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 September 30, 1995 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 0-13163
Acxiom Corporation
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 71-0581897
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
P.O. Box 2000, 301 Industrial Boulevard,
Conway, Arkansas 72033-2000
(Address of Principal Executive Offices) (Zip Code)
(501) 336-1000
(Registrant's Telephone Number, Including Area Code)
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
The number of shares of Common Stock, $0.10 par value per
share, outstanding as of October 25, 1995, was 23,491,335.
<PAGE>
Form 10-Q
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Company for which report is filed:
ACXIOM CORPORATION
The consolidated financial statements included herein have been
prepared by Registrant, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. In
the opinion of the Registrant's management, however, all
adjustments necessary for a fair statement of the results for
the periods included herein have been made and the disclosures
contained herein are adequate to make the information presented
not misleading. All such adjustments are of a normal recurring
nature.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, March 31,
1995 1995
--------- ---------
Assets
------
Current assets:
Cash and short-term cash $ 1,592,000 3,149,000
investments
Trade accounts receivable, net 40,657,000 37,764,000
Other current assets 2,976,000 2,604,000
----------- -----------
Total current assets 45,225,000 43,517,000
----------- -----------
Property and equipment 151,644,000 123,321,000
Less - Accumulated depreciation
and amortization 67,016,000 55,902,000
----------- -----------
Property and equipment, net 84,628,000 67,419,000
----------- -----------
Software, net of accumulated 8,718,000 9,693,000
amortization
Excess of cost over fair value
of net assets acquired 14,777,000 9,638,000
Other assets 21,511,000 17,903,000
----------- -----------
$174,859,000 148,170,000
=========== ===========
Liabilities and Stockholders'
Equity
----------------------------------
Current liabilities:
Short-term borrowings 827,000 ---
Current installments of long- 3,564,000 3,564,000
term debt
Trade accounts payable 8,786,000 8,342,000
Accrued interest 435,000 522,000
Accrued payroll and related 5,026,000 5,280,000
expenses
Other accrued expenses 7,540,000 7,055,000
Advances from customers 232,000 162,000
Income taxes 994,000 39,000
----------- -----------
Total current liabilities 27,404,000 24,964,000
----------- -----------
Long-term debt, excluding current 29,280,000 18,219,000
installments
Deferred income taxes 7,164,000 7,138,000
<PAGE>
Deferred revenue 1,544,000 672,000
Stockholders' equity:
Preferred stock --- ---
Common stock 2,412,000 2,308,000
Additional paid-in capital 51,883,000 46,493,000
Retained earnings 57,962,000 50,776,000
Foreign currency translation (407,000) 7,000
adjustment
Treasury stock, at cost (2,383,000) (2,407,000)
------------ -----------
Total stockholders' equity 109,467,000 97,177,000
Commitments and contingencies ------------ -----------
$174,859,000 148,170,000
============ ===========
See accompanying condensed notes to consolidated financial
statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
For the Three Months Ended
-------------------------
September 30,
-------------------------
1995 1994
---------- ----------
Revenue $ 62,376,000 47,853,000
Operating costs and expenses:
Salaries and benefits 22,652,000 16,010,000
Computer, communications and
other equipment 7,844,000 7,021,000
Data costs 15,992,000 13,414,000
Other operating costs and 8,546,000 6,054,000
expenses ----------- ----------
Total operating costs and 55,034,000 42,499,000
expenses ----------- ----------
Income from operations 7,342,000 5,354,000
----------- ----------
Other income (expense):
Interest expense (546,000) (585,000)
Other, net (84,000) (189,000)
----------- ----------
(630,000) (774,000)
----------- ----------
Earnings before income taxes 6,712,000 4,580,000
Income taxes 2,640,000 1,787,000
----------- ----------
Net earnings $ 4,072,000 2,793,000
=========== ==========
Earnings per share $ .16 .12
=========== ==========
Weighted average shares 26,109,000 22,548,000
outstanding =========== ==========
See accompanying condensed notes to consolidated financial
statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
For the Six Months ended
-------------------------
September 30,
-------------------------
1995 1994
---------- ----------
Revenue $121,558,000 94,734,000
Operating costs and expenses:
Salaries and benefits 45,437,000 30,831,000
Computer, communications and
other equipment 15,965,000 13,937,000
Data costs 31,492,000 29,919,000
Other operating costs and 15,805,000 10,981,000
expenses ----------- ----------
Total operating costs and 108,699,000 85,668,000
expenses ----------- ----------
Income from operations 12,859,000 9,066,000
