Securities And Exchange Commission
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the 13-Week Period Ended December 30, 1995
Commission File Number 0-12923
Delchamps, Inc.
-----------------------------------------
(Exact name of registrant as
specified in its charter)
<TABLE>
<CAPTION>
<C> <C>
Alabama 63-0245434
------------------------------------------ -------------------
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
305 Delchamps Drive, Mobile, AL 36602
------------------------------------------ -------------------
(Address of principal executive (Zip code)
offices)
(334) 433-0431
------------------------------------------
(Registrant's telephone number,
including area code)
</TABLE>
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. 7,110,366 shares at February 5, 1996.
<PAGE>
DELCHAMPS, INC. AND SUBSIDIARY
Index
Page No.
----------
Part 1. Financial Information
Item 1. Financial Statements
Condensed Balance Sheets -
December 30, 1995 and July 1, 1995
Condensed Statements of Earnings -
Thirteen Weeks Ended December 30, 1995
and December 31, 1994
Twenty-six Weeks Ended December 30, 1995
and December 31, 1994
Condensed Statements of Cash Flows -
Thirteen Weeks Ended December 30, 1995
and December 31, 1994
Twenty-six Weeks Ended December 30, 1995
and December 31, 1994
Notes to Condensed Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations
Part II. Other Information
Item 1. Legal Proceedings
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
Signatures
<PAGE>
Part I. Financial Information
DELCHAMPS, INC. AND SUBSIDIARY
Condensed Balance Sheets - (In thousands)
(Unaudited)
<TABLE>
<CAPTION>
December 30, 1995 July 1, 1995*
_________________ _________________
Amount % Assets Amount % Assets
______ ________ ______ ________
<S> <C> <C> <C> <C>
ASSETS
______
Current assets:
Cash and cash equivalents 7,669 2.92 15,906 5.90
Trade accounts receivable 11,041 4.20 9,214 3.42
Merchandise inventories 94,749 36.06 93,808 34.82
Prepaid expenses 2,154 .82 1,420 .53
Income taxes receivable 5,877 2.24 6,549 2.43
_______ _______ _______ _______
Deferred income taxes 2,045 .78 2,045 .76
Total current assets 123,535 47.02 128,942 47.86
Property and equipment:
Land 15,193 5.78 13,312 4.94
Buildings and improvements 57,016 21.70 56,632 21.02
Fixtures and equipment 220,844 84.06 220,903 81.99
Construction in progress 5,100 1.94 2,649 .99
_______ _______ _______ _______
298,153 113.48 293,496 108.94
Less accumulated depreciation
and amortization -161,281 -61.38 -155,411 -57.69
_______ _______ _______ _______
Net property and equipment 136,872 52.10 138,085 51.25
Other assets 2,338 .88 2,385 .89
Total assets 262,745 100.00 269,412 100.00
======= ======= ======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
____________________________________
Current liabilites:
Notes payable 32,000 12.18 30,000 11.14
Current portion of obligations under
capital leases 665 .25 665 .25
Current portion of long-term debt 3,760 1.43 3,760 1.40
Current portion of guaranteed ESOP debt 2,000 .76 2,000 .74
Current portion of restructure obligation 6,364 2.42 6,364 2.36
Accounts payable 40,791 15.53 45,063 16.73
Accrued expenses 19,919 7.58 18,170 6.73
_______ _______ _______ _______
Total current liabilities 105,499 40.15 106,022 39.35
Obligations under capital leases,
excluding current portion 10,824 4.12 11,147 4.14
Long-term debt, excluding current portion 12,719 4.84 14,598 5.42
Restructure obligation, excluding
current portion 15,897 6.06 19,219 7.13
Deferred income taxes 6,602 2.51 5,464 2.03
Other liabilities 2,664 1.01 2,920 1.08
_______ _______ _______ _______
Total liabilities 154,205 58.69 159,370 59.15
Stockholders' equity:
Junior participating preferred stock of
no par value-authorized 5,000,000 shares;
no shares issued
Common stock of $.01 par value - authorized
25,000,000 shares; issued 7,110,366 shares
at December 30, 1995, and 7,108,781 shares
at July 1, 1995 71 .03 71 .03
Additional paid-in capital 19,546 7.44 19,603 7.28
Retained earnings 91,125 34.68 92,637 34.38
_______ _______ _______ _______
110,742 42.15 112,311 41.69
Less: Guaranteed ESOP debt -2,000 -.76 -2,000 -.74
Unamortized restricted stock awards -202 -.08 -269 -.10
_______ _______ _______ _______
Total stockholders' equity 108,540 41.31 110,042 40.85
Total liabilities and stockholders'
equity 262,745 100.00 269,412 100.00
======= ======= ======= =======
</TABLE>
See accompanying notes to condensed financial statements.
