<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to _______________
Commission File Number: 0-13468
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of registrant as specified in its charter)
Washington 91-1069248
(State of other jurisdiction of
incorporation or organization) (IRS Employer Identification Number)
999 Third Avenue, Suite 2500, Seattle, Washington 98104
(Address of principal executive offices) (Zip Code)
(206) 674-3400
(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 November 11, 1996, the number of shares outstanding of the issuer's
Common Stock was 12,102,252.
Page 1 of 14 pages.
The Exhibit Index appears on page 13.
1
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
September 30, December 31,
ASSETS 1996 1995
- ------- ------------- ------------
(Unaudited)
Current assets:
Cash and cash equivalents $ 41,427 36,142
Short term investments 471 457
Accounts receivable, net 161,418 123,793
Deferred Federal and state taxes 5,192 4,113
Other current assets 5,199 3,862
------------- ------------
Total current assets 213,707 168,367
Property and equipment, net 42,546 28,242
Other assets, net 10,660 7,519
------------- ------------
$ 266,913 204,128
------------- ------------
------------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short term borrowings $ 16,663 285
Accounts payable 94,451 72,238
Income taxes 4,565 3,284
Other current liabilities 17,345 11,129
------------- ------------
Total current liabilities 133,024 86,936
Shareholders' equity:
Preferred stock, par value $.01
per share. Authorized 2,000,000
shares; none issued -- --
Common stock, par value $.01 per share.
Authorized 40,000,000 shares; issued
and outstanding 12,112,927 shares at
September 30, 1996, and 12,010,663 at
December 31, 1995 121 120
Additional paid-in capital 13,816 13,129
Retained earnings 116,804 100,928
Equity adjustments from foreign
currency translation 3,148 3,015
------------- ------------
Total shareholders' equity 133,889 117,192
------------- ------------
$ 266,913 204,128
------------- ------------
------------- ------------
2
<PAGE>
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months Ended
September 30, September 30,
--------------------- ------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues:
Airfreight $ 142,071 107,699 350,652 293,325
Ocean freight 44,310 37,355 108,964 90,234
Customs brokerage and import
services 18,511 14,114 49,152 40,007
--------- ------- ------- -------
Total revenues 204,892 159,168 508,768 423,566
--------- ------- ------- -------
--------- ------- ------- -------
Operating expenses:
Airfreight consolidation 115,778 88,518 282,899 242,042
Ocean freight consolidation 32,881 29,378 81,774 70,234
Salaries and related costs 29,311 22,362 77,952 61,209
Rent 2,264 1,792 6,158 4,959
Other 12,576 9,357 33,972 26,163
--------- ------- ------- -------
Total operating expenses 192,810 151,407 482,755 404,607
Operating income 12,082 7,761 26,013 18,959
Other income, net 459 327 1,611 1,206
--------- ------- ------- -------
Earnings before income taxes 12,541 8,088 27,624 20,165
Income tax expense 4,861 3,073 10,784 7,845
--------- ------- ------- -------
Net earnings $ 7,680 5,015 16,840 12,320
--------- ------- ------- -------
--------- ------- ------- -------
Net earnings per share $.60 $.40 $1.32 $.98
--------- ------- ------- -------
--------- ------- ------- -------
Weighted average number of
common shares 12,844,761 12,626,489 12,770,229 12,543,145
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
3
<PAGE>
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months Ended
September 30, September 30,
--------------------- ------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Operating Activities:
Net earnings $ 7,680 5,015 16,840 12,320
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Provision for losses on
accounts receivable 446 83 1,305 326
Deferred income tax expense
(benefit) 132 (560) (421) (95)
Depreciation and
amortization 2070 1,686 5,899 4,820
Other 235 80 430 207
Changes in operating assets and
liabilities:
Increase in accounts
receivable (19,686) (31,643) (39,804) (49,557)
Decrease (Increase) in other
current assets 757 (84) (1,365) (2,807)
Increase in
accounts payable and other
current liabilities 11,705 26,303 29,495 36,768
-------- -------- -------- -------
Net cash provided by
operating activities 3,339 880 12,379 1,982
-------- -------- -------- -------
Investing Activities:
Decrease (Increase) in short-
term investments 1,584 (1,239) (17) 279
Purchase of property and
equipment (2,602) (2,595) (20,509) (6,482)
Other 988 530 (1,746) (371)
-------- -------- -------- -------
Net cash used in investing
activities (30) (3,304) (22,272) (6,574)
-------- -------- -------- -------
Financing Activities:
Short-term borrowings, net 2,945 9,769 16,413 13,648
Proceeds from issuance of
common stock 1,625 1,402 2,570 1,817
Repurchases of common stock (1,690) (1,360) (2,541) (1,775)
Dividends paid -- -- (964) (717)
-------- -------- -------- -------
Net cash provided by
financing activities 2,880 9,811 15,478 12,973
Effect of exchange rate changes
