FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended February 2, 1995
[] 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 1-12604
THE MARCUS CORPORATION
(Exact name of registrant as specified in its charter)
WISCONSIN 39-1139844
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
250 EAST WISCONSIN AVENUE - MILWAUKEE, WISCONSIN 53202
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (414) 272-6020
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 12, 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 filing requirements for the past 90 days.
Yes X No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
COMMON STOCK OUTSTANDING AT FEBRUARY 2, 1995 - 6,975,145
CLASS B COMMON STOCK OUTSTANDING AT FEBRUARY 2, 1995 - 6,069,352
<PAGE>
THE MARCUS CORPORATION
INDEX
Page
No.
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements:
Balance Sheets
(February 2, 1995 and May 26, 1994) . . . . . . 3
Statements of Earnings
(Twelve and thirty-six weeks ended February 2,
1995 and February 3, 1994) . . . . . . . . . . 5
Statements of Cash Flows
(Thirty-six weeks ended February 2, 1995 and
February 3, 1994) . . . . . . . . . . . . . . . 6
Condensed Notes to Financial Statements . . . . 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations . 8
PART II - OTHER INFORMATION
Item 6. Exhibits . . . . . . . . . . . . . . . . . . . 12
Signatures . . . . . . . . . . . . . . . . . . . . . . 13
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
THE MARCUS CORPORATION
Consolidated Balance Sheets
February 2, 1995
ASSETS (unaudited) May 26, 1994
CURRENT ASSETS:
Cash and cash equivalents $ 9,506,000 $ 9,974,000
Accounts and notes receivable 7,149,000 6,359,000
Receivables from joint ventures 6,485,000 7,983,000
Other current assets 3,996,000 3,049,000
------------ ------------
Total current assets 27,136,000 27,365,000
PROPERTY AND EQUIPMENT:
Land and improvements 51,556,000 49,618,000
Buildings and improvements 266,113,000 231,905,000
Leasehold improvements 10,939,000 7,565,000
Furniture, fixtures and
equipment 149,375,000 118,123,000
Construction in progress 9,909,000 37,302,000
------------ ------------
Total property and equipment 487,892,000 444,513,000
Less accumulated depreciation
and amortization 133,093,000 122,642,000
------------ ------------
Net property and equipment 354,799,000 321,871,000
OTHER ASSETS:
Investment in and advances to
joint ventures 657,000 662,000
Other 9,514,000 11,708,000
------------ -----------
Total other assets 10,171,000 12,370,000
------------ -----------
TOTAL ASSETS $ 392,106,000 $ 361,606,000
=========== ===========
See accompanying notes to consolidated financial statements.
<PAGE>
THE MARCUS CORPORATION
Consolidated Balance Sheets
LIABILITIES AND SHAREHOLDERS' February 2, 1995
EQUITY (unaudited) May 26, 1994
CURRENT LIABILITIES:
Notes payable $ 4,683,000 $ 4,533,000
Accounts payable 12,581,000 13,248,000
Income taxes 4,771,000 2,796,000
Taxes other than income taxes 7,707,000 7,307,000
Accrued compensation 2,886,000 1,448,000
Other accrued liabilities 8,999,000 6,978,000
Current maturities on long-term
debt 4,546,000 4,357,000
---------- ----------
Total current liabilities 46,173,000 40,667,000
LONG-TERM DEBT 118,419,000 107,681,000
DEFERRED INCOME TAXES 16,840,000 15,999,000
DEFERRED COMPENSATION AND OTHER 3,690,000 3,341,000
SHAREHOLDERS' EQUITY
Preferred Stock, $1 par;
authorized 1,000,000 shares;
none issued -- --
Common Stock, $1 par;
authorized 30,000,000 shares;
issued 7,521,968 shares at
February 2, 1995, 7,365,987
shares at May 26, 1994 7,522,000 7,366,000
Class B Common Stock, $1 par;
authorized 20,000,000 shares;
issued 6,069,352 shares at
February 2, 1995, 6,225,333
shares at May 26, 1994 6,069,000 6,225,000
Capital in excess of par 44,746,000 44,745,000
Retained earnings 152,689,000 139,777,000
----------- -----------
211,026,000 198,113,000
Less cost of treasury stock
Common stock - 546,823 shares
at February 2, 1995 and
559,608 shares at May 26,
1994 4,042,000 4,195,000
----------- ----------
Total shareholders' equity 206,984,000 193,918,000
----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 392,106,000 $ 361,606,000
=========== ===========
See accompanying notes to consolidated financial statements.
