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 June 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 0-5610
PAXAR CORPORATION
(Exact name of registrant as specified in its charter)
New York 13-5670050
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
105 Corporate Park Drive, White Plains, N.Y. 10604
(Address of principal executive offices)
914 697-6800
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or 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
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers's classes of
common stock, as of the latest practicable date. (June 30, 1996)
Common Stock, $0.10 par value: 22,317,126 shares
<PAGE>
PART 1. FINANCIAL INFORMATION
The financial statements included herein have been prepared by Paxar Corporation
(the "Company"), without audit pursuant to the rules and regulations of the
Securities and Exchange Commission. While certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, the Company believes that the
disclosures made herein are adequate to make the information presented not
misleading. It is recommended that these condensed financial statements be read
in conjunction with the financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1995.
In the opinion of the Company, all adjustments, consisting only of normal
recurring accruals and adjustments, necessary to present fairly the financial
information contained herein, have been included.
<PAGE>
Item 1: Financial Statements
PAXAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Six Months
Ended June 30 Ended June 30
1996 1995 1996 1995
---- ---- ---- ----
(in thousands, except per share amounts)
Sales $57,554 $52,899 $110,304 $103,423
Cost of sales 36,257 33,537 69,513 65,569
-------- -------- --------- --------
Gross profit 21,297 19,362 40,791 37,854
Selling, general and
administrative expenses 14,133 12,626 27,636 25,004
-------- -------- --------- --------
Operating income 7,164 6,736 13,155 12,850
Equity in net income of
affiliate 1,014 - 1,566 -
Interest expense, net (478) (349) (990) (751)
-------- -------- --------- --------
Income before taxes 7,700 6,387 13,731 12,099
Taxes on income 2,087 1,979 3,775 3,750
-------- -------- --------- --------
Net income $ 5,613 $ 4,408 $ 9,956 $ 8,349
======== ======== ========= =========
Weighted average shares
outstanding 22,719 22,425 22,648 22,324
======== ======== ========= =========
Earnings per share $ 0.25 $ 0.20 $ 0.44 $ 0.37
======== ======== ========= =========
See Notes to Consolidated Financial Statements
<PAGE>
PAXAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 1996 Dec. 31, 1995
------------- -------------
(unaudited
(in thousands, except
share amounts)
ASSETS
Current assets:
Cash $ 3,221 $ 3,466
Short-term investments 1,649 3,219
Receivables, less allowance for doubtful
accounts of $762 in 1996 and $585 in
1995 39,739 31,321
Inventories 31,085 29,322
Other current assets 4,222 3,082
Deferred income taxes 527 527
----------- ------------
Total current assets 80,443 70,937
----------- ------------
Property, plant and equipment, at cost 91,531 83,918
Accumulated depreciation (34,163) (30,062)
----------- ------------
Net property, plant and equipment 57,368 53,856
----------- ------------
Long-term investments 4,005 -
Investment in affiliate 17,543 15,969
Goodwill 18,856 15,802
Other assets 640 576
----------- ------------
$ 178,855 $ 157,140
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Due to banks $ 1,829 $ 2,991
Current maturities of long-term debt 575 529
Accounts payable and accrued liabilities 26,517 19,143
Accrued taxes on income 3,087 1,595
------------ ------------
Total current liabilities 32,008 24,258
------------ ------------
Long-term debt 27,998 23,121
Deferred income taxes 11,173 11,136
Other liabilities 1,432 3,429
Shareholders' equity:
Preferred Stock, $0.01 par value,
5,000,000 shares authorized, none
issued and outstanding - -
Common Stock, $0.10 par value,
