CONFORMED COPY
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 Quarter Ended April 30, 1996 Commission File Number 0-8675
OIL-DRI CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
DELAWARE 36-2048898
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
410 North Michigan Avenue
Chicago, Illinois 60611
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 321-1515
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 at least 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 close of the period covered by this report.
Common Stock - 5,162,518 Shares (Including 437,396 Treasury Shares)
Class B Stock - 2,071,000 Shares
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statement of Financial Position
ASSETS
<TABLE>
<CAPTION>
April 30 July 31
(Unaudited)
1996 1995 1995
CURRENT ASSETS
<S> <C> <C> <C>
Cash and Cash Equivalents $ 9,282,154 $ 7,245,120 $ 8,829,667
Investment Securities, at Cost 1,533,000 1,602,028 2,332,665
Accounts Receivable 21,043,936 22,686,856 21,529,168
Less Allowance for Doubtful
Accounts (345,680) (603,482) (180,602)
Inventories 12,155,467 10,551,549 10,917,099
Prepaid Expenses and Taxes 5,888,091 6,642,597 5,317,169
Total Current Assets 49,556,968 48,124,668 48,745,166
PROPERTY, PLANT AND EQUIPMENT - AT COST
<S> <C> <C> <C>
Cost 110,781,206 105,551,718 106,957,911
Less Accumulated Depreciation and
Amortization (52,857,763) (45,543,896) (47,498,516)
Total Property, Plant
and Equipment, Net 57,923,443 60,007,822 59,459,395
OTHER ASSETS
Excess of Investment in
Subsidiaries
Over Fair Value of Assets (Net
<S> <C> <C> <C>
of 4,205,466 4,337,514 4,304,286
Accumulated Amortization)
Deferred Income Taxes 494,731 - 484,324
Other 4,586,871 3,755,190 3,994,512
Total Other 9,287,068 8,092,704 8,783,122
Assets
<S> <C> <C> <C>
TOTAL ASSETS $116,767,479 $116,225,194 $116,987,683
</TABLE>
Certain amounts in prior periods have been restated to conform to the current
period classifications.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statement of Financial Position
LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
April 30 July 31
(Unaudited)
1996 1995 1995
CURRENT LIABILITIES
<S> <C> <C> <C> <C>
Current Maturities of Notes $ 2,149,386 $ 597,959 $ 1,097,976
Payable
Accounts Payable - Trade 3,808,468 4,265,711 4,710,251
Dividends Payable 519,286 518,836 511,166
Accrued Expenses
Trade Promotions and 4,126,550 3,924,834 4,272,740
Advertising
Salaries, Wages and 2,073,225 1,870,872 2,362,102
Advertising
Freight 854,762 627,605 747,042
Other 3,192,072 2,568,512 1,969,571
Total Current Liabilities 16,723,749 14,374,329 15,670,848
NONCURRENT LIABILITIES
<S> <C> <C> <C>
Notes Payable 19,024,000 20,925,659 20,422,265
Deferred Income Taxes - 325,406 -
Deferred Compensation 1,986,850 1,722,484 1,778,075
Other 1,319,767 1,131,633 778,112
Total Noncurrent
<S> <C> <C> <C>
Liabilities 22,330,617 24,105,182 22,978,452
<S> <C> <C> <C>
Total Liabilities 39,054,366 38,479,511 38,649,300
STOCKHOLDERS' EQUITY
<S> <C> <C> <C>
Common Stock 723,352 723,352 723,352
Paid-In Capital in Excess of Par 7,657,394 7,657,394 7,657,394
Value
<S> <C> <C> <C>
Retained Earnings 77,064,223 75,449,203 76,033,462
Cumulative Translation Adjustment ( 1,044,580) (996,222) (987,781)
84,400,389 82,833,727 83,426,427
<S> <C> <S> <C> <C> <C>
Less Treasury Stock, At Cost ( 6,687,276) (5,088,044) (5,088,044)
Total Stockholders'
<S> <C> <C> <C>
Equity 77,713,113 77,745,683 78,338,383
<S> <C> <C> <C> <C>
TOTAL LIABILITIES & STOCKHOLDERS' $116,767,479 $116,225,194 $116,987,683
EQUITY
</TABLE>
Certain amounts in prior periods have been restated to conform to the
current period classifications.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statement of Income and Retained Earnings
Nine Months Ended April 30
<TABLE>
<CAPTION>
