UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the period ended October 31, 1998
Commission File Number 0-14998
Travel Ports of America, Inc.
-----------------------------
New York 16-1128554
-------- ----------
3495 Winton Place, Building C, Rochester, New York 14623
716-272-1810
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. [ X ] Yes [ ] No
Class Outstanding at October 31, 1998
----- -------------------------------
Common Stock, Par Value
$.01 Per Share 6,537,267
TRAVEL PORTS OF AMERICA, INC.
INDEX
Page
PART I Financial Information
Consolidated Balance Sheets, October 31, 1998 (unaudited)
And April 30,
1998..................................................................3
Consolidated Statements of Income (unaudited), quarter and six
months ended October 31, 1998 and 1997..........................4
Consolidated Statements of Cash Flows (unaudited), six months
ended October 31, 1998 and 1997.................................5
Notes to Financial Information........................................6
Management's Discussion and Analysis of Financial
Condition and Results of Operations.................................7
PART II Other Information
Index to Exhibits and Legal Proceedings..............................10
Signatures.................................................................15
TRAVEL PORTS OF AMERICA, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
10/31/98 4/30/98
ASSETS
CURRENT ASSETS:
CASH AND EQUIVALENTS $2,973,535 $4,082,203
ACCOUNTS RECEIVABLE, LESS ALLOWANCE
FOR DOUBTFUL ACCOUNTS OF $203,000 AT
OCTOBER 1998 AND $158,000 AT APRIL 1998 4,786,583 4,167,966
NOTES RECEIVABLE 32,118 30,346
INVENTORIES 6,298,484 5,726,512
PREPAID AND OTHER CURRENT ASSETS 868,935 884,864
INCOME TAXES RECEIVABLE 170,239 214,676
DEFERRED TAXES - CURRENT 532,000 532,000
----------- -----------
TOTAL CURRENT ASSETS 15,661,894 15,638,567
NOTES RECEIVABLE, DUE AFTER ONE YEAR 559,807 575,548
PROPERTY, PLANT AND EQUIPMENT, NET 45,036,217 44,597,242
COST IN EXCESS OF UNDERLYING NET ASSET
VALUE OF ACQUIRED COMPANIES 1,808,021 1,840,116
OTHER ASSETS, NET 1,981,348 2,161,255
----------- -----------
$65,047,287 $64,812,728
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
CURRENT PORTION OF LONG-TERM DEBT $3,413,068 $3,336,265
ACCOUNTS PAYABLE 7,840,932 6,669,874
ACCOUNTS PAYABLE - AFFILIATE 236,263
INCOME TAXES PAYABLE
ACCRUED COMPENSATION 1,578,416 1,900,184
ACCRUED SALES AND FUEL TAX 1,762,362 1,806,814
ACCRUED EXPENSES AND OTHER
CURRENT LIABILITIES 1,177,393 938,720
----------- -----------
TOTAL CURRENT LIABILITIES 15,772,171 14,888,120
LONG TERM DEBT 20,456,077 22,322,369
CONVERTIBLE SUBORDINATED DEBENTURES 5,459,167 6,054,167
DEFERRED INCOME TAXES 2,647,400 2,647,400
----------- -----------
TOTAL LIABILITIES 44,334,815 45,912,056
=========== ===========
SHAREHOLDERS' EQUITY
COMMON STOCK, $.01 PAR VALUE AUTHORIZED
- 10,000,000 SHARES, ISSUED AND OUTSTANDING
AT OCTOBER 31, 1998 - 6,537,267 AND
APRIL 30, 1998 - 6,302,596 65,373 63,026
ADDITIONAL PAID-IN CAPITAL 7,966,441 7,337,021
RETAINED EARNINGS 12,680,658 11,500,625
----------- -----------
TOTAL SHAREHOLDERS' EQUITY 20,712,472 18,900,672
----------- -----------
$65,047,287 $64,812,728
=========== ===========
<TABLE>
TRAVEL PORTS OF AMERICA, INC.
