FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended August 2, 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 0-7977
---------------
NORDSON CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 34-0590250
- ------------------------------ -----------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
28601 Clemens Road, Westlake, Ohio 44145
- -------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (440) 892-1580
-----------------
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 the latest practicable date: COMMON SHARES WITHOUT PAR
VALUE AS OF AUGUST 2, 1998: 16,350,797
Page 1
<PAGE>
NORDSON CORPORATION
INDEX
Part I - Financial Information Page Number
Condensed Consolidated Statement of Income -
Thirteen and Thirty-Nine Weeks ended
August 2, 1998 and August 3, 1997 3
Condensed Consolidated Balance Sheet -
August 2, 1998 and November 2, 1997 4
Condensed Consolidated Statement of Cash
Flows - Thirty-Nine Weeks ended
August 2, 1998 and August 3, 1997 5
Notes to Condensed Consolidated Financial
Statements 6
Management's Discussion and Analysis of
Financial Condition and Results of Operations 8
Part II - Other Information
Item 5, Other Information 13
Item 6, Exhibits and Reports on Form 8-K 13
Signature 14
Exhibit Index 15
Page 2
<PAGE>
<TABLE>
Part I - Financial Information
NORDSON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Dollars and shares in thousands except for per share amounts)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
August 2, August 3, August 2, August 3,
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Sales $167,171 $158,888 $474,211 $452,293
Cost of sales 73,241 70,087 215,780 193,884
Selling &
administrative
expenses 71,397 70,228 214,988 209,808
Asset impairment,
retirement and
severance costs -- -- 9,718 --
---------- ---------- ---------- ----------
Operating profit 22,533 18,573 33,725 48,601
Other income (expense):
Interest expense (2,505) (1,879) (7,070) (5,891)
Interest and
investment income 199 138 420 509
Other - net 644 1,262 2,228 2,581
---------- ---------- ---------- ----------
Income before income
taxes 20,871 18,094 29,303 45,800
Income taxes 7,096 5,899 9,963 15,458
---------- ---------- ---------- ----------
Net income $ 13,775 $ 12,195 $ 19,340 $ 30,342
========== ========== ========== ==========
Shares used in computing
per share amounts:
Basic 16,358 17,227 16,544 17,379
========== ========== ========== ==========
Diluted 16,465 17,490 16,668 17,675
========== ========== ========== ==========
Earnings per share:
Basic $ .84 $ .71 $ 1.17 $ 1.75
========== ========== ========== ==========
Diluted $ .84 $ .70 $ 1.16 $ 1.72
========== ========== ========== ==========
Dividends per
common share $ .22 $ .20 $ .66 $ .60
========== ========== ========== ==========
<FN>
See accompanying notes.
</TABLE>
Page 3
<PAGE>
<TABLE>
NORDSON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
August 2, 1998 November 2, 1997
-------------- ----------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 7,937 $ 1,517
Marketable securities 30 200
Receivables 148,200 163,692
Inventories 126,168 122,084
Deferred income taxes 25,829 23,263
Prepaid expenses 4,918 8,059
-------- --------
Total current assets 313,082 318,815
Property, plant and equipment 214,534 210,129
Less accumulated depreciation and
amortization of property, plant
and equipment (118,255) (108,462)
Intangible assets - net 58,097 60,378
Other assets 21,160 22,136
-------- --------
$488,618 $502,996
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 84,122 $ 74,500
Accounts payable 27,281 37,699
Current portion of long-term debt 4,180 5,175
Other current liabilities 65,376 61,289
-------- --------
Total current liabilities 180,959 179,663
Long-term debt 65,429 66,502
Other liabilities 44,361 36,286
Shareholders' equity:
Common shares 12,253 12,253
Capital in excess of stated value 77,428 75,899
Cumulative translation adjustments (5,940) (977)
Retained earnings 425,989 417,589
Common shares in treasury, at cost (311,555) (283,816)
Deferred stock-based compensation (306) (403)
-------- --------
Total shareholders' equity 197,869 220,545
-------- --------
$488,618 $502,996
======== ========
<FN>
See accompanying notes.
