<PAGE>1
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 January 31, 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 0-6715
ANALOGIC CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts 04-2454372
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8 Centennial Drive, Peabody, Massachusetts 01960
(Address of principal executive offices) (Zip Code)
(978) 977-3000
(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 of Common Stock outstanding at January 31, 1998 was
12,603,337.
<PAGE>2
ANALOGIC CORPORATION AND SUBSIDIARIES
INDEX
Page
No.
Part I Financial Information
Consolidated Condensed Balance Sheets
January 31, 1998 and July 31, 1997 3 - 4
Consolidated Condensed Statements of Income
Three and Six Months Ended January 31, 1998 and 1997 5
Consolidated Condensed Statements of Cash Flows
Six Months Ended January 31, 1998 and 1997 6 - 7
Notes to Consolidated Condensed Financial Statements 8 - 9
Management's Discussion and Analysis of Financial
Condition and Results of Operations 10 - 13
Part II Other Information 14 - 15
Index to Exhibits 14
<PAGE>3
PART I FINANCIAL INFORMATION
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(000 omitted)
<TABLE>
<CAPTION>
January 31, July 31,*
1998 1997
ASSETS (Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 26,069 $ 24,954
Marketable securities, at market 89,542 89,496
Accounts and notes receivable, net 53,011 52,638
Inventories 55,047 47,800
Prepaid expenses and other current assets 6,788 6,714
Total current assets 230,457 221,602
Property, plant and equipment, net 50,212 48,247
Investments in and advances to affiliated
companies 6,247 7,095
Excess of cost over acquired net assets,
net of accumulated amortization 171
Other assets, including unamortized software
costs (1998, $4,030; 1997, $4,437) 4,882 5,244
TOTAL ASSETS $291,798 $282,359
</TABLE>
<PAGE>4
PART I FINANCIAL INFORMATION
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (CONTINUED)
(000 omitted)
<TABLE>
<CAPTION>
January 31, July 31,*
1998 1997
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Mortgage and other notes payable $ 347 $ 344
Obligations under capital leases 527 497
Accounts payable, trade 14,450 13,185
Accrued employee compensation and benefits 10,448 11,654
Accrued expenses 7,416 6,343
Accrued income taxes 2,897 3,449
Accrued dividends payable 756
Total current liabilities 36,841 35,472
Long-term debt:
Mortgage and other notes payable 6,083 6,333
Obligations under capital leases 2,010 2,281
Deferred income taxes 3,889 3,854
Minority interest in subsidiaries 4,690 5,538
Excess of acquired net assets over cost, net
of accumulated amortization 386 665
Stockholders' equity:
Common stock, $.05 par 692 692
Capital in excess of par value 22,866 22,916
Retained earnings 229,273 220,343
Unrealized holding gains and losses 2,074 1,713
Cumulative translation adjustments (1,740) (1,617)
Treasury stock, at cost (13,981) (14,121)
Unearned compensation (1,285) (1,710)
Stockholders' Equity 237,899 228,216
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $291,798 $282,359
* See note 2 of notes to consolidated condensed financial statements for
further information.
