<PAGE> 1
Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
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 0-11097
Atlantic Southeast Airlines, Inc.
---------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1354495
------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
100 Hartsfield Centre Parkway, Suite 800, Atlanta, Georgia 30354
---------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (404) 766-1400
--------------
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
----- -----
As of November 1, 1995 there were 32,678,770 shares of common stock
outstanding.
-1-
<PAGE> 2
ATLANTIC SOUTHEAST AIRLINES, INC.
INDEX
<TABLE>
<CAPTION>
Page No.
<S> <C>
Part I - Financial Information
Item 1. Consolidated Financial Statements
Balance Sheets - September 30, 1995 and December 31, 1994
Assets 3
Liabilities and Shareholders' Equity 4
Statements of Income - Three months and nine months
ended September 30, 1995 and September 30, 1994 5
Statements of Cash Flows - Nine months ended
September 30, 1995 and September 30, 1994 6
Condensed Notes to Consolidated 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 and Reports on Form 8-K 13
Signatures 14
Exhibits
11 Statement Re: Computation of Per Share Earnings 15
27 Financial Data Schedule (for SEC use only) 16
</TABLE>
-2-
<PAGE> 3
Part I - Financial Information
Item 1. Consolidated Financial Statements
ATLANTIC SOUTHEAST AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands of Dollars)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------ ------------
(unaudited) (audited)
<S> <C> <C>
Assets
Current Assets
Cash and cash equivalents $ 49,260 $ 42,527
Marketable securities 148,616 133,882
Accounts receivable 12,244 6,721
Expendable parts 7,037 7,626
Other current assets 2,980 2,852
-------- --------
220,137 193,608
Property and Equipment
Flight equipment 474,034 472,354
Other property and equipment 8,134 7,986
Advance payments on property and equipment 689 191
-------- --------
482,857 480,531
Less accumulated depreciation and amortization 184,032 163,376
-------- --------
298,825 317,155
Other Assets
Excess of cost over fair value of
tangible assets acquired 2,891 2,970
Other assets 7,281 5,951
-------- --------
10,172 8,921
Total Assets $529,134 $519,684
======== ========
</TABLE>
See condensed notes to consolidated financial statements.
-3-
<PAGE> 4
ATLANTIC SOUTHEAST AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands of Dollars)
<TABLE>
<CAPTION>
September 30, December 31,
1995 1994
------------- ------------
(unaudited) (audited)
<S> <C> <C>
Liabilities and Shareholders' Equity
Current Liabilities
Current portion of long-term debt $ 30,388 $ 28,254
Accounts payable 14,709 13,399
Air traffic liability 108 1,624
Accrued compensation and related expenses 7,293 4,518
Accrued interest payable 3,051 3,136
Other accrued expenses 4,691 1,043
Income taxes payable 3,116 1,243
-------- --------
63,356 53,217
Long-Term Debt 128,430 152,610
Other Non-Current Liabilities 1,264 534
Deferred Income Taxes 68,130 65,853
Shareholders' Equity
Common stock, $.10 par value; authorized
50,000,000 shares; issued 34,386,670 shares 3,439 3,436
Capital in excess of par value 45,887 45,238
Retained earnings 250,154 218,924
Unrealized holding gain (loss) on investments 125 (151)
-------- --------
299,605 267,447
Less treasury stock at cost - 1,672,900 and
1,140,000 shares respectively 31,651 19,977
-------- --------
267,954 247,470
Total Liabilities and Shareholders' Equity $529,134 $519,684
======== ========
</TABLE>
See condensed notes to consolidated financial statements.
