<PAGE>
==============================================================================
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 September 30, 1994
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 I-5259
____________________
PITT-DES MOINES, INC.
(Exact name of registrant as specified in its charter)
Commonwealth of Pennsylvania 25-0729430
(State of other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
3400 Grand Avenue, Pittsburgh, PA 15225
(Address of Principal Executive Offices) (Zip Code)
(412) 331-3000
(Registrant's Telephone Number, including Area Code)
____________________
Indicate by check 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
---- ----
On September 30, 1994, 2,323,978 shares of Common Stock were outstanding.
================================================================================
<PAGE>
TABLE OF CONTENTS
Page
Part I - Financial Information
Item 1. Financial statements 3
Item 2. Management's discussion and analysis of
financial condition and results of operations 11
Part II - Other Information
Item 1. Legal proceedings 13
Item 6. Exhibits and reports on Form 8-K 13
Signatures 14
Exhibit Index 15
-2-
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
PITT-DES MOINES, INC.
Consolidated Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended
September 30,
----------------------------
(in thousands, except per share amounts) 1994 1993
-------------- ------------
<S> <C> <C>
Earned revenue $111,861 $ 92,320
Cost of earned revenue (98,348) (81,604)
-------- --------
Gross profit from operations 13,513 10,716
Selling, general and administrative expenses (9,177) (8,760)
-------- --------
Income from operations 4,336 1,956
Other income/(expense):
Interest income 177 98
Interest expense (153) (117)
Gain on sale of assets 2,496 2,882
Miscellaneous, net (55) (46)
-------- --------
2,465 2,817
-------- --------
Income before income taxes 6,801 4,773
Income taxes 2,047 1,927
-------- --------
Net income $ 4,754 $ 2,846
======== ========
Per Share
Net income $ 2.04 $ 1.22
Dividend paid $ .225 $ .225
Average common shares outstanding (in 000's) 2,324 2,324
</TABLE>
See Notes to Consolidated Financial Statements.
-3-
<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Income and Retained Earnings
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
---------------------------
(in thousands, except per share amounts) 1994 1993
---------- ----------
<S> <C> <C>
Earned revenue $ 316,162 $ 264,603
Cost of earned revenue (280,965) (238,426)
--------- ---------
Gross profit from operations 35,197 26,177
Selling, general and administrative expenses (27,621) (28,288)
--------- ---------
Income (loss) from operations 7,576 (2,111)
Other income/(expense):
Interest income 446 377
Interest expense (234) (145)
Gain on sale of assets 3,332 3,478
Miscellaneous, net (20) (102)
--------- ---------
3,524 3,608
--------- ---------
Income before income taxes 11,100 1,497
Income taxes 3,746 617
--------- ---------
Net income $ 7,354 $ 880
========= =========
Per Share
Net income $ 3.16 $ .38
Dividend paid $ .675 $ .675
Average common shares outstanding (in 000's) 2,324 2,324
CONSOLIDATED RETAINED EARNINGS
Balance at the beginning of year $ 69,056 $ 70,314
Net income 7,354 880
Dividends paid (1,569) (1,569)
Other 0 24
--------- ---------
Balance at end of period $ 74,841 $ 69,649
========= =========
</TABLE>
See Notes to Consolidated Financial Statements.