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>5
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(000 omitted, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, January 31,
Revenues: 1998 1997 1998 1997
<S> <C> <C> <C> <C>
Product and service, net $63,463 $54,262 $117,986 $106,646
Engineering and licensing 4,260 3,843 8,423 6,205
Other operating revenue 2,475 2,241 6,210 5,645
Interest and dividend income 1,450 1,385 2,958 2,708
Total revenues 71,648 61,731 135,577 121,204
Costs and expenses:
Cost of sales:
Product and service 36,439 30,950 68,340 61,879
Engineering and licensing 3,088 2,586 7,453 4,485
Other operating expenses 1,410 1,369 3,135 2,997
General and administrative 5,151 4,475 10,057 8,757
Selling 6,497 6,461 12,492 12,558
Research and product development 9,267 9,173 17,014 17,606
Interest expense 120 132 228 347
Gain on foreign exchange (53) (187) (121) (338)
Amortization of excess of
acquired net assets over cost (117) (161) (278) (322)
Amortization of excess of cost
over acquired net assets (21) 66 132
Total cost of sales and expenses 61,781 54,864 118,320 108,101
Income from operations 9,867 6,867 17,257 13,103
Gain on sale of marketable
securities 997
Equity in net loss
of unconsolidated affiliates (686) (338) (1,661) (603)
Impairment of investment (400)
Income before income taxes
and minority interest 9,181 6,529 16,193 12,500
Provision for income taxes 3,148 1,921 5,518 3,887
Minority interest in net income
of consolidated subsidiary 352 29 360 100
Net income $ 5,681 $ 4,579 $ 10,315 $ 8,513
Shares outstanding - basic 12,598 12,511 12,598 12,505
Shares outstanding - diluted 12,760 12,687 12,770 12,671
Earnings per share - basic $ 0.45 $ 0.37 $ 0.82 $ 0.68
Earnings per share - diluted $ 0.45 $ 0.36 $ 0.81 $ 0.67
Dividends declared per common share $ 0.06 $ 0.05 $ 0.11 $ 0.10
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>6
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(UNAUDITED)
(000 omitted)
<TABLE>
<CAPTION>
Six Months Ended
January 31,
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATION ACTIVITIES:
Net income $10,315 $ 8,513
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 4,217 3,037
Amortization of capitalized software 1,196 1,558
Amortization of excess of cost over
acquired net assets 132
Amortization of excess of acquired net
assets over cost (278) (322)
Minority interest in net profit of
consolidated subsidiary 360 100
Compensation from stock grants 246 301
Gain on sale of equipment (4) (45)
Gain on sale of marketable securities (997)
Excess of equity in net losses of
unconsolidated affiliates 1,661 603
Impairment of investment 400
Changes in operating assets and liabilities
Decrease (increase) in assets:
Accounts and notes receivable (373) 4,604
Inventories (7,247) (1,628)
Prepaid expenses and other current assets (74) (29)
Other assets (18) 154
Increase (decrease) in liabilities:
Accounts payable, trade 1,265 (1,131)
Accrued expenses and other current liabilities (1,123) (854)
Accrued and deferred income taxes (517) (694)
Accrued dividends payable 756
TOTAL ADJUSTMENTS (530) 5,786
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,785 14,299
</TABLE>
<PAGE>7
ANALOGIC CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (CONTINUED)
(UNAUDITED)
(000 omitted)
<TABLE>
<CAPTION>
Six Months Ended
January 31,
1998 1997
<S> <C> <C>
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (6,331) (2,988)
Capitalized software (789) (629)
Purchases of marketable securities (14,980) (8,005)
Maturities of marketable securities 15,295 6,077
Proceeds from sale of property, plant and equipment 153 47
Proceeds from sales of marketable securities 997
Investments in and advances to affiliated companies (1,240)
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (6,895) (5,498)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of overdraft facility (3,225)
Payments on debt and capital lease obligations (487) (538)
Purchase of common stock of majority owned subsidiary
Issuance of common stock pursuant to stock options
and employee stock purchase plan 220 575
Dividends declared to shareholders (1,385) (625)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (1,652) (3,813)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (123) (1,364)
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,115 3,624
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 24,954 18,040
CASH AND CASH EQUIVALENTS, END OF PERIOD $26,069 $21,664
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>8
ANALOGIC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting
solely of normal recurring adjustments) necessary to fairly present
Analogic Corporation's financial position as of January 31, 1998 and
July 31, 1997, the results of its operations for the three and six
months ended January 31, 1998 and 1997 and statement of cash flows for
the six months then ended. The results of the operations for the three
and six months ended January 31, 1998 are not necessarily indicative of
the results to be expected for the fiscal year ending July 31, 1998.
The accounting policies followed by the Company are set forth in Note 1
to the Company's financial statements in its Annual Report on Form 10-K
for the fiscal year ended July 31, 1997.
2. Financial statements, with the exception of the July 31, 1997 balance
sheet, are unaudited and have not been examined by independent certified
public accountants. The consolidated balance sheet as of July 31, 1997
contains data derived from audited financial statements.
