<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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
ACT OF 1934
For the transition period from _________________ to _________________
Commission File Number: 0-13646
DREW INDUSTRIES INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
Delaware 13-3250533
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
200 Mamaroneck Avenue, White Plains, N.Y. 10601
(Address of principal executive offices)
(Zip Code)
(914) 428-9098
Registrant's Telephone Number including Area Code
(Former name, former address and former fiscal year,
if changed since last year)
Indicate by check marks 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 XX No
-- --
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. 5,333,676 shares of common
stock as of July 31, 1996.
<PAGE>
DREW INDUSTRIES INCORPORATED AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS FILED WITH
QUARTERLY REPORT OF REGISTRANT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1996
(UNAUDITED)
Page
PART I - FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF INCOME 3
CONSOLIDATED BALANCE SHEETS 4
CONSOLIDATED STATEMENTS OF CASH FLOWS 5
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7-9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 10-12
CONDITION AND RESULTS OF OPERATIONS
PART II - OTHER INFORMATION 13
Item 1
SIGNATURES 14
<PAGE>
DREW INDUSTRIES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
June 30, June 30,
------------------ ------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
(In thousands, except per share amounts)
Net sales $ 82,444 $ 50,793 $ 48,330 $ 25,430
Cost of sales (Note 3) 61,728 36,792 36,398 18,545
-------- -------- -------- --------
Gross profit 20,716 14,001 11,932 6,885
Selling, general and administrative expenses 9,869 7,266 5,527 3,594
-------- -------- -------- --------
Operating profit 10,847 6,735 6,405 3,291
Interest expense, net 142 45 95 3
-------- -------- -------- --------
Income before income taxes 10,705 6,690 6,310 3,288
Provision for income taxes 4,224 2,611 2,495 1,278
-------- -------- -------- --------
Net income $ 6,481 $ 4,079 $ 3,815 $ 2,010
======== ======== ======== ========
Net income per common share $ 1.21 $ .83 $ .70 $ .41
======== ======== ======== ========
Weighted average common shares outstanding 5,337 4,940 5,483 4,946
======== ======== ======== ========
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
3
<PAGE>
DREW INDUSTRIES INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
------------------
1996 1995 1995
(In thousands, except shares and per share amounts)
<S> <C> <C> <C>
ASSETS
Current assets
Cash and short term investments $ 560 $ 1,323 $ 4,028
Accounts receivable, trade, less allowance for
doubtful accounts 9,582 4,992 4,165
Inventories (Note 3) 17,661 9,636 11,024
Prepaid expenses and other current assets 1,907 1,453 1,521
-------- -------- --------
Total current assets 29,710 17,404 20,738
Fixed assets, net 9,564 4,556 5,594
Goodwill, net (Note 2) 12,045 176 319
Other assets 1,077 1,368 1,580
-------- -------- --------
Total assets $ 52,396 $ 23,504 $ 28,231
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Notes payable, including current maturities of long-
term debt and other long-term liabilities $ 305 $ 151 $ 128
Accounts payable, trade 7,482 2,171 3,511
Accrued expenses and other current liabilities 10,536 8,545 8,279
-------- -------- --------
Total current liabilities 18,323 10,867 11,918
Long-term indebtedness (Note 4) 4,961
Other long-term liabilities 1,614 380 311
-------- -------- --------
Total liabilities 24,898 11,247 12,229
-------- -------- --------
Commitments and Contingencies (Note 5)
Stockholders' equity
Common stock, par value $.01 per share: authorized
20,000,000 shares; issued 5,573,551 shares at June 1996,
4,974,221 shares at June 1995 and 4,999,644 shares at
December 1995 56 49 50
Paid-in capital 16,912 8,888 9,103
Retained earnings 13,678 3,454 7,197
-------- -------- --------
30,646 12,391 16,350
Treasury stock, at cost - 239,875 shares at June 1996, 21,700
shares at June 1995 and 39,875 shares at December 1995 (3,148) (134) (348)
-------- -------- --------
Total stockholders' equity 27,498 12,257 16,002
-------- -------- --------
Total liabilities and stockholders' equity $ 52,396 $ 23,504 $ 28,231
======== ======== ========
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
4
<PAGE>
DREW INDUSTRIES INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1996 1995
(In thousands)
<S> <C> <C>
Cash flows from operating activities:
Net income $ 6,481 $ 4,079
Adjustments to reconcile net income to cash flows
provided by operating activities:
Depreciation and amortization 782 385
Changes in assets and liabilities (excluding acquisition):
Accounts receivable, net (2,453) (1,896)
Inventories 188 873
Prepaid expenses and other assets 259 626
Accounts payable, accrued expenses and other current liabilities 3,052 1,346
--------- ---------
Net cash flows provided by operating activities 8,309 5,413
--------- ---------
