UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: Commission File Number:
September 27, 1997 0-13544
BEN & JERRY'S HOMEMADE, INC.
(Exact name of registrant as specified in its charter)
VERMONT 03-0267543
(State of incorporation) (I.R.S. Employer Identification No.)
30 Community Drive
South Burlington, Vermont 05403-6828
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (802) 651-9600
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 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
Indicate the number of shares outstanding of each of the classes of
common stock outstanding as of the latest practicable date. 6,367,406 shares of
Class A Common Stock and 868,040 shares of Class B Common Stock outstanding as
of November 4, 1997.
<PAGE>
INDEX
PART I: FINANCIAL INFORMATION PAGE NO.
Condensed Consolidated Balance Sheets
September 27, 1997 and December 28, 1996 1-2
Condensed Consolidated Statements of Income
Thirteen and thirty-nine weeks ended
September 27, 1997 and September 28, 1996 3
Condensed Consolidated Statements of Cash Flows
Thirty-nine weeks ended September 27, 1997
and September 28, 1996 4
Notes to Condensed Consolidated Financial Statements 5-6
Management's Discussion and Analysis of Financial
Condition and Results of Operations 7-12
PART II: OTHER INFORMATION
Item 6-Exhibits and Reports on Form 8-K 13
SIGNATURES 14
Exhibit 1 15
<PAGE>
BEN & JERRY'S HOMEMADE, INC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All numbers in tables in thousands except per share data)
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial statements and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three and nine month periods ended
September 27, 1997 are not necessarily indicative of the results that may be
expected for the year ended December 27, 1997. For further information, refer to
the consolidated financial statements and footnotes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 28, 1996.
Certain prior period amounts have been reclassified for comparative purposes.
2. INVENTORIES
September 27, December 28,
1997 1996
---- ----
Frozen dessert products and ingredients $10,897 $14,221
Paper goods 730 492
Food, beverage and gift items 458 652
--------- ----------
Total $12,085 $15,365
======= =======
3. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
September 27, December 28,
1997 1996
---- ----
Trade accounts payable $ 5,792 $4,337
Accrued expenses 14,881 8,825
Accrued payroll and related costs 2,160 2,152
Accrued promotional costs 6,317 2,076
Other 131 8
--------- ----------
Total $29,281 $17,398
======= =======
<PAGE>
BEN & JERRY'S HOMEMADE, INC
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All numbers in tables in thousands except per share data)
(Unaudited)
4. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
In February 1997, the Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997.
At that time, the Company will be required to change the method currently used
to compute earnings per share and to restate all prior periods. Under the new
requirements for calculating primary earnings per share, the dilutive effect of
stock options will be excluded. The impact will not result in an increase in
primary earnings per share for the periods ended September 27, 1997 and
September 28, 1996. The impact of Statement 128 on the calculation of fully
diluted earnings per share for these quarters is not expected to be material.
In June 1997, the Financial Accounting Standards Board issued Statement No. 131,
Disclosures About Segments of an Enterprise and Related Information, which is
required to be adopted for years beginning after December 15, 1997. Management
of the Company does not expect the adoption of Statement No. 131 to have a
material impact on the Company's financial statement disclosures.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
Form 10-Q for quarter ended September 27, 1997
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
The following table sets forth certain items as a percentage of net sales which
are included in the Company's Consolidated Statements of Income and the
percentage increase (decrease) of such items as compared to the prior period:
<TABLE>
Percentage of Net Sales
-----------------------
Thirteen Weeks Thirty-nine Weeks Percentage Increase (Decrease)
Ended Ended 1997 Compared to 1996
------------------------------------------- -----------------------------
Sept 27, Sept 28, Sept 27, Sept 28, Thirteen Weeks Thirty-nine Weeks
1997 1996 1997 1996 Ended Ended
------- ------- ------- ------- ----------- -----
<S> <C> <C> <C> <C> <C> <C>
Net sales 100.0% 100.0% 100.0% 100.0% 8.3% 3.6%
Cost of sales 61.7% 68.9% 64.7% 67.5% -3.0% -0.8%
---- ---- ---- ---- --- ---
Gross profit 38.3% 31.1% 35.3% 32.5% 33.2% 12.6%
Selling, general and
administrative expenses 30.0% 24.5% 31.1% 26.4% 32.6% 22.0%
---- ---- ---- ---- ---- ----
Operating income 8.3% 6.6% 4.2% 6.1% 35.2% -28.3%
Other income (expense) -0.1% - 0.2% -0.4% 0.2% -46.9% -271.9%
--- --- --- --- ---- -----
Income before income taxes 8.2% 6.4% 3.8% 6.3% 38.8% -37.4%
Income taxes 3.1% 2.5% 1.4% 2.4% 38.5% -37.5%
--- --- --- --- ---- ----
Net income 5.1% 3.9% 2.4% 3.9% 38.9% -37.4%
====== ====== ====== ==== ======== ========
</TABLE>
Thirteen Weeks Ended September 27, 1997 and September 28, 1996
Net Sales
Net sales for the thirteen weeks ended September 27, 1997 increased 8.3% to
$50.0 million compared to $46.1 million for the same period in 1996. Pint volume
increased 7% compared to the same period in 1996 which was attributable to the
Company's original line of products. This volume increase was combined with a
price increase of approximately 3% of pints sold to distributors that went into
effect in April 1997. 2 1/2 gallon bulk container products unit volume increased
modestly.
