SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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 May 31, 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 number 1-4415
PARK ELECTROCHEMICAL CORP.
----------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
New York 11-1734643
- ------------------------------- -------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
5 Dakota Drive, Lake Success, N.Y. 11042
- ------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (516) 354-4100
Not Applicable
-----------------------------------------------------
(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 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 [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 11,400,427 as of July 10, 1998.
<PAGE> 2
PARK ELECTROCHEMICAL CORP.
AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number
------
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
May 31, 1998 (Unaudited) and
March 1, 1998 ...................................... 4
Consolidated Statements of Earnings
13 weeks ended May 31, 1998 and
June 1, 1997 (Unaudited)............................ 5
Condensed Consolidated Statements of Cash Flows
13 weeks ended May 31, 1998 and
June 1, 1997 (Unaudited)............................ 6
Notes to Condensed Consolidated Financial
Statements (Unaudited) ............................. 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations ......................................... 9
PART II. OTHER INFORMATION:
Item 1. Legal Proceedings ................................... 13
Item 6. Exhibits and Reports on Form 8-K .................... 13
SIGNATURES ..................................................... 14
EXHIBIT INDEX.................................................... 15
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<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
The Company's Financial Statements begin on the next page.
-3-
<PAGE> 4
<TABLE>
PARK ELECTROCHEMICAL CORP.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
<CAPTION>
May 31, March 1,
1998 1998
------- --------
<S> <C> <C>
ASSETS (Unaudited) *
Current assets:
Cash and cash equivalents $ 31,299 $ 45,102
Marketable securities 124,169 113,358
Accounts receivable, net 52,640 53,511
Inventories (Note 2) 24,782 26,953
Prepaid expenses and other current assets 8,522 8,456
-------- -------
Total current assets 241,412 247,380
Property, plant and equipment, net 111,669 108,116
Other assets 3,755 3,833
-------- --------
$356,836 $359,329
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 29,046 $ 37,426
Accrued liabilities 23,696 25,261
Income taxes payable 10,030 8,140
-------- --------
Total current liabilities 62,772 70,827
Long-term debt 100,000 100,000
Deferred income taxes 9,069 8,781
Deferred pension liability and other 13,539 13,317
Stockholders' equity:
Common stock 1,358 1,358
Additional paid-in capital 52,990 52,990
Retained earnings 135,058 130,435
Treasury stock, at cost (17,105) (17,113)
Accumulated other non-owner changes (845) (1,266)
--------- ---------
Total stockholders' equity 171,456 166,404
--------- ---------
$356,836 $359,329
========= =========
<FN>
*The balance sheet at March 1, 1998 has been derived from the audited
financial statements at that date.
</TABLE>
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<PAGE> 5
<TABLE>
PARK ELECTROCHEMICAL CORP.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited--in thousands, except per share amounts)
<CAPTION>
13 Weeks Ended
-------------------------
May 31, June 1,
1998 1997
------- -------
<S> <C> <C>
Net sales $99,855 $91,633
Cost of sales 82,484 73,592
-------- --------
Gross profit 17,371 18,041
Selling, general and administrative expenses 10,135 9,473
-------- --------
Profit from operations 7,236 8,568
-------- --------
Other income (expense):
Interest and other income, net 2,049 1,990
Interest expense (1,378) (1,356)
-------- --------
Total other income 671 634
-------- --------
Earnings before income taxes 7,907 9,202
Income tax provision 2,372 3,037
-------- --------
Net earnings $ 5,535 $ 6,165
======== ========
Earnings per share (Note 3):
Basic $ .48 $ .55
Diluted $ .46 $ .51
Weighted average number of common and
common equivalent shares outstanding:
Basic 11,502 11,273
Diluted 14,073 13,847
Dividends per share $ .08 $ .08
</TABLE>
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<PAGE> 6
<TABLE>
PARK ELECTROCHEMICAL CORP.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited--in thousands)
<CAPTION>
13 weeks ended
----------------------
May 31, June 1,
1998 1997
------- -------
<S> <C> <C>
Net cash provided by operating activities $ 4,118 $16,400
-------- --------
Cash flows from investing activities:
Purchases of property, plant and
equipment, net (6,444) (3,307)
Purchases of marketable securities (55,058) (46,636)
Proceeds from sales of marketable
securities 44,231 36,862
-------- --------
Net cash used in investing activities (17,271) (13,081)
-------- --------
Cash flows from financing activities:
Dividends paid (912) (902)
Proceeds from exercise of stock options 16 14
-------- --------
Net cash used in financing activities (896) (888)
-------- --------
(Decrease) increase in cash and cash equivalents
before exchange rate changes (14,049) 2,431
Effect of exchange rate changes on cash
and cash equivalents 246 2
-------- --------
(Decrease) increase in cash and cash equivalents (13,803) 2,433
Cash and cash equivalents, beginning of
period 45,102 42,321
-------- --------
Cash and cash equivalents, end of period $31,299 $44,754
======== ========
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 2,750 $ -
Income taxes 187 135
</TABLE>
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<PAGE> 7
PARK ELECTROCHEMICAL CORP.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet as of May 31, 1998, the
consolidated statements of earnings for the 13 weeks ended May 31, 1998
and June 1, 1997, and the condensed consolidated statements of cash flows
for the 13 weeks then ended have been prepared by the Company, without
audit. In the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary to present fairly the financial
position at May 31, 1998, and the results of operations and cash flows for
all periods presented, have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these condensed consolidated 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 fiscal year ended March
1, 1998.