CONSOLIDATED STATEMENT OF INCOMES
(UNAUDITED)
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
QUARTER ENDED SIX MONTHS ENDED
OCTOBER OCTOBER FIRST QUARTER
1998 1997 1998 1997 1998 1997
NET SALES AND OPERATING REVENUE $52,303,315 $54,732,274 $105,214,052 $111,130,059 $52,910,737 $56,397,785
COST OF GOODS SOLD 40,051,233 42,246,294 79,599,844 85,283,116 39,548,611 43,036,822
------------ ------------- ------------ -------------------------------------
GROSS PROFIT 12,252,082 12,485,980 25,614,208 25,846,943 13,362,126 13,360,963
------------ ------------- ------------ -------------------------------------
OPERATING EXPENSE 9,792,335 9,330,000 19,656,821 19,092,266 9,864,486 9,762,266
GENERAL AND ADMINISTRATIVE EXPENSE 1,375,477 1,250,790 2,682,018 2,560,095 1,306,541 1,309,305
INTEREST EXPENSE 731,782 790,885 1,477,400 1,600,607 745,618 809,722
OTHER INCOME, NET (33,143) (136,165) (76,764) (194,436) (43,621) (58,271)
------------ ------------- ------------ -------------------------------------
11,866,451 11,235,510 23,739,475 23,058,532 11,873,024 11,823,022
------------ ------------- ------------ -------------------------------------
INCOME BEFORE TAXES 385,631 1,250,470 1,874,733 2,788,411 1,489,102 1,537,941
PROVISION FOR TAXES ON INCOME 118,900 517,700 694,700 1,154,400 575,800 636,700
============ ============= ============ =====================================
NET INCOME $266,731 $732,770 $1,180,033 $1,634,011 $913,302 $901,241
============ ============= ============ =====================================
PER SHARE DATA:
NET INCOME PER SHARE - BASIC $0.04 $0.12 $0.18 $0.27 $0.14 $0.15
============ ============= ============ =====================================
NET INCOME PER SHARE - DILUTED $0.04 $0.10 $0.15 $0.22 $0.11 $0.12
============ ============= ============ =====================================
SHARES OUTSTANDING - BASIC 6,537,267 6,063,297 6,534,168 6,055,517 6,531,069 6,047,737
============ ============= ============ =====================================
SHARES OUTSTANDING - DILUTED 8,587,192 8,256,970 8,604,562 8,147,997 8,626,136 8,039,023
============ ============= ============ =====================================
</TABLE>
<TABLE>
TRAVEL PORTS OF AMERICA, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED OCTOBER 31
1998 1997
OPERATING ACTIVITIES:
NET INCOME $1,180,033 $1,634,011
DEPRECIATION AND AMORTIZATION 1,881,073 1,722,108
CHANGES IN OPERATING ASSETS AND LIABILITIES -
ACCOUNTS RECEIVABLE (618,617) (447,719)
INVENTORIES (571,972) (652,726)
PREPAID AND OTHER CURRENT ASSETS 15,929 220,888
ACCOUNTS PAYABLE 934,795 1,657,462
ACCRUED COMPENSATION (321,768) (103,679)
ACCRUED SALES AND FUEL TAX (44,452) 234,390
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 243,672 (105,735)
INCOME TAXES PAYABLE/RECEIVABLE 44,437 1,026,088
OTHER NON-CURRENT ASSETS 110,387 78,217
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,853,517 5,263,305
----------- -----------
INVESTING ACTIVITIES:
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT (2,223,680) (3,701,238)
PROCEEDS FROM DISPOSITION OF PROPERTY,
PLANT AND EQUIPMENT 5,248 14,879
NET PROCEEDS RECEIVED ON NOTES RECEIVABLE 13,969 10,068
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES (2,204,463) (3,676,291)
----------- -----------
FINANCING ACTIVITIES:
PRINCIPAL PAYMENTS ON LONG-TERM DEBT (1,789,489) (1,791,972)
PROCEEDS FROM LONG-TERM BORROWING
PRINCIPAL PAYMENT ON DEBENTURES (11,000)
PROCEEDS FROM EXERCISE OF STOCK OPTIONS/WARRANTS 42,767 60,192
NET CASH (USED IN) PROVIDED BY
----------- -----------
FINANCING ACTIVITIES (1,757,722) (1,731,780)
----------- -----------
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS (1,108,668) (144,766)
CASH AND EQUIVALENTS - BEGINNING OF PERIOD 4,082,203 3,134,871
=========== ===========
CASH AND EQUIVALENTS - END OF PERIOD $2,973,535 $2,990,105
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
CASH PAID DURING THE PERIOD:
INTEREST PAID $1,498,659 $1,710,405
INCOME TAXES PAID $585,100 $517,700
</TABLE>
TRAVEL PORTS OF AMERICA, INC.
