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 January 31, 1997 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 - 5,193,150 Shares (Including 618,567 Treasury Shares)
Class B Stock - 2,042,368 Shares
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statements of Financial Position
ASSETS
<TABLE>
<CAPTION>
January 31 July 31
(Unaudited) (Unaudited)
1997 1996
CURRENT ASSETS
<S> <C> <C>
Cash and Cash Equivalents $ 7,815,625 $10,113,544
Investment Securities, at Cost 1,610,000 1,594,000
Accounts Receivable 24,366,103 20,666,623
Allowance for Doubtful Accounts (375,820) (225,970)
Inventories 10,279,738 11,737,068
Prepaid Expenses and Taxes 5,416,923 4,325,061
Total Current Assets 49,112,569 48,210,326
PROPERTY, PLANT AND EQUIPMENT - AT COST
<S> <C> <C>
Cost 112,994,491 112,943,046
Less Accumulated Depreciation and (56,248,350) (54,730,624)
Amortization
Total Property, Plant
and Equipment, Net 56,746,141 58,212,422
OTHER ASSETS
Goodwill (Net of Accumulated
<S> <C> <C> <C>
Amortization) 4,106,496 4,172,526
Deferred Income Taxes 2,282,260 2,264,291
Other 5,068,867 4,833,303
Total Other 11,457,623 11,270,120
Assets
<S> <C> <C>
TOTAL ASSETS $117,316,333 $117,692,868
</TABLE>
The accompanying notes are an integral part of the consolidated
financial statements.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statements of Financial Position
LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
January 31 July 31
(Unaudited) (Unaudited)
1997 1996
CURRENT LIABILITIES
<S> <C> <C>
Current Maturities of Notes $ 1,926,000 $ 1,626,762
Payable
Accounts Payable - Trade 4,277,758 5,338,787
Dividends Payable 488,508 519,610
Accrued Expenses 10,719,937 10,326,518
Total Current 17,412,203 17,811,677
Liabilities
NONCURRENT LIABILITIES
<S> <C> <C>
Notes Payable 17,132,000 18,978,000
Deferred Compensation 2,359,317 2,253,313
Other 1,636,150 1,420,382
Total Noncurrent 21,127,467 22,651,695
Liabilities
<S> <C> <C>
Total Liabilities 38,539,670 40,463,372
STOCKHOLDERS' EQUITY
<S> <C> <C>
Common Stock 723,551 723,552
Paid-In Capital in Excess of Par 7,667,412 7,660,600
Value
Retained Earnings 80,598,295 77,385,514
Cumulative Translation Adjustment (938,733) (1,018,416)
88,050,525 84,751,250
Less Treasury Stock, At Cost 9,273,862 7,521,754
Total Stockholders' 78,776,663 77,229,496
Equity
<S> <C> <C>
TOTAL LIABILITIES & STOCKHOLDERS' $117,316,333 $117,692,868
EQUITY
</TABLE>
The accompanying notes are an integral part of the consolidated
financial statements.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statements of Income and Retained Earnings
Six Months Ended January 31
<TABLE>
<CAPTION>
1997 1996
(Unaudited) (Unaudited)
<S> <C> <C>
Net Sales $83,317,354 $81,105,246
Cost Of Sales 57,390,621 57,123,845
Gross Profit 25,926,733 23,981,401
Selling, General and Administrative
Expenses 19,324,626 20,845,164
Operating Income 6,602,107 3,136,237
OTHER INCOME (EXPENSE)
<S> <C> <C>
Interest Expense (916,745) (970,528)
Interest Income 300,850 274,133
Foreign Exchange Gain (Loss) 4,180 (870)
Other, Net (124,594) 187,724
(736,309) (509,541)
<S> <C> <C>
Income Before Income Taxes 5,865,798 2,626,696
Income Taxes 1,671,752 736,622
Net Income 4,194,046 1,890,074
RETAINED EARNINGS
<S> <C> <C>
Balance at Beginning of Year 77,385,514 76,033,462
Less: Cash Dividends Declared 981,265 1,018,974
<S> <C> <C>
Retained Earnings - January 31 $80,598,295 $76,904,562
