<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended December 31, 1995 Commission file number: 1-5761
- --------------------------------------------------------------------------------
LaBarge, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 73-0574586
- ------------------------------------------ ------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 14499, St. Louis, Missouri 63178
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(Address) (Zip Code)
(314) 231-5960
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(Registrant's telephone number, including Area Code)
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
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 Issuer's classes of
common stock as of January 30, 1996. 15,301,891 shares of common stock.
<PAGE> 2
LABARGE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, January 1, DECEMBER 31, January 1,
1995 1995 1995 1995
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET SALES $ 14,910 $ 16,206 $ 28,271 $ 33,317
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COSTS AND EXPENSES:
Cost of sales 12,484 13,323 23,806 27,663
Selling and administrative expenses 1,798 2,055 3,471 4,123
- -----------------------------------------------------------------------------------------------------------------------------------
14,282 15,378 27,277 31,786
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EARNINGS FROM OPERATIONS 629 828 994 1,531
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Interest expense 327 511 646 1,058
Other income, net 139 177 185 210
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EARNINGS BEFORE INCOME TAXES 441 494 533 683
Income tax expense 27 29 33 41
- -----------------------------------------------------------------------------------------------------------------------------------
NET EARNINGS $ 414 $ 465 500 $ 642
===================================================================================================================================
NET EARNINGS PER COMMON SHARE $.03 $.03 $.03 $.04
===================================================================================================================================
AVERAGE COMMON SHARES OUTSTANDING 15,296 15,227 15,271 15,218
===================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE> 3
LABARGE, INC.
BALANCE SHEET
(Unaudited)
(dollars in thousands except per share data)
<TABLE>
<CAPTION>
DECEMBER 31, July 2,
1995 1995
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<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 216 $ 143
Accounts and notes receivable, net 9,099 9,017
Inventories 15,203 14,133
Prepaid expenses 285 293
Deferred tax assets, net 758 758
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TOTAL CURRENT ASSETS 25,561 24,344
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MARKETABLE SECURITIES, AT COST 250 -
PROPERTY, PLANT AND EQUIPMENT, NET 2,853 2,676
DEFERRED TAX ASSETS, NET 2,492 2,492
OTHER ASSETS, NET 2,186 2,096
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$ 33,342 $ 31,608
===================================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 6,600 $ 2,500
Current maturities of long-term debt 1,271 1,670
Trade accounts payable 5,826 5,013
Accrued liabilities 2,231 2,392
Current liabilities from discontinued operations - 269
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TOTAL CURRENT LIABILITIES 15,928 11,844
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LONG-TERM OBLIGATIONS:
Long-term debt 3,598 6,467
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STOCKHOLDERS' EQUITY:
Common stock, $.01 par value. Authorized 20,000,000 shares;
issued 15,301,891 shares at December 31, 1995
and 15,227,316 shares at July 2, 1995 153 152
Additional paid-in capital 12,630 12,554
Retained earnings 1,033 600
Less stock in treasury; -0- shares at December 31, 1995 and
5,391 shares at July 2, 1995 - (9)
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TOTAL STOCKHOLDERS' EQUITY 13,816 13,297
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$ 33,342 $ 31,608
===================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE> 4
LABARGE, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
(dollars in thousands)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, January 1,
1995 1995
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 500 $ 642
Adjustments to reconcile net cash provided
by operating activities:
Depreciation and amortization 443 544
Accretion of discount on long-term assets from business divestitures (14) (16)
Accretion of discount on note from discontinued operations 6 20
Gain on sale of Flippin facility - (154)
Changes in assets and liabilities:
Accounts and notes receivable, net (332) 1,179
Inventories (1,070) (1,623)
Prepaid expenses 9 40
Trade accounts payable 813 (1,166)
Accrued liabilities (161) (207)
Liabilities of discontinued operations (275) (125)
- -----------------------------------------------------------------------------------------------------------------------------------
NET CASH (USED) BY OPERATING ACTIVITIES (81) (866)
- -----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (540) (297)
Additions to other assets of continuing operations (156) (126)
Sale of operating facility in Flippin - 9,359
- -----------------------------------------------------------------------------------------------------------------------------------
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (696) 8,936
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CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt (769) (5,909)
Exercise of stock warrants and options 10 60
Purchase of common stock to treasury 9 -
Net change in short-term borrowings 1,600 (2,100)
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NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 850 (7,949)
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NET INCREASE IN CASH AND CASH EQUIVALENTS 73 121
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 143 140
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CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 216 $ 261
===================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE> 5
LABARGE, INC.
