UNITED STATES
SECURITIES AND 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 March 31, 1998
or
[ ]Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission file number 1-7297
NICOR INC.
(Exact name of registrant as specified in its charter)
Illinois 36-2855175
(State of incorporation) (I.R.S. Employer
Identification No.)
1844 Ferry Road
Naperville, Illinois 60563-9600
(Address of principal (Zip Code)
executive offices)
630 305-9500
(Registrant's telephone number)
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 and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]
Shares of common stock, par value $2.50, outstanding at April 30, 1998, were
47,975,248.
Nicor Inc. Page i
Table of Contents
Page
Part I. Financial Information
Item 1. Financial Statements (Unaudited) 1
Consolidated Statement of Income -
Three and Twelve Months Ended
March 31, 1998 and 1997 2
Consolidated Statement of Cash Flows -
Three and Twelve Months Ended
March 31, 1998 and 1997 3
Consolidated Balance Sheet -
March 31, 1998 and 1997, and
December 31, 1997 4
Notes to the Consolidated Financial Statements 5
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 7
Part II. Other Information
Item 1. Legal Proceedings 12
Item 6. Exhibits and Reports on Form 8-K 12
Signature 13
Exhibit Index 14
Selected Terms:
Ill.C.C. - Illinois Commerce Commission.
Mcf, Bcf - Thousand cubic feet, billion cubic feet.
TEU - Twenty-foot equivalent unit.
Degree days - The extent to which the daily average
temperature falls below 65 degrees
Fahrenheit.
Nicor Inc. Page 1
PART I - Financial Information
Item 1. Financial Statements
The following condensed unaudited financial statements of
Nicor Inc. have been prepared by the company pursuant to the rules
and regulations of the Securities and Exchange Commission (SEC).
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
SEC rules and regulations. The condensed financial statements
should be read in conjunction with the financial statements and the
notes thereto included in the company's latest Annual Report on
Form 10-K.
The information furnished reflects, in the opinion of the company,
all adjustments (consisting only of normal recurring adjustments)
necessary for a fair statement of the results for the interim
periods presented. Because of seasonal and other factors, the
results for the interim periods presented are not necessarily
indicative of the results to be expected for the full fiscal year.
<TABLE>
Nicor Inc. Page 2
Consolidated Statement of Income (Unaudited)
(Millions, except per share data)
<CAPTION>
Three months ended Twelve months ended
March 31 March 31
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Operating revenues $ 562.3 $ 900.0 $1,654.9 $ 2,049.8
Operating expenses
Cost of gas 318.2 632.9 849.5 1,236.6
Operating and maintenance 82.2 80.8 341.7 331.6
Depreciation 53.3 52.2 132.3 128.1
Taxes, other than income taxes 43.7 60.9 109.9 129.2
497.4 826.8 1,433.4 1,825.5
Operating income 64.9 73.2 221.5 224.3
Other income (expense)
Interest income .5 .4 3.0 1.6
Other, net 3.2 1.7 14.8 3.7
3.7 2.1 17.8 5.3
Income before interest on debt
and income taxes 68.6 75.3 239.3 229.6
Interest on debt, net of amounts capitalized 13.1 13.2 49.0 49.3
Income before income taxes 55.5 62.1 190.3 180.3
Income taxes 19.3 21.7 66.7 64.2
Income from continuing operations 36.2 40.4 123.6 116.1
Income from discontinued operations,
net of income taxes - - - 15.0
Net income 36.2 40.4 123.6 131.1
Dividends on preferred stock .1 - .3 .4
Earnings applicable to common stock $ 36.1 $ 40.4 $ 123.3 $ 130.7
Basic earnings per average share of common stock
Continuing operations $ .75 $ .82 $ 2.54 $ 2.33
Discontinued operations - - - .30
$ .75 $ .82 $ 2.54 $ 2.63
Average shares of common stock outstanding 48.1 49.3 48.5 49.8
Diluted earnings per average share of common stock
Continuing operations $ .75 $ .82 $ 2.53 $ 2.33
Discontinued operations - - - .30
$ .75 $ .82 $ 2.53 $ 2.63
Average dilutive shares of common stock 48.3 49.3 48.6 49.8
Dividends declared per share of common stock $ .37 $ .35 $ 1.42 $ 1.34
<F1>
The accompanying notes are an integral part of this statement.
