<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 March 31, 1999
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 0-15057
-------
P.A.M. TRANSPORTATION SERVICES, INC.
------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
DELAWARE 71-0633135
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization ) Identification No. )
</TABLE>
Highway 412 West, Tontitown, Arkansas 72770
-------------------------------------------
(Address of principal executive offices)
(Zip Code)
(501) 361-9111
--------------
(Registrants telephone number, including area code)
N/A
---
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
---- ----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
<TABLE>
<S> <C>
Class Outstanding at May 10, 1999
----- ---------------------------
Common Stock, $.01 Par Value 8,375,257
</TABLE>
<PAGE> 2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
2
<PAGE> 3
P.A.M. TRANSPORTATION SERVICES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
---- ----
ASSETS (unaudited) (note)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 1,753 $ 5,963
Receivables:
Trade, net of allowance 25,926 20,816
Other 978 63
Equipment held for sale 259 505
Operating supplies and inventories 383 458
Deferred income taxes 113 19
Prepaid expenses and deposits 6,269 3,860
Income taxes refundable 79 38
-------- --------
Total current assets 35,760 31,722
Property and equipment, at cost 161,989 133,860
Less: accumulated depreciation (45,562) (42,429)
-------- --------
Net property and equipment 116,427 91,431
Other assets:
Excess of cost over net assets acquired 9,215 2,277
Non compete agreement 561 297
Other 1,034 744
-------- --------
Total other assets 10,810 3,318
-------- --------
Total assets $162,997 $126,471
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 19,176 $ 13,362
Trade accounts payable 11,969 8,494
Other current liabilities 9,064 5,178
-------- --------
Total current liabilities 40,209 27,034
Long-term debt, less current portion 63,620 44,816
Non compete agreement 229 0
Deferred income taxes 14,611 13,164
Shareholders' equity:
Common stock 84 83
Additional paid-in capital 18,876 18,814
Retained earnings 25,368 22,560
-------- --------
Total shareholders' equity 44,328 41,457
-------- --------
Total liabilities and shareholders' equity $162,997 $126,471
======== ========
</TABLE>
Note: The balance sheet at December 31, 1998 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. See notes to condensed
consolidated financial statements.
3
<PAGE> 4
P.A.M. TRANSPORTATION SERVICES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three months Ended
March 31,
1999 1998
---- ----
<S> <C> <C>
Operating revenues $ 51,391 $ 35,440
Operating expenses:
Salaries, wages and benefits 22,405 16,181
Operating supplies 8,155 6,863
Rent/purchased transportation 4,030 221
Depreciation and amortization 4,231 3,457
Operating taxes and licenses 2,852 2,140
Insurance and claims 1,998 1,463
Communications and utilities 610 349
Other 983 649
(Gain)/loss on sale of equipment (23) 48
---------- ----------
45,241 31,371
---------- ----------
Operating income 6,150 4,069
Other income/(expense):
Interest expense (1,404) (829)
---------- ----------
(1,404) (829)
Income before income taxes 4,746 3,240
Income taxes -current 584 119
-deferred 1,354 1,177
---------- ----------
1,938 1,296
Net income $ 2,808 $ 1,944
========== ==========
Net income per common share:
Basic $ 0.34 $ 0.23
========== ==========
Diluted $ 0.33 $ 0.23
========== ==========
Average common shares outstanding-basic 8,342,198 8,286,035
========== ==========
Average common shares outstanding-diluted 8,440,868 8,442,683
========== ==========
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE> 5
P.A.M. TRANSPORTATION SERVICES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three months Ended
March 31,
1999 1998
---- ----
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 2,808 $ 1,944
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,231 3,457
Non compete agreement amortization 96 110
Provision for deferred income taxes 1,354 1,177
(Gain)/loss on retirement of property and equipment (23) 48
Changes in operating assets and liabilities:
Accounts receivable 87 (2,256)
Prepaid expenses and other current assets (1,424) (1,200)
Accounts payable 1,671 536
Accrued expenses 1,998 620
-------- --------
Net cash provided by operating activities 10,798 4,436
INVESTING ACTIVITIES
Purchases of property and equipment (16,832) (14,073)
Acquisition of business, net of cash acquired (9,642) 0
Proceeds from sales of assets 1,046 1,090
Lease payments received on direct financing leases 134 0
-------- --------
Net cash used in investing activities (25,294) (12,983)
FINANCING ACTIVITIES
Borrowings under lines of credit 53,644 36,265
Repayments under lines of credit (53,644) (40,846)
Borrowings of long-term debt 14,551 11,625
Repayments of long-term debt (4,328) (4,038)
Proceeds from exercise of stock options 63 114
-------- --------
Net cash provided by financing activities 10,286 3,120
-------- --------
Net decrease in cash and cash equivalents (4,210) (5,427)
Cash and cash equivalents at beginning of period $ 5,963 $ 6,401
-------- --------
Cash and cash equivalents at end of period $ 1,753 $ 974
======== ========
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE> 6
P.A.M. TRANSPORTATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1999
NOTE A: BASIS OF PRESENTATION
The accompanying unaudited condensed 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 management's opinion, all adjustments (consisting of
normal recurring accruals) necessary for a fair presentation have been included.