----------- ----------
Other income (expense):
Interest expense (938,000) (1,257,000)
Other, net (151,000) (745,000)
----------- ----------
(1,089,000) (2,002,000)
----------- ----------
Earnings before income taxes 11,770,000 7,064,000
Income taxes 4,562,000 2,755,000
----------- ----------
Net earnings $ 7,208,000 4,309,000
=========== ==========
Earnings per share $ .28 .19
=========== ==========
Weighted average shares 25,966,000 22,250,000
outstanding =========== ==========
See accompanying condensed notes to consolidated financial
statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
-------------------------
September 30,
-------------------------
1995 1994
-------- --------
Cash flows from operating
activities:
Net earnings $ 7,208,000 4,309,000
Non-cash operating activities:
Depreciation and amortization 10,519,000 9,321,000
Loss on disposal of assets --- 547,000
Equity in operations of joint
venture --- 279,000
Other, net 364,000 1,049,000
Changes in assets and
liabilities:
Accounts receivable (254,000) (6,660,000)
Other assets (789,000) 408,000
Accounts payable and (1,047,000) 7,115,000
other liabilities ---------- ----------
Net cash provided by
operating activities 16,001,000 16,368,000
---------- ----------
Cash flows from investing
activities:
Sale of assets 272,000 5,308,000
Cash acquired in pooling 1,624,000 ---
acquisition
Cash paid in purchase (5,914,000) ---
acquisition
Development of software (547,000) (546,000)
Capital expenditures (21,950,000) (9,178,000)
---------- ----------
Net cash used by investing
activities (26,515,000) (4,416,000)
---------- ----------
Cash flows from financing
activities:
Proceeds from debt 12,261,000 ---
Payments of debt (2,999,000) (11,987,000)
Sale of common stock 1,011,000 688,000
Cash dividends paid by acquired
company prior to merger (468,000) ---
Acquisition and retirement of
common stock by acquired (1,010,000) ---
company prior to merger
<PAGE>
Issuance of common stock by
acquired company prior 190,000 ---
to merger ---------- ----------
Net cash provided (used) by
financing activities 8,985,000 (11,299,000)
---------- ----------
Effect of exchange rate (28,000) ---
changes on cash
---------- ----------
Net increase in cash and
short-term cash investments (1,557,000) 653,000
Cash and short-term cash
investments at beginning of 3,149,000 475,000
period ---------- ----------
Cash and short-term cash
investments at end of period $ 1,592,000 1,128,000
========== ==========
Cash paid during the period
for:
Interest $ 1,025,000 1,344,000
Income taxes 3,607,000 849,000
========== ==========
See accompanying condensed notes to consolidated financial
statements.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Certain note information has been omitted because it has not
changed significantly from that reflected in Notes 1 through 15
of the Notes to Consolidated Financial Statements filed as a
part of Item 14 of Registrant's 1995 Annual report on Form 10-K
as filed with the Securities and Exchange Commission on June
28, 1995.
Notes to Consolidated Financial Statements:
1. On July 14, 1995, the Company purchased the outstanding
stock of Generator Datamarketing Limited ("Generator").
Generator is located in Hertfordshire, near London, and
provides data and database marketing software and
processing services to its customers. The purchase price
was 4,000,000 pounds sterling (approximately $6,460,000).
The acquisition has been accounted for as a purchase, and,
accordingly, Generator's results of operations are included
in the consolidated statements of earnings as of the
purchase date. The purchase price exceeded the fair value
of the net assets acquired by $5,648,000. The resulting
excess of cost over net assets acquired is being amortized
using the straight-line method over its estimated economic
life of 15 years.
The pro forma combined results of operations, assuming the
acquisition occurred at the beginning of each period
presented, are not materially different than the historical
results of operations reported. Generator had revenue of
$3,122,000 and earnings before income taxes of $215,000 for
the year ended December 31, 1994.
2. On August 25, 1995 the Company acquired all of the
outstanding capital stock of DataQuick Information Systems
(formerly an "S" Corporation) and DQ Investment Corporation
(collectively referred to as "DataQuick"). The Company
exchanged 984,839 shares of its common stock for all of the
outstanding shares of capital stock of DataQuick.
Additionally, the Company assumed all of the currently
outstanding options granted under DataQuick's stock option
plans, with the result that 808,370 shares of the Company's
common stock are now subject to issuance upon exercise of
such options. The acquisition was in the form of a merger
of two wholly owned subsidiaries of the Company into each
of DataQuick Information Systems and DQ Investment
Corporation and is accounted for as a pooling of interests.
