<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A1
------------
QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED January 31, 1998 COMMISSION FILE NUMBER 1-9235
---------------- ------
THOR INDUSTRIES, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 93-0768752
------------------------------ -------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
419 West Pike Street, Jackson Center, OH 45334-0629
---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (937) 596-6849
- --------------------------------------------------- --------------
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.
Class Outstanding at 1/31/98
----- ----------------------
Common stock, par value 8,148,739 shares
$.10 per share
<PAGE> 2
THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AS RESTATED, SEE NOTE #6)
--------------------------
<TABLE>
<CAPTION>
ASSETS
------
(UNAUDITED)
-----------
JANUARY 31, 1998 JULY 31, 1997
---------------- -------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 17,844,798 $ 12,752,729
Accounts receivable:
Trade 44,319,644 50,837,162
Other 1,387,127 776,952
Inventories 64,446,575 60,446,826
Prepaid expenses 3,777,611 3,647,131
------------- -------------
Total current assets 131,775,755 128,460,800
------------- -------------
Property:
Land 1,234,789 1,237,784
Buildings and improvements 12,085,992 12,115,879
Machinery and equipment 14,058,603 14,860,030
------------- -------------
Total cost 27,379,384 28,213,693
Accumulated depreciation and amortization 12,151,774 12,159,291
------------- -------------
Property, net 15,227,610 16,054,402
------------- -------------
Investment in joint ventures 3,504,894 3,365,442
------------- -------------
Other assets:
Goodwill 14,219,717 14,538,350
Non compete 3,482,692 3,953,586
Trademarks 2,370,827 2,533,497
Other 2,109,917 2,062,562
------------- -------------
Total other assets 22,183,153 23,087,995
------------- -------------
TOTAL ASSETS $ 172,691,412 $ 170,968,639
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $ 28,282,160 $ 31,814,320
Accrued liabilities:
Compensation and related items 6,337,866 8,828,872
Product warranties 7,613,648 7,452,061
Other 572,414 1,206,861
------------- -------------
Total current liabilities 42,806,088 49,302,114
------------- -------------
Other liabilities 1,886,584 1,847,064
Stockholders' equity:
Common stock - authorized 10,000,000 shares;
issued 9,104,497 shares @ 1/31/98 and 9,099,247
shares @ 7/31/97; par value of $.10 per share 910,450 909,925
Additional paid in capital 25,260,860 25,105,120
Foreign currency translation (962,105) (629,546)
Retained earnings 122,316,281 113,810,210
Restricted Stock (150,498) --
Cost of treasury shares 955,758 shares @ 1/31/98;
955,758 shares @ 7/31/97 (19,376,248) (19,376,248)
------------- -------------
Total stockholders' equity 127,998,740 119,819,461
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 172,691,412 $ 170,968,639
============= =============
</TABLE>
See notes to consolidated financial statements
<PAGE> 3
THOR INDUSTRIES, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
FOR THE THREE MONTHS AND SIX MONTHS ENDED JANUARY 31, 1998 AND 1997
(AS RESTATED, SEE NOTE #6)
--------------------------
<TABLE>
<CAPTION>
(UNAUDITED)
-----------
THREE MONTHS ENDED JANUARY 31 SIX MONTHS ENDED JANUARY 31
----------------------------- ---------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales $134,509,914 $123,525,067 $299,968,268 $274,021,888
Cost of products sold 119,808,675 112,069,018 266,490,758 246,423,249
----------- ----------- ----------- -----------
Gross profit 14,701,239 11,456,049 33,477,510 27,598,639
Selling, general, and
administrative expenses 10,354,261 8,185,152 20,433,227 16,702,136
---------- --------- ---------- ----------
Operating income 4,346,978 3,270,897 13,044,283 10,896,503
Interest income 267,710 198,381 503,509 435,019
Interest expense (66,084) (310,200) (110,949) (521,933)
Gain on sale of subsidiary 1,269,000 -- 1,269,000 --
Other income (expense) (283,349) (220,354) 163,624 164,608
--------- --------- ------------- --------------
Income before income taxes 5,534,255 2,938,724 14,869,467 10,974,197
Provision for income taxes 2,092,573 1,247,020 5,874,628 4,492,446
--------- --------- --------- ---------
Net income $3,441,682 $1,691,704 $8,994,839 $6,481,751
========== ========== ========== ==========
Earnings per common share
- -------------------------
Basic $.42 $.20 $1.10 $.77
==== ==== ===== ====
Diluted $.42 $.20 $1.10 $.77
==== ==== ===== ====
Dividends paid per common share $.03 $.03 $.06 $.06
- ------------------------------- ==== ==== ==== ====
</TABLE>
See notes to consolidated financial statements