-4-
<PAGE> 5
ATLANTIC SOUTHEAST AIRLINES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands of Dollars Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
For The Three Months Ended For The Nine Months Ended
September 30, September 30,
--------------------------- ---------------------------
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Operating Revenues:
Passenger $ 81,961 $ 78,407 $ 238,063 $ 232,343
Other 2,264 1,675 8,102 4,790
----------- ----------- ----------- -----------
Total Operating Revenues 84,225 80,082 246,165 237,133
Operating Expenses:
Flying operations 17,053 16,518 49,431 48,677
Maintenance 13,925 13,382 40,002 37,097
Passenger service 4,068 3,649 11,750 10,332
Aircraft and traffic servicing 10,074 9,283 28,892 27,182
Promotion, sales and advertising 7,673 7,788 23,169 23,021
General and administrative 1,345 2,242 11,096 4,070
Depreciation, amortization and obsolescence 6,936 7,004 20,849 19,932
Other 43 42 199 175
----------- ----------- ----------- -----------
Total Operating Expenses 61,117 59,908 185,388 170,486
Income from Operations 23,108 20,174 60,777 66,647
Non-Operating (Income) Expenses, net:
Interest income (3,284) (2,038) (8,899) (5,141)
Interest expense 1,820 1,847 5,874 4,318
Other 50 (11) 14 (24)
----------- ----------- ----------- -----------
(1,414) (202) (3,011) (847)
Income before Income Taxes 24,522 20,376 63,788 67,494
Income Taxes
Current 8,583 5,526 22,026 20,181
Deferred 809 2,339 2,105 5,872
----------- ----------- ----------- -----------
9,392 7,865 24,131 26,053
Net Income $ 15,130 $ 12,511 $ 39,657 $ 41,441
=========== =========== =========== ===========
Net Income per Share $ 0.46 $ 0.37 $ 1.20 $ 1.21
Cash Dividends per Common Share $ 0.085 $ 0.08 $ 0.255 $ 0.24
Weighted Number of Common Shares Outstanding 33,107,380 34,276,614 33,100,867 34,364,106
</TABLE>
See condensed notes to consolidated financial statements.
-5-
<PAGE> 6
ATLANTIC SOUTHEAST AIRLINES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
For The Nine Months Ended
September 30,
-------------------------
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 39,657 $ 41,441
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 20,174 19,092
Amortization and provision for obsolescence 675 840
Provision for uncollectible accounts (10) 90
Increase in allowance for maintenance 5,997 4,757
Deferred income taxes 2,277 5,872
Other (91) 1,287
Changes in operating assets and liabilities:
Accounts receivable (5,513) (875)
Expendable parts 161 (1,529)
Other assets (1,673) 145
Accounts payable 1,310 2,919
Other liabilities 2,132 546
Payroll and related liabilities 3,505 (4,002)
Accrued interest payable (85) 1,277
Income taxes payable 1,873 (2,041)
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES 70,389 69,819
INVESTING ACTIVITIES
Purchase of marketable securities (157,745) (129,853)
Proceeds from sale of marketable securities 143,461 108,385
Decrease in restricted cash 265 265
Proceeds from disposal of property and equipment 4,726 16
Purchases of property and equipment including
advance payments (11,548) (63,490)
Other (667) 143
--------- ---------
NET CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES (21,508) (84,534)
FINANCING ACTIVITIES
Proceeds from long-term debt 0 43,782
Principal payments on long-term debt (22,046) (18,614)
Dividends paid (8,428) (8,234)
Purchase of treasury stock (11,674) (4,223)
--------- ---------
NET CASH USED IN FINANCING ACTIVITIES (42,148) 12,711
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,733 (2,004)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 42,527 52,835
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 49,260 $ 50,831
========= =========
</TABLE>
See condensed notes to consolidated financial statements.
-6-
<PAGE> 7
ATLANTIC SOUTHEAST AIRLINES, INC.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
1. In the opinion of management, the accompanying condensed (unaudited)
consolidated financial statements contain all adjustments necessary to
present fairly the financial position as of September 30, 1995 and
results of operations for the nine-month periods ended September 30,
1995 and 1994 and cash flows for the nine-month periods ended
September 30, 1995 and 1994. The accounting adjustments contained in
the financial statements are of a normal recurring nature. 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 the rules and
regulations of the Securities and Exchange Commission for Form 10-Q.
It is suggested that these unaudited condensed consolidated financial
statements be read in conjunction with the audited consolidated
financial statements and the notes thereto included in the 1994 Annual
Report on Form 10-K filed by the Company under the Securities Exchange
Act of 1934 on March 31, 1995.
