<PAGE> 1
UNITED STATES
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 June 30, 1998, 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 No. 0-13787
INTERMET CORPORATION
(Exact name of registrant as specified in its charter)
GEORGIA 58-1563873
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
5445 Corporate Drive, Suite 200, Troy, Michigan 48098-2683
(Address of principal executive offices) (Zip code)
(248) 952-2500
(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
At August 4, 1998 there were 25,685,124 shares of Common Stock, $0.10 par value,
outstanding.
<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Intermet Corporation
Interim Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
-------------- ------------
(Unaudited)
(in thousands of dollars)
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $3,224 $7,022
Accounts receivable:
Trade, less allowance for doubtful
accounts of $2,032 in 1998 and $2,125
in 1997 112,941 92,871
Other 11,298 7,549
-------------- ------------
124,239 100,420
Inventories 59,584 61,164
Other current assets 6,387 24,676
-------------- ------------
Total current assets 193,434 193,282
Property, plant and equipment, at cost 431,512 471,981
Less:
Foreign industrial development grants,
net of amortization 3,843 5,638
Accumulated depreciation and
amortization 225,392 224,444
-------------- ------------
Net property, plant and equipment 202,277 241,899
Goodwill, net of amortization 89,172 86,014
Other noncurrent assets 20,016 17,610
-------------- ------------
$504,899 $538,805
============== ============
</TABLE>
2
<PAGE> 3
Intermet Corporation
Interim Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
------------- -------------
(Unaudited)
(in thousands of dollars)
<S> <C> <C>
Liabilities and shareholders' equity
Current liabilities:
Notes payable $10,000 $9,087
Accounts payable 50,462 59,173
Income taxes payable 5,885 8,635
Accrued liabilities 49,466 48,521
Long term debt due within one year 6,210 10,538
------------- -------------
Total current liabilities 122,023 135,954
Noncurrent liabilities:
Long term debt due after one year 123,839 167,295
Retirement benefits 50,049 49,013
Other noncurrent liabilities 5,814 8,778
------------- -------------
Total noncurrent liabilities 179,702 225,086
Minority interest 2,337 2,337
Shareholders' equity:
Common stock 2,568 2,526
Capital in excess of par value 62,013 58,176
Retained earnings 135,806 114,242
Accumulated other comprehensive income 508 561
Unearned restricted stock (58) (77)
------------- -------------
Total shareholders' equity 200,837 175,428
------------- -------------
$504,899 $538,805
============= =============
</TABLE>
See accompanying notes.
3
<PAGE> 4
Intermet Corporation
Interim Condensed Consolidated Statements of Income
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
----------- ----------- ------------ -----------
(Unaudited)
(in thousands of dollars, except per share data)
<S> <C> <C> <C> <C>
Net sales $219,857 $210,898 $443,890 $420,389
Cost of sales 188,357 182,639 382,415 364,537
----------- ----------- ------------ -----------
Gross profit 31,500 28,259 61,475 55,852
Operating expenses:
Selling 2,225 2,498 4,829 4,924
General and administrative 5,854 5,089 10,842 9,622
Other operating expenses 1,651 557 1,860 1,073
----------- ----------- ------------ -----------
9,730 8,144 17,531 15,619
----------- ----------- ------------ -----------
Operating profit 21,770 20,115 43,944 40,233
Other income and expenses:
Interest income 51 200 101 437
Interest expense (2,857) (3,151) (6,279) (6,147)
Other, net (835) (684) (67) (334)
----------- ----------- ------------ -----------
(3,641) (3,635) (6,245) (6,044)
----------- ----------- ------------ -----------
Income before income taxes
and minority interest 18,129 16,480 37,699 34,189
Provision for income taxes 5,897 5,344 14,503 12,103
----------- ----------- ------------ -----------
Income before minority
interest 12,232 11,136 23,196 22,086
Minority interest in loss of
subsidiary 105 - 412 -
------------ ----------- ------------ -----------
Net income $12,337 $11,136 $23,608 $22,086
=========== =========== ============ ===========
Income per common share -
Basic $0.48 $0.44 $0.93 $0.88
=========== =========== ============ ===========
Income per common share -
Diluted $0.47 $0.43 $0.91 $0.86
=========== =========== ============ ===========
</TABLE>
See accompanying notes.