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C>
Net Sales $117,532,387 $116,361,064
Cost Of Sales 82,398,383 81,371,973
Gross Profit 35,134,004 34,989,091
Selling, General And Administrative 30,803,160 24,281,958
Expenses
<S> <C> <C>
Operating Income 4,330,844 10,707,133
OTHER INCOME (EXPENSE)
<S> <C> <C>
Interest Expense ( 1,444,322) (1,457,217)
Interest Income 429,950 286,137
Foreign Exchange Gain (Loss) ( 4,231) 4,514)
Other, Net 289,345 (168,325)
( 729,258) (1,343,919)
<S> <C> <C>
Income Before Income Taxes 3,601,586 9,363,214
Income Taxes 1,041,590 2,430,985
Net Income 2,559,996 6,932,229
RETAINED EARNINGS
<S> <C> <C>
Balance at Beginning of Year 76,033,462 70,077,278
Less Cash Dividends Declared 1,529,235 (1,560,304)
<S> <C> <C> <C> <C>
Retained Earnings - April 30 $77,064,223 $75,449,203
Average Shares Outstanding 6,818,940 6,947,709
Net Income Per Share $0.38 $1.00
</TABLE>
Certain amounts in prior periods have been restated to conform to the
current period classifications.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statement of Income and Retained Earnings
Three Months Ended April 30
<TABLE>
<CAPTION>
1996 1995
(Unaudited) (Unaudited)
<S> <C> <C>
Net Sales $36,427,141 $37,178,378
Cost Of Sales 25,274,538 26,750,874
Gross Profit 11,152,603 10,427,504
Selling, General And Administrative 9,957,996 7,857,049
Expenses
<S> <C> <C>
Operating Income 1,194,607 2,570,455
OTHER INCOME (EXPENSE)
<S> <C> <C>
Interest Expense (473,794) (472,309)
Interest Income 155,817 118,797
Foreign Exchange Gain (Loss) ( 3,361) 6,735
Other, Net 101,621 (99,417)
(219,717) (446,194)
<S> <C> <C>
Income Before Income Taxes 974,890 2,124,261
Income Taxes 304,968 584,254
Net Income $ 669,922 $ 1,540,007
Average Shares Outstanding 6,803,484 6,928,923
Net Income Per Share $ 0.10 $ 0.22
</TABLE>
Certain amounts in prior periods have been restated to conform to the
current period classifications.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statement of Cash Flows
For the Nine Months Ended April 30
<TABLE>
<CAPTION>
1996 1995
Unaudited Unaudited
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $2,559,996 $6,932,229
Adjustments to Reconcile Net Income to
Net Cash
Provided by Operating Activities:
<S> <C> <C>
Depreciation and Amortization 5,982,566 5,796,844
Provision for bad debts 156,752 38,843
(Increase) Decrease in:
<S> <C> <C>
Accounts Receivable 475,912 (2,397,324)
Inventories (1,261,217) (668,089)
Prepaid Expenses and Taxes ( 594,242) (1,577,657)
Other Assets ( 656,549) (475,768)
Increase (Decrease) in:
<S> <C> <C>
Accounts Payable ( 785,376) 212,120
Accrued Expenses 802,116 15,262
Deferred Compensation 208,775 (39,334)
Other 541,655 273,706
Total Adjustments 4,870,392 1,178,603
Net Cash Provided by Operating
<S> <C> <C>
Activities 7,430,388 8,110,832
CASH FLOWS FROM INVESTING ACTIVITIES
<S> <C> <C>
Capital Expenditures (4,394,927) (5,464,611)
Purchases of Investment Securities ( 106,000) (2,781,036)
Dispositions of Investment Securities 907,270 4,534,553
Other 111,947 19,698
Net Cash Used in Investing Activities (3,481,710) (3,691,396)
CASH FLOWS FROM FINANCING ACTIVITIES
<S> <C> <C>
Principal Payments on Long-Term Debt ( 346,855) (1,241,104)
Dividends Paid (1,528,785) (1,496,951)
Foreign Currency Translation ( 21,319) (5,101)
Adjustment
<S> <C> <C>
Purchases of Treasury Stock (1,599,232) (825,475)
Net Cash Used In Financing Activities (3,496,191) (3,568,631)
<S> <C> <C>
Net Increase in Cash and Cash 452,487 850,805
Equivalents
<S> <C> <S> <C> <C>
Cash and Cash Equivalents, Beginning of 8,829,667 6,394,315
Year
<S> <C> <C> <C> <C>
Cash and Cash Equivalents, April 30 $9,282,154 $7,245,120
</TABLE>
Certain amounts in prior periods have been restated to conform to the
current period classifications.