3. The inventories as of January 31, 1998 were not based on a physical or
perpetual inventory but were calculated on the basis of an estimated
percentage of material used during the period. The components of
inventory are estimated as follows:
<TABLE>
<CAPTION>
January 31, July 31,
1998 1997
<S> <C> <C>
Raw materials $22,516,000 $19,166,000
Work-in-process 21,032,000 18,381,000
Finished goods 11,499,000 10,253,000
$55,047,000 $47,800,000
</TABLE>
4. Total interest expense, amounted to $301,000 of which $73,000 was
capitalized during the six months ended January 31, 1998. Interest paid
amounted to $232,000 and $409,000 during the six months ended January
31, 1998 and 1997, respectively.
5. Income taxes paid during the six months ended January 31, 1998 and 1997
amounted to $5,277,000 and $4,616,000, respectively.
6. The Company declared a dividend of $.05 per common share on October 9,
1997, payable on November 6, 1997 to shareholders of record on October
23, 1997. On January 23, 1998, the Company declared a $.06 dividend per
common share, payable on February 20, 1998 to shareholders of record on
February 6, 1998.
<PAGE>9
ANALOGIC CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (CONTINUED)
7. In its fiscal quarter ended January 31, 1998, the Company adopted
Statement of Financial Accounting Standards No. 128, "Earnings per
Share," which modifies the calculation of earnings per share. Basic
earnings per common share was calculated by dividing net income by the
weighted average number of common shares outstanding during the period.
Diluted earnings per share was calculated by dividing net income by the
sum of the weighted average number of common shares outstanding plus all
additional common shares that would have been outstanding if potentially
dilutive common shares had been issued. The following table indicates
the number of shares utilized in the earnings per share calculations for
the three and six month periods ending January 31, 1998 and 1997,
respectively.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, January 31,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Net Income $5,681,000 $4,579,000 $10,315,000 $8,513,000
Shares outstanding-basic 12,598,478 12,511,396 12,598,339 12,505,152
Effect of dilutive
securities:
Stock Options 161,659 175,825 171,887 165,423
Shares outstanding-diluted 12,760,137 12,687,221 12,770,226 12,670,575
Earnings per share-basic $ 0.45 $ 0.37 $ 0.82 $ 0.68
Earnings per share-diluted $ 0.45 $ 0.36 $ 0.81 $ 0.67
</TABLE>
8. As a result of the Company adopting FASB No. 128, the Company's reported
comparative earnings per share for fiscal year 1997 were restated. The
effect of the accounting change is represented as follows.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
January 31, 1997 January 31, 1997
<S> <C> <C>
Primary EPS as reported $ 0.36 $ 0.67
Effect of FASB No. 128 0.01 0.01
Basic EPS as restated $ 0.37 $ 0.68
Fully diluted - EPS $ 0.36 $ 0.67
Effect of FASB No. 128 - -
Diluted EPS as restated $ 0.36 $ 0.67
</TABLE>
9. Certain financial statement items in the prior periods have been
reclassed to conform with the current period presentation.
<PAGE>10
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Company's balance sheet reflects a current ratio of 6.3 to 1 at January
31, 1998 and July 31, 1997. Cash, cash equivalents and marketable
securities, along with accounts and notes receivable, constitute
approximately 73% of current assets at January 31, 1998. Liquidity is
sustained principally through funds provided from operations, with short-term
time deposits and marketable securities available to provide additional
sources of cash. The Company places its cash investments in high credit
quality financial instruments and, by policy, limits the amount of credit
exposure to any one financial institution. Management does not anticipate
any difficulties in financing operations at anticipated levels. The
Company's debt to equity ratio was 0.23 to 1 at January 31, 1998 and 0.24 to
1 at July 31, 1997.
Capital expenditures totaled approximately $6,331,000 during the six months
ended January 31, 1998.
