<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(MARK ONE)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1999
-------------------------------------
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 I-8524
------------
MYERS INDUSTRIES, INC.
------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
OHIO #34-0778636
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
1293 SOUTH MAIN STREET, AKRON, OHIO 44301
- --------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (330) 253-5592
------------------------
INDICATE 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 .
----- ----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
INDICATE BY CHECK MARK WHETHER THE REGISTRANT HAS FILED ALL DOCUMENTS
AND REPORTS REQUIRED TO BE FILED BY SECTIONS 12, 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 SUBSEQUENT TO THE DISTRIBUTION OF SECURITIES UNDER A PLAN
CONFIRMED BY A COURT. YES . NO .
---- ----
AS OF JULY 31, 1999, THE NUMBER OF SHARES OUTSTANDING OF THE ISSUER'S
COMMON STOCK WAS:
18,404,763
==========
<PAGE> 2
-1-
PART 1 - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION
AS OF JUNE 30, 1999 AND DECEMBER 31, 1998
------------------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
ASSETS 1999 1998
- ------ ------------ ------------
<S> <C> <C>
CURRENT ASSETS
Cash and temporary cash investments $ 12,509,204 $ 34,832,151
Accounts receivable-less allowances
of $3,414,000 and $2,396,000,
respectively 111,136,544 62,855,111
Inventories
Finished and in-process products 49,193,793 44,182,030
Raw materials and supplies 20,127,185 9,236,913
------------ ------------
69,320,978 53,418,943
Prepaid expenses 1,292,384 2,543,996
------------ ------------
TOTAL CURRENT ASSETS 194,259,110 153,650,201
OTHER ASSETS
Excess of cost over fair value of net
assets of companies acquired 156,006,275 37,481,612
Patents and other intangible assets 2,562,324 2,104,327
Other 3,914,027 4,028,655
------------ ------------
162,482,626 43,614,594
PROPERTY, PLANT & EQUIPMENT, AT COST
Land 6,465,181 2,854,905
Buildings and leasehold improvements 63,536,245 53,484,959
Machinery and equipment 193,603,635 147,405,559
------------ ------------
263,605,061 203,745,423
Less allowances for depreciation and
amortization 105,999,157 94,302,430
------------ ------------
157,605,904 109,442,993
------------ ------------
$514,347,640 $306,707,788
============ ============
</TABLE>
<PAGE> 3
-2-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION
AS OF JUNE 30, 1999 AND DECEMBER 31, 1998
------------------------------------------------------
<TABLE>
<CAPTION>
June 30, December 31,
LIABILITIES AND SHAREHOLDERS' EQUITY 1999 1998
- ------------------------------------ ------------- -------------
<S> <C> <C>
CURRENT LIABILITIES
Accounts payable $ 34,439,254 $ 15,863,124
Accrued expenses
Employee compensation 21,163,331 13,094,384
Taxes, other than income taxes 3,777,230 1,316,457
Income taxes 1,009,148 1,357,241
Other 19,680,317 13,214,158
Current portion of long-term debt 7,797,875 6,388,146
------------- -------------
TOTAL CURRENT LIABILITIES 87,867,155 51,233,510
LONG-TERM DEBT, less current portion 210,181,751 48,832,240
DEFERRED INCOME TAXES 3,996,358 3,953,185
SHAREHOLDERS' EQUITY
Serial Preferred Shares
(authorized 1,000,000) 0 0
Common Shares, without par value
(authorized 60,000,000 shares;
outstanding 18,396,257 and
18,285,126, respectively) 11,650,116 11,610,996
Additional paid-in capital 135,065,008 134,280,522
Accumulated other comprehensive
income (6,522,748) (83,002)
Retained income 72,110,000 56,880,337
------------- -------------
212,302,376 202,688,853
------------- -------------
$ 514,347,640 $ 306,707,788
============= =============
</TABLE>
<PAGE> 4
-3-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
CONDENSED STATEMENT OF CONSOLIDATED INCOME
------------------------------------------
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
--------------------------- ---------------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales $147,643,051 $101,114,576 $274,389,456 $189,305,742
Costs and expenses
Cost of sales 93,491,543 66,287,070 173,010,818 123,862,482
Operating expenses 35,041,970 21,830,293 65,225,041 40,464,975
Interest, net 3,307,511 161,607 5,756,615 294,348
