UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
--------------
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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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 April 30, 2000, the most recent
practicable date, was 24,705,480.
PART I. FINANCIAL INFORMATION
-------------------------------
Item 1. Financial Statements
- ----------------------------
<TABLE>
<CAPTION>
THE MANITOWOC COMPANY, INC.
Consolidated Statements of Earnings
For the Three Months Ended March 31, 2000 and 1999
(Unaudited)
(In thousands, except per-share and average shares data)
March 31, 2000 March 31, 1999
---------------- --------------
<S> <C> <C>
Net Sales $ 201,990 $ 184,189
Costs And Expenses:
Cost of goods sold 146,273 131,629
Engineering, selling and
administrative expenses 28,974 29,910
----------- ---------
Total 175,247 161,539
Earnings From Operations 26,743 22,650
Other Income (Expense):
Interest expense (2,511) (2,708)
Interest and dividend income 67 72
Other expense (438) (290)
------------ ---------
Total (2,882) (2,926)
------------ ---------
Earnings Before Taxes
On Income 23,861 19,724
Provision For Taxes On Income 8,948 7,296
------------ ---------
Net Earnings $ 14,913 $ 12,428
------------ ---------
Net Earnings Per Share - Basic $ .58 $ .48
Net Earnings Per Share - Diluted $ .57 $ .47
Dividends Per Share $ .075 $ .075
Average Shares Outstanding - Basic 25,850,072 25,962,372
Average Shares Outstanding - Diluted 25,997,317 26,166,099
<FN>
See accompanying notes which are an integral part of these statements.
</TABLE>
<TABLE>
<CAPTION>
THE MANITOWOC COMPANY, INC.
Consolidated Balance Sheets
As of March 31, 2000 and December 31, 1999
(Unaudited)
(In thousands, except share data)
-ASSETS-
March 31, 2000 Dec. 31, 1999
Current Assets: ----------------- -------------
<S> <C> <C>
Cash and cash equivalents $ 18,239 $ 10,097
Marketable securities 1,953 1,923
Accounts receivable 86,688 62,802
Inventories 99,623 91,437
Prepaid expenses and other 3,780 2,211
Future income tax benefits 22,528 22,528
--------- --------
Total current assets 232,811 190,998
Intangibles assets-net 252,900 232,729
Other assets 14,110 14,490
Property, plant and equipment:
At cost 220,610 214,352
Less accumulated depreciation (124,819) (122,329)
--------- ---------
Property, plant and equipment-net 95,791 92,023
--------- ---------
TOTAL $ 595,612 $ 530,240
--------- ---------
-LIABILITIES AND STOCKHOLDERS' EQUITY-
Current Liabilities:
Accounts payable and accrued expenses $ 147,723 $ 141,909
Current portion of long-term debt 750 489
Short term borrowings 99,501 32,300
Product warranties 14,893 14,610
--------- ---------
Total current liabilities 262,867 189,308
Non-Current Liabilities:
Long-term debt, less current portion 78,951 79,223
Product warranties 4,344 4,366
Postretirement health benefits obligations 20,023 19,912
Other 7,117 5,255
--------- ---------
Total non-current liabilities 110,435 108,756
--------- ---------
Stockholders' Equity:
Common stock (36,746,482 shares issued
at both dates) 367 367
Additional paid-in capital 31,497 31,476
Accumulated other comprehensive income (998) (814)
Retained earnings 294,628 281,672
Treasury stock at cost (11,508,802 and
10,658,113 shares) (103,184) (80,525)
--------- ---------
Total stockholders' equity 222,310 232,176
--------- ---------
TOTAL $ 595,612 $ 530,240
--------- ---------
<FN>
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 Three Months Ended March 31, 2000 and 1999
(In thousands)
(Unaudited)
March 31, 2000 March 31, 1999
----------------- --------------
<S> <C> <C>
Cash Flows From Operations:
Net earnings $ 14,913 $ 12,428
Non-cash adjustments to income:
Depreciation and amortization 4,425 4,009
Deferred financing fees 169 141
Loss on sale of fixed assets 79 190
Changes in operating assets and liabilities
excluding effects of business acquisitions:
Accounts receivable (14,807) (11,501)
Inventories (3,170) 1,681
Other current assets (677) 3,859
Non-current assets 807 (4,419)