RESULTS OF OPERATIONS
Six Months Fiscal 1998 (01/31/98) vs. Six Months Fiscal 1997 (01/31/97)
Product, service, engineering and licensing revenues for the six months ended
January 31, 1998 were $126,409,000 as compared to $112,851,000 for the same
period last year, an increase of 12%. The increase of $13,558,000 was due to
increased sales of Medical Technology Products of $11,780,000 (primarily due
to sales of the new Computed Tomography (CT) Scanner and Ultrasound systems
from the Company's Danish subsidiary, B-K), Industrial Technology Products of
$1,231,000 (primarily due to increased demand of the Company's high frequency
ATE boards), and Signal Processing Technology Products of $547,000. Other
operating revenue of $6,210,000 and $5,645,000 represents revenue from the
Hotel operation for the six months ending January 31, 1998 and 1997,
respectively.
The percentage of total cost of sales to total net sales for the six months
of fiscal 1998 and fiscal 1997 were 60% and 59%, respectively. The increase
was primarily due to the engineering portion of cost of sales reflecting
higher than anticipated costs on engineering projects. Operating costs
associated with the Hotel during the six months of fiscal 1998 and 1997 were
$3,135,000 and $2,997,000, respectively.
General and administrative and selling expenses increased by $1,234,000
primarily due to increases in the bad debt reserve and legal expenditures
relating to patent filings. Research and product development expenses
decreased $592,000 primarily due to lower amortization of capitalized
computer software costs.
Computer software costs of $789,000 and $629,000 were capitalized in the
first six months of fiscal 1998 and 1997, respectively. Amortization of
capitalized software amounted to $1,196,000 and $1,558,000 in the first six
months of fiscal 1998 and 1997, respectively.
<PAGE>11
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Six Months Fiscal 1998 (01/31/98) vs. Six Months Fiscal 1997 (01/31/97)
(continued)
A gain on foreign exchange of $121,000 was realized during the first six
months of fiscal year 1998 versus a gain of $338,000 for the same period last
year.
Minority interest in the net income of the Company's consolidated subsidiary,
Camtronics, for the six months ended January 31, 1998 amounted to $360,000
compared to $100,000 for the six months ended January 31, 1997.
The Company's share of losses of a privately held company amounted to
$1,514,000 and $603,000 during the first six months of fiscal 1998 and 1997.
During the first six months of fiscal 1998, the Company's investment in
another privately held company was increased by $428,000, reflecting the
Company's share of its equity.
During the first six months of fiscal 1998, the Company's investment in
Analogic Scientific was decreased by $575,000, reflecting the Company's share
of Analogic Scientific's equity.
During the first six months of fiscal 1998, the Company sold 140,560 common
shares of a publicly traded company, resulting in a gain of $997,000.
During the first six months of fiscal 1998, the Company recorded a reserve of
$400,000, reflecting a partial impairment of its 19% investment in another
privately held company.
The effective tax rate for the first six months of fiscal 1998 and fiscal
1997 was 34% and 30%, respectively. The increase in the rate was primarily
due to alternative minimum credit carryforwards utilized in fiscal 1997 not
available in fiscal 1998; and no tax benefits applicable to equity in losses
of unconsolidated subsidiaries were recorded in fiscal 1998.
Net income for the six months ended January 31, 1998 was $10,315,000 as
compared to net income of $8,513,000 for the six month period ended January
31, 1997. Basic per-share earnings, or net income divided by weighted
average common shares outstanding, were $0.82, up from $0.68. Diluted per-
share earnings, or net income divided by weighted average common shares and
potential new shares from stock options increased 21% to $0.81 from $0.67.
Prior periods per share amounts have been restated to reflect the adoption of
FASB No. 128 (See Notes 7 & 8 of Notes to Consolidated Condensed Financial
Statements).
<PAGE>12
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Second Quarter Fiscal 1998 (01/31/98) vs. Second Quarter Fiscal 1997
(01/31/97)
Product, service, engineering and licensing revenues for the three months
ended January 31, 1998 were $67,723,000 as compared to $58,105,000 for the
same period last year, an increase of 17%. The increase of $9,618,000 was
due to increased sales of Medical Technology Products of $9,290,000,
(primarily due to sales of the Company's new CT Scanner), Industrial
Technology Products of $932,000 (primarily due to increased demand of the
Company's high frequency ATE boards), offset by decreased sales in Signal
Processing Technology Products of $604,000. Other operating revenue of
$2,475,000 and $2,241,000 represents revenue from the Hotel operation for the
three months ending January 31, 1998 and 1997, respectively.