100,000,000 shares authorized,
22,317,126 and 22,207,820 shares
issued and outstanding, in 1996 and
1995, respectively 2,232 2,221
Paid-in capital 37,562 36,723
Retained earnings 66,958 57,002
Foreign currency translation adjustments (508) (750)
------------ ------------
Total shareholders' equity 106,244 95,196
------------ ------------
$ 178,855 $ 157,140
============ ============
See Notes to Consolidated Financial Statements
<PAGE>
PAXAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
For the Six Months Ended June 30, 1996 and 1995
(in thousands, except share amounts)
(Unaudited)
Foreign
Currency
Common Stock Paid-in Retained Translation
Shares Amount Capital Earnings Adjustments
------ ------ ------- -------- -----------
Balance, December 31,
1994 17,556,061 $1,756 $35,432 $41,742 $(1,077)
Net income - - - 8,349 -
Exercise of stock
options 105,204 10 355 - -
Employee stock
purchase plan 28,933 3 380 - -
Translation
adjustments - - - - 160
---------- ------ ------- ------- -------
Balance, June 30, 1995 17,690,198 $1,769 $36,167 $50,091 $ (917)
========== ====== ======= ======= =======
Balance, December 31,
1995 22,207,820 $2,221 $36,723 $57,002 $ (750)
Net income - - - 9,956 -
Exercise of stock
options 85,047 9 469 - -
Employee stock
purchase plan 24,259 2 370 - -
Translation
adjustments - - - - 242
---------- ------ ------- ------- -------
Balance, June 30, 1996 22,317,126 $2,232 $37,562 $66,958 $ (508)
========== ====== ======= ======= =======
See Notes to Consolidated Financial Statements
<PAGE>
PAXAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30
1996 1995
---- ----
(in thousands)
OPERATING ACTIVITIES:
Net income $ 9,956 $ 8,349
--------- ---------
Depreciation and amortization 4,505 3,988
Deferred income taxes 37 321
Equity in net income of affiliate (1,566) -
Change in assets and liabilities,
net of business acquired:
Receivables (7,794) (4,052)
Inventories (1,472) (1,859)
Other current assets (917) (1,309)
Accounts payable and accrued
liabilities 6,387 1,974
Taxes on income 1,448 1,099
Other liabilities (1,997) 100
--------- ---------
(1,369) 262
--------- ---------
Net cash provided by operating
activities 8,587 8,611
--------- ---------
INVESTING ACTIVITIES:
Decrease (increase) of short-term
investments 1,570 (224)
Purchases of property, plant and
equipment (6,481) (4,345)
Purchase of long-term investments (4,005) -
Investment in affiliates - (15,050)
Acquisition of Brian Pulfrey Ltd. (4,613) -
Other 7 (33)
--------- ---------
Net cash used in investing
activities (13,522) (19,652)
--------- ---------
FINANCING ACTIVITIES:
Decrease of short-term debt (1,116) (1,808)
Additions of long-term debt 18,854 16,400
Reductions of long-term debt (13,977) (5,266)
Exercise of stock options/
stock purchase plan 850 748
--------- ----------
Net cash provided by financing
activities 4,611 10,074
--------- ----------
OTHER ACTIVITIES:
Effect of exchange rate changes on cash 79 (24)
--------- ----------
Increase (decrease) in cash (245) (991)
Cash, at beginning of year 3,466 3,136
--------- ----------
Cash at end of period $ 3,221 $ 2,145
========= ==========
See Notes to Consolidated Financial Statements
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Dollars in thousands, except share
data.
NOTE 1: GENERAL
The accounting policies followed during interim periods are in conformity with
generally accepted accounting principles and are consistent with those applied
for annual periods as described in the Company's Annual Report on Form 10-K for
the year ended December 31, 1995. Other than Balance Sheet amounts as of
December 31, 1994 and 1995, all amounts contained herein are unaudited.
Reclassifications:
Certain reclassifications have been made to prior year amounts to conform to the
current year presentation.
NOTE 2: BUSINESS ACQUISITION
On January 22, 1996, the Company, through its United Kingdom subsidiary,
purchased the outstanding capital stock of Brian Pulfrey Limited ("Pulfrey").