</TABLE>
Page 4
<PAGE>
<TABLE>
NORDSON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
Thirty Nine Weeks Ended
August 2, 1998 August 3, 1997
-------------- --------------
<S> <C> <C>
Cash flows from operating activities:
Net income $19,340 $30,342
Non-recurring charge 15,670 --
Changes in operating assets and
liabilities (9,969) (6,805)
Other - net 21,696 22,806
-------- --------
47,237 46,343
Cash flows from investing activities:
Additions to property, plant
and equipment (10,029) (11,568)
Proceeds from sale of property,
plant and equipment 47 74
Acquisition of new business (504) --
Proceeds from sale of marketable
securities 170 110
-------- --------
(10,316) (11,384)
Cash flows from financing activities:
Net proceeds from notes payable 13,252 17,550
Payment of long-term debt (5,529) (4,637)
Issuance of common shares 582 3,150
Purchase of treasury shares (26,927) (40,311)
Dividends paid (10,940) (10,423)
-------- --------
(29,562) (34,671)
Effect of exchange rate changes on cash (938) (723)
-------- --------
(Decrease)/increase in cash 6,420 (435)
Cash and cash equivalents
Beginning of fiscal year 1,517 9,221
-------- --------
End of period $ 7,937 $ 8,786
======== ========
<FN>
See accompanying notes.
</TABLE>
Page 5
<PAGE>
NORDSON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
August 2, 1998
1. BASIS OF PRESENTATION. The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the
opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three quarters ended August 2, 1998 are not
necessarily indicative of the results that may be expected for the full fiscal
year. For further information, refer to the consolidated financial statements
and footnotes thereto included in the Company's annual report on Form 10-K for
the year ended November 2, 1997.
2. USE OF ESTIMATES. The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the consolidated
financial statements. Actual amounts could differ from these estimates.
Estimates are reevaluated frequently, and changes in estimates are recorded
throughout the year. During the first quarter of fiscal 1997, an accrual
representing the Company's estimated annual obligation to its Employee Stock
Ownership Plan was reduced by $1.4 million to reflect the actual amount
contributed.
3. INVENTORIES. Inventories consisted of the following (in thousands of
dollars):
August 2, 1998 November 2, 1997
-------------- ----------------
Finished goods $ 50,196 $ 51,639
Work-in-process 16,498 12,056
Raw materials and
finished parts 59,474 58,389
-------- --------
$126,168 $122,084
======== ========
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4. ACCOUNTING CHANGES. In the first quarter of 1998, the Company adopted
Financial Accounting Standards Board Statement No. 128, "Earnings per Share."
Statement 128 replaced the previously reported primary and fully diluted
earnings per share with basic and diluted earnings per share. Unlike primary
earnings per share, basic earnings per share excludes any dilutive effects of
options, warrants, and convertible securities. Diluted earnings per share is
very similar to the previously reported fully diluted earnings per share. All
earnings per share amounts for all periods have been presented, and where
necessary, restated to conform to the Statement 128 requirements.
The Financial Accounting Standards Board has issued the following statements
which the Company has not yet adopted: Statement No. 132, "Employers'
Disclosures about Pensions and Other Postretirement Benefits" (FAS 132) and
Statement No. 133, "Accounting for Derivative Instruments and Hedging
Activities" (FAS 133). FAS 132 revises employers' disclosures about pension
and other postretirement benefit plans. FAS 133 establishes accounting and
reporting standards for derivative instruments and hedging activities. The
Company must adopt FAS 132 no later than fiscal year 1999 and FAS 133 no later
than fiscal year 2000. These statements are not expected to have a material
effect on the financial statements.
5. EARNINGS PER SHARE. The following table sets forth the computation of
basic and diluted earnings per share (dollars and shares in thousands except
for per share amounts):
<TABLE>
Thirteen Weeks Ended Thirty-Nine Weeks Ended
August 2, August 3, August 2, August 3,
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Numerator -
net income $ 13,775 $ 12,195 $ 19,340 $ 30,342
======== ======== ======== ========
Denominator for basic
EPS - weighted-
average common
shares outstanding 16,358 17,227 16,544 17,379
Incremental common
shares attributable
to outstanding stock
options, nonvested
stock, and deferred
stock-based
compensation 107 263 124 296
-------- -------- -------- --------
Denominator for
diluted EPS 16,465 17,490 16,668 17,765
======== ======== ======== ========
Basic earnings per
share $ .84 $ .71 $ 1.17 $ 1.75
======== ======== ======== ========
Diluted earnings per
share $ .84 $ .71 $ 1.16 $ 1.72
======== ======== ======== ========
</TABLE>
Page 7
<PAGE>
6. ACQUISITIONS. In October, 1997, Nordson acquired a provider of
ultraviolet curing equipment to the container industry. The acquisition of
its U.S. operations was recorded in the fourth quarter of 1997; the
acquisition of its U.K. operations was recorded in the first quarter of 1998.
