTE 4. ACCU-TECH ACQUISITION
In August 1997, the Company purchased approximately 93% of the outstanding
common stock of Accu-Tech Corporation for $27.6 million in cash and the
assumption of $13.9 million of debt which resulted in the addition of $22.3
million to goodwill. Operating results for Accu-Tech in the third quarter were
not significant.
NOTE 5. IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS
In February 1997, the FASB issued Statement No. 128, Earnings per Share, which
is required to be adopted on December 31, 1997. At that time, the Company will
be required to change the method currently used to compute earnings per share
and to restate all prior periods. The impact of Statement 128 is not expected
to be material.
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 provided by operating activities was $9.8
million for the first nine months of 1997 compared to $43.5 million used for
the same period in 1996. Cash provided by operating activities increased
primarily due to lower working capital investments and higher net income.
Consolidated cash used by investing activities was $36.9 million for the first
nine months of 1997 versus $31.3 million for the same period in 1996 as a
result of the acquisition of Accu-Tech Corporation in August of 1997 partially
offset by a decrease in capital expenditures and an increase in cash provided
by assets held for sale. Consolidated cash provided by net financing
activities was $24.4 million for the first nine months of 1997 in comparison to
$68.2 million in the same period of 1996 due to the reduction in cash required
for working capital investments in 1997 and increased cash provided by assets
held for sale partially offset by cash required for the Accu-Tech acquisition.
Cash provided by assets held for sale, net was $12.7 million in the first nine
months of 1997 versus $6.0 million used for the same period in 1996.
Consolidated interest and other expense net was $23.6 million and $18.8 million
for the nine months ended October 3, 1997 and September 27, 1996, respectively.
The increase is the result of higher costs associated with seven year 8%
Senior Notes which were issued in September 1996 and higher working capital
borrowings which occurred during the previous year. In addition to the fixed
rate 8% Senior Notes 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 61% of all debt obligations at October 3, 1997 is fixed or
capped. The impact of interest rate swaps and caps on interest expense, net
for the nine months ended October 3, 1997 and September 27, 1996 was to
increase interest expense by approximately $.6 million in 1997 versus $.7
million in 1996.
FINANCINGS:
At October 3, 1997, $187.0 million was available under the bank revolving lines
of credit at Anixter, of which $22.7 million was available to pay the Company
for intercompany liabilities.
9
<PAGE> 10
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 October 3, 1997, $1.4 billion
of the portfolio, the proceeds of which have been used to repay indebtedness
and repurchase shares of the Company's common stock. The Company will continue
to liquidate the remaining $5.7 million of the Signal Capital portfolio in an
orderly manner that maximizes its value to shareholders. No material amounts
of new loans or investments are being made by Signal Capital.
CAPITAL EXPENDITURES AND ACQUISITIONS
Consolidated capital expenditures were $21.0 million and $25.3 million for the
first nine months of 1997 and 1996, respectively.
In August 1997, the Company purchased approximately 93% of the outstanding
common stock of Accu-Tech Corporation for $27.6 million in cash and the
assumption of $13.9 million of debt which resulted in the addition of $22.3
million to goodwill. Operating results for Accu-Tech in the third quarter were
not significant.
RESULTS OF OPERATIONS
The Company continues to experience increased revenue growth in all major
product lines, with the exception of shared media hubs in North America, and
solid growth across all geographies. Results are however subject to influence
from rapid changes in the value of the U.S. dollar relative to the currencies
of the various countries in which the Company operates. 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 ownership 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.
10
<PAGE> 11
EARNINGS PER SHARE: Weighted average common and common equivalent shares
outstanding decreased from September 27, 1996 to October 3, 1997 as a result of
the Company's treasury stock purchases. 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 OCTOBER 3, 1997: Net income for the third quarter of 1997 was
$11.3 million compared with $8.6 million for the third quarter of 1996.