The purchase price was approximately $4.6 million and is subject to adjustment
for changes in net assets, as defined. Pulfrey manufactures printed labels and
tags principally for U.K. apparel and retail companies. The acquisition is not
expected to have a significant effect on the revenues or net income of the
Company.
The acquisition is being accounted for as a purchase with assets acquired and
liabilities assumed recorded at their estimated fair values at the date of
acquisition. The excess of the purchase price and transaction costs over the
fair value of net assets acquired is recorded as goodwill.
Cash paid for this business acquisition and the fair value of assets acquired
and liabilities assumed is set forth below:
June 30, 1996
-------------
Estimated fair value of assets acquired,
including goodwill of $3,278 $ 5,807
Liabilities assumed (1,194)
-------
Cash paid $ 4,613
=======
NOTE 3: INVESTMENT IN AFFILIATE
On June 29, 1995, the Company invested $15.0 million in a new joint venture
company, which simultaneously acquired Monarch Marking Systems, Inc. and related
companies ("Monarch"). Monarch manufactures and markets marking equipment and
supplies in the U.S., United Kingdom, Germany, France, Mexico, Canada, Hong Kong
and Australia, and sells and distributes marking equipment and supplies in 75
other countries around the world. The Company's investment, which represents a
49% interest (initially 49.5%) is being accounted for using the equity method.
As of June 30, 1996, the Company's investment in Monarch represents the initial
investment, together with related costs and expenses, plus the Company's equity
in Monarch's net income for the period June 29, 1995 to June 30, 1996.
The following unaudited proforma results of operations assume the investment
occurred at the beginning of 1995. The Monarch purchase price allocation is not
complete, and adjustments, which are not expected to be material to the
Company's share of Monarch's net income, may be necessary. In the 1995 period,
Monarch's results include $6.1 million of non-recurring charges for adjustments
to operating items, and accordingly, the proforma results shown below reflect
the Company's share of these charges. These proforma results do not purport to
be indicative of the results of operations which may result in the future.
<PAGE>
Six Months Ended
June 30, 1995
(Unaudited)
Sales $103,423
Net income $8,706
Earnings per share $0.39
NOTE 4: INVENTORIES
The components of inventories are set forth below:
June 30, 1996 December 31, 1995
------------- -----------------
Raw materials $17,758 $16,603
Work-in-Process 3,096 2,850
Finished goods 10,231 9,869
------- -------
$31,085 $29,322
======= =======
NOTE 5: LONG-TERM INVESTMENTS
Long-term investment consists of the unexpended portion of proceeds made
available by the Economic Development Revenue Bonds (see Note 7 of Notes to
Consolidated Financial Statements). The funds are invested in U.S. Treasury
obligations bearing interest at a weighted average rate of 6%.
NOTE 6: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
A summary of accounts payable and accrued liabilities is set forth below:
June 30, 1996 December 31, 1995
------------- -----------------
Accounts payable $12,782 $ 9,984
Accrued payroll costs 4,343 4,729
Other accrued liabilities 9,392 4,430
------- -------
$26,517 $19,143
======= =======
<PAGE>
NOTE 7: LONG-TERM DEBT
An analysis of long-term debt is set forth below:
June 30, 1996 December 31, 1995
------------- -----------------
Unsecured revolving bank
facility $18,000 $20,900
Economic Development Revenue
Bond 8,000 -
Secured and unsecured loans
on foreign property, plant
and machinery 2,166 2,309
Other 407 441
------- -------
28,573 23,650
Less current maturities 575 529
------- -------
$27,998 $23,121
======= =======
NOTE 8: SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest and income taxes is set forth below:
Six Months Ended
June 30, 1996 June 30, 1995
------------- -------------
Interest $978 $688
Income Taxes $2,137 $1,779
<PAGE>
Item 2: Managements Discussion and Analysis of Financial Condition and
Results of Operations
OPERATING RESULTS:
The following table shows each element of the income statement as a percent of
sales for the periods indicated:
Three Months Six Months
Ended June 30 Ended June 30
1996 1995 1996 1995
---- ---- ---- ----
Sales 100.0% 100.0% 100.0% 100.0%
Cost of Sales 63.0 63.4 63.0 63.4
----- ----- ----- -----
Gross Profit 37.0 36.6 37.0 36.6
Selling, general and
administrative expenses 24.6 23.9 25.1 24.2
----- ----- ----- -----
Operating income 12.4 12.7 11.9 12.4
Equity in net income of
affiliate 1.8 - 1.4 -
Interest expense, net (0.8) (0.6) (0.9) (0.7)
----- ----- ----- -----
Income before taxes 13.4 12.1 12.4 11.7
Taxes on income 3.6 3.8 3.4 3.6
----- ----- ----- -----
Net income 9.8% 8.3% 9.0% 8.1%
===== ===== ===== =====
Second Quarter 1996 compared to 1995
Sales increased to $57.6 million or 8.8% for the three months ended June 30,
1996 compared to $52.9 million for the three months ended June 30, 1995.