<TABLE>
2. INVENTORIES
Inventories consist of the following:
<CAPTION> (In thousands)
May 31, March 1,
1998 1998
------- --------
<S> <C> <C>
Raw materials $10,664 $10,686
Work-in-process 4,622 5,740
Finished goods 8,502 9,806
Manufacturing supplies 994 721
------- -------
$24,782 $26,953
======= =======
</TABLE>
<TABLE>
3. EARNINGS PER SHARE
The following table sets forth the calculation of basic and diluted
earnings per share for the periods specified (in thousands, except per
share amounts):
<CAPTION> 13 weeks ended
--------------
May 31, March 1,
1998 1998
------- --------
<S> <C> <C>
Net income for basic EPS 5,535 6,165
Add interest on 5.5% convertible
subordinated notes, net of taxes 905 873
------ ------
Net income for diluted EPS 6,440 7,038
====== ======
Weighted average common shares
outstanding for basic EPS 11,502 11,273
Net effect of dilutive options 201 204
Assumed conversion of 5.5% convertible
subordinated notes 2,370 2,370
------ ------
Weighted average shares outstanding
for diluted EPS 14,073 13,847
====== ======
EPS-basic 0.48 0.55
EPS-diluted 0.46 0.51
</TABLE>
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<PAGE> 8
4. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Effective March 2, 1998 the Company adopted Statement of Financial
Accounting Standards No. 130 - "Reporting Comprehensive Income" (SFAS
No. 130), which establishes standards for reporting changes in equity
from non-owner sources in the financial statements. Total non-owner
changes in stockholders' equity were $5,956,000 and $6,071,000 for the
three months ended May 31, 1998 and June 1, 1997, respectively, which
primarily represents net income and foreign currency translation
adjustments.
-8-
<PAGE> 9
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Park is a leading global designer and producer of advanced
electronic materials used to fabricate complex multilayer printed circuit
boards, semiconductor packages and other electronic interconnect systems.
In October 1997, the Company acquired Dielektra GmbH, a manufacturer of
advanced electronic materials, including continuously produced copper-clad
laminates and mass-laminated multilayer panels, located in Cologne, Germany.
The Company's customers for its advanced printed circuit materials include
leading independent circuit board fabricators and large electronic equipment
manufacturers in the computer, telecommunications, transportation, aerospace
and instrumentation industries.
The Company's electronic materials operations accounted for
approximately 89% and 87%, respectively, of net sales worldwide in the last
two fiscal years and approximately 91% and 89%, respectively, in the three-
month periods ended May 31, 1998 and June 1, 1997. The Company's foreign
electronic materials operations accounted for approximately 31% and 29%,
respectively, of net sales worldwide in the 1998 and 1997 fiscal years and
approximately 36% in the three-month period ended May 31, 1998 and
approximately 27% in the three-month period ended June 1, 1997.
Park is also engaged in the engineered materials and plumbing
hardware businesses, which consist of the Company's specialty adhesive tape
and film business, its advanced composite materials business and its
plumbing hardware business, all of which operate as independent business
units. These businesses accounted for approximately 11% and 13%,
respectively, of the Company's total net sales worldwide in each of the last
two fiscal years and approximately 9% and 11%, respectively, in the three-
month periods ended May 31, 1998 and June 1, 1997.
