UNITED STATES
SECURITIES & 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 January 24, 1999
-----------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___________________________________
Commission file number 0-12343
-------
VICORP Restaurants, Inc.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Colorado 84-0511072
----------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 West 48th Avenue, Denver, Colorado 80216
---------------------------------------------
(Address of principal executive offices)
(Zip Code)
(303) 296-2121
-------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
-------------------------------------------------------------------
(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 registrant had 9,059,366 shares of its $.05 par value Common Stock
outstanding as of March 4, 1999.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VICORP Restaurants, Inc.
BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
January 24, November 1,
1999 1998
----------- -----------
(unaudited)
ASSETS
<S> <C> <C>
Current assets
Cash $ 9,110 $ 10,262
Receivables 2,766 3,655
Inventories 5,195 7,501
Deferred income taxes 3,617 3,617
Prepaid expenses and other 1,372 2,192
-------- --------
Total current assets 22,060 27,227
-------- --------
Property and equipment, net 130,377 128,648
Deferred income taxes 34,090 35,547
Long-term receivables 815 869
Other assets 7,957 7,379
-------- --------
Total assets $195,299 $199,670
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt
and capitalized lease obligations $ 1,519 $ 1,711
Accounts payable, trade 19,399 21,847
Accrued compensation 2,745 6,013
Accrued taxes 9,258 8,629
Accrued insurance 3,506 3,354
Other accrued expenses 3,900 5,208
-------- --------
Total current liabilities 40,327 46,762
-------- --------
Long-term debt (Note 3) 37 87
Capitalized lease obligations 5,192 5,696
Non-current accrued insurance 2,771 3,199
Other non-current liabilities and credits 5,956 5,919
Commitments and contingencies
Shareholders' equity
Series A Junior Participating Preferred
Stock, $.10 par value, 200,000 shares
authorized, no shares issued
Common stock, $.05 par value, 20,000,000
shares authorized, 9,066,366
and 9,067,699 shares issued and
outstanding 455 455
Paid-in capital 84,125 84,148
Retained earnings 56,436 53,404
------- -------
Total shareholders' equity 141,016 138,007
------- -------
Total liabilities and
shareholders' equity $ 195,299 $ 199,670
========= =========
</TABLE>
The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
<TABLE>
<CAPTION>
Twelve Three
Weeks Months
Ended Ended
----------- ----------
January 24, January 31,
1999 1998
----------- -----------
(unaudited)
<S> <C> <C>
Revenues
Restaurant operations $83,377 $86,527
Franchise operations 716 850
------- -------
Total revenues 84,093 87,377
------- -------
Costs and expenses
Restaurant operations
Food 26,385 27,813
Labor 26,371 27,862
Other operating 20,186 21,536
General and administrative 6,218 6,144
------- -------
Operating profit 4,933 4,022
Interest expense 239 489
Other (income) expense, net (81) (46)
------- -------
Income before income tax expense 4,775 3,579
Income tax expense 1,743 1,288
------- -------
Net income $ 3,032 $ 2,291
======= =======
Basic and Diluted earnings per share $ .33 $ .25
======= =======
Weighted average common shares and
dilutive common share equivalents 9,104 9,236
======= =======
</TABLE>
The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc.