* Condensed from Balance Sheet included in the 1995 Annual Report.
<PAGE>
DELCHAMPS, INC. AND SUBSIDIARY
Condensed Statements of Earnings -
(In thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Thirteen Weeks Ended Twenty-six Weeks End
____________________ ____________________
December 30, 1995 December 31, 1994 December 30, 1995 December 31, 1994
__________________ _________________ _________________ _________________
Amount % Sales Amount % Sales Amount % Sales Amount % Sales
_______ _______ _______ _______ _______ ________ _______ ________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sales 277,053 100.00 260,452 100.00 561,742 100.00 526,657 100.00
Cost of sales 212,138 76.57 195,540 75.08 432,357 76.96 395,943 75.18
_______ ______ _______ ______ _______ ______ _______ ______
Gross Profit 64,915 23.43 64,912 24.92 129,385 23.04 130,714 24.82
Selling, general and
administrative expenses 61,785 22.30 63,421 24.35 125,595 22.36 125,875 23.90
_______ ______ _______ ______ _______ ______ _______ ______
Operating income 3,130 1.13 1,491 .57 3,790 .68 4,839 .92
Interest expense, net 1,840 .66 1,289 .49 3,624 .65 2,408 .46
_______ ______ _______ ______ _______ ______ _______ ______
Earnings before income taxes 1,290 .47 202 .08 166 .03 2,431 .46
Income taxes 482 .18 34 .02 114 .02 788 .15
_______ ______ _______ ______ _______ ______ _______ ______
Net earnings 808 .29 168 .06 52 .01 1,643 .31
======= ====== ======= ====== ======= ====== ======= ======
Net earnings per common share .11 .02 .01 .23
======= ======= ======= =======
Weighted average number of
common shares 7,109 7,114 7,109 7,114
======= ======= ======= =======
Dividends declared per
common share .11 .11 .22 .22
======= ======= ======= =======
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
DELCHAMPS, INC. AND SUBSIDIARY
Condensed Statements of Cash Flows - (In thousands)
Increase (Decrease) In Cash and Cash Equivalents
(Unaudited)
<TABLE>
<CAPTION>
Thirteen Weeks Ended Twenty-six Weeks Ended
____________________ ______________________
12/30/95 12/31/94 12/30/95 12/31/94
_________ ________ __________ ________
<S> <C> <C> <C> <C>
Cash flows from operating activites:
Net earnings 808 168 52 1,643
Adjustments to reconcile net earnigns to net
cash provided by operating activites:
Depreciation and amortization 5,590 4,896 10,523 9,722
Loss reserve on closed stores -92 -30 -256 -58
Restricted stock award compensation expense 47 56 67 112
Restructure obligation -2,160 - 3,322 -
(Increase) decrease in merchandise inventories -3,010 5,093 -941 5,055
Increase (decrease) in accounts payable and accrued
expenses 3,041 -6,671 -2,522 -8,533
(Increase) decrease in income taxes receivable, net -279 -2,046 672 -77
Other, net 352 678 -2,048 -1,193
_______ _______ _______ _______
Net cash flows provided by operating activities 4,297 2,144 2,225 6,671
Cash flows from investing activities:
Additions to property and equipment -5,755 -11,749 -10,324 -23,068
Proceeds from sale of property and equipment 1,526 41 1,629 221
_______ _______ _______ _______
Net cash used in investing activities -4,229 -11,708 -8,695 -22,847
Cash flows from financing activities:
Proceeds from notes payable 2,000 370 2,000 8,400
Principal payments on obligations under capital leases -164 -474 -323 -933
Principal payments on long-term debt -940 -939 -1,880 -1,880
Dividends paid -782 -782 -1,564 -1,564
_______ _______ _______ _______
Net cash provided by (used in) financing activities 114 -1,825 -1,767 4,023
Net increase (decrease) in cash and cash equivalents 182 -11,389 -8,237 -12,153
Beginning of period cash and cash equivalents 7,487 14,614 15,906 15,378
_______ _______ _______ _______
End of period cash and cash equivalents 7,669 3,225 7,669 3,225
======= ======= ======= =======
Supplemental Disclosures of Cash Flow Information:
Cash paid for:
Interest expenses 1,872 1,410 3,752 2,554
======= ======= ======= =======
Income taxes 44 1,361 44 1,367
======= ======= ======= =======
</TABLE>
See accompanying notes to condensed financial statements.