Current liabilities (768) 2,723
Non-current liabilities 141 80
---------- ----------
Net cash provided by operations 1,112 9,191
Cash Flows From Investing:
Purchase of temporary investments - net (30) (24)
Business acquisitions - net (30,694) (37,662)
Proceeds from sale of property, plant,
and equipment 22 538
Capital expenditures (4,853) (3,206)
---------- ----------
Net cash used for investing (35,555) (40,354)
Cash Flows From Financing:
Dividends paid (1,957) (1,947)
Treasury stock purchased (22,638) --
Proceeds (payments) on long-term borrowings (11) 25,278
Proceeds from short-term borrowings-net 67,201 11,500
---------- ----------
Net cash provided by financing 42,595 34,831
Effect of exchange rate changes on cash (10) --
---------- ----------
Net increase in cash
and cash equivalents 8,142 3,668
Balance at beginning of period 10,097 10,582
---------- ----------
Balance at end of period $ 18,239 $ 14,250
---------- ----------
Supplemental cash flow information:
Interest paid $ 1,920 $ 2,207
Income taxes paid $ 4,022 $ 2,252
<FN>
See accompanying notes which are an integral part of these statements.
</TABLE>
<TABLE>
<CAPTION>
THE MANITOWOC COMPANY, INC.
Consolidated Statements of Comprehensive Income
For the Three Months Ended March 31, 2000 and 1999
(In thousands)
(Unaudited)
March 31, 2000 March 31, 1999
-------------------- -------------------
<S> <C> <C>
Net earnings $ 14,913 $ 12,428
Other comprehensive income:
Foreign currency translation
adjustments (184) (170)
------------ -----------
Comprehensive income $ 14,729 $ 12,258
------------ -----------
<FN>
See accompanying notes which are an integral part of these statements.
</TABLE>
THE MANITOWOC COMPANY, INC.
Notes to Unaudited Consolidated Financial Statements
For the Three Months Ended March 31, 2000 and March 31, 1999
(Unaudited)
Note 1. In the opinion of management, the accompanying unaudited
condensed consolidated financial statements contain all
adjustments, representing normal recurring accruals,
necessary to present fairly the results of operations,
cash flows and comprehensive income for the three months
ended March 31, 2000 and 1999 and the financial position
at March 31, 2000. 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, 1999. The consolidated balance sheet
as of December 31, 1999 was derived from audited
financial statements, but does not include all
disclosures required by generally accepted accounting
principles. It is suggested that these financial
statements be read in conjunction with financial
statements and the notes thereto included in the
Company's latest annual report.
Note 2. The components of inventory at March 31, 2000 and
December 31, 1999 are summarized as follows (in
thousands):
<TABLE>
<CAPTION>
March 31, 2000 Dec. 31, 1999
----------------- -------------
<S> <C> <C>
Components:
Raw materials $ 47,900 $ 39,134
Work-in-process 30,021 30,218
Finished goods 42,329 42,352
--------- --------
Total inventories at FIFO costs 120,250 111,704
Excess of FIFO costs
over LIFO value (20,627) (20,267)
--------- --------
Total inventories $ 99,623 $ 91,437
========= =========
</TABLE>
Inventory is carried at lower of cost or market using the first-in,
first-out (FIFO) method for 58% and 57% of total inventory at March
31, 2000 and December 31, 1999, respectively. The remainder of the
inventory is costed using the lower of 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 is 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. Prior to December
31, 1996, the Company accrued $3.3 million in connection with this
matter. There were no expenses incurred for the quarters ended
March 31, 2000 and 1999. 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 March 31, 2000, is $1.1 million.
As of March 31, 2000, 30 product-related lawsuits were pending. Of
these, two 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 has 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 for Cranes and Marine
cases ($100,000 for Foodservice cases) and a $50.0 million limit on
the insurer's contribution.