The Company's revenues during the third quarter of 1997 increased 15% to $726.5
million from $631.5 million in 1996 due to the continued growth in demand for
all major product sets worldwide, primarily stronger demand and higher
networking service billings in North America. Revenues in Asia and Latin
America grew by 30% in the quarter. European sales growth of 16% in the
current quarter was negatively impacted by exchange rate fluctuations which
resulted in an eight percentage point lower growth rate as compared to what it
would have been had 1997 exchange rates remained constant with those in 1996.
Revenues by major geographic market are presented in the following table:
<TABLE>
<CAPTION>
QUARTERS ENDED
-------------------------
OCTOBER 3, SEPTEMBER 27,
1997 1996
-------- ---------
(IN MILLIONS)
<S> <C> <C>
North America $544.5 $478.7
Europe 135.6 117.1
Asia and Latin America 46.4 35.7
------ ------
$726.5 $631.5
===== ======
</TABLE>
Gross profits increased consistent with the 15% rate of growth in sales, and
gross profit margins were 24.6% for the third quarter of 1996 and 1997.
Operating expenses increased only 11% to $147.8 million, in support of the 15%
increase in revenues, as a result of headcount controls which limited headcount
additions to 2% and reduced investments in foreign operations in 1997. The
operating expense ratio, before goodwill amortization, has decreased to 20.3%
in the third quarter of 1997 from 21.1% in the third quarter of 1996.
Operating income increased to $29.3 million or 4.0% of sales in 1997 versus
$20.5 million or 3.2% of sales in the same quarter of 1996. Operating income
by major geographic markets is presented in the following table:
11
<PAGE> 12
<TABLE>
<CAPTION>
QUARTERS ENDED
-----------------------------
OCTOBER 3, SEPTEMBER 27,
1997 1996
--------- ---------
(IN MILLIONS)
<S> <C> <C>
North America $34.4 $28.7
Europe .1 (1.9)
Asia and Latin America (5.2) (6.3)
------ ------
$29.3 $20.5
====== ======
</TABLE>
The increase in European profitability is due to 16% higher sales and resulting
gross profits and the controlled increase in operating expenses partially
offset by an increase in corporate allocations. The increase in corporate
allocations from $1.9 million in the third quarter of 1996 to $3.3 million in
the third quarter of 1997 is a result of the increased corporate expenses
relating to systems and personnel required to support an increased number of
transactions in 1997.
Losses in emerging markets decreased slightly as a result of increased
productivity at new locations added in the later part of 1996 partially offset
by an increase in corporate expense allocations from $.8 million in the third
quarter of 1996 to $1.8 million in the third quarter of 1997 resulting from
increased transactions.
Consolidated net interest expense for the third quarter of 1997 increased to
$9.0 million from $6.9 million in 1996 due to the increase in debt resulting
from working capital increases and the replacement of $100 million of short
term borrowings with an average cost of 6.3% in 1996 with seven year term 8%
Senior Notes.
The consolidated tax provision increased to $9.0 million in 1997 from $6.9
million due to higher pre-tax earnings partially offset by a slight decrease in
the effective tax rate from the third quarter of 1996 to 1997.
12
<PAGE> 13
NINE-MONTHS ENDED OCTOBER 3, 1997: Net income for the first nine months of
1997 rose 21% to $32.8 million compared with $27.0 million for the first nine
months of 1996.
The Company's revenues during the first nine months of 1997 increased 14% to
$2,067.8 million from $1,810.7 million in 1996 due to the continued growth in
demand for all major product sets in all geographies and, in the third quarter,
strength in structured wiring and networking service billings in North America.
Asia and Latin America sales grew by 45% year over year. During the current
period European sales growth of 19% was negatively impacted due to exchange
rate fluctuations which resulted in a five percentage point lower growth rate
as compared to what it would have been had 1997 exchange rates remained
constant with those in 1996. Revenues by major geographic market are presented
in the following table:
<TABLE>
<CAPTION>
NINE-MONTHS ENDED
---------------------------
OCTOBER 3, SEPTEMBER 27,
1997 1996
-------- --------
(IN MILLIONS)
<S> <C> <C>
North America $1,525.4 $1,374.8
Europe 408.6 343.7
Asia and Latin America 133.8 92.2
-------- ---------
$2,067.8 $1,810.7
======== ========
</TABLE>
Gross profits for the first nine months of 1997 increased at a slightly lower
rate than the 14% rate of growth in sales principally due to softness in
certain European and Asian countries resulting from the stronger dollar and
competitive pressures. As a result gross profit margins were 24.7% in 1997
versus 25.0% in 1996.
