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 March 31, 1997
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 March 31, 1997: 18,616,491
----------
NBTY, INC. and SUBSIDIARIES
INDEX
<TABLE>
<S> <C> <C>
PART I Financial Information
Condensed Consolidated Balance Sheets - March 31, 1997 and
September 30, 1996 1 - 2
Condensed Consolidated Statements of Operations - Three
Months Ended March 31, 1997 and 1996 3
Condensed Consolidated Statements of Operations - Six Months
Ended March 31, 1997 and 1996 4
Condensed Consolidated Statements of Cash Flows -Six months
Ended March 31, 1997 and 1996 5 - 6
Notes to Condensed Consolidated Financial Statements 7 - 9
Management's Discussion and Analysis of Financial Condition
and Results of Operations 10 - 13
PART II Other Information 14
Signature 15
</TABLE>
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
March 31, September 30,
1997 1996
------------ -------------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 9,766,465 $ 9,292,374
Short-term investments 15,676,044 11,024,624
Accounts receivable, less allowance for doubtful
accounts of $1,000,148 in 1997 and $793,669
in 1996 15,251,916 11,625,112
Inventories 46,401,336 38,070,071
Deferred income taxes 3,155,163 3,155,163
Prepaid catalog costs and other current assets 6,630,776 5,682,874
-----------------------------
Total current assets 96,881,700 78,850,218
Property, plant and equipment 98,081,957 89,082,883
less accumulated depreciation and amortization 29,850,233 27,351,258
-----------------------------
68,231,724 61,731,625
Intangible assets, net 3,807,991 3,974,573
Other assets 688,792 993,785
-----------------------------
Total assets $ 169,610,207 $145,550,201
=============================
</TABLE>
See notes to consolidated condensed financial statements.
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
March 31, September 30,
1997 1996
------------ -------------
(Unaudited)
<S> <C> <C>
Current liabilities:
Current portion of long-term debt and capital
lease obligations $ 974,685 $ 934,887
Accounts payable 19,622,866 10,943,228
Accrued expenses 19,350,556 14,704,507
----------------------------
Total current liabilities 39,948,107 26,582,622
Long-term debt 14,917,127 15,178,412
Obligations under capital leases 2,984,517 3,219,127
Deferred income taxes 2,827,198 2,827,198
Other liabilities 792,985 792,985
----------------------------
Total liabilities 61,469,934 48,600,344
Commitments and contingencies
Stockholders' equity:
Common stock, $.008 par; authorized 25,000,000
shares; issued 20,104,676 shares in 1997 and
20,079,676 in 1996 and outstanding 18,616,491
shares in 1997 and 18,592,119 shares in 1996 160,838 160,638
Capital in excess of par 56,225,185 56,012,910
Retained earnings 54,932,692 44,008,465
----------------------------
111,318,715 100,182,013
Less 1,488,185 and 1,487,557 treasury shares at
cost, in 1997 and 1996, respectively 2,663,167 2,648,256
Stock subscriptions receivable 515,275 583,900
----------------------------
Total stockholders' equity 108,140,273 96,949,857
----------------------------
Total liabilities and stockholders' equity $169,610,207 $145,550,201
============================
</TABLE>
See notes to consolidated condensed financial statements.
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the three months
ended March 31,
1997 1996
----------- -----------
<S> <C> <C>
Net sales $75,018,983 $55,604,762
--------------------------
Costs and expenses:
Cost of sales 35,676,560 27,844,549
Catalog printing, postage and promotion 5,891,318 4,985,003
Selling, general and administrative 20,436,739 15,101,162
--------------------------
62,004,617 47,930,714
--------------------------
Income from operations 13,014,366 7,674,048
--------------------------
Other income (charges):
Interest expense (406,601) (333,619)
Miscellaneous, net 115,617 161,726
--------------------------
(290,984) (171,893)
--------------------------
Income before income taxes 12,723,382 7,502,155
Income taxes 5,089,353 2,925,841
--------------------------
Net income $ 7,634,029 $ 4,576,314
==========================
Earnings per common share and common share
equivalents $ 0.38 $ 0.23
==========================
Weighted average common shares and common
share equivalents 20,054,743 19,922,954
==========================
</TABLE>
See notes to consolidated condensed financial statements.