4
<PAGE> 5
Intermet Corporation
Interim Condensed Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Six months ended
June 30, June 30,
1998 1997
------------ -----------
(Unaudited)
(in thousands of dollars)
<S> <C> <C>
Operating activities:
Net income $23,608 $22,086
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 19,203 18,582
Gain on sale of subsidiary (115)
Other, including net gain on disposal of
fixed assets (577) (409)
Changes in operating assets and liabilities
excluding the effects of acquisitions and
dispositions:
Accounts receivable (35,431) (27,735)
Inventories (2,199) (1,801)
Accounts payable and accrued liabilities 578 3,701
Other assets and liabilities 4,108 6,161
------------ -----------
Net cash provided by operating activities 9,175 20,585
Investing activities:
Additions to property, plant and equipment (16,927) (18,672)
Sudbury acquisition (117) (35,993)
Proceeds from the sale of subsidiaries 22,971 -
Investment in Joint Venture (2,000) -
Proceeds from disposal of fixed assets 1,403 782
Other 2,445 2,202
------------ -----------
Net cash provided by (used in) investing
activities 7,775 (51,681)
Financing activities:
Net (decrease) increase in revolving credit
facility (25,000) 31,100
Reduction in debt (1,793) (11,475)
Net increase in notes payable 5,000 -
Issuance of common stock 3,879 537
Dividends paid (2,043) (2,017)
Other - 2
------------ -----------
Net cash (used in) provided by financing
activities (19,957) 18,147
Effect of exchange rate changes on cash and
cash equivalents (791) (3,133)
------------ -----------
Net decrease in cash and cash equivalents (3,798) (16,082)
Cash and cash equivalents at beginning of
period 7,022 23,485
------------ -----------
Cash and cash equivalents at end of period $3,224 $7,403
============ ===========
</TABLE>
See accompanying notes.
5
<PAGE> 6
Intermet Corporation
Notes to Interim Condensed Consolidated Financial Statements
June 30, 1998 (Unaudited)
1. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of
Intermet Corporation ("Intermet") and its subsidiaries (collectively, the
"Company") have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three and six
months ended June 30, 1998 are not necessarily indicative of the results that
may be expected for the year ended December 31, 1998. For further information,
refer to the consolidated financial statements and footnotes thereto included in
the Company's annual report on Form 10-K for the year ended December 31, 1997.
Inventories
Inventories consist of the following (in thousands of dollars):
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
------------- ------------
<S> <C> <C>
Finished goods $12,745 $13,852
Work in process 16,742 13,897
Raw materials 8,558 11,533
Supplies and patterns 21,539 21,882
------------- ------------
$59,584 $61,164
============= ============
</TABLE>
Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands of
dollars):
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
------------- ------------
<S> <C> <C>
Land $4,198 $4,783
Buildings and
improvements 84,357 89,215
Machinery and equipment 324,823 357,745
Construction in
progress 18,134 20,238
------------- ------------
$431,512 $471,981
============= ============
</TABLE>
6
<PAGE> 7
Intermet Corporation
Notes to Interim Condensed Consolidated Financial Statements (continued)
June 30, 1998 (Unaudited)
1. Summary of Significant Accounting Policies (continued)
Intangible Assets
Intangible assets consist principally of costs in excess of net assets acquired
of $89,172,000 and $86,014,000 (net of accumulated amortization of $5,819,000
and $4,392,000) at June 30, 1998 and December 31, 1997, respectively. Such costs
are being amortized using the straight-line method over periods ranging from ten
to forty years.
Income per Common Share
Net income per common share amounts were previously based on the weighted
average number of shares outstanding during the period, after giving effect to
the exercise of options and assuming the repurchase at fair market value, of
shares using the proceeds from such exercise, unless the effect was
antidilutive. In February 1997, the Financial Accounting Standards Board
("FASB") issued Statement No. 128, "Earnings per Share", which was adopted by
the Company on December 31, 1997. Under the new requirements for calculating
basic earnings per share, the dilutive effect of stock options is excluded.
Fully diluted EPS has not changed significantly but has been renamed diluted
EPS. Earnings per share for all prior periods have been restated to reflect the
new accounting standard.
Reclassification
Certain amounts previously reported in the 1997 financial statements and notes
thereto have been reclassified to conform to the 1998 presentation.
2. Acquisitions and Dispositions
During the second quarter of 1998, the Company entered into an agreement with
Portuguese Grupo Jorge de Mello, creating a joint venture company called
PortCast-Fundicao Nodular, S.A. ("PortCast"). PortCast is located in Porto,
Portugal and increases foundry capacity in Europe. The Company spent $2.0
million of capital toward its investment in a 50% equity interest in PortCast.
