This document consists of 16
pages, of which this page
is number 1.
FORM 10-Q
UNITED STATES 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 December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-11250
DIONEX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 94-2647429
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1228 Titan Way, Sunnyvale, California 94086
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408) 737-0700
NONE
(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_____
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of February 8, 2000:
CLASS NUMBER OF SHARES
Common Stock 22,069,080
<PAGE>
DIONEX CORPORATION
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS Page
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 1999 and June 30, 1999............... 3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended December 31, 1999 and 1998..... 4
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Six months Ended December 31, 1999 and 1998 5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended December 31, 1999 and 1998....... 6-7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS........................................ 8-9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS................. 10-14
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. 15
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.................... 16
SIGNATURES................................................... 16
<PAGE>
DIONEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
- -------------
December 31, June 30,
ASSETS 1999 1999
(unaudited)
Current assets:
Cash and equivalents (including invested cash
of $5,485 at December 31, 1999 and $5,987
at June 30, 1999)............................ $ 9,555 $ 11,336
Accounts receivable (net of allowance for
doubtful accounts of $909 at December 31,
1999 and $812 at June 30, 1999).............. 40,543 39,996
Inventories.................................... 14,350 12,702
Deferred tax benefits.......................... 11,025 10,361
Prepaid expenses and other..................... 2,601 1,800
Total current assets.................... 78,074 76,195
Property, plant and equipment, net............... 40,763 39,306
Intangible assets................................ 9,383 9,924
Marketable equity securities..................... 20,306 14,452
Other assets .................................... 6,485 6,797
$155,011 $146,674
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable to banks......................... $ 1,661 $ 796
Accounts payable............................... 5,780 6,049
Accrued liabilities............................ 19,597 21,361
Income taxes payable........................... 4,504 8,533
Accrued product warranty....................... 4,818 4,701
Total current liabilities............... 36,360 41,440
Deferred taxes and other ........................ 10,202 8,506
Long-term debt................................... 356 990
Stockholders' equity:
Preferred stock (par value $.001 per share;
1,000,000 shares authorized; none
outstanding)................................. - -
Common stock (par value $.001 per share;
80,000,000 shares authorized; outstanding:
22,233,080 shares at December 31, 1999 and
22,314,442 shares at June 30, 1999).......... 55,305 46,445
Retained earnings.............................. 45,578 46,677
Accumulated other comprehensive income......... 7,210 2,616
Total stockholders' equity.............. 108,093 95,738
$155,011 $146,674
See notes to condensed consolidated financial statements.
3
<PAGE>
DIONEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(In thousands, except per share amounts)
- ------------------
1999 1998
(unaudited)
Net sales............................................. $48,060 $44,505
Cost of sales......................................... 15,020 14,340
Revaluation of acquired inventory..................... - 1,952
Gross profit.......................................... 33,040 28,213
Operating expenses:
Selling, general and administrative................. 15,037 13,644
Research and product development.................... 3,836 3,592
Write-off of in-process research and development.... - 4,991
Total operating expenses......................... 18,873 22,227
Operating income...................................... 14,167 5,986
Interest income....................................... 236 197
Interest expense...................................... (138) (118)
Income before taxes on income......................... 14,265 6,065
Taxes on income....................................... 4,636 2,032
Net income............................................ $ 9,629 $ 4,033
Basic earnings per share.............................. $ .43 $ .18
Diluted earnings per share............................ $ .41 $ .17
Shares used in computing per share amounts:
Basic ............................................ 22,232 22,196
Diluted .......................................... 23,503 23,516
See notes to condensed consolidated financial statements.
4
<PAGE>
DIONEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(In thousands, except per share amounts)
- ------------------
1999 1998
(unaudited)
Net sales............................................ $89,850 $79,350
Cost of sales........................................ 28,594 25,371
Revaluation of acquired inventory.................... - 1,952
Gross profit......................................... 61,256 52,027
Operating expenses:
Selling, general and administrative................ 28,780 25,160
Research and product development................... 7,507 7,027
Write-off of in-process research and development... - 4,991
Total operating expenses........................ 36,287 37,178
Operating income..................................... 24,969 14,849
Interest income...................................... 456 455
Interest expense..................................... (239) (143)
Income before taxes on income........................ 25,186 15,161
Taxes on income...................................... 8,185 5,079
Net income........................................... $17,001 $10,082
Basic earnings per share............................. $ .76 $ .45
Diluted earnings per share........................... $ .72 $ .43
Shares used in computing per share amounts:
Basic ............................................. 22,247 22,242
Diluted ........................................... 23,597 23,463
See notes to condensed consolidated financial statements.
