<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________________________________________________________________
FORM 10-Q
Quarterly Report under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended March 31, 1997 Commission file number:1-8859
IP TIMBERLANDS, Ltd.
(Exact name of registrant as specified in its charter)
Texas 13 3259241
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
Two Manhattanville Road, Purchase, NY 10577
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 914-397-1500
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
---- -----
Class A Depositary Units outstanding on April 30, 1997: 46,445,729
<PAGE>
IP TIMBERLANDS, Ltd.
INDEX
PAGE NO.
--------
PART I. Financial Information
Item 1. Financial Statements 3
Consolidated Statement of Earnings - 4
Three Months Ended March 31, 1997
and 1996
Consolidated Balance Sheet - 5
March 31, 1997 and December 31, 1996
Consolidated Statement of Cash Flows - 6
Three Months Ended March 31, 1997 and
1996
Notes to Consolidated Financial 7-9
Statements
Item 2. Management's Discussion and Analysis 10-12
of Financial Condition and Results of
Operations
PART II. Other Information
Item 1. Legal Proceedings *
Item 2. Changes in Securities *
Item 3. Defaults upon Senior Securities *
Item 4. Submission of Matters to a Vote of *
Security Holders
Item 5. Other Information *
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
* Omitted since no answer is called for, answer is in the negative or
inapplicable.
2
<PAGE>
PART I. Financial Information
ITEM 1. FINANCIAL STATEMENTS
The accompanying unaudited financial statements have been prepared in
conformity with current Securities and Exchange Commission regulations
governing interim financial reporting. In the opinion of the managing general
partner of IP Timberlands, Ltd. (the "Registrant"), a Texas limited
partnership, the accompanying unaudited financial statements contain all
adjustments (consisting of only normal recurring accruals) necessary to
present fairly the financial position of the Registrant as of March 31, 1997,
and the results of operations for the quarter ended March 31, 1997. It is
suggested that these interim financial statements be read in conjunction with
the audited financial statements and notes thereto incorporated by reference
in the Registrant's Form 10-K for the year ended December 31, 1996, which has
been previously filed with the Commission.
The results for the interim period covered by this report are not
necessarily indicative of what the results will be for the remainder of the
year.
3
<PAGE>
IP TIMBERLANDS, Ltd.
CONSOLIDATED STATEMENT OF EARNINGS
(In thousands--except per unit data)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
---------------------
<S> <C> <C>
1997 1996
--------- ----------
Revenues
Stumpage sales
International Paper....................... $ 30,412 $ 43,787
Unaffiliated parties...................... 45,577 33,710
Forestland sales............................ 135 1,870
Other income, net........................... 1,244 1,741
--------- ----------
Total revenues............................ 77,368 81,108
--------- ----------
Operating Costs and Expenses
Depletion
International Paper....................... 2,325 2,464
Unaffiliated parties...................... 8,806 3,682
Cost of forestlands sold.................... 16 114
Amortization of roads....................... 435 555
Forest operations........................... 10,973 11,060
General and administrative.................. 4,744 5,369
Property and severance taxes................ 3,244 3,786
--------- ----------
Total operating costs and expenses........ 30,543 27,030
--------- ----------
46,825 54,078
Gains on Sales of Partnership Interests..... 15,000 638,205
--------- ----------
Operating Earnings.......................... 61,825 692,283
Interest Income............................. 6,301 5,850
Interest Expense............................ (7,406) (11,349)
General Partners' Interest in IPTO.......... (651) (484)
--------- ----------
Net Partnership Earnings.................... $ 60,069 $ 686,300
--------- ----------
--------- ----------
Earnings per Class A Unit (Note 7).......... $ 1.26 $ 5.66
--------- ----------
--------- ----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
IP TIMBERLANDS, Ltd.