7. ONE-TIME CHARGE. In the second quarter of fiscal 1998, Nordson recognized
a one-time pre-tax charge of $15,670,000. This charge includes $5,952,000
related to inventory valuations and charged to cost of sales. The balance
relates to an early retirement program, involuntary severances and fixed asset
write-downs, and is reported below selling and administrative expenses. The
one-time charge on an after-tax basis was $10,342,000 or $.62 per share.
8. SUBSEQUENT EVENT. In August, 1998, Nordson reached an agreement to
purchase BDL Holdings Inc., the privately owned parent company of J&M
Laboratories, Inc., headquartered in Dawsonville, Georgia. J&M Laboratories
manufactures systems that produce synthetic fibers used to make nonwoven
fabrics and other products. The transaction is expected to be finalized by
the end of September, 1998.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following is Management's discussion and analysis of certain significant
factors affecting the Company's financial condition and results of operations
for the periods included in the accompanying condensed consolidated financial
statements.
RESULTS OF OPERATIONS
SALES
Sales for the third quarter and year-to-date 1998 increased 5.2% and 4.8%,
respectively, over the comparable periods of 1997. Price/volume gains of 8.5%
for the third quarter and 9.2% year-to-date were partially offset by
unfavorable currency effects. Price increases averaging 2% were implemented
on orders taken after the beginning of the year for standardized small systems
and parts.
Strong sales volume growth in Europe and North America continued to drive sales
performance for the third quarter of 1998. Compared with 1997, activity in
Europe remained strong, reflecting wide-spread growth across all Nordson's
businesses, with sales volume up 13.6% for the quarter and 18.1% for the
year-to-date. Sales volume in North America increased 14.1% for the quarter
and 11.7% for the first three quarters of 1998, led by strong sales of
electronics, liquid finishing and ultraviolet curing systems.
Page 8
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In contrast to Europe and North America, sales volumes declined in Japan and
other Pacific Rim countries, reflecting the ongoing economic challenges in
these markets. Unfavorable currency effects further reduced reported revenues.
Compared with 1997, sales volume in Japan was down 4.4% for the third quarter
and 8.9% for the first three quarters of 1998. In the Pacific South division,
which spans the Pacific Rim, South Asia and Latin America, sales volume was
down 15.3% for the third quarter and 12.2% year-to-date.
Sales to international customers for year-to-date 1998 comprised approximately
56% of total sales. Translating international sales at exchange rates
reflecting generally higher average exchange rates as compared to the same
periods of the prior year had the effect of decreasing sales by 3.3% for the
third quarter and 4.4% for the year-to-date period.
OPERATING PROFIT
During the second quarter of fiscal 1998, Nordson recognized a one-time pre-tax
charge of $15.7 million. The charge included $8.3 million for costs associated
with an early retirement program and other staff reductions implemented during
the second quarter. The balance of this charge related to asset write-downs,
primarily inventory and fixed assets. The amount related to inventories was
charged to cost of sales.
Operating profit, as a percentage of sales, increased to 13.5% for the third
quarter of 1998 from 11.7% for the third quarter of 1997. Excluding the
one-time charge, year-to-date operating profit declined to 10.4% of sales for
1998, from 10.7% for the same period of 1997.
The gross margin rate increased for the third quarter from 55.9% in 1997 to
56.2% in 1998 and decreased for the first three quarters, before the one-time
charge, from 57.1% in 1997 to 55.8% in 1998. The influencing factors behind
the lower margin for the first three quarters were the unfavorable currency
effects, combined with the mix of products sold in both North America and
Europe.
Selling and administrative expenses for the third quarter and the first three
quarters of 1998, before the effects of the one-time charge, increased 1.7% and
2.5%, respectively, over the comparable periods in 1997. These minimal rates
of increase reflect efforts to contain costs in the face of unstable
international business climates.
NET INCOME
For the third quarter of 1998, net income, as a percentage of sales, increased
to 8.2% from 7.7% for the same period of 1997. Year-to-date income, excluding
the one-time charge, was 6.3% of sales in 1998, compared to 6.7% in 1997. In
addition to the factors impacting operating profit discussed above,
year-to-date interest expense increased $1,179,000 due to higher levels of
short-term borrowing, driven primarily by the continuing repurchases of Nordson
stock.
Page 9
<PAGE>
In the first quarter of 1998, the Company adopted Financial Accounting
Standards Board Statement No. 128, "Earnings per Share." Statement 128
replaced the previously reported primary and fully diluted earnings per share
with basic and diluted earnings per share. For 1998 and 1997, diluted
earnings per share were $.84 and $.71, respectively, for the third quarter
and $1.16 and $1.72, respectively, for year-to-date. The one-time charge on
an after-tax basis was $10.3 million or $.62 per share on a diluted basis.