NOTES TO FINANCIAL INFORMATION
OCTOBER 31, 1998
NOTE 1 BASIS OF PRESENTATION
The unaudited consolidated financial information has been prepared in accordance
with the Summary of Accounting Policies of the Company as outlined in Form 10-K
filed for the year ended April 30, 1998, and should be read in conjunction with
the Notes to Financial Statements appearing therein. The consolidated financial
information includes the accounts of Travel Ports of America, Inc. and its
wholly owned subsidiaries, Travel Port Franchising, Inc. and Travel Port
Systems, Inc., after elimination of all significant intercompany transactions.
In the opinion of management, the unaudited financial information contains all
adjustments (consisting only of normal recurring adjustments) necessary to
present fairly the Company's financial position as of October 31, 1998 and for
the three months and six months ended October 31, 1998 and 1997. The financial
information is based in part on estimates and has not been audited by
independent accountants. PricewaterhouseCoopers LLP will audit the annual
statements.
NOTE 2 INVENTORIES
Major classifications of inventories are as follows:
October 31, 1998 April 30, 1998
At first-in, first-out (FIFO) cost:
Petroleum Products $1,264,350 $ 837,080
Store Merchandise 2,544,665 2,385,387
Parts for repairs and tires 1,869,072 1,823,610
Other 620,397 680,435
---------- ----------
$6,298,484 $5,726,512
NOTE 3 EARNINGS PER SHARE
Basic EPS excludes the effect of common stock equivalents and is computed by
dividing income available to common shareholders by the weighted average of
common shares outstanding for the period. Diluted EPS reflects the potential
dilution that could result if securities or other contracts to issue common
stock were exercised or converted into common stock.
For quarter ended October 31
1998 1997
BASIC EARNINGS PER SHARE:
Income applicable to common stock $ 266,731 $ 732,770
Weighted average common stock outstanding 6,537,267 6,063,297
Basic earnings per common share $ .04 $ .12
DILUTED EARNINGS PER SHARE:
Income applicable to common stock $ 266,731 $ 732,770
interest expense on convertible debentures 68,693 59,288
----------- -----------
$ 335,424 $ 792,058
=========== ===========
Weighted average common stock outstanding 6,537,267 6,063,297
Options and warrants 192,451 419,114
Convertible debentures 1,857,474 1,774,559
8,587,192 8,256,970
Diluted earnings per common share $ .04 $ .10
=========== ===========
For six months ended October 31
1998 1997
BASIC EARNINGS PER SHARE:
Income applicable to common stock $1,180,033 $1,634,011
Weighted average common stock outstanding 6,534,168 6,055,517
Basic earnings per common share $ .18 $ .27
DILUTED EARNINGS PER SHARE:
Income applicable to common stock $1,180,033 $1,634,011
interest expense on convertible debentures 138,871 118,576
---------- ----------
$1,318,904 $1,752,587
Weighted average common stock outstanding 6,534,168 6,055,517
Options and warrants 212,920 317,921
Convertible debentures 1,857,474 1,774,559
8,604,562 8,147,997
Diluted earnings per common share $ .15 $ .22
========== ==========
NOTE 4 FINANCING AGREEMENTS
The Company's primary lending institution has renewed its commitment for the
Company's existing line of credit until September 28, 1999. The regular line of
credit is limited to the lesser of $3,750,000 or the sum of 80% of the Company's
accounts receivable under 90 days old, plus 45% of the Company's inventory. As
of July 31, 1998, the Company has utilized $200,000 of its available line of
credit as collateral for various letters of credit. In addition the Company has
$4,500,000 for a capital line of credit available from its primary lender. The
capital line of credit calls for interest only at prime plus 1/4% until