Product liability reserves included in accounts payable and
accrued expenses at March 31, 2000 are $8.3 million; $2.8 million
reserved specifically for the 30 cases referenced above, and $5.5
million for incurred but not reported claims. These reserves were
estimated using actuarial methods. The highest current reserve for
a non-insured claim is insignificant, and $0.9 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 and insured claims. Any recoveries from
insurance carriers are dependent upon the legal sufficiency of
claims and the solvency of insurance carriers.
It is reasonably possible that the estimates for environmental
remediation and product liability costs may change in the near
future based upon new information that 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 of the
Company.
Note 4. The Company holds assets for sale which include land and
improvements, buildings, and certain machinery and
equipment at the "Peninsula facility" located in
Manitowoc, Wisconsin, and land and building located in
Scotts Hill, Tennessee. The current carrying value of
these assets determined through independent appraisals is
$3.3 million and is included in other assets on the
Consolidated Balance Sheet at March 31, 2000. The
Company has reserved for the future holding costs, which
are included in accounts payable and accrued expenses,
consisting primarily of utilities, security, maintenance,
property taxes, and insurance. The Company has also
recorded reserves for potential environmental liabilities
on the Peninsula location. During the quarter ended
March 31, 2000, $0.2 million was charged against these
reserves.
Note 5. On February 17, 1999, the Company's board of directors
authorized a 3-for-2 stock split of the Company's shares
in the form of a 50% stock dividend payable April 1, 1999
to shareholders of record on March 1, 1999. As a result
of the stock split 8,652,289 shares were issued.
Note 6. 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.
<TABLE>
<CAPTION>
Quarter Ended March 31
---------------------------------------------------------------------------
2000 1999
--------------------------------------------------------------------------
Per Share Per Share
Shares Amount Shares Amount
======== ======== ====== ========
<S> <C> <C> <C> <C>
Basic earnings per share 25,850,072 $ .58 25,962,372 $ .48
Effect of dilutive securities -
stock options 147,245 203,727
Diluted earnings per share 25,997,317 $ .57 26,166,099 $ .47
</TABLE>
Note 7. On January 14, 2000, the Company, through a wholly-owned
subsidiary, acquired certain assets of Pioneer Holding
LLC (Pioneer), a manufacturer of hydraulic boom trucks,
from its parent company Mega Manufacturing. Pioneer
produces five models of boom trucks with varying lifting
capacities sold under the Pioneer Crane brand name.
Pioneer Cranes feature an innovative X-type outrigger
system that provides 360-degree stability and 500-degree
rotation capability without any reduction in lifting
capacity.
On February 17, 2000 the Company, through a wholly-owned
subsidiary, acquired all of the issued and outstanding shares of
Beverage Equipment Supply Company (BESCO), a leading wholesale
distributor of beverage dispensing equipment. BESCO has been
integrated into the Company's Manitowoc Beverage Systems (MBS)
operation. BESCO serves 14 states primarily in the Midwest, is
located in Holland, Ohio, and has a warehouse facility in Lombard,
Illionois. BESCO represents more than 50 different equipment
manufacturers with products ranging from beverage dispensing
equipment and systems to draft beer-dispensing systems.
On March 31, 2000 the Company acquired all of the issued and
outstanding shares of Multiplex Company, Inc. (Multiplex).
Multiplex is headquartered in St. Louis, Missouri where its
production facility is located and has operations in Franfurt,
Germany and Surrey, England. Multiplex manufactures soft drink
and beer dispensing equipment as well as water purification systems
and supplies leading quick-service restaurants, convenience stores,
and movie theatres. In addition, Multiplex designs and builds
custom applications to meet the needs of customers with
requirements that cannot be met by conventional dispensing
equipment. Multiplex was integrated into the Company's
Ice/Beverage Group.
On April 7, 2000 the Company, through a wholly-owned subsidiary,
acquired substantially all of the net business assets of Harford
Duracool, LLC (Harford), a leading manufacturer of walk-in
refrigerators and freezers. Harford maintains a 67,000-square-
foot manufacturing facility in Aberdeen, Maryland. The company's
primary distribution channels are foodservice equipment dealers and
commercial refrigeration distributors. Harford's products range in
size from 200 to 60,000 cubic feet. Harford also manufactures a
line of modular, temperature-controlled structures for additional
niche markets.