STATEMENTS OF CASH FLOWS
(in thousands)
<TABLE>
<CAPTION>
Twelve Three
Weeks Months
Ended Ended
----------- -----------
January 24, January 31,
1999 1998
----------- -----------
(unaudited)
<S> <C> <C>
Operations
Net income $ 3,032 $ 2,291
Reconciliation to cash from operations
Depreciation and amortization 4,447 4,972
Deferred income tax provision 1,457 1,066
Loss on disposition of assets 12 76
Other, net (157) (161)
------ ------
8,791 8,244
Change in assets and liabilities
Trade receivables 864 1,362
Inventories 2,306 1,618
Accounts payable, trade (2,448) (1,794)
Other current assets and liabilities (3,000) (20)
Non-current accrued insurance (428) (234)
------ ------
Cash from operations 6,085 9,176
------ ------
Investing activities
Purchase of property and equipment (6,926) (2,172)
Purchase of other assets (774) (101)
Disposition of property 603 258
Collection of non-trade receivables 86 120
------ ------
Cash from investing activities (7,011) (1,895)
------ ------
Financing activities
Issuance of debt 0 0
Payment of debt and capitalized lease
obligations (492) (5,069)
Other, net 266 151
------ ------
Cash from financing activities (226) (4,918)
------ ------
Change in cash (1,152) 2,363
Cash at beginning of period 10,262 1,464
------ ------
Cash at end of period $ 9,110 $ 3,827
====== ======
Supplemental information
Cash paid during the period for
Interest (net of amount capitalized) $ 248 $ 532
Income taxes 90 23
</TABLE>
The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc.
NOTES TO FINANCIAL STATEMENTS (unaudited)
- -----------------------------------------
1. The financial statements should be read in conjunction with the annual
report to shareholders for the year ended November 1, 1998. The
unaudited financial statements for the three periods ended January 24,
1999 and the three months ended January 31, 1998 contain all adjustments
which, in the opinion of management, were necessary for a fair statement
of the results for the interim periods presented. All of the
adjustments included were of a normal and recurring nature.
2. Effective fiscal 1999, the Company's fiscal year will be the last Sunday
in October. The Company has decided to adopt reporting on a 52/53
week fiscal year. Prior to that, the Company utilized a fiscal year
which ended on the last day in October. Fiscal quarters in
1998 consisted of three months. In conjunction with that change, the
Company's last fiscal quarter of 1999 will consist of sixteen weeks and
all other quarters will consist of twelve weeks.
The Company determined that a significant amount of estimation would be
required to restate quarterly 1998 operating results to correspond with
the twelve week quarterly reporting. Therefore, restatements of results
were not made and the quarterly results for 1999 and 1998 are not
comparable. The following table highlights the differences in time
periods:
<TABLE>
<CAPTION>
Fiscal 1999 Fiscal 1998
----------------------------------- ----------------------------------
Time Period Days Time Period Days
----------- ---- ----------- ----
<S> <C> <C> <C> <C>
1st Quarter Nov. 2, 1998 - Jan. 24, 1999 84 Nov. 1, 1997 - Jan. 31, 1998 92
2nd Quarter Jan. 25, 1999 - Apr. 18, 1999 84 Feb. 1, 1998 - Apr. 30, 1998 89
3rd Quarter Apr. 19, 1999 - Jul. 11, 1999 84 May 1, 1998 - July 31, 1998 92
4th Quarter July 12, 1999 - Oct. 31, 1999 112 Aug. 1, 1998 - Nov. 1, 1998 93
--- ---
364 366
=== ===
</TABLE>
3. As of January 24, 1999, the Company had no borrowings outstanding and
$1,850,000 of letters of credit placed under its bank credit facility.
On December 19, 1997, the Company accepted an amended and restated
credit agreement which provides for an available credit limit of
$40,000,000 in the aggregate with a sublimit of $10,000,000 on letters
of credit. The maturity date of the agreement is February 28, 2001.
4. Basic earnings per share is calculated using the average number of
common shares outstanding. Diluted earnings per share is computed on
the basis of the weighted average number of common shares outstanding
plus the effect of potentially issuable common stock using the "treasury
stock" method.
<TABLE>
<CAPTION>
Twelve Three
Weeks Months
Ended Ended
----------- -----------
January 24, January 31,
1999 1998
----------- -----------
(in thousands, except per share data)
<S> <C> <C>
Net income available to common shareholders(A) $ 3,032 $ 2,291
======== ========
Weighted average common stock outstanding:
Baisc (B) 9,091 9,161
Dilutive stock options 13 75
----- -----
Diluted(C) 9,104 9,236
===== =====
Earnings per share:
Basic (A/B) $ 0.33 $ 0.25
======== ========
Diluted (A/C) $ 0.33 $ 0.25
======== ========
</TABLE>
5. The Company has stock option plans which generally provide for the
granting of options to all employees and non-employee directors of the
Company at exercise prices not less than the market value of the common
stock on the date of the grant. The options generally vest over three
years and expire ten years after the date of grant or three months after
employment termination, whichever occurs first.