Pint sales represented 82% of total net sales in the third quarter of 1997
compared to 79% in 1996. Net sales of 2 1/2 gallon bulk containers represented
approximately 9% of total net sales in the third quarter of 1997, compared to
10% in 1996. Net sales of novelty products accounted for approximately 6% of
total net sales in the third quarter of 1997, compared to 7% in 1996. Net sales
from the Company's retail stores represented 3% of total net sales in the third
quarter of 1997 compared to 4% during the same period in 1996.
Cost of Sales and Gross profit
Cost of sales in the third quarter of 1997 decreased approximately $951,000 or
3.0% from the same period in 1996 and overall gross profit as a percentage of
net sales was 38.3% in the third quarter of 1997 as compared to 31.1% in the
comparable period last year.
The higher gross profit as a percentage of net sales primarily resulted from
substantially decreased commodity costs, the effect of price increases effective
in August 1996 and April 1997 and improvements in operating efficiencies.
The Company experienced a decrease in dairy prices in the third quarter of 1997
compared to the same period last year. In response to higher dairy costs which
started to increase in the summer and fall of 1996 and continued into the first
half of 1997, the Company instituted a price increase of approximately 3% for
its packaged pint products effective in April 1997 to offset these increased
costs. Although the trend of rising dairy commodity prices has reversed since
July 1997, if dairy commodity prices begin to rise again to higher levels, there
is the possibility that these costs will not be passed on to customers, which
will negatively impact future gross profit margins. See Risk Factors in the
"Forward-Looking Statements" section.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased 32.6% to $15 million in
the third quarter of 1997 from $11.3 million for the same period in 1996.
Selling, general and administrative expenses were 30.0% of net sales in the
third quarter of 1997 as compared to 24.5% for the comparable period last year.
This increase is primarily attributable to increased sales and marketing
expenses reflecting a national radio advertising campaign and increased trade
promotions to support the Company's brand domestically and in Europe.
Other Income (Expense)
Interest income increased $114,000 in the third quarter of 1997 as compared to
the same period in the prior year. The increase in interest income was due to a
higher average invested balance throughout the period. Other expense increased
$69,000 as compared to the same period in the prior year primarily due to losses
associated with asset dispositions and foreign currency exchange.
Income Taxes
Income taxes increased approximately $430,000 due to the increase in income in
1997 as compared to 1996. The Company anticipates an effective rate of 38.0% in
1997 which is comparable to the prior year.
Net Income
As a result of the foregoing, net income for the third quarter of 1997 increased
38.9% to $2.5 million from $1.8 million for the third quarter of 1996. Net
income was 5.1% of net sales in the third quarter of 1997 compared to 3.9% in
1996. Net income per share increased 36.0% to $.34 per share for the third
quarter of 1997 as compared to $.25 per share in the third quarter of 1996.
Thirty-Nine Weeks Ended September 27, 1997 and September 28, 1996
Net Sales
Net sales for the thirty-nine weeks ended September 27, 1997 increased 3.6% to
$136.8 million compared to $132.1 million for the same period in 1996. Pint
volume decreased 0.3% compared to the same period in 1996. However the decrease
compared to the prior year is solely attributable to the first quarter of 1997
with volume increases in both the second and third quarters. This volume
decrease was offset by price increases of approximately 3% of pints sold to
distributors that went into effect in August, 1996 and April 1997.
