<PAGE> 1
FORM 10-Q
---------
SECURITIES AND EXCHANGE COMMISSION
----------------------------------
WASHINGTON, D.C. 20549
----------------------
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- ------ SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD
ENDED DECEMBER 31, 1996.
- ------ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
________________ TO ________________.
Commission File No. 0-13375
LSI Industries Inc.
State of Incorporation - Ohio IRS Employer I.D. No. 31-0888951
10000 Alliance Road
Cincinnati, Ohio 45242
(513) 793-3200
Indicate by checkmark 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, and (2) has been subject to such filing requirements
for the past 90 days.
YES X NO
------- ---------
Common Shares, no par value. Shares Outstanding at January 30, 1997: 9,014,972
<PAGE> 2
LSI INDUSTRIES INC.
-------------------
FORM 10-Q
---------
FOR THE QUARTER ENDED DECEMBER 31, 1996
---------------------------------------
INDEX
-----
Begins on
Page
----
PART I. Financial Information
ITEM 1. Financial Statements
--------------------
Consolidated Income Statements....................... 3
Consolidated Balance Sheets.......................... 4
Consolidated Statements of Cash Flows................ 5
Notes to Financial Statements........................ 6
ITEM 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations...................................... 7
PART II. Other Information
ITEM 4. Submission of Matters to a Vote of Securityholders... 11
ITEM 6. Exhibits and Reports on Form 8-K..................... 11
Signatures ..................................................... 12
Page 2
<PAGE> 3
PART I. FINANCIAL INFORMATION
-----------------------------
ITEM 1. FINANCIAL STATEMENTS
- -----------------------------
LSI INDUSTRIES INC.
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31 December 31
--------------------- ---------------------
(In thousands, except per 1996 1995 1996 1995
share amounts) ---- ---- ---- ----
<S> <C> <C> <C> <C>
Net sales $ 37,539 $ 45,561 $ 74,424 $ 81,443
Cost of products sold 24,281 31,737 49,026 55,677
-------- -------- -------- --------
Gross profit 13,258 13,824 25,398 25,766
Selling and administrative expenses 9,022 9,315 17,827 17,627
-------- -------- -------- --------
Operating income 4,236 4,509 7,571 8,139
Interest (income) expense, net (150) 207 (247) 350
Other expense 12 11 26 16
-------- -------- -------- --------
Income from continuing operations
before income taxes 4,374 4,291 7,792 7,773
Income tax expense 1,656 1,598 2,938 2,886
-------- -------- -------- --------
Income from continuing
operations 2,718 2,693 4,854 4,887
Discontinued operations -- (1,500) -- (1,500)
-------- -------- -------- --------
Net income $ 2,718 $ 1,193 $ 4,854 $ 3,387
======== ======== ======== ========
Net income (loss) per common share
Continuing operations $ .30 $ .34 $ .53 $ .61
Discontinued operations -- (.19) -- (.19)
-------- -------- -------- --------
Total net income per share $ .30 $ .15 $ .53 $ .42
======== ======== ======== ========
Average shares outstanding 9,149 8,006 9,193 7,980
======== ======== ======== ========
</TABLE>
The accompanying Notes to Financial Statements are an integral part of these
financial statements.
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
LSI INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts) December 31, June 30,
1996 1996
---- ----
ASSETS
- ------
<S> <C> <C>
Current Assets
Cash and cash equivalents $12,317 $11,138
Accounts receivable 24,494 24,825
Inventories 19,427 19,660
Other current assets 1,769 2,246
------- -------
Total current assets 58,007 57,869
Property, plant and equipment, net 20,254 20,327
Goodwill and other assets 1,299 1,300
------- -------
$79,560 $79,496
======= =======
LIABILITIES & SHAREHOLDERS' EQUITY
- ----------------------------------
Current Liabilities
Current maturities of long-term debt $ 181 $ 180
Accounts payable 10,310 10,855
Accrued expenses 7,399 10,688
------- -------
Total current liabilities 17,890 21,723
Long-Term Debt 1,322 1,382
Other Long-Term Liabilities 1,733 1,654
Shareholders' Equity
Preferred shares, without par value;
Authorized 1,000,000 shares; none issued -- --
Common shares, without par value;
Authorized 30,000,000 shares;
Outstanding 9,013,608 and 8,964,491
shares, respectively 28,279 28,082
Retained earnings 30,336 26,655
------- -------
Total shareholders' equity 58,615 54,737
------- -------
$79,560 $79,496
======= =======
</TABLE>
The accompanying Notes to Financial Statements are an integral part of these
financial statements.
