UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
--------------------
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 1-11978
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The Manitowoc Company, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Wisconsin 39-0448110
-------------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
500 So. 16th Street, Manitowoc, Wisconsin 54220
- ----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(920) 684-4410
- -------------------------------------------------------------------
(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 ( )
The number of shares outstanding of the Registrant's common stock,
$.01 par value, as of June 30, 1998, the most recent practicable date,
was 17,291,154.
PART I. FINANCIAL INFORMATION
- ------------------------------------
Item 1. Financial Statements
- -------------------------------------
<TABLE>
<CAPTION>
THE MANITOWOC COMPANY, INC.
Consolidated Statements of Earnings
For the Quarter and Six Months Ended June 30, 1998 and 1997
(Unaudited)
(In thousands, except per-share and average shares data)
QUARTER ENDED YEAR-TO-DATE
--------------------- ----------------------
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Net Sales $ 188,899 $ 144,985 $ 343,038 $ 261,026
Costs And Expenses:
Cost of goods sold 135,805 103,156 246,472 187,189
Engineering, selling and
administrative expenses 25,501 21,108 51,388 41,815
------- --------- -------- --------
Total 161,306 124,264 297,860 229,004
Earnings From Operations 27,593 20,721 45,178 32,022
Other Income (Expense):
Interest expense (2,858) (1,608) (5,266) (2,732)
Interest and dividend income 48 13 39 81
Other expense (481) (190) (829) (153)
------- -------- -------- --------
Total (3,291) (1,785) (6,056) (2,804)
-------- -------- -------- --------
Earnings Before Taxes
On Income 24,302 18,936 39,122 29,218
Provision For Taxes On Income 8,894 7,007 14,377 10,811
-------- -------- -------- --------
Net Earnings $ 15,408 $ 11,929 $ 24,745 $ 18,407
-------- -------- -------- --------
Net Earnings Per Share - Basic $ .89 $ .69 $ 1.43 $ 1.07
Net Earnings Per Share - Diluted $ .88 $ .69 $ 1.42 $ 1.06
Dividends Per Share $ .11 $ .11 $ .22 $ .22
Average Shares
Outstanding - Basic 17,285,236 17,267,035 17,279,930 17,267,035
Average Shares
Outstanding - Diluted 17,478,751 17,391,174 17,460,963 17,359,417
See accompanying notes which are an integral part of these statements.
</TABLE>
<TABLE>
<CAPTION>
THE MANITOWOC COMPANY, INC.
Consolidated Balance Sheets
As of June 30, 1998 and December 31, 1997
(In thousands, except share data)
-ASSETS-
June 30, 1998 Dec. 31, 1997
-------------- --------------
(Unaudited)
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 15,579 $ 11,888
Marketable securities 1,787 1,741
Accounts receivable 84,932 59,237
Inventories 64,303 54,701
Prepaid expenses and other 1,684 2,662
Future income tax benefits 15,287 15,287
----------- -----------
Total current assets 183,572 145,516
Intangible assets - net 144,918 146,983
Other assets 13,472 12,678
Property, plant and equipment:
At cost 209,923 202,831
Less accumulated depreciation (114,952) (111,640)
----------- ------------
Property, plant and equipment-net 94,971 91,191
----------- ------------
TOTAL $ 436,933 $ 396,368
----------- ------------
-LIABILITIES AND STOCKHOLDERS' EQUITY-
Current Liabilities:
Current portion of long-term debt $ 17,368 $ 15,400
Accounts payable and accrued expenses 108,563 96,540
Short-term borrowings 12,000 49,100
Product Warranties 11,981 9,772
---------- -----------
Total current liabilities 149,912 170,812
Non-Current Liabilities:
Long-term debt less current portion 106,557 66,359
Product warranties 5,003 4,955
Post-retirement health benefits obligations 19,853 19,699
Other 5,737 5,925
---------- -----------
Total non-current liabilities 137,150 96,938
---------- -----------
Stockholders' Equity:
Common stock (24,497,655 shares
issued at both dates) 245 245
Additional paid-in capital 31,014 30,980
Cumulative foreign currency translation
adjustments (29) (192)
Retained earnings 199,943 179,088
Treasury stock at cost (7,206,501 and
7,228,480 shares) (81,302) (81,503)
----------- -----------
Total stockholders' equity 149,871 128,618
----------- -----------
TOTAL $ 436,933 $ 396,368
----------- -----------
See accompanying notes which are an integral part of these statements.