The Company has managerial control and the ability to increase its ownership
interest.
In June 1998, the Company sold its Industrial Powder Coatings, Inc. subsidiary
("IPC"). IPC was purchased as part of the Sudbury acquisition in December 1996.
IPC's sales were approximately 7% of Intermet's consolidated sales for the
twelve months of 1997 and for the first six months of 1998.
7
<PAGE> 8
Intermet Corporation
Notes to Interim Condensed Consolidated Financial Statements (continued)
June 30, 1998 (Unaudited)
2. Acquisitions and Dispositions (continued)
During the second quarter of 1998, IWESA GmbH ("IWESA") entered bankruptcy
proceedings and continues to operate under the protection of a bankruptcy
referee. The Company had purchased a 49% equity investment in IWESA in late
1996. The Company's ownership of IWESA increased to 82.4% during 1997 and IWESA
was consolidated at the end of 1997. As a result of the bankruptcy proceedings,
the Company's consolidated financial statements include IWESA's results of
operations only through April 1998 and IWESA is not included in the consolidated
balance sheet at June 30, 1998. IWESA accounted for approximately 2% of the
Company's consolidated sales for 1998 for the first six months ended June 30,
1998.
The effect of the above mentioned disposals had an immaterial impact on the
Company's financial results for the three and six month periods ending June 30,
1998.
3. Debt
Long term debt consists of the following (in thousands of dollars):
<TABLE>
<CAPTION>
June 30, December 31,
1998 1997
------------ ------------
<S> <C> <C>
Intermet $135,000 $150,000
Subsidiaries 5,049 27,833
------------ ------------
Total long-term debt 140,049 177,833
Less amounts due within
one year 16,210 10,538
------------ ------------
Long-term debt due after
one year $123,839 $167,295
============ ============
</TABLE>
4. Comprehensive Income
During 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive Income", which
the Company adopted as of January 1, 1998. Statement 130 establishes new rules
for reporting and display of comprehensive income and its components. However,
the adoption of this Statement had no impact on the Company's net income or
shareholders' equity. Statement 130 requires these items, which include foreign
currency translation adjustment and minimum pension liability adjustment, to be
combined and reported as accumulated other comprehensive income. Prior to
adoption, these items were reported separately in shareholders' equity. In
addition, the Statement requires net income and other comprehensive income to be
included as components of total comprehensive income, as displayed in the table
below.
8
<PAGE> 9
Intermet Corporation
Notes to Interim Condensed Consolidated Financial Statements (continued)
June 30, 1998 (Unaudited)
4. Comprehensive Income (continued)
<TABLE>
<CAPTION>
Three months ended Six months ended
------------------------ ---------------------
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
---------- ---------- --------- ---------
(in thousands of dollars)
<S> <C> <C> <C> <C>
Net income $12,337 $11,136 $23,608 $22,086
Other comprehensive loss:
Foreign currency translation
adjustment 24 (2,676) (53) (4,344)
Minimum pension liability
adjustment - - - -
---------- ---------- --------- ---------
Total other comprehensive income
(loss) 24 (2,676) (53) (4,344)
========== ========== ========= =========
Total comprehensive income $12,361 $8,460 $23,555 $17,742
========== ========== ========= =========
</TABLE>
Prior year financial statements have been reclassified to conform to the
requirements of Statement 130.
5. Environmental and Legal Matters
The Company is engaged in various legal proceedings and other matters incidental
to its normal business activities. The Company does not believe any of the above
mentioned proceedings or matters are material in relation to the Company's
consolidated financial position or results of operations.
9
<PAGE> 10
Intermet Corporation
Notes to Interim Condensed Consolidated Financial Statements (continued)
June 30, 1998 (Unaudited)
6. Earnings per Share
Basic earnings per share is computed by dividing income available to common
shareholders by the weighted average number of common shares outstanding for the
period. The dilutive earnings per share calculation reflects the assumed
exercise of stock options.