5
<PAGE>
DIONEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(In thousands)
- ------------------
1999 1998
(unaudited)
Cash and equivalents provided by (used for):
Cash flows from operating activities:
Net income............................................ $ 17,001 $10,082
Adjustments to reconcile net income to net cash
provided by operating activities:
Write-off of in-process research and development.... - 4,991
Depreciation and amortization......................... 2,250 1,602
Deferred taxes...................................... (894) (1,393)
Changes in assets and liabilities:
Accounts receivable............................... 1,026 1,069
Inventories....................................... (1,408) 2,612
Prepaid expenses and other assets................. (796) (772)
Accounts payable.................................. (383) (1,758)
Accrued liabilities............................... (1,959) 3,824
Income taxes payable.............................. (4,118) (2,267)
Accrued product warranty.......................... 94 172
Net cash provided by operating activities............. 10,813 18,162
Cash flows from investing activities:
Purchase of temporary cash investments.............. - (3,500)
Proceeds from maturities of temporary
cash investments................................. - 9,350
Purchase of property, plant and equipment........... (2,650) (5,709)
Acquisition of Softron, net of cash acquired........ - (23,206)
Other............................................... 188 102
Net cash used for investing activities................ (2,462) (22,963)
Cash flows from financing activities:
Net change in notes payable to banks................ 250 1,058
Sale of common stock................................ 9,826 4,809
Repurchase of common stock.......................... (19,066) (5,647)
Lease obligations and other......................... (94) (462)
Net cash used for financing activities................ (9,084) (242)
Effect of exchange rate changes on cash............... (1,048) (1,248)
Net decrease in cash and equivalents.................. (1,781) (6,291)
Cash and equivalents, beginning of period............. 11,336 13,184
Cash and equivalents, end of period................... $ 9,555 $ 6,893
(continued)
6
<PAGE>
DIONEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(In thousands)
- ------------------
1999 1998
(unaudited)
(continued)
Supplemental disclosures of cash flow information:
Income taxes paid................................. $6,311 $5,365
Interest paid..................................... $ 266 $ 144
Noncash investing activities:
Common stock issued in connection with acquisition
of Softron GmbH................................. - $1,388
See notes to condensed consolidated financial statements.
7
<PAGE>
DIONEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
- ------------------
1. Basis of Presentation
The condensed consolidated financial statements included
herein have been prepared by the Company, without audit,
pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote
disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such
rules and regulations, although the Company believes the
disclosures which are made are adequate to make the
information presented not misleading. It is suggested that
these condensed consolidated financial statements be read in
conjunction with the consolidated financial statements and
the notes thereto included in the Company's Annual Report to
Stockholders for the fiscal year ended June 30, 1999.
The unaudited condensed consolidated financial statements
included herein reflect all adjustments (which include only
normal, recurring adjustments) which are, in the opinion of
management, necessary to state fairly the results for the
periods presented. The results for such periods are not
necessarily indicative of the results to be expected for the
entire fiscal year ending June 30, 2000.
2. Inventories
Inventories consist of (in thousands):
December 31, June 30,
1999 1999
Finished goods $ 5,351 $ 5,035
Work in process 3,757 2,426
Raw materials and subassemblies 5,242 5,241
$14,350 $12,702
3. Income Taxes
The effective income tax rate for the first six months of
fiscal 2000 was 32.5%, compared to 33.5% reported in the
same period of fiscal 1999.
8
<PAGE>
DIONEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
- ------------------
4. Comprehensive Income
Components of comprehensive income include net income,
foreign currency translation adjustments and unrealized gain
on equity securities available for sale. As such,
Accumulated Other Comprehensive Income in the Condensed
Consolidated Balance Sheets represents cumulative foreign
currency translation adjustments and unrealized gain on
equity securities available for sale. Comprehensive income
was $14,474,000 and $6,157,000 for the three months ended
December 31, 1999 and 1998, respectively, and $21,594,000
and $13,167,000 for the six months ended December 31, 1999
and 1998, respectively.