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
NINE MONTHS ENDED APRIL 30, 1996 COMPARED TO NINE
MONTHS ENDED APRIL 30, 1995
RESULTS OF OPERATIONS
Consolidated net sales for the nine months ended April 30, 1996 were
$117,532,000 an increase of 1.0% over net sales of $116,361,000 in the
first nine months of fiscal 1995. Net income for the first nine months of
fiscal 1996 was $2,560,000 or $0.38 per share, a decrease of 63.1% from
$6,932,000 or $1.00 per share earned in the nine months ended April 30,
1995.
Net sales of industrial and environmental sorbents decreased $1,045,000 or
7.4% from prior year's levels. Net sales of industrial clay sorbents
decreased by $274,000 or 2.7% while sales of non-clay sorbents decreased
$771,000 or 19.2% from the same period last year. The decline in non-clay
sorbent sales is primarily the result of refocused sales and marketing
efforts towards selected higher margin customers. Net sales of cat box
absorbents increased $550,000 or 0.9% from the same period last year. This
growth is the result of new product introductions and expanded distribution
of existing coarse litter products in the grocery industry which were
partially offset by lower sales to non-grocery higher margin customers. In
particular, net sales to Sam's Club declined $5 million during the nine
month period due to the introduction of a private label scoopable litter
that replaced the Company's branded scoopable product in a substantial
number of Sam's stores. Sam's continues to sell other Company branded
products. Net sales of agricultural products increased $1,836,000 or 12.7%
from the same period last fiscal year due to increased demand for crop
protection products, fueled by expectations of increased planting activity
in the next year. Sales of specialty absorbents, primarily fluid
filtration and purification products decreased $310,000 or 3.2% from fiscal
1995 due primarily to competitive pressures and continued sluggish demand
in certain of the Company's markets. Sales by the Company's transportation
subsidiary increased $738,000 or 11.7% due to increased third party
hauling.
Consolidated gross profit as a percentage of net sales for the nine months
ended April 30, 1996 decreased to 29.9% from 30.1% in the first nine months
of fiscal 1995. Factors that contributed to this decline included changes
in sales mix towards lower margin products, particularly in the consumer
non-grocery segment and increased costs of packaging materials and
transportation which, due to competitive pressures, have not been fully
recovered by price increases.
Operating expenses as a percentage of net sales increased to 26.2% in the
nine months ended April 30, 1996 from 20.9% in the same period last year.
This change reflects the additional costs of approximately $5.2 million for
promotional and advertising programs associated with new product
introductions. Also included in operating expenses is a charge of $921,000
reflecting the settlement of a patent infringement action in the second
quarter of fiscal 1996. Interest expense decreased $13,000, while interest
income increased $144,000 from fiscal 1995 due to higher invested balances.
The Company's effective tax rate was 28.9% of income in the first nine
months of fiscal 1996 as compared to 26.0% in the same period last year.
This change is a result of two factors: lower domestic income subject to
depletion allowances and a greater percentage of total income earned in
higher tax foreign jurisdictions.
<PAGE>
Total assets of the Company decreased $220,000 from fiscal year end
balances. Current assets increased $812,000 from year end due to higher
inventory balances. Property, plant and equipment, net of accumulated
depreciation, decreased $1,536,000 due to lower capital expenditures
relative to depreciation expense.