NBTY, INC. and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the six months
ended March 31,
1997 1996
------------ -----------
<S> <C> <C>
Net sales $122,346,697 $94,193,889
---------------------------
Costs and expenses:
Cost of sales 58,247,421 48,654,777
Catalog printing, postage and promotion 9,941,476 9,549,182
Selling, general and administrative 35,408,674 28,617,069
---------------------------
103,597,571 86,821,028
---------------------------
Income from operations 18,749,126 7,372,861
---------------------------
Other income (charges):
Interest expense (868,920) (638,517)
Miscellaneous, net 326,839 356,185
---------------------------
(542,081) (282,332)
---------------------------
Income before income taxes 18,207,045 7,090,529
Income taxes 7,282,818 2,765,356
---------------------------
Net income $ 10,924,227 $ 4,325,173
===========================
Earnings per common share and common share
equivalents $ 0.54 $0.22
===========================
Weighted average common shares and common
share equivalents 20,049,144 19,891,479
===========================
</TABLE>
See notes to consolidated condensed financial statements.
NBTY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the six months
ended March 31,
1997 1996
----------- -----------
<S> <C> <C>
Net income $10,924,227 $ 4,325,173
Adjustments to reconcile net income to cash provided by
operating activities:
Loss on sale of property, plant and equipment 25,526
Depreciation and amortization 2,965,656 2,641,608
Provision for allowance for doubtful accounts 206,479 82,943
Changes in assets and liabilities, net of acquistions:
(Increase) decrease in accounts receivable (4,155,384) 1,250,338
Increase in inventories (8,331,265) (2,170,262)
Increase in prepaid catalog costs and other current
assets (947,902) (2,530,162)
Decrease other assets 287,930 1,858,906
Increase (decrease) in accounts payable 8,679,638 (105,686)
Increase in accrued expenses 4,904,274 70,770
--------------------------
Net cash provided by operating activities 14,559,179 5,423,628
--------------------------
Cash flow from investing activities:
Increase in intangible assets (53,369)
Purchase of property, plant and equipment (9,327,787) (10,979,874)
Proceeds from sale of property, plant and equipment 20,150
Purchase of short-term investments (4,651,420)
Proceeds from sale of direct-mail cosmetics business 350,000
Receipt of payments from direct-mail cosmetics business 322,101 247,101
--------------------------
Net cash used in investing activities (13,636,956) (10,436,142)
--------------------------
Cash flows from financing activities:
Borrowings under long term debt agreements 2,268,770
Principal payments under long-term debt agreements and
capital leases (456,096) (227,395)
Purchase of treasury stock (14,911) (172,118)
Proceeds from stock options exercised 22,875
--------------------------
Net cash (used in) provided by financing activities (448,132) 1,869,257
--------------------------
Net increase (decrease) in cash and cash equivalents 474,091 (3,143,257)
Cash and cash equivalents at beginning of year 9,292,374 10,378,476
--------------------------
Cash and cash equivalents at end of quarter $ 9,766,465 $ 7,235,219
==========================
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest $ 868,920 $ 633,642
Cash paid during the period for taxes $ 4,676,791 $ 68,131
==========================
</TABLE>
See notes to consolidated condensed financial statements.
NBTY, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended March 31, 1997 and 1996
Supplemental non-cash investing and financing information:
The Company entered into capital leases for machinery and equipment
aggregating $2,268,770 for the six months ended March 31, 1996.
During the first six months of 1997, options were exercised with 25,000
shares of common stock issued to certain officers for $22,875. As a
result of the exercise of those options, the Company received a
compensation deduction for tax purposes of approximately $474,000 and
a tax benefit of approximately $190,000. An additional 628 NBTY common
shares were surrendered to the Company, at market price, in payment of
a stock subscription receivable and interest in 1997. The average cost
of shares was $22.50 in 1997.
During the first six months of 1996, options were exercised with 860,000
shares of common stock issued to certain officers for an interest
bearing note in the amount of $583,900. As a result of the exercise of
those options, the Company received a compensation deduction for tax
purposes of approximately $3,065,000 and a tax benefit of
approximately $1,200,000.
