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 January 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 _______________________
Commission File Number 1-4702
AMREP Corporation
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(Exact name of registrant as specified in its charter)
Oklahoma 59-0936128
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
641 Lexington Avenue, Sixth Floor, New York, New York 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code _______(212) 705-4700________
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 subject to such filing requirements
for the past 90 days.
Yes _____X______ No ___________
Number of Shares of Common Stock, par value $.10 per share, outstanding at March
14, 2000 - 7,240,350.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
CONTENTS
PART I PAGE NO.
Consolidated Financial Statements:
Balance Sheets
January 31, 2000 (Unaudited) and
April 30, 1999 (Audited) 1
Statements of Operations and Retained Earnings (Unaudited)
Three Months Ended January 31, 2000 and 1999 2
Statements of Operations and Retained Earnings (Unaudited)
Nine Months Ended January 31, 2000 and 1999 3
Statements of Cash Flows (Unaudited)
Nine Months Ended January 31, 2000 and 1999 4
Notes to Consolidated Financial Statements (Unaudited) 5 - 6
Management's Discussion and Analysis 7 - 10
PART II
Other Information 11
Signatures 12
Exhibit Index 13
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
January 31, 2000 and April 30, 1999
(Dollar amounts in thousands, except par value)
January 31, 2000 April 30, 1999
----------------- -------------------
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents $ 10,814 $ 23,553
Receivables, net:
Real estate operations 8,578 10,846
Magazine circulation operations 45,030 53,822
Real estate inventory 68,768 89,723
Other real estate investments 961 2,401
Property, plant and equipment, at cost,
net of accumulated depreciation and
amortization of $15,185 at January 31,
2000 and $14,443 at April 30, 1999 18,253 18,361
Other assets 11,992 13,881
Excess of cost of subsidiary over net
assets acquired 5,191 5,191
----------------- ---------------
Total Assets $ 169,587 $ 217,777
================= ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, deposits and
accrued expenses $ 24,045 $ 36,182
Notes payable:
Amounts due within one year 9,629 26,769
Amounts subsequently due 36,873 47,896
Taxes payable:
Amounts due within one year (707) 2,513
Amounts subsequently due 5,999 11,825
Deferred income taxes 2,126 1,015
----------------- ---------------
Total Liabilities 77,965 126,200
----------------- ---------------
Shareholders' equity:
Common stock, $.10 par value;
shares authorized -- 20,000,000;
shares issued
7,398,677 at January 31, 2000
and April 30, 1999 740 740
Capital contributed in excess of par value 44,930 44,928
Retained earnings 46,899 46,089
Treasury stock, at cost; 158,327 shares at
January 31, 2000 and (947) (180)
30,027 shares at April 30, 1999
----------------- ---------------
Total Shareholders' Equity 91,622 91,577
----------------- ---------------
Total Liabilities and Shareholders'
Equity $ 169,587 $ 217,777
================= ===============
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Retained Earnings (Unaudited)
Three Months Ended January 31, 2000 and 1999
(Amounts in thousands, except per share amounts)
2000 1999
-------------------- -------------------
REVENUES
Real estate operations:
Land sales $ 4,465 $ 5,556
Home and condominium sales 1,866 20,164
-------------- --------------
6,331 25,720
Magazine circulation operations 13,451 14,610
Interest and other operations 1,372 1,457
-------------- --------------
21,154 41,787
-------------- --------------
COSTS AND EXPENSES
Real estate cost of sales:
Land sales 3,237 4,017
Home and condominium sales 2,408 17,070
Operating expenses:
Magazine circulation operations 11,512 13,445
Real estate commissions and selling 348 1,752
Other operations 1,732 1,005
General and administrative:
Real estate operations and corporate 1,438 1,995
Magazine circulation operations 1,700 1,705
Interest, net 688 1,144
-------------- --------------
23,063 42,133
-------------- --------------
INCOME (LOSS) BEFORE INCOME TAXES (1,909) (346)
BENEFIT FOR INCOME TAXES (764) (1,039)
-------------- --------------
NET INCOME (LOSS) (1,145) 693
RETAINED EARNINGS, beginning of period 48,044 41,775
-------------- --------------
RETAINED EARNINGS, end of period $ 46,899 $ 42,468
============== ==============
EARNINGS (LOSS) PER SHARE -
Basic and Diluted $ (0.16) $ 0.09
============== ==============