Pint sales represented 84% of total net sales in the first three quarters of
1997 compared to 83% for the same period in 1996. Net sales of 2 1/2 gallon bulk
containers represented approximately 8% of total net sales in the first three
quarters of 1997 and 1996. Net sales of novelties accounted for approximately 6%
of total net sales during the first three quarters of 1997 compared to 7% for
the same period in 1996. Net sales from the Company's retail stores represented
2% of total net sales in the first three quarters of 1997 and 1996.
Cost of Sales and Gross Profit
Cost of sales in the first three quarters of 1997 decreased approximately
$682,000 from the same period in 1996 and overall gross profit as a percentage
of net sales was 35.3% in 1997 as compared to 32.5% for the comparable period in
1996. The higher gross profit as a percentage of net sales primarily resulted
from the effect of price increases effective in August 1996 and April 1997, and
decreased commodity costs.
The Company experienced a decrease in dairy prices in first nine months of 1997
compared to the same period last year. However the decrease compared to the
prior year is attributable solely to the third quarter of 1997 which offset
increases during the first half of 1997. In response to higher dairy costs which
started to increase in the summer and fall of 1996 and continued into the first
half of 1997, the Company instituted a 3.4% price increase for its packaged pint
products effective in April 1997 to offset these increased costs. Although the
trend of rising dairy commodity prices has reversed in July 1997, if dairy
commodity prices begin to rise again to higher levels, there is the possibility
that these costs will not be passed on to customers which will negatively impact
future gross profit margins. See Risk Factors in the "Forward-Looking
Statements" section.
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased 22.0% to $42.6 million
for the first nine months of 1997 from $34.9 million for the same period in
1996. Selling, general and administrative expenses were 31.1% of net sales for
the first nine months of 1997 as compared to 26.4% for the same period last
year. This increase is attributable to increased sales and marketing expenses
and reflects national radio advertising and increased trade promotions to
support the Company's brand domestically and in Europe.
Other Income (Expense)
Interest income increased $114,000 during the first three quarters of 1997 as
compared to the same period in the prior year. The increase in interest income
was due to a higher average invested balance throughout the period. Interest
expense increased $37,000 during the first three quarters of 1997 as compared to
the same period in the prior year. Other income (expense) decreased for the
first nine months of 1997 from other income of $608,000 in the prior year to
other expense of $312,000 in 1997. This is primarily due to the receipt of
insurance settlement proceeds of approximately $884,000 in 1996 combined with
1997 losses associated with asset dispositions and foreign currency exchange.
Income Taxes
Income taxes decreased $1.2 million due to the decrease in income. The Company
anticipates an effective rate of 38.0% in 1997 which is comparable to the prior
year.
Net Income
As a result of the foregoing, net income for the first three quarters of 1997
decreased 37.4% to $3.2 million for 1997 compared to $5.1 million for the same
period in 1996. Net income was 2.3% of net sales for the first three quarters of
1997 compared to 3.9% for the same period in 1996. Net income per share was $.43
per share for the first three quarters of 1997 compared to $.71 for the same
period in 1996.
Liquidity and Capital Resources
As of September 27, 1997 the Company had $51.4 million of cash and cash
equivalents, an increase of $15.3 million since December 28, 1996. Net cash
provided by operations in the first nine months of 1997 was $18.6 million.
Approximately $2.7 million was used for additions to property, plant and
equipment, primarily for equipment upgrades at the Company's manufacturing
facilities. Funds were provided by cash from operations and cash and investments
available at December 28, 1996.
Since December 28, 1996 trade receivables, and the sum of accounts payable and
accrued expenses have increased $5.7 million and $11.9 million, respectively.
These increases reflect the seasonality of the Company's business and increased
sales and marketing expenses. Inventories have decreased $3.3 million since
December 28, 1996 due to the management's effort to reduce the amount of
inventory on hand.
The Company anticipates other capital expenditures in the remainder of 1997 of
approximately $4.5 million. Most of these additional projected capital
expenditures relate to equipment upgrades at the Company's manufacturing
facilities, and computer related expenditures.
The Company has repurchased 77,500 shares for approximately $988,000 of the
Company's Class A common stock pursuant to the repurchase program as announced
May 8, 1997 for use in connection with stock option awards under the 1995 Equity
Incentive Plan.
The Company has two lines of credit providing an aggregate of $20,000,000 with
The First National Bank of Boston and Key Bank of Vermont. These are unsecured
agreements providing for borrowings from time to time, expiring at September 29,
1998 and December 29, 1998, respectively. The agreements specify interest at the
banks' Base Rate or at the Eurodollar rate plus a maximum of 1.25%. As of
November 10, 1997, there have been no borrowings under these line of credit
agreements.