<PAGE>
<TABLE>
THE MARCUS CORPORATION
Consolidated Statements of Earnings
(unaudited)
<CAPTION>
February 2, 1995 February 3, 1994
--------------- ----------------
12 Weeks 36 Weeks 12 Weeks 36 Weeks
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Revenues:
Rooms and telephone $ 22,033,000 $ 83,206,000 $ 18,689,000 $ 68,608,000
Food and beverage 20,214,000 66,224,000 17,918,000 56,175,000
Theatre operations 14,004,000 40,670,000 12,026,000 37,582,000
Other income 3,567,000 11,945,000 3,120,000 9,593,000
---------- ----------- --------- ---------
59,818,000 202,045,000 51,753,000 171,958,000
Costs and Expenses: ---------- ----------- ---------- -----------
Rooms and telephone 9,768,000 30,804,000 8,458,000 25,950,000
Food and beverage 15,728,000 50,461,000 14,877,000 44,240,000
Theatre operations 8,373,000 24,497,000 7,030,000 22,208,000
Administration and selling 8,081,000 28,049,000 8,026,000 25,531,000
Depreciation and
amortization 5,712,000 16,353,000 4,566,000 13,697,000
Rent 1,122,000 4,101,000 978,000 3,131,000
Property taxes 1,965,000 6,433,000 2,007,000 6,034,000
Other costs and expenses 2,333,000 5,832,000 182,000 1,487,000
Interest 2,325,000 6,379,000 1,593,000 4,991,000
--------- --------- --------- ---------
55,407,000 172,909,000 47,717,000 147,269,000
---------- ----------- ---------- -----------
Earnings before income taxes
and change in accounting
principle 4,411,000 29,136,000 4,036,000 24,689,000
Income taxes 1,861,000 11,993,000 1,813,000 10,177,000
---------- ---------- ---------- ----------
Earnings before change in
accounting principle 2,550,000 17,143,000 2,223,000 14,512,000
Cumulative effect of change in
accounting principle -- -- -- 1,782,000
---------- ---------- ---------- ---------
Net earnings $ 2,550,000 $ 17,143,000 $ 2,223,000 $ 16,294,000
=========== =========== ========== ===========
Net earnings per weighted
average share of Common
Stock and Class B Common
Stock:
Earnings before accounting
principle change $0.19 $1.31 $0.17 $1.11
Cumulative effect of
change in accounting
principle -- -- -- $0.13
-------- -------- -------- --------
Net earnings $0.19 $1.31 $0.17 $1.24
====== ====== ====== ======
Weighted average shares
outstanding 13,134,000 13,132,000 13,116,000 13,110,000
Dividends per share:
Common Stock -- $0.34 -- $0.28
Class B Common Stock -- $0.31 -- $0.25
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
THE MARCUS CORPORATION
Consolidated Statements of Cash Flows
For the Thirty-Six Weeks Ended February 2, February 3,
(unaudited) 1995 1994
------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 17,143,000 $ 16,294,000
Adjustments to reconcile net
earnings to cash provided by
operating activities:
Earnings on investments in joint
ventures (258,000) (81,000)
Gain on disposals of property
and equipment (135,000) (1,281,000)
Depreciation and amortization 16,353,000 13,697,000
Effect of change in accounting
principle -- (1,782,000)
Deferred tax provision 841,000 589,000
Deferred compensation and other 349,000 456,000
Changes in assets and
liabilities:
Accounts and notes receivable 708,000 1,232,000
Other current assets (947,000) (640,000)
Accounts and notes payable (517,000) (1,582,000)
Income taxes 1,975,000 4,407,000
Taxes other than income taxes 400,000 (94,000)
Accrued compensation 1,438,000 1,133,000
Other accrued liabilities 2,021,000 (2,198,000)
---------- ----------
Cash provided by operating
activities 39,371,000 30,150,000