FORM 10-Q
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. FINANCIAL STATEMENTS - BASIS OF PREPARATION
The balance sheet at December 31, 1995 and July 2, 1995, the related statements
of operations for the three and six months ended December 31, 1995 and January
1, 1995 and the statement of cash flows for the six months ended December 31,
1995 and January 1, 1995 have been prepared by LaBarge, Inc. (the "Company")
without audit. In the opinion of management, adjustments of a normal and
recurring nature, necessary to present fairly the financial position and the
results of operations and cash flows for the aforementioned periods, have been
made.
Certain information and footnote disclosures normally included in financial
statements prepared in conformity with generally accepted accounting principles
have been condensed or omitted. These financial statements should be read in
conjunction with the audited financial statements and notes thereto included in
the Company's Annual Report on Form 10-K for the fiscal year ended July 2,
1995.
2. ACCOUNTS AND NOTES RECEIVABLE
Accounts and notes receivable consist of the following:
(dollars in thousands)
<TABLE>
<CAPTION>
DECEMBER 31, July 2,
1995 1995
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Billed shipments, net of progress payments $ 7,120 $ 6,668
Unbilled costs and accrued profits,
net of progress payments 1,179 901
- ---------------------------------------------------------------------------------------------------------------
Trade receivables - gross 8,299 7,569
Less: Allowance for doubtful accounts (138) (168)
- ---------------------------------------------------------------------------------------------------------------
Trade receivables - net 8,161 7,401
Current portion of notes receivable 855 1,168
Other current receivables 83 448
- ---------------------------------------------------------------------------------------------------------------
$ 9,099 $ 9,017
===============================================================================================================
</TABLE>
Unbilled amounts represent revenues recognized on contracts, less applicable
progress payments received, for which billings have not been presented to the
customers at the balance sheet dates. Unbilled amounts are usually billed
within the month following the closing date as units are delivered to the
customer.
Progress payments are payments from customers in accordance with contractual
terms for contract costs incurred to date. Such payments are credited to the
customer at the time of shipment.
-5-
<PAGE> 6
Notes receivable include a note from a prior divestiture of $251,000, and a
note from a former officer of the Company totaling $600,000.
Other current receivables represent amounts due from employees for travel
advances and other miscellaneous sources.
3. INVENTORIES
Inventories consist of the following:
(dollars in thousands)
<TABLE>
<CAPTION>
DECEMBER 31, July 2,
1995 1995
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Raw materials $ 10,458 $ 8,609
Work in process 5,147 6,181
- -----------------------------------------------------------------------------------------------------------
15,605 14,790
Less progress payments (402) (657)
- -----------------------------------------------------------------------------------------------------------
$ 15,203 $ 14,133
===========================================================================================================
</TABLE>
In accordance with contractual agreements, the government has a security
interest in inventories related to contracts for which progress payments have
been received.
4. MARKETABLE SECURITIES
At December 31, 1995, the Company had $250,000 in common stock of Venisect,
Inc. which is valued at cost.
-6-
<PAGE> 7
5. SHORT- AND LONG-TERM OBLIGATIONS
Short-term borrowings, long-term debt and the current maturities of long-term
debt consist of the following:
(dollars in thousands)
<TABLE>
<CAPTION>
DECEMBER 31, July 2,
1995 1995
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM BORROWINGS:
Revolving credit agreement:
Balance at period-end $ 6,600 $ 2,500
Interest rate at period-end 10.00% 10.50%
Average amount of short-term borrowings
outstanding during period (rounded to
nearest thousand) $ 4,144 $ 2,472
Average interest rate for period 10.36% 9.70%
Maximum short-term borrowings
at any month-end $ 7,000 $ 5,000
===========================================================================================================
Total short-term borrowings $ 6,600 $ 2,500
===========================================================================================================
<CAPTION>
DECEMBER 31, July 2,
1995 1995
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT:
Sanwa Business Credit Corporation:
Revolving credit agreement $ - $ 2,500
Term loan 430 805
Chemical Bank term loan 714 1,071
12% Subordinated Notes 3,386 3,386
Industrial revenue bond due
semiannually through 1997, interest at 8% 180 180
Other 159 195
- -----------------------------------------------------------------------------------------------------------
4,869 8,137
Less current maturities 1,271 1,670
- -----------------------------------------------------------------------------------------------------------
Total long-term debt $ 3,598 $ 6,467
===========================================================================================================
</TABLE>
The average interest rate was computed by dividing the sum of daily interest
costs by the sum of the daily borrowings for the respective periods.