<PAGE>
DELCHAMPS, INC. AND SUBSIDIARY
Notes to Condensed Financial Statements
(Unaudited)
(A) Basis of Presentation
The accompanying unaudited consolidated
financial statements include the results of
operations, account balances and cash flows of
the Company and its wholly-owned subsidiary.
All material intercompany balances have been
eliminated.
In the opinion of management, the
accompanying unaudited consolidated financial
statements include all adjustments necessary
to present fairly, in all material respects,
the results of operations of the Company for
the periods presented. The statements have
been prepared by the Company pursuant to the
rules and regulations of the Securities and
Exchange Commission. Certain information and
footnote disclosures included in annual
financial statements prepared in accordance
with generally accepted accounting principles
have been condensed or omitted pursuant to
such rules and regulations. It is suggested
that these consolidated financial statements
be read in conjunction with the consolidated
financial statements and the accompanying
notes included in the Company's 1995Annual
Report.
The balance sheet at July 1, 1995 has
been taken from the audited financial
statements at that date.
Management's Discussion And Analysis
Of Financial
Condition And Results Of Operations
RESULTS OF OPERATIONS
Sales:
Sales increased 6.37% for the thirteen-
week period and 6.66% for the twenty-six week
period, compared with corresponding periods
last year. Sales for stores open during the
current and prior year periods increased 7.00%
for the thirteen-week period and 6.90% for the
twenty-six week period.
The increase in sales for both periods
was primarily the result of positive customer
response to the Company's "Strategy 2000"
program which was implemented in April, 1995.
This program included reduced retail prices on
thousands of items, an increase in the amount
of which coupons are doubled (from $.49 to
$.50), and a new advertising campaign to
promote these changes.
At December 30, 1995, the Company
operated 117 supermarkets and ten liquor
stores compared with 122 supermarkets and
twelve liquor stores at December 31, 1994.
During the twenty-six week period, the Company
opened one supermarket, opened one liquor
store, renovated forty-two supermarkets,
closed two supermarkets, and closed three
liquor stores.
Gross Profit:
Gross profit as a percentage of sales
decreased from 24.92% to 23.43% for the
thirteen-week period and decreased from 24.82%
to 23.04% for the twenty-six week period. The
decreases for both periods were the result of
reduced retail prices related to the "Strategy
2000" program noted above.
Selling, General and Administration Expenses:
Selling, general and administrative ("S
G & A") expenses decreased $1.64 million and
$.28 million for the thirteen and twenty-six
week periods, respectively. The decreases for
both periods were due to reductions in store
wages (which resulted from improved labor
scheduling) and reductions in store supply
costs (which resulted from new training
programs). The thirteen week period also
included a reduction in advertising costs
(which resulted from reduced electronic media
advertising.)
S G & A as a percentage of sales
decreased from 24.35% to 22.30% for the
thirteen-week period and decreased from 23.90%
to 22.36% for the twenty-six week period. The
decreases for both periods were the result of
higher sales in the current periods combined
with reduced expenses as noted above.
Interest Expense, Net:
Interest expense, net increased by $.55
million in the thirteen week period and by
$1.22 million in the twenty-six week period.
The increases for both periods result from
interest expense related to restructuring
charges (which the Company did not incur
during last year's periods) and from increased
levels of short-term indebtedness.