CASH FLOW FROM INVESTING ACTIVITIES:
Additions to property and equipment (49,968,000) (46,026,000)
Proceeds from disposals of property
and equip. 830,000 3,331,000
Investments in joint ventures (196,000) (1,240,000)
Decrease in other assets 2,194,000 2,856,000
Cash received from joint ventures 459,000 1,226,000
---------- ---------
Cash used in investment activities (46,681,000) (39,853,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt transactions:
Proceeds from issuance of long-
term debt 14,546,000 39,650,000
Principal payments on long-term
debt (3,619,000) (27,116,000)
Equity transactions:
Treasury stock transactions
(except for stock options) 2,000 (148,000)
Exercise of stock options 152,000 346,000
Cash dividend paid (4,239,000) (3,481,000)
----------- ----------
Cash provided by financing
activities 6,842,000 9,251,000
----------- ----------
CASH AND CASH EQUIVALENTS:
Net decrease during period (468,000) (452,000)
Beginning balance 9,974,000 15,839,000
--------- ---------
Ending balance $ 9,506,000 $ 15,387,000
========== ==========
See accompanying notes to consolidated financial statements.
<PAGE>
THE MARCUS CORPORATION
CONDENSED NOTES TO FINANCIAL STATEMENTS FOR THE
TWELVE AND THIRTY-SIX WEEKS ENDED
FEBRUARY 2, 1995
(Unaudited)
A. Refer to the Company's audited financial statements (including
footnotes) for the year ended May 26, 1994, contained in the
Company's Form 10-K Annual Report for such year, for a description of
the Company's accounting policies.
B. The consolidated financial statements for the twelve and thirty-six
weeks ended February 2, 1995 and February 3, 1994, have been prepared
by the Company without audit. In the opinion of management, all
adjustments consisting only of normal recurring accruals necessary to
present fairly the unaudited interim financial information at
February 2, 1995, and for all periods presented have been made.
C. In February 1992, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 109, "Accounting for
Income Taxes," which became effective for fiscal years beginning
after December 15, 1992. The Company adopted this standard on a
prospective basis effective May 28, 1993. The adoption resulted in
additional income of $1,782,000.
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition
RESULTS OF OPERATIONS
General
Revenues for the third quarter of fiscal 1995 ended February 2, 1995
totaled $59.8 million, an increase of $8.1 million, or 15.6%, over the
third quarter of fiscal 1994. Net earnings were $2.6 million for the
third quarter of fiscal 1995, an increase of 14.7%, compared to net
earnings of $2.2 million for the same period in the prior year. Earnings
per share were $0.19 for the third quarter of fiscal 1995, compared to
$0.17 for the third quarter of fiscal 1994, an increase of 11.8%. For the
first three quarters of fiscal 1995, revenues were $202.0 million, a 17.5%
increase from revenues of $172.0 million for the same period in the prior
fiscal year. Net earnings were $17.1 million, or $1.31 per share, for the
first three quarters of fiscal 1995, up 18.1% and 18.0%, respectively,
from earnings before change in accounting principle of $14.5 million, or
$1.11 per share, for the first three quarters of fiscal 1994. Including
the one-time $1.8 million tax benefit, or $0.13 per share, resulting from
the Company's adoption of SFAS 109 "Accounting for Income Taxes," net
earnings for the first three quarters of fiscal 1994 were $16.3 million,
or $1.24 per share.