<PAGE>
DataQuick is headquartered in San Diego, California, and
provides real property information to support a broad range
of applications including marketing, appraisal, real
estate, banking, mortgage and insurance. This information
is distributed on-line and via CD-ROM, list services, and
microfiche.
The stockholders' equity and operations of DataQuick are
not material in relation to those of the Company. As such,
the Company has recorded the combination by restating
stockholders' equity as of April 1, 1995, without restating
prior years' statements of earnings to reflect the pooling
of interests combination. DataQuick's net assets as of
April 1, 1995 totaled $5,773,000. The statements of
earnings for the three months and six months ended
September 30, 1995 include the results of DataQuick for the
entire period presented.
For the year ended December 31, 1994, DataQuick had
revenues and earnings before income taxes of $20,251,000
and $891,000, respectively. Included in the current fiscal
year's results are revenues of $8,048,000 and earnings
before income taxes of $79,000 for DataQuick for the period
from April 1, 1995 to August 25, 1995.
3. On July 25, 1995, a customer of the Company, Highlights for
Children, Inc. ("Highlights"), filed a demand for
arbitration with the American Arbitration Association. The
demand alleges, among other things, breaches of express
warranties in connection with a software license agreement
for the Company's GS/2000 software product. The demand
seeks compensatory damages of approximately $22,000,000 and
punitive damages of $44,000,000, plus attorneys' fees and
costs.
The Company believes that the action is substantially
without merit. Highlights is and has been using the
GS/2000 software in the daily operation of its business for
over two years. Highlights accepted the software as
operational as of September 1, 1993 and paid the final
license fee payment. Acxiom's software license fee and
related fees invoiced to Highlights for the GS/2000
software totaled approximately $2,000,000. The Company
intends to vigorously defend the arbitration claim.
Management believes that the ultimate outcome of the
arbitration case will result in a final settlement,
<PAGE>
Form 10-Q
if any, which would not be material to the financial
statements and which would be substantially lower than
the amount noted above.
The Company is involved in various other claims and legal
actions in the ordinary course of business. In the opinion
of management, the ultimate disposition of these matters
will not have a material adverse effect on the Company's
consolidated financial position or its expected future
consolidated results of operations.
4. The Company's unsecured credit agreement providing for
revolving loans in amounts of up to $30,000,000 which was
set to expire August 31, 1996, has been extended through
August 31, 1998. The Company's other unsecured credit line
of $1,000,000 has also been renewed and now expires in June
1996. At September 30, 1995 there was a balance of
$12,261,000 outstanding under the Company's revolving
credit agreement.
<PAGE>
Form 10-Q
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations
---------------------
Consolidated revenue was a record $62,376,000 for the quarter
ended September 30, 1995, a 30% increase over revenue of
$47,853,000 for the same quarter a year ago. The financial
services segment grew 46% reflecting the continued strong
activity in credit card marketing. The direct marketing,
insurance, and information and communication segments grew 43%,
30% and 15%, respectively. The media segment was down 8% from
the prior year. The DataQuick and Generator acquisitions added
revenue of $6,006,000 in the quarter.
For the six months ended September 30, 1995, consolidated
revenue was $121,558,000, up 28% from the $94,734,000 reported
for the same period in the prior year. The financial services
segment was responsible for over half of the growth, increasing
67% from the prior year. The other segments all reported gains
with direct marketing, insurance, information and communication
services, and media up 35%, 11%, 11% and 2%, respectively.
Year-to-date the DataQuick and Generator acquisitions added
revenue of $10,798,000.
Operating costs and expenses for the quarter increased 29% when
compared to the same quarter last year. Salaries and benefits
increased 41% reflecting increased headcount. Computer,
communications and other equipment costs increased 12%, data
costs increased 19% and other operating costs and expenses
increased 41%. The expense increases are primarily associated
with the acquisitions noted above. Excluding the effects of
the acquisitions, operating expenses increased 15%. Operating
costs decreased as a percentage of revenue and as a result,
operating margins for the quarter were 12% compared to 11% in
the same quarter a year ago.
For the six months ended September 30, 1995, operating costs
and expenses increased 27% when compared with the same period
the previous year. Salaries and benefits increased 47%,
computer, communications and other equipment expenses increased
15%, data costs increased 5%, and other operating costs
increased 44%. Once again, most of the expense increases were
associated with the acquisitions noted above. Excluding these
effects, operating expenses increased 14%. Operating margins
for the six months were 11% of revenue compared to 10% for the
same period in the prior year.