5. Net Income Per Share
Basic earnings per share excludes dilution and is computed
by dividing net income by the weighted average of common
shares outstanding for the period. Diluted earnings per
share reflects the potential dilution from securities and
other contracts which are exercisable or convertible into
common stock. Diluted earnings per share is computed by
dividing net income by the weighted average number of common
shares that would have been outstanding during the period
assuming the issuance of common shares for all dilutive
potential common shares outstanding. The difference between
the number of shares outstanding for basic and diluted
earnings per share is due to stock options outstanding
during the period.
6. Common Stock Repurchases
During the second quarter of fiscal 2000, the Company
repurchased 200,700 shares of its common stock on the open
market, bringing the cumulative number of shares repurchased
during the first half of the year to 453,800 shares compared
with 267,600 shares repurchased in the same period of the
previous fiscal year. During all of fiscal 1999, the
Company repurchased 501,500 shares.
9
<PAGE>
DIONEX CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations - Three Months Ended December 31, 1999 and
1998
Net sales for the second quarter of fiscal 2000 were $48.1 million,
an increase of 8% from the $44.5 million reported for the same
period last year. The Company experienced strong sales growth in
North America and Japan. Demand for products in certain markets in
Europe was weak during the quarter. Had currency rates been the
same as in last year's second quarter, sales growth would have been
9%.
Gross margin for the second quarter of fiscal 2000 was 68.7%
compared with 63.4% for the second quarter last year. Excluding a
nonrecurring charge related to the sale of inventory acquired which
had been written up as part of the purchase accounting of $2.0
million, gross margin in the same period last year was 67.8%. The
higher gross margin was attributable to lower manufacturing costs
partially offset by the inclusion of Softron, whose products have a
lower gross margin than Dionex's historical product margins. There
were no significant selling price changes between these periods.
Operating expenses of $18.9 million for the second quarter of
fiscal 2000 were down $3.3 million. The decrease was due to the
write-off in the second quarter of fiscal 1999 of in-process
research and development acquired. Excluding the nonrecurring
write-off, operating expenses increased $1.7 million, or 10%. As a
percentage of sales, operating expenses, were 39% of sales,
unchanged from the 39% reported in the same period last year,
excluding the nonrecurring charge. Selling, general and
administrative expenses (SG&A) of $15.0 million increased $1.4
million, or 10%, compared with $13.6 million reported in the same
period last year. The increase in SG&A expenses was primarily due
to higher selling related expenses.
Research and development (R&D) costs of $3.8 million increased
$244,000, or 6%, from the $3.6 million, reported in the same period
last year. The increase was attributable to the inclusion of
Softron. The level of R&D spending varies depending on both the
breadth of the Company's R&D efforts and the stage of specific
product development.
10
<PAGE>
DIONEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
- ------------------
Interest income was $236,000 for the second quarter of fiscal 2000,
$39,000 higher than the $197,000 reported in the second quarter
last year. The increase in interest income was due to higher
average cash balances.
Interest expense was $138,000, an increase of $20,000 compared with
$118,000 reported in the second quarter last year. The increase
was due to additional short-term borrowings.
The effective tax rate for the second quarter of fiscal 2000 was
32.5%, compared with 33.5% in the second quarter a year ago.
Variations in the tax rate reflect changes in the mix of taxable
income among the various tax jurisdictions in which the Company
does business.
Net income in the second quarter of fiscal 2000 was $9.6 million
compared with the $4.0 million reported in the second quarter last
year. Basic and diluted earnings per share were $.43 and $.41
respectively, compared with $.18 and $.17 reported for the same
period last year. The nonrecurring charges reduced basic and
diluted earnings per share in fiscal 1999 by $.21 and $.20,
respectively.
11
<PAGE>
Results of Operations - Six months ended December 31, 1999 and
1998
Net sales for the six months ended December 31, 1999 were $89.9
million, an increase of 13%, compared with the $79.4 million
reported for the same period last year. The Company experienced
strong sales growth in North America and Japan. Sales in Europe
weakened in the second quarter of fiscal 2000. Currency
fluctuations had no affect on sales growth during the first half
of fiscal 2000.
Gross margin for the first six months of fiscal 2000 was 68.2%
compared with 65.6% reported for the same period last year.
Excluding a nonrecurring charge in the first half of fiscal 1999
related to the sale of inventory acquired which had been written
up as part of the purchase accounting, gross margin was 68.0%.
