UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the period ended June 30, 1996
Commission File Number: 0-10666
-------
NBTY, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 11-2228617
-------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
90 Orville Drive, Bohemia, NY 11716
---------------------------------------- -----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (516) 567-9500
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 and Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registration was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO
--- ---
Shares of Common Stock as of June 30, 1996: 18,592,119
----------
NBTY, INC. and SUBSIDIARIES
INDEX
PART I Financial Information
Condensed Consolidated Balance Sheets -
June 30, 1996 and September 30, 1995 1 - 2
Condensed Consolidated Statements of Income -
Three Months Ended June 30, 1996 and 1995 3
Condensed Consolidated Statements of Income -
Nine months Ended June 30, 1996 and 1995 4
Condensed Consolidated Statements of Cash Flows -
Nine months Ended June 30, 1996 and 1995 5 - 6
Notes to Condensed Consolidated Financial Statements 7 - 9
Management's Discussion and Analysis
of Financial Condition and Results of Operations 10 - 12
PART II Other Information 13
Signature 14
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
----------- -------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 13,584,283 $ 10,378,476
Accounts receivable, less allowance for
doubtful accounts of $746,060 at
June 30, 1996 and $576,579 at
September 30, 1995 12,732,324 12,354,545
Inventories 35,804,517 36,972,592
Deferred income taxes 1,846,875 1,846,875
Prepaid catalog costs and other
current assets 10,669,718 6,170,243
------------ ------------
Total current assets 74,637,717 67,722,731
Property, plant and equipment 84,867,483 70,737,588
less accumulated depreciation
and amortization 25,903,766 22,413,012
------------ ------------
58,963,717 48,324,576
Intangible assets, net 4,141,482 5,813,031
Deferred income taxes 574,611 574,611
Other assets 318,232 1,668,309
------------ ------------
Total assets $138,635,759 $124,103,258
============ ============
</TABLE>
See notes to condensed consolidated financial statements.
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
----------- -------------
(Unaudited)
<S> <C> <C>
Current liabilities:
Current portion of long-term debt
and capital lease obligations $ 915,610 $ 358,675
Accounts payable 11,328,180 16,411,562
Accrued expenses 12,586,083 10,287,989
------------ ------------
Total current liabilities 24,829,873 27,058,226
Long-term debt and capital lease
obligations, less current portion 18,634,683 10,924,454
Deferred income taxes 2,736,148 2,736,148
Other liabilities 792,985 768,985
------------ ------------
Total liabilities 46,993,689 41,487,813
Commitments and contingencies
Stockholders' equity:
Common stock, $.008 par; authorized
25,000,000 shares; issued 20,079,676
shares in 1996 and 19,207,676 in 1995 and
outstanding 18,592,119 shares in 1996 and
17,766,119 in 1995 160,638 153,662
Capital in excess of par 55,969,182 54,151,206
Retained earnings 38,744,406 30,656,586
------------ ------------
94,874,226 84,961,454
Less 1,487,557 treasury shares at cost,
at June 30, 1996 and 1,441,557
treasury shares at September 30, 1995 2,648,256 2,346,009
Stock subscriptions receivable 583,900
------------ ------------
Total stockholders' equity 91,642,070 82,615,445
------------ ------------
Total liabilities and
stockholders' equity $138,635,759 $124,103,258
============ ============
</TABLE>
See notes to condensed consolidated financial statements.
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the three months
ended June 30,
1996 1995
----------- -----------
<S> <C> <C>
Net sales $47,899,663 $41,649,806
----------- -----------
Costs and expenses:
Cost of sales 23,446,374 21,085,603
Catalog printing, postage and promotion 3,690,819 5,049,906
Selling, general and administrative 14,165,346 13,479,144
----------- -----------
41,302,539 39,614,653
----------- -----------
Income from operations 6,597,124 2,035,153
----------- -----------
Other income (charges):
Interest expense (378,980) (271,305)
Miscellaneous, net 284,545 239,721
----------- -----------
(94,435) (31,584)
----------- -----------
Income before income taxes 6,502,689 2,003,569
Income taxes 2,740,042 851,428
----------- -----------
Net income $ 3,762,647 $ 1,152,141
=========== ===========
Earnings per common share and
common share equivalents $0.19 $0.06
===== =====
Weighted average common shares
and common share equivalents 19,991,675 19,899,088
========== ==========
</TABLE>
See notes to condensed consolidated financial statements.