All of the aforementioned acquisitions have been accounted for
using the purchase method of accounting and were financed using
funds from the company's existing credit facility. The total
aggregate consideration paid for these acquistions was $59.4
million, which is net of cash acquired of $1.1 million and includes
direct acquistion costs of $0.3 million and assumed liabilities of
$8.5 million. The preliminary estimate of the aggregate excess of
cost over the fair values of the net assets acquired for these
acquisitions of $34.2 million is being amortized over a weighted
average life of 36 years. The results of these acquisitions'
operations, except for Harford, subsequent to their date of
acquisition are included in the Consolidated Statement of Earnings
for the quarter ending March 31, 2000.
Note 8. The Company determines its segments based upon the
internal organization that is used by management to make
operating decisions and assess performance. Based upon
this approach, the Company has three reportable segments:
Foodservice Equipment (Foodservice), Cranes and Related
Products (Cranes), and Marine Operations (Marine).
Information about reportable segments and a reconciliation of total
segment sales and profits to the consolidated totals for the
quarters ending March 31, 2000 and 1999 are summarized in Item 2,
"Management's Discussion and Analysis of Financial Condition and
Results of Operations", to this report on Form 10-Q. As of March
31, 2000 and December 31, 1999, the total assets by segment were as
follows (in thousands):
<TABLE>
<CAPTION>
March 31, 2000 Dec. 31, 1999
--------------- --------------
<S> <C> <C>
Foodservice $355,610 $314,982
Cranes 182,562 165,974
Marine 16,582 10,162
General corporate 40,858 39,122
-------------- -------------
Total $595,612 $530,240
============== =============
</TABLE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations for the Quarters Ended March 31, 2000 and
March 31, 1999
- --------------------------------------------------------------
Net sales and earnings from operations by business segment for the
quarter ended March 31, 2000 and 1999 are shown below (in
thousands):
<TABLE>
<CAPTION>
March 31, 2000 March 31, 1999
----------------- ----------------
<S> <C> <C>
NET SALES:
Foodservice equipment $ 92,929 $ 84,289
Cranes and related products 96,907 89,430
Marine 12,154 10,470
-------------- --------------
Total $201,990 $ 184,189
============= ==============
EARNINGS (LOSS) FROM OPERATIONS:
Foodservice equipment $ 12,180 $ 11,773
Cranes and related products 17,333 13,277
Marine 2,377 2,312
General corporate expense (3,245) (2,997)
Amortization (1,902) (1,715)
------------- --------------
Total 26,743 22,650
OTHER INCOME (EXPENSE) - NET (2,882) (2,926)
------------- ---------------
EARNINGS BEFORE TAXES ON INCOME $ 23,861 19,724
============== ===============
</TABLE>
Net earnings for the first quarter increased 20% to $14.9 million,
or $.57 per diluted share, from $12.4 million, or $.47 per diluted
share, in 1999. Net sales increased nearly 10% to $202.0 million
in the first quarter of 2000, from $184.2 million for the same
period in 1999. Sales and earnings growth were driven by gains in
each of the Company's three operating segments.
Foodservice equipment sales were $92.9 million for the quarter, up
10% from the first quarter of 1999, despite an ongoing slowdown in
the soft-drink beverage equipment marketplace. Operating earnings
increased only 3.5% even with an additional $1.0 million in
manufacturing costs, most of which are non-recurring, relating to
conversions to a mixed-model/demand flow method of manufacturing at
Manitowoc Ice and Diversified Refrigeration and the installation of
a new state-of-the-art evaporator assembly and plating operationg
at Manitowoc Ice. Excluding these improvement costs, Foodservice
Equipment operating earnings grew nearly 12%.
First quarter sales for the Crane segment were $96.9 million,
compared to $89.4 million for 1999, an increase of 8%. Crane
segment operating earnings continued to outpace sales. Operating
earnings increased more than 30% over the first quarter of 1999.
Bookings are up over 20% from the fourth quarter of 1999, and the
backlog at the end of the first quarter stood at a solid $142.0
million, up from $136 million at December 31, 1999.