<PAGE> 4
THOR INDUSTRIES, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
FOR THE SIX MONTHS ENDED JANUARY 31, 1998 AND 1997
(AS RESTATED, SEE NOTE #6)
--------------------------
<TABLE>
<CAPTION>
(UNAUDITED)
-----------
1998 1997
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 8,994,839 $ 6,481,751
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation 1,132,630 1,171,022
Amortization 952,197 1,082,870
Gain on sale of subsidiary (1,269,000) --
Restricted stock plan expense 4,967 --
Changes in non cash assets and liabilities
- ------------------------------------------
Accounts receivable 5,482,403 1,807,533
Inventories (4,818,556) 3,729,849
Prepaid expenses and other (348,669) (432,534)
Accounts payable (3,895,990) (7,920,440)
Accrued liabilities (2,963,867) (7,434,335)
Other liabilities 39,520 --
------------ ------------
Net cash provided by (used in) operating activities 3,310,474 (1,514,284)
- --------------------------------------------------- ------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant & equipment (862,000) (1,020,790)
Disposals of property, plant & equipment 196,317 164,600
Proceeds from sale of subsidiary 3,267,804 --
------------ ------------
Net cash provided by (used) in investing activities 2,602,121 (856,190)
- --------------------------------------------------- ------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends (488,767) (504,909)
Net proceeds from line of credit -- 7,765,000
Purchase of treasury stock -- (13,561,052)
Proceeds from issuance of common stock 800 --
------------ ------------
Net cash used in financing activities (487,967) (6,300,961)
- ------------------------------------- ------------ ------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (332,559) 75,147
------------ ------------
Net increase (decrease) in cash and equivalents 5,092,069 (8,596,288)
Cash and equivalents, beginning of year 12,752,729 12,737,778
------------ ------------
CASH AND EQUIVALENTS, END OF PERIOD $ 17,844,798 $ 4,141,490
============ ============
SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash transaction - issuance of restricted stock $ 155,465 --
Income taxes paid 3,452,226 $ 4,284,000
Interest paid 110,949 521,933
</TABLE>
See notes to consolidated financial statements
<PAGE> 5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(AS RESTATED, SEE NOTE #6)
--------------------------
1. The accompanying consolidated financial statements, which are unaudited,
reflect all adjustments consisting of only normal recurring adjustments,
which are, in the opinion of management, necessary to present fairly the
consolidated operating results for such unaudited periods.
2. Major classifications of inventories (as restated) are:
<TABLE>
<CAPTION>
(Unaudited)
-----------
January 31, 1998 July 31, 1997
---------------- -------------
<S> <C> <C>
Raw materials $38,836,977 $40,938,593
Work in process 15,863,635 14,755,637
Finished goods 13,316,940 7,921,573
---------- ---------
Total 68,017,552 63,615,803
Less excess of FIFO costs over LIFO costs 3,570,977 3,168,977
--------- ---------
Total inventories $64,446,575 $60,446,826
=========== ===========
</TABLE>
3. On September 29, 1997, the Board of Directors approved the Thor Industries,
Inc. Restricted Stock and Select Executive Incentive Plans. Under the terms
of the Restricted Stock Plan, a total of up to 100,000 restricted shares of
common stock may be granted to selected executives of Thor. Restrictions
expire 50% after five years following the date of issue, and the balance
after six years. As of January 31, 1998, the Company issued 5,150 shares of
restricted stock under the Plan.
4. Earnings Per Share - As of January 31, 1998, the Company adopted Financial
Accounting Standards Board Statement No. 128, "Earnings Per Share" (FAS
128). This standard requires the presentation of basic and diluted earnings
per share on the face of the income statement. Earnings per share as
reported in prior periods has been restated in accordance with FAS 128, by
dividing net income by the following:
<TABLE>
<CAPTION>
Three months Three months Six months Six months
ended ended ended ended
January 31, 1998 January 31, 1997 January 31, 1998 January 31, 1997
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Weighted average shares
outstanding for basic
earnings per share 8,148,330 8,258,377 8,146,016 8,464,984
Stock options 43,440 - 0 - 36,763 - 0 -
Total - For diluted shares 8,191,770 8,258,377 8,182,779 8,464,984
</TABLE>
5. On December 31, 1997, the Company sold for cash certain assets and
liabilities of Henschen Corp., a division of Airstream, Inc. The
transaction resulted in a one time pre-tax gain of approximately
$1,269,000.