</TABLE>
<TABLE>
Nicor Inc. Page 3
Consolidated Statement of Cash Flows (Unaudited)
(Millions)
<CAPTION>
Three months ended Twelve months ended
March 31 March 31
1998 1997 1998 1997
Operating activities
<S> <C> <C> <C> <C> <C>
Net income $ 36.2 $ 40.4 $ 123.6 $ 131.1
Adjustments to reconcile net income to net cash flow
provided from operating activities:
Depreciation 53.3 52.2 132.3 128.1
Deferred income tax expense (benefit) 4.4 (2.9) (7.0) 6.1
Change in working capital items and other:
Receivables, less allowances 65.3 (52.1) 102.8 (84.1)
Gas in storage 116.0 109.6 10.2 .2
Deferred/accrued gas costs 5.6 123.3 (41.5) 144.6
Accounts payable (34.4) (136.4) 10.0 (116.8)
Temporary LIFO liquidation 53.6 95.0 (41.4) (1.7)
Other (11.0) 26.1 (44.1) (9.8)
Net cash flow provided from operating activities 289.0 255.2 244.9 197.7
Investing activities
Capital expenditures (21.3) (20.0) (114.3) (120.4)
Short-term investments (4.9) (7.4) (5.0) 1.8
Other .2 (.5) 2.2 .3
Net cash flow used for investing activities (26.0) (27.9) (117.1) (118.3)
Financing activities
Net proceeds from issuing long-term debt 49.4 - 148.5 74.2
Disbursements to retire long-term debt (104.5) (25.0) (157.1) (25.0)
Short-term borrowings (repayments), net (174.9) (171.3) (16.7) (6.9)
Dividends paid (17.0) (16.4) (68.4) (66.2)
Disbursements to reacquire stock (7.9) (14.4) (42.9) (45.7)
Other (.5) (.2) 1.1 5.7
Net cash flow used for financing activities (255.4) (227.3) (135.5) (63.9)
Net increase (decrease) in cash and cash equivalents 7.6 - (7.7) 15.5
Cash and cash equivalents, beginning of period 5.2 20.5 20.5 5.0
Cash and cash equivalents, end of period $ 12.8 $ 20.5 $ 12.8 $ 20.5
Supplemental information
Income taxes paid, net of refunds $ 2.8 $ 3.7 $ 65.4 $ 77.1
Interest paid, net of amounts capitalized 18.0 20.6 47.9 48.7
<F1>
The accompanying notes are an integral part of this statement.