Total liabilities increased $405,000 in the nine months ended April 30,
1996. Current liabilities increased $1,053,000 while non-current
liabilities decreased $648,000 from July 31, 1995.
EXPECTATIONS
The Company anticipates sales for the remainder of the fiscal year will be
flat. Sales of branded cat box absorbent products are expected to increase
as new product introductions gain incremental distribution. However, this
sales growth is expected to be offset by lower sales to Sam's Club. As a
result, the Company expects that earnings will be lower in the fourth
quarter of fiscal 1996 as compared to the same period of last year.
Investment in the Company's consumer product launch is in line with
original budgets and the Company expects the profitability of these
products to significantly impact earnings as spending on advertising and
promotion returns to more normal levels in fiscal 1997. In addition, Sam's
Club has reintroduced certain of the Company's branded products in its
stores for evaluation. High crop prices and strong export demand indicate
that the market for the Company's agricultural products will remain strong
in the foreseeable future. In fluids purification, the new manufacturing
facility and process, which will provide higher performance products, will
come on line in May, 1996 and the Company's new line of Perform products
is expected to compete more effectively in the market. The outlook for
this division in the fourth quarter of fiscal 1996 is encouraging. The
Company is going through an intensive review of its entire cost structure,
with a goal of significantly reducing costs. It also plans selective price
increases.
The foregoing statements under the heading "EXPECTATIONS" are "forward-
looking statements" within the meaning of that term in the Securities
Exchange Act of 1934, as amended. Actual results may be lower than those
reflected in these forward-looking statements, due primarily to: continued
vigorous competition in the grocery and, particularly, in Sam's Club and
the mass merchandising markets, the level of success of new products, and
the cost of new product introductions and promotions in the consumer
market. The forward-looking statements also involve the risk of changes in
market conditions in the overall economy and, for the agricultural
division, in planting activity and overall agriculture and demand,
including export demand.
LIQUIDITY AND CAPITAL RESOURCES
The current ratio decreased to 2.96 at April 30, 1996 from 3.11 at July 31,
1995. Working capital decreased 241,000 in the nine months ended April 30,
1996 to $32,833,000. Cash provided by operations continues to be the
Company's primary source of funds to finance investing needs and financing
activities. During the first nine months of the fiscal year, balances of
cash, cash equivalents and other investments decreased $347,000. Cash
provided by operating activities was used to fund capital expenditures of
$4,395,000, to repurchase shares of the Company's common stock at a cost of
$1,599,000, to pay dividends of $1,529,000 and to reduce debt by $347,000.
Total cash and investment balances held by the Company's foreign
subsidiaries at April 30, 1996 and 1995 were $2,361,000 and $2,898,000
respectively.
<PAGE>
THREE MONTHS ENDED APRIL 30, 1996 COMPARED TO
THREE MONTHS ENDED APRIL 30, 1995
Consolidated net sales for the three months ended April 30, 1996 were
$36,427,000 a decrease of 2.0% from net sales of $37,178,000 in the same
period last year. Net income for the quarter ended April 30, 1996 was
$670,000 or $0.10 per share, a decrease of 56.5% from net income of
$1,540,000 or $0.22 per share reported in the quarter ended April 30, 1995.
Net sales of industrial environmental sorbents decreased $708,000, or 14.2%
from prior year levels. Net sales of industrial clay absorbents decreased
$502,000 or 13.5%, while net sales of nonclay sorbents decreased $206,000
or 16.3% reflecting refocused sales and marketing efforts towards selected
higher margin customers. Net sales of cat box absorbents decreased
$539,000 or 2.9% from fiscal 1995 third quarter results. Increased net
sales to grocery customers were offset by a decrease in net sales to non-
grocery customers. In particular, net sales to Sam's Club declined $3
million during the quarter due to the introduction of a private label
scoopable litter that replaced the Company's branded scoopable product in a
substantial number of Sam's locations. Sam's continues to sell other
Company branded products. Net sales of agricultural absorbents increased
$863,000 or 17.4% from fiscal 1995 primarily due to increased demand for
crop protection products, fueled by expectations of increased planting
activity in the next year. Net sales of fluid filtration and purification
products decreased $151,000 from prior year levels due to competitive
pressures and continued sluggish demand in certain of the Company's
markets. Net sales of transportation services increased $85,000 in the
third quarter of fiscal 1996 as compared to the third quarter of fiscal
1995.