Income Taxes:
The effective rate for income taxes
increased from 16.83% to 37.36% for the
thirteen-week period and increased from 32.41%
to 68.67% for the twenty-six week period. The
effective rates increased in both periods
because the targeted jobs tax credit expired
and was not available during the current
periods. The high effective rate for the
current twenty-six week period was further
impacted by the low level of pretax earnings
combined with normal recurring non tax-
deductible expenses.
Management's Discussion And Analysis
Of Financial
Condition And Results Of Operations
LIQUIDITY AND CAPITAL RESOURCES
Cash flows generated by operating
activities were $4.297 million for the
thirteen week period and $2.225 million for
the twenty-six week period. Last year's
corresponding amounts were $2.144 million and
$6.671 million for the thirteen and twenty-six
week periods, respectively. Historically, the
Company has funded working capital
requirements, capital requirements, and other
cash requirements primarily through cash flows
from operations. However, if an insufficient
amount of cash flows are generated, the
Company may draw on a short-term revolving
loan. The Company may borrow up to $75
million under the revolving loan of which $43
million is available for future use. The
revolving loan expires June, 1998.
Cash used in investing activities was
$4.229 million and $8.695 million for the
current thirteen and twenty-six week periods,
respectively. Corresponding amounts from last
year's periods were $11.708 million and
$22.847 million for the thirteen and twenty-
six week periods, respectively. The decrease
in investing activities was because last
year's periods included the purchase of seven
supermarkets (with equipment) from the Kroger
Co. The Company's investing activities
include purchases of store equipment,
distribution center equipment, and investments
in new technology. Historically, store
buildings are leased and are not included in
investing activities.
Cash provided by (used in) financing
activities was $.114 million and ($1.767)
million for the current thirteen and twenty-
six week periods, respectively. Corresponding
amounts from last year's periods were ($1.825)
million and $4.023 million, respectively. The
increase in cash provided in the thirteen week
period was because of increased borrowing (as
compared to last year) under the Company's
revolving loan. The reduction in cash
provided in the twenty-six week period was
because of less borrowing (as compared to last
year) under the Company's short-term borrowing
facilities. At the end of the quarter ended
December 30, 1995, the Company was in
compliance with all financial covenants under
the revolving loan agreement and its note
payable agreement.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
On August 10, 1995, a complaint was
filed in the United States District Court for
the Southern District of Alabama styled Amanda
Williams and Kenneth O. McLaughlin, on Behalf
of Themselves and all Other Similarly Situated
v. Delchamps, Inc. The class action complaint
alleges racially discriminatory practices in
hiring and promoting. The relief sought
includes compensatory damages, punitive
damages and reinstatement of employment.
On January 24, 1996, a complaint was
filed in the United States District Court for
the Southern district of Alabama styled Tracie
Kennedy v. Delchamps, Inc. The class action
complaint alleges gender and race
discriminatory practices in hiring, promoting,
compensation, termination, and other
conditions of employment. The relief sought
includes compensatory damages, punitive
damages, reinstatement of employment with
promotions and pay raises, and legal and other
costs.
The Company is also involved in various
claims, administrative proceedings and other
legal proceedings and other legal proceedings
which arise from time to time in connection
with the ordinary conduct of the Company's
business.
Item 5. Other Information
On December 15, 1995, the Company entered
into an Employment Agreement with David W. Morrow,
Chairman of the Board and Chief Executive Officer.
This agreement has been encluded in as an
exhibit.
Item 6. Exhibits and Reports on Form 8-K
Reports on Form 8-K
There were no reports on Form 8-K filed
during the 13-weeks ended December 30, 1995.
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.
Delchamps, Inc.
_____________
Registrant
Date: February 13, 1996 /s/David W. Morrow
_____________________
David W. Morrow, Chairman
of the Board and
Chief Executive Officer
Date: February 13, 1996 /s/Richard W. La Trace
______________________
Richard W. La Trace, President
Date: February 13, 1996 /s/Timothy E. Kullman
_____________________
Timothy E. Kullman,
Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
<PAGE>
EMPLOYMENT AGREEMENT
THIS AGREEMENT (the "Agreement") dated as of December 13, 1995 is by and
between Delchamps, Inc. (the "Company"), and David W. Morrow
("Mr. Morrow"). The parties hereto agree as follows:
1. Employment, Capacity and Duties.
(a) The Company hereby employs Mr. Morrow, and Mr. Morrow agrees
to be employed by the Company, upon the terms and conditions provided herein.