------------ ------------ ------------ ------------
Total costs & expenses 131,841,024 88,278,970 243,992,474 164,621,805
Income before
income taxes 15,802,027 12,835,606 30,396,982 24,683,937
Income taxes 6,635,000 5,238,000 12,962,000 10,096,000
------------ ------------ ------------ ------------
Net income $ 9,167,027 $ 7,597,606 $ 17,434,982 $ 14,587,937
============ ============ ============ ============
Net income per
Common Share $ .50 $ .42 $ .95 $ .80
Dividends per
Common Share $ .06 $ .05 $ .12 $ .10
Weighted average
number of Common
Shares outstanding 18,384,017 18,296,586 18,368,724 18,289,943
</TABLE>
- ------------
<PAGE> 5
-4-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
STATEMENTS OF CONSOLIDATED CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998
-----------------------------------------------
<TABLE>
<CAPTION>
June 30, June 30,
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES ------------- -------------
<S> <C> <C>
Net income $ 17,434,982 $ 14,587,937
Items not affecting use of cash
Depreciation 13,074,874 7,414,491
Amortization of excess of cost over fair
value of net assets of companies acquired 2,712,507 530,446
Amortization of other intangible assets 300,319 226,715
Cash flow provided by (used for) working capital
Accounts and notes receivable (10,581,399) (2,662,420)
Inventories 83,199 (1,486,097)
Prepaid expenses 1,177,690 779,963
Accounts payable and accrued expenses (268,962) (493,684)
------------- -------------
Net cash provided by operating activities 23,933,210 18,897,351
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business, net of cash acquired (149,225,489) (13,088,119)
Additions to property, plant and
equipment, net (11,696,148) (7,502,995)
Other 261,181 91,989
------------- -------------
Net cash used for investing activities (160,660,456) (20,499,125)
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term debt proceeds 75,000,000 0
Net borrowings (repayment) of credit facility 40,786,013 1,990,700
Cash dividends paid (2,205,320) (1,829,203)
Proceeds from issuance of common stock 823,606 433,544
Repurchase of common stock 0 (82,687)
------------- -------------
Net cash provided by financing activities 114,404,299 512,354
(DECREASE) INCREASE IN CASH AND
TEMPORARY CASH INVESTMENTS (22,322,947) (1,089,420)
CASH AND TEMPORARY CASH INVESTMENTS
JANUARY 1 34,832,151 6,297,726
------------- -------------
CASH AND TEMPORARY CASH INVESTMENTS
JUNE 30 $ 12,509,204 $ 5,208,306
============= =============
</TABLE>
<PAGE> 6
-5-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 1999
--------------------------------------
<TABLE>
<CAPTION>
Accumulated
Additional Other
Comprehensive Common Paid-in Comprehensive Retained
Income Stock Capital Income Income
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
December 31, 1998 $11,610,996 $134,280,522 ($83,002) $56,880,337
Net Income $17,434,982 17,434,982
Foreign Currency
Translation
Adjustment (6,439,746) (6,439,746)
-----------
Comprehensive
Income $10,995,236
===========
Common Stock
Issued 39,120 784,486
Dividends (2,205,319)
------------------------------------------------------------
June 30, 1999 $11,650,116 $135,065,008 ($6,522,748) $72,110,000
============================================================
</TABLE>
<PAGE> 7
-6-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(1) Statement of Accounting Policy
------------------------------
The accompanying financial statements include the accounts of Myers
Industries, Inc. and subsidiaries (Company), and have been prepared without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to those rules and
regulations, although the Company believes that the disclosures are adequate to
make the information not misleading. It is suggested that these financial
statements be read in conjunction with the financial statements and notes
thereto included in the Company's latest annual report on Form 10-K.
In the opinion of the Company, the accompanying financial statements
contain all adjustments (consisting of only normal recurring accruals) necessary
to present fairly the financial position as of June 30, 1999, and the results of
operations and cash flows for the six months ended June 30, 1999 and 1998.