Consolidated gross profit for the three months ended April 30, 1996
increased to 30.6% of net sales as compared to 28.0% in the third quarter
of fiscal 1995. Selling, General and Administrative Expenses increased to
27.3% of net sales as compared to 21.1% of net sales in the third quarter
of fiscal 1995 primarily due to higher advertising and promotion
expenditures for new product introductions in the consumer market.
Interest expense for the third quarter of fiscal 1996 compared to the third
quarter of fiscal 1995 was unchanged. Interest income increased $37,000 in
the same period as a result of larger invested balances.
The Company's effective tax rate in the third quarter of fiscal 1996 was
31.3% of income as compared to 27.5% in the same period last year.
FOREIGN OPERATIONS
Net sales by the Company's foreign subsidiaries for the nine months ended
April 30, 1996 were $9,026,000, constituting 7.7% of sales. This
represents a decrease of $238,000 or 2.6%, from the first nine months of
fiscal 1995, in which foreign subsidiary sales were $9,264,000 and
constituted 8.0% of sales. This decrease is primarily due to lower sales
in The United Kingdom. Net income of the Company's foreign subsidiaries
for the nine months ended April 30, 1996 was $330,000, compared with
$358,000 in the nine months of fiscal 1995. Identifiable assets of the
Company's foreign subsidiaries as of April 30, 1996 were $9,272,000, a
decrease of $136,000 from $9,408,000 as of April 30, 1995.
The Company's net sales by its foreign subsidiaries for the three months
ended April 30, 1996 were $2,812,000, constituting 7.7% of sales. This
represents a decrease of $110,000 or 3.8% from the third quarter of fiscal
1995 in which foreign subsidiary sales were $2,922,000 and constituted 7.9%
of sales. This decrease is primarily due to lower sales in The United
Kingdom. Net income of the Company's foreign subsidiaries for the three
months ended April 30, 1996 was $55,000 compared with $137,000 in the third
quarter of fiscal 1995.
<PAGE>
Part II - Other Information
ITEM 6. (a)Exhibits: The following documents are an exhibit to this
report.
Exhibit 11: Statement Re: Computation of
per share earnings.
Exhibit 27: Financial Data Schedule
(b) During the quarter for which this report is filed, no
reports on Form 8-K were filed.
<PAGE>
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.
OIL-DRI CORPORATION OF AMERICA
(Registrant)
BY /s/Daniel S. Jaffee
Daniel S. Jaffee
President and Chief Operating Officer
BY /s/Michael L. Goldberg
Michael L. Goldberg
Vice President, Chief Financial Officer
(Principal Financial Officer)
Dated: June 11, 1996
<PAGE>
Exhibit 11
Page 1
OIL-DRI CORPORATION OF AMERICA
Computation of Weighted Average Number
of Shares Outstanding
<TABLE>
<CAPTION>
Average
Shares-
(Weighted
Number Number of Shares)Number
of Shares Weighted of Days
Quarter End Period Days Outstanding Shares As Adjusted
<C> <C> <C> <C> <S> <C> <C> <C>
April 30, 1996 02/01/96 to 33 6,812,922 224,826,426
03/04/96
03/05/96 to 2 6,809,422 13,618,844
03/06/96
03/07/96 to 12 6,802,922 81,635,064
03/18/96
03/19/96 to 43 6,796,122 292,233,246
04/30/96
<C> <C> <C>