The following table summarizes information about the stock options
outstanding and exercisable as of January 24, 1999:
<TABLE>
<CAPTION>
Options Outstanding Options Exercisable
--------------------- ---------------------
Weighted Number
Average Weighted Exercisable Weighted
Remaining Average At Average
Range of Options Contractual Exercise January 24, Exercise
Exercise Prices Outstanding Life Price 1999 Price
------------- ----------- ----------- -------- ----------- --------
<S> <C> <C> <C> <C> <C>
$11.50-$11.50 100,000 7.57 years $11.50 50,000 $11.50
$12.25-$13.25 16,000 7.22 years $12.38 16,000 $12.38
$14.25-$14.25 100,000 9.69 years $14.25 0 $00.00
$14.50-$17.00 122,000 3.08 years $16.12 120,000 $16.15
$18.25-$26.00 106,000 6.73 years $20.98 68,500 $22.48
------- -------
$11.50-$26.00 444,000 6.60 years $15.68 254,500 $16.70
======= =======
</TABLE>
6. In the fourth quarter of 1994, the Company adopted a plan to dispose of
50 restaurant locations in trade areas that were no longer considered
appropriate for the Company's existing concepts. As part of the
disposal plan, the carrying value of those restaurants' assets were
written down to net realizable values. The Company also accrued for
expected carrying costs pending disposition and sublease disposition
losses. In the third quarter of fiscal 1996, the Company recorded an
asset disposal charge related to a decision to close and dispose of six
of its Angel's Diners. As of the end of fiscal 1996, the Company had
closed all the restaurants related to both disposal plans. Consequently,
operating results for the first quarter of fiscal 1998 and 1999 did not
include any amounts for these units. Fifty-two stores have been
disposed through sublease, assignment, lease termination, conversion or
sale.
During the first quarter of 1999, $83,000 of closure and carrying
related costs were charged against the liability established for such
costs. As of January 24, 1999, the Company had $4,423,000 of reserves
remaining to provide for the disposal of four closed properties and
seven subleased properties. Units classified as subleased may return to
closed status upon sublease termination. The reserves consisted of
$3,412,000 to reduce the disposal property to net realizable value and
$1,011,000 to provide for expected carrying costs and sublease losses.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations
- ---------------------
The Company's quarterly financial information is subject to seasonal
fluctuation. Also, the first quarters of 1998 and 1999 are not comparable
because of differences in time periods presented (see Note 2 of Notes to the
Financial Statements). The first quarter of 1998 consisted of three months
or 92 days, while the first quarter of 1999 consisted of 12 weeks, or 84 days.
Restaurant operations
The following table sets forth certain operating information for the Company's
operating concepts and the Company as a whole.