(2) Acquisitions
------------
On February 4, 1999, the Company acquired all of the shares of the
entities comprising Allibert Equipement, the material handling division of
Sommer Allibert S.A. This transaction also completed the acquisition of
Allibert-Contico, LLC, a joint venture between Sommer Allibert and Contico
International, Inc. The acquired businesses have five manufacturing facilities
in Europe and one in North America and had 1998 annual sales of approximately
$145 million. The acquisitions will be accounted for under the purchase method
of accounting and, accordingly, the total purchase price of approximately $150
million will be allocated to the assets acquired and liabilities assumed based
upon their estimated fair values. At June 30, 1999, the purchase price
allocations have been based on estimates with the excess of purchase price over
fair value of net assets acquired of approximately $110 million being amortized
over lives of 16 and 40 years.
The following unaudited proforma information presents a summary of
consolidated results of operations of the Company and the acquired businesses as
if the acquisitions had occurred January 1, 1998.
<PAGE> 8
-7-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(2) Acquisitions (Con't)
------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
(In thousand,except per share) June 30, June 30,
------------------------- ------------------------
1999 1998 1999 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Sales $147,643 $139,406 $282,880 $260,648
Net Income 9,167 7,771 16,930 12,683
Net Income Per Share .50 .42 .92 .69
</TABLE>
These unaudited proforma results have been prepared for comparative
purposes only and may not be indicative of results of operations which actually
would have resulted had the combination been in effect on January 1, 1998, or of
future results.
(3) Subsequent Events
-----------------
Effective August 1, 1999, the Company acquired substantially all of the
assets of Dillen Products, Inc. and its affiliates (collectively referred to as
"Dillen") for approximately $50 million (not including the assumption of debt).
This transaction will be accounted for under the purchase method of accounting
with the purchase price allocated to assets acquired and liabilities assumed
based on the their estimated fair values and results of operations included with
those of the Company subsequent to the date of acquisition. In connection with
the acquisition, the Company entered into an amendment of its multi-currency
revolving credit facility which increased the amount of credit available from
$250 million to $325 million.
(4) Supplemental Disclosure of Cash Flow Information
------------------------------------------------
The Company made cash payments for interest expense of $2,207,445 and
$556,795 for the three months ended June 30, 1999 and 1998, respectively. Cash
payments for interest were $3,785,102 and $1,006,781 for the six months ended
June 30, 1999 and 1998. Cash payments for income taxes were $10,638,539 and
$9,793,026 for the three months ended June 30, 1999 and 1998. Cash payments for
income taxes were $12,457,265 and $11,464,640 for the six months ended June 30,
1999 and 1998, respectively.
<PAGE> 9
-8-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(5) Segment Information
-------------------
The Company's business units have separate management teams and offer
different products and services. Using the criteria of FASB No. 131, these
business units have been aggregated into two reportable segments; Distribution
of after-market repair products and services and Manufacturing of polymer and
metal products. The aggregation of business units is based on management by the
chief operating decision maker for the segment as well as similarities of
production processes, distribution methods and economic characteristics (e.g.
average gross margin and the impact of economic conditions on long-term
financial performance).
The Company's distribution segment is engaged in the distribution of
equipment, tools and supplies used for tire servicing and automotive underbody
repair. The distribution segment operates domestically through 42 branches
located in major cities throughout the United States and in foreign countries
through export and businesses in which the Company holds an equity interest.
The Company's manufacturing segment designs, manufactures and markets
a variety of polymer based plastic and rubber products. These products are
manufactured primarily through the molding process in facilities throughout the
United States and Europe.
Operating income for each segment is based on net sales less cost of
products sold, and the related selling, administrative and general expenses. In
computing segment operating income general corporate overhead expenses and
interest expenses are not included.
