SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
( X ) Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended December 31, 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 1-7444
OAKWOOD HOMES CORPORATION
(Exact name of registrant as specified in its charter)
North Carolina 56-0985879
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7025 Albert Pick Road, Greensboro, North Carolina 27409
(Address of principal executive offices)
Post Office Box 7386, Greensboro, North Carolina
27417-0386 (Mailing address of principal
executive offices)
(910) 855-2400
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.
Yes X No _____
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock as of January 31, 1996.
Common Stock, Par Value $.50 Per Share . . . . . . . . . . 22,345,448
1
<PAGE>
QUARTERLY REPORT ON FORM 10-Q
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Quarter Ended December 31, 1995
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
Greensboro, North Carolina
The consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Certain information and disclosures
normally included in annual financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted pursuant
to such rules and regulations, although the Company believes that the
disclosures contained herein are adequate to make the information presented not
misleading. These consolidated financial statements should be read in
conjunction with the financial statements and the notes thereto included in the
Company's latest annual report on Form 10-K.
2
<PAGE>
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(in thousands except per share data)
<TABLE>
<CAPTION>
Three months ended
December 31,
1995 1994
---- ----
<S> <C> <C>
Revenues
Net sales $ 176,269 $149,489
Financial services income 24,239 14,437
Other income 3,928 3,203
----------- -----------
Total revenues 204,436 167,129
--------- ---------
Costs and expenses
Cost of sales 130,223 112,024
Selling, general and administrative expenses
Non-financial services 41,199 33,132
Financial services 4,126 2,727
Provision for losses on credit sales -- 151
Interest expense
Non-financial services 619 397
Financial services 5,519 5,453
----------- ----------
Total costs and expenses 181,686 153,884
--------- ---------
Income before income taxes 22,750 13,245
Provision for income taxes 8,873 4,786
----------- ----------
Net income $ 13,877 $ 8,459
========= =========
Pro forma information (Note 2)
Income before income taxes 13,245
Provision for income taxes 5,033
Net income $ 8,212
=========
Earnings per share (fiscal 1995 amounts are pro forma - Note 2)
Primary $ .60 $ .36
Fully diluted $ .60 $ .36
Dividends per share $ .02 $ .02
Average shares outstanding
Primary 23,087 22,979
Fully diluted 23,097 23,090
</TABLE>
3
<PAGE>
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(in thousands except share and per share data)
<TABLE>
<CAPTION>
December 31, September 30,
ASSETS 1995 1995
---- ----
<S> <C> <C>
Cash and cash equivalents $ 11,999 $ 6,189
Receivables and investments 412,435 480,875
Inventories
Manufactured homes 138,008 136,457
Work-in-process, materials and supplies 15,226 12,691
Land/homes under development 2,501 2,042
----------- -----------
155,735 151,190
Properties and facilities 109,364 101,758
Deferred income taxes 15,442 15,546
Other assets 27,953 27,082
---------- ----------
$732,928 $782,640
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term borrowings $107,900 $154,400
Notes and bonds payable 187,296 198,812
Accounts payable and accrued liabilities 94,316 87,405
Reserve for contingent liabilities 2,814 3,184
Other long-term obligations 7,456 20,431
Shareholders' equity
Common stock, $.50 par value; 100,000,000
shares authorized; 22,295,000 and 22,171,000
shares issued and outstanding 11,148 11,086
Additional paid-in capital 150,605 149,482
Retained earnings 173,433 160,000
--------- ---------
335,186 320,568
Less: Unearned ESOP shares (2,040) (2,160)
----------- -----------
333,146 318,408
--------- ---------
$732,928 $782,640
======== ========
</TABLE>
4
<PAGE>
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
Three months ended
December 31,
1995 1994
---- ----
<S> <C> <C>
Operating activities
Net income $ 13,877 $ 8,459
Items not requiring (providing) cash
Depreciation and amortization 2,350 1,907
Deferred income taxes 104 (380)
Provision for losses on credit sales -- 151
Gain on sale of securities (6,538) --
Other -- 148
(Increase) decrease in other receivables 3,290 (926)
(Increase) in inventories (4,545) (25,860)
(Decrease) in accounts payable and accrued liabilities (3,449) (16,124)
Increase (decrease) in other long-term obligations (2,615) 1,584
----------- -----------
Cash provided (used) by operations 2,474 (31,041)
Installment receivables issued (123,744) ( 80,005)
Purchase of installment loan portfolio (1,465) --
Sale of installment loans 189,972 121,359
Receipts on installment receivables 6,933 10,655
----------- ----------
Cash provided by operating activities 74,170 20,968
---------- ----------
Investing activities
Additions to property and facilities (9,715) (14,954)
Other (1,490) (1,032)
----------- ----------
Cash used by investing activities (11,205) (15,986)
---------- ---------
Financing activities
Net repayments on short-term credit facilities (46,500) (6,000)
Payments on notes and bonds (11,396) (11,710)
Cash dividends (444) (422)
Proceeds from exercise of stock options 1,185 202
----------- -----------
Cash used by financing activities (57,155) (17,930)
---------- ---------
Net increase (decrease) in cash and cash equivalents 5,810 (12,948)
Cash and cash equivalents
Beginning of period 6,189 16,974
----------- ---------
End of period $ 11,999 $ 4,026
========= =========
</TABLE>
5
<PAGE>
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
1. The consolidated financial statements reflect all adjustments, which
included only normal recurring adjustments, which are, in the opinion of
management, necessary to present fairly the results of operations for the
periods presented. Results of operations for any interim period are not
necessarily indicative of results to be expected for a full year.