There were no significant selling price changes between these
periods.
Operating expenses for the six months ended December 31 1999 were
$36.3 million, a decrease of $900,000 compared with $37.2 million
reported for the same period last year. Excluding the
nonrecurring write-off of in-process research and development,
operating expenses increased $4.1 million, or 13%, and as a
percentage of sales, operating expenses were 40%, compared with
41% from the same period last year. SG&A expenses were $28.8
million, an increase of $3.6 million or 14%, compared with $25.2
million reported for the same period last year. The increase in
SG&A expenses was attributable to the inclusion of Softron for
the full six months and increased selling related costs.
R&D expenses for the six months ended December 31, 1999 were $7.5
million, an increase of $480,000, or 7%, from the $7.0 million
reported in the same six-month period last year. The increase
was attributable to the inclusion of Softron and an increase in
personnel related costs. The level of R&D spending varies
depending on both the breadth of the Company's R&D efforts and
the stage of specific product development.
Interest income for the six months ended December 31, 1999 was
$456,000, virtually unchanged from the same period last year.
Interest expense of $239,000 was $96,000 higher than the $143,000
reported for the first half last year. The interest expense
increase was due to additional short-term borrowings.
The effective tax rate for the first six months of fiscal 2000
was 32.5%, compared with 33.5% in the first half a year ago.
Variations in the tax rate reflect changes in the mix of taxable
income among the various tax jurisdictions in which the Company
does business.
12
<PAGE>
Net income in the first half of fiscal 2000 was $17.0 million
compared with $10.1 million reported in the same period last year.
Basic and diluted earnings per share were $.76 and $.72 respectively,
compared with $.45 and $.43 per share in same period of last year.
The nonrecurring acquisition related charges reduced basic and
diluted earnings per share by $.21 and $.20, respectively during the
first six months of fiscal 1999. Basic and diluted earnings per
share were favorably affected by the Company's stock repurchase
program.
Liquidity and Capital Resources
At December 31, 1999, the Company had cash and cash investments of
$9.6 million. The Company's working capital was $41.7 million at
December 31, 1999, an increase of $6.9 million from the $34.8 million
reported at June 30, 1999. Cash generated by operating activities
for the six months ended December 31, 1999 was $10.8 million compared
with $18.2 million for the same period last year. The decrease in
spending cash flow was due to an increase in inventory and lower
accrued liabilities. During the first half of fiscal 2000 the
Company repurchased 453,800 shares for $19.1 million.
Capital expenditures during the first half of fiscal 2000 were $2.7
million. This includes $1.2 million in construction in progress
related to the building project in Japan.
At December 31, 1999, the Company had outstanding borrowings of $1.7
million consisting of borrowings by its Japanese subsidiary and
Softron. At December 31, 1999, the Company had bank lines of credit
totaling $38.4 million. The Company believes its cash flow from
operations, its existing cash and cash investments and its bank lines
of credit will be adequate to meet its cash requirements for the
remainder of the fiscal year.
The impact of inflation on Dionex Corporation's financial position
and results of operations was not significant during the six months
ended December 31, 1999.
Year 2000 Compliance
Many older computer software programs refer to years in terms of
their final two digits only. Such programs may interpret the year
2000 to mean the year 1900 instead. If not corrected, those programs
could cause date-related transaction failures. Beginning in fiscal
1997, the Company started a process to review its internal systems
for year 2000 compliance. Testing of the internal systems was
substantially completed during fiscal 1998 and the Company believes
its current internal systems are compliant. Dionex believes the
products it is currently shipping are year 2000 compliant as well.
To date, the Company has spent approximately $150,000 related to year
2000 compliance, primarily in capital expenditures to replace certain
predecessor capital items. The Company has not experienced any
significant year 2000 disruptions related to its internal systems or
its products.
13
<PAGE>
The Company has made public statements to customers regarding the
state of year 2000 preparedness for its products; however, the
possibility of product liability claims still exists. To date, the
Company has not received communications from any of its major
customers regarding year 2000 disruptions. Additionally, the Company
contacted numerous vendors to assess their progress in addressing the
year 2000 issue. To date, the Company has not received any
communication from any of its vendors concerning year 2000
disruptions. Based upon results to date and our assessments and
testing, the Company does not believe that the year 2000 issue will
have a material adverse effect on the Company's financial position,
results of operation or cash flows. If any disruptions do occur, the
Company's financial position and results of operations could be
materially adversely affected. The Company believes it has adequate
resources and would use them to resolve significant year 2000 issues
in a timely manner.