<TABLE>
<CAPTION>
Three months ended Six months ended
----------------------- -------------------------
June 30, June 30, June 30, June 30,
1998 1997 1998 1997
---------- ----------- ----------- -----------
(in thousands, except per share data)
<S> <C> <C> <C> <C>
Numerator:
Net income $12,337 $11,136 $23,608 $22,086
Denominator:
Denominator for basic
earnings per share -
weighted average shares 25,606 25,203 25,507 25,191
Effect of dilutive securities:
Employee stock options 406 445 439 446
========== =========== =========== ===========
Denominator for diluted
earnings per share -
adjusted weighted average
shares and assumed
conversions 26,012 25,648 25,946 25,637
========== =========== =========== ===========
Basic earnings per share $0.48 $0.44 $0.93 $0.88
========== =========== =========== ===========
Diluted earnings per share $0.47 $0.43 $0.91 $0.86
========== =========== =========== ===========
</TABLE>
10
<PAGE> 11
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Material Changes in Financial Condition
For the first six months of 1998, net cash provided by operating activities was
$9.2 million. Accounts receivable increased $35.4 million from June 30, 1997, as
sales during June 1998 were higher than those of December 1997, excluding IWESA,
due to the traditional holiday shutdown. In addition, because June only has 30
days, customer payments which would have been received on the 31st day of the
month were received on the first day of the third quarter. Depreciation and
amortization expense was $19.2 million. The Company's investing activities for
the first six months of 1998 provided cash of $7.8 million. This includes
proceeds of $23.0 million on the sale of subsidiaries and $1.4 million on the
sale of fixed assets. Offsetting cash provided were additions to property, plant
and equipment of $16.9 million and investment in joint venture of $2.0 million.
Financing activities used cash of $20.0 million for the year through June 30,
1998. A portion of the cash generated from operations was used to reduce bank
borrowings $21.8 million from the end of 1997. The Company received $3.9 million
from the exercise of stock options and paid $2.0 million in dividends during the
first six months of 1998.
Cash and cash equivalents decreased to $3.2 million at June 30, 1998 from $7.0
million at December 31, 1997. The Company declared a cash dividend of $0.04 per
share ($1.0 million in aggregate) for the holders of record on September 1,
1998.
Material Changes in Results of Operations
SALES. Sales in the second quarter of 1998 were $219.9 million compared to
$210.9 million during the same period in 1997, an increase of 4.2%. Sales during
the first six months of 1998 increased 5.6% to $443.9 million versus $420.4
million for the same six-month period in 1997. Domestic foundry sales during the
three and six months ended June 30, 1998 were approximately $13.3 million (or
10.3%) and $20.9 million (or 8.0%) greater than during their respective periods
in 1997. This is a result of an increase in domestic vehicle sales, primarily
light trucks and sport utility vehicles, including Ford PHN131, Mercedes SUV and
Dodge Durango programs. Sales at machining operations, excluding IWESA,
decreased $3.6 million and $4.0 million for the three and six-month periods
ended June 30, 1998, respectively, compared to the same periods in 1997. This
decrease occurred primarily because these operations have experienced a drop in
customer requirements on certain products. With the inclusion of IWESA,
machining sales decreased $1.5 million and increased $4.9 million for the three
and six-month periods ended June 30, 1998, respectively, compared to the same
periods in 1997. European foundry sales have increased over the prior year due
to an improved vehicle market. The negative effect of changes in the exchange
rates on sales in Europe was $1.3 million (or 4.7%) and $3.6 million (or 6.6%)
for the three and six month periods ended June 30, 1998, respectively, compared
to exchange rates for the same periods in 1997.
11
<PAGE> 12
GROSS PROFIT. Gross profit for the quarter ended June 30, 1998 was $31.5
million, an increase of $3.2 million from that of the same period in 1997. Gross
profit for the six months ended June 30, 1998 was $61.5 million versus $55.9
million for the six months ended June 30, 1997. Gross profit as a percentage of
sales for the three and six months ended June 30, 1998 were 14.3% and 13.8%,
respectively, compared to 13.4% and 13.3% for the respective corresponding
periods in 1997. Without the IWESA operations, gross profit as a percentage of
sales would be almost 0.7% higher for the second quarter of 1998 versus the
second quarter of 1997.
OTHER OPERATING EXPENSES. Other operating expenses as a percentage of sales were
4.4% and 3.9% for the three months ended June 30, 1998 and 1997, respectively.
Other operating expenses as a percentage of sales for the six-month periods
ending June 30, 1998 and 1997 was 3.9% and 3.7%. The increase in these costs
during 1998 relates to the write off of the Company's receivables from IWESA.
Without the write off of the receivables, the other operating expenses as a
percentage of sales would have been 3.7% and 3.6% for the three and six months
ended June 30, 1998.