Average Shares Outstanding 6,689,220 6,828,646
Net Income Per Share $0.63 $0.28
</TABLE>
The accompanying notes are an integral part of the consolidated
financial statements.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statements of Income and Retained Earnings
Three Months Ended January 31
<TABLE>
<CAPTION>
1997 1996
(Unaudited) (Unaudited)
<S> <C> <C>
Net Sales $42,792,216 $41,797,312
Cost Of Sales 29,157,368 29,474,959
Gross Profit 13,634,848 12,322,353
Selling, General and Administrative
Expenses 10,114,152 11,532,883
Operating Income 3,520,696 789,470
OTHER INCOME (EXPENSE)
<S> <C> <C>
Interest Expense (449,550) (480,367)
Interest Income 150,274 121,539
Foreign Exchange Gain (Loss) 4,484 2,723
Other, Net (61,116) 242,150
(355,908) (113,955)
<S> <C> <C>
Income Before Income Taxes 3,164,788 675,515
Income Taxes 901,045 198,329
Net Income $2,263,743 $477,186
<S> <C> <C>
Average Shares Outstanding 6,657,736 6,813,708
Net Income Per Share $0.34 $0.07
</TABLE>
These accompanying notes are an integral part of the consolidated
financial statements.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Consolidated Statements of Cash Flows
For the Six Months Ended January 31
<TABLE>
<CAPTION>
1997 1996
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net Income $4,194,046 $1,890,074
Adjustments to Reconcile Net Income to
Net Cash
Provided by Operating Activities:
<S> <C> <C>
Depreciation and Amortization 3,831,881 4,069,690
Provision for bad debts 150,000 86,472
(Increase) Decrease in:
<S> <C> <C>
Accounts Receivable (3,699,630) (3,367,992)
Inventories 1,457,330 (297,074)
Prepaid Expenses and Taxes (1,103,290) (232,877)
Other Assets (239,120) (268,541)
Increase (Decrease) in:
<S> <C> <C>
Accounts Payable (1,022,024) 466,539
Accrued Expenses 346,643 (886,029)
Deferred Compensation 106,004 159,775
Other 215,767 423,773
Total Adjustments 43,561 153,736
<S> <C> <C>
Net Cash Provided By Operating 4,237,607 2,043,810
Activities
CASH FLOWS FROM INVESTING ACTIVITIES
<S> <C> <C>
Capital Expenditures (2,662,573) (2,599,529)
Proceeds from disposition of property,
<S> <C> <S>
plant and equipment 555,232 -
Purchases of Investment Securities (311,000) -
Dispositions of Investment Securities 295,000 908,874
Other (144,534) -
Net Cash Used in Investing Activities (2,267,875) (1,690,655)
CASH FLOWS FROM FINANCING ACTIVITIES
<S> <C> <C>
Principal Payments on Long Term Debt (1,546,762) (168,355)
Dividends Paid (985,068) (1,018,524)
Foreign Currency Translation 16,287 (26,288)
Adjustment
<S> <C> <C>
Purchases of Treasury Stock (1,752,108) (1,370,034)
Net Cash Used In Financing Activities (4,267,651) (2,583,201)
<S> <C> <S> <C> <C>
Net (Decrease) in Cash and Cash (2,297,919) (2,230,046)
Equivalents
<S> <C> <C>
Cash and Cash Equivalents, Beginning of 10,113,544 8,829,667
Year
<S> <C> <C>
Cash and Cash Equivalents, January 31 $7,815,625 $6,599,621
</TABLE>
These accompanying notes are an integral part of the consolidated
financial statements.
<PAGE>
OIL-DRI CORPORATION OF AMERICA & SUBSIDIARIES
Notes To Consolidated Financial Statements
(Unaudited)
1. BASIS OF STATEMENT PRESENTATION
The financial statements and the related notes are condensed and should be
read in conjunction with the consolidated financial statements and related
notes for the year ended July 31, 1996, included in the Company's Annual
Report on Form 10-K filed with the Securities and Exchange Commission.