Diluted earnings per share, before the one-time charge, were $1.78 for the
1998 year-to-date period.
FOREIGN CURRENCY EFFECTS
In the aggregate, average exchange rates for the third quarter and year-to-date
1998 used to translate international sales and operating results into U.S.
dollars compared unfavorably with average exchange rates during the comparable
1997 periods. It is not possible to precisely measure the impact on operating
results arising from foreign currency exchange rate changes, because of
changes in selling prices, sales volume, product mix and cost structure in
each country in which the Company operates. However, if transactions for the
third quarter 1998 were translated at exchange rates in effect during 1997,
sales would have been approximately $5,300,000 higher while third-party costs
and expenses would have been $3,000,000 higher. If transactions for
year-to-date 1998 were translated at exchange rates in effect during 1997,
sales would have been approximately $20,000,000 higher and third-party costs
and expenses would have been $11,800,000 higher.
FINANCIAL CONDITION
During the first three quarters of 1998, net assets decreased $22,676,000.
This decrease is primarily due to net repurchases of Nordson stock totaling
$26,345,000, the payment of $10,940,000 in dividends and a decrease of
$4,963,000 from translating foreign net assets at the end of the third
quarter when the U.S. dollar was stronger against other currencies than at
the prior year end, offset by earnings of $19,340,000.
Working capital, as of the end of the quarter, decreased $7,029,000 over
the prior year-end. This change consisted primarily of decreases in accounts
receivable and increases in notes payable and other current liabilities,
offset by increases in cash and inventories and decreases in accounts payable.
All changes include decreases from the effects of translating into U.S. dollars
current amounts denominated in generally weaker foreign currencies.
Receivables decreased from the collection of year-end receivables arising from
strong sales in the fourth quarter of 1997, notes payable increased from net
borrowings and other current liabilities increased as a result of customer
advance payments on orders which are expected to be invoiced during the fourth
quarter of 1998. Inventories increased in anticipation of fourth quarter
demand for Nordson products and accounts payable decreased from the repayment
of additional purchases at prior year-end.
Page 10
<PAGE>
Cash and cash equivalents increased $6,420,000 during the first three
quarters of 1998. Cash provided from operating activities was $47,237,000
and cash provided by net proceeds from notes payable was $13,252,000. Uses
for cash included purchases of treasury shares, outlays for capital
expenditures, dividends and scheduled repayments of long-term debt.
Available lines of credit continue to be more than adequate to meet
additional cash requirements over the next year.
Other non-current liabilities increased $8,075,000 from the prior year-end,
primarily from pension and other postretirement plan accruals, related to
the early retirement program, which will be paid over an extended number of
years and will not materially effect any individual year.
OUTLOOK
Our improved operating profit margin for the third quarter of 1998 reflects
the initial results of our efforts to improve the efficiency and effective-
ness of our operations undertaken during the second quarter. Despite the
challenges of today's international business environment, we remain committed
to making investments that will help us achieve our long-term growth objectives.
YEAR 2000
Many computerized systems use only two digits, rather than four, to record
the year in a date field. These systems may recognize the year 2000 as the
year 1900 or some other date, resulting in errors when dates are used in
computations and comparisons. Nordson is addressing this issue for its
information systems, products, equipment (with embedded micro-controllers),
facilities, suppliers and vendors. Assessment has been completed, while
remediation, testing and contingency planning are in progress. Nordson
expects that all phases will be completed by mid-1999. The total cost of
the project including purchased hardware and software and internal and
external resources is estimated to be $5.5 million. Remaining costs are
approximately $3.9 million of which $2.0 will be expensed through 1999 and
the balance capitalized.
Nordson believes that the steps referred to above will minimize its business
risk related to the Year 2000. However, Nordson cannot guarantee that cost
and time estimates or planned results will be achieved. For a listing of
risks associated with the Year 2000, refer to the "Safe Harbor Statements
Under the Private Securities Litigation Reform Act of 1995" disclosure found
on Page 12.
Page 11
<PAGE>
SAFE HARBOR STATEMENTS
UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
The statements in the paragraphs titled "Outlook" and "Year 2000" that refer
to anticipated trends, events or occurrences in, or expectations for, the
future (generally indicated by the use of phrases such as "Nordson expects"
or "Nordson believes" or words of similar import or by references to "risks")
are "forward-looking statements" intended to qualify for the protection
afforded by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations and involve risks
and uncertainties. Consequently, the Company's actual results could differ
materially from the expectations expressed in the forward-looking statements.