During the Employment Term (as defined in paragraph 2 below) Mr. Morrow shall
be employed as Chairman of the Board and Chief Executive Officer of the
Company. In such capacities, Mr. Morrow's primary duties and
responsibilities shall be those set forth in the Company's by-laws, those
assigned from time to time by the Company's Board of Directors (the "Board")
and those customarily associated with such positions.
(b) In performing his duties as Chief Executive Officer of the
Company, Mr. Morrow shall devote his full time, attention, energies and
business efforts to the Company; provided, however, this Section 1(b) shall
not prohibit Mr. Morrow from (i) being a passive investor in such form or
manner as shall not conflict with his obligations under this Agreement
or (ii) serving as a director or trustee of any civic, cultural, charitable
or religious organization or group, or of any business organization that
does not compete with the Company, including any supermarket operator that
does not operate in the same geographic area as the Company, provided
that such service does not unduly interfere with his duties under this
Agreement.
2. Employment Term. Mr. Morrow's employment under this Agreement
shall commence on January 1, 1996 and shall end at the close of business on
December 31, 1996 (the "Employment Term"). This Agreement may be terminated
earlier as provided in Section 5 of this Agreement.
3. Compensation and Other Benefits.
(a) For all services to be rendered by Mr. Morrow to the Company in
any capacity under this Agreement, the Company shall pay Mr. Morrow the
compensation and benefits described below:
(i) For the period from January 1, 1996 through June 30,
1996, the Company shall pay Mr. Morrow a salary of $10,000 per week. For
the period from July 1, 1996 through December 31, 1996, the Company shall
pay Mr. Morrow a weekly amount equal to the quotient of $400,000 divided by
52 weeks, or $7,692.31.
(ii) Mr. Morrow shall be eligible to receive a cash bonus
for the Company's fiscal year ending June 29, 1997 under the Company's
annual incentive award program.
(iii) The Company shall provide Mr. Morrow with benefits
under the Company's vacation policy, longevity bonus plan, dental and
medical benefits programs, group term life insurance, ESOP, incentive
compensation plan, Profit Sharing Plan and any accident or disability plan
on the same basis and subject to the same eligibility and other requirements
and limitations as may be applicable to other employees of the Company.
(iv) Pursuant to the Company's 1993 Stock Incentive Plan
(the "Plan"), the Compensation Committee of the Board of Directors has
granted Mr. Morrow an option to purchase 100,000 shares of the Company's
common stock at an exercise price of $18.875, the closing price of the stock
on December 13, 1995, the date of the grant of the option, at any time up
to and including December 13, 2000, which is five years after the date of
the grant.
(v) Mr. Morrow shall have the use of an automobile at
the Company's expense.
(b) During the Employment Term, Mr. Morrow shall not be entitled to
receive directors' fees or to participate in the Company's Director
Compensation Plan.
(c) Payment to Mr. Morrow of all compensation hereunder shall be at
such times and in accordance with such payroll practices as are followed by
the Company for its other executive employees.
(d) Mr. Morrow agrees that the Company has the right to withhold,
from the amounts payable under Section 3 of this Agreement, all amounts
required to be withheld under applicable income and/or employment tax laws,
or as otherwise stated in documents granting rights that are affected by this
Agreement.
(e) To the extent permitted by applicable law, the Company shall
take all reasonable steps to ensure that Mr. Morrow is not, by reason of a
sale of the Company, deprived of the economic value (including any value
attributable to the sale transaction) of (i) any options to acquire Common
Stock of the Company or (ii) any Common Stock of the Company beneficially
owned by Mr. Morrow.