<PAGE>
Interest expense for the current quarter and the year-to-date
period are lower than in the prior year, due to lower average
levels of debt. Other expense in the first quarter of the
prior year included $500,000 for the estimated disposal cost of
certain BSA assets in the United States.
The Company's effective tax rate was 39% for both the current
quarter and the six months ended September 30, 1995, unchanged
from the comparable periods in the prior year. The effective
tax rate for the year ended March 31, 1995 was 38%. The
Company expects the effective rate for fiscal 1996 to remain in
the 37-39% range.
<PAGE>
Form 10-Q
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
(continued)
Capital Resources and Liquidity
-------------------------------
Working capital at September 30, 1995 was $17,821,000 compared
to $18,553,000 at March 31, 1995. At September 30, 1995 the
Company had available credit lines of $31,000,000 of which
$12,261,000 was outstanding. The Company's debt-to-capital
ratio (capital defined as long-term debt plus stockholders'
equity) was 21% at September 30, 1995 compared to 16% at March
31, 1995. As discussed in footnote 4 to the consolidated
financial statements, the Company's $30,000,000 revolving
credit agreement which was set to expire August 31, 1996 has
been amended to extend through August 31, 1998.
Cash provided by operating activities was $16,001,000 for the
six months ended September 30, 1995 compared to $16,368,000 for
the same period a year earlier. In the current period,
$26,515,000 was used by investing activities and $8,985,000 was
provided by financing activities. Investing activities
included capital expenditures of $21,950,000 compared to
$9,178,000 in the prior period. Investing activities also
included $5,914,000 paid for the acquisition of Generator
Datamarketing Limited ("Generator") which is discussed more
fully in footnote 1 to the consolidated financial statements.
Generator's results of operations are included in the Company's
consolidated results for the second quarter of the current
fiscal year. Investing activities in the prior year included
$5,308,000 collected from the sale of assets, primarily from
the sale of substantially all of the assets of Acxiom Mailing
Services. Financing activities in the current year include the
effects of cash dividends and common stock transactions made by
DataQuick Information Systems ("DataQuick") prior to its
acquisition in a pooling-of-interests transaction on August 25,
1995. For a more detailed description of the DataQuick merger
see footnote 2 to the consolidated financial statements. The
statements of earnings and cash flows for the current year
include the results of DataQuick for the entire periods
presented.
The Company has completed and begun to occupy an expansion of
its Conway, Arkansas data center to accommodate increasing data
processing requirements. The cost of the expansion was
approximately $4,000,000. The Company is building a new
100,000 square-foot customer service building on its main
campus in Conway. The new facility is projected to cost
$8,000,000 and will be ready for occupancy in the third quarter
of fiscal 1996. Both projects are being funded through current
operations and existing credit lines. Management expects total
capital expenditures for fiscal year 1996 to be approximately
$35,000,000.
<PAGE>
On October, 4, 1995, the Company announced a letter of intent
to form a business alliance with The Polk Company ("Polk").
The Company will assume management of Polk's data center in
Taylor, Michigan and a definitive ten-year agreement is
expected to be completed in November 1995. A phased program
will transfer Polk's data center operations to the Company's
headquarters in Conway, Arkansas. Management estimates the
agreement will contribute $12-$16 million in initial annual
revenues. The Company and Polk will also explore joint
ventures in marketing, product development, data acquisition,
and international sales. The exact nature of the partnership
in these areas will be determined by future discussions.
As discussed in footnote 3 to the consolidated financial
statements, the Company is involved in an arbitration claim,
which if resolved against the Company, could result in a
payment of an amount which could be material to the financial
statements. However, management believes the ultimate outcome
of this case will result in a settlement, if any, which will
not be material to the financial statements.
While the Company does not have any other material contractual
commitments for capital expenditures, additional investments in
facilities and computer equipment will continue to be necessary
to support the anticipated growth of the business. In
addition, new outsourcing or facilities management contracts
frequently require substantial up-front capital expenditures in
order to acquire existing assets. Management believes that the
combination of existing working capital, anticipated funds to
be generated from future operations and the Company's available
credit lines is sufficient to meet the Company's current
operating needs as well as to fund the anticipated levels of
capital expenditures. If additional funds are required, the
Company would use existing credit lines to generate cash,
followed by either additional borrowings to be secured by the
Company's assets or the issuance of additional equity
securities in either public or private offerings. Management
believes that the Company has significant capacity to raise
capital which could be used to support future growth.