-4-
<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
September 30, December 31,
1994 1993
------------- ------------
(in thousands)
<S> <C> <C>
Assets
Current Assets
Cash and cash equivalents $ 7,333 $ 15,946
Accounts receivable including retentions
(less allowances: 1994-$1,306; 1993-$976) 80,158 60,782
Inventories 23,245 18,119
Costs and estimated profits in excess
of billings 33,291 28,619
Deferred income taxes 7,939 7,939
Prepaid expenses 1,885 1,595
-------- --------
Total Current Assets 153,851 133,000
Other Assets 6,752 6,620
Property, Plant and Equipment
Land 7,715 7,351
Buildings 32,330 30,456
Machinery and equipment 66,429 59,937
-------- --------
106,474 97,744
Allowances for depreciation (61,898) (59,561)
-------- --------
Net Property, Plant and Equipment 44,576 38,183
-------- --------
$205,179 $177,803
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
-5-
<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
September 30, December 31,
1994 1993
------------- ------------
(in thousands)
<S> <C> <C>
Liabilities
Current Liabilities
Accounts payable $ 36,943 $ 41,326
Accrued compensation, related taxes and
benefits 10,529 9,082
Other accrued expenses 5,337 3,963
Accrued expenses related to flood 3,214 4,272
Billings in excess of costs and estimated
profits 13,421 10,320
Income taxes 3,852 1,149
Casualty and liability insurance 14,805 12,609
-------- --------
Total Current Liabilities 88,101 82,721
Revolving Credit Facility 16,000 0
Deferred Income Taxes 5,737 5,701
Minority Interest 1,083 908
Contingencies and Commitments
Stockholders' Equity
Preferred stock - par value $.01 per share;
authorized 3,000,000 shares; issued - none
Common stock - no par value; authorized
15,000,000 shares; issued 2,982,156 shares 33,549 33,549
Retained earnings 74,841 69,056
-------- --------
108,390 102,605
Treasury stock at cost
(1994 and 1993 - 658,178 shares) (14,132) (14,132)
-------- --------
Total Stockholders' Equity 94,258 88,473
-------- --------
$205,179 $177,803
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
-6-
<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
------------------------
1994 1993
---------- -----------
<S> <C> <C>
Cash Flow From Operating Activities
Net income $ 7,354 $ 880
Adjustments to reconcile net income to net
cash utilized by operating activities:
Depreciation 4,232 3,639
Gain on sale of assets (3,332) (3,478)
Minority interest, net of dividends paid 74 9
Other non-cash credits, net (360) (398)
Change in certain assets and liabilities
(using) or providing cash:
Accounts receivable (19,376) (11,024)
Inventories (4,266) (445)
Prepaid expenses (306) (479)
Costs, estimated profits and billings, net 3,541 3,694
Accounts payable (4,292) (9,205)
Accrued liabilities 2,802 5,678
Income taxes 2,755 (542)
-------- --------
Net cash utilized by operating activities (11,174) (11,671)
Cash Flows from Investing Activities
Capital expenditures (5,170) (2,191)
Proceeds from sales of assets 3,425 4,279
Insurance proceeds from flood damage 0 (5,700)
Costs incurred related to flood damage 1,058 6,846
Acquisitions (11,411) 0
Change in investments and other assets 228 (1,018)
-------- --------
Net cash provided (utilized) by investing
activities (11,870) 2,216
Cash Flows from Financing Activities
Proceeds from debt obligations 22,000 0
Payments of debt obligations (6,000) (656)
Dividends paid (1,569) (1,569)
Other 0 77
-------- --------
Net cash provided (utilized) by financing
activities 14,431 (2,148)
-------- --------
Decrease in cash and cash equivalents (8,613) (11,603)
Cash and cash equivalents at beginning of year 15,946 19,944
-------- --------
Cash and cash equivalents at end of period $ 7,333 $ 8,341
======== ========
</TABLE>
See Notes to Consolidated Financial Statements.
-7-
<PAGE>
Item 1. Financial Statements (Continued)
PITT-DES MOINES, INC.
Notes to Consolidated Financial Statements
(Unaudited)
Note A. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 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 months ended September
30, 1994 are not necessarily indicative of the results that may be expected for
the year ending December 31, 1994. The December 31, 1993 Consolidated Statement
of Financial Condition was derived from audited financial statements. 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 31, 1993.
Note B. Costs and Estimated Profits on Uncompleted Contracts
Costs and estimated profits on uncompleted contracts are summarized as
follows:
<TABLE>
<CAPTION>
September 30, December 31,
(in thousands) 1994 1993
-------------- -------------
<S> <C> <C>
Costs incurred on uncompleted contracts $ 499,708 $ 413,203
Estimated profits 51,719 45,267
--------- ---------
551,427 458,470
Less: Billings to date (531,557) (440,171)
--------- ---------
$ 19,870 $ 18,299
========= =========
</TABLE>
Costs, estimated profits and billings on uncompleted contracts are included
in the accompanying Consolidated Statements of Financial Condition under the
following captions:
<TABLE>
<CAPTION>
September 30, December 31,
(in thousands) 1994 1993
------------- ------------
<S> <C> <C>
Costs and estimated profits in excess of billings $ 33,291 $ 28,619
Billings in excess of costs and estimated profits (13,421) (10,320)
-------- --------
$ 19,870 $ 18,299
======== ========
</TABLE>
Note C. Contingencies
There are various claims and legal proceedings against the Company arising
from the normal course of business. As previously reported, in May 1984,
Washington Public Power Supply System ("WPPSS") filed a complaint against the
Company and its surety in the United States District Court for the Eastern
District of Washington. Various claims in connection with retrofit work
performed by the company at Nuclear Unit #2, Hanford, Washington, were alleged.