Foreign-based and export sales increased 28.5% from $18.1 million for the three
months ended June 30, 1995 to $23.3 million for the three months ended June 30,
1996. The Company's apparel identification systems business was approximately
equal to the three months ended June 30, 1995. The Company's apparel
identification products grew 15% in the three months ended June 30, 1996, as
compared with the three months ended June 30, 1995.
The gross profit was $21.3 million in the three months ended June 30, 1996,
compared to $19.4 million in the comparable period of 1995, an increase of 10%.
The gross profit margin was 37.0% for the current period compared to 36.6% for
the three months ended June 30, 1995.
Selling, general and administrative (SG&A) expenses were $14.1 million for the
three months ended June 30, 1996 compared to $12.6 million for the comparable
period of 1995, an increase of 12%. As a percentage of sales, SG&A expenses were
24.6% for the three months ended June 30, 1996, compared to 23.9% for the
comparable period in 1995.
Operating income was $7.2 million or 12.4% of sales for the three months ended
June 30, 1996, compared to $6.7 million or 12.7% of sales for the three months
ended June 30, 1995.
Equity in net income of affiliate was $1.0 million for the three months ended
June 30, 1996. (See Note 3 of Notes to Consolidated Financial Statements.)
Interest expense, net, was $478,000 for the three months ended June 30, 1996,
compared to $349,000 for June 30, 1995.
Income before taxes was $7.7 million (13.4% of sales) for the three months ended
June 30, 1996, as compared to $6.4 million (12.1% of sales) for the three months
ended June 30, 1995.
The effective income tax rate was 27% for the three months ended June 30, 1996,
compared to 31% for the three months ended June 30, 1995. The overall effective
tax rate is impacted by many factors including different statutory rates on
foreign income. The lower tax rate is attributable to the addition of equity in
the net income of affiliate. The tax rate is below the U.S. statutory federal
income tax rate of 35% due to lower rates on income derived from foreign
sources, particularly from Hong Kong and in Italy where the companies acquired
in 1994 receive special tax abatement incentives which expire from 1996 through
1999.
Net income for the three months ended June 30, 1996 increased 27% to $5.6
million (9.8% of sales) from $4.4 million (8.3% of sales) in the 1995 period.
Net income per share was $0.25 for the three months ended June 30, 1996 from
$0.20 for the three months ended June 30, 1995.
Six Months 1996 compared to 1995
Sales increased to $110.3 million or 6.7% for the six months ended June 30,
1996, compared to $103.4 million for the six months ended June 30, 1995.
Foreign-based and export sales increased 25.1% from $35.3 million for the six
months ended June 30, 1995 to $44.2 million for the six months ended June 30,
1996. The Company's apparel identification systems business was approximately
equal to the six months ended June 30, 1995. The Company's apparel
identification products grew 11% in the six months ended June 30, 1996, as
compared with the six months ended June 30, 1995.