<TABLE>
<CAPTION>
Twelve Weeks Three Months
ended ended
January 24, 1999 January 31, 1998
---------------- ----------------
<S> <C> <C>
Bakers Square
Restaurant sales $ 51,049,000 $ 52,920,000
Restaurant operating profit 4,934,000 3,600,000
Restaurant operating profit % 9.7% 6.8%
Divisional administrative costs 1,474,000 1,159,000
Divisional operating profit 3,460,000 2,441,000
Restaurants at quarter-end 150 150
Village Inn
Restaurant sales $ 32,328,000 $ 33,607,000
Restaurant operating profit 5,501,000 5,716,000
Restaurant operating profit % 17.0% 17.0%
Franchise income 716,000 850,000
Divisional administrative costs 1,093,000 1,108,000
Divisional operating profit 5,124,000 5,458,000
Restaurants at quarter-end 100 97
Consolidated
Restaurant sales $ 83,377,000 $ 86,527,000
Food cost % 31.6% 32.1%
Labor cost % 31.6% 32.2%
Other operating cost % 24.2% 24.9%
Restaurant operating profit % 12.5% 10.8%
Restaurant operating profit 10,435,000 9,316,000
Franchise income 716,000 850,000
Divisional general and
administrative costs 2,567,000 2,267,000
------------ ------------
Divisional operating profit 8,584,000 7,899,000
------------ ------------
Unallocated general and
administrative costs 3,651,000 3,877,000
------------ ------------
Operating profit $ 4,933,000 $ 4,022,000
============ ============
</TABLE>
Consolidated restaurant sales decreased $3.2 million, or 3.6%, in the first
quarter of fiscal 1999 compared to the first quarter of 1998. The sales
decrease was attributable to eight fewer days in the first quarter of fiscal
1999.
During the first quarter of fiscal 1999, sales increased 4.2% and guest
counts increased 0.1% on a comparable same store basis. Same store sales for
Village Inn increased 2.0% and Bakers Square's same store sales increased by
5.5%. Comparable guest counts for Village Inn decreased 0.4% and Bakers
Square improved 0.5%. Year over year increases in the per customer check
average, as well as continued improved execution at Bakers Square contributed
to the improvement in sales. Sales improvement for the quarter was also
negatively impacted by severe winter weather in the Midwest and West Coast.
Consolidated restaurant operating profit increased $1.1 million, or 12%, and
increased as a percentage of restaurant sales to 12.5% from 10.8% for the
first quarter of 1999 versus the first quarter of 1998. Bakers Square
contributed to the improvement with its percentage improving from 6.8% to
9.7%, while Village Inn remained constant at 17.0%. The improved operating
profit was due to increased sales and operating efficiencies.
The following presents select quarterly trend data related to the operations
of Bakers Square and Village Inn:
<TABLE>
<CAPTION>
Bakers Square Village Inn
------------- -----------
Comparable Comparable
Comparable Store Store Comparable Store Store
Store Guest Operating Store Guest Operating
Sales Counts Margin Sales Counts Margin
------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998:
1st Qtr 6.5% 4.0% 6.8% 5.1% 4.9% 17.0%
2nd Qtr 7.3% 4.8% 5.8% 3.7% 2.0% 17.6%
3rd Qtr 9.9% 4.8% 8.2% 5.1% 2.0% 17.6%
4th Qtr 9.7% 4.3% 7.1% 3.4% 1.6% 17.2%
1999:
1st Qtr 5.5% .5% 9.7% 2.0% (0.4%) 17.0%
</TABLE>
Other revenues and expense
- --------------------------
Franchise revenue decreased in 1999's first quarter by $134,000. Average
daily franchise income decreased 8%. The decrease was largely the result of
an increase in general and administrative expense related to an aggressive
expansion effort.
General and administration expense increased in 1999's first quarter by
$74,000, increasing to 7.4% of revenues in the first quarter of 1999 from
7.0% last year. An increase in wages and bonuses contributed to the percentage
increase.
Interest expense declined 51% or $250,000 for the first quarter of 1999
compared to the first quarter of 1998 due to reduced credit line borrowings.
On an average daily basis, interest expense decreased 47%.
The Company's effective tax rate for the first quarter of 1999 was 36.5%
representing statutory tax rates offset somewhat by the effect of FICA tax
credits.
Liquidity and capital resources
- -------------------------------
Operating cash flows decreased $3.1 million in the first quarter of 1999
versus 1998 first quarter. The decrease resulted primarily from increased
working capital requirements.
As of January 24, 1999, no advances were outstanding under the Company's bank
credit facility and approximately $38.2 million was available for direct
advances, subject to limitations on combined direct advances and letters of
credit. On December 19, 1997, the Company accepted an amended and restated
credit agreement which provided an available credit limit of $40,000,000. The
agreement expires on February 28, 2001.