Operating results for the three-month period ended March 31, 1999 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 1999. For further information, refer to the consolidated financial
statements and the footnotes thereto included in the Company's annual report on
Form 10-K for the year ended December 31, 1998.
NOTE B: NOTES PAYABLE AND LONG-TERM DEBT
In the first three months of 1999, the Company's subsidiaries, P.A.M. Transport,
Inc., P.A.M. Dedicated Services, Inc. and Choctaw Express, Inc. entered into
installment obligations for the purchase of revenue equipment in the amounts of
approximately $7.0 million, $1.4 million and $1.7 million, respectively. These
obligations are payable in 36, 48 and 60 monthly installments at interest rates
ranging from 6.34% to 6.97%.
NOTE C: NEW ACCOUNTING PRONOUNCEMENT
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities". The Statement establishes accounting and reporting
standards requiring that every derivative instrument be recorded in the balance
sheet as either an asset or liability at its fair value. The Company has
determined that the adoption of this statement will have no material effect on
its financial statements.
6
<PAGE> 7
PART I - FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
7
<PAGE> 8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING INFORMATION
Certain information included in this Quarterly Report on Form 10-Q contains
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements may relate to
financial results and plans for future business activities, and are thus
prospective. Such forward-looking statements are subject to risks, uncertainties
and other factors which could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements.
Potential risks and uncertainties include, but are not limited to, general
economic conditions, competition and other uncertainties detailed in this report
and detailed from time to time in other filings by the Company with the
Securities and Exchange Commission.
THREE MONTHS ENDED MARCH 31, 1999 VS. THREE MONTHS ENDED MARCH 31, 1998
For the quarter ended March 31, 1999, revenues increased 45.0% to $51.4 million
as compared to $35.4 million for the quarter ended March 31, 1998. The main
factors for the increase were an increase in the average number of tractors from
1,005 in the first quarter of 1998 compared to 1,405 in first quarter of 1999,
of which 260 additional units were attributable to the acquisition of Decker
Transport Co., Inc., and an increase in the average rate per mile charged by the
Company in the first quarter of 1999 as compared to the first quarter of 1998,
also primarily related to the acquisition of Decker Transport Co., Inc.
The Company's operating ratio improved to 88.0% of revenues in the first quarter
of 1999 compared to 88.5% in the first quarter of 1998.
Salaries, wages and benefits decreased from 45.7% of revenues in the first
quarter of 1998 to 43.6% of revenues in the first quarter of 1999. The decrease
relates primarily to the brokerage operations acquired in connection with the
Decker Transport Co., Inc. acquisition in which revenues are generated through
the use of outside transportation services and not Company paid drivers.
Operating supplies and expenses decreased from 19.4% of revenues in the first
three months of 1998 to 15.9% of revenues in the first three months of 1999. The
decrease relates primarily to a lower price paid for diesel fuel, and to costs
associated with the brokerage operations acquired in connection with the
purchase of Decker Transport Co., Inc., including fuel, being combined and paid
to other transportation companies in the form of purchased transportation.
Rent and purchased transportation increased from 0.6% of revenues in the first
three months of 1998 to 7.8% of revenues in the first three months of 1999. The
increase relates primarily to the acquisition of Decker Transport Co., Inc.
which purchases transportation services from other transportation companies in
order to support its brokerage operations.
Depreciation and amortization decreased from 9.8% of revenues in the first three
months of 1998 to 8.2% of revenues in the first three months of 1999. The
decrease relates primarily to the acquisition of Decker Transport Co., Inc.
which utilizes outside transportation companies' drivers and equipment in order
to perform its brokerage activities.