The gross profit was $40.8 million in the six months ended June 30, 1996,
compared to $37.9 million in the comparable period of 1995, an increase of 7.8%.
The gross profit margin was 37.0% for the current period compared to 36.6% for
the six months ended June 30, 1995.
Selling, general and administrative (SG&A) expenses were $27.6 million for the
six months ended June 30, 1996, compared to $25.0 million for the comparable
period of 1995, an increase of 11%. As a percentage of sales, SG&A expenses were
25.1% for the six months ended June 30, 1996, compared to 24.2% for the
comparable period in 1995.
Operating income was $13.2 million or 11.9% of sales for the six months ended
June 30, 1996, compared to $12.9 or 12.4% of sales for the six months ended June
30, 1995.
Equity in net income of affiliate was $1.6 million for the six months ended June
30, 1996. (See Note 3 of Notes to Consolidated Financial Statements.)
Interest expense, net, was $990,000 for the six months ended June 30, 1996,
compared to $751,000 for June 30, 1995.
Income before taxes was $13.7 million (12.4% of sales) for the six months ended
June 30, 1996, as compared to $12.1 million (11.7% of sales) for the six months
ended June 30, 1995. The increase in pretax profit for the six months ended June
30, 1996 compared to June 30, 1995 is summarized as follows:
(in millions)
Sales increase, net of increased SG&A expenses $(0.1)
Improvement in gross margin 0.3
Equity in net income of affiliate 1.6
Increased interest expense, net (0.2)
-----
Net increase $ 1.6
=====
<PAGE>
The effective income tax rate was 27% for the six months ended June 30, 1996,
compared to 31% for the six months ended June 30, 1995. The overall effective
tax rate is impacted by many factors including different statutory rates on
foreign income. The lower tax rate is attributable to the addition of equity in
the net income of affiliate. The tax rate is below the U.S. statutory federal
income tax rate of 35% due to lower rates on income derived from foreign
sources, particularly from Hong Kong and in Italy where the companies acquired
in 1994 receive special tax abatement incentives which expire from 1996 through
1999.
Net income for the six months ended June 30, 1996 increased 19% to $10.0 million
(9.0% of sales) from $8.3 million (8.1% of sales) in the 1995 period. Net income
per share was $0.44 for the six months ended June 30, 1996 compared to $0.37 for
the six months ended June 30, 1995.
LIQUIDITY AND CAPITAL RESOURCES:
The table below presents the summary of cash flow for the periods indicated:
(in millions)
Six Months Ended June 30
1996 1995
---- ----
Net cash provided by operating
activities $ 8.6 $ 8.6
Net cash used in investing (13.5) (19.7)
activities
Net cash provided by financing
activities 4.6 10.1
------ ------
Total change in cash $ (0.3) $ (1.0)
====== ======
Operating Activities
Cash provided by operating activities continues to be the Company's primary
source of funds to finance operating needs and capital expenditures. Cash
provided by operating activities as of June 30, 1996 and 1995 was $8.6 million.
Depreciation and amortization was $4.5 million during the first six months of
1996, compared to $4.0 million in the comparable period of 1995.
Investing Activities
During the first six months of 1996 capital expenditures were $6.5 million,
compared to $4.3 million during the first six months of 1995. Other than
projects for employee safety and environmental improvement, all new capital
projects are carefully analyzed and are required to make a positive contribution
on a net present value basis, generating an attractive internal rate of return
on invested capital. The Company currently anticipates capital expenditures of
$15 million for the year ended December 31, 1996. In addition, the Company
intends to continue its growth, in part by acquisitions of other complementary
or related businesses and believes that further acquisitions outside the United
States would be of important strategic value.
<PAGE>
Financing Activities
The table below shows the components of total capital at:
(in millions)
June 30, 1996 Dec. 31, 1995
------------- -------------
Long-term debt $ 28.0 $ 23.1
Shareholders' equity 106.2 95.2
------ ------
Total capital $134.2 $118.3
------ ------
Long-term debt as a
percent of total capital 20.9% 19.5%
------ ------
Long-term debt increased to $28.0 million at June 30, 1996, from $23.1 million
at December 31, 1995. At June 30, 1996, long-term debt as a percent of total
capital was 20.9% compared to 19.5% at December 31, 1995.