Four alternative damages theories were presented, ranging in amounts from $53
million to $86 million.
In January 1986, the District Court granted partial summary judgment and
dismissed some of WPPSS' claims. After a trial in June 1986, and a jury verdict
favorable to the company, the Court entered final judgment dismissing all the
claims of WPPSS against the Company. WPPSS filed a notice of appeal to the
United States Court of Appeals for the Ninth Circuit. In May 1989, the Court of
Appeals affirmed the judgment of the District Court that the company was not
liable for breach of
-8-
<PAGE>
Item 1. Financial Statements (Continued)
Note C. Contingencies (Continued)
warranties in connection with its construction of the retrofit of the
containment vessel at Nuclear Unit #2, Hanford, Washington. However, the Court
of Appeals remanded the case to the District Court for a determination of
whether WPPSS had released its claims against the Company for breach of contract
with respect to the Company's retrofit contract.
After several preliminary rulings in 1990 in favor of the Company, the
District Court entered an order dismissing WPPSS' complaint with prejudice on
May 1, 1991.
In an order filed January 26, 1993, the United States Court of Appeals
affirmed the judgment of the District Court in part, but reversed and again
remanded the case to the District Court for determination of whether WPPSS had
released its claims against the Company for breach of contract with respect to
the retrofit contract, including its original claims for consequential damages.
A jury trial was held in the District Court commencing June 27, 1994. On
July 11, 1994, the jury returned a verdict in the Company's favor, ruling that
WPPSS has no breach of contract claims against the Company by reason of the
containment vessel retrofit. WPPSS has again filed notice of appeal to the
United States Court of Appeals for the Ninth Circuit.
Although counsel is unable to predict with certainty the ultimate outcome,
management and counsel believe the Company has significant and meritorious
defenses to any claims, and intend to pursue them vigorously.
The Company's operations, including idle facilities and other property, are
subject to and affected by federal, state and local laws and regulations
regarding the protection of the environment. The Company accrues for
environmental costs where such obligations are either known or considered
probable and can be reasonably estimated.
The Company is participating as a potentially responsible party (PRP) at
several different sites pursuant to proceedings under the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA). Other parties
have also been identified as PRP's at the sites. Investigative and/or remedial
activities are ongoing. The Company believes, based upon information presently
available to it, that such future costs will not have a material effect on the
Company's financial position, results of operations or liquidity. However, the
imposition of more stringent requirements under environmental laws or
regulations, new developments or changes regarding site cleanup costs or the
allocation of such costs among PRP's or a determination that the Company is
potentially responsible for the release of hazardous substances at sites other
than those currently identified, could result in additional costs.
Management believes it is improbable that the ultimate outcome of any matter
currently pending against the Company will materially affect the financial
position of the Company; accordingly, no provision for such liability has been
recorded in the accompanying financial statements.
Note D. Commitments
On April 19, 1990, the Company entered into agreements with members of the
Jackson family, principal stockholders, to purchase shares of the Company's
Common Stock upon the stockholder's death. Consummation of the transactions
with the estates of such shareholders were, in each case, contingent upon the
amount of such estate's holdings in shares of the Company's Common Stock. The
requirements to purchase these shares have not been met and, except as
previously reported with respect to the estate of Ruth H. Jackson, the sales
were not and will not be consummated. The Company has no remaining outstanding
commitments in these regards.
-9-
<PAGE>
Item 1. Financial Statements (Continued)
Note E. Acquisition of Phoenix Steel, Inc.
On September 1, 1994, Pitt-Des Moines, Inc. acquired the bridge fabricating
assets of Phoenix Steel, Inc. in Eau Claire, Wisconsin. The acquired assets
were combined with the assets of Hartwig Mfg. Corp., a wholly owned subsidiary,
to create PDM Bridge which will operate within the Company's Steel Construction
Division. The acquisition costs will approximate $13.5 million. This
acquisition was accounted for as a purchase and, accordingly, the acquired
assets and liabilities were recorded at their estimated fair value at the date
of acquisition. Operating results have been included since the acquisition date
but pro forma information has not been presented because it is immaterial.
Note F. Discontinued Operations
On October 31, 1994, the Company sold substantially all of the assets of CVI
Incorporated, a wholly owned subsidiary to Process Systems International, Inc.,
a subsidiary of Chart Industries, Inc. Real estate, at the Columbus, Ohio
location, was not part of the transaction and will be retained by Pitt-Des
Moines, Inc. Management anticipates a gain from discontinued operations to be
recognized in the fourth quarter of 1994, which will not have a material effect
on the Company's financial statements.