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------ -----------
<S> <C> <C>
Assets
Current Assets
Cash and temporary investments................................. $ 8,318 $ 7,843
Notes receivable--International Paper.......................... 299,341 259,351
Due from International Paper................................... 2,948 15,071
Accounts and notes receivable.................................. 26,250 8,228
------------ -----------
Total current assets........................................... 336,857 290,493
Notes Receivable................................................. 349 42
Forestlands...................................................... 783,908 660,369
Roads, net of accumulated amortization of $32,428 (1997) and
$31,994 (1996)................................................. 25,375 25,144
------------ -----------
Total Assets..................................................... $ 1,146,489 $ 976,048
------------ -----------
------------ -----------
Liabilities and Partners' Capital
Current Liabilities
Accounts payable and accrued liabilities....................... $ 6,292 $ 6,719
Accrued interest............................................... 3,529 3,541
Accrued property and severance taxes........................... 4,994 5,550
Customer advance payments...................................... 7,559 3,266
------------ -----------
Total current liabilities...................................... 22,374 19,076
Long-Term Debt................................................... 450,000 450,000
Lease Obligations................................................ 1,611 1,241
Series A Preference Units in IPTO................................ 130,744
General Partners' Interest in IPTO............................... 30,941 30,536
Partners' Capital
General partners............................................... 26,964 26,607
Limited partners............................................... 483,855 448,588
------------ -----------
Total Liabilities and Partners' Capital.......................... $ 1,146,489 $ 976,048
------------ -----------
------------ -----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
IP TIMBERLANDS, Ltd.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
<S> <C> <C>
1997 1996
---------- ----------
Operating Activities
Net Partnership earnings.............................................. $ 60,069 $ 686,300
Noncash items
Depletion........................................................... 11,131 6,146
Cost of forestlands sold............................................ 16 114
Amortization of roads............................................... 435 555
Gain on sale of partnership interest................................ (638,205)
Other, net.......................................................... 2,222 2,506
Changes in current assets and liabilities
Accounts and notes receivable....................................... (18,329) 12,598
Due from International Paper........................................ 12,123 (658)
Accrued interest payable............................................ (12) (5,983)
Customer advance payments........................................... 4,293 (729)
Other, net.......................................................... (613) (782)
---------- ----------
Cash provided by operations......................................... 71,335 61,862
---------- ----------
Investment Activities
Investment in forestlands and roads................................... (6,178) (6,217)
Loans to International Paper.......................................... (104,937) (72,449)
Repayment of loans by International Paper............................. 64,947 52,539
---------- ----------
Cash used for investment activities................................. (46,168) (26,127)
---------- ----------
Financing Activities
Distributions to partners of IPT and IPTO............................. (24,692) (38,758)
---------- ----------
Change in Cash and Temporary Investments.............................. 475 (3,023)
Cash and Temporary Investments
Beginning of the period............................................. 7,843 11,899
---------- ----------
End of the period................................................... $ 8,318 $ 8,876
---------- ----------
---------- ----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
IP TIMBERLANDS, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. ORGANIZATION
IP Timberlands, Ltd. (the "Registrant" or "IPT") is a Texas limited
partnership. IP Forest Resources Company ("IPFR"), a wholly owned
subsidiary of International Paper, is the managing general partner of the
Registrant and International Paper is the special general partner.
The Registrant operates through IP Timberlands Operating Company, Ltd.
("IPTO"), a Texas limited partnership, in which the Registrant holds a 99%
limited partner's interest, and IPFR and International Paper together hold
a 1% general partners' interest. IPFR is also the managing general partner
of IPTO, and International Paper is the special general partner.
2. TRANSACTIONS WITH INTERNATIONAL PAPER
The Registrant reimburses IPFR and International Paper for both direct
and indirect costs and expenses associated with the management and
operations of the Partnerships. Charges from International Paper for
indirect expenses for the quarters ended March 31, 1997 and 1996 were
$2.3 million and $2.9 million, respectively. The interim period charges are
based upon estimates of the total charges for the year.
Interest income from notes receivable with International Paper for the
quarters ended March 31, 1997 and 1996 was $3.8 and $5.6 million,
respectively. The decrease in interest income in 1997 was due to lower
loan balances and lower interest rates.
3. TEMPORARY INVESTMENTS
Temporary investments with a maturity of three months or less are treated
as cash equivalents and are stated at cost. Temporary investments at March
31, 1997 and December 31, 1996 were $6.4 million and $6.9 million,
respectively.
4. RECEIVABLES
The major classifications of current receivables are shown below. No
allowance for doubtful accounts was considered necessary.
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
--------- -------------
<S> <C> <C>
(IN THOUSANDS)
Notes receivable--trade.............................................. $ 18,847 $ 2,763
Accounts receivable--trade........................................... 3,123 965
Accrued interest and other receivables............................... 4,280 4,500
--------- ------
$ 26,250 $ 8,228
--------- ------
--------- ------
</TABLE>
Notes receivable--trade at March 31, 1997 included $12.2 million of
short-term notes from sales in late March.