At December 31, 1995, the Company has reclassified $2,500,000 of revolving debt
from long-term to short-term due to the expiration of its loan agreement on
July 3, 1996. The Company intends to negotiate a new loan agreement before
this date and will again classify a portion thereof to long-term.
-7-
<PAGE> 8
6. EARNINGS PER COMMON SHARE
Earnings per common share is based on the weighted average number of shares
outstanding during the quarter. Also outstanding are the following common
stock options: 100,000 shares currently exercisable at $.66 to $1.2375 and
165,000 shares with exercise prices ranging from $1.3125 to $4.378 which are
not exercisable at this time. The earliest exercise date of the
non-exercisable option is in August 1996. The options are not considered
dilutive common stock equivalents for the purposes of the earnings per share
calculation.
7. INCOME TAXES
The tax benefits from the Company's net operating loss carryforwards, which
will more likely than not be realized, have been recorded as an asset. As of
December 31, 1995, the net value of this benefit was $3,250,000 and is reported
as $758,000 in current assets and $2,492,000 in other assets.
The net operating loss carryforwards as of July 2, 1995, for Federal Income Tax
purposes, were $20,393,000, which are available to offset future Federal
taxable income through 2003. The Company also has investment tax credit
carryforwards for Federal income tax purposes of approximately $227,000 which
are available to reduce future Federal income taxes through 2001. In addition,
the Company has alternative minimum tax credit carryforwards of approximately
$245,000 which are available to reduce future regular Federal income taxes over
an indefinite period. These carryforwards are the result of losses generated
by discontinued operations prior to 1987.
8. CASH FLOWS
Total cash payments for interest for the three and six months ended December
31, 1995 were $308,000 and $635,000 compared to $567,000 and $1,117,000 for the
three and six months ended January 1, 1995.
-8-
<PAGE> 9
LABARGE, INC.
FORM 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATION AND
FINANCIAL CONDITION
LaBarge, Inc. engineers, manufactures, tests and sells sophisticated electronic
control systems and devices and complex interconnect assemblies under contract
with its customers. Markets for the Company's products are the defense
electronics, telecommunications, medical equipment, aerospace,
geophysical/energy and various other commercial/industrial markets. The
Company employs approximately 650 people.
On December 2, 1994, the Company completed the sale of the on-going business of
its operation in Flippin, Arkansas to Avnet, Inc. In the transaction, Avnet
purchased substantially all of the assets of the Flippin operation and the
related business for approximately $10,455,000 cash and assumed liabilities of
approximately $2,900,000. The proceeds from the sale were used to reduce debt.
The Company continues to operate its facilities in Huntsville and Berryville,
Arkansas; Tulsa, Oklahoma and Joplin, Missouri. The Company will continue,
through its remaining operations, to focus on design and manufacture of
high-tech electronic systems, devices and interconnect systems with special
emphasis on higher value-added products.
The Flippin facility manufactured cable assemblies for a variety of markets
including computer products and medical equipment. Revenues for the six and
three months ended January 1, 1995 were approximately $7.3 and $2.6 million
(22% of the Company total) respectively.
The December, 1994 sale of the Flippin facility allowed the exchange and
redemption of 15% Subordinated Notes due in May, 1997. Both transactions were
part of a Company plan to strengthen its balance sheet. The Company believes
the stronger balance sheet will allow it much greater flexibility to invest in
growth opportunities at its other facilities.
The Company's backlog of firm, unshipped orders at December 31, 1995 was
approximately $64 million compared to $47 million at January 1, 1995. The
backlog at December 31, 1995 for the products described below consisted of
approximately $34.6 million of orders for various defense products, the
majority of which contain cancellation and termination provisions, and $29.4
million of orders for commercial products. Approximately $6.7 million of the
total backlog is not scheduled to ship within the next 12 months pursuant to
the shipment schedules contained in those contracts.
Substantially all of the Company's contracts with the United States Government
and subcontracts with prime contractors of the United States Government are
firm fixed-price contracts. Under firm fixed-price contracts, work is
performed and paid for at a fixed amount without adjustment for the actual
costs experienced in connection with the
-9-
<PAGE> 10
contracts. Therefore, unless the customer actually or constructively alters or
impedes the work performed, all risk of loss due to cost overruns is borne by
the Company.