September 28, 1999. At that time the line can be repaid or amortized over 42
months with interest at prime plus or LIBOR plus interest rate based upon funded
debt to EBITDA. No advances have been made against the capital line of credit.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS:
Second Quarter ended October 31, 1998 and 1997
Sales from operations were $52,303,315 for the second quarter of fiscal 1999,
down $2,428,959, or 4.4%, from the second quarter of last year. Lower retail
selling prices on diesel fuel, as a result of lower fuel costs, reduced sales
revenues by $4,536,000 in fiscal 1999. Diesel gallons increased 9.4%, restaurant
revenues increased by 8.1%, store revenues increased by 6.9% and shop revenues
increased by 2.3%.
Gross profit for the second quarter was $12,252,082, a decrease of $233,898, or
1.9%, from the prior year. Diesel fuel gross profit decreased $724,000 as a
result of lower retail margins from competitive pressure ($338,000) and a loss
from inventory hedging activity resulting from lower fuel cost and the future
positions the Company held ($588,000), offset by gross profit from increased
gallons ($202,000). Restaurants, stores and motels showed improvement over last
year offsetting the reduced margin from diesel.
Operating expenses of $9,792,335 for the second quarter increased $462,335, or
5.0% as compared to last year. Major increases were in wages and benefits of
$194,000 as a result of annual compensation increases. Utilities, depreciation,
real estate taxes, insurance, equipment rental and maintenance increased
$224,000.
General and administrative expenses for the quarter of $1,375,477 increased
$124,687 or 10.0% from last year. The increase related primarily from increased
compensation and benefits. Interest expense declined $59,103 or 7.5% when
compared with last year as a result of lower debt and lower rates on the
variable portion of debt. Other income declined from last year as a result of
last year having some one-time items.
Six months ended October 31, 1998 and 1997
Sales from operations were $105,214,052 for the first six months of fiscal 1999,
down $5,916,007, or 5.3%, from the first six months of last year. As noted for
the quarter, lower selling prices for diesel fuel, as a result of lower fuel
costs, had a negative impact on revenues in the amount of $8,359,000. Diesel
gallons increased 9.1%, restaurant revenues increased by 4.4%, store revenues
increased by 4.0% and shop revenues increased by 3.1%.
Gross profit for the first six months was $25,614,208, a decrease of $232,735,
or .9%, from the prior year. Diesel fuel gross profit decreased $1,048,000 as a
result of lower retail margins from competitive pressure ($523,000) and a loss
from inventory hedging activity resulting from lower fuel costs and the futures
position the Company held ($768,000), offset by gross profit from increased
gallons ($243,000). Restaurants, stores, shops and motels showed improvement
over last year offsetting the reduced margin from diesel.
Operating expenses of $19,656,8216 for the first six months were $564,555 or
3.0% more than last year. Major increases were in wages and benefits of $344,000
as a result of annual compensation increases. Utilities, depreciation, real
estate taxes, insurance, equipment rental and maintenance increased $310,000.
General and administrative expenses for the first six months of $2,682,018
increased $121,923 or 4.8% from last year. The increase relates primarily to
increased compensation and benefits. Interest expense decreased from last year
by $123,207 as a result of decreased level of debt and lower rates on the
variable portion of debt. Other income declined as noted for the quarter.