on cash (253) (311) (300) 69
-------- -------- -------- -------
Increase in cash and cash
equivalents 5,936 7,076 5,285 8,450
Cash and cash equivalents at beginning
of period 35,491 22,801 36,142 21,427
-------- -------- -------- -------
Cash and cash equivalents at end
of period $ 41,427 29,877 41,427 29,877
-------- -------- -------- -------
-------- -------- -------- -------
</TABLE>
4
<PAGE>
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
The attached condensed consolidated financial statements have been
prepared pursuant to the rules and regulations of the Securities and Exchange
Commission. As a result, certain information and footnote disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted. The
Company believes that the disclosures made are adequate to make the
information presented not misleading. The condensed consolidated financial
statements reflect all adjustments which are, in the opinion of management,
necessary for a fair statement of the results for the interim periods
presented. Certain 1995 amounts have been reclassified to conform to the
1996 presentation. These condensed consolidated financial statements should
be read in conjunction with the financial statements and related notes
included in the Company's report on Form 10-K as filed with the Securities
and Exchange Commission on or about April 1, 1996.
Note 2. Stock Transactions
On November 12, 1996, the Company announced that the Board of Directors
declared a 2-for-1 stock split effected in the form of a stock dividend. The
certificates representing additional shares received in the stock dividend
will be distributed on or about December 11, 1996 to shareholders of record
as of November 25, 1996. The Board of Directors also increased the authorized
Common Stock from 40,000,000 to 80,000,000 and this increase will be
effective with the filing of the revised Articles of Incorporation with the
Secretary of State for the state of Washington during November 1996.
5
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
GENERAL
Expeditors International of Washington, Inc. is engaged in the business
of global logistics management, including international freight forwarding
and consolidation, for both air and ocean freight. The Company also acts as
a customs broker in all United States offices, and in many of its other
offices. The Company also provides additional services for its customers
including value added distribution, purchase order management, vendor
consolidation and other logistics solutions. The Company offers domestic
forwarding services only in conjunction with international shipments. The
Company does not compete for overnight courier or small parcel business. The
Company does not own or operate aircraft or steamships.
International trade is influenced by many factors, including economic
and political conditions in the United States and abroad, currency exchange
rates, and United States and foreign laws and policies relating to tariffs,
trade restrictions, foreign investments and taxation. Periodically,
governments consider a variety of changes to current tariffs and trade
restrictions. The Company cannot predict which, if any, of these proposals
may be adopted. Nor can the Company predict the effects adoption of any such
proposal will have on the Company's business. Doing business in foreign
locations also subjects the Company to a variety of risks and considerations
not normally encountered by domestic enterprises. In addition to being
affected by governmental policies concerning international trade, the
Company's business may also be affected by political developments and changes
in government personnel or policies in the nations in which it does business.
The Company's ability to provide services to its customers is highly
dependant on good working relationships with a variety of entities including
airlines, ocean carriers and governmental agencies. The Company considers
its current working relationships with these entities to be satisfactory.
However, changes in space allotments available from carriers, governmental
deregulation efforts, "modernization" of the regulations governing customs
brokerage, and/or changes in governmental quota restrictions could affect the
Company's business in unpredictable ways.
Historically, the Company's operating results have been subject to a
seasonal trend when measured on a quarterly basis. The first quarter has
traditionally been the weakest and the third quarter has traditionally been
the strongest. This pattern is the result of, or is influenced by, numerous
factors including climate, national holidays, consumer demand, economic
conditions and a myriad of other similar and subtle forces. In addition,
this historical quarterly trend has been influenced by the growth and
diversification of the Company's international network and service offerings.
The Company cannot accurately forecast many of these factors nor can the
Company estimate accurately the relative influence of any particular factor
and, as a result, there can be no assurance that historical patterns, if any,
will continue in future periods.