2. On June 30, 1995 the Company completed its business combination with
Destiny Industries, Inc. ("Destiny") by issuing 925,000 shares of its
common stock in exchange for all the outstanding common stock of Destiny.
The business combination has been accounted for as a pooling of interests,
and accordingly the accompanying financial statements reflect the combined
results of operations and financial position of the Company and Destiny for
all periods presented.
Prior to the merger, Destiny was a Subchapter S corporation, and
accordingly its results of operations were includable in the income tax
returns of its former shareholders. The pro forma financial information for
fiscal 1995 set forth in the consolidated statement of income reflects, on
a pro forma basis, a provision for income taxes and net income assuming
Destiny's results of operations had been included in the Company's income
tax returns for such period.
Because earnings per share for fiscal 1995 computed on the basis of
historical net income would not reflect income taxes attributable to
Destiny's earnings, historical earnings per share amounts for such period
are not meaningful and accordingly have been omitted. Pro forma earnings
per share for fiscal 1995 have been computed on the basis of pro forma net
income.
3. The Company is contingently liable as guarantor on installment sale
contracts sold to unrelated financial institutions on a full or limited
recourse basis. The amount of this contingent liability was approximately
$90 million at December 31, 1995. The Company is also contingently liable
under terms of repurchase agreements with financial institutions providing
inventory financing for retailers of homes produced by Destiny and Golden
West Homes, manufacturing subsidiaries of the Company doing business with
independent dealers. The Company estimates that its potential obligation
under repurchase agreements approximated $45 million at December 31, 1995.
6
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Three months ended December 31, 1995 compared to three months ended December 31,
1994
The following table summarizes certain key statistics for the quarters
ended December 31, 1995 and 1994 :
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Retail sales (in millions) $133.4 $98.1
Wholesale sales (in millions) 39.8 48.7
Other sales - principally relating to
communities (in millions) 3.1 2.7
Total sales (in millions) 176.3 149.5
Gross profit % - integrated operations 29.5% 29.1%
Gross profit % - wholesale operations 15.4% 17.3%
New single-section homes sold - retail 2,556 2,183
New multi-section homes sold - retail 1,294 868
Used homes sold - retail 461 461
New single-section homes sold - wholesale 433 568
New multi-section homes sold - wholesale 1,102 1,311
Average new single-section sales price - retail $26,700 $24,700
Average new multi-section sales price - retail $47,400 $45,900
Average new single-section sales price - wholesale $14,100 $13,800
Average new multi-section sales price - wholesale $30,200 $31,100
Weighted average retail sales centers
open during the period 208 161
Average new homes sales per sales center 18.5 19.0
</TABLE>
Retail sales dollar volume increased 36%, reflecting a 26% increase in
new unit volume and increases of 8% and 3% in the average new unit sales prices
of single-section and multi-section homes, respectively. New unit volume rose
primarily due to a 29% increase in the weighted average number of sales centers
open during the period, while average new unit sales per sales center decreased
3%. In the first three months of fiscal 1996, the Company opened or acquired 18
new sales centers compared to 22 sales centers in the first three months of
fiscal 1995. Because the Company plans to open approximately 35 to 45 new sales
centers annually over the next several years, management does not expect any
significant increase in the average number of new homes sold per sales center
over the near term. Total new retail sales dollars at sales centers open more
than one year rose 8% in the quarter, while same store unit sales increased 1%.