7
<PAGE>
5. SERIES A PREFERENCE UNITS
In March 1997, IPTO issued 13,074 Series A Preference Units with an agreed
value of $130.7 million to Federal Paper Board Company ("Federal"), a
wholly owned subsidiary of International Paper, in connection with the
purchase from Federal of a timber deed covering approximately 116,000
acres. These units, which may be redeemed by IPTO at any time, require
quarterly preferred return payments, based on an annual rate of 7.5% of the
agreed value, that must be paid before distributions can be made to the
Partnership's Class A or Class B unitholders. Since it is expected that all
of the acres under the timber deed will be harvested prior to the end of
the Initial Term, payment of the $130.7 million redemption (or $2.81 per
Class A Unit) will be made from the Primary Account.
6. GAIN ON SALE OF PARTNERSHIP INTEREST
In February 1997, the Partnership completed the sale of a special
partnership interest relating to 14,539 acres of pine plantations in
Arkansas and Texas. As a result of this sale, IPT recognized a gain of
approximately $15 million. Approximately 14% of the earnings from this sale
were attributed to the Class A Units.
On March 29, 1996, a subsidiary partnership of IPT completed the sale of a
98% general partnership interest to R-H Timber Co. As a result of this
transaction, IPT recognized a book gain of approximately $638 million,
approximately $203 million or $4.37 per unit of which was allocated to the
Class A Units. IPT retained a 1% interest in the partnership as well as a
preferred interest. Class A unitholders have approximately a 30% share of
the retained preferred interest, equal to about $.90 per Class A Unit.
7. COMPUTATION OF EARNINGS PER CLASS A UNIT
The Partnership Agreement provides for the allocation of Partnership
earnings among the general and limited partners. The following table
presents the computation of earnings per Class A Unit (in thousands,
except per unit data):
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
-----------------------
<S> <C> <C>
1997 1996
--------- ------------
Allocation to Primary Account........................................ $ 61,460 $ 258,709
Allocation to Secondary Account...................................... (1,391) 427,591
--------- ------------
Net Partnership Earnings............................................. 60,069 686,300
--------- ------------
95% of the Primary Account(1)........................................ 58,388 245,774
4% of the Secondary Account(1)....................................... (56) 17,104
--------- ------------
Earnings Allocated to Class A Limited Partners....................... $ 58,332 $ 262,878(2)
--------- ------------
--------- ------------
Weighted Average Class A Units Outstanding........................... 46,446 46,446
--------- ------------
--------- ------------
Earnings Per Class A Unit............................................ $ 1.26 $ 5.66(2)
--------- ------------
--------- ------------
</TABLE>
(1) Class B units are allocated 4% of Primary Account and 95% of Secondary
Account earnings. The general partners are allocated 1% of each account.
(2) Includes $203 million, or $4.37 per Class A Unit, from the sale of a
subsidiary partnership interest.
8
<PAGE>
8. PARTNERS' CAPITAL
The following tables present an analysis of the activity in Partners'
Capital (in thousands):
<TABLE>
<CAPTION>
PARTNERS' CAPITAL
-------------------------------------
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
--------- ------------ ------------
<S> <C> <C> <C>
Three Months Ended March 31, 1997
Balance--January 1, 1997....................... $ 26,607 $ 448,588 $ 475,195
Net earnings for the period.................... 601 59,468 60,069
Partner distributions.......................... (244) (24,201) (24,445)
--------- ------------ ------------
Balance--March 31, 1997........................ $ 26,964 $ 483,855 $ 510,819
--------- ------------ ------------
--------- ------------ ------------
Three Months Ended March 31, 1996
Balance--January 1, 1996....................... $ 25,786 $ 367,264 $ 393,050
Net earnings for the period.................... 6,863 679,437 686,300
Partner distributions.......................... (352) (34,849) (35,201)
--------- ------------ ------------
Balance--March 31, 1996........................ $ 32,297 $ 1,011,852 $ 1,044,149
--------- ------------ ------------
--------- ------------ ------------
</TABLE>
The authorized and outstanding Class A and Class B Depositary Units at March
31, 1997 and 1996, which represent the limited partnership interests of
IPT, are presented below. The Class B Units are 100% owned by International
Paper and affiliates.