Page 4
<PAGE> 5
<TABLE>
<CAPTION>
LSI INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands) Six Months Ended
December 31
-----------
1996 1995
---- ----
<S> <C> <C>
Cash Flows from Operating Activities
Net income $ 4,854 $ 3,387
Non-cash items included in income
Depreciation and amortization 1,460 1,154
Deferred income taxes 60 50
(Gain) loss on disposition of fixed assets 6 (4)
Changes in operating assets and liabilities
Accounts receivable 331 (10,257)
Inventories 233 (2,278)
Accounts payable and other (2,893) 3,898
Change in liability for discontinued operations -- 238
-------- --------
Net cash flows from operating activities 3,587 (3,812)
-------- --------
Cash Flows from Investing Activities
Purchase of property, plant and equipment (1,373) (1,987)
Proceeds from sale of fixed assets -- 4
-------- --------
Net cash flows from investing activities (1,373) (1,983)
-------- --------
Cash Flows from Financing Activities
Increase in notes payable to bank -- 6,809
Payment of long-term debt (59) (392)
Cash dividends paid (1,173) (989)
Exercise of stock options and other stock transactions 197 160
-------- --------
Net cash flows from financing activities (1,035) 5,588
-------- --------
Increase (decrease) in cash and cash equivalents 1,179 (207)
Cash and cash equivalents at beginning of year 11,138 2,124
-------- --------
Cash and cash equivalents at end of period $ 12,317 $ 1,917
======== ========
Supplemental Cash Flow Information
Interest paid $ 53 $ 189
Income taxes paid $ 3,308 $ 4,162
</TABLE>
The accompanying Notes to Financial Statements are an integral part of these
financial statements.
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<PAGE> 6
LSI INDUSTRIES INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: INTERIM FINANCIAL STATEMENTS
The interim financial statements are unaudited and are prepared in
accordance with rules and regulations of the Securities and Exchange
Commission. 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. In the opinion of Management, the interim financial
statements include all normal adjustments and disclosures necessary to
present fairly the Company's financial position as of December 31, 1996,
and the results of its operations and its cash flows for the periods ended
December 31, 1996 and 1995. These statements should be read in conjunction
with the financial statements and footnotes included in the fiscal 1996
annual report.
NOTE 2: NET INCOME PER COMMON SHARE
The computation of net income per common share is based on the weighted
average common shares outstanding for the period, including common share
equivalents. Common share equivalents include the dilutive effect of stock
options of 132,000 and 384,000 shares, respectively, for the three month
periods ended December 31, 1996 and 1995, and 187,000 and 378,000 shares,
respectively, for the six month periods ended December 31, 1996 and 1995.
NOTE 3: INVENTORIES
Inventories consist of the following (in thousands):
<TABLE>
<CAPTION>
December 31, 1996 June 30, 1996
----------------- -------------
<S> <C> <C>
Raw Materials $10,306 $11,432
Work-in-Process and
Finished Goods 9,121 8,228
------- -------
$19,427 $19,660
======= =======
</TABLE>
NOTE 4: CASH DIVIDENDS
The Company paid cash dividends of $1,173,000 and $989,000 in the six month
periods ended December 31, 1996 and 1995, respectively. In January, 1997,
the Company's Board of Directors declared a $.05 per share regular
quarterly cash dividend ($451,000) payable on February 18, 1997 to
shareholders of record February 11, 1997.
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NOTE 5: SHAREHOLDERS' EQUITY
The Company implemented a non-qualified Deferred Compensation Plan
effective July 1, 1996 and a certain portion of the Plan investments are in
common shares of the Company. As of December 31, 1996 a total of 16,721
common shares at a cost of $177,000 were held in the Plan, and,
accordingly, have been recorded as treasury shares.