Sales in the Southwest, where the average home size is somewhat larger
than in the Southeast, comprised 40% of total new manufactured housing sales
dollars in the first quarter
7
<PAGE>
of 1996 compared to 34% last year. Retail sales of multi-section homes accounted
for 34% of new home unit sales in the first quarter of fiscal 1996 versus 28% in
the prior year.
Wholesale sales dollar volume (which represents sales by Golden West
and Destiny to independent dealers) declined by 18%, reflecting a 18% decrease
in unit volume and a 3% decrease in the average sales price of new multi-section
homes. This decrease was slightly offset by a 2% increase in the average sales
price of new single-section homes. The decline in wholesale unit volume reflects
execution of the Company's strategy of changing the distribution of products
produced by Golden West and Destiny from independent dealers to company owned
retail sales centers. During the quarter ended December 31, 1995, Golden West
and Destiny shipped 475 homes to Oakwood sales centers, compared to 51 homes in
the first quarter of fiscal 1995; these shipments are not included in the
wholesale dollar sales and unit sales in the table above. Management expects
Golden West's and Destiny's unit sales to Oakwood to increase in future
quarters. To the extent the Company is successful in establishing Company owned
retail centers in Golden West and Destiny markets, the decline in sales to
wholesale dealers will continue.
Gross profit margin - integrated operations reflects gross profit
earned on all sales at retail as well as the manufacturing gross profit on
retail sales of units manufactured by the Company, including the manufacturing
gross profit earned by Golden West and Destiny on its sales to the Oakwood
retail organization. Gross profit margin - integrated operations was 29.5% in
the current period compared to 29.1% in the first quarter of the prior year. The
increase reflects improved sourcing of retail unit sales from Company owned
manufacturing plants. Approximately 85% of the total new unit retail sales
volume was manufactured by the Company in the first quarter of fiscal 1995,
compared to 75% in the first quarter one year ago.
Wholesale gross profit margins decreased to 15.4% in the current
quarter from 17.3% last year, primarily due to start-up costs incurred in a
plant expansion at the Albany, Oregon facility, which increased capacity by
approximately 40% during the quarter. During the first quarter of fiscal 1996,
Golden West's Albany plant operated at approximately 71% of its newly increased
capacity, as compared to full capacity in the first quarter of fiscal 1995. The
Company intends to use the new line to produce homes which sell at lower price
points than those traditionally manufactured in Oregon. Utilization at the
Perris, California plant increased during the quarter to 75% from 60% last year,
principally as the result of producing new models for Oakwood retail centers.
Financial services income increased 68% to $24.2 million from $14.4
million last year. Interest income earned on loans held for investment and on
loans held for sale prior to securitization was flat at $9.3 million in each
period. Interest on loans held for investment declined due to normal
amortization and prepayments, but was offset by an increase in interest earned
on loans held for sale due to higher average balances outstanding during the
first quarter of fiscal 1996. Loan servicing fees increased from $2.9 million
for the first quarter of 1995 to $3.6 million in the first quarter of 1996,
reflecting the increased size of the Company's securitized loan servicing
portfolio. REMIC residual income increased from $1.4 million to $3.2 million,
reflecting the shift in the Company's financing strategy toward securitization
of its loans from holding loans for investment and the adoption of sales
accounting for securitizations in 1993.
Financial services income for the first quarter of fiscal 1996 also
includes a gain of approximately $6.6 million from the sale of $187 million of
asset-backed securities, the
8
<PAGE>
Company's largest loan securitization to date. The gain resulted from a widening
of the excess servicing spread in the securitization due to the sustained bond
market rally, improved credit ratings assigned to the securities sold, and a
reduction in the credit spread over treasurys demanded by purchasers of the
securities. In addition, the Company's increasing sales of multi-section homes
has resulted in multi-section loans comprising a larger percentage of the assets
sold. Multi-section loans have longer average terms and lower anticipated credit
losses than loans for single-section homes, which contributes to the value of
the excess servicing in the securitization. Finally, the Company has experienced
a continuing decline in its transaction costs, reflecting competitive conditions
on Wall Street and the Company's increased experience in securitizing loans in
the public market. Except for the spread widening resulting from the bond market
rally, which will recur irregularly, management believes that the other factors
giving rise to the gain will affect its future securitizations on a regular
basis, and accordingly expects to record gains on its future securitizations. In
addition to the gain recorded on the closing date of the securitization, the
Company expects to earn future income from its investment in the residual REMIC
interest in this transaction, consistent with its securitizations closed in
prior years.