</TABLE>
<TABLE>
<CAPTION>
THE MANITOWOC COMPANY, INC.
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 1998 and 1997
(In thousands)
(Unaudited)
June 30, 1998 June 30, 1997
--------------- -------------
<S> <C> <C>
Cash Flows From Operations:
Net earnings $ 24,745 $ 18,407
Non-cash adjustments to income:
Depreciation and amortization 6,945 5,493
Deferred financing fees 193 150
Loss on sale of fixed assets 148 143
Changes in operating assets and liabilities:
Accounts receivable (25,695) (6,454)
Inventories (9,602) (9,078)
Other current assets 978 114
Current liabilities 14,578 (1,737)
Non-current liabilities (188) (874)
Non-current assets (1,251) 185
---------- ----------
Net cash provided by operations 10,851 6,349
Cash Flows From Investing:
Purchase of temporary investments (46) (29)
Proceeds from sale of property,
plant, and equipment 237 12
Capital expenditures (8,768) (5,886)
---------- ----------
Net cash used for investing (8,577) (5,903)
Cash Flows From Financing:
Dividends paid (3,889) (3,837)
Treasury stock issued 234 0
Proceeds from long-term borrowings 50,000 0
Payments on long-term borrowings (57,834) (5,519)
Change in short-term borrowings - net 12,900 2,200
---------- ----------
Net cash provided by (used for) financing 1,411 (7,156)
Effect of exchange rate changes on cash 6 (27)
---------- ----------
Net increase (decrease) in cash
and cash equivalents 3,691 (6,737)
Balance at beginning of period 11,888 14,364
---------- ----------
Balance at end of period $ 15,579 $ 7,627
---------- ----------
Supplemental cash flow information:
Interest paid $ 4,379 $ 3,504
Income taxes paid 16,832 8,966
See accompanying notes which are an integral part of these statements.
</TABLE>
THE MANITOWOC COMPANY, INC
Notes to Unaudited Consolidated Financial Statements
For the Six Months Ended June 30, 1998 and 1997
Note 1.
In the opinion of management, the accompanying unaudited condensed
financial statements contain all adjustments, representing normal
recurring accruals, necessary to present fairly the results of
operations for the quarter and six months ended June 30, 1998 and 1997,
the financial position at June 30, 1998 and the changes in the cash
flows for the six months ended June 30, 1998 and 1997. The interim
results are not necessarily indicative of results for a full year and
do not contain information included in the Company's annual
consolidated financial statements and notes for the year ended December
31, 1997.
Note 2.
<TABLE>
<CAPTION>
The components of inventory at June 30, 1998 and December 31, 1997 are
summarized as follows (dollars in thousands):
June 30, December 31,
1998 1997
----------- -------------
<S> <C> <C>
Components:
Raw materials $ 23,279 $ 25,881
Work-in-process 28,468 22,331
Finished goods 34,510 27,972
--------- ---------
Total inventories at
FIFO costs 86,257 76,184
Excess of FIFO costs
over LIFO value (21,954) (21,483)
--------- ---------
Total inventories $ 64,303 $ 54,701
</TABLE>
Inventory is carried at lower of cost or market using the first-in,
first-out (FIFO) method for 54% and 60% of total inventory for June 30,
1998 and December 31, 1997, respectively. The remainder of the
inventory is costed using the last-in, first-out (LIFO) method.
Note 3.