<TABLE>
<CAPTION>
CLASS A DEPOSITARY UNITS OUTSTANDING
--------------------------------------- CLASS B
INTERNATIONAL UNAFFILIATED DEPOSITARY
PAPER AND THIRD UNITS
AFFILIATES PARTIES TOTAL OUTSTANDING
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
Number of Units........................................... 39,146,229 7,299,500 46,445,729 50,976,480
Percentage of total....................................... 84% 16% 100% 100%
</TABLE>
Under the terms of the Partnership Agreement, International Paper has the
right to purchase, at any time, all outstanding Class A Units at a price
equal to 133% of the market price at that time.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Total Partnership revenues for the first quarter of 1997 were $77.4
million, down slightly from $81.1 million in 1996. Revenues from stumpage
sales were $76.0 million in 1997, down 2% from $77.5 million for the
comparable period of 1996. Net Partnership earnings totaled $60.0 million for
the first quarter of 1997. First quarter earnings in 1996 of $686.3 million
included a gain of $638.2 million from the sale of a 98% subsidiary
partnership interest that included all of the Partnership's western
forestlands. The decline in 1997 stumpage sales revenues reflects the loss of
sales from the western operations.
In the South, first quarter revenues from stumpage sales were 49% higher
than in the comparable period of 1996. Harvest volumes were 44% greater than
1996 levels. Low fiber inventories at pulp and paper and lumber mills led to
higher prices and strong demand for Partnership stumpage. Harvest volumes in
the Northeast were lower than for the same period of 1996. However, higher
average prices, due to strong demand from Canadian sawmills for high value
sawlogs, offset the effects of lower volumes to push stumpage sales revenues
15% higher than in 1996.
In February, the Partnership completed the sale of a special partnership
interest relating to 14,539 acres of pine plantations in Arkansas and Texas.
As a result of this sale, IPT recognized a gain of $15 million. Approximately
14% of the earnings from this sale were attributable to the Class A Units.
Amounts attributable to the Primary and Secondary Accounts for major
categories in the statement of earnings were (in thousands):
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
<S> <C> <C>
1997 1996
--------- ---------
Stumpage Sales
Primary Account.......................... $ 75,989 $ 77,497
Secondary Account........................ -- --
--------- ---------
$ 75,989 $ 77,497
--------- ---------
--------- ---------
Forestland Sales
Primary Account.......................... $ 1 $ --
Secondary Account........................ 134 1,870
--------- ---------
$ 135 $ 1,870
--------- ---------
--------- ---------
Operating Costs and Expenses
Primary Account.......................... $ 19,265 $ 17,899
Secondary Account........................ 11,278 9,131
--------- ---------
$ 30,543 $ 27,030
--------- ---------
--------- ---------
</TABLE>
Operating costs and expenses by category are shown in the consolidated
statement of earnings on page 4.
10
<PAGE>
Volumes attributable to timber sales were (in thousand cunits):
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
----------------------
<S> <C> <C>
1997 1996
--------- ---------
Used by International Paper facilities.............. 294 230
Resold by International Paper....................... 78 157
Sold to unaffiliated parties........................ 712 503
--------- ---------
1,084 890
--------- ---------
--------- ---------
</TABLE>
Stumpage sales decreased in the 1997 first quarter despite higher volumes
since the 1996 quarter included sales of higher value stumpage from the
Partnership's former Western region. Depletion as a percent of stumpage sales
increased in the 1997 first quarter due to sales of higher cost timber
acquired from Federal Paper Board Company, while the western region sales in
1996 had a low cost basis.
Interest expense for the 1997 first quarter was lower than in 1996 due to
lower average borrowings. Cash payments for interest were $7.0 million in the
first quarter of 1997 and $11.7 million in the first quarter of 1996.
LIQUIDITY AND CAPITAL RESOURCES
IPT had cash and temporary investments of $8.3 million, an intercompany
account receivable from International Paper of $3.0 million and notes
receivable from International Paper of $299.3 million, giving the Partnership
$310.6 million in liquid assets at March 31, 1997. Cash is either invested in
temporary investments or loaned to International Paper at market rates. The
breakdown of liquid assets between the Primary and Secondary Accounts was (in
thousands):
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
---------- ------------
<S> <C> <C>
Cash, temporary investments and current receivables
Primary Account.................................................. $ 205,311 $ 171,508
Secondary Account................................................ 105,296 110,757
---------- ------------
$ 310,607 $ 282,265
---------- ------------
---------- ------------
Total per Class A Unit............................................. $ 4.29 $ 3.61
---------- ------------
---------- ------------
</TABLE>
In addition, current assets at March 31, 1997 and December 31, 1996
included $7.5 million and $5.5 million of accounts receivable, respectively,
and $18.8 million and $2.7 million of notes receivable, respectively, from
parties other than International Paper due within the next 12 months.