The sales growth that the Company achieved during the fiscal
year ended March 1, 1998 and prior fiscal years continued in the three-month
period ended May 31, 1998, led by growth in sales by the Company's Asian and
European electronic materials operations and the inclusion of Dielektra in
the Company's sales, which was only partially offset by the slight decline
in sales by the Company's North American electronic materials operations.
However, the earnings growth that the Company achieved during its 1998
fiscal year did not continue in the 1999 fiscal year first quarter,
primarily as a result of earnings declines in the Company's North American
electronic materials operations.
During the Company's 1999 fiscal year first quarter and during
its 1998 fiscal year and for several years prior thereto, more than 10% of
the Company's total sales were to Delco Electronics Corporation, a
subsidiary of General Motors Corp. Sales to Delco Electronics represented
15.8%, 17.3% and 17.1% of the Company's total sales worldwide for the 1998,
1997 and 1996 fiscal years, respectively.
However, in March 1998, the Company was informed by Delco that
Delco planned to close its printed circuit board fabrication plant and
completely exit the printed circuit board manufacturing business. As a
result, the Company's sales to Delco declined significantly during the
three-month period ended May 31, 1998 and are expected to be negligible
during the remainder of the 1999 fiscal year and in future years. In May
1998, the Company and its subsidiary, Nelco Technology, Inc., filed a
complaint against Delco Electronics Corporation and the Delphi Automotive
Systems unit of General Motors Corp. in the United States District Court for
the District of Arizona. The complaint alleges, among other things, that
Delco breached its contract to purchase semi-finished multilayer printed
circuit boards from Nelco and that Delphi interfered with Nelco's contract
with Delco, and seeks compensatory and punitive damages of not less than
$170 million.
-9-
<PAGE> 10
Although the Company's electronic materials segment is not
dependent on this single customer, the loss of this customer may have a
material adverse effect on the business of this segment in the fiscal year
ending February 28, 1999 and in subsequent fiscal years.
Three Months Ended May 31, 1998 Compared with Three Months Ended June 1,
1997:
The Company's electronic materials business was principally
responsible for the decline in the Company's results of operations for the
three-month period ended May 31, 1998. The market for sophisticated printed
circuit materials experienced weakness during the 1999 fiscal year first
quarter which the Company believes was attributable to an industry-wide
inventory correction and the Asian financial crisis.
During the three-month period ended May 31, 1998, the Company's
electronic materials business experienced inefficiencies caused by operating
its facilities at levels significantly lower than their designed
manufacturing capacity and faced price pressure from its customers. These
factors adversely affected the Company's gross margins. The Company's
performance was also adversely affected by a significant decline in the
volume of its business with Delco Electronics during the quarter, which
negatively affected the Company's margins.
Operating results of the Company's engineered materials and
plumbing hardware business also declined considerably during the three-month
period ended May 31, 1998.
Results of Operations
Sales for the three-month period ended May 31, 1998 increased
9.0% to $99.9 million from $91.6 million for last fiscal year's comparable
period. Sales of the electronic materials business for the three-month
period ended May 31, 1998 were $90.6 million, or 91% of total sales
worldwide, compared with $81.4 million, or 89% of total sales worldwide, for
last fiscal year's comparable period. This 11% increase in sales of
electronic materials was principally the result of higher volume of
electronic materials shipped and an increase in sales of higher technology
products. Sales of the engineered materials and plumbing hardware business
for the three-month period ended May 31, 1998 were $9.3 million compared
with $10.2 million for last fiscal year's comparable period. This decrease
in sales was the result of reduced sales of plumbing hardware products,
which surpassed an increase in sales in the advanced composite materials
business.
The Company's foreign electronic materials operations accounted
for $35.7 million of sales, or 36% of the Company's total sales worldwide,
during the three-month period ended May 31, 1998 compared with $24.7 million
of sales, or 27% of total sales worldwide, during last fiscal year's
comparable period. Sales by the Company's foreign operations during the
1999 fiscal year first quarter increased 45% from the 1998 fiscal year
comparable period. While sales by each of the Company's foreign operations
were higher in the 1999 fiscal year first quarter compared with the 1998
fiscal year first quarter, the increase in sales by foreign operations was
principally due to the inclusion of Dielektra in the Company's sales and an
increase in sales by the Company's Asian operations. The Company expanded
the manufacturing capacity of its facility in Singapore during the 1998 and
1997 fiscal years and is engaged in a further expansion of the Singapore
manufacturing facility during the Company's 1999 fiscal year.