The United States Environmental Protection Agency ("EPA") has
identified the company as a potentially responsible party ("PRP")
under the Comprehensive Environmental Response Compensation and
Liability Act ("CERCLA"), liable for the costs associated with
investigating and cleaning up contamination at the Lemberger Landfill
Superfund Site (the "Site") near Manitowoc, Wisconsin.
Approximately 150 PRP's have been identified as having shipped
substances to the Site. Eleven of the potentially responsible parties
have formed a group (the Lemberger Site Remediation Group, or LSRG) and
have successfully negotiated with the EPA and the Wisconsin Department
of Natural Resources to settle the potential liability at the Site and
fund the cleanup.
Recent estimates indicate that the total cost to clean up the Site
could be as high as $30 million. However, the ultimate allocation of
costs for the Site are not yet final. Although liability is joint and
several, the company's percentage share of liability is estimated to be
11% of the total cleanup costs. To date, the company has expensed $3.3
million in connection with this matter. There were no expenses
incurred for the year ended December 31, 1997. The company expensed
$0.2 million for each of the years ended December 31, 1996 and 1995.
Remediation work at the Site has been completed, with only long-term
pumping and treating of ground water and Site maintenance remaining.
The remaining estimated liability for this matter, included in other
current and noncurrent liabilities at June 30, 1998, is $1.1 million.
As of June 30, 1998, 22 product-related lawsuits were pending. Of
these, one occurred between 1985 and 1990 when the company was
completely self-insured. The remaining lawsuits occurred subsequent to
June 1, 1990, at which time the company had insurance coverages ranging
from a $5.5 million self-insured retention with a $10.0 million limit
on the insurer's contribution in 1990, to the current $1.0 million
self-insured retention and $25.0 million limit on the insurer's
contribution.
Product liability reserves at June 30, 1998 are $8.5 million; $3.3
million reserved specifically for the 22 cases referenced above, and
$5.2 million for incurred but not reported claims. These reserves were
estimated using actuarial methods. The highest current reserve for a
non-insured claim is $25,000, and $.5 million for an insured claim.
Based on the company's experience in defending itself against product
liability claims, management believes the current reserves are adequate
for estimated settlements on aggregate self-insured claims.
It is reasonably possible that the estimates for environmental
remediation and product liability costs may change in the near future
based upon new information which may arise. Presently, there is no
reliable means to estimate the amount of any such potential changes.
The company is also involved in various other legal actions arising in
the normal course of business. After taking into consideration legal
counsel's evaluation of such actions, in the opinion of management,
ultimate resolution is not expected to have a material adverse effect
on the consolidated financial statements.
Note 4.
During the fourth quarter of 1996, the company's decision to
consolidate and close walk-in refrigeration plants located in Iowa and
Tennessee resulted in a $1.2 million charge to earnings in the
Foodservice segment. The charge includes a write-down to the estimated
net realizable values of the assets being abandoned and takes into
consideration future holding costs and costs related to the sale of the
properties. For the six months ended June 30, 1998, $.1 million was
charged against the reserve, with no charges to the reserve during the
second quarter of 1998. During the second quarter and first six months
of 1997, $.1 million was charged against the reserve.
Assets currently held for sale include land and improvements,
buildings, and certain machinery and equipment at the "Peninsula
facility" located in Manitowoc, Wisconsin. The current carrying value
of these assets, and the assets mentioned above, determined through
independent appraisals, is approximately $3.6 million and is included
in other assets. The future holding costs, included in accounts
payable and accrued expenses and in other non-current liabilities,
consist primarily of utilities, security, maintenance, property taxes,
insurance, and demolition costs for various buildings. These reserves
also include estimates for potential environmental liabilities on the
Peninsula location. During the years ended December 31, 1997, 1996 and
1995, $35,000, $1.1 million and $.6 million was paid and charged
against these reserves, respectively. For the first six months of 1998
and 1997, $40,000 and $600,000 were charged against the reserve,
respectively. For the second quarter of 1998 there were no charges
against the reserve, compared with $10,000 charged in the second
quarter of 1997.