A significant portion of the Company's revenues are derived from
customers in industries whose shipping patterns are tied closely to consumer
demand, and from customers in industries whose shipping patterns are
dependent upon just-in-time production schedules. Therefore, the timing of
the Company's revenues are, to a large degree, impacted by factors out of the
Company's control, such as a sudden change in consumer demand for retail
goods and/or manufacturing production delays. Additionally, many customers
ship a significant portion of their goods at or near the end of a quarter,
and therefore, the Company may not learn of a shortfall in revenues until
late in a quarter. To the extent that a shortfall in revenues or earnings
was not expected by securities analysts, any such shortfall from levels
predicted by securities analysts could have an immediate and adverse effect
on the trading price of the Company's stock.
6
<PAGE>
RESULTS OF OPERATIONS
The following table shows the consolidated net revenues (revenues less
consolidation expenses) attributable to the Company's principal services and
the Company's expenses for the three and nine-month periods ended September
30, 1996 and 1995, expressed as percentages of net revenues. With respect to
the Company's services other than freight consolidation, net revenues are
identical to revenues. Management believes that net revenues are a better
measure than total revenues of the relative importance of the Company's
principal services since total revenues earned by the Company as a freight
consolidator include the carriers' charges to the Company for carrying the
shipment whereas revenues earned by the Company in its other capacities
include only the commissions and fees actually earned by the Company.
The table and the accompanying discussion and analysis should be read in
conjunction with the condensed consolidated financial statements and related
notes thereto which appear elsewhere in this Quarterly Report.
<TABLE>
<CAPTION>
Three months ended September 30, Nine months ended September 30,
1996 1995 1996 1995
-------------------------------- ---------------------------------
Percent Percent Percent Percent
of net of net of net of net
Amount revenues Amount revenues Amount revenues Amount revenues
------ -------- ------ -------- ------ -------- ------ --------
(Amounts in thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Revenues:
Airfreight $ 26,293 47 19,181 47 $67,753 47 51,283 46
Ocean freight 11,429 20 7,977 19 27,190 19 20,000 18
Customs brokerage and
import services 18,511 33 14,114 34 49,152 34 40,007 36
-------- --- ------- --- ------- ---- ------- ----
Net revenues 56,233 100 41,272 100 144,095 100 111,290 100
-------- --- ------- --- ------- ---- ------- ----
Operating expenses:
Salaries and
related costs 29,311 52 22,362 54 77,952 54 61,209 55
Other 14,840 27 11,149 27 40,130 28 31,122 28
-------- --- ------- --- ------- ---- ------- ----
Total operating
expenses 44,151 79 33,511 81 118,082 82 92,331 83
-------- --- ------- --- ------- ---- ------- ----
Operating income 12,082 21 7,761 19 26,013 18 18,959 17
Other income, net 459 1 327 1 1,611 1 1,206 1
-------- --- ------- --- ------- ---- ------- ----
Earnings before
income taxes 12,541 22 8,088 20 27,624 19 20,165 18
Income tax expense 4,861 8 3,073 7 10,784 7 7,845 7
-------- --- ------- --- ------- ---- ------- ----
Net earnings $ 7,680 14% $ 5,015 13% $ 16,840 12% $12,320 11%
-------- --- ------- --- ------- ---- ------- ----
-------- --- ------- --- ------- ---- ------- ----
</TABLE>
7
<PAGE>
Air freight net revenues increased 37% and 32%, respectively for the
three and nine-month periods ended September 30, 1996 as compared with the
same period for 1995. This increase was primarily due to (1) increased
airfreight tonnage handled by the Company from the Far East, North America
and Europe and (2) increased prices charged by airlines which were passed
along to customers. Management also believes that the Company was more
efficient during the three and nine-month periods ended September 30, 1996 in
the handling and routing of shipments through key export gateway locations,
particularly in North America. To the extent that it is successful in
increasing its concentration of export freight in key export gateway
locations, the Company has been able to take advantage of the volume, weight
and service-related incentives offered by the direct air carriers.