Cash flows from investing activities:
Capital expenditures (3,411) (556)
Acquisition of net assets and business of Shoals Supply, Inc. (10,268)
--------- ---------
Net cash flows used for investing activities (13,679) (556)
--------- ---------
Cash flows from financing activities:
Acquisition loan from Chase Manhattan Bank 5,982
Proceeds from line of credit with Chase Manhattan Bank 9,125 9,450
Repayments under line of credit and acquisition loan with Chase Manhattan Bank (10,707) (13,450)
Repayments of term loans (62) (109)
Exercise of stock options 315 225
Acquisition of treasury stock (2,800) (119)
Other 49
--------- ---------
Net cash flows provided by (used for) financing activities 1,902 (4,003)
--------- ---------
Net (decrease) increase in cash (3,468) 854
Cash and short-term investments at beginning of period 4,028 469
--------- ---------
Cash and short-term investments at end of period $ 560 $ 1,323
========= =========
Supplemental disclosure of cash flows information:
Cash paid during the period for:
Interest on debt $ 129 $ 114
Income taxes $ 4,330 $ 1,921
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
5
<PAGE>
DREW INDUSTRIES INCORPORATED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Total
Common Treasury Paid-in Retained Stockholders'
Stock Stock Capital Earnings Equity
(In thousands, except shares)
<S> <C> <C> <C> <C> <C>
Balance - December 31, 1995 $ 50 $ (348) $ 9,103 $ 7,197 $ 16,002
Net income for six months ended
June 30, 1996 6,481 6,481
Issuance of 28,948 shares of common stock
pursuant to stock option plan 228 228
Income tax benefit relating to issuance of
common stock upon exercise of stock options 87 87
Issuance of 544,959 shares of common stock
in connection with the acquisition of the assets
and business of Shoals Supply, Inc. 6 7,494 7,500
Purchase of 200,000 shares of treasury stock (2,800) (2,800)
------- ------- --------- -------- ---------
Balance - June 30, 1996 $ 56 $(3,148) $ 16,912 $ 13,678 $ 27,498
======= ======= ========= ======== =========
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
6
<PAGE>
DREW INDUSTRIES INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The Consolidated Financial Statements presented herein have been
prepared by the Company in accordance with the accounting policies described in
its December 31, 1995 Annual Report on Form 10-K and should be read in
conjunction with the Notes to Consolidated Financial Statements which appear in
that report.
In the opinion of management, the information furnished in this Form
10-Q reflects all adjustments necessary for a fair statement of the results of
operations as of and for the six and three month periods ended June 30, 1996 and
1995. All such adjustments are of a normal recurring nature. The Consolidated
Financial Statements have been prepared in accordance with the instructions to
Form 10-Q and therefore do not include some information and notes necessary to
conform with annual reporting requirements.
2. Acquisition
On February 15, 1996, the Company acquired the assets and business of
Shoals Supply, Inc., ("Shoals"), a privately-owned Alabama corporation which
manufactures, refurbishes and distributes new and used axles, tires and chassis
components for the manufactured housing industry. Shoals had 1995 net sales of
approximately $56 million.
The consideration for the acquisition was 544,959 shares of common
stock of the Company having a value of $7.5 million, cash of $1,555,000, and a
note for $760,000 payable over 5 years. In addition, the Company assumed $7.5
million of Shoals' bank debt and certain operating liabilities. The acquisition
was financed with $3,225,000 of the Company's short-term investments and a $6
million acquisition loan from Chase Manhattan Bank (formerly Chemical Bank).
The acquisition has been accounted for as a purchase. The aggregate
purchase price has been allocated to the underlying assets and liabilities based
upon their respective estimated fair values at the date of acquisition. The
excess of purchase price over the fair value of the net assets acquired
("goodwill") is $11,893,000, which is being amortized over 30 years.
The results of the acquired business have been included in the
Company's consolidated statements of income beginning February 16, 1996. The
following pro forma condensed consolidated results of operations, however,
assumes that the acquisition had occurred at the beginning of 1995. The
unaudited pro forma data below is not necessarily indicative of the future
results of operations of the combined operations
(in thousands, except per share amount):
Pro Forma Year End
December 31, 1995
(unaudited)
Net sales $155,827
========
Net income $ 9,425
========
Net income per common share $ 1.72
========
Average common shares outstanding 5,492
========
7
<PAGE>
DREW INDUSTRIES INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
On June 28, 1996, the Company paid $2.8 million for the repurchase of
200,000 shares of its common stock issued in connection with the acquisition of
Shoals.