Note 5.
On May 19, 1997, the company`s board of directors authorized a three-
for-two stock split of the company's common stock in the form of a 50-
percent stock dividend payable on June 30, 1997 to shareholders of
record on June 2, 1997. As a result of the stock split, a total of
5,755,679 shares were issued. All references in the financial
statements to average number of common shares outstanding and related
earnings per share amounts, market prices per share of common stock,
and stock option plan data have been restated to reflect the split.
The company also split its common stock on a 3-for-2 basis on July 2,
1996.
Note 6.
<TABLE>
<CAPTION>
The following is a reconciliation of the average shares outstanding
used to compute basic and diluted earnings per share. There is no
earnings impact for the assumed conversions of the stock options in
each of the quarters.
Quarter Ended June 30 Six Months Ended June 30
--------------------------------- ----------------------------------
1998 1997 1998 1997
---------- ------------ ----------- -------------
Per Share Per Share Per Share Per Share
Shares Amount Shares Amount Shares Amount Shares Amount
-------- ---------- -------- -------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Basic EPS 17,285,236 $.89 17,267,035 $.69 17,279,930 $1.43 17,267,035 $1.07
Effect of Dilutive
Securities Stock
Options 193,515 124,139 181,033 92,382
---------- ---------- ---------- ----------
Diluted EPS 17,478,751 $.88 17,391,174 $.69 17,460,963 $1.42 17,359,417 $1.06
</TABLE>
Note 7.
During February 1998, the FASB issued SFAS No. 132, "Employers'
Disclosures about Pensions and Other Postretirement Benefit," which
revises disclosures about pension and other postretirement benefits
plans. This Statement is effective for the Company's 1998 financial
statements and restatement of disclosures for earlier years provided for
comparative purposes will be required unless the information is not
readily available. The company is currently evaluating the extent to
which its financial statements will be affected by SFAS No. 132.
In March 1998, the AICPA issued SOP 98-1, "Accounting For the Costs of
Computer Software Developed or Obtained for Internal Use," which
specifies the accounting treatment provided to computer software costs
depending upon the type of costs incurred. This Statement is effective
for the company's 1999 financial statements and restatement of prior
years will not be required. The company does not believe that the
adoption of this Statement will have a significant impact on its
financial position or results of operations.
In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities," which requires that an entity
recognize derivative instruments, including certain derivative
instruments embedded in other contracts as either assets or liabilities
and measure those instruments at fair value. This Statement is
effective for the Company's fiscal year 2000 first quarter financial
statements and restatement of prior years will not be required. The
Company is currently evaluating the extent to which its financial
statements will be affected by SFAS No. 133.
Note 8.
On April 2, 1998, the company privately placed, with Prudential
Insurance Company, $50 million principal amount of the company's Series
A Senior Notes (the "Notes"). The company used the proceeds from the
sale of the Notes to pay down borrowings under the current term loan.