Management believes that internally generated funds, cash currently on hand,
investments held in marketable securities (pending their use in the business),
and equipment lease financing will be adequate to meet anticipated operating and
capital requirements.
<PAGE>
"Forward-Looking Statements"
This section, as well as other portions of this document, includes certain
forward-looking statements about the Company's business and new products, sales,
expenditures and cost savings, effective tax rate and operating and capital
requirements and refinancings. Any such statements are subject to risks that
could cause the actual results or needs to vary materially. These risks are
discussed in this Form 10-Q and in "Risk Factors" in the Company's Annual Report
on Form 10-K for the year 1996.
<PAGE>
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit (11) Statement Re: Computation of Per Share Earnings
Exhibit (27) Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter ended
September 27, 1997, for which this report is filed.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be duly signed on its behalf by
the undersigned thereunto duly authorized, being also its principal financial
officer.
BEN & JERRY'S HOMEMADE, INC.
DATE: November 11, 1997 BY: /s/Frances Rathke
--------------
Frances Rathke, Chief Financial Officer
and Secretary
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(In thousands)
<TABLE>
September 27, December
1997 28, 1996
--------------- --------------
(Unaudited) (Note)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 51,394 $ 36,104
Investments 529 466
Accounts receivable:
Trade (less allowance of $975 in 1997
and $695 in 1996 for doubtful accounts) 14,413 8,684
Other 1,036 275
Inventories 12,085 15,365
Deferred income taxes 5,209 4,099
Income taxes receivable 1,043 2,920
Prepaid expenses 352 200
--------------- --------------
Total current assets 86,061 68,113
Property, plant and equipment, net 62,112 65,104
Investments 1,000 1,000
Other assets 2,503 2,448
--------------- --------------
$ 151,676 $ 136,665
=============== ==============
</TABLE>
Note: The balance sheet at December 28, 1996 has been derived from the
audited financial statements at that date but does not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.
- 1 -
See notes to condensed consolidated financial statements.
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES & STOCKHOLDERS' EQUITY
(In thousands except share data)
<TABLE>
September 27, December
1997 28, 1996
--------------- --------------
(Unaudited) (Note)
<S> <C> <C>
Current liabilities:
Accounts payable and accrued expenses $ 29,281 $ 17,398
Current portion of long-term debt and
obligations under capital leases 5,311 660
--------------- --------------
Total current liabilities 34,592 18,058
Long-term debt and obligations under capital leases 25,829 31,087
Deferred income taxes 5,022 4,835
Stockholders' equity:
$1.20 noncumulative Class A preferred stock - par value
$1.00 per share, redeemable at $12.00 per share;
900 shares authorized, issued and outstanding;
aggregated preference on liquidation - $9 1 1
Class A common stock - $.033 par value; authorized
20,000,000 shares; issued: 6,489,142 at September 27, 1997
and 6,364,733 at December 28, 1996 214 210
Class B common stock - $.033 par value; authorized
3,000,000 shares; issued: 871,928 at September 27, 1997
and 897,664 at December 28, 1996 29 29
Additional paid-in-capital 49,865 48,753
Retained earnings 38,400 35,190
Cumulative translation adjustment (120) (118)
Treasury stock, at cost: 124,532 Class A and 1,092 Class B
shares at September 27, 1997 and 67,032 Class A
and 1,092 Class B shares at December 28, 1996 (2,156) (1,380)
--------------- --------------
Total stockholders' equity 86,233 82,685
--------------- --------------
$ 151,676 $ 136,665
=============== ==============
</TABLE>
Note: The balance sheet at December 28, 1996 has been derived from the
audited financial statements at that date but does not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.
- 2 -
See notes to condensed consolidated financial statements.