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 inventory note was repaid in full in October
1996. In April 1997, the Company received $725,000 as a final payment
of the customer list note.
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 March 31,
1997 and results of operations for the three and six months ended
March 31, 1997 and 1996 and statements of cash flows for the six
months ended March 31, 1997 and 1996. The consolidated condensed
balance sheet as of September 30, 1996 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, 1996.
2. The results of operations and cash flows for the six months ended
March 31, 1997 are not necessarily indicative of the results to be
expected for the full year.
3. Sale of Direct-Mail Cosmetic Business:
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 inventory note was repaid in
full in October 1996. In April 1997, the Company received $725,000
as a final payment of the customer list note.
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>
March 31, September 30,
1997 1996
----------- -------------
(UNAUDITED)
<S> <C> <C>
Raw materials and work-in-process $24,057,864 $18,654,335
Finished goods 22,343,472 19,415,736
---------------------------
$46,401,336 $38,070,071
===========================
</TABLE>
5. Intangible assets, at cost, acquired at various dates are as follows:
<TABLE>
<CAPTION>
March 31, September 30,
1997 1996
----------- -------------
(UNAUDITED)
<S> <C> <C>
Goodwill $ 469,400 $ 469,400
Customer lists 8,783,475 8,783,475
Trademark and licenses 1,201,205 1,201,205
Covenants not to compete 1,304,538 1,304,538
---------------------------
11,758,618 11,758,618
Less, accumulated amortization 7,950,627 7,784,045
---------------------------
$ 3,807,991 $ 3,974,573
===========================
</TABLE>
6. Accrued expenses:
<TABLE>
<CAPTION>
March 31, September 30,
1997 1996
----------- -------------
(UNAUDITED)
<S> <C> <C>
Payroll and related payroll taxes $ 2,739,546 $ 2,730,453
Customer deposits 1,226,448 1,862,837
Accrued purchases 3,450,321 1,765,420
Income taxes payable 5,130,801 2,670,270
Other 6,803,439 5,675,527
---------------------------
$19,350,555 $14,704,507
===========================
</TABLE>
7. Treasury stock. The Company purchased 31,000 shares for $172,118 for
the six months ended March 31, 1996 in open market transactions
using working capital. The average price per share was $5.55. An
additional 628 NBTY common shares were surrendered to the Company
at market price in payment of a stock subscription receivable and
interest in 1997. The average cost of shares was $22.50 in 1997.
8. Earnings per share are based on the weighted average number of common
shares and common equivalent shares outstanding during the three
and six month periods ended March 31, 1997 and 1996. The
calculation of earnings per share include 1,442,640 and 1,387,121
common stock equivalent shares for the three months periods ended
March 31, 1997 and 1996. The calculation of earnings per share
include 1,447,143 and 1,539,328 common stock equivalent shares for
the six month periods ended March 31, 1997 and 1996.
9. During the first six months of 1997, options were exercised with
25,000 shares of common stock issued to certain officers for
$22,875. As a result of the exercise of those options, the Company
received a compensation deduction for tax purposes of
approximately $474,000 and a tax benefit of approximately
$190,000. An additional 628 NBTY common shares were surrendered to
the Company, at market price, in payment of a stock subscription
receivable and interest in 1997. The average cost of shares was
$22.50 in 1997.
During the first six months of 1996, options were exercised with
860,000 shares of common stock issued to certain officers for an
interest bearing note in the amount of $583,900. As a result of
the exercise of those options, the Company received a compensation
deduction for tax purposes of approximately $3,065,000 and a tax
benefit of approximately $1,200,000.
In November 1995, options were exercised with shares of common stock
issued to certain officers for an interest bearing note in the
amount of $437,500. As a result of the exercise of those options,
the Company received a compensation deduction for tax purposes of
approximately $2,362,500 and a tax benefit of approximately
$920,000.