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the nine months
ended June 30,
1996 1995
------------ ------------
<S> <C> <C>
Net sales $142,093,552 $130,072,605
------------ ------------
Costs and expenses:
Cost of sales 72,101,151 65,908,535
Catalog printing, postage and promotion 13,240,001 14,671,813
Selling, general and administrative 42,782,415 41,470,539
------------ ------------
128,123,567 122,050,887
------------ ------------
Income from operations 13,969,985 8,021,718
------------ ------------
Other income (charges):
Interest expense (1,017,497) (789,435)
Miscellaneous, net 640,730 755,308
------------ ------------
(376,767) (34,127)
------------ ------------
Income before income taxes 13,593,218 7,987,591
Income taxes 5,505,398 3,345,087
------------ ------------
Net income $ 8,087,820 $ 4,642,504
============ ============
Earnings per common share and
common share equivalents $0.41 $0.23
===== =====
Weighted average common shares
and common share equivalents 19,939,374 20,009,232
========== ==========
</TABLE>
See notes to condensed consolidated financial statements.
NBTY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For the nine months
ended June 30,
1996 1995
----------- -----------
<S> <C> <C>
Net income $ 8,087,820 $ 4,642,504
Adjustments to reconcile net income to
cash provided by operating activities:
Gain on sale of property, plant and equipment (2,250)
Depreciation and amortization 4,003,164 3,650,650
Provision (recovery) for allowance for
doubtful accounts 169,481 (53,995)
Increase in deferred taxes 150,000
Changes in assets and liabilities:
Decrease (increase) in accounts receivable 1,297,204 (142,686)
Decrease in inventories 229,671 1,659,183
Increase in income tax receivable (245,115)
Increase in prepaid catalog
costs and other current assets (4,499,475) (1,152,448)
Decrease in other assets 2,547,275 753,267
(Decrease) increase in accounts payable (5,083,382) 945,691
Increase in accrued expenses 2,298,094 1,486,965
----------- -----------
Net cash provided by operating activities 9,047,602 11,694,016
----------- -----------
Cash flow from investing activities:
Increase in intangible assets (40,047) (1,003,038)
Purchase of property, plant and equipment (14,129,895) (10,287,594)
Proceeds from sale of property,
plant and equipment 2,250
Proceeds from sale of direct-mail
cosmetics business 350,000
----------- -----------
Net cash used in investing activities (13,817,692) (11,290,632)
----------- -----------
Cash flows from financing activities:
Net payments under line of credit agreement (5,000,000)
Borrowings under long term debt agreement 6,000,000 2,400,000
Principal payments under long-term
debt agreements (165,653) (713,173)
Proceeds from capital lease agreements 2,635,412 702,500
Repayment of capital lease obligations (202,595)
Purchase of treasury stock (302,247) (1,483,287)
Proceeds from stock options exercised 10,980 24,000
----------- -----------
Net cash provided by (used in)
financing activities 7,975,897 (4,069,960)
----------- -----------
Net increase (decrease) in cash and cash
equivalents 3,205,807 (3,666,576)
Cash and cash equivalents at beginning of year 10,378,476 5,900,594
----------- -----------
Cash and cash equivalents at end of quarter $13,584,283 $ 2,234,018
=========== ===========
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest $ 1,012,622 $ 800,095
Cash paid during the period for taxes $ 2,178,025 $ 1,287,065
=========== ===========
</TABLE>
See notes to consolidated condensed financial statements.
NBTY, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended June 30, 1996 and 1995
Supplemental non-cash investing and financing information:
During the first nine months of fiscal 1996, options were exercised
with 872,000 shares of common stock issued to certain officers and directors
for $10,980 and interest bearing notes in the amount of $583,900. As a
result of the exercise of these options, the Company is entitled to a
compensation deduction for tax purposes of approximately $3,150,000 and it
is estimated that such compensation deduction will ultimately result in a
tax benefit of approximately $1,230,000 which has been recorded as an
increase in capital in excess of par. In addition, the Company has adjusted
its current liability to recognize the effect of this tax benefit.
On October 9, 1995, the Company sold certain assets of its directmail
cosmetics business for approximately $2,495,000. The Company received
$350,000 in cash and non-interest bearing notes aggregating approximately
$2,145,000 for inventory, a customer list and other intangible assets. The
notes will be paid over a three-year period based on a predetermined formula
with guaranteed minimum payments. A final payment for the remaining
outstanding balance will be made on September 30, 1998.
In December 1994, options were exercised with 430,000 shares of common
stock issued to certain officers and directors for $24,000 and an interest
bearing note in the amount of $191,000. The promissory note, including
interest, was paid by the surrender of 23,153 NBTY common shares to the
Company at the prevailing market price. As a result of the exercise of
these options, the Company was entitled to a compensation deduction for tax
purposes of $1,827,500 and that such compensation deduction resulted in a
tax benefit of approximately $731,000 which was recorded as an increase in
capital in excess of par. In addition, the Company adjusted its current
liability to recognize the effect of this tax benefit.