<PAGE>
<TABLE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share amounts)
For the Thirteen weeks ended For the Thirty-nine weeks ended
September 27, September 28, September 27, September 28,
1997 1996 1997 1996
------------------ ----------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Net sales $ 49,956 $ 46,143 $ 136,805 $ 132,075
Cost of sales 30,838 31,789 88,534 89,216
------------------ ----------------- ------------------ ------------------
Gross profit 19,118 14,354 48,271 42,859
Selling, general and
administrative expenses 14,977 11,291 42,565 34,899
------------------ ----------------- ------------------ ------------------
Operating income 4,141 3,063 5,706 7,960
Interest income 487 373 1,299 1,185
Interest expense (466) (481) (1,520) (1,483)
Other income (expense) (89) (20) (312) 608
------------------ ----------------- ------------------ ------------------
(68) (128) (533) 310
------------------ ----------------- ------------------ ------------------
Income before income taxes 4,073 2,935 5,173 8,270
Income taxes 1,545 1,115 1,963 3,143
------------------ ----------------- ------------------ ------------------
Net income $ 2,528 $ 1,820 $ 3,210 $ 5,127
================== ================= ================== ==================
Primary weighted average common and common
equivalent shares outstanding 7,341 7,221 7,314 7,217
Net income per common share $ 0.34 $ 0.25 $ 0.43 $ 0.71
</TABLE>
See notes to condensed consolidated financial statements.
- 3 -
<PAGE>
BEN & JERRY'S HOMEMADE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<TABLE>
For the Thirty-nine weeks ended
September 27, September 28,
1997 1996
---------------- ----------------
<S> <C> <C>
Net income $ 3,210 $ 5,127
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 5,797 5,052
Allowance for bad debts 408 113
Deferred income taxes (1,506) 1,000
Stock award 212
(Gain) loss on disposition of assets 99 (54)
Changes in operating assets and liabilities:
Accounts receivable (6,898) (5,847)
Inventories 3,280 (4,908)
Prepaid expenses (152) 712
Accounts payable and accrued expenses 11,883 3,247
Income taxes receivable 2,460 461
---------------- ----------------
Net cash provided by operating activities 18,793 4,903
Investing activities:
Additions to property, plant and equipment (2,747) (10,689)
Proceeds from sale of assets 48 174
Changes in other assets (260) (321)
(Increase) decrease in investments (63) 1,000
---------------- ----------------
Net cash used for investing activities (3,022) (9,836)
Financing activities:
Repayments of long-term debt and capital leases (607) (369)
Re-purchase of common stock (988)
Proceeds from issuance of common stock 1,116 205
---------------- ----------------
Net cash used for financing activities (479) (164)
Effect of exchange rate changes on cash (2) 1
---------------- ----------------
Increase (decrease) in cash and cash equivalents 15,290 (5,096)
Cash and cash equivalents at beginning of period 36,104 35,406
---------------- ----------------
Cash and cash equivalents at end of period $ 51,394 $ 30,310
================ ================
See notes to condensed consolidated financial statements.
- 4 -
</TABLE>
<TABLE>
BEN & JERRY'S HOMEMADE, INC.
COMPUTATION OF NET INCOME PER COMMON SHARE
(In thousands except per share amounts)
Thirteen weeks ended Thirty-nine weeks ended
9/27/97 9/28/96 9/27/97 9/28/96
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Primary:
Average shares outstanding 7,279 7,192 7,250 7,187
Net effect of dilutive stock options -
based on the treasury stock
method using quarter-end
market price. 62 29 64 30
------------ ------------ ------------ ------------
7,341 7,221 7,314 7,217
============ ============ ============ ============
Net Income $2,528 $1,820 $3,210 $5,127
============ ============ ============ ============
Per share amount $0.34 $0.25 $0.43 $0.71
============ ============ ============ ============
Fully diluted:
Average shares outstanding 7,279 7,192 7,250 7,187
Net effect of dilutive stock options -
based on the treasury stock
method using quarter-end
market price.
67 29 73 37
------------ ------------ ------------ ------------
7,346 7,221 7,323 7,224
============ ============ ============ ============
Net Income $2,528 $1,820 $3,210 $5,127
============ ============ ============ ============
Per share amount $0.34 $0.25 $0.43 $0.71
============ ============ ============ ============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> See accompanying notes.
$ in thousands, except per share data
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-27-1997
<PERIOD-START> JUN-29-1997
<PERIOD-END> SEP-27-1997
<CASH> 51394
<SECURITIES> 0
<RECEIVABLES> 14413
<ALLOWANCES> 0
<INVENTORY> 12085
<CURRENT-ASSETS> 86061
<PP&E> 62112
<DEPRECIATION> 0
<TOTAL-ASSETS> 151676
<CURRENT-LIABILITIES> 34592
<BONDS> 0
0
1
<COMMON> 243
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 151676
<SALES> 49956
<TOTAL-REVENUES> 0
<CGS> 30838
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 89
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 466
<INCOME-PRETAX> 4073
<INCOME-TAX> 1545
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2528
<EPS-PRIMARY> .34
<EPS-DILUTED> .34
</TABLE>