The following is a summary of changes in outstanding options for the
Company's Stock Option Plans for the six month period ended March
31, 1997:
<TABLE>
<CAPTION>
Exercise Price
--------------
<S> <C> <C>
Shares under option, September 30, 1996
(fully exercisable) 1,523,000 $.63 - $.92
Options exercised (25,000) $.92
---------
Shares exercisable, March 31, 1997
(fully exercisable) 1,498,000 $.63 - $.92
=========
</TABLE>
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 Six months
ended ended
March 31, March 31,
---------------- ----------------
1997 1996 1997 1996
------ ------ ------ ------
<S> <C> <C> <C> <C>
Net sales . . . . . . . . . . . . . . . . . . . . . 100.0% 100.0% 100.0% 100.0%
Cost and expenses:
Cost of sales . . . . . . . . . . . . . . . . . . 47.6 50.1 47.6 51.7
Catalog printing, postage and promotion . . . . . 7.9 9.0 8.1 10.1
Selling, general and administrative . . . . . . . 27.2 27.2 28.9 30.4
-----------------------------------
82.7 86.3 84.6 92.2
-----------------------------------
Income from operations. . . . . . . . . . . . . . . 17.3 13.7 15.4 7.8
Other income (expenses), net. . . . . . . . . . . . (0.4) (0.3) (0.4) (0.3)
-----------------------------------
Income before income taxes. . . . . . . . . . . . . 16.9 13.4 15.0 7.5
Income taxes. . . . . . . . . . . . . . . . . . . . 6.7 5.2 6.1 2.9
-----------------------------------
Net income. . . . . . . . . . . . . . . . . . . . . 10.2% 8.2% 8.9% 4.6%
===================================
</TABLE>
Results of Operations
- ---------------------
For the three months ended March 31, 1997 compared to the three months
ended March 31, 1996:
Net sales. Net sales in the second quarter ended March 31, 1997 were
$75,018,983 compared with $55,604,762 for the prior comparable
period, an increase of $19,414,221 or 34.9%. Mail order sales were
$37.9 million, compared to $29.0 for the prior comparable period
(increase of $8.9 million or 30.8%), wholesale sales were $27.7
million compared to $21.8 million (increase of $5.9 million or
27.2%) and retail operations were $9.4 million compared to $4.8
million (increase of $4.6 million or 94.6%) due to an increase in
the number of retail stores over the comparable period.
Approximately 30 new products were introduced during the current
three months.
Costs and expenses. Cost of sales as a percentage of sales was 47.6%
for 1997 and 50.1% for 1996. The decrease was associated with
lower raw material costs, manufacturing efficiencies and changes
in product mix.
Catalog printing, postage, and promotion expenses were $5,891,318 in
1997, an increase of $906,315 (18.2% increase), from $4,985,003 in
1996. The increase was primarily attributable to national
television advertising for the mail order division. As a
percentage of sales, expenses were 7.9% for the current quarter
and 9.0% for the prior comparable quarter.
For the three months ended March 31, 1997 compared to the three months
ended March 31, 1996:
Selling, general and administrative expenses were $20,436,739 for the
quarter, or 27.2% as a percentage of sales, compared with
$15,101,162, or 27.2% as a percentage of sales, an increase of
$5,335,577 (35.3% increase). The largest segments are indirect
salaries, fringe benefits, freight and building. Increases were
primarily in indirect salaries, building, freight and outside
services. These expenses increased due to the retail store
expansion and the opening of the international mail order
operations.
Other income includes rental income of $87,238 and $135,663 in 1997
and 1996, respectively.
Income before income taxes was $12,723,382 for 1997 and $7,502,155 for
1996. After income taxes, the Company had a net profit of
$7,634,029 (or earnings per share of $0.38) for the three month
period ended March 31, 1997, and $4,576,314 (or earnings per
share of $0.13) for the three months ended March 31, 1996.
For the six months ended March 31, 1997 compared to the six months ended
March 31, 1996:
Net sales. Net sales in the six months ended March 31, 1997 were
$122,346,697 compared with $94,193,889 for the prior comparable
period, an increase of $28,152,808 or 29.9%. Mail order sales were
$52.5 million, compared to $41.5 for the prior comparable period
(increase of $11.0 million or 26.6%), wholesale sales were $51.9
million compared to $43.2 million (increase of $8.7 million or
20.1%) and retail operations were $17.9 million compared to $9.3
million (increase of $8.6 million or 91.4%) due to an increase in
the number of retail stores over the comparable periods.