Forward-looking statements
Except for historical information contained herein, the above
discussion contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, Section 21E of
the Securities and Exchange Act of 1934, as amended and the Private
Securities Litigation Reform Act of 1995, and are made under the safe
harbor provisions thereof. Such statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those discussed here. Such risks and uncertainties
include: general economic conditions, foreign currency fluctuations,
new product development, including market receptiveness, fluctuation
in worldwide demand for analytical instrumentation, competition from
other products, existing product obsolescence, the ability to
manufacture products on an efficient and timely basis and at a
reasonable cost and in sufficient volume, the ability to attract and
retain talented employees and other risks as described in more detail
in the Company's Form 10-K for the year ended June 30, 1999. Readers
are cautioned not to place undue reliance on these forward-looking
statements which reflect management's analysis only as of the date
hereof. The Company undertakes no obligation to publicly release the
results of any revision to these forward-looking statements which may
be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
14
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
On October 27, 1999, the Company held its annual meeting for
the following purposes: (1) to elect directors, (2) to
approve an amendment to the Company's Certificate of
Incorporation increasing the number of authorized shares from
40,000,000 to 80,000,000, (3) to approve an amendment to the
Dionex Corporation Stock Option Plan increasing the aggregate
number of shares of common stock authorized for issuance by
650,000 shares and (4) to ratify the selection of Deloitte &
Touche LLP as the Company's independent auditors for its
fiscal year ending June 30, 2000. A description of these
matters is contained in the Company's Proxy Statement, dated
September 13, 1999, relating to the 1999 Annual Meeting of
Stockholders.
There were 22,306,404 shares of the Company's common stock
entitled to vote at the Annual Meeting of Stockholders based
on the September 7, 1999 record date. The Company solicited
proxies pursuant to Regulation 14 of the Securities Exchange
Act of 1934 and there was no solicitation in opposition to
management's nominees for directors as listed in the proxy
statement. Each director received a minimum of 18,731,333
votes, which represented at least 84% of the outstanding
common shares entitled to vote.
The shareholders approved the amendment to the Company's
Certificate of Incorporation with 16,662,268 votes for,
2,462,201 votes against and 60,280 votes abstaining.
The shareholders approved the amendment to the Dionex
Corporation Stock Option Plan with 13,573,427 votes for,
5,057,836 votes against and 553,486 votes abstaining.
The shareholders voted to ratify the selection of Deloitte &
Touche LLP as the Company's independent auditors for its
fiscal year ending June 30, 2000.
15
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule for the period ended
December 31, 1999.
(b) Reports on Form 8-K.
The Company did not file any reports on Form 8-K
during the quarter ended December 31, 1999.
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.
DIONEX CORPORATION
(Registrant)
Date: February 11, 2000 By:/s/ A. Blaine Bowman
A. Blaine Bowman
President, Chief Executive Officer
By:/s/ Craig A. McCollam
Craig A. McCollam
Vice President, Finance and
Administration
(Principal Financial and
Accounting Officer)
16
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
condensed consolidated financial statements included in the Form 10-Q of Dionex
Corporation for the quarter ended December 31, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 9555
<SECURITIES> 0
<RECEIVABLES> 40543
<ALLOWANCES> 909
<INVENTORY> 14350
<CURRENT-ASSETS> 78074
<PP&E> 61062
<DEPRECIATION> 20299
<TOTAL-ASSETS> 155011
<CURRENT-LIABILITIES> 36360
<BONDS> 0
0
0
<COMMON> 55305
<OTHER-SE> 52788
<TOTAL-LIABILITY-AND-EQUITY> 155011
<SALES> 89850
<TOTAL-REVENUES> 89850
<CGS> 28594
<TOTAL-COSTS> 28594
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 239
<INCOME-PRETAX> 25186
<INCOME-TAX> 8185
<INCOME-CONTINUING> 17001
<DISCONTINUED> 0
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<CHANGES> 0
<NET-INCOME> 17001
<EPS-BASIC> .76
<EPS-DILUTED> .72
</TABLE>