The Notes are unsecured and bear interest at the fixed annual rate of
6.54%. The Notes mature in 12 years, and require principal payments
beginning in the eighth year after issuance, resulting in an average
life of ten years. The agreement between the company and Prudential
Insurance Company pursuant to which the Notes were issued (the "Note
Agreement") includes covenants which require the company to maintain
certain debt ratios and certain levels of net worth. These covenants
are no more restrictive than covenants made by the company in connection
with certain other credit facilities. Under the terms of the Note
Agreement, the company may offer additional senior notes to Prudential
Insurance Company up to a maximum principal amount of $25 million,
although Prudential Insurance Company is not obligated to purchase any
additional notes.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations for the Quarter and Six Months Ended June 30, 1998
and 1997
- -------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net sales and earnings from operations by business segment for the quarter
and six months ended June 30, 1998 and 1997 are shown below (in thousands):
QUARTER ENDED YEAR-TO-DATE
----------------- --------------
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET SALES:
Foodservice products $ 87,230 $ 65,941 $ 154,237 $ 118,450
Cranes and related products 86,145 63,866 162,337 120,209
Marine 15,524 15,178 26,464 22,367
--------- ---------- -------- ----------
Total $ 188,899 $144,985 $ 343,038 $ 261,026
EARNINGS (LOSS) FROM OPERATIONS:
Foodservice products $ 15,627 $ 11,437 $ 24,943 $ 17,613
Cranes and related products 12,928 9,493 22,690 16,430
Marine 2,751 2,880 5,056 3,907
General corporate expense (2,542) (2,309) (5,168) (4,368)
Amortization (1,171) (780) (2,343) (1,560)
------- -------- ------- ---------
Total $ 27,593 $ 20,721 $ 45,178 $ 32,022
</TABLE>
Net sales for the quarter ended June 30, 1998 were $188.9 million, up 30 percent
compared with the second quarter of 1997. Net earnings grew to $15.4 million,
or 89 cents per share (88 cents diluted), a 29 percent increase from the $11.9
million, and 69 cents per share (basic and diluted), earned in the second
quarter of 1996. Operating earnings for the quarter were $27.6 million, up
33 percent from a year earlier. The improved operating margin resulted from
higher profitability in the company's foodservice segment.
For the first six months of 1998, net sales totaled $343.0 million, compared
with sales of $261.0 million in the first half of last year. Net earnings
through the end of June were $24.7 million, or $1.43 per share ($1.42 diluted).
In the first half of 1997, net earnings were $18.4 million, or $1.07 per share
($1.06 diluted).
Second quarter sales of foodservice equipment were $87.2 million, up 32 percent
from a year ago, while the operating profit for this segment rose 37 percent to
$15.6 million. Year to date sales and earnings were $154.2 million and $24.9
million, respectively, compared with $118.5 million and $17.6 million in 1997.
Cranes and related products sales for the second quarter increased 35 percent
over the same period last year. Operating earnings were $12.9 million and
$22.7 million for the second quarter and first six months of 1998,
respectively, compared with earnings of $9.5 million and $16.4 million for the
same periods last year. The $172.4 million backlog of unfilled crane orders
remains at an all-time high, reflecting the strength of the construction
industry, and active replacement cycle, and broad market acceptance of its new
crane platforms.
Sales and earnings for the marine segment were relatively flat for the second
quarter of 1998. However, both remain at historically high levels for this
time of year. Year to date sales were $26.5 million, up 18 percent from a year
earlier. Operating earnings were $5.0 million for the first half of 1998,
compared with $3.9 million for the same period in 1997.
Operations continue to generate significant cash flow. In the most recent
quarter, the company had positive cash flow of $32.1 million, compared with a
negative $21.2 million in the first three months of 1998 and positive $15.8
million in the second quarter last year.
Interest expense in the quarter and for the first half of 1998 are
significantly higher than in the corresponding 1997 periods due to increased
debt resulting from the acquisition of SerVend in 1997 and greater working
capital needs.
Financial Condition at June 30, 1998
- ----------------------------------------
The Company's financial condition remains strong. Cash and marketable
securities of $17.4 million and future cash flows from operations are expected
to be adequate to meet the Company's liquidity requirements for the foreseeable
future, including payments for long-term debt, line of credit, costs associated
with the plant opening and consolidations, and anticipated capital expenditures
of between $12-$15 million.
This report on Form 10-Q includes forward-looking statements based on
management's current expectations. Reference is made in particular to the
description of the company's plans and objectives for future operations,
assumptions underlying such plans and objectives and other forward-looking
statements in this report. Such forward-looking statements generally are
identifiable by words such as "believes," "intends," "estimates," "expects"
and similar expressions.