See notes to condensed consolidated financial statements.
NBTY, INC. and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. In the opinion of the Company, the accompanying unaudited condensed
consolidated financial statements contain all adjustments necessary to
present fairly its financial position as of June 30, 1996 and results of
operations for the three and nine months ended June 30, 1996 and 1995 and
statements of cash flows for the nine months ended June 30, 1996 and 1995.
The consolidated condensed balance sheet as of September 30, 1995 has been
derived from the audited balance sheet as of that date. This report should
be read in conjunction with the Company's annual report filed on Form 10-K
for the fiscal year ended September 30, 1995.
2. The results of operations and cash flows for the nine months ended
June 30, 1996 are not necessarily indicative of the results to be expected
for the full year.
3. On October 9, 1995, the Company sold certain assets of its direct-
mail cosmetics business for approximately $2,495,000. The Company received
$350,000 in cash and non-interest bearing notes aggregating approximately
$2,145,000 for inventory, a customer list and other intangible assets. The
notes will be paid over a three-year period based on a predetermined formula
with guaranteed minimum payments. A final payment for the remaining
outstanding balance will be made on September 30, 1998. Revenues applicable
to this business were $1,615,074 and $7,124,131 for the three and nine
months ended June 30, 1995.
4. Inventories have been estimated by using the gross profit method
for the interim periods. The components of the inventories are as follows:
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
----------- -------------
(UNAUDITED)
<S> <C> <C>
Raw materials and work-in-process $12,988,928 $17,746,844
Finished goods 22,815,589 19,225,748
----------- -----------
$35,804,517 $36,972,592
=========== ===========
</TABLE>
5. Intangible assets, at cost, acquired at various dates are as
follows:
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
----------- -------------
(UNAUDITED)
<S> <C> <C>
Goodwill $ 469,400 $ 469,400
Customer lists 8,783,475 10,540,017
Trademark and licenses 1,201,205 1,134,514
Covenants not to compete 1,304,538 1,304,538
----------- -----------
11,758,618 13,448,469
Less, accumulated amortization 7,617,136 7,635,438
----------- -----------
$ 4,141,482 $ 5,813,031
=========== ===========
</TABLE>
6. Accrued expenses:
<TABLE>
<CAPTION>
June 30, September 30,
1996 1995
----------- -------------
(UNAUDITED)
<S> <C> <C>
Payroll and related payroll taxes $ 1,736,647 $ 2,166,355
Customer deposits 798,532 2,034,175
Accrued purchases 241,685 1,734,844
Income taxes payable 5,236,370 39,815
Other 4,572,849 4,312,800
----------- ------------
$12,586,083 $ 10,287,989
=========== ============
</TABLE>
7. The Company purchased 46,000 shares for $302,247 for the nine
months ended June 30, 1996 and 205,000 shares for the nine months ended June
30, 1995 in open market transactions using working capital. An additional
23,153 shares were surrendered to the Company in payment of stock
subscriptions receivable in 1995. The average cost of shares was $6.57 in
1996 and $6.50 in 1995.
8. Earnings per share are based on the weighted average number of
common shares and common equivalent shares outstanding during the three and
nine month periods ended June 30, 1996 and 1995. The calculation of earnings
per share include common stock equivalent shares for stock options of
1,393,347 and 2,094,506 for the three month periods ended June 30, 1996 and
1995, respectively. The calculation of earnings per share include common
stock equivalent shares for stock options of 1,501,084 and 2,203,506 for the
nine month periods ended June 30, 1996 and 1995, respectively.
9. During the first nine months of fiscal 1996, options were exercised
with 872,000 shares of common stock issued to certain officers and directors
for $10,980 and interest bearing notes in the amount of $583,900. As a
result of the exercise of these options, the Company is entitled to a
compensation deduction for tax purposes of approximately $3,150,000 and it
is estimated that such compensation deduction will ultimately result in a
tax benefit of approximately $1,230,000 which has been recorded as an
increase in capital in excess of par. In addition, the Company has adjusted
its current liability to recognize the effect of this tax benefit.
In December 1994, options were exercised with 430,000 shares of common
stock issued to certain officers and directors for $24,000 and an interest
bearing note in the amount of $191,000. The promissory note, including
interest, was paid by the surrender of 23,153 NBTY common shares to the
Company at the prevailing market price. As a result of the exercise of
these options, the Company was entitled to a compensation deduction for tax
purposes of $1,827,500 and that such compensation deduction resulted in a
tax benefit of approximately $731,000 which was recorded as an increase in
capital in excess of par. In addition, the Company adjusted its current
liability to recognize the effect of this tax benefit.