Marine segment sales and operating earnings for the first quarter
were $12.2 million and $2.4 million, respectively, compared with
$10.5 million and $2.3 million for the same period in 1999. This
represented a sales increase of 16% and an operating earnings
increase of 3%. The Marine operations are in the final stages of
completing another successful winter repair season. Sixteen
vessels wintered at Sturgeon Bay and 25 vessels were serviced by
the operations in Toledo and Cleveland, a total representing nearly
two-thirds of the U.S.-flagged Great Lakes fleet. Compared to
previous years, the change in Marine margins is due to the shift in
scope and mix of this work.
Traditionally, the first quarter requires the greatest use of the
Company's working capital. However, as a result of the Company's
focus on capital management, cash flow from operations for the
second consecutive year was positive in the first quarter, this
year reaching $1.1 million. With the purchase of 854,000 shares of
treasury stock, coupled with the acquisitions discussed aboave, the
total funded debt increased to $179.2 million during the quarter.
This represents a debt-to-capital ratio of 45% at March 31, 2000.
Financial Condition at March 31, 2000
- -----------------------------------------------
The Company's financial condition remains strong. Cash and
marketable securities of $20.2 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 on long and short-term debt, and anticipated capital
expenditures of between $15-$18 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 segment: 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; and demand for used equipment in developing countries.
Marine - shipping volume fluctuations based on performance of the
steel industry; five-year drydocking schedule; and reducing
seasonality through non-marine repair work.
Year 2000 Compliance
- -----------------------------
In prior years, the Company executed various initiatives to ensure
that its computer systems are capable of processing periods of the
Year 2000 and beyond. These initiatives were completed prior to
the end of 1999. In addition, the Company had developed various
contingency plans to address any unforeseen circumstances that may
have arisen. As a resulst of those planning and implementation
efforts, the Company has not experienced any signifiicant system
failures or miscalculations as a result of the Year 2000 computer
issue and believes it systems successfully responded to the Year
2000 date change. While no such disruption has developed as of the
date of this filing, Year 2000 problems may still surface
throughout calendar year 2000. The Company will continue to
monitor its critical computer applications and those of its
suppliers and vendors throughout the calendar year 2000 to ensure
that any latent Year 2000 matters that may arise are addressed
promptly.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
----------------------------------------------------------------
See Item 7A of the Company's Annual Report on Form 10-K for the
year ended December 31, 1999.
PART II. OTHER INFORMATION
-----------------------------------------------------
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/ Glen E. Tellock
---------------------
Glen E. Tellock
Vice President and
Chief Financial Officer
/s/ Maurice D. Jones
-----------------------
Maurice D. Jones
General Counsel and
Secretary
May 11, 2000
THE MANITOWOC COMPANY, INC.
EXHIBIT INDEX
TO FORM 10-Q
FOR QUARTERLY PERIOD ENDED
MARCH 31, 2000
Exhibit Filed
No Description Herewith
- ------- ----------- --------
27 Financial Data Schedules X
* Pursuant to Item 601(b) (2) of Regulation S-K, the Registrant
agrees to furnish to the Securities and Exchange Commission upon
request, a copy of any unfiled exhibits or schedules to such
document.
10Q-1st-2000
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 18239
<SECURITIES> 1953
<RECEIVABLES> 88586
<ALLOWANCES> 1898
<INVENTORY> 99623
<CURRENT-ASSETS> 232811
<PP&E> 220610
<DEPRECIATION> 124819
<TOTAL-ASSETS> 595612
<CURRENT-LIABILITIES> 262867
<BONDS> 0
0
0
<COMMON> 367
<OTHER-SE> 221943
<TOTAL-LIABILITY-AND-EQUITY> 595612
<SALES> 201990
<TOTAL-REVENUES> 201990
<CGS> 146273
<TOTAL-COSTS> 175247
<OTHER-EXPENSES> 438
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2511
<INCOME-PRETAX> 23861
<INCOME-TAX> 8948
<INCOME-CONTINUING> 14913
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14913
<EPS-BASIC> .58
<EPS-DILUTED> .57
</TABLE>