On February 9, 1998, the Company purchased certain assets and liabilities
of Champion Motor Coach, Inc. The total cash price of the acquisition was
approximately $10,163,356 which was paid from internal funds.
<PAGE> 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(AS RESTATED, SEE NOTE #6)
--------------------------
6. During April 1998, the Company's management determined that the accounting
records at the General Coach - Brown City location were incorrectly stated
for all periods subsequent to July 31, 1995. The balances specifically
affected were cash, accounts receivable, inventory, other accrued
liabilities, cost of products sold and the provision for taxes. As a
result, the Company's financial statements as of January 31, 1998 and July
31, 1997 and for the three and six months ended January 31, 1998 and
January 31, 1997 have been restated from the amounts previously reported to
correct the cash, accounts receivable, inventory, other accrued
liabilities, and its related effect on earnings.
The effects of the restatement are as follows:
<TABLE>
<CAPTION>
Three Months Ended January 31, 1998 Three Months Ended January 31, 1997
----------------------------------- -----------------------------------
As Previously As As Previously As
Reported Restated Reported Restated
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net Sales $134,509,914 $134,509,914 $123,525,067 $123,525,067
Cost of Products Sold 119,205,480 119,808,675 111,517,777 112,069,018
----------- ----------- ----------- -----------
Gross Profit 15,304,434 14,701,239 12,007,290 11,456,049
Selling General and
Administrative Exp. 10,354,261 10,354,261 8,185,152 8,185,152
---------- ---------- --------- ---------
Operating Income 4,950,173 4,346,978 3,822,138 3,270,897
Other Income(Expense) 1,187,277 1,187,277 (332,173) (332,173)
--------- --------- --------- ---------
Income before Tax 6,137,450 5,534,255 3,489,965 2,938,724
Provision for Taxes 2,330,834 2,092,573 1,470,824 1,247,020
--------- --------- --------- ---------
Net Income $3,806,616 $3,441,682 $2,019,141 $1,691,704
========== ========== ========== ==========
Earnings Per
Common Share (Basic) $.47 $.42 $.24 $.20
==== ==== ==== ====
Earnings Per
Common Share (Diluted) $.46 $.42 $.24 $.20
==== ==== ==== ====
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended January 31, 1998 Six Months Ended January 31, 1997
--------------------------------- ---------------------------------
As Previously As As Previously As
Reported Restated Reported Restated
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net Sales $299,968,268 $299,968,268 $274,021,888 $274,021,888
Cost of Product Sold 265,130,155 266,490,758 245,324,688 246,423,249
----------- ----------- ----------- -----------
Gross Profit 34,838,113 33,477,510 28,697,200 27,598,639
Selling General and
Administrative Exp. 20,433,227 20,433,227 16,702,136 16,702,136
---------- ---------- ---------- ----------
Operating Income 14,404,886 13,044,283 11,995,064 10,896,503
Other Income(Expense) 1,825,184 1,825,184 77,694 77,694
--------- --------- ------ ------
Income before Tax 16,230,070 14,869,467 12,072,758 10,974,197
Provision for Taxes 6,412,066 5,874,628 4,938,462 4,492,446
--------- --------- --------- ---------
Net Income $9,818,004 $8,994,839 $7,134,296 $6,481,751
========== ========== ========== ==========
Earnings Per
Common Share (Basic) $1.21 $1.10 $.84 $.77
===== ===== ==== ====
Earnings Per
Common Share (Diluted) $1.20 $1.10 $.84 $.77
===== ===== ==== ====
</TABLE>
<PAGE> 7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(AS RESTATED, SEE NOTE #6)
--------------------------
The effects of the restatement are as follows (Continued):
<TABLE>
<CAPTION>
January 31, 1998 July 31, 1997
---------------- -------------
As Previously As As Previously As
Reported Restated Reported Restated
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Cash & Cash Equivalents $18,745,493 $17,844,798 $13,380,357 $12,752,729
Accounts Receivable 46,698,916 44,319,644 52,714,496 50,837,162
Other Receivables 1,387,127 1,387,127 776,952 776,952
Inventories 66,943,118 64,446,575 62,380,940 60,446,826
Prepaid Exp. & Other 3,783,064 3,777,611 3,647,131 3,647,131
--------- --------- --------- ---------
Total Current Assets 137,557,718 131,775,755 132,899,876 128,460,800
----------- ----------- ----------- -----------
Property, Plant & Eq.(Net) 15,252,610 15,227,610 16,054,402 16,054,402