The majority of the 23% increase in other income is related to
increased insurance commissions resulting from the overall increase in unit
sales.
Non-financial services selling, general and administrative expenses
rose to 23.4% of net sales compared to 22.2% of net sales last year. These costs
increased disproportionately to sales as a result of increased accruals for
long-term management incentive compensation payable based upon the level of
Company profitability for fiscal 1994 through 1996, increased headcount levels,
particularly in the management information systems, human resources and internal
audit areas, and increased accruals for stock appreciation rights resulting from
the increase in the price of the Company's common stock. In addition, Destiny's
and Golden West's sales to Oakwood have substantially increased from the prior
year. These intercompany sales are eliminated in consolidation; however, the
general and administrative expenses incurred by these companies related to this
production continue to be expensed as incurred.
Financial services selling, general and administrative expenses rose
51% on a 26% increase in the average number of loans serviced during the period,
a 64% increase in total credit application volume and a 55% increase in loan
originations.
No provision for losses on credit sales was recorded in the first
quarter of fiscal 1996, reflecting the increased seasoning on loans held for
investment and loans sold with full or limited recourse. The Company
provides for estimated losses based on the Company's historical loss
experience, current repossession trends and costs and management's assessment
of the current credit quality of the loan portfolio.
Non-financial services interest expense rose from $397,000 to $619,000
due principally to permanent financing for new manufacturing facilities, a
corporate aircraft and the employee stock ownership plan.
Financial services interest expense includes interest expense
associated with long-term debt secured by loans and interest associated with
short-term line of credit borrowings used to fund the warehousing of loans prior
to their securitization. Financial services interest expense
9
<PAGE>
increased 1%, reflecting a $786,000 increase in short-term interest expense due
to significant increases in loan volume. This increase was offset by a 21%
decrease in interest on long-term debt due to declining and retired long-term
debt balances. Financial services interest expense associated with notes and
bonds payable is expected to continue to decline as the Company retires its
outstanding debt secured by loans.
The Company's effective income tax rate was 39.0% in fiscal 1996
compared to the pro forma effective tax rate of 38.0% in fiscal 1995. The
increase in the effective tax rate is due primarily to higher state income
taxes.
LIQUIDITY AND CAPITAL RESOURCES
Receivables and investments decreased from September 30, 1995 primarily
as a result of the Company's October securitization of approximately $187
million of loans through its Oakwood Mortgage Investors subsidiary. Short-term
borrowings principally reflect outstanding advances on the Company's warehouse
line of credit used to finance originated loans prior to securitization or other
permanent financing. Management believes that permanent financing for its
installment sale contracts remains readily available and anticipates
securitizing installment sale contracts using REMICs approximately every four
months.
Management believes that the availability of permanent financing for
originated loans, short-term credit facilities and cash generated by operations
are sufficient to provide for the Company's short-term liquidity needs. The
Company expects to enlarge its short-term credit facilities during the second
quarter of fiscal 1996.
Management currently believes that it can obtain the cash it needs to
continue its planned expansion through internally generated funds. However, the
Company continues to monitor the credit and equity markets and evaluate the
sources and costs of the long-term capital required to finance the demands of
both planned expansion and higher operating levels within existing operations.
The Company will seek to raise additional equity or long-term debt based upon
anticipated business demands, management's assessment of existing and future
conditions in the capital markets, and management's assessment of the
appropriate components of the Company's capital structure. In order to maintain
maximum flexibility in the timing of any acquisition of permanent or long-term
financing, the Company intends to focus on maintaining its short-term liquidity.
As a consequence, the Company intends to sell all the regular REMIC interests in
its securitizations, and retain only REMIC residual interests.
10
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
At the Annual Meeting of Shareholders of the Registrant held on
January 31, 1996, the shareholders approved (i) the election of Nicholas J. St.