</TABLE>
<TABLE>
Nicor Inc. Page 4
Consolidated Balance Sheet (Unaudited)
(Millions)
<CAPTION>
March 31 December 31 March 31
Assets 1998 1997 1997
Current assets
<S> <C> <C> <C> <C> <C> <C>
Cash and cash equivalents $ 12.8 $ 5.2 $ 20.5
Short-term investments, at cost which approximates market 25.1 20.2 20.1
Receivables, less allowances of $9.4, $8.6 and
$10.4, respectively 289.3 354.6 392.1
Gas in storage, at last-in, first-out (LIFO) cost 11.8 127.8 8.6
Other 27.9 27.0 18.3
366.9 534.8 459.6
Property, plant and equipment, at cost
Gas distribution 3,042.8 3,026.8 2,972.7
Shipping 241.3 240.4 234.5
Other .6 .5 1.6
3,284.7 3,267.7 3,208.8
Less accumulated depreciation 1,581.7 1,531.9 1,469.7
1,703.0 1,735.8 1,739.1
Other assets 133.9 124.0 95.0
$ 2,203.8 $ 2,394.6 $ 2,293.7
Liabilities and Capitalization
Current liabilities
Long-term obligations due within one year $ 25.4 $ 25.4 $ 25.0
Short-term borrowings 104.0 278.9 120.7
Accounts payable 209.7 241.9 197.5
Temporary LIFO liquidation 53.6 - 95.0
Accrued gas costs 30.7 25.1 72.2
Other 56.4 50.3 61.0
479.8 621.6 571.4
Deferred credits and other liabilities
Deferred income taxes 221.1 214.9 213.9
Regulatory income tax liability 81.0 81.7 83.2
Unamortized investment tax credits 45.7 46.2 47.9
Other 114.5 129.6 138.1
462.3 472.4 483.1
Capitalization
Long-term debt 500.5 550.2 493.3
Preferred stock
Redeemable 6.3 6.3 7.4
Nonredeemable .1 .1 .1
Common equity
Common stock 120.1 120.5 122.7
Paid-in capital - - 10.4
Retained earnings 634.7 623.5 605.3
1,261.7 1,300.6 1,239.2
$ 2,203.8 $ 2,394.6 $ 2,293.7
<F1>
The accompanying notes are an integral part of this statement.
</TABLE>
Nicor Inc. Page 5
Notes to the Consolidated Financial Statements (Unaudited)
ACCOUNTING POLICIES
Depreciation. Depreciation for the gas distribution segment is calculated
using a straight-line method for the calendar year. For interim periods,
depreciation is allocated based on gas deliveries.
Gas in Storage. Gas in storage injections and withdrawals are valued using
the last-in, first-out (LIFO) method on a calendar-year basis. For interim
periods, the difference between current replacement cost and the LIFO cost
for quantities of gas temporarily withdrawn from storage is recorded in cost
of gas as a temporary LIFO liquidation.
NEW ACCOUNTING PRONOUNCEMENT
In March 1998, the American Institute of Certified Public Accountants issued
Statement of Position 98-1, Accounting for the Costs of Computer Software
Developed or Obtained for Internal Use. This statement provides guidance on
accounting for the costs of computer software developed or obtained for
internal use and is required to be adopted no later than the company's 1999
fiscal year. The company plans to modify its method of capitalization of
such costs by adopting this statement prospectively on January 1, 1999. The
company is currently evaluating this statement but does not expect it to
have a material impact on its financial condition or results of operations.
LONG-TERM DEBT
In February 1998, Nicor Gas issued $50 million of 6.58% First Mortgage Bonds
due in 2028. A portion of the net proceeds from the sale replenished
corporate funds used for the February 1998 maturity of $25 million of 5-7/8%
First Mortgage Bonds. The remainder, along with other corporate funds, was
used to redeem $75 million of 8-1/4% First Mortgage Bonds in March 1998.
CONTINGENCIES
The company is involved in legal or administrative proceedings before
various courts and agencies with respect to rates, taxes and other matters.
Current environmental laws may require cleanup of certain former
manufactured gas plant sites. To date, Nicor Gas has identified about 40
properties for which it may, in part, be responsible. The majority of these
properties are not presently owned by the company. Information regarding
preliminary site reviews has been presented to the Illinois Environmental
Protection Agency. More detailed investigations and remedial activities are
either in progress or planned at many of these sites. The results of
continued testing and analysis should determine to what extent additional
remediation is necessary and may provide a basis for estimating any
additional future costs which, based on industry experience, could be
significant. In accordance with Ill.C.C. authorization, the company has
been recovering these costs from its customers.