Investment in Joint Venture 3,504,894 3,504,894 3,365,442 3,365,442
Other Assets 22,187,316 22,183,153 23,087,995 23,087,995
---------- ---------- ---------- ----------
Total Assets 178,502,538 172,691,412 175,407,715 170,968,639
=========== =========== =========== ===========
Accounts Payable 28,293,607 28,282,160 31,814,320 31,814,320
Line of Credit 0 0 0 0
Accrued Liabilities 16,871,896 14,523,928 19,298,325 17,487,794
---------- ---------- ---------- ----------
Total Current Liabilities 45,165,503 42,806,088 51,112,645 49,302,114
---------- ---------- ---------- ----------
Other liabilities 1,886,584 1,886,584 1,847,064 1,847,064
Total stockholders' equity 131,450,451 127,998,740 122,448,006 119,819,461
----------- ----------- ----------- -----------
Total Liabilities & Equity $178,502,538 $172,691,412 $175,407,715 $170,968,639
============ ============ ============ ============
</TABLE>
<PAGE> 8
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
(AS RESTATED, SEE NOTE #6)
--------------------------
Quarter Ended January 31, 1998 vs. Quarter Ended January 31, 1997
- -----------------------------------------------------------------
Net sales for the second quarter totaled $134,509,914 up 8.9% from $123,525,067
in the same period last year. Income before income taxes was $5,534,255 compared
to $2,938,724 in the same period last year. This increase was primarily due to
the gain on sale of a subsidiary of $1,269,000, increased sales volume, improved
labor efficiency and lower warranty costs. In general, the Company did not
adjust its sales prices during the second quarter of Fiscal 1998. Recreation
vehicle revenues of $102,279,952 were 15.1% higher than last year and were 76.0%
of total company revenues compared to 71.9% last year. Bus revenues of
$32,229,962 were 7.1% lower than last year and were 24.0% of total company
revenues compared to 28.1% last year. Manufacturing gross profit was 10.9% of
sales compared to 9.3% last year.
Operating income totaled $4,346,978, up 32.9% from $3,270,897 in the same period
last year. Selling, general and administrative expenses increased to
$10,354,261, 7.7% of sales, from $8,185,152, 6.6% of sales, due primarily to
increased income related compensation, and increased selling expenses in the
highly competitive RV markets. Interest income increased by $69,329 and interest
expense decreased by $244,116. This decrease in interest expense was due
primarily to the payback of additional borrowing for the purchase of 503,319
shares of treasury stock in Fiscal 1997. The combined income tax rate was 37.8%
compared to 42.4% last year. This decrease in tax was due primarily to use of a
capital loss carryforward applied to the gain on the sale of a subsidiary.
Six Months Ended January 31, 1998 vs. Six Months Ended January 31, 1997
- -----------------------------------------------------------------------
Net sales for the six months totaled $299,968,268, up 9.5% from $274,021,888 in
the same period last year. Income before income taxes was $14,869,467 compared
to $10,974,197 in the same period last year. This increase was primarily due to
the gain on sale of a subsidiary of $1,269,000, increased sales volume, improved
labor efficiency and lower warranty costs. Recreation vehicle revenues of
$227,940,435 were 10.4% higher than last year and were 76.0% of total company
revenues compared to 75.3% last year. Bus revenues of $72,027,833 were 6.5%
higher than last year and were 24.0% of total company revenues compared to 24.7%
last year. Manufacturing gross profit was 11.2% of sales compared to 10.1% last
year.
Operating income totaled $13,044,283, up 19.7% from $10,896,503 in the same
period last year. Selling, general and administrative expenses increased to
$20,433,227, 6.8% of sales, from $16,702,136, 6.1% of sales due primarily to an
adjustment to deferred compensation in the first quarter of Fiscal 1997 of
$669,000, an increase in income related compensation and increased selling
expense in the highly competitive RV market in 1998. Interest income increased
by $68,490 and interest expense decreased by $410,984. This decrease in interest
expense was due primarily to the payback of additional borrowings for the
purchase of 543,319 shares of treasury stock in Fiscal 1997. The combined income
tax rate was 39.5% compared to 40.9% last year. This decrease in tax was due
primarily to use of a capital loss carryforward applied to the gain on the sale
of a subsidiary.