<PAGE> 10
-9-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(5) Segment Information (Con't)
---------------------------
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
(In Thousands) June 30, June 30,
---------------------- ----------------------
Net Sales 1999 1998 1999 1998
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
Distribution of aftermarket repair
products and services $ 41,870 $ 42,505 $ 76,811 $ 74,973
Manufacturing of polymer and
metal products 109,310 62,340 204,186 121,116
Intra-segment elimination (3,537) (3,730) (6,608) (6,783)
--------- --------- --------- ---------
$ 147,643 $ 101,115 $ 274,389 $ 189,306
========= ========= ========= =========
Income Before Income Taxes
Distribution of aftermarket repair
products and services $ 4,271 $ 3,745 $ 7,419 $ 6,322
Manufacturing of polymer and
metal products 17,468 11,200 33,531 22,346
Corporate (2,629) (1,948) (4,796) (3,690)
Interest expense - net (3,308) (161) (5,757) (294)
--------- --------- --------- ---------
$ 15,802 $ 12,836 $ 30,397 $ 24,684
========= ========= ========= =========
</TABLE>
<PAGE> 11
-10-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
RESULTS OF OPERATIONS
- ---------------------
Net sales for the three months ended June 30, 1999 increased $46.5
million or 46 percent as higher sales in the Company`s Manufacturing segment
offset a slight decline in Distribution segment sales. Sales in the
Manufacturing segment increased $47 million or 75 percent based on an increase
of 7 percent in existing business units combined with the impact of acquired
companies not included in the prior year period. Net sales for the six months
ended June 30, 1999 increased $85.1 million or 45 percent as the Company
experienced improvements in both of its business segments. Sales in the
Distribution segment increased $1.8 million or 3 percent while sales in the
Manufacturing segment rose $83.1 million or 69 percent. Without the impact of
acquired companies there was an overall sales increase of 7 percent in the
Manufacturing segment primarily the result of higher unit volumes.
Cost of sales for the quarter increased $27.2 million or 41 percent
reflecting the higher sales level; however, gross profit as a percentage of
sales increased to 36.7 percent from 34.4 percent in the prior year. For the six
months ended June 30, 1999, gross profit increased to 36.9 percent of sales from
34.6 percent in the prior year. For both the quarter and year-to-date periods
this improvement in gross margin was primarily attributable to the Manufacturing
segment reflecting lower raw material costs, greater utilization of plant
capacity and the impact of acquired companies.
Operating expenses increased $13.2 million or 61 percent for the
quarter and $24.8 million or 61 percent year-to-date. These increases reflect
the additional operating costs of acquired companies combined with higher
selling costs resulting from increased sales volume. Expressed as a percentage
of sales, operating expenses were 23.7 percent for the quarter and 23.8 percent
for the six months ended June 30, 1999 compared with 21.5 percent for the
quarter and 21.4 percent for the six month period in the prior year. This
decrease in operating expense leverage is primarily due to the impact of
acquired companies, particularly, those operating in foreign markets.
Net interest expense increased to $3.3 million for the quarter and $5.8
million for the six month period ended June 30, 1999 compared with $161,607 and
$294,348 in the same periods of the prior year. This significant increase
reflects the higher borrowing levels resulting from business acquisitions.
<PAGE> 12
-11-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
Results of Operations (Con't)
The Company's overall effective tax rate increased to 42 percent for
the quarter and 42.6 percent for the six months ended June 30, 1999 compared
with 40.8 percent and 40.9 percent in the same periods a year ago. This increase
reflects an increase in non-deductible amortization expenses and foreign tax
rate differences.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Cash provided by operating activities was $23.9 million for the six
months ended June 30, 1999 compared with $18.9 million for same period in the
prior year. Long-term debt increased by $162 million from December 31, 1998,
primarily as a result of the Allibert Equipement acquisition and debt as a
percentage of total capitalization increased to 50 percent. Working capital
increased slightly to $106.4 million at June 30, 1999 and the Company's current
ratio was 2.2 to 1.
Capital expenditures for the six months ended June 30, 1999 were $11.5
million and the Company anticipates total capital expenditures in the range of
$25.0 to $30.0 million for the full year. Management believes that anticipated
cash flows from operations and available credit facilities will be sufficient to
fund capital expenditures and meet its short-term and long-term needs.
Year 2000
- ---------
The Company has conducted a review to identify potential Year 2000
issues related to both information technology (IT) and non-information
technology (non-IT) matters. The Company has developed plans for each of its
business units to correct or replace existing IT systems where significant
potential year 2000 failures could occur. The majority of core business software
utilized by the Company was acquired from third parties. As of June 30, 1999,
core Corporate financial software is Year 2000 compliant, and core business
software for the business units is either Year 2000 compliant or has been
upgraded, tested and is ready for implementation. Full implementation of Year
2000 compliant software for all business units is expected to be completed
during the third quarter of 1999. The Company is also in the process of
verifying Year 2000 readiness of non-IT systems, including production equipment
as well as evaluating the status of key
<PAGE> 13
-12-
PART I - FINANCIAL INFORMATION
------------------------------
MYERS INDUSTRIES, INC.