Nicor Inc. Page 6
Notes to the Consolidated Financial Statements (Unaudited)(Concluded)
On December 20, 1995, Nicor Gas filed suit in the Circuit Court of Cook
County against certain insurance carriers seeking recovery of environmental
cleanup costs of certain former manufactured gas plant sites. Presently,
management cannot predict the outcome of this lawsuit. Any recoveries from
such litigation or other sources will be flowed back to the company's
customers.
Although unable to determine the outcome of these contingencies, management
believes that appropriate accruals have been recorded. Final disposition of
these matters is not expected to have a material impact on the company's
financial condition or results of operations.
Nicor Inc. Page 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
OVERVIEW
The following discussion should be read in conjunction with the Management's
Discussion and Analysis section of the Nicor 1997 Annual Report on
Form 10-K.
Nicor's first quarter 1998 income from continuing operations was
$36.2 million compared with $40.4 million in the first quarter of 1997, and
diluted earnings per common share from continuing operations were $.75
compared with $.82 a year ago. The decrease was due to the impact of
17 percent warmer weather on the operating results of the gas distribution
segment. Positive factors for the quarter included a 9 percent reduction in
operating and maintenance expenses in the gas distribution segment and
improved operating results in the shipping segment. Per share results also
benefited from the positive impact of stock repurchase programs.
Income from continuing operations for the twelve-months ended March 31 rose
to $123.6 million in 1998 from $116.1 million a year ago. Positive factors
during the period included lower operating and maintenance expenses in the
gas distribution business, additional gains from property sales, the
positive impact of tax-related matters and improved operating results in the
shipping segment. These factors were partially offset by the impact of
10 percent warmer weather. Diluted earnings per common share from
continuing operations were $2.53 compared with $2.33. Per share results
also benefited from the positive impact of stock repurchase programs.
Operating income (loss) for the periods ended March 31 by business segment
was (millions):
Three months Twelve months
1998 1997 1998 1997
Gas distribution $ 59.6 $ 68.3 $201.4 $208.0
Shipping 6.4 5.6 26.1 20.9
Corporate and other (1.1) (.7) (6.0) (4.6)
$ 64.9 $ 73.2 $221.5 $224.3
The following summarizes operating income comparisons by business segment:
- - Gas distribution operating income decreased $8.7 million and
$6.6 million for the three- and twelve-month periods, respectively,
due to warmer weather. At 586 degree days warmer than normal, this
year's first quarter was the second warmest this century. The
negative impact of warmer weather was partially offset by lower
operating and maintenance expenses.
- - Shipping operating income increased $.8 million and $5.2 million for
the three- and twelve-month periods, respectively, due to higher
volumes shipped.
Nicor Inc. Page 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
RESULTS OF OPERATIONS
Details of various financial and operating information by segment can be
found in the tables on pages 10 and 11. The following summarizes the major
changes in Nicor's revenues and expenses.
Operating revenues decreased $337.7 million to $562.3 million and
$394.9 million to $1,654.9 million for the three- and twelve-month periods,
respectively. For both periods, the decrease was due primarily to lower
revenues in the gas distribution segment, resulting principally from lower
gas supply costs, which are passed through to customers, and the impact of
warmer weather.
Gas distribution margin, defined as operating revenues less cost of gas and
revenue taxes, which are both passed directly through to customers, is shown
in the following table for the periods ended March 31. Margin decreased in
both periods due to the impact of warmer weather. The increase in margin
per Mcf delivered was due, in part, to the impact of a reduction in lower
margin deliveries due to warmer weather.
Three months Twelve months
1998 1997 1998 1997
Gas distribution margin
(Millions) $148.3 $159.6 $484.7 $493.3
Margin per Mcf delivered .79 .74 .93 .91
Operating and maintenance expenses increased $1.4 million and $10.1 million
for the three- and twelve-month periods, respectively, due primarily to
higher volume-related costs in the shipping segment and an increase in
expenses related to another unregulated Nicor venture which more than offset
lower costs in the gas distribution segment. Operating and maintenance
expenses in the gas distribution segment decreased in both periods due, in
part, to lower retirement benefits costs, resulting principally from
favorable pension fund investment returns. The three-month period was also
positively impacted by a reduction in the provision for uncollectible
accounts related to lower operating revenues.