The Company reports its results of operations on a 52- or 53-week
fiscal year which ends on the last Thursday in May. Each fiscal year is
divided into three 12-week quarters and a final quarter consisting of 16
or 17 weeks. The final quarter of fiscal 1995 will consist of 16 weeks
for all four of the Company's business segments; the same was true for
fiscal 1994.
Motels
Total revenues for the third quarter of fiscal 1995 for the motel
division were $20.4 million, an increase of $3.4 million, or 20.3%,
compared to the same period in fiscal 1994. The motel division's
operating profits for the fiscal 1995 third quarter totaled $1.4 million,
an increase of $525,000, or 58.9%, over the division's same period fiscal
1994 operating profits. Total revenues for the first three quarters of
fiscal 1995 were $71.0 million, an increase of $10.8 million, or 17.9%,
compared to the first three quarters of fiscal 1994. Operating profits
for the first three quarters of fiscal 1995 totaled $13.0 million, an
increase of $3.4 million, or 35.7%, compared to the first three quarters
of fiscal 1994. The third quarter is traditionally a slower period for
the motel division than other quarters because of the holidays and winter
weather.
Increased occupancy and average daily room rates at the Company's
Budgetel Inns during the fiscal 1995 periods, compared to the prior year's
same periods, were principal factors contributing to the division's
increased revenues and operating profits. One new Budgetel Inn was opened
during the third quarter, with four scheduled to open in the fourth
quarter of fiscal 1995. Compared to the third quarter of fiscal 1994,
there were two new Woodfield Suites and seven new Budgetel Inns in
operation during the fiscal 1995 third quarter. These new facilities
contributed additional revenues of $1.7 million to the division's fiscal
1995 third quarter revenues. The financial performance of the Company's
Woodfield Suites continued to be impacted by anticipated start-up related
operating losses incurred by the Company's two new units during the fiscal
1995 periods.
Theatres
The theatre division's third quarter fiscal 1995 revenues were $14.1
million, an increase of $1.2 million, or 8.9%, over the same period in
fiscal 1994. Operating profits for the third quarter in fiscal 1995 were
$2.8 million, an increase of $450,000, or 19.2%, over the same prior year
period. The division's revenues for the first three quarters of fiscal
1995 were $40.9 million, an increase of $2.3 million, or 6.0%, from the
first three quarters of fiscal 1994. Operating profits for the first
three quarters of fiscal 1995 were $7.7 million, an increase of $212,000,
or 2.8%, compared to the first three quarters of fiscal 1994. The theatre
division's results in the third quarter benefitted from the opening of a
new eight-plex theatre in Delafield, Wisconsin early in the quarter and
from the exhibition of a variety of popular movies, including "The Santa
Claus(e)," "Dumb and Dumber" and "Disclosure," all of which resulted in
above-average attendance for the period.
Total box office receipts for the fiscal 1995 third quarter were $9.9
million, an increase of $1.6 million, or 20.0%, from the same period in
the prior year. Total box office receipts for the first three quarters of
fiscal 1995 were $29.1 million, an increase of $2.6 million, or 9.8%, from
the first three quarters of fiscal 1994. These increases were
attributable principally to increased attendance generated from the new
theatres in Gurnee, Illinois and Delafield, Wisconsin. There were 197
screens in operation at the end of the first three quarters of fiscal 1995
versus 189 in the prior year. Average ticket prices also increased 4.4%
during the first three quarters of 1995 from the prior year.
Vending revenues for the third quarter of fiscal 1995 increased 18.4%
over the previous year's third quarter period. Vending revenues for the
first three quarters of fiscal 1995 increased 9.4% over the prior year.
The increases were a result of the increase in theatre attendance
generated from the new Delafield eight-plex.