The consolidated financial statements include the accounts of the Company
and its subsidiaries. All significant intercompany transactions are
eliminated.
The unaudited financial information reflects all adjustments which are, in
the opinion of management, necessary for a fair presentation of the
statements contained herein.
2. INVENTORIES
The composition of inventories is as follows:
<TABLE>
<CAPTION>
January 31 July 31
(Unaudited) (Unaudited)
1997 1996
<S> <C> <C>
Finished goods $6,243,125 $6,728,150
Packaging 3,308,545 3,754,087
Other 728,068 1,254,831
$10,279,738 $11,737,068
</TABLE>
Inventories are valued at the lower of cost or market. Cost is determined
by the first-in, first-out method.
<PAGE>
MANAGEMENT DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SIX MONTHS ENDED JANUARY 31, 1997 COMPARED TO SIX
MONTHS ENDED JANUARY 31, 1996
RESULTS OF OPERATIONS
Consolidated net sales for the six months ended January 31, 1997 were
$83,317,000, an increase of $2,212,000, or 2.7%, over net sales of
$81,105,000 in the first six months of fiscal 1996. Net income for the six
months ended January 31, 1997 was $4,194,000 , or $0.63 per share, an
increase of 121.9% from $1,890,000, or $0.28 per share, earned in the first
six months of the prior year.
Net sales of cat box absorbents increased $2,508,000, or 5.2% over prior
year amounts, even though sales to Sam's Club were down approximately
$3,600,000 in the first six months compared to the same period of last
fiscal year. The growth resulted from increased sales of branded and
private label products in both the grocery and mass merchandiser markets.
Net sales of agricultural and fluids purification products increased
$2,011,000, or 11.7%, from the comparable period in fiscal 1996. The
higher sales resulted from increased demand of AGSORB carriers as well as
PURE-FLO Supreme fluids purification products. Net sales of industrial
and environmental sorbents decreased $878,000, or 9.9%, from prior year
levels. The decrease resulted from lower net sales of industrial clay
absorbents ($651,000) and non-clay sorbents ($227,000) due to an increased
internal focus on profitability versus sales growth and open positions in
the sales force responsible for these products during the first quarter.
Net sales of transportation services decreased $824,000 or 17.6% from the
first six months of fiscal 1996 due to lower backhaul revenue.
Consolidated gross profit as a percentage of net sales for the six months
ended January 31, 1997 increased to 31.1% from 29.6% in the comparable period
of fiscal 1996. Changes in sales mix and a Company-wide effort to reduce
costs contributed to this increase.
Operating expenses as a percentage of net sales decreased to 23.2% in the
first six months of fiscal 1997 from 25.7% in the same period of fiscal
1996. This decrease is primarily attributable to lower advertising and
promotion costs for the new consumer products introduced last year and a
charge in the second quarter of fiscal 1996 of $921,000, reflecting
settlement cost and legal fees related to patent litigation.
Interest expense decreased $54,000 while interest income increased $27,000.
The Company's effective tax rate was 28.5% of pre-tax income in the first
six months of 1997 as compared to 28.0% for the same period of fiscal 1996.
The assets of the Company decreased $377,000 during the first six months of
fiscal 1997. Current assets increased $902,000, or 1.9%, from fiscal 1996
year end balances primarily due to increased accounts receivable, and
prepaid expenses partially offset by lower inventory and cash and cash
equivalents levels. Property, plant and equipment, net of accumulated
depreciation, decreased $1,466,000 during the first six months.
Total liabilities in the six months ended January 31, 1997 decreased
$1,923,000, due primarily to the repayment of long-term debt. Current
liabilities decreased $400,000 or 2.2% from July 31, 1996 balances, due to
lower accounts payable, partially offset by higher current maturities of
notes payable.