NOTE 6: SALES TO MAJOR CUSTOMERS
The Company's sales in its Image segment (see discussion in Management's
Discussion and Analysis of Financial Condition and Results of Operations)
to a major customer, Chevron U.S.A., represented 11% of consolidated net
sales in the three month and six month periods ended December 31, 1995.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
NET SALES BY BUSINESS SEGMENT
(In thousands, unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31 December 31
------------------------ -------------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Image Segment $26,203 $35,611 $51,136 $59,823
Commercial / Industrial
Lighting Segment 11,336 9,950 23,288 21,620
------- ------- ------- -------
$37,539 $45,561 $74,424 $81,443
======= ======= ======= =======
</TABLE>
RESULTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 1996 COMPARED WITH THREE MONTHS ENDED DECEMBER
31, 1995
Net sales of $37.5 million compared to second quarter net sales last
year of $45.6 million, an 18% reduction. Commercial / Industrial Lighting
segment net sales were $11.3 million as compared to $10.0 million last year, an
increase of 14%. This change resulted from strong lighting sales into the
multi-site retail market which offset reduced lighting sales into other markets
of this segment. Image segment net sales were $26.2 million as compared to $35.6
million last year. The reduction in net sales is primarily related to a lack of
year-end budget spending by the Company's major oil customers as compared to the
fiscal 1996 second quarter during which the Company shipped over five and
one-half million dollars in significant year-end spending programs and reimaging
programs to oil customers as well as restaurant customers. The Company's
graphics business continued to operate at the decreased volume that was reported
in the first quarter this year. Sales in the Image segment to the petroleum /
convenience store market, representing 49% of total net sales, decreased 27%,
and sales to the multi-site retail market were off due primarily to the lack of
a large re-lighting project in the
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<PAGE> 8
restaurant business similar to last year. The Company has one customer, Chevron
U.S.A., which accounted for 11% of total net sales (reported in the Image
segment) in the second quarter of fiscal 1996. The Company believes that it
continues to maintain a good business relationship with this major customer;
however, the level of total sales, which for the second quarter of fiscal 1997
was under ten percent of the Company's total net sales, is never assured in the
future. While the Company modestly increased sales prices of some products
during the second quarter, inflation did not have a significant impact on sales
in 1997 as competitive pricing pressures held price increases to a minimum.
Gross profit of $13.3 million, or 35.3% of net sales, decreased from
last year's gross profit of $13.8 million or 30.3% of net sales. The decrease is
primarily related to the reduced sales volume as compared to last year. The
increase in gross profit as a percentage of net sales is primarily due to
improved manufacturing operating efficiencies in the Company's lighting
business, changes in lighting product mix to higher margin products, and a sales
price adjustment in the graphics business on a major program, partially offset
by lower utilization of manufacturing capacity in the Company's graphics
operations. Selling and administrative expenses decreased to $9.0 million
primarily as a result of decreased sales volume, and represented 24% of net
sales in the second quarter of fiscal 1997 as compared to 20% last year.
The Company reported net interest income of $150,000 in the second
quarter of fiscal 1997 as compared to net interest expense of $207,000. The
change reflects the Company's use of the net proceeds from the February 1996
Public Offering of Common Shares. Substantially all outstanding debt in February
1996 was retired with a portion of the net proceeds. Remaining proceeds from the
Public Offering were invested in high-quality short term cash investments. The
Company's effective tax rate increased to 37.9% from 37.2% last year primarily
as a result of the increased provision for state income taxes.
Income from continuing operations of $2.7 million or $.30 per share
compares to last year's second quarter income from continuing operations of $2.7
million or $.34 per share. The essentially level income resulted from decreased
gross profit and decreased operating expenses related to decreased sales, an
increased income tax provision, and the reporting of net interest income rather
than net interest expense. Weighted average common shares outstanding increased
14% in the second quarter of 1997 to 9,149,000 shares from 8,006,000 shares in
1996 primarily as a result of the 1.2 million common shares issued in the
February 1996 Public Offering.
In the second quarter of fiscal 1996 the Company recorded a charge to
discontinued operations of $1.5 million, or $.19 per share, related to an
Internal Revenue Service tax audit associated with the 1992 discontinuation of
the Company's European operations. There was no similar charge to discontinued
operations in fiscal 1997.
Net income of $2.7 million, or $.30 per share, in the second quarter of
fiscal 1997 compares to net income of $1.2 million, or $.15 per share in last
year's second quarter. The change results primarily from the 1996 reduction
associated with the discontinued operations.
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SIX MONTHS ENDED DECEMBER 31, 1996 COMPARED WITH SIX MONTHS ENDED DECEMBER 31,
1995
Net sales of $74.4 million compared to first half net sales last year
of $81.4 million, a 9% reduction. Commercial / Industrial Lighting segment net
sales were $23.3 million as compared to $21.6 million last year, an increase of
8%. This change resulted from strong lighting sales into the multi-site retail
market which offset reduced lighting sales into other markets in this segment.