Weighted average number of common
shares outstanding 7,240 7,369
============== ==============
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Retained Earnings (Unaudited)
Nine Months Ended January 31, 2000 and 1999
(Amounts in thousands, except per share amounts)
2000 1999
-------------------- ------------------
REVENUES
Real estate operations:
Land sales $ 24,809 $ 17,304
Home and condominium sales 28,467 58,388
-------------- -------------
53,276 75,692
Magazine circulation operations 40,314 43,790
Interest and other operations 3,912 4,458
-------------- -------------
97,502 123,940
-------------- -------------
COSTS AND EXPENSES
Real estate cost of sales:
Land sales 17,580 10,045
Home and condominium sales 26,779 50,320
Operating expenses:
Magazine circulation operations 32,710 35,902
Real estate commissions and selling 3,167 5,319
Other operations 3,714 2,839
General and administrative:
Real estate operations and corporate 4,954 5,984
Magazine circulation operations 4,917 4,972
Interest, net 2,332 3,533
-------------- -------------
96,153 118,914
-------------- -------------
INCOME BEFORE INCOME TAXES 1,349 5,026
PROVISION FOR INCOME TAXES 539 1,110
-------------- -------------
NET INCOME 810 3,916
RETAINED EARNINGS, beginning of period 46,089 38,552
-------------- -------------
RETAINED EARNINGS, end of period 46,899 $ 42,468
============== =============
EARNINGS PER SHARE -Basic and Diluted $ 0.11 $ 0.53
============== =============
Weighted average number of common shares
outstanding 7,300 7,369
============== =============
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended January 31, 2000 and 1999
(Amounts in thousands)
2000 1999
----------------- --------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 810 $ 3,916
-------------- -----------
Adjustments to reconcile net income to
net cash provided (used) by operating
activities: -
Depreciation and amortization 3,233 2,717
Non-cash credits and charges:
Loss on disposition of fixed assets 194 -
Issuance of treasury stock as compensation 92 -
Inventory and joint venture valuation
adjustments and write-offs 2,604 -
Pension benefit accrual (343) (139)
Changes in assets and liabilities:
Receivables, net 11,060 344
Real estate inventory 19,373 (3,139)
Other real estate investments 1,440 (523)
Other assets (339) (5,028)
Accounts payable, deposits
and accrued expenses (12,137) (7,372)
Taxes payable (9,046) (4,966)
Deferred income taxes 1,111 -
-------------- -----------
Total adjustments 17,242 (18,106)
-------------- -----------
Net cash provided (used)
by operating activities 18,052 (14,190)
-------------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,771) (2,415)
-------------- -----------
Net cash used by investing
activities (1,771) (2,415)
-------------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing 17,043 65,479
Principal debt payments (45,206) (57,774)
Purchase of treasury stock (857) -
-------------- -----------
Net cash provided (used) by
financing activities (29,020) 7,705
-------------- -----------
DECREASE IN CASH AND CASH EQUIVALENTS (12,739) (8,900)
CASH AND CASH EQUIVALENTS, beginning of period 23,553 20,517
-------------- -----------
CASH AND CASH EQUIVALENTS, end of period 10,814 $ 11,617
============== ===========
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid - net of amounts capitalized 2,431 $ 3,491
Income taxes paid $ 8,364 $ 6,147
============== ===========
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
Nine Months Ended January 31, 2000 and 1999
(1) BASIS OF PRESENTATION
The accompanying unaudited financial statements included herein have been
prepared by the Company pursuant to the rules and regulations of the Securities
and Exchange Commission for interim financial information. The April 30, 1999
balance sheet amounts have been derived from the April 30, 1999 audited
financial statements of the Registrant. Since the accompanying consolidated
financial statements do not include all the information and footnotes required
by generally accepted accounting principles for complete financial statements,
it is suggested that they be read in conjunction with the financial statements
and notes thereto included in the Registrant's April 30, 1999 Annual Report on
Form 10-K. In the opinion of management, the accompanying unaudited financial
statements include all adjustments necessary to reflect a fair presentation of
the results for the interim periods presented. The results of operations for
such interim periods are not necessarily indicative of the results to be
expected for the full fiscal year.