The Company has completed a review of its operational and financial systems and
believe all areas except one to be Year 2000 compliant. New software is being
acquired for its accounting systems. The new system is Year 2000 compliant and
was implemented during the quarter ended October 31, 1998.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
The Company's cash position decreased by $1,108,668 to $2,973,535 during the six
months ended October 31, 1998. Overall operating activities for the six months
ended October 31, 1998 provided $2,853,517 in cash compared to last year's
$5,263,305 with the decrease primarily a result of operating activity. Accounts
receivable increased $618,617 as a result of greater sales activity in October
versus April. Inventories increased $571,972 to support the increased sales.
Accounts payable increased $934,795 primarily as a result of greater
inventories.
Investing activities resulted in a net use of $2,204,463. Capital expenditures
during the first six months of the current fiscal year were $2,223,680.
Renovation projects continued at several locations.
Financing activities for the first six months of the current fiscal year
resulted in a net use of $1,757,722, primarily the result of principal payments
on debt.
The Company's primary lending institution has renewed its commitment for the
Company's existing line of credit until September 28, 1999. The regular line of
credit is limited to the lesser of $3,750,000 or the sum of 80% of the Company's
accounts receivable under 90 days old, plus 45% of the Company's inventory. As
of July 31, 1998, the Company has utilized $200,000 of its available line of
credit as collateral for various letters of credit. In addition the Company has
$4,500,000 for a capital line of credit available from its primary lender. The
capital line of credit calls for interest only at prime plus 1/4% until
September 28, 1999. At that time the line can be repaid or amortized over 42
months with interest at prime plus or LIBOR plus interest rate based upon funded
debt to EBITDA. No advances have been made against the capital line of credit.
Authorized, but unissued stock is available for financing needs; however, there
are no current plans to use this source.
TRAVEL PORTS OF AMERICA, INC.
PART II -- OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
The Company is not presently a party to any litigation (i) that is not covered
by insurance or (ii) which singly or in the aggregate would have a material
adverse effect on the Company's financial condition and results of operations,
and management has no knowledge that any other litigation has been threatened.
Item 2. CHANGES IN SECURITIES
None
Item 3. DEFAULTS UPON SENIOR SECURITIES
None
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
Item 5. OTHER INFORMATION
None
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) EXHIBITS
(2) Plan of acquisition, reorganization, agreement, liquidation, or
succession
Not applicable
(3) Articles of Incorporation and By-laws
Exhibit 3-a and exhibit 3-b to the Company's Registration Statement
on Form S-18, File No. 33-7870-NY are incorporated herein by reference
with respect to the Restated Certificate of Incorporation and By-laws of
the Company.
Certificate of Amendment of Certificate of Incorporation changing
the name of the Corporation, is incorporated herein by reference to
Exhibit 3-c of the Company's report of Form 10-K dated July 27, 1993.
(4) Instruments defining the rights of security holders, including
indentures
Exhibit 4-a, Form of Common Stock Certificate, to the Company's
Registration Statement on Form S-18, File No. 33-7870-NY is incorporated
herein by reference with respect to instruments defining the rights of
security holders.
Exhibit 4-c, Form of Indenture dated as of January 24, 1995, between
Travel Ports of America, Inc. and American Stock Transfer and Trust
Company, as Trustee, with respect to up to $5,000,000 principal amount of
8.5% Convertible Senior Subordinated Debentures due January 15, 2005 is
incorporated by reference to Exhibit 4-c to the Company's Current Report
on Form 8-K dated February 15, 1995.
Exhibit 4-d, Form of Warrant to purchase Common Stock is
incorporated by reference to Exhibit 4-d to the Company's Current Report
on Form 8-K dated February 15, 1995.