The Company continues to pursue defense-related business. The Company
currently has orders on the AEGIS program totaling $9.5 million. AEGIS is the
most advanced shipboard anti-aircraft and anti-missile system in the world.
All work on this contract is being performed in Huntsville, Arkansas.
Sales to Lockheed Martin represented approximately 32% of total Company sales
for the three and six months ended December 31, 1995.
The Company also serves the telecommunications, medical equipment, commercial
aerospace, geophysical and other commercial/industrial markets. The Company
has aggressively expanded its commercial business over the past several years
and intends to continue to do so. Non-defense business represented
approximately 43% of total Company sales for the quarter and 40% for the six
months. The Company manufactures diverse products based on customer
requirements, which incorporate many capabilities including cable and
harnesses, printed circuit boards and complete assemblies. As in the defense
market, all production is on a contract basis.
The Company has developed a portable medical laser (the Laser Lancet(TM)) under
a contract from Venisect, Inc. One application of the laser is to perforate
the skin to draw small amounts of blood for testing. Phase II FDA clinical
trials for this application are complete. A 510(K) request for marketing and
manufacturing approval of this application was filed with the FDA in December
and is currently being evaluated. The Company anticipates approval for
commercial use to be received this fiscal year. The impact on the Company's
sales cannot yet be determined.
In late January 1996, the FDA approved the commencement of human clinical
trials of a second Laser Lancet(TM) application for use in transdermal drug
delivery. Venisect scientists have shown that the simple, painless alteration
of the outermost layer of skin with the Laser Lancet(TM) results in clinically
significant improvement in the ability to deliver a wide range of drugs
transdermally.
-10-
<PAGE> 11
LABARGE, INC.
FORM 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
RESULTS OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1995
COMPARED TO SIX MONTHS ENDED JANUARY 1, 1995
In December 1994, the Company sold its Flippin, Arkansas operation and its
related business for approximately $10,455,000. Sales, related costs and
profits though November, 1994 are included in operating results for the six
months ended January 1, 1995 and may distort the comparative data presented.
Net sales for the six months ended December 31, 1995 were $28,271,000 compared
to $33,317,000 for the six months ended January 1, 1995. Sales from continuing
operations were up approximately $2.3 million or 9% year-to-year. Flippin
accounted for $7.3 million in sales for the six months ended January 1, 1995
Gross profit for the six months ended December 31, 1995 was $4,465,000, 15.8%
of sales, compared to $5,654,000, 17.0% of sales, for the six months ended
January 1, 1995. The sale of Flippin resulted in lower sales relative to fixed
costs, which cause the margin to be lower.
Selling and administrative expenses for the six months ended December 31, 1995
were $3,471,000, 12.3%of sales, compared to $4,123,000, 12.4% of sales, for
the six months ended January 1, 1995.
Earnings from operations were $994,000, 3.5% of sales, for the six months ended
December 31, 1995, compared to $1,531,000, 4.6% of sales, for the six months
ended January 1, 1995.
Interest expense for the six months ended December 31, 1995 was $646,000,
compared to $1,058,000 for the six months ended January 1, 1995. Lower debt
levels continue to cause lower interest costs.
Other income was $185,000 and $210,000 for the six months ended December 31,
1995 and January 1, 1995, respectively. Included in other income for the six
months ended December 31, 1995 is approximately $100,000 in interest and
reserve adjustments related to cash in conjunction with the Flippin sale.
Included in the other income for the period ended January 1, 1995, is $154,000
in gain from the sale of the Flippin facility. The remainder of this income
represents accretion of a discount on a note receivable.
-11-
<PAGE> 12
The Company has significant net operating loss carryforwards which offset most
of its income tax liability. Income tax expense for the six months ended
December 31, 1995 and January 1, 1995, respectively, was $33,000 and $41,000.
Net earnings for the six months ended December 31, 1995 were $500,000, compared
to $642,000 for the six months ended January 1, 1995.
Earnings per common share were $.03 for the six months ended December 31, 1995
and $.04 for the six months ended January 1, 1995.
RESULTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 1995
COMPARED TO THREE MONTHS ENDED JANUARY 1, 1995
Net sales for the three months ended December 31, 1995 were $14,910,000
compared to $16,206,000 for the three months ended January 1, 1995. Excluding
Flippin's sales from the three months ended January 1, 1995, the continuing
business showed a sales gain of approximately 10.1% year-to-year for the
three-month period.