Certain amounts in the Statement of Operations and Retained Earnings and
Statement of Cash Flows for the three and nine month periods ended January 31,
1999 have been reclassified to conform to the presentation used at January 31,
2000.
(2) INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT
INDUSTRY SEGMENTS:
The following schedules set forth summarized data relative to the industry
segments in which the Company operates for the three and nine month periods
ended January 31, 2000 and 1999.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Land Home Corporate
Sales Building(a) Distribution Fulfillment and Other Consolidated
THREE MONTHS:
January 2000 (Thousands):
Revenues $ 4,350 $ 2,586 $ 3,898 $ 9,553 $ 767 $ 21,154
Expenses (excluding interest) 4,026 3,689 4,214 8,998 1,448 22,375
Interest expense, net 167 7 367 131 16 688
------- ------- ------- ------- ------- --------
Pretax income (loss)
contribution $ 157 $ (1,110) $ (683) $ 424 $ (697) $ (1,909)
========= ========= ======= ======= ======== =========
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January 1999 (Thousands):
Revenues $ 5,946 $ 20,702 $ 5,013 $ 9,597 $ 529 $ 41,787
Expenses (excluding interest) 4,933 19,915 5,950 9,100 1,091 40,989
Interest expense, net 136 318 484 179 27 1,144
--------- -------- ------- ------- ------- --------
Pretax income (loss)
contribution $ 877 $ 469 $ 1,421 $ 318 $ (589) $ (346)
========= ======== ======= ======= ======== =========
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Land Home Corporate
Sales Building(a) Distribution Fulfillment and Other Consolidated
THREE MONTHS:
January 2000 (Thousands):
Revenues $ 26,096 $ 29,086 $ 12,677 $27,637 $ 2,006 $ 97,502
Expenses (excluding interest) 20,748 31,822 11,592 26,035 3,624 93,821
Interest expense, net 452 225 1,178 426 51 2,332
-------- -------- -------- -------- -------- --------
Pretax income (loss)
contribution $ 4,896 $ (2,961) $ (93) $ 1,176 $(1,669) $ 1,349
========= ========= ======= ======= ======== ========
Identifiable assets $ 62,533 27,168 48,356 18,958 12,572 169,587
- --------------------------------------------------------------------------------------------------------------
January 1999 (Thousands):
Revenues $ 18,139 $ 59,927 $ 15,651 $28,139 $ 2,084 $123,940
Expenses (excluding interest) 12,547 58,494 13,733 27,041 3,566 115,381
Interest expense, net 420 953 1,518 574 68 3,533
--------- -------- -------- ------- ------- --------
Pretax income (loss)
contribution $ 5,172 $ 480 $ 400 $ 524 $(1,550) $ 5,026
========= ======== ======== ======= ======== ========
Identifiable assets $ 70,381 $ 66,746 $ 56,581 $20,641 $16,202 $230,551
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Includes the effect of valuation adjustments and other write-offs on certain
inventories and equity investments in joint ventures of approximately $1.6
million and $3.5 million recorded in the three and nine month periods ended
January 31, 2000, respectively. Based upon the nature of the components of this
adjustment, the Company charged $.5 million and $1.2 million of the adjustment
for each period to housing cost of sales, $1.1 million and $2.0 million for each
period to interest and other operations, and the balance to selling and general
and administrative expenses.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
Management's Discussion and Analysis of
Financial Condition and Results of Operations
January 31, 2000
RESULTS OF OPERATIONS
Revenues from real estate operations decreased from $25.7 million to $6.3
million for the three month period ended January 31, 2000 and from $75.7 million
to $53.3 million for the nine month period ended January 31, 2000 compared to
the comparable periods in of the prior year. This revenue reduction largely
reflects the decision made by the Company during the prior fiscal year and
implemented throughout the course of fiscal 2000 to wind-down its homebuilding
operations and to sell all of its remaining land holdings outside New Mexico.