The Company's effective tax rate increased from 40.0% in the first quarter of
1998 to 40.8% in the first quarter of 1999. This increase is related to payments
made to Decker Transport Co., Inc. drivers in the form of a per diem which is
only partially deductible by the Company for federal and state income tax
purposes.
8
<PAGE> 9
LIQUIDITY AND CAPITAL RESOURCES
During the first three months of 1999 the Company generated $10.8 million in
cash from operating activities. Investing activities used $25.3 million in cash
in the first three months of 1999. Financing activities generated $10.3 million
in the first three months of 1999 in the form of long-term debt.
The Company's principal subsidiary, P.A.M. Transport, Inc., has a $15.0 million
secured bank line of credit subject to borrowing limitations. The line of credit
includes a provision that allows the Company to finance equipment at a reduced
interest rate of LIBOR as of the first day of the month plus 1.50% (6.46% at
March 31, 1999). The maximum amount of equipment that may be financed under this
equipment provision is $7.5 million with the remaining $7.5 million representing
a general "working capital" line of credit at an interest rate of LIBOR as of
the first day of the month plus 1.85% (6.81% at March 31, 1999). Outstanding
advances on this line of credit were approximately $4.0 million at March 31,
1999, including $4.0 million in letters of credit. The Company's borrowing base
limitation at March 31, 1999 was $11.0 million. The line of credit is guaranteed
by the Company and matures on May 31, 1999 while the equipment portion of the
line of credit matures on May 31, 2000.
In addition to cash flow from operations, the Company uses its existing line of
credit on an interim basis to finance capital expenditures and repay long-term
debt. Longer-term transactions, such as installment notes (generally three to
five year terms at fixed rates), are typically entered into for the purchase of
revenue equipment; however, the Company purchased additional revenue equipment
during the first three months of 1999 with a cost of approximately $0.7 million
using its existing line of credit. In addition, P.A.M. Transport, Inc., P.A.M.
Dedicated Services, Inc. and Choctaw Express, Inc., subsidiaries of the Company,
entered into installment obligations during the first three months of 1999 for
the purchase of revenue equipment in the amounts of approximately $7.0, $1.4 and
$1.7 million, respectively, payable in 36, 48 and 60 monthly installments at
interest rates ranging from 6.34% to 6.97%.
During the remainder of 1999, the Company plans to replace 238 tractors and 193
trailers and to add 162 additional new trailers, which would result in
additional debt of approximately $17.9 million. Management expects that the
Company's existing working capital and its available line of credit will be
sufficient to meet the Company's capital commitments as of March 31, 1999, to
repay indebtedness coming due in the current year, and to fund its operating
needs during the remainder of fiscal 1999.
ACQUISITION OF DECKER TRANSPORT CO., INC.
On January 11, 1999, the Company closed the purchase of substantially all of the
assets and assumed certain liabilities of Decker Transport Co., Inc., a
truckload carrier located in New Jersey. The Company acquired assets, which
consisted primarily of revenue equipment and trade accounts receivable, totaling
approximately $21.0 million and assumed liabilities, which consisted primarily
of installment note obligations and trade accounts payable, totaling
approximately $14.1 million. In connection with this acquisition, the Company
issued to the seller an installment note in the amount of $4.0 million at an
interest rate of 6% and paid cash of approximately $9.8 million utilizing
existing cash and its line of credit.
The purchase price has been allocated to assets and liabilities based on their
estimated fair values as of the date of acquisition. Goodwill was recorded as a
result of the purchase allocation and it is being amortized over a 25-year
period. The Company also entered into three-year Non-competition Agreements with
eight former shareholders or officers/employees of Decker Transport Co., Inc.
The acquisition has been accounted for under the purchase method, effective
January 11, 1999, with the operations of Decker Transport Co., Inc. included in
the Company's financial statements since that date. The following pro forma
financial information is based on the audited consolidated financial statements
of P.A.M. Transportation Services, Inc. for the year ended December 31, 1998 and
from the audited combined
9
<PAGE> 10
financial statements of Decker Transport Co., Inc. and Van Houten Ltd. for the
year ended December 31, 1998 and adjusted as if the acquisition had occurred on
January 1, 1998, with certain assumptions made that management believes to be
reasonable. This information is for comparative purposes only and does not
purport to be indicative of the results of operations that would have occurred
had the transaction been completed at the beginning of the period or indicative
of the results that may occur in the future.