The following is a summary of changes in outstanding options for the
Company's Stock Option Plans for the nine month period ended June 30, 1996:
<TABLE>
<CAPTION>
Exercise Price
--------------
<S> <C> <C>
Shares under option, September 30,
1995 (fully exercisable) 2,395,000 $.63 - $.92
Options exercised (872,000) $.63 - $.92
---------
Shares exercisable, June 30,
1996 (fully exercisable) 1,523,000 $.63 - $.92
=========
</TABLE>
10. On April 3, 1996, the Company renewed a revolving credit agreement
with two banks that provides for unsecured borrowings up to $15,000,000
which expires June 30, 1999. There were no borrowings under this agreement.
In April 1996, the Company obtained a $6,000,000 first mortgage with a
fixed interest rate of 7.375%, collateralized by the underlying real estate.
The mortgage has monthly principal and interest payments of $55,196 for
fifteen years through 2011.
NBTY, INC. and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of FINANCIAL
CONDITION and RESULTS of OPERATIONS
Results of Operations:
The following table sets forth income statement data of the Company as
a percentage of net sales for the periods indicated:
<TABLE>
<CAPTION>
Three months Nine months
ended ended
June 30, June 30,
-------------- -------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales................................... 100.0% 100.0% 100.0% 100.0%
Cost and expenses:
Cost of sales............................. 48.9 50.6 50.7 50.7
Catalog printing, postage and promotion 7.7 12.1 9.3 11.3
Selling, general and administrative....... 29.6 32.4 30.1 31.9
----- ----- ----- -----
86.2 95.1 90.1 93.9
----- ----- ----- -----
Income from operations...................... 13.8 4.9 9.9 6.1
Other income (expenses), net................ (0.2) (0.1) (0.3) 0.0
----- ----- ----- -----
Income before income taxes................. 13.6 4.8 9.6 6.1
Income taxes................................ 5.7 2.0 3.9 2.5
----- ----- ----- -----
Net income.................................. 7.9% 2.8% 5.7% 3.6%
===== ===== ===== =====
</TABLE>
Results of Operations
- ---------------------
For the three months ended June 30, 1996 compared to the three months
ended June 30, 1995:
Net sales. Net sales in the third quarter ended June 30, 1996 were
$47,899,663 compared with $41,649,806 for the prior like period, an increase
of $6,249,857 or 15.0%. Wholesaleretail sales increased $3.4 million or
14.8%; mail order vitamin sales were $20,911,652 compared to $16,914,033 for
the prior like period, an increase of $3,997,619 or 23.6%. Sales during the
third quarter of 1995 of $1,615,074 was attributed to Beautiful Visions
which was sold October 9, 1995 (see Note 3, sale of direct-mail cosmetics
division).
Costs and expenses. Cost of sales as a percentage of sales was 48.9%
for 1996 and 50.6% for 1995. The decrease was associated with lower raw
material costs, manufacturing efficiencies and changes in product mix.
Catalog printing, postage, and promotion expenses were $3,690,819 in
1996, a decrease of $1,359,087 (26.9% decrease), from $5,049,906 in 1995. As
a percentage of sales, expenses were 7.7% for the current quarter and 12.1%
for the prior like quarter. These costs decreased approximately $729,000 due
to the discontinuance of the Beautiful Visions catalog.
Selling, general and administrative expenses were $14,165,346 for the
quarter, or 29.6% as a percentage of sales, compared with $13,479,144, or
32.4% as a percentage of sales, an increase of $686,202. The largest
segments are indirect salaries, fringe benefits and freight. Indirect
salaries and fringe benefits remained constant while freight increased by
$172,916.
Other income includes rental income of $135,663.
Income before income taxes was $6,502,689 for 1996 and $2,003,569 for
1995. After income taxes, the Company had a net profit of $3,762,647 (or
earnings per share of $0.19) for the quarter ended June 30, 1996, and net
income of $1,152,141 (or earnings per share of $0.06) for the three months
ended June 30, 1995.
For the nine months ended June 30, 1996 compared to the nine months
ended June 30, 1995:
Net sales. Net sales in the nine months ended June 30, 1996 were
$142,093,552 compared with $130,072,605 for the prior like period, an
increase of $12,020,947 or 9.2%. Wholesaleretail sales increased $8.0
million or 11.3%; mail order vitamin sales were $62,341,145 compared to
$51,911,427 for the prior like period, an increase of $10,429,718 or 20.1%.