The percentage of total cost of sales to total net sales for the second
quarter of fiscal 1998 and fiscal 1997 was 58%. Operating costs associated
with the Hotel during the second quarter of fiscal 1998 and 1997 were
$1,410,000 and $1,369,000, respectively.
General and administrative and selling expenses increased $712,000 primarily
due to staffing in one of the Company's subsidiaries, legal expenditures
relating to patent filings, increases to the bad debt reserve, and costs
associated with our new manufacturing operation.
Computer software costs of $403,000 and $263,000 were capitalized in the
second quarter of fiscal 1998 and 1997, respectively. Amortization of
capitalized software amounted to $591,000 and $782,000 in the second quarter
of fiscal 1998 and 1997, respectively.
A gain on foreign exchange of $53,000 was realized during the second quarter
of fiscal 1998 vs. a gain of $187,000 for the same period last year.
Minority interest in the net income of the Company's consolidated subsidiary,
Camtronics, for the second quarter ended January 31, 1998 amounted to
$352,000 compared to $29,000 for the second quarter ended January 31, 1997.
The Company's share of losses of a privately held company amounted to
$975,000 during the second quarter of fiscal 1998 and $338,000 during the
second quarter of fiscal 1997.
During the second quarter of fiscal 1998, the Company's investment in another
privately held company was increased by $289,000, reflecting the Company's
share of its equity.
The effective tax rate for the second quarter of fiscal 1998 was 34% vs. 29%
for the same period last year. The increase in the rate was primarily due to
alternative minimum credit carryforwards utilized in fiscal 1997 not
available in fiscal 1998; and no tax benefits applicable to equity in losses
of unconsolidated subsidiaries in fiscal 1998.
<PAGE>13
ANALOGIC CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Second Quarter Fiscal 1998 (01/31/98) vs. Second Quarter Fiscal 1997
(01/31/97) (continued)
Net income for the three months ended January 31, 1998 was $5,681,000,
compared to net income of $4,579,000 for the three month period ended January
31, 1997. Basic per-share earnings, or net income divided by weighted
average common shares outstanding, were $0.45, up from $0.37. Diluted per-
share earnings, or net income divided by weighted average common shares and
potential new shares from stock options increased 25% to $0.45 from $0.36.
Prior periods per share amounts have been restated to reflect the adoption of
FASB No. 128 (See Notes 7 & 8 of Notes to Consolidated Condensed Financial
Statements).
<PAGE>14
ANALOGIC CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) During the quarter ended January 31, 1998, the Company did not file any
reports on Form 8-K.
<PAGE>15
ANALOGIC 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.
ANALOGIC CORPORATION
Registrant
Date March 9, 1998 /s/ Bernard M. Gordon
Bernard M. Gordon
Chairman of the Board
Chief Executive Officer
Date March 9, 1998 /s/ John A. Tarello
John A. Tarello
Senior Vice President
Chief Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
company's balance sheets and consolidated statements of income and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JAN-31-1998
<EXCHANGE-RATE> 1
<CASH> 26069
<SECURITIES> 89542
<RECEIVABLES> 55172
<ALLOWANCES> 2161
<INVENTORY> 55047
<CURRENT-ASSETS> 230457
<PP&E> 142607
<DEPRECIATION> 92395
<TOTAL-ASSETS> 291798
<CURRENT-LIABILITIES> 36841
<BONDS> 0
0
0
<COMMON> 692
<OTHER-SE> 237207
<TOTAL-LIABILITY-AND-EQUITY> 291798
<SALES> 126409
<TOTAL-REVENUES> 135577
<CGS> 75793
<TOTAL-COSTS> 78928
<OTHER-EXPENSES> 39164
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 228
<INCOME-PRETAX> 16193
<INCOME-TAX> 5518
<INCOME-CONTINUING> 10315
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10315
<EPS-PRIMARY> 0.82
<EPS-DILUTED> 0.81
</TABLE>