On March 3, 1995, the Company opened two new screens at its Regency
Mall cinema in Racine, Wisconsin, increasing the theatre's total to eight
screens. During the fourth quarter construction will begin on a new 10-
plex theatre in Orland Park, Illinois and a four screen addition to the
Company's Valley Park Cinema in Appleton, Wisconsin. A new eight-screen
theatre complex in Green Bay, Wisconsin is also scheduled to open in May
1995.
Hotels and Resort
Total revenues from the hotel and resort division during the third
quarter of fiscal 1995 increased by $1.8 million, or 30.1%, to $7.6
million, over the previous year's comparable period. Operating profits
decreased by $1.9 million, resulting in an operating loss of almost $2.5
million, for the fiscal 1995 third quarter, compared to the prior fiscal
year's third quarter. The division's total revenues during the first
three quarters of fiscal 1995 increased by $11.0 million, or 48.8%, to
$33.6 million, from the first three quarters of fiscal 1994. Operating
profits for the first three quarters of 1995 were $474,000, compared to
$1.4 million in the first three quarters of 1994, a decrease of 65.5%.
Both the division's revenues and operating profits were affected
adversely during the quarter by the temporary closure of the Company's
Marc Plaza hotel for a complete restoration and renovation as part of the
first phase of preparing the hotel for the scheduled 1997-1998 opening of
a new convention center in downtown Milwaukee. However, despite the loss
of revenues from the temporary closure of the Marc Plaza, the division
recognized revenue increases during the 1995 periods attributable
primarily to the Grand Geneva Resort & Spa and increased occupancy rates
and average room rates at the Company's two continuing hotels. The
remainder of the division's increased revenues was attributable
principally to the receipt of management fees from the Crowne Plaza-
Northstar and The Mead Inn, which were not under management for all of the
same prior year periods. The principal reasons for the third quarter
operating loss were continued start-up costs experienced at the Grand
Geneva Resort & Spa and the temporary closure of the Marc Plaza. The
renovation of the Marc Plaza is expected to be completed in May 1995, but
should continue to reduce the division's revenues and operating profits
for the remainder of the 1995 fiscal year.
Restaurants
Restaurant division revenues totaled $17.1 million for the fiscal
1995 third quarter, an increase of $1.7 million, or 10.9%, from the same
period in fiscal 1994. The division incurred an operating loss for the
fiscal 1995 third quarter of $422,500, an improvement of $578,000 from the
operating loss of $1.0 million in the prior year's third quarter. For the
first three quarters of fiscal 1995, the division's revenues totaled $54.6
million, an increase of $6.0 million, or 12.3%, over the first three
quarters of fiscal 1994. Operating profits for the first three quarters
of fiscal 1995 were $493,000, an increase of $1.1 million, compared to the
operating loss of $560,000 for the first three quarters of fiscal 1994.
The increases in fiscal 1995 period revenues and improved operating
results compared to the 1994 periods were due entirely to increasing
average check amounts and patronage at the Company's continuing Applebee's
and KFC restaurants and revenues from the Company's newly opened
Applebee's. The Company's remaining restaurant concepts experienced
increasingly negative trends in revenues and operating profits during the
fiscal 1995 periods compared to the prior year's periods principally as a
result of competitive pressures. As a result, the Company closed its two
Big Boy Express restaurants.
On February 27, 1995, the Company consummated the disposition of 11
Marc's Cafe and Coffee Mill restaurants by leasing the locations to a
former divisional management group. The Company also closed its last Big
Boy and its remaining Marc's Cafe restaurant. The disposition and closure
of these restaurants is expected to result in a reduction of $21 million
in annualized revenues, but is not expected to have an adverse impact on
the division's operating results.
FINANCIAL CONDITION
Net cash provided from operations increased by $9.2 million during
the first three quarters of fiscal 1995 to $39.4 million, compared to the
amount of cash provided from operations during the prior year's first
three quarters. The increase resulted principally from increased
comparable period earnings prior to the 1994 non-cash accounting change
and an increase in depreciation and amortization expense resulting from
the Company's expansion program.