Other income increased $1.6 million and $12.5 million for the three- and
twelve-month periods, respectively. Both periods benefited from additional
gains from property sales. The twelve-month period also included the
positive impact of a change in interest on tax matters.
The company has been evaluating its discontinued operations reserve and it
appears that a reduction to the reserve may be appropriate in the near future.
Nicor Inc. Page 9
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (Continued)
FINANCIAL CONDITION
Net cash flow from operating activities increased $33.8 million and
$47.2 million for the three- and twelve-month periods, respectively, due
primarily to the timing of gas cost recoveries in the gas distribution
segment. The working capital component of net cash flow from operating
activities can swing sharply due primarily to certain gas distribution
factors including weather, the timing of collections from customers and gas
purchasing practices. The company generally relies on short-term financing
to meet temporary increases in working capital needs.
Nicor and its gas distribution subsidiary maintain short-term credit
agreements with major domestic and foreign banks. At March 31, 1998, these
agreements, which serve as backup for the issuance of commercial paper,
totaled $280 million and the company had $104 million of commercial paper
outstanding. At March 31, 1998, the unused lines of credit under these
credit agreements were $176 million.
In February 1998, Nicor Gas issued $50 million of 6.58% First Mortgage Bonds
due in 2028. A portion of the net proceeds from the sale replenished
corporate funds used for the February 1998 maturity of $25 million of 5-7/8%
First Mortgage Bonds. The remainder, along with other corporate funds, was
used to redeem $75 million of 8-1/4% First Mortgage Bonds in March 1998.
Under an existing common stock repurchase program, Nicor purchased and
retired 189,100 common shares during the first quarter of 1998 at an
aggregate cost of $7.8 million.
Effective with the dividend paid on May 1, 1998, Nicor's quarterly dividend
on common stock was increased 5.7 percent to 37 cents per share.
OTHER
Viking Voyageur Pipeline Project. In April 1998, Northern States Power
announced its withdrawal from the Viking Voyageur Pipeline project citing
the project's inability to obtain adequate commitment from producers. This
event did not have a material impact on the company's financial condition
or results of operations. Nicor and TransCanada Pipelines continue to be
committed to evaluating options that will meet the growing needs of the
Midwest market.
New Accounting Pronouncement. In March 1998, the American Institute of
Certified Public Accountants issued Statement of Position 98-1, Accounting
for the Costs of Computer Software Developed or Obtained for Internal Use.
This statement is not expected to have a material impact on the company's
financial condition or results of operations. For further information, see
New Accounting Pronouncement on page 5.
<TABLE>
Nicor Inc. Page 10
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations (Continued)
OPERATING STATISTICS
Gas Distribution
Changes in weather can materially affect operating results. Operating revenues, deliveries, weather
statistics and other data are presented below.