Approximately 55 new products were introduced over the past six
months. Sales for the Company's new mail order operation in the
United Kingdom were $1.2 million in 1997 and $0.1 in 1996.
Costs and expenses. Cost of sales as a percentage of sales was 47.6%
for 1997 and 51.7% for 1996. The decrease was associated with
lower raw material costs, manufacturing efficiencies and changes
in product mix.
Catalog printing, postage, and promotion expenses were $9,941,476 in
1997, an increase of $392,294 (4.1% increase), from $9,549,182 in
1996. As a percentage of sales, expenses were 8.1% for the current
six months and 10.1% for the prior comparable six months. The
increase was primarily attributable to national television
advertising and number of catalogs mailed for the mail order
division.
For the six months ended March 31, 1997 compared to the six months ended
March 31, 1996:
Selling, general and administrative expenses were $35,408,674, or
28.9% as a percentage of sales, compared with $28,617,069, or
30.4% as a percentage of sales, an increase of $6,791,605 (or
23.7%). The largest segments are legal, indirect salaries, fringe
benefits, freight and building. Increases were primarily in
indirect salaries, building, freight and outside services. These
expenses increased due to the retail store expansion and the
opening of the international mail order operations.
Other income includes rental income of $233,901 and $271,325 in 1997
and 1996, respectively.
Income before income taxes was $18,207,045 for 1997 and $7,090,529 for
1996. After income taxes, the Company had a net profit of
$10,924,227 (or earnings per share of $0.54) for the six month
period ended March 31, 1997, and $4,325,173 (or earnings per
share of $0.22) for the six months ended March 31, 1996.
Liquidity and Capital Resources
- -------------------------------
The Company believes it has adequate working capital to meet its
obligations in the normal course of business. 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 March 31, 1999. At March 31, 1997, 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. The Company renewed a $10,000,000 capital
lease facility.
Capital improvements:
The Company has committed to a $4 million automated picking and
packing system for its mail-order distribution which will be
funded by lease financing.
Net cash provided by operating activities was $14,559,179 and
$5,423,628 in 1997 and 1996, respectively. Net cash used in
investing activities was $13,636,956 and $10,436,142 in 1997 and
1996, respectively. Net cash used in financing activities was
$448,132 in 1997 and provided by financing activities was
$1,869,257 in 1996.
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 inventory note was repaid in
full in October 1996. In April 1997, the Company received $725,000
as a final payment of the customer list note.
Management believes that inflation did not have a significant
impact on operations.
This filing contains certain forward-looking statements and
information to the Company that are based on the beliefs of
management, as well as assumptions made by and information
currently available to the Company's management. When used in
this document, the words "anticipate," "believe," "estimate," and
"expect" and similar expressions, as they relate to the Company
are intended to identify forward-looking statements. Such
statements reflect the current views of the Company with respect
to future events and are subject to certain risks, uncertainties
and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated or expected. The
Company does not intend to update these forward-looking
statements.
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, 1996.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities Not applicable.
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 second quarter of the
fiscal year ending September 30, 1997.
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 May 2, 1997
/s/ Harvey Kamil
---------------------------------------
Harvey Kamil, Executive Vice President,
Secretary (Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 9,766,465
<SECURITIES> 0
<RECEIVABLES> 16,252,064
<ALLOWANCES> 1,000,148
<INVENTORY> 46,401,336
<CURRENT-ASSETS> 96,881,700
<PP&E> 98,081,957
<DEPRECIATION> 29,850,233
<TOTAL-ASSETS> 169,610,207
<CURRENT-LIABILITIES> 39,948,107
<BONDS> 18,876,330
0
0
<COMMON> 160,838
<OTHER-SE> 107,979,435
<TOTAL-LIABILITY-AND-EQUITY> 169,610,207
<SALES> 122,346,697
<TOTAL-REVENUES> 122,346,697
<CGS> 58,247,421
<TOTAL-COSTS> 58,247,421
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 868,920
<INCOME-PRETAX> 18,207,045
<INCOME-TAX> 7,282,818
<INCOME-CONTINUING> 10,924,227
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,924,227
<EPS-PRIMARY> 0.54
<EPS-DILUTED> 0.54
</TABLE>