<TABLE>
<CAPTION>
1998
(unaudited)
-----------
<S> <C>
Operating revenue $191,616
Income from operations 17,402
Income before income tax provision 11,813
Net income 7,239
Earnings per share -basic .87
Earnings per share -diluted .86
Weighted average shares -basic 8,306
Weighted average shares -diluted 8,444
</TABLE>
YEAR 2000
Many companies may face a potentially serious information systems problem
because their computer software applications and operational programs may not
properly recognize calendar dates beginning in the Year 2000. This problem could
force computers to either shut down or provide incorrect data or information
causing a temporary inability to process transactions. Accordingly, a disruption
of normal business activities may occur.
The Company began the process of identifying the changes required to its
computer programs and hardware in 1997 and has completed its Year 2000
assessment consisting of an analysis of all information systems, data and voice
networks, physical plants, rolling stock electronic systems and external
suppliers and customers. The Company has determined its overall risk due to Year
2000 failures and has developed a strategy to repair or replace any system
determined to be non-compliant by June 30, 1999. The Company anticipates funding
all Year 2000 related expenditures, which are currently estimated at $50,000,
from operating cash flows and as of March 31, 1999 the Company had incurred
costs of approximately $18,500 related to Year 2000 issues.
All information systems requiring replacement or remediation are under a vendor
software maintenance contract, which includes an upgrade to a Year 2000
compatible version. The software vendor has released its Year 2000 compatible
version, which has been installed and is being used by one of the Company's
subsidiaries in order to analyze and test Year 2000 compatability. This version
has passed all of the Company's Year 2000 tests and the Company believes that
this software is Year 2000 compliant. The Company's remaining subsidiaries are
expected to convert to the Year 2000 software version by June 30, 1999.
The Company has surveyed its major suppliers and customers as well as secondary
suppliers and customers for their state of readiness. Major suppliers and
customers whose responses indicate they may not be Year 2000 compatible in a
timely fashion are being monitored on a monthly basis. The Company has also
issued certification requests to the software companies on which its computer
programs rely seeking assurance that they will be Year 2000 compliant.
Approximately 97% of the questionnaires have been returned. Respondents have
indicated that they are currently Year 2000 compliant or will be in advance of
the Year 2000.
10
<PAGE> 11
The Company's contingency plans relative to the Year 2000 have not been
finalized. These plans are evolving as the testing of systems progresses and the
Company's subsidiaries continue to convert to Year 2000 compliant software.
During the testing and conversion phase (scheduled for completion by June 30,
1999), management will develop and modify a "worst case scenario" contingency
plan based on testing and conversion results.
The related costs and projected completion dates for Year 2000 compatability are
based upon management's best estimates. However, management cannot predict the
impact on the Company's business, financial condition, and results of operations
if customers and suppliers fail or delay to address Year 2000 issues.
11
<PAGE> 12
Item 3. Quantitative and Qualitative Disclosure about Market Risk
The Company's General Line of Credit agreement provides for borrowings,
which bear interest at variable rates based on the LIBOR. At March 31, 1999, the
Company had approximately $4.0 million outstanding pursuant to the General Line
of Credit. The Company believes that the effect, if any, of reasonably possible
near-term changes in interest rates on the Company's financial position, results
of operations, and cash flows should not be material.
All customers are required to pay for the Company's services in U.S.
dollars and the Company does not engage in hedging transactions relating to
diesel fuel or any other commodity.
12
<PAGE> 13
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) The following exhibits are filed with this report:
<TABLE>
<S> <C> <C>
11.1 - Statement Re: Computation of Diluted Earnings Per Share.
27.1 - Financial Data Schedule (for SEC use only).
</TABLE>
(b) Reports on Form 8-K
A Current Report on Form 8-K was filed on January 22, 1999 to
report the acquisition of assets of Decker Transport Co., Inc.
pursuant to the Agreement dated January 11, 1999 by and among
P.A.M. Newco, Inc. and Decker Transport Co., Inc.
A Form 8-K/A was filed on March 23, 1999 to report the
financial and pro forma statements in relation to the
acquisition of Decker Transport Co., Inc., as follows:
<TABLE>
<S> <C> <C>
(A) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED:
DECKER TRANSPORT CO., INC. AND VAN HOUTEN LTD.