Operating expenses increased only 11% to $425.8 million, in support of the 14%
increase in revenues, as a result of headcount controls which limited headcount
additions to 6% and reduced foreign operating investments in 1997. The
operating expense ratio, before goodwill amortization, has decreased to 20.6%
in the first nine months of 1997 from 21.2% in the same period of 1996.
Operating income increased to $80.3 million or 3.9% of sales in 1997 versus
$64.2 million or 3.5% of sales in the first nine months of 1996. Operating
income by major geographic markets is presented in the following table:
13
<PAGE> 14
<TABLE>
<CAPTION>
NINE-MONTHS ENDED
---------------------------
OCTOBER 3, SEPTEMBER 27,
1997 1996
-------- --------
(IN MILLIONS)
<S> <C> <C>
North America $96.3 $79.0
Europe .4 1.4
Asia and Latin America (16.4) (16.2)
------- ------
$80.3 $64.2
====== ======
</TABLE>
The decrease in European profitability is due to lower gross margins resulting
from competitive pressures and a $4.0 million increase in corporate expense
allocations for services provided to European operations.
Increased losses in emerging markets reflect the first quarter 1997 effect of
increased staffing and new locations added in the later part of 1996 and a $2.7
million increase in corporate expense allocations. Operating losses, however,
have decreased from 1996 in both the second and third quarters as a result of
increased productivity from these locations.
Consolidated net interest expense for the first nine months of 1997 increased
to $23.6 million from $18.8 million in 1996 due to the increase in debt
resulting from working capital increases and the $100 million of 8% short term
borrowings previously discussed.
The consolidated tax provision increased to $26.1 million in 1997 from $22.0
million due to higher pre-tax earnings for the first nine months of 1996 to
1997. The 1997 effective tax rate of 44%, which is based on pre-tax book income
adjusted primarily for amortization of goodwill and losses of foreign
operations which are not currently deductible, approximates the overall rate
for 1996.
14
<PAGE> 15
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
15
<PAGE> 16
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: November 7, 1997 By: /s/ Rod F. Dammeyer
----------------- -------------------------
Rod F. Dammeyer
President and Chief Executive Officer
Date: November 7, 1997 By: /s/ Dennis J. Letham
----------------- -------------------------
Dennis J. Letham
Senior Vice President - Finance
and Chief Financial Officer
16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Anixter International Inc.'s Consolidated Financial statements and is qualified
in its entirety by reference to such finacial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-02-1998
<PERIOD-START> JAN-04-1997
<PERIOD-END> OCT-03-1997
<CASH> 15,500
<SECURITIES> 0
<RECEIVABLES> 552,100
<ALLOWANCES> 10,000
<INVENTORY> 411,400
<CURRENT-ASSETS> 988,000
<PP&E> 148,600
<DEPRECIATION> 84,000
<TOTAL-ASSETS> 1,406,900
<CURRENT-LIABILITIES> 396,100
<BONDS> 0
0
0
<COMMON> 47,500
<OTHER-SE> 408,500
<TOTAL-LIABILITY-AND-EQUITY> 1,406,900
<SALES> 2,067,800
<TOTAL-REVENUES> 2,067,800
<CGS> 1,557,000
<TOTAL-COSTS> 1,987,500
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23,600
<INCOME-PRETAX> 58,900
<INCOME-TAX> 26,100
<INCOME-CONTINUING> 32,800
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32,800
<EPS-PRIMARY> .69
<EPS-DILUTED> .69
</TABLE>