The Company is presently focusing on its land development activities in New
Mexico. As part of this process, the Company has entered into option-like
contracts for the sale of homebuilding lots to several national and local
builders in Rio Rancho, New Mexico and Colorado.
Revenues from land sales decreased from $5.6 million in the third quarter of
fiscal 1999 to approximately $4.5 million in the current year's third quarter.
This revenue decrease was primarily due to a lower level of land sale activity
in the current year. For the nine month period ended January 31, 2000, land sale
revenues increased to approximately $24.8 million compared to $17.3 million for
the comparable period of the prior fiscal year. The revenue increase was
primarily due to the bulk sale of approximately 500 homebuilding lots in
Colorado as well as a higher level of commercial land sale activity in Rio
Rancho during the first six months of the current fiscal year. The gross profit
percentage on land sales was 28% for both the third quarter and nine month
period of the current year, compared to 29% in the third quarter and 42% for the
nine month period of the prior year. The gross profit percentages attained
during the current fiscal year were lower than those in the prior year due to
the increased proportion of bulk sales of homebuilding lots, which traditionally
have resulted in lower profit percentages than sales of commercial real estate.
Land sale revenues and related gross profits can vary from period to period as a
result of the nature and timing of specific transactions, and thus prior results
are not an indication of amounts that may be expected to occur in future periods
from sales of land.
Revenues from home sales decreased from $20.2 million in the third quarter of
fiscal 1999 to $1.9 million in the current year, and from $58.4 million for the
nine month period ended January 31, 1999 to $28.5 million for the comparable
period of the current year. As described above, this revenue decrease was the
result of the decision to wind-down homebuilding operations, as reflected in the
decrease of home deliveries from 155 to 11 in the third quarter and from 464 to
186 in the nine month period. In addition, the gross profit percentage realized
on housing operations (before certain reserves discussed below) decreased from
15% and 14% for the three and nine month periods of fiscal 1999, respectively,
to a break-even amount and 10% for the comparable periods of the current year.
These decreases all reflect the effects of the restructuring of the Company's
real estate operations, as discussed above.
During the quarter ended January 31, 2000, the real estate division recorded
charges of approximately $1.6 million for valuation adjustments and reserves on
certain inventories and equity investments in joint ventures. These adjustments
were in addition to approximately $1.8 million recorded in the second quarter of
the current fiscal year, and in both periods were the result of several factors,
including the decision to curtail remaining homebuilding on certain projects in
Oregon due to market conditions, the decisions of certain joint venture partners
to adjust project selling prices to reflect current market conditions, the
accrual of additional warranty and other site development costs necessary to
comply with municipal requirements in Colorado, and additional write-offs on
discontinued projects in California. At January 31, 2000, the Company's
remaining investment in land and joint ventures outside of New Mexico was
approximately $22 million, and, as discussed above, the Company or its partners
are in the process of winding-down or selling these assets. The ultimate ability
to recover these assets is dependent upon a number of factors, including market
conditions in each of these regions, and cannot be assured.