INTEREST EXPENSE. Interest expense was $2.9 million and $6.3 million for the
three and six months ended June 30, 1998, respectively, and $3.1 million and
$6.1 million for the same periods in 1997.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is engaged in various legal proceedings and other matters incidental
to its normal business activities. The Company does not believe any of the above
mentioned proceedings or matters are material in relation to the Company's
consolidated financial position or results of operations.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
12
<PAGE> 13
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
The Annual Meeting of Shareholders was held on April 16, 1998. The following
persons were nominated and elected to serve on the Board of Directors until the
next annual meeting and until their successors are elected and qualified:
<TABLE>
<Capion>
Voted For Withheld
------------ ----------
<S> <C> <C>
John Doddridge 20,603,974 738,451
John P. Crecine 20,608,687 733,738
Norman Ehlers 20,612,219 730,206
Wilfred E. Gross, Jr. 20,606,451 735,974
A. Wayne Hardy 20,603,099 739,326
John R. Horne 20,612,190 730,235
Thomas H. Jeffs II 20,610,917 731,508
Harold C. McKenzie, Jr. 20,611,719 730,706
John H. Reed 20,609,517 732,908
</TABLE>
In addition, the shareholders approved the appointment of Ernst & Young, LLP as
the Company's independent auditors for 1998. Vote totals were as follows:
<TABLE>
<CAPTION>
Appointment
of Auditors
------------
<S> <C>
Voting for 21,327,289
Voting against 7,660
Abstentions 7,476
Broker non-vote 0
</TABLE>
A total of 4,134,449 shares were not voted.
ITEM 5. OTHER INFORMATION
During the second quarter of 1998, the Company entered into an agreement with
Portuguese Grupo Jorge de Mello, creating a joint venture company called
PortCast-Fundicao Nodular, S.A. ("PortCast"). PortCast is located in Porto,
Portugal and increases foundry capacity in Europe. The Company spent $2.0
million of capital toward its investment in a 50% equity interest in PortCast.
The Company has managerial control and the ability to increase its ownership
interest.
In June 1998, the Company sold its Industrial Powder Coatings, Inc. subsidiary
("IPC"). IPC was purchased as part of the Sudbury acquisition in December 1996.
IPC's sales were approximately 7% of Intermet's consolidated sales for the
twelve months of 1997 and for the first six months of 1998.
13
<PAGE> 14
During the second quarter of 1998, IWESA GmbH ("IWESA") entered bankruptcy
proceedings and continues to operate under the protection of a bankruptcy
referee. The Company had purchased a 49% equity investment in IWESA in late
1996. The Company's ownership of IWESA increased to 82.4% during 1997 and IWESA
was consolidated at the end of 1997. As a result of the bankruptcy proceedings,
the Company's consolidated financial statements include IWESA's results of
operations only through April 1998 and IWESA is not included in the consolidated
balance sheet at June 30, 1998. IWESA accounted for approximately 2% of the
Company's consolidated sales for 1998 for the first six months ended June 30,
1998.
The effect of the above mentioned disposals had an immaterial impact on the
Company's financial results for the three and six month periods ending June 30,
1998.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibits are filed with this Report pursuant to Item 601 of
Regulation S-K:
Exhibit Number Description of Exhibit
27.1 Financial Data Schedule.
(b) The Company filed no reports on Form 8-K during the three months ended June
30, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
INTERMET CORPORATION
By: /s/ Walter T. Knollenberg
-------------------------
Walter T. Knollenberg
Corporate Controller
(Principal Accounting Officer)
Date: August 13, 1998
14
<PAGE> 15
Exhibits Index
Exhibit Number Description of Exhibit
27.1 Financial Data Schedule.
15
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 3,224
<SECURITIES> 0
<RECEIVABLES> 114,973
<ALLOWANCES> 2,032
<INVENTORY> 59,584
<CURRENT-ASSETS> 193,434
<PP&E> 431,512
<DEPRECIATION> 225,392
<TOTAL-ASSETS> 504,899
<CURRENT-LIABILITIES> 122,023
<BONDS> 0
0
0
<COMMON> 2,568
<OTHER-SE> 198,269
<TOTAL-LIABILITY-AND-EQUITY> 504,899
<SALES> 443,890
<TOTAL-REVENUES> 443,890
<CGS> 382,415
<TOTAL-COSTS> 399,946
<OTHER-EXPENSES> 6,245
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,279
<INCOME-PRETAX> 37,699
<INCOME-TAX> 14,503
<INCOME-CONTINUING> 23,608
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 23,608
<EPS-PRIMARY> 0.93
<EPS-DILUTED> 0.91
</TABLE>