Ocean freight net revenues increased 43% and 36%, respectively for the
three and nine-month periods ended September 30, 1996 as compared with the
same period for 1995 as a result of a Company decision to aggressively market
extremely competitive ocean freight rates to its customers, primarily on
freight moving eastbound from the Far East. During the first three months of
1996, there was severe pricing pressure on this lane. Despite falling
prices, the Company was able to substantially maintain margins and expand
market share, a development management believes to be significant in
assessing its strength in the highly competitive transpacific NVOCC
(Non-Vessel Operating Common Carrier) market. During the three months ended
September 30, 1996, the pricing situation continues to stabilize allowing
moderate margin expansion in the third quarter. In addition to increases in
the traditional NVOCC and ocean forwarding business, ECMS (Expeditors Cargo
Management Systems), the Company's ocean freight consolidation management and
purchase order tracking service, provided new business.
Customs brokerage and import services increased 31% and 23% for the
three and nine-month periods ended September 30, 1996 as compared with the
same period for 1995 as a result of (1) the Company's growing reputation for
providing high quality service; (2)consolidation within the customs brokerage
market as customers seek out customs brokers with the sophisticated
computerized capabilities critical to an overall logistics management
program, and (3) the growing importance of distribution services as a
separate and distinct service offered to existing and potential customers.
Salaries and related costs increased during the three and nine-month
periods ended September 30, 1996 compared with the same period in 1995 as a
result of (1) the Company's increased hiring of sales, operations, and
administrative personnel in existing and new offices to accommodate increases
in business activity and (2) increased compensation levels. Salaries and
related costs have, however, decreased marginally as a percentage of net
revenue--a measure that management believes is significant in assessing the
effectiveness of corporate cost containment objectives. The relatively
consistent relationship between salaries and net revenues is the result of a
compensation philosophy that has been maintained since the inception of the
Company: offer a modest base salary and the opportunity to share in a fixed
and determinable percentage of the operating profit of the business unit
controlled by each key employee. Using this compensation model, changes in
individual compensation will occur in proportion to changes in Company
profits. Management believes that the organic growth in revenues, net revenue
and net income for the three and nine-month periods ended September 30, 1996
and 1995 are a direct result of the incentives inherent in the Company's
compensation program.
Other operating expenses increased for the three and nine-month periods
ended September 30, 1996 as compared with the same period in 1995 as rent
expense, communications expense, quality and training expenses, and other
costs expanded to accommodate the Company's growing operations. Other
operating expenses as a percentage of net revenues remained constant for the
three and nine-month periods ended September 30, 1996, as compared with the
same periods in 1995.
8
<PAGE>
Other income, net, increased for the three and nine-month periods ended
September 30, 1996 as compared with the same periods in 1995 primarily due to
higher interest income from increased cash flow.
The Company pays income taxes in the United States and other
jurisdictions. In addition the Company pays various other taxes, which are
typically included in costs of operations. Effective income tax rates per
financial statements during the three and nine-month periods ended September
30, 1996 were virtually constant as compared with the same periods in 1995.
Currency and Other Risk Factors
International air/ocean freight forwarding and customs brokerage are
intensively competitive and are expected to remain so for the foreseeable
future. There are a large number of entities competing in various portions
of the global logistics industry, however, the Company's primary competition
is confined to a relatively small number of companies within this group.
While there is currently a marked trend within the industry toward
consolidation into large firms with multinational office and agency networks,
regional and local broker/forwarders remain a competitive force.
Historically, the primary competitive factors in the global logistics
industry have been price and quality of service, including reliability,
responsiveness, expertise, convenience, and scope of operations. The Company
emphasizes quality service and believes that its prices are competitive with
those of others in the industry. Recently customers have exhibited a trend
toward the more sophisticated and efficient procedures for the management of
the logistics supply chain by embracing strategies such as just-in-time
inventory management. Accordingly, sophisticated computerized customer
service capabilities and a stable worldwide network have become significant
factors in attracting and retaining customers.
Developing these systems and a worldwide network has added a
considerable indirect cost to the services provided to customers. Smaller
and middle-tier competitors, in general, do not have the resources available
to develop customized systems and worldwide network. As a result, there is a
significant amount of consolidation currently taking place in the industry.
Management expects that this trend toward consolidation will continue for the
short to medium term. Historically, growth through aggressive acquisition
has proven to be a challenge for many of the Company's competitors and
typically involves the purchase of significant "goodwill", the value of which
can be realized in large measure only by retaining the customers and profit
margins of the acquired business. As a result, the Company has pursued a
strategy emphasizing organic growth supplemented by certain strategic
acquisitions.
The nature of the Company's worldwide operations necessitates the
Company dealing with a multitude of currencies other than the U.S. dollar.