2. Results of operations for the nine-month periods ended September
30, 1995 and 1994 are not necessarily indicative of the results to be
expected for the year.
3. Earnings per share are based on the weighted average number of
common shares and common stock equivalents outstanding.
4. Marketable securities, which consist of investments with maturity
dates longer than three months, are reported at fair market value.
-7-
<PAGE> 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Liquidity and Capital Resources
Working capital increased to $156.8 million with a current ratio of
3.5:1 at September 30, 1995, which compares with working capital of $140.4
million and a current ratio of 3.6:1 at December 31, 1994. The change in
working capital of $16.4 million for the nine months ended September 30, 1995
was primarily due to $70.4 million in cash from operations offset by an $11.5
million investment in property and equipment, $22.0 million of debt retirement,
$8.4 million of dividends paid and $11.7 million of treasury stock purchases.
The Company has available an $8 million unsecured line of credit with
a bank. As of September 30, 1995, $.7 million of this line was committed to
support a letter of credit. As of September 30, 1995, there were no outstanding
amounts against the line of credit.
During the third quarter, the Company executed subleases with JSX
Corporation for two 30-passenger Brasilia aircraft. The Company will lease two
additional Brasilia aircraft during the fourth quarter in order to complete the
phase-out, by December 1, 1995, of the 15-passenger Bandeirante aircraft
currently operating in the Dallas/Fort Worth hub. These Brasilia aircraft are
being leased for an initial term of between three and four years.
In July 1995, the Company executed a Memorandum of Understanding with
British Aerospace for the lease of five previously operated BAe 146-200 jet
aircraft for a term of five years. In addition, the Company secured options for
the lease of up to 15 additional BAe 146 aircraft. This would be the first time
that jet aircraft will be flown by the Company. The BAe 146-200 aircraft is
certified to operate with a maximum capacity of 108 passengers. However, the
Company plans to operate the aircraft in an 88-passenger configuration, which
will provide business class seating comfort for its passengers. On December 1,
1995, the Company will add four BAe 146 aircraft to provide jet service from
Atlanta to Panama City and Fort Walton Beach, Florida; Columbus, Georgia;
Asheville, North Carolina; and Chattanooga and Tri Cities, Tennessee. The
Company is replacing Delta Air Lines' jet service in all of these markets
except Fort Walton Beach. Effective February 1, 1996, the Company will add a
fifth BAe 146 aircraft to provide three daily roundtrips to Myrtle Beach, South
Carolina and one additional roundtrip to Tri Cities, Tennessee.
The Company is filing to intervene as a party defendent in a lawsuit
in Federal Court for the purpose of opposing an application by the Airline
Pilots Association of a preliminary injunction against Delta Air Lines, Inc.
that would prohibit any Delta Connection carrier (including the Company) from
operating any aircraft with more than 70 seats. The Company believes that the
lawsuit is without merit. The Company is unable to predict the outcome of this
lawsuit. There can be no assurance that this lawsuit will not have an adverse
effect on the operations of the Company, including the operation of the BAe 146
aircraft.
On December 1, 1995, the Company will add new direct service between
its Atlanta hub and Lafayette and Alexandria, Louisiana, and will terminate
service between Atlanta and Huntsville and Mobile, Alabama and Nashville,
Tennessee. Also on December 1, 1995, the Company will add service between its
Dallas/Fort Worth hub and Shreveport, Louisiana and Columbus and Meridian,
Mississippi. The Company will terminate service between Dallas/Fort Worth and
Tyler, Waco, College Station and Longview, Texas; and Springfield, Missouri.
-8-
<PAGE> 9
Current FAA directives require that the Company complete the process
of equipping its Brasilia aircraft with traffic alert and collision avoidance
systems by December 31, 1995. The Company has spent $1.1 million on its current
Brasilia fleet through September 30, 1995, and the remaining cost for these
modifications is estimated to be $.8 million. All of these costs are being
funded with internally generated funds and will be capitalized with the flight
equipment.