These statements involve a number of risks and uncertainties and must be
qualified by factors that could cause results to be materially different from
what is presented here. This includes the following factors for each business:
Foodservice Equipment - demographic changes affecting the number of women in
the workforce, general population growth, and household income; serving large
restaurant chains as they expand their global operations; specialty foodservice
market growth; and the demand for equipment for small kiosk-type locations.
Cranes and Related Products - market acceptance of innovative products;
cyclicality in the construction industry; growth in the world market for heavy
cranes; demand for used equipment in developing countries. Marine - shipping
volume fluctuations based on performance of the steel industry; five-year
drydocking schedule; reducing seasonality through non-marine repair work.
Item 3. Quantitative and Qualitative Disclosure About Market Risk
-------------------------------------------------------
There have been no material changes in market risks faced by the company as
compared to those reported in its Annual Report on Form 10-K for the year ended
December 31, 1997.
PART II. OTHER INFORMATION
----------------------------------------
Item 4. Submission of Matters to a Vote of Security Holders
-------------------------------------------------------
At the annual meeting of the company's shareholders on May 5, 1998, pursuant to
Proposal 1, management's nominees named below were elected as directors of the
class whose term expires in 2001, by the indicated votes cast for and withheld
with respect to each nominee. Of the 14,903,573 shares of Common Stock which
were represented at the meeting, at least 97.8 percent of the shares voting
were voted for the election of each of management's nominees, as follows:
Name of Nominee For Withheld
- --------------- --- --------
George E. Fischer 14,574,949 328,624
Gilbert F. Rankin, Jr. 14,579,657 323,916
There were no abstentions or broker non-votes with respect to the election of
directors. In addition to the directors elected at the meeting, the company's
continuing directors are Dean H. Anderson, James P. McCann, Guido R. Rahr, Jr.
and Robert S. Throop.
Proposal 2, amending the company's Articles of Incorporation to increase the
company's authorized shares of Common Stock from 35,000,000 to 75,000,000, was
approved as follows:
Shares Voted For 10,953,735
Shares Voted Against 3,795,972
Shares Abstaining 153,866
Further information concerning the matters voted upon at the 1998 Annual
Meeting of Shareholders is contained in the company's proxy statement dated
March 16, 1998 with respect to the 1998 Annual Meeting.
Item 6. Exhibits and Reports on Form 8-K
----------------------------------
(a) Exhibits: See exhibit index following the signatures on this Report, which
is incorporated herein by reference.
(b) Reports on Form 8-K: None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE MANITOWOC COMPANY, INC.
(Registrant)
/s/ Terry D. Growcock
-------------------------------
Terry D. Growcock
President and Chief Executive Officer
/s/ Robert R. Friedl
-------------------------------
Robert R. Friedl
Senior V.P. and Chief Financial Officer
/s/ E. Dean Flynn
-------------------------------
E. Dean Flynn
Secretary
July 28, 1998
THE MANITOWOC COMPANY, INC.
EXHIBIT INDEX
TO FORM 10-Q
FOR QUARTERLY PERIOD ENDED
June 30, 1998
Exhibit Filed
No Description Herewith
- ------- --------------- ------------
27 Financial Data Schedule X
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 15579
<SECURITIES> 1787
<RECEIVABLES> 86086
<ALLOWANCES> 1154
<INVENTORY> 64303
<CURRENT-ASSETS> 183572
<PP&E> 209923
<DEPRECIATION> 114952
<TOTAL-ASSETS> 436933
<CURRENT-LIABILITIES> 149912
<BONDS> 0
0
0
<COMMON> 245
<OTHER-SE> 149626
<TOTAL-LIABILITY-AND-EQUITY> 436933
<SALES> 343038
<TOTAL-REVENUES> 343038
<CGS> 246472
<TOTAL-COSTS> 297860
<OTHER-EXPENSES> 829
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5266
<INCOME-PRETAX> 39122
<INCOME-TAX> 14377
<INCOME-CONTINUING> 24745
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24745
<EPS-PRIMARY> 1.43
<EPS-DILUTED> 1.42
</TABLE>