3. Inventories
Inventories are valued at the lower of cost (using the last-in,
first-out method, and the first-in, first-out method for Shoals Supply, Inc.,
which was acquired on February 15, 1996) or market. Cost includes material,
labor and overhead; market is replacement cost or realizable value after
allowance for costs of distribution.
Quarterly inventories valued on the last-in, first-out method are based
on an annual determination of quantities and costs as of the previous year-end.
Therefore, such quarterly inventory valuations are based on estimates.
4. Long-Term Indebtedness
At June 30, 1996, there were outstanding borrowings of $4,400,000 under
the Company's $6 million credit agreement with Chase Manhattan Bank (formerly
Chemical Bank) which matures on July 29, 1997 and is secured by substantially
all the assets of the Company. In connection with the acquisition of Shoals on
February 15. 1996, pursuant to an acquisition loan separate from the Company's
$6 million credit agreement, Chase Manhattan Bank advanced $5,982,000 to the
Company which had been repaid by June 30, 1996.
5. Contingencies
Effective July 29, 1994, the Company spun off to its stockholders
Leslie Building Products, Inc. and its subsidiary, Leslie-Locke, Inc.
("Leslie-Locke"), the Company's former home improvement building products
segment.
On September 30, 1994, White Metal Rolling and Stamping Corp. ("White
Metal"), Leslie-Locke's discontinued ladder manufacturing subsidiary, filed a
voluntary petition seeking liquidation under the provisions of chapter 7 of the
United States Bankruptcy Code. The net liabilities of White Metal of $3.6
million are substantially all accrued product liability costs. While the Company
was named as a defendant in certain product liability actions, the Company has
not been held responsible, and the Company disclaims any liability for the
obligations of White Metal.
On May 6, 1996, the Company and its subsidiary, Kinro, Inc., and Leslie
Building Products, Inc. and its subsidiary, Leslie-Locke, were served with a
summons and complaint in an adversary proceeding commenced by the Chapter 7
trustee of White Metal. The proceeding is based upon the trustee's allegations,
previously disclosed by the Company, that the Company and its affiliated
companies obtained tax benefits attributable to the use of White Metal's net
operating losses. The trustee seeks to recover the purported value of the tax
savings achieved. In addition, the trustee alleges that White Metal made certain
payments to the Company and Leslie-Locke which were preferential and are
recoverable by White Metal. The complaint,
8
<PAGE>
DREW INDUSTRIES INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
which appears to allege several duplicate claims, seeks damages in the aggregate
amount of $10.6 million plus attorneys' fees, of which up to approximately $8.4
million is sought from the Company. Management believes that the trustee's
allegations are without merit and have no basis in fact. The Company and Kinro
deny any liability for any amount claimed and are vigorously defending against
the allegations. However, an estimate of potential loss, if any, cannot be made
at this time. The Company believes that it has sufficient accruals for the
defense of this proceeding and there will be no material adverse impact on its
financial statements.
9
<PAGE>
DREW INDUSTRIES INCORPORATED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company, through its wholly-owned subsidiaries Kinro, Inc.
("Kinro") and Shoals Supply, Inc. ("Shoals") manufactures and markets i)
windows, axles, tires and chassis parts for manufactured housing, ii)
windows and doors for recreational vehicles ("RV's") and (iii) to a lesser
extent, windows for mini-buses.
Kinro is one of the leading producers of windows for manufactured homes
in the United States. Kinro also manufactures windows and doors for RV's. Many
of the producers of manufactured homes, to whom Kinro sells windows, also
manufacture RV's. Kinro's products are manufactured in nine plants located in
geographic areas throughout the United States and one subcontract operation in
Juarez, Mexico, which provide it with access to its major markets. A tenth plant
is currently under construction.
Shoals, which was acquired by the Company on February 15, 1996, and is
under the management umbrella of Kinro, manufactures, refurbishes and
distributes new and used axles and tires and chassis parts used to transport
manufactured homes. Shoals operates five domestic factories located in four
states.