<PAGE>
EXPECTATIONS
The Company anticipates increased sales during the remainder of fiscal 1997
as compared to the same period of fiscal 1996. Sales of branded cat box
absorbents are expected to increase moderately. However this sales growth
is subject to continuing competition for shelf space in the grocery, mass
merchandiser and club markets. The Company expects the profitability of
these products to favorably impact earnings as spending on advertising and
promotion remains at lower levels throughout the remainder of the current
fiscal year as compared to last year. Sales of the Company's fluids
purification products are also expected to increase compared to the same
period of fiscal 1996, and the Company expects sales of its agricultural
products will remain strong in the foreseeable future due to strong export
demand.
The foregoing statements under this heading 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, mass merchandiser and club markets; the level
of success of new products; and the cost of new product introductions and
promotions in consumer markets. These forward-looking statements also
involve the risk of changes in market conditions in the overall economy
and, for the agricultural and fluids purification division, in the planting
activity, crop quality and overall agricultural demand, including export
demand.
LIQUIDITY AND CAPITAL RESOURCES
The current ratio increased slightly to 2.8 at January 31, 1997 from 2.7 at
July 31, 1996. Working capital increased $1,303,000 in the six months
ended January 31, 1997 to $31,701,000. Cash provided by operations
continues to be the Company's primary source of funds to finance operating
needs and capital expenditures. During the six months ended January 31,
1997 the balances of cash, cash equivalents and other investments declined
$2,282,000 due to capital expenditures ($2,663,000), purchases of the
Company's common stock ($1,752,000), and reduction of debt ($1,547,000).
Total cash and investment balances held by the Company's foreign
subsidiaries at January 31, 1997 and 1996 were $2,629,000 and $2,505,000
respectively.
THREE MONTHS ENDED JANUARY 31, 1997 COMPARED TO
THREE MONTHS ENDED JANUARY 31, 1996
Consolidated net sales for the three months ended January 31, 1997 were
$42,792,000, an increase of $995,000 or 2.4%, over net sales of $41,797,000
in the second quarter of fiscal 1996. Net income for the three months
ended January 31, 1997 was $2,264,000 or $0.34 per share, an increase of
374.4% from $477,000, or $0.07 per share, earned in last year's quarter.
Net sales of cat box absorbents increased $1,344,000 or 5.4% from fiscal
1996 second quarter results even though sales to Sam's Club were down
approximately $1,600,000 in the current quarter compared to the same
quarter of the prior year. The growth resulted from increased sales of
branded and private label products in both the grocery and mass
merchandiser markets. Net sales of agricultural and fluids purification
products increased $662,000, or 7.1% from the comparable period in fiscal
1996. The higher sales resulted from increased demand for AGSORB carriers
as well as PURE-FLO Supreme fluids purification products. Net sales of
industrial and environmental sorbents decreased $261,000, or 6.2%, from
prior year second quarter levels. The decrease resulted from lower net
sales of industrial clay absorbents ($192,000) and non-clay sorbents
($69,000) due to an increased focus on profitability versus sales growth.
Net sales of transportation services decreased $403,000 or 18.0% from the
second quarter of fiscal 1996 due to lower backhaul revenue.
<PAGE>
Consolidated gross profit as a percentage of net sales for the three months
ended January 31, 1997 increased to 31.9% from 29.5% in the comparable
period of fiscal 1996. Changes in sales mix and a Company-wide effort to
reduce costs contributed to this increase.
Operating expenses as a percentage of net sales decreased to 23.6% in the
second quarter of fiscal 1997 from 27.6% in the same quarter of the prior
year. This decrease is primarily due to lower advertising and promotion
costs for the new consumer products introduced during the second quarter of
last year, and a charge in the second quarter of fiscal 1996 of $921,000,
reflecting settlement cost and legal fees related to patent litigation.
Interest expense decreased $31,000 while interest income increased $29,000.
The Company's effective tax rate was 28.5% of pre-tax income in the second
quarter of 1997 as compared to 29.4% for the second quarter of fiscal 1996.