<PAGE>
Revenues from magazine circulation operations decreased approximately $1.2
million (8%) and $3.5 million (8%) in the three and nine months period ended
January 31, 2000, respectively, as compared to the similar periods last year.
The majority of the revenue decrease was attributable to the Newsstand
Distribution operation, where revenues decreased approximately $1.1 million
(22%) and $3.0 million (19%) in the three and nine month periods this year,
respectively, compared to similar periods in the prior year. These revenue
declines were the result of a decrease in gross magazine billings, principally
resulting from the loss of two publisher clients as well as a decline in the
sales efficiency of newsstand magazines. Fulfillment Services revenues were
comparable from year to year for the three month period, and decreased
approximately $.5 million (2%) for the nine month period as a result of
decreasing revenues from one large customer, who, as previously announced, has
changed its operational strategies and will discontinue the Company's services
during fiscal 2000; the Company does not expect a significant impact on earnings
as a result of this change. The revenue decrease was partly offset by operating
cost reductions, principally payroll-related, as magazine circulation operating
expenses (exclusive of reserves for uncollectible accounts) decreased by
$200,000 (2%) and $1.4 million (4%) for the three and nine month periods. During
the third quarter of fiscal 2000, the Company increased its reserve for
uncollectible accounts by approximately $800,000 in recognition of a Newsstand
Division wholesaler customer which ceased operations; this brought the total
additional reserve for the nine month period to $1.2 million. By comparison, the
reserve amounts had been increased by $2.6 million and $3.0 million for the
three and nine month periods of last year.
Operating income from magazine circulation operations increased by approximately
$800,000 and decreased by $300,000 in the three and nine month periods ended
January 31, 2000, respectively, as compared to the similar periods of the prior
year. Excluding the effects of the change in reserve for uncollectible accounts,
however, such operating income would have decreased by $1.0 million and $2.1
million for the three and nine month periods of the current year, primarily
because of lower revenues.
Real estate commissions and selling expenses decreased from the prior year for
both the three and nine month periods primarily as a result of the wind-down of
homebuilding operations. This was also the reason for the decrease in real
estate and corporate general and administrative expenses. General and
administrative costs of the magazine circulation operations were comparable to
the prior year amounts in both periods.
"Other operations" expense increased from the prior year for both the three and
nine month periods as a result of the loss resulting from the Company's
write-offs and reserves associated with its investments in certain joint venture
arrangements which occurred in the second and third quarters of fiscal 2000.
Interest expense decreased due to lower borrowing requirements within both the
real estate and magazine businesses.
The effective tax rate for the third quarter and nine month period of fiscal
1999 included a tax benefit of $900,000 ($.12 per share) from the reversal of an
income tax accrual as the result of the completion of an Internal Revenue
Service audit of the Company's tax returns for the fiscal years 1990 through
1992. The Company has estimated an effective tax rate of 40% for both the three
and nine month periods of fiscal 2000.
LIQUIDITY AND CAPITAL RESOURCES
During the past several years, the Company has financed its operations from
internally generated funds from home and land sales and magazine circulation
operations, and from borrowings under its various lines-of-credit and
construction loan agreements. During the nine months ended January 31, 2000, the
Company continued its previously announced restructuring program intended to,
among other things, wind-down its homebuilding operations and sell its land
holdings outside New Mexico. As a direct result of this initiative, inventories
decreased by approximately $20.9 million, to $68.8 million at January 31, 2000
compared to $89.7 million at April 30, 1999. The Company utilized the cash
provided by this inventory reduction, as well as a portion of the cash balance
at April 30, 1999, to reduce total debt by approximately $28.2 million, from
$74.7 million at April 30, 1999 to $46.5 million at January 31, 2000. Total debt
of the real estate operations was approximately $16.1 million at January 31,
2000 compared to $34.4 million at April 30, 1999.