RESULTS OF OPERATIONS
Net sales for the six months and quarter ended June 30, 1996 increased
62% and 90%, respectively, over the same period last year. Sales for the current
year include Shoals' sales from February 15, 1996, the date that Shoals was
acquired by the Company. Excluding Shoals, the Company's sales (consisting of
Kinro's sales) increased 13% and 20% for the six months and quarter,
respectively. The increase in Kinro's net sales resulted both from the sales of
manufactured housing products which increased 17% for the six months and 21% for
the quarter, as well as the sales of RV products which increased 4% for the six
months and 19% for the quarter. Such increases, which exceed the industry-wide
increases in shipments of manufactured homes and RV's are volume related.
Year-to-date industry-wide shipments of manufactured homes are 11% ahead of last
year and shipments of RV's of the types supplied by Kinro are 1% ahead of last
year. However, in the most recent quarter shipments of such RV's increased 7%
over the comparable period last year.
Operating profit increased 61% to $10,847,000 for the six months and
95% to $6,405,000 for the quarter ended June 1996. Included in the current
year's period operating profit are the results of Shoals since February 15,
1996, the date that Shoals was acquired by the Company. Excluding Shoals,
operating profit increased approximately 35% for the six months and 53% for the
quarter ended June 30, 1996. Kinro's margin improved over last year as a result
of the stabilization of raw material prices and, to a lesser extent, a reduction
in labor and overhead costs. Selling, general and administrative expenses, again
excluding Shoals, increased 18% and 29%, respectively for the six months and
quarter ended June 30, 1996 as a result of the increased sales and profits.
Interest Expense, Net
Interest expense, net increased $97,000 for the six months ended June
30, 1996 over the six months ended June 30, 1995 as the funding required for the
acquisition of Shoals on February 15, 1996 was partially offset by cash flow
from operations.
10
<PAGE>
DREW INDUSTRIES INCORPORATED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 1995, the Company had short-term investments of $3.5
million and no bank debt. Such short-term investments were used to finance a
portion of the February 15, 1996 acquisition of Shoals. The acquisition price
consisted of $10.3 million of cash and assumed bank debt, and 544,959 shares of
common stock of the Company valued at $7.5 million. The balance of the purchase
price was financed with the proceeds of a separate $6 million acquisition loan
from Chase Manhattan Bank (formerly Chemical Bank) which was repaid by June 30,
1996. On June 28, 1996, 200,000 shares of the stock were repurchased from the
seller of Shoals for $2.8 million, which was financed by the Company's existing
line of credit.
At June 30, 1996, there were outstanding borrowings of $4,400,000 under
the Company's $6 million credit agreement with Chase Manhattan Bank which
matures on July 29, 1997 and is secured by substantially all assets of the
Company. The line of credit, of which $1.6 million is available at June 30,
1996, is adequate for the Company's anticipated needs. Interest is payable at
.25% over the prime rate. In addition, the Company has the option to either fix
the rate or convert a portion of the loan to a Eurodollar loan at 2.25% over the
LIBO rate.
The Statements of Cash Flows reflect the following:
Six Months Ended
June 30,
----------------
1996 1995
(In thousands)
Cash flows provided by operating activities $ 8,309 $ 5,413
Cash flow used for investing activities $ (13,679) $ (556)
Cash flows provided by (used for) financing activities $ 1,902 $ (4,003)
Net cash provided by operating activities, which do not include the
value of the assets and liabilities acquired in connection with the Shoals
acquisition, was $8.3 million for the six months ended June 30, 1996 compared to
$5.4 million for the six months ended June 30, 1995. Accounts receivable
reflected seasonal increases of $2.5 million and $1.8 million in 1996 and 1995,
respectively. Inventories decreased marginally in 1996 despite the increased
sales volume. Payables increased $3.1 million and $1.3 million in the 1996 and
1995 periods, respectively.
Cash flows used for investing activities are primarily the $10.3
million cost of the Shoals acquisition as well as capital expenditures, which
were $3.4 million for the 1996 period. Capital expenditures are expected to
approximate $7 million for the year which is more than the aggregate capital
expenditures for the previous four years. Such capital expenditures are
primarily for the construction of two new plants and the purchase of related
machinery and equipment.
Cash flows provided by (used for) financing activities include funds
borrowed for the acquisition of Shoals in February 1996, as well as the
repurchase from the seller of Shoals of 200,000 shares of treasury stock for
$2.8 million on June 28, 1996. Such borrowings were offset by debt repayments
from operating cash
11
<PAGE>
DREW INDUSTRIES INCORPORATED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
flow and exercise of employees' stock options. Debt was increased by $5.1
million and reduced $4.1 million for the six months ended June 30, 1996 and
1995, respectively.