Image segment net sales were $51.1 million as compared to $59.8 million last
year. The reduction in net sales is primarily related to a lack of year-end
budget spending by the Company's major oil customers as compared to the fiscal
1996 second quarter during which the Company shipped over five and one-half
million dollars in significant year-end spending programs and reimaging programs
to oil customers as well as restaurant customers. The Company's graphics
business operated at a decreased volume as compared to last year. Sales in the
Image segment to the petroleum / convenience store market, representing 48% of
total first half net sales, decreased 17%, and sales to the multi-site retail
market increased due primarily to strong restaurant lighting business. The
Company has one customer, Chevron U.S.A., which accounted for 11% of total net
sales (reported in the Image segment) in the first half of fiscal 1996. The
Company believes that it continues to maintain a good business relationship with
this major customer; however, the level of total sales, which for the first half
of fiscal 1997 was just under ten percent, is never assured in the future. While
the Company modestly increased sales prices of some products during the first
half, inflation did not have a significant impact on sales in 1997 as
competitive pricing pressures held price increases to a minimum.
Gross profit of $25.4 million, or 34.1% of net sales, decreased from
last year's gross profit of $25.8 million or 31.6% of net sales. The decrease is
primarily related to the reduced sales volume as compared to last year. The
increase in gross profit as a percentage of net sales is primarily due to
improved manufacturing operating efficiencies in the Company's lighting
business, changes in lighting product mix to higher margin products, and a sales
price adjustment in the graphics business on a major program, partially offset
by lower utilization of manufacturing capacity in the Company's graphics
operations. Selling and administrative expenses increased to $17.8 million
primarily as a result of increased marketing expenses in the first quarter of
1997, offset by reduced expenses directly associated with decreased sales
volume, and represented 24% of net sales in the first half of fiscal 1997 as
compared to 22% last year.
The Company reported net interest income of $247,000 in the first half
of fiscal 1997 as compared to net interest expense of $350,000. The change
reflects the Company's use of the net proceeds from the February 1996 Public
Offering of Common Shares. Substantially all outstanding debt in February 1996
was retired with a portion of the net proceeds. Remaining proceeds from the
Public Offering were invested in high-quality short term cash investments. The
Company's effective tax rate increased to 37.7% from 37.1% last year primarily
as a result of the increased provision for state income taxes.
Income from continuing operations of $4.9 million or $.53 per share
compares to last year's second quarter income from continuing operations of $4.9
million or $.61 per share. The essentially level income resulted from decreased
gross profit from decreased net sales, increased operating expenses, an
increased income tax provision, and the reporting of net interest income rather
than net interest expense. Weighted average common shares
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outstanding increased 15% in the first half of 1997 to 9,193,000 shares from
7,980,000 shares in 1996 primarily as a result of the 1.2 million common shares
issued in the February 1996 Public Offering.
In the second quarter of fiscal 1996 the Company recorded a charge to
discontinued operations of $1.5 million, or $.19 per share, related to an
Internal Revenue Service tax audit associated with the 1992 discontinuation of
the Company's European operations. There was no similar charge to discontinued
operations in fiscal 1997.
Net income of $4.9 million, or $.53 per share, in the first half of
fiscal 1997 compares to net income of $3.4 million, or $.42 per share in last
year's first half. The change results primarily from the 1996 reduction
associated with the discontinued operations.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 1996 the Company had working capital of $40.1 million,
compared to $36.1 million at June 30, 1996. The ratio of current assets to
current liabilities increased to 3.24 to 1 from 2.66 to 1. The increased working
capital is primarily attributed to increased cash and cash equivalents and
reductions in accounts payable and accrued expenses.
The Company generated $3.6 million of cash from operating activities in
the first half of fiscal 1997 as compared to a use of cash of $3.8 million in
the first half of fiscal 1996. The Company generated more cash in the first six
months of fiscal 1997 primarily due to significant accounts receivable and
inventory increases in fiscal 1996 as compared to modest decreases in fiscal
1997, partially offset by a reduction in payables and accrued expenses as
compared to an increase in the prior year. As of December 31, 1996, the
Company's days sales outstanding were at approximately 63 days as compared to 59
days at June 30, 1996.
The Company has two revolving lines of credit totaling $20 million, all
of which is available as of January 31, 1997. In addition to cash and cash
equivalents (high-grade, short-term investments), the Company's primary source
of liquidity continues to be its lines of credit. The Company believes that the
total available lines of credit plus expected cash flows from operating
activities is adequate for the Company's 1997 operational and capital
expenditure needs. The Company is in compliance with all of its loan covenants.
Capital expenditures of $1.4 million in the first half of fiscal 1997 compare to
$2.0 million in the first half of 1996. Spending in fiscal year 1997 is
primarily related to manufacturing equipment and process improvements. Capital
expenditures of $4 million are planned for 1997.