This results in the Company being exposed to the inherent risks of the
international currency markets and governmental interference. Many of the
countries where the Company maintains offices and/or agency relationships
have strict currency control regulations which influence the Company's
ability to hedge foreign currency exposure. The Company tries to compensate
for these exposures by accelerating international currency settlements among
these offices or agents. Foreign currency gains and losses recognized during
the first three quarters of 1996 and 1995 were immaterial.
The Company has traditionally generated revenues from air freight, ocean
freight and customs brokerage and other import services. In light of the
customer-driven trend to provide customer rates on a door-to-door basis,
management foresees the potential, in the medium to long-term, for fees
normally associated with customs house brokerage to be de-emphasized and
included as a component of other services offered by the Company.
9
<PAGE>
Liquidity and Capital Resources
The Company's principal source of liquidity is cash generated from
operations. At September 30, 1996, working capital was $81 million, including
cash and short-term investments of $42 million. The Company had no long-term
debt at September 30, 1996. While the nature of its business does not
require an extensive investment in property and equipment, the Company is
continuously looking for suitable facilities and/or property to acquire at or
near airports in certain cities in North America and overseas. The Company
expects to spend approximately $31 million on property and equipment in 1996,
which is expected to be financed with cash, short-term floating rate and/or
long-term fixed-rate borrowings.
The Company maintains foreign and domestic borrowings under unsecured
bank lines of credit totaling $15 million. At September 30, 1996, the
Company was directly liable for $11.1 drawn on these lines of credit and was
contingently liable for an additional $13.726 million of standby letters of
credit. In addition, the Company maintains a bank facility with its U.K.
bank for $7.75 million of which the Company was contingently liable for $7.4
million. Management believes that the Company's current cash position, bank
financing arrangements, and operating cash flows will be sufficient to meet
its capital and liquidity requirements for the foreseeable future.
In some cases, the Company's ability to repatriate funds from foreign
operations may be subject to foreign exchange controls. In addition, certain
undistributed earnings of the Company's subsidiaries accumulated through
December 31, 1992 would, under most circumstances, be subject to some
additional United States income tax if distributed to the Company. The
Company has not provided for this additional tax because the Company intends
to reinvest such earnings to fund the expansion of its foreign activities, or
to distribute them in a manner in which no significant additional taxes would
be incurred.
10
<PAGE>
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The Company is ordinarily involved in claims and lawsuits which arise in
the normal course of business, none of which currently, in management's
opinion, will have a significant effect on the Company's financial condition.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits required by Item 601 of Regulation S-K.
Exhibit
Number Description
------- -----------
11.1 Statement re computation of per share earnings
(b) Reports on Form 8-K
No reports on Form 8-K were filed in the quarter ended September 30, 1996.
11
<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.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
November 13, 1996 /s/ PETER J. ROSE
------------------------------------------------
Peter J. Rose, Chairman
and Chief Executive Officer
(Principal Executive Officer)
November 13, 1996 /s/ R. JORDAN GATES
------------------------------------------------
R. Jordan Gates, Chief Financial Officer
and Treasurer
(Principal Financial and Accounting Officer)
12
<PAGE>
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Form 10-Q Index and Exhibits
September 30, 1996
Exhibit
Number Description Page Number
- ------- ----------- -----------
11.1 Statement re computation of per share earnings
13
<PAGE>
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Exhibit 11.1 Statement re computation of per share earnings
Net earnings per weighted average common share is computed using the
weighted average number of common shares and common share equivalents
outstanding during each period presented. Common share equivalents represent
stock options. Fully diluted earnings per share do not differ materially from
primary earnings per share.
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SET FORTH AS ITEM 1 OF
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 41,427
<SECURITIES> 471
<RECEIVABLES> 161,418
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 213,707
<PP&E> 42,546
<DEPRECIATION> 0
<TOTAL-ASSETS> 266,913
<CURRENT-LIABILITIES> 133,024
<BONDS> 4
0
0
<COMMON> 121
<OTHER-SE> 133,768
<TOTAL-LIABILITY-AND-EQUITY> 266,913
<SALES> 0
<TOTAL-REVENUES> 508,768
<CGS> 0
<TOTAL-COSTS> 364,673
<OTHER-EXPENSES> 118,082
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 27,624
<INCOME-TAX> 10,784
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,840
<EPS-PRIMARY> 1.32
<EPS-DILUTED> 1.32
</TABLE>