Effective July 29, 1994, the Company spun off to stockholders Leslie
Building Products, Inc. and its subsidiary, Leslie-Locke, Inc.
("Leslie-Locke"), the Company's home improvement building products segment.
On September 30, 1994, White Metal Rolling and Stamping Corp. ("White
Metal"), Leslie-Locke's discontinued ladder manufacturing subsidiary, filed a
voluntary petition seeking liquidation under the provisions of chapter 7 of the
United States Bankruptcy Code. The net liabilities of White Metal of $3.6
million are substantially all accrued product liability costs. Although the
Company was named as a defendant in certain product liability actions, the
Company has not been held responsible, and the Company disclaims any liability
for the obligations of White Metal.
On May 6, 1996, the Company and its subsidiary, Kinro, Inc., and Leslie
Building Products, Inc. and its subsidiary, Leslie-Locke were served with a
summons and complaint in an adversary proceeding commenced by the Chapter 7
trustee of White Metal. The proceeding is based upon the trustee's allegations,
previously disclosed by the Company, that the Company and its affiliated
companies obtained tax benefits attributable to the use of White Metal's net
operating losses. The trustee seeks to recover the purported value of the tax
savings achieved. In addition, the trustee alleges that White Metal made certain
payments to the Company and Leslie-Locke which were preferential and are
recoverable by White Metal. The complaint, which appears to allege several
duplicate claims, seeks damages in the aggregate amount of $10.6 million plus
attorneys' fees, of which up to approximately $8.4 million is sought from the
Company. Management believes that the trustee's allegations are without merit
and have no basis in fact. The Company and Kinro deny any liability for any
amount claimed and are vigorously defending against the allegations. However, an
estimate of potential loss, if any, cannot be made at this time. The Company
believes that it has sufficient accruals for the defense of this proceeding and
there will be no material adverse impact on its financial statements.
INFLATION
The prices of raw materials, consisting primarily of aluminum and
glass, are influenced by demand and other factors specific to these commodities
rather than being directly affected by inflationary pressures. Aluminum prices
had been volatile and average 1995 prices were substantially higher than they
were in 1994. Prices have stabilized since the middle of 1995. In order to hedge
the impact of future price fluctuations on a portion of its future aluminum raw
material requirements, the Company periodically purchases aluminum futures
contracts on the London Metal Exchange. At June 30, 1996 the Company had no
futures contracts outstanding.
12
<PAGE>
DREW INDUSTRIES INCORPORATED
Part II - Other Information
Item 1 - Legal Proceedings
On May 6, 1996, the Company was served with a Summons and Complaint
in an adversary proceeding entitled In re White Metal Rolling and Stamping
--------------------------------------
Corp., Debtor, Alan Nisselson, Chapter 7 Trustee of White Metal Rolling and
- ---------------------------------------------------------------------------
Stamping Corp., Plaintiff vs. Drew Industries, Inc., Leslie-Locke, Inc.,
- ------------------------------------------------------------------------
Leslie Building Products, Inc. and Kinro, Inc. pending in the United States
- ----------------------------------------------
Bankruptcy Court, Southern District of New York (Adversary Proceeding No.
96/961 8544A). See Note 5 of Notes to Consolidated Financial Statements for a
description of this proceeding.
13
<PAGE>
DREW INDUSTRIES INCORPORATED
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.
DREW INDUSTRIES INCORPORATED
Registrant
By /s/ Fredric M. Zinn
-----------------------
Fredric M. Zinn
Principal Financial Officer
August 12, 1996
14
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> $560
<SECURITIES> $0
<RECEIVABLES> $9,962
<ALLOWANCES> $380
<INVENTORY> $17,661
<CURRENT-ASSETS> $29,710
<PP&E> $15,801
<DEPRECIATION> $6,237
<TOTAL-ASSETS> $52,396
<CURRENT-LIABILITIES> $18,323
<BONDS> 0
0
0
<COMMON> $56
<OTHER-SE> $27,442
<TOTAL-LIABILITY-AND-EQUITY> $52,396
<SALES> $82,444
<TOTAL-REVENUES> $82,444
<CGS> $61,728
<TOTAL-COSTS> $71,597
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> $142
<INCOME-PRETAX> $10,705
<INCOME-TAX> $4,224
<INCOME-CONTINUING> $6,481
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> $6,481
<EPS-PRIMARY> $1.21
<EPS-DILUTED> $1.21
</TABLE>