Report of Independent Public Accountants 5
Combined Balance Sheet as of December 31, 1998 6
Combined Statement of Income for the Year ended
December 31, 1998 7
Combined Statement of Retained Earnings for the Year ended
December 31, 1998 8
Combined Statement of Cash Flows for the Year ended
December 31, 1998 9
Notes to Combined Financial Statements 10
(B) PRO FORMA FINANCIAL INFORMATION:
P.A.M. Transportation Services, Inc. Pro Forma Condensed Financial
Information (Unaudited)
Introduction 16
Unaudited Pro Forma Combined Balance Sheet as of
December 31, 1998 17
Notes to Unaudited Pro Forma Combined Balance Sheet 18
Unaudited Pro Forma Combined Statement of Income for the
Year ended December 31, 1998 19
Notes to Pro Forma Condensed Financial
Information (Unaudited) 20
Consolidated Financial Statements of P.A.M. Transportation
Services, Inc. and Subsidiaries
Report of Independent Public Accountants F-1
Consolidated Balance Sheets as of December
31, 1998 and 1997 F-2
Consolidated Statements of Income for the Years ended
December 31, 1998, 1997 and 1996 F-4
Consolidated Statements of Shareholders' Equity for the Years
ended December 31, 1998, 1997 and 1996 F-5
Consolidated Statements of Cash Flows for the Years ended
December 31, 1998, 1997 and 1996 F-6
Notes to Consolidated Financial Statements F-7
</TABLE>
13
<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
P.A.M. TRANSPORTATION SERVICES, INC.
Dated: May 12, 1999 By: /s/ Robert W. Weaver
--------------------------------------------
Robert W. Weaver
President and Chief Executive Officer
(principal executive officer)
Dated: May 12, 1999 By: /s/ Larry J. Goddard
--------------------------------------------
Larry J. Goddard
Vice President-Finance, Chief Financial
Officer, Secretary and Treasurer
(principal accounting and financial officer)
14
<PAGE> 1
EXHIBIT NO. 11.1
Diluted earnings per share computations assumes the exercise of stock purchase
warrants and options to purchase shares of common stock. The shares assumed
exercised are based on the weighted average number of warrants and options
outstanding during the period and only include those warrants and options whose
average share price during the period exceeds its related exercise price. The
net additional shares issuable are calculated based on the treasury stock method
and are added to the weighted average number of shares outstanding during the
period.
DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED MARCH 31, 1999
<TABLE>
<S> <C>
Actual net income (A) $2,807,575
==========
Assumed exercise of stock options and warrants 280,407
Application of assumed proceeds ($1,516,412) toward
repurchase of outstanding common stock at an average
market price of $8.344 (181,737)
----------
Net additional shares issuable 98,670
==========
Adjustment of shares outstanding:
Weighted average common shares outstanding 8,342,198
Net additional shares issuable 98,670
----------
Adjusted shares outstanding (B) 8,440,868
==========
Net income per common share (A) divided by (B) $ 0.33
==========
DILUTED EARNINGS PER SHARE FOR THE PERIOD ENDED MARCH 31, 1998
Actual net income (A) $1,943,673
==========
Assumed exercise of stock options and warrants 323,850
Application of assumed proceeds ($1,682,557) toward
repurchase of outstanding common stock at an average
market price of $10.063 (167,202)
----------
Net additional shares issuable 156,648
==========
Adjustment of shares outstanding:
Weighted average common shares outstanding 8,286,035
Net additional shares issuable 156,648
----------
Adjusted shares outstanding (B) 8,442,683
==========
Net income per common share (A) divided by (B) $ 0.23
==========
</TABLE>
15
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<CASH> 1,753
<SECURITIES> 0
<RECEIVABLES> 27,539
<ALLOWANCES> 635
<INVENTORY> 383
<CURRENT-ASSETS> 35,760
<PP&E> 161,989
<DEPRECIATION> 45,562
<TOTAL-ASSETS> 162,997
<CURRENT-LIABILITIES> 40,209
<BONDS> 63,620
0
0
<COMMON> 84
<OTHER-SE> 44,244
<TOTAL-LIABILITY-AND-EQUITY> 162,997
<SALES> 0
<TOTAL-REVENUES> 51,391
<CGS> 0
<TOTAL-COSTS> 45,241
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,404
<INCOME-PRETAX> 4,746
<INCOME-TAX> 1,938
<INCOME-CONTINUING> 2,808
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,808
<EPS-PRIMARY> .34
<EPS-DILUTED> .33
</TABLE>