-10-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
RESULTS OF OPERATIONS
Three months ended September 30, 1994 compared with three months ended September
30, 1993.
The Company reported net income of $4.8 million, or $2.04 per share, on earned
revenue of $111.9 million for the quarter ended September 30, 1994. These
results compare with net income of $2.8 million, or $1.22 per share, on earned
revenue of $92.3 million for the quarter ended September 30, 1993.
During the third quarter of 1994, earned revenue increased 21% and operating
income increased $2.4 million over the same period a year ago. The Engineered
Construction Division and Steel Service Centers continued to realize significant
improvements in earned revenue and profitability primarily as a result of
improved economic conditions. Earned revenue and operating profitability for
the Steel Construction Division remained relatively unchanged.
Other income for the third quarter of 1994 in the amount of $2.5 million
consisted primarily of the gain on sale of PDM Saudi Arabia Ltd., a joint
venture. During the same quarter in 1993, other income of $2.8 million was
comprised significantly of sales of idle properties.
New awards for the quarter increased 42% to $133.1 million from $93.5 million in
the third quarter of 1993.
The effective federal and state income tax rates for the third quarter of 1994
were 30.1% compared with 40.4% for the same period in 1993. The 1994 tax rate
was favorably affected by the difference between the book and tax treatment of
the sale of the Company's investment in PDM Saudi Arabia Ltd., a joint venture.
With this exception, there was no difference between the effective tax rate and
the statutory tax rate for the third quarter of 1994 and 1993.
Nine months ended September 30, 1994 compared with nine months ended September
30, 1993.
For the nine months ended September 30, 1994 the Company reported net income of
$7.4 million, or $3.16 per share, on earned revenue of $316.2 million. These
results compare with net income of $880,000, or $.38 per share, on earned
revenue of $264.6 million for the nine months ended September 30, 1993.
Operating profitability increased significantly from a loss of $2.1 million in
1993 to income of $7.6 million in 1994. All of the Company's business segments,
except CVI, realized increased profitability. As described in Note F. in the
Notes to Consolidated Financial Statements, on October 31, 1994, the Company
sold substantially all of the assets of CVI Incorporated.
New awards for the nine months ended September 30, 1994 were $327.9 million
compared to $320.1 million for the nine months ended September 30, 1993. The
Company's backlog was $201.6 million on September 30, 1994.
The effective federal and state income tax rates were 33.7% and 41.2% for the
nine months ended September 30, 1994 and 1993, respectively. The 1994 tax rate
was favorably affected by the difference between the book and tax treatment of
the sale of the Company's investment in PDM Saudi Arabia Ltd., a joint venture.
With this exception, there was no difference between the effective tax rate and
the statutory tax rate for the nine months ended September 30, 1994 and 1993.
-11-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
LIQUIDITY AND CAPITAL RESOURCES
During the first nine months of 1994, the Company's primary source of liquidity
was cash and cash equivalents and borrowings under the revolving credit
commitment, which sources financed working capital requirements, acquisitions
and dividends. On September 30, 1994, cash and cash equivalents were $7.3
million compared with $15.9 million on December 31, 1993.
Cash and cash equivalents decreased $8.6 million for the first nine months of
1994. This decrease was primarily due to an increase in accounts receivable and
acquisition costs associated with the purchase of Phoenix Steel, Inc. offset by
proceeds from debt obligations. Working capital increased from $50.3 million on
December 31, 1993 to $65.8 million on September 30, 1994.
Capital expenditures were $5.2 million and $2.2 million for the nine months
ended September 30, 1994 and 1993, respectively. Capital expenditures during
each of these periods were primarily for plant and construction equipment and
additions to the company-owned trucking fleet. Total capital expenditures for
the year ending December 31, 1994, which are expected to be internally financed,
should approximate $6.5 million. As described in Note E. in the Notes to
Consolidated Financial Statements, the Company acquired the bridge fabricating
assets of Phoenix Steel, Inc. Management anticipates the final acquisition
costs to approximate $13.5 million ($11.4 million paid in cash as of September
30, 1994). In addition, the Company intends to continue to pursue acquisition
opportunitites closely aligned with the existing core businesses.
The Company paid total cash dividends of $.675 per common share for the first
nine months of 1994 and 1993. On November 10, 1994, the Board of Directors
declared a cash dividend of $.225 per common share, payable December 30, 1994 to
stockholders of record on December 16, 1994. The payment of future dividends
will be evaluated based on business conditions.