Gross profit for the three months ended December 31, 1995 was $2,427,000, 16.3%
of sales, compared to $2,883,000, 17.8% of sales, for the three months ended
January 1, 1995. Due to lower planned sales volume caused by the sale of the
Flippin business and fixed costs involved in pursuing new business
opportunities, margins are down approximately 1.5% of sales year-to-year.
Selling and administrative expenses were $1,798,000, 12.1% of sales, for the
three months ended December 31, 1995, compared to $2,055,000, 12.7% of sales,
for the three months ended January 1, 1995.
Earnings from operations for the three months ended December 31, 1995 were
$629,000, 4.2% of sales, compared to $828,000, 5.1% of sales, for the three
months ended January 1, 1995.
Interest expense for the three months ended December 31, 1995 was $327,000,
compared to $511,000 for the three months ended January 1, 1995. Lower debt
levels continue to keep interest costs down.
Other income was $139,000 and $177,000 for the three months ended December 31,
1995 and January 1, 1995, respectively. Approximately $100,000 of other income
for the three months ended December 31, 1995 is due to interest and reserve
adjustments related to cash in conjunction with the Flippin sale. A gain of
$154,000 from the sale of the Flippin facility is included in other income for
the three months ended January 1, 1995.
The Company continues to have significant tax loss carryforwards which, in
accordance with SFAS 109, results in $3.25 million of deferred tax assets, net
of the related valuation allowance as of July 2, 1995. Income tax expense for
the three months ended December 31, 1995 and January 1, 1995 was $27,000 and
$29,000, respectively.
-12-
<PAGE> 13
Net earnings for the three months ended December 31, 1995 were $414,000
compared to $465,000 for the three months ended January 1, 1995.
Earnings per common share were $.03 for the three months ended December 31,
1995 compared to $.03 for the three months ended January 1, 1995.
FINANCIAL CONDITION & LIQUIDITY
Over the last year, the Company has taken important steps to improve its
financial condition.
On December 2, 1994, the Company completed the sale of its operations in
Flippin, Arkansas to Avnet, Inc. In the transaction, Avnet purchased the net
assets of the Flippin operation and the related business for $10,455,000 and
assumed liabilities of $2,900,000. The proceeds of the sale were used to
reduce debt.
At December 31, 1995, the Company had borrowings as follows: a term loan with
an initial balance of $3,500,000 payable over four years at an interest rate of
prime plus 1.5% and a revolving credit facility of up to $14,500,000 which
expires July 3, 1996, at prime plus 1.5% interest, both through Sanwa Business
Credit. As of December 31, 1995, $430,000 was outstanding on the term loan and
$6,600,000 was outstanding on the revolver. In addition, the Company now has
$3,386,000 of 12% Subordinated Notes due May 15, 1998, $714,000 in notes due
Chemical Bank at prime plus .5%, plus other debt totaling $338,000. Equity at
December 31, 1995 was $13,816,000 or $.90 per common share.
For the six months ended December 31, 1995, the Company used cash in its
operations, primarily due to higher receivables and inventories. The
investment in inventory is necessary to support higher planned volume in the
third quarter of fiscal 1996. Further, the Company invested $540,000 in new
equipment during the period .
During the six months ended December 31, 1995, the Company increased borrowings
by $850,000.
-13-
<PAGE> 14
PART II
Not Applicable
-14-
<PAGE> 15
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.
LABARGE, INC.
----------------------------
(Registrant)
Date 2/8/96
--------------
William J. Maender
----------------------------
William J. Maender
Vice President - Finance,
Treasurer and Secretary
-15-
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<CASH> 216
<SECURITIES> 250
<RECEIVABLES> 8,299
<ALLOWANCES> (138)
<INVENTORY> 15,203
<CURRENT-ASSETS> 25,561
<PP&E> 11,430
<DEPRECIATION> (8,577)
<TOTAL-ASSETS> 33,342
<CURRENT-LIABILITIES> 15,928
<BONDS> 0
0
0
<COMMON> 153
<OTHER-SE> 13,663
<TOTAL-LIABILITY-AND-EQUITY> 33,342
<SALES> 28,271
<TOTAL-REVENUES> 28,271
<CGS> 23,806
<TOTAL-COSTS> 27,277
<OTHER-EXPENSES> 185
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 646
<INCOME-PRETAX> 533
<INCOME-TAX> 33
<INCOME-CONTINUING> 500
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 500
<EPS-PRIMARY> .03
<EPS-DILUTED> .03
</TABLE>