4. Reimbursement for Expenses. Mr. Morrow shall be entitled to
reimbursement for reasonable expenses incurred by him in connection with
his maintaining a temporary residence in Mobile, Alabama and for ordinary
and necessary business expenses incurred by him from time to time on behalf
of the Company in the performance of his duties hereunder. In addition, the
Company will reimburse Mr. Morrow for the reasonable costs of travel between
Mobile, Alabama and San Juan, Puerto Rico and Gooding, Idaho (his principal
residences) incurred by him and his wife. However, Mr. Morrow shall not be
entitled to reimbursement for any expense unless he has properly accounted
for it to the extent necessary to substantiate the Company's federal income
tax deduction for such expense.
5. Termination.
(a) This Agreement shall terminate upon the expiration of the
expiration of the Employment Term or upon Mr. Morrow's death.
(b) Additionally, the Company may terminate this Agreement
immediately upon the occurrence of any of the following:
(i) In the good faith opinion of the Board,
Mr. Morrow has engaged in improper or unethical conduct that would
seriously impair Mr. Morrow's ability to perform his duties hereunder
or would impair the business reputation of the Company;
(ii) In the good faith opinion of the Board,
Mr. Morrow has committed an act, or omitted to take action, in bad faith
and to the material detriment of the Company; or
(iii) Mr. Morrow has committed any material breach
of any of the provisions of this Agreement, if such breach is not cured
within ten days after written notice thereof to Mr. Morrow by the Company.
6. Effect of Termination or Removal from Office. If this Agreement
is terminated for any of the reasons set forth in Section 5 of this Agreement,
then the Company shall have no further obligations to Mr. Morrow under this
Agreement. Mr. Morrow acknowledges that he holds his office as Chairman of
the Board and Chief Executive Officer at the pleasure of the Board. If he is
removed from office by the Board prior to the expiration of the Employment
Term, other than pursuant to Section 5, then the only obligation that the
Company shall have to him shall be to pay to him the salary described in
paragraph 3(a)(i) of this Agreement until the termination of this Agreement
on December 31, 1996.
7. Representations and Warranties of Mr. Morrow. Mr. Morrow
represents and warrants to the Company that he is under no contractual or
other restriction or obligation compliance with which is inconsistent with
the execution of this Agreement or the performance of his obligations
hereunder.
8. Notice. All notices hereunder must be in writing and shall be deemed
to have been duly given upon receipt of hand delivery, delivery by overnight
carrier, delivery by certified or registered mail, return receipt requested,
or telecopy transmission with confirmation of receipt:
(a) If to the Company, to:
Delchamps, Inc.
305 Delchamps Drive
P. O. Box 1668
Mobile, AL 36633-1668
Attention: Timothy E. Kullman
(b) If to Mr. Morrow, to:
David W. Morrow
9. Further Assurances. The Company and Mr. Morrow agree to execute
any additional documents or take such other actions as are necessary and
proper to effectuate the terms of this Agreement.
10. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, successors,
personal representatives and assigns.
11. Entire Agreement. This Agreement represents the entire agreement
between the parties hereto concerning the subject matter hereof.
12. Governing Law. This Agreement shall be construed in accordance with
and governed by the laws of the State of Alabama.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.
DELCHAMPS, INC.
By: __________________________________
William W. Crawford
Chairman, Compensation Committee
of the Board of the Directors
__________________________________
David W. Morrow
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-01-1995
<PERIOD-END> DEC-30-1995
<CASH> 7,669,000
<SECURITIES> 0
<RECEIVABLES> 11,041,000
<ALLOWANCES> 0
<INVENTORY> 94,749,000
<CURRENT-ASSETS> 123,535,000
<PP&E> 298,153,000
<DEPRECIATION> (161,281,000)
<TOTAL-ASSETS> 262,745,000
<CURRENT-LIABILITIES> 105,499,000
<BONDS> 23,543,000
<COMMON> 71,000
0
0
<OTHER-SE> 108,469,000
<TOTAL-LIABILITY-AND-EQUITY> 262,745,000
<SALES> 277,053,000
<TOTAL-REVENUES> 277,053,000
<CGS> 212,138,000
<TOTAL-COSTS> 64,915,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,840,000
<INCOME-PRETAX> 1,290,000
<INCOME-TAX> 482,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 808,000
<EPS-PRIMARY> .11
<EPS-DILUTED> 0
</TABLE>