Financial Condition and Liquidity
- ---------------------------------
As of January 31, 1998, Thor had $17,844,798 in cash and cash equivalents,
compared to $12,752,729 on July 31, 1997. Working capital at January 31, 1998
was $88,969,667 compared to $79,158,686 at July 31, 1997. Inventory valued at
current cost at January 31, 1998 exceeded the LIFO inventory by $3,570,977.
On January 31, 1998, the Company had a $30,000,000 revolving line of credit with
Harris Trust and Savings Bank. There were no borrowings at January 31, 1998. The
loan agreement contains certain covenants, including restrictions on additional
indebtedness, and the Company must maintain certain financial ratios. The line
of credit bears interest at negotiated rates below prime and expires on November
30, 1998. The Company had no long term debt as of January 31, 1998. Amortization
of intangibles decreased from $1,082,870 through January 31, 1997 to $952,197
through January 31, 1998 due to certain intangibles being fully amortized.
<PAGE> 9
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
(AS RESTATED, SEE NOTE #6)
--------------------------
(continued)
On September 29, 1997, the Board of Directors approved the Thor Industries, Inc.
Restricted Stock and Select Executive Incentive Plans. Under the terms of the
Restricted Stock Plan a total of up to 100,000 restricted shares of stock may be
granted to selected executives within a 10 year period.
On December 31, 1997, the Company sold for cash certain assets and liabilities
of Henschen Corp., a division of Airstream, Inc. The transaction resulted in a
one time pre-tax gain of approximately $1,269,000.
On February 9, 1998, the Company purchased certain assets and liabilities of
Champion Motor Coach, Inc. The total cash price of the acquisition was
approximately $10,163,356 which was paid from internal funds.
The Company's Thor West facility is operating at a loss. Management is currently
taking actions to reduce costs and improve sales volume, which management
believes will be successful. However, no assurance can be made that Thor West
will attain profitable operations.
The Company believes internally generated funds and the revolving credit
agreement already in place will be sufficient to meet current operating needs
and anticipated capital requirements.
This report includes "forward looking statements" that involve uncertainties and
risks. There can be no assurance that actual results will not differ from the
Company's expectations. Factors which could cause materially different results
include, among others, the success of new product introductions, the pace of
acquisitions and cost structure improvements, competitive and general economic
conditions, and the other risks set forth in the Company's filings with the
Securities and Exchange Commission.
PART II
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Annual Meeting of Shareholders on
Matters Voted on by Shareholders:
---------------------------------
1.) Election of Director: Alan Siegel
Results of Voting by Shareholders:
----------------------------------
<TABLE>
<CAPTION>
For Against Abstain
--- ------- -------
<S> <C> <C> <C>
Item 1 7,158,379 -0- 76,184
</TABLE>
Item 6. Exhibits and Reports on Form 8-K
a.) Exhibit
N/A
b) Reports on Form 8-K
On February 24, 1998, a Form 8-K was filed with the
Securities and Exchange Commission pursuant to the
acquisition of certain assets and liabilities of Champion
Motor Coach, Inc.
<PAGE> 10
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.
THOR INDUSTRIES, INC.
(Registrant)
DATE June 9, 1998 (Signed) /s/ Wade F. B. Thompson
------------------- ---------------------------------------
Wade F.B. Thompson, Chairman of the Board,
President and Chief Executive Officer
DATE June 9, 1998 (Signed) /s/ Walter L. Bennett
------------------- ----------------------------------------
Walter L. Bennett, Senior Vice President,
Secretary (Chief Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000730263
<NAME> THOR INDUSTRIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-END> JAN-31-1998
<CASH> 17,844,798
<SECURITIES> 0
<RECEIVABLES> 45,706,771
<ALLOWANCES> 0
<INVENTORY> 64,446,575
<CURRENT-ASSETS> 131,775,755
<PP&E> 27,379,384
<DEPRECIATION> 12,151,774
<TOTAL-ASSETS> 172,691,412
<CURRENT-LIABILITIES> 42,806,088
<BONDS> 0
0
0
<COMMON> 910,450
<OTHER-SE> 127,088,290
<TOTAL-LIABILITY-AND-EQUITY> 172,691,412
<SALES> 299,968,268
<TOTAL-REVENUES> 299,968,268
<CGS> 266,490,758
<TOTAL-COSTS> 286,923,985
<OTHER-EXPENSES> (1,432,624)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 110,949
<INCOME-PRETAX> 14,869,467
<INCOME-TAX> 5,874,628
<INCOME-CONTINUING> 8,994,839
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,994,839
<EPS-PRIMARY> 1.10
<EPS-DILUTED> 1.10
</TABLE>