In 1995, sales of $7,124,131 was attributed to Beautiful Visions which was
sold October 9, 1995 (see Note 3, sale of direct-mail cosmetics division).
Costs and expenses. Cost of sales as a percentage of sales was 50.7%
for 1996 and 1995.
Catalog printing, postage, and promotion expenses were $13,240,001 for
1996 and $14,671,813 for 1995. As a percentage of sales, expenses were 9.3%
for the current nine month period and 11.3% for the prior year. These costs
decreased $1,431,812, primarily due to the discontinuance of the Beautiful
Visions catalog. Long term contract promotions and coop advertising in the
wholesale division were approximately the same as last year.
For the nine months ended June 30, 1996 compared to nine months ended
June 30, 1995:
Selling, general and administrative expenses were $42,782,415 for the
nine months, or 30.1% as a percentage of sales compared with $41,470,539 or
31.9% as a percentage of sales - an increase of $1,311,876. The largest
segments are indirect salaries, fringe benefits and freight. Indirect
salaries remained constant, fringe benefits decreased by $423,420 and
freight increased by $159,630.
Other income includes rental income of $406,988.
Income before income taxes was $13,593,218 for 1996 and $7,987,591 for
1995. After income taxes, the Company had a net profit of $8,087,820 (or
earnings per share of $0.41) for the nine months ended June 30, 1996, and
net income of $4,642,504 (or earnings per share of $0.23) for the prior like
nine months.
Liquidity and Capital Resources
- -------------------------------
The Company believes it has adequate working capital to meet its
obligations in the normal course of business. The Company renewed a three
year $15 million Revolving Credit Agreement which expires June 30, 1999. At
June 30, 1996, there were no borrowings under this Revolver. In April 1996,
the Company obtained a $6,000,000 first mortgage with a fixed interest rate
of 7.375%, collateralized by the underlying building. The mortgage has
monthly principal and interest payments of $55,196 for fifteen years through
2011.
Net cash provided by operating activities was $9,047,602 and
$11,694,016 in 1996 and 1995, respectively. Net cash used in investing
activities was $13,817,692 and $11,290,632 in 1996 and 1995, respectively.
Net cash provided by financing activities was $7,975,897 in 1996 and net
cash used in financing activities was $4,069,960 in 1995.
On October 9, 1995, the Company sold certain assets of its direct-mail
cosmetics business for approximately $2,495,000. The Company received
$350,000 in cash and non-interest bearing notes aggregating approximately
$2,145,000 for inventory, a customer list and other intangible assets. The
notes will be paid over a three-year period based on a predetermined formula
with guaranteed minimum payments. A final payment for the remaining
outstanding balance will be made on September 30, 1998. Revenues applicable
to this business were approximately $1,615,073 and $7,124,131 for the three
and nine months ended June 30, 1995.
Management believes that inflation did not have a significant
impact on operations.
NBTY, INC. AND SUBSIDIARIES
PART II OTHER INFORMATION
Item 1. Legal Proceedings
LITIGATION:
There have been no material developments with respect to
litigation that occurred during this reporting period. Reference
is made to Item 3, Legal Proceedings in Form 10K for the year
ended September 30, 1995.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
There was no Form 8-K filed during the third quarter of the fiscal
year ending September 30, 1996.
NBTY, INC. and SUBSIDIARIES
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 there unto duly authorized.
NBTY, INC.
----------
Date August 6, 1996 Harvey Kamil
------------------------------------------
Harvey Kamil, Executive Vice President,
Secretary (Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-1-1995
<PERIOD-END> JUN-30-1996
<CASH> 13,584,283
<SECURITIES> 0
<RECEIVABLES> 13,478,384
<ALLOWANCES> 746,060
<INVENTORY> 35,804,517
<CURRENT-ASSETS> 74,637,717
<PP&E> 84,867,483
<DEPRECIATION> 25,903,766
<TOTAL-ASSETS> 138,635,759
<CURRENT-LIABILITIES> 24,829,873
<BONDS> 19,550,293
0
0
<COMMON> 160,638
<OTHER-SE> 91,481,432
<TOTAL-LIABILITY-AND-EQUITY> 138,635,759
<SALES> 142,093,552
<TOTAL-REVENUES> 142,093,552
<CGS> 72,101,151
<TOTAL-COSTS> 72,101,151
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,017,497
<INCOME-PRETAX> 13,593,218
<INCOME-TAX> 5,505,398
<INCOME-CONTINUING> 8,087,820
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,087,820
<EPS-PRIMARY> 0.41
<EPS-DILUTED> 0.41
</TABLE>