<CAPTION>
Three months ended Twelve months ended
March 31 March 31
1998 1997 1998 1997
Operating revenues (Millions):
Sales
<S> <C> <C> <C> <C>
Residential $ 329.7 $ 534.5 $ 921.1 $1,157.1
Commercial 89.5 158.9 245.5 323.5
Industrial 13.7 28.5 42.0 59.8
432.9 721.9 1,208.6 1,540.4
Transportation
Commercial 16.8 18.2 53.9 53.7
Industrial 10.5 13.8 45.1 49.9
27.3 32.0 99.0 103.6
Revenue taxes and other 44.0 66.0 107.2 133.7
$ 504.2 $ 819.9 $1,414.8 $1,777.7
Deliveries (Bcf):
Sales
Residential 87.9 106.7 214.5 238.7
Commercial 22.9 31.1 56.9 66.2
Industrial 3.7 5.0 11.6 13.3
114.5 142.8 283.0 318.2
Transportation
Commercial 26.1 28.3 63.8 68.0
Industrial 48.1 43.8 172.3 155.8
74.2 72.1 236.1 223.8
188.7 214.9 519.1 542.0
Average gas cost per Mcf sold $ 2.76 $ 4.17 $ 2.92 $ 3.61
Weather statistics:
Degree days 2,573 3,102 5,725 6,328
Percent colder (warmer) than normal (19) (2) (6) 3
Customers at end of period (Thousands):
Sales
Residential 1,720.4 1,695.1
Commercial 143.7 142.9
Industrial 11.1 11.6
1,875.2 1,849.6
Transportation
Commercial 19.2 18.3
Industrial 3.1 2.7
22.3 21.0
1,897.5 1,870.6
</TABLE>
<TABLE>
Nicor Inc. Page 11
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations (Concluded)
OPERATING STATISTICS (Concluded)
Shipping
<CAPTION>
Three months ended Twelve months ended
March 31 March 31
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Operating revenues (Millions) $ 55.1 $ 50.4 $ 217.8 $ 200.7
Operating income (Millions) $ 6.4 $ 5.6 $ 26.1 $ 20.9
TEUs shipped (Thousands)
Southbound 29.4 24.9 114.6 101.3
Northbound 3.2 3.3 14.4 14.4
Interisland 2.9 2.2 14.7 8.1
35.5 30.4 143.7 123.8
Revenue per TEU $ 1,504 $ 1,587 $ 1,471 $ 1,548
Ports served 25 27
Vessels owned 14 14
</TABLE>
Nicor Inc. Page 12
PART II - Other Information
Item 1. Legal Proceedings
For information concerning legal proceedings, see Contingencies in
Notes to the Consolidated Financial Statements beginning on page 5,
which is incorporated herein by reference.
Item 6. Exhibits and Reports on Form 8-K
(a) See Exhibit Index on page 14 filed herewith.
(b) The company did not file a report on Form 8-K during the first
quarter of 1998.
Nicor Inc. Page 13
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 thereunto duly authorized.
Nicor Inc.
Date May 13, 1998 By DAVID L. CYRANOSKI
David L. Cyranoski
Senior Vice President,
Secretary and Controller
Nicor Inc. Page 14
Exhibit Index
Exhibit
Number Description of Document
27.01 Financial Data Schedule.
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED STATEMENT OF INCOME, THE CONSOLIDATED BALANCE SHEET AND THE
CONSOLIDATED STATEMENT OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,599
<OTHER-PROPERTY-AND-INVEST> 104
<TOTAL-CURRENT-ASSETS> 367
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 134
<TOTAL-ASSETS> 2,204
<COMMON> 120
<CAPITAL-SURPLUS-PAID-IN> 0
<RETAINED-EARNINGS> 635
<TOTAL-COMMON-STOCKHOLDERS-EQ> 755
6
0
<LONG-TERM-DEBT-NET> 471
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 29
<COMMERCIAL-PAPER-OBLIGATIONS> 104
<LONG-TERM-DEBT-CURRENT-PORT> 25
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 814
<TOT-CAPITALIZATION-AND-LIAB> 2,204
<GROSS-OPERATING-REVENUE> 562
<INCOME-TAX-EXPENSE> 19
<OTHER-OPERATING-EXPENSES> 498
<TOTAL-OPERATING-EXPENSES> 517
<OPERATING-INCOME-LOSS> 45
<OTHER-INCOME-NET> 4
<INCOME-BEFORE-INTEREST-EXPEN> 49
<TOTAL-INTEREST-EXPENSE> 13
<NET-INCOME> 36
0
<EARNINGS-AVAILABLE-FOR-COMM> 36
<COMMON-STOCK-DIVIDENDS> 18
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 289
<EPS-PRIMARY> .75
<EPS-DILUTED> .75
</TABLE>