FOREIGN OPERATIONS
Net sales by the Company's foreign subsidiaries for the six months ended
January 31, 1997 were $6,120,000, or 7.3% of total Company sales. This
represents a decrease of $94,000, or 1.5%, from the same period of fiscal
1996 in which foreign subsidiary sales were $6,214,000, or 7.7% of total
Company sales. Net income of the foreign subsidiaries for the first six
months of fiscal 1997 was $431,000 compared with $275,000 in the same
period of fiscal 1996. Identifiable assets of the Company's foreign
subsidiaries as of January 31, 1997 were $9,991,000 an increase of $847,000
from $9,144,000 as of January 31, 1996.
Net sales by the Company's foreign subsidiaries for the quarter ended
January 31, 1997 were $3,119,000 or 7.3% of total Company sales. This
represents a decrease of $187,000, or 5.7%, from the same quarter in fiscal
1996, in which foreign subsidiary sales were $3,306,000, or 7.9% of total
Company sales. Net income of the foreign subsidiaries for the second
quarter of fiscal 1997 was $286,000 compared to $51,000 in the same period
of fiscal 1996.
<PAGE>
Part II - Other Information
ITEM 1.Legal Proceedings - On February 13, 1996 the Company entered into a
settlement agreement related to a patent infringement action that
had been initiated by Edward Lowe Industries, Inc. in the United
States District Court for the Northern District of Illinois,
Eastern Division against the Company and Marcal Paper Mills, Inc.
The settlement prohibits the Company and Marcal Paper Mills, Inc.
from producing and marketing cellulosic granules as carriers for
use in agricultural applications for a period of eight years.
Additionally the Company and Marcal have been licensed to develop,
produce and market cellulosic granules as cat litter and other
absorbent granular products. The total pre-tax cost of the
settlement, including legal expenses, was $921,000 and has been
charged against earnings in the quarter ended January 31, 1996.
Item 4.Submission of matters to a votes of security holders - On December
10, 1996 the 1996 Annual Meeting of Stockholders of Oil-Dri
Corporation of America was held for the purpose of considering and
voting on:
1. The election of ten directors.
Election of Directors
The following schedule sets forth the results of the vote to
elect directors.
<TABLE>
<CAPTION>
Director Votes For Votes Withheld
<S> <C> <C>
J. Steven Cole 23,865,355 27,512
Ronald B. Gordon 23,865,355 27,512
Daniel S. Jaffee 23,865,355 27,512
Richard M. Jaffee 23,865,344 27,523
Robert D. Jaffee 23,865,355 27,512
Edgar D. Jannotta 23,865,155 27,712
Joseph C. Miller 23,865,355 27,512
Paul J. Miller 23,865,355 27,512
Haydn H. Murray 23,865,355 27,512
Allan H. Selig 23,865,351 27,516
</TABLE>
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/Michael L. Goldberg
Michael L. Goldberg
Vice President and Chief Financial Officer
BY /s/Daniel S. Jaffee
Daniel S. Jaffee
President and Chief Operating Officer
Dated: March 12, 1997
<PAGE>
INDEX TO EXHIBITS
EXHIBIT NUMBER EXHIBIT TITLE SEQUENTIALLY NUMBER PAGE
(11) Statement Re: 14
Computation of Per Share
Earnings
<PAGE>
Exhibit 11
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> <S> <C> <C> <C>
January 31, 11/01/96 to 25 6,670,051 166,751,275
1997 11/25/96
11/26/96 to 6 6,666,551 39,999,306
12/01/96
12/02/96 to 4 6,664,051 26,656,204
12/05/96
12/06/96 to 7 6,661,551 46,630,857
12/12/96
12/13/96 to 6 6,660,651 39,963,906
12/18/96
12/19/96 to 15 6,658,751 99,881,265
01/02/97
01/03/97 to 4 6,648,751 26,595,004
01/06/97
01/07/97 to 13 6,646,851 86,409,063
01/19/97
01/20/97 to 1 6,646,751 6,646,751
01/20/97
01/21/97 to 11 6,616,951 72,786,461
<C> <C> <C>
92 612,320,092 6,655,653
<C>
2,083
<C>
6,657,736
<C> <C> <C> <S> <C> <C> <C>
January 31, 11/01/95 to 92 6,812,922 626,788,824
1996 01/31/96
<C> <C> <C>
92 626,788,824 6,812,922
Assuming exercise of options reduced by the number of shares
which could have been purchased with the proceeds from
exercise of such options.