----------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
Year 2000 (Con't)
vendors and service providers to determine Year 2000 readiness and determine
alternatives and contingency plan requirements. To date, no material problems
have been identified, and the Company is confident that the Year 2000 issue will
not create significant operational problems. To date, the funds which have been
spent on year 2000 issues have not been material and based on current
assessments remaining expenses are not expected to be material.
<PAGE> 14
-13-
PART II - OTHER INFORMATION
---------------------------
MYERS INDUSTRIES, INC.
----------------------
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The Annual Meeting of Shareholders was held on April 29, 1999,
and the following matters were voted on at that meeting.
1. The election of nine Directors were voted upon. All
of the Directors nominated were elected. The results
of this voting are as follows:
Votes
Name of Director Votes for Withheld
Stephen E. Myers 16,366,386 67,707
Milton I. Wiskind 16,327,556 106,537
Edwin P. Schrank 16,295,011 139,082
Karl S. Hay 16,356,757 77,336
Richard P. Johnston 16,323,025 111,068
Richard Osborne 16,366,164 67,929
Jon H. Outcalt 16,366,558 67,535
Samuel Salem 16,337,523 96,570
Keith A. Brown 14,531,568 1,902,525
2. Proposal to amend the Company's Amended and Restated
Articles of Incorporation to increase the authorized
shares of common stock from 30,000,000 to 60,000,000
shares was approved by the following vote:
For 13,520,624
Against 2,854,010
Abstain 59,459
3. Proposal to approve the Myers Industries, Inc. 1999
Stock Plan was approved by the following vote:
For 9,919,046
Against 4,057,218
Abstain 320,021
<PAGE> 15
-14-
PART II - OTHER INFORMATION
---------------------------
MYERS INDUSTRIES, INC.
----------------------
Item 4. Submission of Matters to a Vote of Security Holders (Con't)
-----------------------------------------------------------
4. Ratification of the appointment of Arthur Andersen
LLP as independent auditors for the fiscal year
ending December 31,1999 was approved by the following
votes:
For 16,408,468
Against 8,980
Abstain 16,645
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Financial Data Schedule
(b) Form 8-K/A's on April 20, 1999 and June 4, 1999 to
amend the Form 8-K filed February 19, 1999 to include
the audited financial statements and proforma
financial information related to the acquisition of
the Allibert Equipment Division of Sommer Allibert
S.A.
SIGNATURE
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.
MYERS INDUSTRIES, INC.
August 16, 1999 By: \s\ Gregory J. Stodnick
- ------------------------- ----------------------------
Date Gregory J. Stodnick
Vice President-Finance
Financial Officer (Duly
Authorized Officer and
Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 12,509,204
<SECURITIES> 0
<RECEIVABLES> 111,136,544
<ALLOWANCES> 3,414,000
<INVENTORY> 69,320,978
<CURRENT-ASSETS> 194,259,110
<PP&E> 263,605,061
<DEPRECIATION> 105,999,157
<TOTAL-ASSETS> 514,347,640
<CURRENT-LIABILITIES> 87,867,155
<BONDS> 0
0
0
<COMMON> 11,650,116
<OTHER-SE> 212,302,376
<TOTAL-LIABILITY-AND-EQUITY> 514,347,640
<SALES> 274,389,456
<TOTAL-REVENUES> 274,389,456
<CGS> 173,010,818
<TOTAL-COSTS> 243,992,474
<OTHER-EXPENSES> 65,225,041
<LOSS-PROVISION> 3,414,000
<INTEREST-EXPENSE> 5,756,615
<INCOME-PRETAX> 30,396,982
<INCOME-TAX> 12,962,000
<INCOME-CONTINUING> 17,434,982
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,434,982
<EPS-BASIC> 0.95
<EPS-DILUTED> 0.95
</TABLE>