On August 21, 1995, the Company suffered a tragic loss when one of its
flights crashed near Carrollton, Georgia. The cause of the accident is still
under active investigation, and the Company has been working with the National
Transportation Safety Board to determine the cause. The Company believes it has
sufficient insurance to cover any claims related to the accident. In addition,
the Company anticipates that certain aircraft equipment manufacturers or their
insurance carriers may bear responsibility for the accident.
Total assets increased by $9.5 million to $529.1 million at September
30, 1995 primarily due to a $26.5 million increase in current assets offset by
an $18.3 million decrease in net property and equipment. An increase of $21.5
million in cash, cash equivalents and marketable securities and $5.5 million in
accounts receivable contributed to the upward movement in current assets. The
increase in cash, cash equivalents and marketable securities was generated from
cash provided from operations reduced by purchases of property and equipment,
payment of dividends, reduction of long-term debt on aircraft, and the
repurchase of treasury stock. Accounts receivable increased primarily due to
$4.7 million of insurance proceeds that are being held in escrow as collateral
for the aircraft that was lost in the accident. These funds will be paid to the
Company in January, 1996 when the outstanding loan balance of $1.7 million is
scheduled to be repaid.
Current liabilities increased by $10.1 million to $63.4 million at
September 30, 1995 compared with $53.2 million at December 31, 1994. This
increase was primarily due to a $2.1 million reclassification of long-term debt
to current maturities, $1.6 million of additional liability for Stock
Appreciation Rights ("SARs"), $1.6 million related to aircraft maintenance
reserves, and $1.9 million for income taxes payable and $2.0 million for
property taxes payable. Both of the increases in tax accruals are due to the
timing of payments.
The long-term debt to equity ratio was .48:1 at September 30, 1995
compared with .62:1 at December 31, 1994. Long-term debt decreased to $128.4
million from $152.6 million at the end of 1994. This decline was the result of
$22.0 million in scheduled debt payments and a $2.1 million reclassification to
current maturities as mentioned above. Approximately $1.2 of this
reclassification was due to the acceleration of the debt secured by the lost
aircraft. This debt will be paid off in January, 1996 from insurance proceeds.
Current maturities of long-term debt, future aircraft lease payments,
compliance with FAA directives and other capital expenditures for 1995 will be
funded from the Company's cash reserves and internally generated funds.
-9-
<PAGE> 10
Shareholders' equity per share increased to $8.19 at September 30,
1995 from $7.45 at the end of 1994. Net worth increased $20.5 million primarily
due to net income of $39.7 million in the first nine months of 1995 offset by
dividends paid of $8.4 million and treasury stock purchases of $11.7 million.
The net number of shares outstanding decreased by .5 million to 32.7 million
primarily due to the purchase of treasury stock.
In May 1994, the Board of Directors authorized the repurchase of up to
$50 million of the Company's common stock on the open market at any time on or
before December 31, 1995. The Company will use part of its available cash
balances to repurchase such shares. The stock repurchased will be used for
compensation programs or other general corporate purposes. As of September 30,
1995, the Company had repurchased 1,672,900 shares of its common stock at a
cost of approximately $31.7 million. In November 1995, the Board of Directors
approved the repurchase of up to $50 million of the Company's common stock on
the open market during 1996. The implementation of the 1996 stock repurchase
program is subject to the Company obtaining certain waivers from various
lending institutions.
Results of Operations
For the three months ended September 30, 1995 and 1994
The Company reported record net income for the third quarter of $15.1
million or $.46 per share. In comparison, net income for the similar period of
1994 was $12.5 million or $.37 per share.
The Company's third quarter of 1995 total revenues increased five per
cent to $84.2 million compared with $80.1 million for the similar period of
1994. Passenger revenue increased five per cent to $82.0 million primarily due
to a nine per cent increase in the average passenger yield to 41.6 cents per
revenue passenger mile offset by a four per cent reduction in revenue passenger
miles ("RPMs") flown. The number of passengers carried were down four per cent
while the average trip length decreased one per cent. The lower yield in 1994
compared with 1995 was due to deep fare discounting in about 20 markets served
from the Company's Atlanta hub. There can be no assurance that fare
discounting will not be a factor in the future.