During the first quarter of 1999, the Company disposed of three properties,
two through lease termination and one through sale. Also in that quarter,
closure and carrying costs of $83,000 were charged against the liability
established for such, and cash proceeds of $686,000 were realized from the
disposition of properties.
At January 24, 1999, the Company had 13 closed properties which it was trying
to sell or sublease. Four of those properties were owned in fee and the rest
were leased. The Company also had nine subleased properties. The Company
hopes to sell the fee properties over the next year and $1.3 million of
proceeds are expected to be realized from their sale. The Company does not
anticipate significant proceeds from the disposition of the leased properties.
It is expected that the majority of the remaining leased properties will be
subleased over the next four to eighteen months. Cash carrying costs of
approximately $1 million are expected to be incurred through final disposition
of those units. The Company expects to sublease five of the properties at
rentals lower than the Company's obligations under the prime leases. Those
sublease losses will be incurred over the remaining years of the leases and
the Company does not anticipate that the losses will materially affect the
Company's liquidity.
As of January 24, 1999, authorizations granted by the Board of Directors for
the purchase of 682,575 common shares of the Company's common stock remained
available. During the first quarter of fiscal 1999, 3,725 shares were
purchased. Future purchases with respect to the authorizations may be made
from time to time in the open market or through privately negotiated
transactions and will be dependent upon various business and financial
considerations.
Capital expenditures approximating $25.3 million are expected during the
remainder of the fiscal year. The level of planned expenditures may be
adjusted as circumstances indicate. Cash provided by operations, the unused
portion of the Company's bank credit facility and other financing sources are
expected to be adequate to fund these expenditures and any cash outlays for
the purchase of the Company's common stock as authorized by the Board.
The Company completed a review of its computer systems during fiscal 1997,
resulting in a decision to replace a large portion of the existing systems at
a cost of approximately $12.5 million. Approximately $7.5 million of this
amount was spent in fiscal 1998. The Company believes the new systems are
Year 2000 compliant.
As of January 4, 1999, the company implemented systems which the Company
believes are Year 2000 compliant at its corporate headquarters. These new
ERP (Enterprise Resource Planning) systems have been designed to provide
the infrastructure to support corporate and field-based systems.
A system-wide rollout to all restaurants of a new back-of-house point-of-sale
(POS) system, as well as a modification of front-of-house systems which the
Company believes to be Year 2000 compliant, is planned to begin in March 1999
with a targeted completion date of September 1, 1999. A pilot store test
began February, 1999. The Company is in the process of developing a
contingency plan for restaurant operations should the initial store testing
and the rollout fall behind schedule.
The Company is currently conducting a review of its physical facilities in
order to identify potential areas of embedded technology (heating, lighting,
fixtures, and equipment, communications systems, waste treatment, emergency
backup systems, etc.) that may not be Year 2000 compliant. The Company
believes its exposure is limited in this area and is formulating plans to
address any issues that may surface.
With respect to third parties, the Company has been in contact with and is
preparing written communications to send to all third parties considered
critical to the Company's ongoing operations. Written communication will
request written confirmation from mission critical third parties of
reasonable assurance that plans are being developed to ensure Year 2000
readiness. Reasonable assurance will include verification that critical
third-party vendors have a plan in place for review of Year 2000 readiness for
their supplier base. To the extent that critical third-party vendors do not
provide the Company with satisfactory evidence of readiness, contingency plans
will be developed and implemented by the Company by December 31, 1999.
The company has sent written notice to franchisees regarding the need for
Year 2000 readiness. Approximately one-half of the Company's franchise
restaurants have plans in place to replace non-compliant restaurant-based
systems with the Company's new Year 2000 ready POS system. All installations
are targeted to be completed by October 1, 1999.
The Company does not believe the costs related to the Year 2000 readiness
project will be material to its financial position or results of operations.