George, A. Steven Michael and Sabin C. Streeter as directors; (ii) the
Registrant's Key Employee Stock Plan; (iii) the Registrant's Executive Incentive
Compensation Plan; and (iv) the selection of Price Waterhouse LLP as independent
accountants. The following table sets forth the votes on each such matter:
<TABLE>
<CAPTION>
BROKER
FOR AGAINST ABSTAIN NON-VOTES
<S> <C> <C> <C> <C>
Election of Directors
(by nominee)
Nicholas J. St. George 19,321,899 324,245 0 N/A
A. Steven Michael 19,319,399 326,745 0 N/A
Sabin C. Streeter 19,242,931 403,213 0 N/A
Approval of the Key Employee Stock 11,628,281 5,239,238 210,189 5,186,785
Plan
Approval of the Executive 12,556,137 4,306,083 215,488 5,186,785
Incentive Compensation Plan
Approval of selection of Price 19,609,757 6,678 29,589 N/A
Waterhouse LLP as Independent
Auditors
</TABLE>
11
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
(4) Agreement to Furnish Copies of Instruments
with Respect to Long-term Debt
(11) Statement re Computation of Earnings Per Share
(27) Financial Data Schedule (filed in electronic format only)
b) Reports on Form 8-K
No reports on Form 8-K were filed for the quarter
ended December 31, 1995.
Items 1, 2, 3 and 5 are inapplicable and are omitted.
12
<PAGE>
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: February 14, 1996
OAKWOOD HOMES CORPORATION
BY: s/ C. Michael Kilbourne
C. Michael Kilbourne
Executive Vice President
(Chief Financial Officer)
(Duly Authorized Officer)
13
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
EXHIBITS
ITEM 6(a)
FORM 10-Q
QUARTERLY REPORT
For the quarter ended Commission File Number
December 31, 1995 1-7444
OAKWOOD HOMES CORPORATION
EXHIBIT INDEX
Exhibit No. Exhibit Description
4 Agreement to Furnish Copies of Instruments with
respect to Long-Term Debt (page 14 of the
sequentially numbered pages)
11 Statement re Computation of Earnings Per Share
(page 15 of the sequentially numbered pages)
27 Financial Data Schedule (filed in electronic format only)
14
<PAGE>
EXHIBIT 4
AGREEMENT TO FURNISH COPIES OF INSTRUMENTS
WITH RESPECT TO LONG-TERM DEBT
The Registrant has entered into certain agreements with respect to
long-term indebtedness which do not exceed ten percent of the total assets of
the Registrant and its subsidiaries on a consolidated basis. The Registrant
hereby agrees to furnish a copy of such agreements to the Commission upon
request of the Commission.
OAKWOOD HOMES CORPORATION
By: s/ C. Michael Kilbourne
C. Michael Kilbourne
Executive Vice President
<PAGE>
EXHIBIT 11
OAKWOOD HOMES CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended
December 31,
1995 1994
----- ----
<S> <C> <C>
Weighted average number of common
shares outstanding 22,223 22,025
Add: Dilutive effect of stock
options, computed using the
treasury stock method 951 954
Less: Unearned ESOP shares (87) -
------- -------
Weighted average number of common
and common equivalent shares
outstanding 23,087 22,979
====== ======
Net income (fiscal 1995 is pro forma) $13,877 $ 8,212
======= ========
Earnings per common share - primary
(fiscal 1995 is pro forma) $ .60 $ .36
=========== =======
Weighted average number of common
shares outstanding 22,223 22,025
Add: Dilutive effect of stock
options, computed using
the treasury stock method 961 1,065
Less: Unearned ESOP shares (87) -
------ --------
Weighted average number of common
and common equivalent shares
outstanding 23,097 23,090
====== ======
Net income (fiscal 1995 is pro forma) $13,877 $ 8,212
======= ========
Earnings per common share - fully diluted
(1995 is pro forma) $ .60 $ .36
=========== =======
</TABLE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Registrant's Consolidated Financial Statements for the quarter ended
December 31, 1995 filed as part of the registrant's Form 10-Q for the
quarter ended December 31, 1995 and is qualified in its entirety by
reference to such Form 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<CASH> 11,999
<SECURITIES> 0
<RECEIVABLES> 419,941
<ALLOWANCES> 7,506
<INVENTORY> 155,735
<CURRENT-ASSETS> 0
<PP&E> 141,854
<DEPRECIATION> 32,490
<TOTAL-ASSETS> 732,928
<CURRENT-LIABILITIES> 202,216
<BONDS> 187,296
0
0
<COMMON> 11,148
<OTHER-SE> 321,998
<TOTAL-LIABILITY-AND-EQUITY> 732,928
<SALES> 176,269
<TOTAL-REVENUES> 204,436
<CGS> 130,223
<TOTAL-COSTS> 175,548
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,138
<INCOME-PRETAX> 22,750
<INCOME-TAX> 8,873
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,877
<EPS-PRIMARY> 0.60
<EPS-DILUTED> 0.60
</TABLE>