<PAGE>
Form 10-Q
ACXIOM CORPORATION
PART II - OTHER INFORMATION
Item 4.Submission of Matters to a Vote of Security Holders
The Annual Meeting of Shareholders of the Company was
held on August 2, 1995. The following matters were
voted upon at the meeting:
(1) Shareholders approved the election of three
directors. Voting results for each
individual nominee were as follows: Rodger
S. Kline, 15,523,324 votes for and 556,307
withheld; Robert A. Pritzker, 15,533,130
votes for and 546,501 votes withheld; James
T. Womble, 15,523,450 votes for and 556,181
votes withheld.
(2) Shareholders approved an amendment to the
Company's Certificate of Incorporation to
increase the number of authorized shares of
Common Stock, $.10 par value per share,
from 30,000,000 to 60,000,000, with
15,512,829 votes for, 503,070 votes
against, 40,676 votes withheld, and no
broker non-votes.
(3) Shareholders approved an amendment to the
Company's U.S. Stock Option Plan, with
12,885,154 votes for, 2,335,498 votes
against, 403,206 withheld, and 535,773
broker non-votes.
Item 6.Exhibits and Reports on Form 8-K
(a) Exhibits:
3.1 Company's Amended and Restated Certificate of
Incorporation (incorporated by reference to
Exhibit 4.1 to Registration No. 33-63423)
27 Financial Data Schedule
<PAGE>
(b) Reports on Form 8-K filed during the second
quarter:
A report was filed on August 25, 1995 under Item
5 of Form 8-K, which reported the acquisitions
of DataQuick Information Systems and DQ
Investment Corporation.
A report was filed on September 27, 1995 under
Item 5 of Form 8-K, in which the Registrant
filed, in connection with the DataQuick
acquisition, the Registrant's first quarter
financial statements to reflect the pooling of
interests combination.
<PAGE>
Form 10-Q
ACXIOM CORPORATION AND SUBSIDIARIES
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
Acxiom Corporation
Dated November 2, 1995
/s/ Robert S. Bloom
-------------------
(Signature)
Robert S. Bloom
Chief Financial Officer
(Chief Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibits to Form 10-Q
Exhibit Number Exhibit
3.1 Company's Amended and Restated
Certificate of Incorporation
(incorporated by reference to
Exhibit 4.1 to Registration No.
33-63423)
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
A RESTATED ART. 5 FDS FOR THE FIRST QUARTER 10-Q WAS
NECESSITATED BY THE ACQUISITION OF DATAQUICK INFORMATION
SYSTEMS AND DQ INVESTMENT CORPORATION, WHICH ACQUISITION WAS
ACCOUNTED FOR AS A POOLING OF INTERESTS. THE SCHEDULE CONTAINS
SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED
BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF EARNINGS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> JUN-30-1995
<CASH> 1,741
<SECURITIES> 0
<RECEIVABLES> 39,298
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 43,813
<PP&E> 139,680
<DEPRECIATION> 63,144
<TOTAL-ASSETS> 160,268
<CURRENT-LIABILITIES> 25,151
<BONDS> 21,187
0
0
<COMMON> 2,410
<OTHER-SE> 102,656
<TOTAL-LIABILITY-AND-EQUITY> 160,268
<SALES> 0
<TOTAL-REVENUES> 59,182
<CGS> 0
<TOTAL-COSTS> 53,665
<OTHER-EXPENSES> 67
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 392
<INCOME-PRETAX> 5,058
<INCOME-TAX> 1,922
<INCOME-CONTINUING> 3,136
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,136
<EPS-PRIMARY> .12
<EPS-DILUTED> .12
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED
STATEMENTS OF EARNINGS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1995
<CASH> 1,592
<SECURITIES> 0
<RECEIVABLES> 40,657
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 45,225
<PP&E> 151,644
<DEPRECIATION> 67,016
<TOTAL-ASSETS> 174,859
<CURRENT-LIABILITIES> 27,404
<BONDS> 29,280
0
0
<COMMON> 2,412
<OTHER-SE> 107,055
<TOTAL-LIABILITY-AND-EQUITY> 174,859
<SALES> 0
<TOTAL-REVENUES> 121,558
<CGS> 0
<TOTAL-COSTS> 108,699
<OTHER-EXPENSES> 151
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 938
<INCOME-PRETAX> 11,770
<INCOME-TAX> 4,562
<INCOME-CONTINUING> 7,208
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,208
<EPS-PRIMARY> .28
<EPS-DILUTED> .28
</TABLE>