In January 1997, the Board of Directors declared a regular quarterly
cash dividend of $.05 per share ($451,000) to be paid February 11, 1997 to
shareholders of record on February 18, 1997.
The Company continues to seek opportunities to invest in new products
and markets, and in acquisitions which fit its strategic growth plans in the
lighting and graphics markets. The Company believes that adequate financing for
any such investments or acquisitions will be achieved with available cash,
commercial borrowings, seller financing, the issuance of common or preferred
shares, or some combination thereof.
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PART II. OTHER INFORMATION
--------------------------
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS
- -----------------------------------------------------------
At the Company's Annual Meeting of Shareholders held November 14, 1996,
the following actions were taken by shareholders:
4.1 All persons nominated as Class B Directors were elected with the votes
for each person being:
<TABLE>
<CAPTION>
Shares - Withheld Shares
Name Shares For Authority Abstained
----------------- ------------ ----------------- ------------
<S> <C> <C> <C>
Allen L. Davis 7,687,369 41,160 n/a
----------------- ----------- ----------------- ------------
James P. Sferra 7,684,434 44,095 n/a
----------------- ----------- ----------------- ------------
Donald E. Whipple 7,684,199 44,330 n/a
----------------- ----------- ----------------- ------------
</TABLE>
4.2 The selection of Arthur Andersen LLP as independent public accountants
for fiscal year 1997 was ratified by the following vote:
<TABLE>
<CAPTION>
Shares For Shares Against Shares Abstained Broker Non-Votes
------------ --------------- ----------------- ------------------
<S> <C> <C> <C>
7,699,268 21,301 7,960 n/a
------------ --------------- ----------------- ------------------
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- -----------------------------------------
a) Exhibits
11 Statement Re Computation of Earnings Per Share
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the
quarter for which this Report is filed.
[All other items required in Part II have been omitted because
they are not applicable or are not required.]
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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.
LSI Industries Inc.
-------------------
BY: /s/ Robert J. Ready
-----------------------------
Robert J. Ready
President and Chief Executive Officer
(Principal Executive Officer)
BY: /s/ Ronald S. Stowell
-----------------------------
Ronald S. Stowell
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
February 5, 1997
Page 12
<PAGE> 1
EXHIBIT 11
LSI INDUSTRIES INC.
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
----------------------------------------------
(IN THOUSANDS, EXCEPT PER SHARE)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31 December 31
----------- -----------
1996 1995 1996 1995
---- ---- ---- ----
NET INCOME
- ----------
<S> <C> <C> <C> <C>
Continuing operations $2,718 $ 2,693 $4,854 $ 4,887
Discontinued operations -- (1,500) -- (1,500)
------ ------- ------ -------
Net income $2,718 $ 1,193 $4,854 $ 3,387
====== ======= ====== =======
AVERAGE SHARES OUTSTANDING
- --------------------------
Weighted average shares
outstanding during the period 9,017 7,622 9,006 7,602
Common Share Equivalents
Common Shares to be issued
under Stock Option Plan 132 384 187 378
------ ------- ------ -------
Average Shares Outstanding 9,149 8,006 9,193 7,980
====== ======= ====== =======
NET INCOME PER SHARE
- --------------------
Continuing operations $ .30 $ .34 $ .53 $ .61
Discontinued operations -- (.19) -- (.19)
------ ------- ------ -------
Net income per share $ .30 $ .15 $ .53 $ .48
====== ======= ====== =======
<FN>
Note: Calculated using the "Treasury Stock" method as if options were exercised and the funds were used
to purchase Common Shares at the average market price during the period.
</TABLE>
Page 13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000763532
<NAME> LSI INDUSTRIES INC
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 12,317
<SECURITIES> 0
<RECEIVABLES> 24,943
<ALLOWANCES> (449)
<INVENTORY> 19,427
<CURRENT-ASSETS> 58,007
<PP&E> 32,859
<DEPRECIATION> (12,605)
<TOTAL-ASSETS> 79,560
<CURRENT-LIABILITIES> 17,890
<BONDS> 1,322
0
0
<COMMON> 28,279
<OTHER-SE> 30,336
<TOTAL-LIABILITY-AND-EQUITY> 79,560
<SALES> 37,539
<TOTAL-REVENUES> 37,539
<CGS> 24,281
<TOTAL-COSTS> 9,022
<OTHER-EXPENSES> 12
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (150)
<INCOME-PRETAX> 4,374
<INCOME-TAX> 1,656
<INCOME-CONTINUING> 2,718
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,718
<EPS-PRIMARY> .30
<EPS-DILUTED> .30
</TABLE>