Factors that could cause the Company's actual results to differ materially
from the expected results include deferral of orders, customer-requested delays
in system installations, currency exchange rate fluctuations, a sales mix
different from assumptions, significant changes in local business conditions
in geographic regions in which we conduct business and, in the case of Year
2000 issues, the availability and retention of internal and external resources,
delayed or unsuccessful completion of planned activities of the Company, and
delayed, unsuccessful or incompatible Year 2000 conversions by third parties
of their products or systems on which the Company relies.
Page 12
<PAGE>
Part II - Other Information
Item 5. Other Information
The Company's proxies for its 1999 Annual Meeting of Shareholders will
confer discretionary authority to vote on any matter if the Company does
not receive timely written notice of such matter in accordance with
Section 7 of Article I of the Company's Amended Regulations. In general,
Section 7 provides that, to be timely, a shareholder's notice of business
requested to be brought before an annual meeting of shareholders must be
delivered to or mailed and received at the principal executive offices of
the Company not less than 60 nor more than 90 days prior to the annual
meeting.
The Company has not yet set the date for its 1999 Annual Meeting of Share-
holders, but expects that it will be held on a date that is close to the
anniversary of the 1998 Annual Meeting of Shareholders. If the 1999 Annual
Meeting of Shareholders were to be held on the same day of the month as the
1998 Annual Meeting of Shareholders (March 12), 60 days prior to the annual
meeting would be January 11, 1999, and 90 days prior to the annual meeting
would be December 12, 1998. For business to be properly requested by a
shareholder to be brought before an annual meeting of shareholders, the
shareholder must comply with all of the requirements of Section 7, not just
the timeliness requirements outlined above.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits - Exhibit 27 Financial Data Schedules
(b) There were no reports on Form 8-K filed for the quarter ended
August 2, 1998.
Page 13
<PAGE>
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.
Date: September 15, 1998 Nordson Corporation
/s/ Nicholas D. Pellecchia
--------------------------
Nicholas D. Pellecchia
Vice President, Finance
and Controller
(Principal Financial Officer
and Chief Accounting Officer)
Page 14
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NORDSON CORPORATION
EXHIBIT INDEX
Exhibit 27 Financial Data Schedules
Exhibit 27-a Period Ending August 2, 1998
Exhibit 27-b Period Ending August 3, 1997
Page 15
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> NOV-01-1998
<PERIOD-END> AUG-03-1998
<CASH> 7,937
<SECURITIES> 30
<RECEIVABLES> 151,504
<ALLOWANCES> 3,304
<INVENTORY> 126,168
<CURRENT-ASSETS> 313,082
<PP&E> 214,534
<DEPRECIATION> 118,255
<TOTAL-ASSETS> 488,618
<CURRENT-LIABILITIES> 180,959
<BONDS> 0
0
0
<COMMON> 12,253
<OTHER-SE> 185,616
<TOTAL-LIABILITY-AND-EQUITY> 488,618
<SALES> 474,211
<TOTAL-REVENUES> 474,211
<CGS> 215,780
<TOTAL-COSTS> 215,780
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 895
<INTEREST-EXPENSE> 7,070
<INCOME-PRETAX> 29,303
<INCOME-TAX> 9,963
<INCOME-CONTINUING> 19,340
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 19,340
<EPS-PRIMARY> 1.17
<EPS-DILUTED> 1.16
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> NOV-02-1997
<PERIOD-END> AUG-03-1997
<CASH> 8,786
<SECURITIES> 200
<RECEIVABLES> 151,885
<ALLOWANCES> 3,461
<INVENTORY> 129,601
<CURRENT-ASSETS> 316,238
<PP&E> 209,436
<DEPRECIATION> 105,191
<TOTAL-ASSETS> 501,686
<CURRENT-LIABILITIES> 220,488
<BONDS> 0
0
0
<COMMON> 12,253
<OTHER-SE> 210,093
<TOTAL-LIABILITY-AND-EQUITY> 501,686
<SALES> 452,293
<TOTAL-REVENUES> 452,293
<CGS> 193,884
<TOTAL-COSTS> 193,884
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 712
<INTEREST-EXPENSE> 5,891
<INCOME-PRETAX> 45,800
<INCOME-TAX> 15,458
<INCOME-CONTINUING> 30,342
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 30,342
<EPS-PRIMARY> 1.75
<EPS-DILUTED> 1.72
</TABLE>