-10-
<PAGE> 11
The gross margin for the Company's worldwide operations was
17.4% during the three-month period ended May 31, 1998 compared with 19.7%
for last fiscal year's comparable period. The deterioration in the gross
margin was attributable to inefficiencies caused by operating facilities at
levels significantly lower than their designed capacity, price pressure
exerted by customers, and reduced sales volumes with Delco Electronics,
which offset the continuing growth in sales of higher technology, higher
margin products.
Selling, general and administrative expenses, measured as a
percentage of sales, were 10.2% during the three-month period ended May 31,
1998 compared with 10.3% during last fiscal year's comparable period.
For the reasons set forth above, profit from operations for the
three-month period ended May 31, 1998 decreased 16% to $7.2 million from
$8.6 million for last fiscal year's comparable period.
Interest and other income, principally investment income, was
$2.0 million for the three-month period ended May 31, 1998 compared with the
same amount for last fiscal year's comparable period. The Company's
investments were primarily short-term taxable instruments and government
securities. Interest expense for the three-month period ended May 31, 1998
was $1.4 million compared with the same amount during last fiscal year's
comparable period. At the end of the 1996 fiscal year, the Company issued
$100 million principal amount of 5.5% Convertible Subordinated Notes due
2006 (the "Notes"); as a result, all of such Notes were outstanding during
the quarter ended May 31, 1998 and the last fiscal year, which resulted in
the associated interest expense and contributed to the cash available for
investment.
The Company's effective income tax rate for the three-month
period ended May 31, 1998 was 30.0% compared with 33.0% for last fiscal
year's comparable period. This decrease in the effective tax rate was
primarily the result of favorable foreign tax rate differentials.
Net earnings for the three-month period ended May 31, 1998
decreased 10% to $5.5 million from $6.2 million for last fiscal year's
comparable period. Basic and diluted earnings per share decreased to $0.48
and $0.46, respectively, for the three-month period ended May 31, 1998 from
$0.55 and $0.51, respectively, for last fiscal year's comparable period.
These decreases in net earnings and earnings per share were attributable to
the Company's lower operating results.
Liquidity and Capital Resources:
At May 31, 1998, the Company's cash and temporary investments
were $155.5 million compared with $158.5 million at March 1, 1998, the end
of the Company's 1998 fiscal year. The decrease in the Company's cash and
investment position at May 31, 1998 was attributable to investments in
property, plant and equipment in excess of cash provided from operating
activities, as discussed below. The Company's working capital was $178.6
million at May 31, 1998 compared with $176.6 million at March 1, 1998. The
increase at May 31, 1998 compared with March 1, 1998 was due to lower
accounts payable and accrued liabilities, offset in part by the decrease in
cash and temporary investments and modest decreases in accounts receivable
and inventories. The Company's current ratio (the ratio of current assets
to current liabilities) was 3.8 to 1 at May 31, 1998 compared with 3.5 to 1
at March 1, 1998.
During the three-months ended May 31, 1998, cash provided by net
earnings before depreciation and amortization of $9.0 million was reduced by
a net increase in working capital items, resulting in $4.1 million of cash
provided from operating activities, and the Company expended $6.4 million
for the purchase of property, plant and equipment. Net expenditures for
-11-
<PAGE> 12
property, plant and equipment were $18.3 million and $18.7 million in the
1998 and 1997 fiscal years, respectively. The Company expects the level of
capital expenditures in the 1999 fiscal year to be higher than in the 1998
fiscal year. The Company is planning further expansions of its electronic
materials operations, particularly in the United States and Asia.
At May 31, 1998, the Company's only long-term debt was the
Notes. The Company believes its financial resources will be sufficient, for
the foreseeable future, to provide for continued investment in property,
plant and equipment and for general corporate purposes. Such resources
would also be available for appropriate acquisitions and other expansions of
the Company's business.