Operating expenses increased approximately two per cent in the third
quarter of 1995 compared with the same period last year. The Company
experienced a three per cent increase in the cost per available seat mile
("ASM") flown to 14.2 cents in the third quarter of 1995 compared with 13.7
cents in the third quarter of 1994. Capacity (the number of ASMs) was down
one per cent in comparison to the prior year. The third quarter of 1995
included a $1.6 million credit to expense associated with SARs due to a 22 per
cent decrease in the Company's stock price, while the third quarter of 1994 had
negligible expense for this item. Excluding the effect of SARs, operating
expenses would have increased five percent in 1995 compared with 1994. The
following table compares components of operating cost per ASM and operating
expense as a percentage of total operating expense for the three month periods
ended September 30, 1995 and 1994:
-10-
<PAGE> 11
<TABLE>
<CAPTION>
Cost per ASM % Operating Cost
Quarter Ended Quarter Ended
September 30, September 30,
-----------------------------------------------------------
1995 1994 1995 1994
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Labor and related 3.7c. 3.9c. 26% 28%
Fuel 1.4 1.4 10 10
Direct maintenance 2.4 2.3 17 17
Passenger related 1.7 1.7 12 12
Depreciation and aircraft rent 2.1 2.0 15 15
Other 2.9 2.4 20 18
-----------------------------------------------------------
Total operating expense 14.2c. 13.7c. 100% 100%
</TABLE>
Labor and related costs decreased to $16.2 million for the third
quarter of 1995 compared to $17.0 million for the same period in 1994. The
average number of employees grew three per cent from 2,167 to 2,236 as of
September 30, 1995. As mentioned above, the third quarter of 1995 included a
$1.6 million credit to expense associated with the Company's SARs while the
third quarter of 1994 had a minimal adjustment. Labor and related costs per ASM
without the SARs adjustment would have been 4.1 cents for the third quarter of
1995 compared with 3.9 cents for the same period in 1994. As a per cent of
operating expenses, both years would have been 28 per cent.
Direct maintenance cost, excluding labor and related expenses,
increased three per cent to $10.2 million for the quarter ended September 30,
1995. This increase was due primarily to the timing for scheduled maintenance
inspections and overhauls of time controlled components.
Other expenses increased $2.0 million for the quarter ended September
30, 1995 compared to the same quarter last year. This increase was due
primarily to higher station rent and security fees, hull and liability
insurance and interrupted trip expense.
The break-even load factor decreased to 32.4% for the three months
ended September 30, 1995 compared to 35.1% for the same period last year. This
decrease was primarily the result of higher passenger revenue due to better
yields, the credit adjustment for SARs as discussed above, and higher
interest income on investments.
For the nine months ended September 30, 1995 and 1994
The Company's total revenues increased four per cent to $246.2
million compared with $237.1 million for the similar period of 1994. Passenger
revenue increased two per cent to $238.1 million in the first nine months of
1995 primarily due to a five per cent increase in average yield per passenger
mile to 41.9 cents from 39.9 cents offset by a two per cent decline in RPMs.
The number of passengers carried declined two per cent for the first nine
months of 1995 compared with 1994 while the average passenger trip length
stayed
-11-
<PAGE> 12
constant at 249 miles.