Under cash flows from financing activities, net proceeds from debt obligations
of $16.0 million was borrowed from the revolving credit commitment to cover a
portion of acquisition costs and some working capital components during the
third quarter of 1994.
The Company has on hand and access to sufficient sources of funds to meet its
anticipated operating, expansion and capital needs. These sources include cash
on hand, anticipated turnover of working capital and a $30 million unsecured
revolving credit facility which matures on December 31, 1996. This facility
contains an annual option to renew for an additional one-year period, subject to
lender approval. As of November 11, 1994, $13.0 million of this facility was
committed to support stand-by letters of credit and $16.0 million has been
borrowed to cover a portion of acquisition costs and working capital components.
-12-
<PAGE>
Part II - Other Information
Item 1. Legal Proceedings
Refer to Part I Item 1, "Note C - Contingencies" of the Notes to
Consolidated Financial Statements for information, which information is
incorporated herein by reference.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 11.1 - Computation of earnings per share for the three months
ended September 30, 1994 and 1993.
Exhibit 11.2 - Computation of earnings per share for the nine months
ended September 30, 1994 and 1993.
(b) Reports on Form 8-K.
There have been no reports on Form 8-K filed by the Company during the
nine months ended September 30, 1994.
-13-
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Pitt-Des Moines, Inc.
-------------------------------
(Registrant)
Principal Executive Officer:
Date: November 14, 1994 By: /s/ W. W. McKee
----------------------------
W. W. McKee
(President and
Chief Executive Officer)
Principal Financial Officer:
Date: November 14, 1994 By: /s/ R. A. Byers
----------------------------
R. A. Byers
(Vice President
Finance and Treasurer)
-14-
<PAGE>
EXHIBIT INDEX
Exhibit
Number
- - - --------
11.1 Computation of earnings per share for the three
months ended September 30, 1994 and 1993
11.2 Computation of earnings per share for the nine
months ended September 30, 1994 and 1993
27 Financial Data Schedule
-15-
<PAGE>
Exhibit 11.1
PITT-DES MOINES, INC.
Computation of Earnings Per Share
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended
September 30,
----------------------------------------
1994 1993
-------------------- ------------------
<S> <C> <C> <C> <C>
PER SHARE AMOUNTS
Net income reported $ 2.04 $ 1.22
======= =======
PRIMARY EARNINGS PER SHARE
Average shares outstanding 2,323,978 2,323,978
Dilutive options - -
--------- ---------
2,323,978 2,323,978
========= =========
Net income per share $ 2.04 $ 1.22
======= =======
FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 2,323,978 2,323,978
Dilutive options - -
--------- ---------
2,323,978 2,323,978
========= =========
Net income per share $ 2.04 $ 1.22
======= =======
</TABLE>
<PAGE>
Exhibit 11.2
PITT-DES MOINES, INC.
Computation of Earnings Per Share
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
-----------------------------------------
1994 1993
------------------ --------------------
<S> <C> <C> <C> <C>
PER SHARE AMOUNTS
Net income reported $ 3.16 $ .38
======= =======
PRIMARY EARNINGS PER SHARE
Average shares outstanding 2,323,978 2,323,534
Dilutive options 1,228 2,669
--------- ---------
2,325,206 2,326,203
========= =========
Net income per share $ 3.16 $ .38
======= =======
FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 2,323,978 2,323,534
Dilutive options 1,228 2,669
--------- ---------
2,325,206 2,326,203
========= =========
Net income per share $ 3.16 $ .38
======= =======
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1993
<PERIOD-START> JAN-01-1993
<PERIOD-END> SEP-30-1994
<CASH> 7333
<SECURITIES> 0
<RECEIVABLES> 80158
<ALLOWANCES> 1306
<INVENTORY> 23245
<CURRENT-ASSETS> 153851
<PP&E> 106474
<DEPRECIATION> 61898
<TOTAL-ASSETS> 205179
<CURRENT-LIABILITIES> 88101
<BONDS> 0
<COMMON> 33549
0
0
<OTHER-SE> 60709
<TOTAL-LIABILITY-AND-EQUITY> 205179
<SALES> 316162
<TOTAL-REVENUES> 316162
<CGS> 280965
<TOTAL-COSTS> 308586
<OTHER-EXPENSES> 3524
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 234
<INCOME-PRETAX> 11100
<INCOME-TAX> 3746
<INCOME-CONTINUING> 7354
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7354
<EPS-PRIMARY> 3.16
<EPS-DILUTED> 3.16
</TABLE>