<C>
786
<C>
6,813,708
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Average
Shares-
(Weighted
Number Number of Shares)
of Shares Weighted Number of
Six Months Period Days Outstanding Shares Days As
Ended Adjusted
<C> <C> <C> <S> <C> <C> <C>
January 31, 08/01/96 to 55 6,736,451 370,504,805
1997 09/24/96
09/25/96 to 1 6,733,951 6,733,951
09/25/96
09/26/96 to 1 6,717,551 6,717,551
09/26/96
09/27/96 to 3 6,710,451 20,131,353
09/29/96
09/30/96 to 1 6,708,451 6,708,451
09/30/96
10/01/96 to 1 6,705,251 6,705,251
10/01/96
10/02/96 to 1 6,702,251 6,702,251
10/02/96
10/03/96 to 12 6,701,751 80,421,012
10/14/96
10/15/96 to 1 6,698,451 6,698,451
10/15/96
10/16/96 to 1 6,695,751 6,695,751
10/16/96
10/17/96 to 1 6,690,251 6,690,251
10/17/96
10/18/96 to 11 6,678,051 73,458,561
10/28/96
10/29/96 to 28 6,670,051 186,761,428
11/25/96
11/26/96 to 6 6,666,551 39,999,306
12/01/96
12/02/96 to 4 6,664,051 26,656,204
12/05/96
12/06/96 to 7 6,661,551 46,630,857
12/12/96
12/13/96 to 6 6,660,651 39,963,906
12/18/96
12/19/96 to 15 6,658,751 99,881,265
01/02/97
01/03/97 to 4 6,648,751 26,595,004
01/06/97
01/07/97 to 13 6,646,851 86,409,063
01/19/97
01/20/97 to 1 6,646,751 6,646,751
01/20/97
01/21/97 to 11 6,616,951 72,786,461
01/31/97
<C> <C> <C>
184 1,230,497,884 6,687,489
<C>
1,731
<C>
6,689,220
</TABLE>
<TABLE>
<CAPTION>
Six Months
Ended
<C> <C> <C> <S> <C> <C> <C>
January 31, 08/01/95 to 8 6,901,322 55,210,576
1996 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 112 6,812,922 763,047,264
01/01/96
<C> <C> <C>
184 1,256,076,048 6,826,500
Assuming exercise of options reduced by the number of shares
which could have been purchased with the proceeds from exercise
of such options.
<C>
2,146
<C>
6,828,646
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<CASH> 7,815,625
<SECURITIES> 1,610,000
<RECEIVABLES> 24,366,103
<ALLOWANCES> 375,820
<INVENTORY> 10,279,738
<CURRENT-ASSETS> 49,112,569
<PP&E> 112,994,491
<DEPRECIATION> (56,248,350)
<TOTAL-ASSETS> 117,316,333
<CURRENT-LIABILITIES> 17,412,203
<BONDS> 17,132,000
0
0
<COMMON> 723,551
<OTHER-SE> 78,776,663
<TOTAL-LIABILITY-AND-EQUITY> 117,316,333
<SALES> 83,317,354
<TOTAL-REVENUES> 83,317,354
<CGS> 57,390,621
<TOTAL-COSTS> 57,390,621
<OTHER-EXPENSES> 18,994,190
<LOSS-PROVISION> 150,000
<INTEREST-EXPENSE> 916,745
<INCOME-PRETAX> 5,865,798
<INCOME-TAX> 1,671,752
<INCOME-CONTINUING> 4,194,046
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,194,046
<EPS-PRIMARY> 0.63
<EPS-DILUTED> 0.63
</TABLE>