However, the cost of the project and the date on which the Company plans to
complete the Year 2000 modifications are based on management's best estimates,
which were made utilizing numerous assumptions including the continued
availability of certain resources, third-party modification plans, and other
factors. Unanticipated failures by vendors and franchisees, as well as the
failure by the Company to execute its own remediation efforts, could have a
material adverse effect on the cost of the project and its completion date.
In addition, any such unforeseen occurrences, if combined with failures of
other third parties or public services beyond the Company's control, could have
a material adverse effect on the Company's financial condition or results of
operations. Consequently, there can be no assurance that the forward-looking
estimates contained herein will be achieved and the actual cost could differ
materailly from the projections contained herein.
In the event they are needed, the Company's contingency plans, in management's
estimate, will be in place by December 31, 1999.
VICORP has guaranteed certain leases for approximately twenty-one restaurant
properties sold to others in 1986 and approximately eighteen restaurant leases
of certain franchisees and others. Certain of these guarantees may or may
not continue to be in force. Minimum future rental payments remaining
under these leases were approximately $7.3 million as of November 1, 1998.
These guarantees are included in the definition of financial instruments with
off-balance-sheet risk of accounting loss. Although the Company has been
required to take possession of one of these properties, which has since been
subleased, the Company has no reason to believe that any material liability
exists, or will exist, regarding these guarantees. The Company believes it
is impracticable to estimate the fair value of these financial guarantees
(e.g., amounts the Company could pay to remove the guarantees) because the
Company has no present intention or need to attempt settlement of any of
the guarantees.
Outlook
- -------
The Company is evaluating various alternative investment strategies for
utilizing cash flow from operations. These alternatives include, but may not
be limited to, new Village Inn restaurant properties, new Bakers Square
restaurant properties, repurchase of common stock, and acquisition of
restaurant concerns in the family style segment.
Certain matters discussed in this report are "forward-looking statements"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such because the context of the
statement will include words such as the Company "believes," "anticipates,"
"expects" or words of similar import. Similarly, statements that describe the
Company's future plans, objectives or goals are also forward-looking
statements. Such forward-looking statements are subject to certain risk and
uncertainties which are described in close proximity to such statements and
which could cause actual results to differ materially from those currently
anticipated. Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements made herein are only made as of
the date of this report and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events or
circumstances.
PART II - OTHER INFORMATION
Item 6: Exhibits and Reports on Form 8-K.
(a) Exhibits
(27) Financial data schedule.
(b) Reports on Form 8-K.
None.
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.
VICORP Restaurants, Inc.
---------------------------------------
(Registrant)
March 9, 1999 By: /s/ Charles R. Frederickson
---------------------------------------
Charles R. Frederickson
Chairman of the Board
President and Chief Executive Officer
March 9, 1999 By: /s/ Richard E. Sabourin
---------------------------------------
Richard E. Sabourin,
Executive Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM VICORP
RESTAURANTS, INC. BALANCE SHEETS AND STATEMENTS OF OPERATIONS AS OF
JANUARY 24, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> JAN-24-1999
<CASH> 9,110
<SECURITIES> 0
<RECEIVABLES> 2,766
<ALLOWANCES> 0
<INVENTORY> 5,195
<CURRENT-ASSETS> 22,060
<PP&E> 300,306
<DEPRECIATION> 169,929
<TOTAL-ASSETS> 195,299
<CURRENT-LIABILITIES> 40,327
<BONDS> 1,519
0
0
<COMMON> 455
<OTHER-SE> 140,561
<TOTAL-LIABILITY-AND-EQUITY> 141,016
<SALES> 83,377
<TOTAL-REVENUES> 84,093
<CGS> 26,385
<TOTAL-COSTS> 26,385
<OTHER-EXPENSES> 46,557
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 239
<INCOME-PRETAX> 4,775
<INCOME-TAX> 1,743
<INCOME-CONTINUING> 3,032
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,032
<EPS-PRIMARY> .33
<EPS-DILUTED> .33
</TABLE>