Cash used for investing activities in the first three quarters of
fiscal 1995 increased to $46.7 million, an increase of $6.8 million
compared to the cash used in the first three quarters of fiscal 1994,
primarily as a result of capital expenditures during fiscal 1995 totaling
$50.0 million ($15.8 million during the third quarter) to support the
Company's continuing expansion program. The Company had capital
expenditures of $46.0 million during the first three quarters of 1994.
The most significant amount of capital spent by the Company during the
first three quarters of fiscal 1995 was on the continued renovation of the
Grand Geneva Resort & Spa, combined with expansion projects for Budgetel
Inns and the theatre division and the renovations of the Marc Plaza.
Scheduled capital expansion projects for the remainder of fiscal 1995
total approximately $30 million, including principally the renovation of
the Marc Plaza and continued expansion of the Company's Budgetel Inns,
Applebee's and theatres, together with ordinary capital maintenance
projects. These projects are expected to be financed through cash
generated by operations and utilization of the Company's currently
available lines of credit.
Cash provided by financing activities totaled $6.8 million in the
first three quarters of fiscal 1995, a decrease of $2.4 million from the
amount provided in the first three quarters of fiscal 1994. During the
first three quarters of fiscal 1995, the Company paid $4.2 million in
dividends to shareholders and made debt principal payments of $3.6
million. During the first of three quarters, the Company issued $14.5
million of new long-term debt by borrowing $9.0 million under its existing
credit lines and issuing $5.5 million of commercial paper.
Net cash and cash equivalents at February 2, 1995 were $9.5 million,
compared to $15.4 million at February 3, 1994. At February 2, 1995, the
Company's current ratio was .59, compared to .67 at the end of fiscal
1994. Given the cash nature of the Company's various businesses and the
availability to the Company of $31.7 million in unused credit lines as of
the end of the third quarter, the Company believes that the cash generated
from its ongoing operations and available credit facilities are adequate
to support the ongoing operational liquidity needs of the Company's
business.
The Company currently has three interest rate swap agreements on a
notional amount aggregating $30 million. The Company does not believe
that these agreements are material to the Company's financial condition or
results of operation or that it is subject to any material risk of loss
resulting from interest rate fluctuations.
PART II - OTHER INFORMATION
Item 6. Exhibits
Exhibit 27 - Financial Data Schedule
<PAGE>
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 MARCUS CORPORATION
(Registrant)
DATE: March 17, 1995 By: \s\ Stephen H. Marcus
Stephen H. Marcus,
Chairman of the Board, President
and Chief Executive Officer
DATE: March 17, 1995 By: \s\ Kenneth A. MacKenzie
Kenneth A. MacKenzie
Chief Financial Officer, Treasurer
and Controller
<PAGE>
THE MARCUS CORPORATION
FORM 10-Q
FOR
36 - WEEKS ENDED FEBRUARY 2, 1995
EXHIBIT INDEX
Exhibit Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCUS
CORPORATION'S FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-25-1995
<PERIOD-START> MAY-27-1994
<PERIOD-END> FEB-02-1995
<CASH> 9,506,000
<SECURITIES> 0
<RECEIVABLES> 7,149,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 27,136,000
<PP&E> 487,892,000
<DEPRECIATION> 133,093,000
<TOTAL-ASSETS> 392,106,000
<CURRENT-LIABILITIES> 46,173,000
<BONDS> 118,419,000
<COMMON> 7,522,000
0
0
<OTHER-SE> 203,504,000
<TOTAL-LIABILITY-AND-EQUITY> 392,106,000
<SALES> 190,100,000
<TOTAL-REVENUES> 202,045,000
<CGS> 105,762,000
<TOTAL-COSTS> 172,909,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,379,000
<INCOME-PRETAX> 29,136,000
<INCOME-TAX> 11,993,000
<INCOME-CONTINUING> 17,143,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,143,000
<EPS-PRIMARY> 1.31
<EPS-DILUTED> 1.31
</TABLE>