Operating expenses increased nine per cent during the nine month
period ended September 30, 1995. The Company increased capacity by two per cent
and experienced a six per cent increase in the cost per ASM to 14.7 cents from
13.8 cents. The nine months ending September 30, 1995 included a $2.7 million
charge to expense associated with SARs due to a 51 per cent increase in the
Company's stock price. In comparison, the first nine months of 1994 had a $3.5
million credit to expense for SARs due to a 32 per cent decline in the
Company's stock price. Excluding the effect of SARs for both periods,
operating expenses would have increased five per cent in 1995 compared with
1994. The following table compares components of operating cost per ASM and
operating expense as a percentage of total operating expense for the nine month
periods ended September 30, 1995 and 1994:
<TABLE>
<CAPTION>
Cost per ASM % Operating Cost
Year to Date Year to Date
September 30, September 30,
--------------------------------------------
1995 1994 1995 1994
--------------------------------------------
<S> <C> <C> <C> <C>
Labor and related 4.3c. 3.6c. 29% 26%
Fuel 1.4 1.4 9 10
Direct maintenance 2.3 2.2 16 16
Passenger related 1.7 1.8 12 13
Depreciation and aircraft rent 2.1 2.1 14 15
Other 2.9 2.7 20 20
--------------------------------------------
Total operating expense 14.7c. 13.8c. 100% 100%
</TABLE>
Labor and related costs increased 22 per cent to $54.5 million for
the nine months ended September 30, 1995 from $44.7 million for the nine months
ended September 30, 1994. The average number of employees grew three per cent
from 2,148 to 2,215 as of September 30, 1995. As mentioned above, the first
nine months of 1995 included a $2.7 million charge for SARs expense while the
first nine months of 1994 included a $3.5 million credit to expense which
reversed previously accrued expenses associated with stock appreciation rights.
Excluding these adjustments, the cost per ASM would have been 4.1 cents in 1995
versus 3.9 cents in 1994. As a per cent of operating expenses, both years would
have been 28 per cent.
Direct maintenance cost, excluding labor and related expenses,
increased eight per cent to $29.1 million for the nine months ended September
30, 1995. This increase was due primarily to a two per cent increase in
capacity and the timing for scheduled maintenance inspections and overhauls of
time controlled components.
-12-
<PAGE> 13
PART II
Item 6. Exhibits and Reports on Form 8-K
(a) The following exhibits are filed as part of this
report. The exhibit number refers to Item 601 of Regulation S-K.
11 Statement Re: Computation of Per Share Earnings
27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K - There were no reports on Form
8-K filed for the quarter ended September 30, 1995.
-13-
<PAGE> 14
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.
Atlantic Southeast Airlines, Inc.
/s/ Ronald V. Sapp
---------------------------
Ronald V. Sapp
V.P. Finance, Treasurer and
Chief Financial Officer
Date: November 9, 1995
-14-
<PAGE> 1
EXHIBIT 11- STATEMENT RE: COMPUTATION OF
PER SHARE EARNINGS
<TABLE>
<CAPTION>
For The Three Months Ended For The Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net Income $15,130,361 $12,510,387 $39,657,072 $41,441,100
Net Income per Share $ 0.46 $ 0.37 $ 1.20 $ 1.21
Weighted Number of Common Shares Outstanding 33,107,380 34,276,614 33,100,867 34,364,106
</TABLE>
See condensed notes to consolidated financial statements.
-15-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER
30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<CASH> 49,260
<SECURITIES> 148,616
<RECEIVABLES> 12,491
<ALLOWANCES> (247)
<INVENTORY> 7,037
<CURRENT-ASSETS> 220,137
<PP&E> 482,857
<DEPRECIATION> 184,032
<TOTAL-ASSETS> 529,134
<CURRENT-LIABILITIES> 63,356
<BONDS> 128,430
<COMMON> 3,272<F1>
0
0
<OTHER-SE> 264,682<F2>
<TOTAL-LIABILITY-AND-EQUITY> 529,134
<SALES> 0
<TOTAL-REVENUES> 246,165
<CGS> 0
<TOTAL-COSTS> 185,388
<OTHER-EXPENSES> 0
<LOSS-PROVISION> (10)
<INTEREST-EXPENSE> 5,874
<INCOME-PRETAX> 63,788
<INCOME-TAX> 24,131
<INCOME-CONTINUING> 39,657
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 39,657
<EPS-PRIMARY> $1.20
<EPS-DILUTED> $1.20
<FN>
<F1>REDUCED BY APPROXIMATELY $167,290 ALLOCABLE TO 1,672,900 SHARES OF
TREASURY STOCK.
<F2>REDUCED BY APPROXIMATELY $31,484,000 ALLOCABLE TO 1,672,900 SHARES OF
TREASURY STOCK.
</FN>
</TABLE>