In March 1997, IPTO issued 13,074 Series A Preference Units, with an
agreed value of $130.7 million, to Federal Paper Board Company in exchange
for a timber deed on approximately 116,000 acres. These units, which may be
redeemed by IPTO at any time, require quarterly preferred return payments,
based on an annual rate of 7.5% of the agreed value, that must be paid before
distributions can be made to the Partnership's Class A or Class B
unitholders. Since it is expected that the harvest from this timber deed will
be prior to the end of the Initial Term, payment of the $130.7 million
redemption value (or $2.81 per Class A Unit) will be made from the Primary
Account.
11
<PAGE>
The following table reflects cash flow from operations, after capital
expenditures, attributable to the Class A Units (in thousands).
<TABLE>
<CAPTION>
PRIMARY SECONDARY IPT
ACCOUNT ACCOUNT TOTAL
---------- ----------- ----------
<S> <C> <C> <C>
Three Months Ended March 31, 1997
Cash provided by operations............................... $ 65,652 $ 5,683 $ 71,335
Investment in forestlands and roads....................... (138) (6,040) (6,178)
IPTO general partners' interest in above.................. (655) 4 (651)
---------- ----------- ----------
Cash flow after capital expenditures...................... 64,859 (353) $ 64,506
Class A Unit allocation factor............................ 95% 4% ----------
---------- ----------- ----------
Class A Unit cash flow after capital expenditures......... $ 61,616 $ (14) $ 61,602
---------- ----------- ----------
---------- ----------- ----------
Distributions declared for Class A Units.................. $ 23,223 $ 23,223
---------- ----------
---------- ----------
Three Months Ended March 31, 1996
Cash provided by operations............................... $ 66,222 $ (4,360) $ 61,862
Investment in forestlands and roads....................... (223) (5,994) (6,217)
IPTO general partners' interest in above.................. (660) 104 (556)
---------- ----------- ----------
Cash flow after capital expenditures...................... 65,339 (10,250) $ 55,089
Class A Unit allocation factor............................ 95% 4% ----------
---------- ----------- ----------
Class A Unit cash flow after capital expenditures......... $ 62,072 $ (410) $ 61,662
---------- ----------- ----------
---------- ----------- ----------
Distributions declared for Class A Units.................. $ 476,069 $ 476,069
---------- ----------
---------- ----------
</TABLE>
In April 1997, IPT declared a regular quarterly cash distribution of $.50
per Class A Unit payable on May 15, 1997.
In April 1996, IPT had declared a regular $.50 per Class A Unit
distribution and a $9.75 per Class A Unit special distribution. The payment
of this distribution was the result of management's evaluation that remaining
cash balances and projected future cash flows would be adequate for future
asset acquisition and operating requirements.
Capital expenditures, including expenditures for reforestation of
harvested forestlands, acquisition of capitalized leases and road
construction, are expected to total approximately $55 million for 1997.
12
<PAGE>
PART II. Other Information
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
27 Financial Data Schedule
(b) No current Reports on Form 8-K have been filed during the quarter for
which this report is filed.
13
<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.
IP Timberlands, Ltd.
By: IP Forest Resources Company
Managing General Partner
(Registrant)
Date: May 15, 1997 By: /s/ James W. Guedry
---- --------------------------
James W. Guedry
Vice President and Secretary
Date: May 15, 1997 By: /s/ Frederick L. Bleier
---- --------------------------
Frederick L. Bleier
Treasurer and Controller
and Chief Financial and
Accounting Officer
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED STATEMENTS OF EARNINGS AND THE CONSOLIDATED BALANCE SHEET OF
IP TIMBERLANDS, LTD. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 8,318
<SECURITIES> 0
<RECEIVABLES> 328,539
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 336,857
<PP&E> 809,283
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,146,489
<CURRENT-LIABILITIES> 22,374
<BONDS> 0
0
130,744
<COMMON> 510,819
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,146,489
<SALES> 76,124
<TOTAL-REVENUES> 77,368
<CGS> 0
<TOTAL-COSTS> 30,543
<OTHER-EXPENSES> 651
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,105
<INCOME-PRETAX> 60,069
<INCOME-TAX> 0
<INCOME-CONTINUING> 60,069
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 60,069
<EPS-PRIMARY> 1.26
<EPS-DILUTED> 1.26
</TABLE>