During the quarter ended January 31, 2000, the Company made an interim payment
of approximately $4.3 million of taxes and interest to the Internal Revenue
Service ("IRS") in connection with the resolution of certain matters related to
the IRS' examination of the Company's tax returns for the fiscal years 1993
through 1996. These tax years remain open, however, and other matters for these
years continue to be under review by the IRS. In addition, the Company had
previously paid approximately $1.5 million of interest to the IRS during the
second quarter of fiscal 2000 in final resolution of the IRS' examinations of
the Company's tax returns for the fiscal years 1990 through 1992. (The payment
of federal income taxes related to those years was paid in full during fiscal
1999, and these tax years are no longer subject to audit). At January 31, 2000,
the balance recorded as "Taxes payable - amounts subsequently due" was
approximately $6.0 million, and the Company believes that this recorded amount
will be sufficient for federal and state taxes and related interest upon
settlement of all examinations. However, if the interim resolution with the IRS
becomes final, the amount actually owed may be up to 50% less, and a tax benefit
would be recognized at that time.
In connection with a previously announced stock repurchase program, the Company
has reacquired 143,000 of its shares to be held as treasury stock at a cost of
approximately $857,000 during the nine month period ended January 31, 2000.
The Company believes that cash provided from operations together with existing
cash balances, its lines-of-credit and land development loans will be sufficient
to maintain liquidity at a satisfactory level.
<PAGE>
YEAR 2000
Based on information available to date, AMREP has not experienced any
significant events attributable to Year 2000 issues. The Company will continue
to monitor for potential issues within its real estate and magazine circulation
operations divisions, and at its customers and suppliers, in order to permit a
rapid response should any issues arise. The Company believes that if any Year
2000 issues were to arise, they would not have a significant impact on its
operations and would most likely be isolated, short-term events.
STATEMENT OF FORWARD-LOOKING INFORMATION
Certain information included herein and in other Company statements, reports and
filings with the Securities and Exchange Commission is forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995. Refer to
Item 7 of the Annual Report on Form 10-K for a discussion of the assumptions and
factors on which these statements are based. Any changes in the actual outcome
of these assumptions and factors could produce significantly different results;
accordingly, all forward-looking statements should be evaluated with the
understanding of their inherent uncertainty.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
PART II
Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27 Financial Data Schedule.
(b) Reports on Form 8-K.
No reports on Form 8-K were filed by Registrant
during the quarter ended January 31, 2000.
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
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.
AMREP Corporation
(Registrant)
Dated: March 15, 2000 By: /s/ Mohan Vachani
Mohan Vachani
Senior Vice President,
Chief Financial Officer
Dated: March 15, 2000 By: /s/ Peter M. Pizza
Peter M. Pizza
Vice President, Controller
<PAGE>
FORM 10-Q
AMREP CORPORATION AND SUBSIDIARIES
EXHIBIT INDEX
27 Financial Data Schedule.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
FDS - 3RD QUARTER
</LEGEND>
<CIK> 0000006207
<NAME> AMREP CORPORATION
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> JAN-31-2000
<EXCHANGE-RATE> 1
<CASH> 10,814
<SECURITIES> 0
<RECEIVABLES> 53,608
<ALLOWANCES> 0
<INVENTORY> 69,729
<CURRENT-ASSETS> 0
<PP&E> 33,438
<DEPRECIATION> 15,185
<TOTAL-ASSETS> 169,587
<CURRENT-LIABILITIES> 0
<BONDS> 36,873
0
0
<COMMON> 740
<OTHER-SE> 90,882
<TOTAL-LIABILITY-AND-EQUITY> 169,587
<SALES> 53,276
<TOTAL-REVENUES> 97,502
<CGS> 44,359
<TOTAL-COSTS> 83,950
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,332
<INCOME-PRETAX> 1,349
<INCOME-TAX> 539
<INCOME-CONTINUING> 810
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 810
<EPS-BASIC> .11
<EPS-DILUTED> 0
</TABLE>