90 612,313,580 6,803,484
<C>
0
<C>
6,803,484
Quarter Ended
<C> <C> <C> <C> <S> <C> <C> <C>
April 30, 1995 02/01/95 to 28 6,949,822 194,595,016
02/28/95
03/01/95 to 1 6,946,922 6,946,922
03/01/95
03/02/95 to 1 6,945,922 6,945,922
03/02/95
03/03/95 to 3 6,943,922 20,831,766
03/05/95
03/06/95 to 1 6,942,722 6,942,722
03/06/95
03/07/95 to 1 6,936,522 6,936,522
03/07/95
03/08/95 to 2 6,934,822 13,869,644
03/09/95
03/10/95 to 4 6,932,822 27,731,288
03/13/95
03/14/95 to 1 6,932,322 6,932,322
03/14/95
03/15/95 to 1 6,931,322 6,931,322
03/15/95
03/16/95 to 4 6,929,822 27,719,288
03/19/95
03/20/95 to 1 6,928,822 6,928,822
03/20/95
03/21/95 to 1 6,928,322 6,928,322
03/21/95
03/22/95 to 1 6,927,822 6,927,822
03/22/95
03/23/95 to 1 6,927,322 6,927,322
03/23/95
03/24/95 to 3 6,911,322 20,733,966
03/26/95
03/27/95 to 35 6,901,322 241,546,270
04/30/95
<C> <C> <C>
89 616,375,258 6,925,565
<C>
3,358
<C>
6,928,923
Nine Months Ended
<C> <C> <C> <C> <S> <C> <C> <C>
April 30, 1996 08/01/95 to 8 6,901,322 55,210,578
08/08/95
08/09/95 to 63 6,841,322 431,003,286
10/10/95
10/11/95 to 1 6,814,922 6,814,922
10/11/95
10/12/95 to 145 6,812,922 987,873,690
03/04/06
03/05/06 to 2 6,809,422 13,618,844
03/06/06
03/07/96 to 12 6,802,922 81,635,064
03/18/96
03/19/96 to 43 6,796,122 292,233,246
04/30/96
<C> <C> <C>
273 1,868,389,630 6,818,940
<C>
0
<C>
6,818,940
Nine Months Ended
<C> <C> <C> <C> <S> <C> <C> <C>
April 30, 1995 08/01/94 to 8 6,951,822 55,614,576
08/08/94
08/09/95 to 204 6,949,822 1,417,763,688
02/28/95
12/01/94 to 90 6,949,822 625,483,980
02/28/95
03/01/95 to 1 6,946,922 6,946,922
03/01/95
03/02/95 to 1 6,945,922 6,945,922
03/02/95
03/03/95 to 3 6,943,922 20,831,766
03/95/95
03/06/95 to 1 6,942,722 6,942,722
03/06/95
03/07/95 to 1 6,936,522 6,936,522
03/07/95
03/08/95 to 2 6,934,822 13,869,644
03/09/95
03/10/95 to 4 6,932,822 27,731,288
03/13/95
03/14/95 to 1 6,932,322 6,932,322
03/14/95
03/15/95 to 1 6,931,322 6,931,322
03/15/95
03/16/95 to 4 6,929,822 27,719,288
03/19/95
03/20/95 to 1 6,928,822 6,928,822
03/20/95
03/21/95 to 1 6,928,322 6,928,322
03/21/95
03/22/95 to 1 6,927,822 6,927,822
03/22/95
03/23/95 to 1 6,927,322 6,927,322
03/23/95
03/24/95 to 3 6,911,322 20,733,966
03/26/95
03/27/95 to 30 6,901,322 241,546,270
04/30/95
<C> <C> <C>
273 1,895,158,506 6,941,973
Assuming exercise of options reduced by the number of shares
which could have been purchased with the proceeds from exercise
of such options.
<C>
5,736
<C>
6,947,709
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-END> APR-30-1996
<CASH> 9,282,154
<SECURITIES> 1,533,000
<RECEIVABLES> 21,043,936
<ALLOWANCES> (345,680)
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<PP&E> 110,781,206
<DEPRECIATION> (52,857,763)
<TOTAL-ASSETS> 116,767,479
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0
0
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<SALES> 117,532,387
<TOTAL-REVENUES> 117,532,387
<CGS> 82,398,383
<TOTAL-COSTS> 113,201,543
<OTHER-EXPENSES> (871,816)
<LOSS-PROVISION> 156,752
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<INCOME-PRETAX> 3,601,586
<INCOME-TAX> 1,041,590
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</TABLE>