In addition, on May 16, 1996, the Company raised $8.0 million by the sale of
Economic Development Revenue Bonds issued by the State of South Carolina. The
Company was reimbursed $3.2 million for qualified expenses and the balance of
$4.8 million is invested primarily in U.S. Treasuries (see Note 5 of Notes to
Consolidated Financial Statements). The bonds will mature in 15 years. The bonds
will be used to finance the construction of the Rock Hill, South Carolina,
manufacturing facility, as well as future expansion of and improvements to the
project.
On June 18, 1996, the Company amended and restated its revolving credit
agreement, allowing it to borrow up to $60.0 million. The facility will expire
June, 2001. At June 30, 1996, there was $42.0 million available under the
revolving credit agreement. The Company was in compliance with all provisions of
the loan agreement.
<PAGE>
PART II. OTHER INFORMATION
Item 4: Submission of Matters to a Vote of Security Holders
On April 24, 1996 the Company held an Annual Meeting of Shareholders to elect
five Directors, each to serve for a term of two years and until their successors
are fully elected and qualified, to approve an amendment to the Company's
Certificate of Incorporation to increase the number of shares of authorized
Common Stock to 100,000,000 shares of Common Stock, $.10 par value, and to
ratify the appointment of Arthur Andersen LLP, as the Company's independent
public accountants for the year ended December 31, 1996. The nominees for
election to the Board of Directors received the following votes cast:
For Election Withholding
Authority
------------ -----------
Arthur Hershaft 17,915,281 276,308
Sidney Merians 17,915,281 276,308
Thomas R. Loemker 17,915,281 276,308
Robert T. Puopolo 17,915,281 276,308
Walter W. Williams 17,915,281 276,308
15,409,869 shares were voted in favor of approving an amendment to the Company's
Certificate of Incorporation, increasing the number of shares of authorized
Common Stock to 100,000,000, $.10 par value. 2,733,971 shares were voted against
such amendment, and there were 47,629 abstentions and broker non-votes on such
matter.
18,153,412 shares were voted in favor of the ratification of the appointment of
Arthur Andersen LLP, 10,723 shares were voted against such ratification, and
there were 27,454 abstentions and broker non-votes on such matter.
Item 6. Exhibits and Reports on Form 8-K
a) Exhibit Index. None.
b) Reports on Form 8-K. No reports on Form 8-K were filed during the
period April 1- June 30, 1996.
<PAGE>
PAXAR CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Paxar Corporation
Registrant
/s/ Jack R. Plaxe
Signature
Jack R. Plaxe
Full Name of Signing
Officer
Vice President and
Chief Financial Officer*
Title of Signing Officer
July 30, 1996
Date
* Mr. Plaxe has signed this Report in the dual capacity of duly authorized
officer and Chief Financial Officer.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 3,221
<SECURITIES> 0
<RECEIVABLES> 39,739
<ALLOWANCES> 0
<INVENTORY> 31,085
<CURRENT-ASSETS> 80,443
<PP&E> 91,531
<DEPRECIATION> 34,163
<TOTAL-ASSETS> 178,855
<CURRENT-LIABILITIES> 32,008
<BONDS> 0
0
0
<COMMON> 2,232
<OTHER-SE> 104,012
<TOTAL-LIABILITY-AND-EQUITY> 178,855
<SALES> 110,304
<TOTAL-REVENUES> 110,304
<CGS> 69,513
<TOTAL-COSTS> 69,513
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 990
<INCOME-PRETAX> 13,731
<INCOME-TAX> 3,775
<INCOME-CONTINUING> 9,956
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,956
<EPS-PRIMARY> 0.44
<EPS-DILUTED> 0
</TABLE>