In the three month periods ended May 31, 1998 and June 1, 1997,
the Company charged less than $0.1 million against pretax income for
environmental remedial response and voluntary cleanup costs (including legal
fees). While annual expenditures have generally been constant from year to
year, and may increase over time, the Company expects it will be able to
fund such expenditures from cash flow from operations. The timing of
expenditures depends on a number of factors, including regulatory approval
of cleanup projects, remedial techniques to be utilized and agreements with
other parties. At May 31, 1998 and March 1, 1998, the recorded liability in
accrued liabilities for environmental matters was $3.5 million. Management
does not expect that environmental matters will have a material adverse
effect on the liquidity, capital resources, business or consolidated
financial position of the Company.
Factors That May Affect Future Results.
Certain portions of this Report which do not relate to
historical financial information may be deemed to constitute forward-looking
statements that are subject to various factors which could cause actual
results to differ materially from Park's expectations or from results which
might be projected, forecast, estimated or budgeted by the Company in
forward-looking statements. Such factors include, but are not limited to,
general conditions in the electronics industry, the Company's competitive
position, the status of the Company's relationships with its customers,
economic conditions in international markets, and the various factors set
forth under the caption "Factors That May Affect Future Results" after Item
7 of Park's Annual Report on Form 10-K for the fiscal year ended March 1,
1998.
-12-
<PAGE> 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
In May 1998, The Company and its subsidiary, Nelco Technology,
Inc., filed a complaint against Delco Electronics Corporation and Delphi
Automotive Systems in the United States District Court for the District of
Arizona. The complaint alleges, among other things, that Delco breached its
contract to purchase semi-finished multilayer printed circuit boards from
Nelco and that Delphi interfered with Nelco's contract with Delco and seeks
compensatory and punitive damages of not less than $170 million.
The Company announced in March 1998 that it had been informed by
Delco Electronics that Delco planned to close its printed circuit board
fabrication plant and exit the printed circuit board manufacturing business.
As a result, the Company's sales to Delco declined significantly during the
three-month period ended May 31, 1998 and are expected to be negligible
during the remainder of the 1999 fiscal year and in future years. The
Company had been Delco's principal supplier of semi-finished multilayer
printed circuit board materials for more than ten years. These materials
were used by Delco to produce finished multilayer printed circuit boards.
Sales to Delco Electronics represented 15.8%, 17.3% and 17.1% of the
Company's total worldwide sales for the 1998, 1997 and 1996 fiscal years,
respectively. See "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Item 2 of this Report and "Factors
That May Affect Future Results" after Item 2 of this Report.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
Exhibit
Number
27.01 Financial Data Schedule
(b) No reports on Form 8-K have been filed during the fiscal quarter
ended May 31, 1998.
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<PAGE> 14
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.
Park Electrochemical Corp.
---------------------------
(Registrant)
Date: July 13, 1998 /s/Brian E. Shore
---------------------------
Brian E. Shore
President and
Chief Executive Officer
Date: July 13, 1998 /s/Murray O. Stamer
---------------------------
Murray O. Stamer
Corporate Controller and
Chief Accounting Officer
-14-
<PAGE> 15
EXHIBIT INDEX
Exhibit No. Name Page
27.01 Financial Data Schedule (filed
only by electronic transmission
with EDGAR filing with the
Securities and Exchange Commission).......... -
-15-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF PARK ELECTROCHEMICAL CORP. AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> MAY-31-1998
<CASH> 31,299
<SECURITIES> 124,169
<RECEIVABLES> 52,640
<ALLOWANCES> 0
<INVENTORY> 24,782
<CURRENT-ASSETS> 241,412
<PP&E> 209,390
<DEPRECIATION> 97,721
<TOTAL-ASSETS> 356,836
<CURRENT-LIABILITIES> 62,772
<BONDS> 100,000
0
0
<COMMON> 1,358
<OTHER-SE> 170,098
<TOTAL-LIABILITY-AND-EQUITY> 356,836
<SALES> 99,855
<TOTAL-REVENUES> 101,904
<CGS> 82,484
<TOTAL-COSTS> 92,619
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,378
<INCOME-PRETAX> 7,907
<INCOME-TAX> 2,372
<INCOME-CONTINUING> 5,535
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,535
<EPS-PRIMARY> .48
<EPS-DILUTED> .46
</TABLE>