Exhibit 4-e, Form of Indenture as of December 4, 1997, between
Travel Ports of America, Inc. and Cephas Capital Partners, L.P., with
respect to $2,000,000 principal amount of 7.81% Convertible Subordinated
Debentures due December 4, 2007, is incorporated by reference to Exhibit
4-e to the Company's Form 10-Q dated December 12, 1997.
Exhibit 4-f, Form of Warrant to purchase Common Stock is
incorporated by reference to Exhibit 4-e to the Company's Form 10-Q dated
December 12, 1997.
(11) Statement re: computation of earnings per share
Computation of earnings per share is set forth in Exhibit (11) on
page 13 of this report.
(15) Letter re: unaudited interim financial information
Not applicable
(18) Letter re: change in accounting principals
Not applicable
(19) Previously unfiled documents
None
(20) Report furnished to security holders
Not applicable
(22) Published report regarding matters submitted to vote of security
holders
None
(23) Consents of experts and counsel
Not applicable
(24) Power of attorney
None
(27) Supplemental Financial Information
Exhibit (27) on page 16 of this report.
(99) Additional exhibits
None
(b) REPORT ON FORM 8-K
None
EXHIBIT (11)
COMPUTATION OF BASIC EARNINGS PER SHARE
FOR THE QUARTER ENDED OCTOBER 31, 1998
Net income per share was computed by dividing net income by the weighted average
number of common shares outstanding.
Shares outstanding at end of August - October 6,537,267
---------
Average number of shares outstanding 6,537,267
=========
Net income per basic share $.04
====
COMPUTATION OF DILUTED EARNINGS PER SHARE
FOR THE QUARTER ENDED OCTOBER 31, 1998
Net income per share was computed by dividing net income, adjusted for debenture
interest, by the weighted average number of common shares outstanding and common
stock equivalents.
Total Options
and Warrants Average Average
Qtr. Ended Below Market Exercise Price Market Price Shares
10/31/98 700,957 $2.10 $2.896 192,451
Average number of shares outstanding 6,537,267
8.5% convertible debenture 1,354,962
7.81% convertible debenture 502,512
---------
8,587,192
=========
Net income for quarter ended 10/31/98 $ 266,731
Interest on convertible debentures 68,693
----------
$ 335,424
==========
Net income per diluted share $ .04
==========
COMPUTATION OF BASIC EARNINGS PER SHARE
---------------------------------------
FOR THE SIX MONTHS ENDED OCTOBER 31, 1998
Net income per share was computed by dividing net income by the weighted average
number of common shares outstanding.
Shares outstanding at end of May 6,521,672
Shares outstanding at end of June/July 6,535,767
Shares outstanding at end of August - October 6,537,267
---------
Average number of shares outstanding 6,534,168
Net income per basic share $.18
====
COMPUTATION OF DILUTED EARNINGS PER SHARE
FOR THE SIX MONTHS ENDED OCTOBER 31, 1998
Net income per share was computed by dividing net income, adjusted for debenture
interest, by the weighted average number of common shares outstanding and common
stock equivalents.
Total Options
and Warrants Average Average
Qtr. Ended Below Market Exercise Price Market Price Shares
7/31/98 816,937 $2.217 $3.104 233,388
10/31/98 700,957 $2.10 $2.896 192,451
Average common stock equivalents 212,920
Average number of shares outstanding 6,534,168
8.5% convertible debenture 1,354,962
7.81% convertible debenture 502,512
----------
8,604,562
=========
Net income for six months ended 10/31/98 $1,180,033
Interest on convertible debentures 138,871
----------
$1,318,904
==========
Net income per diluted share $ .15
==========
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.
TRAVEL PORTS OF AMERICA, INC.
Date: December 15, 1998 s/ John M. Holahan
John M. Holahan, President
Date: December 15, 1998 s/ William Burslem III
William Burslem III
Vice President
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000798935
<NAME> TRAVEL PORTS OF AMERICA, INC.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> OCT-31-1998
<CASH> 2,973,535
<SECURITIES> 0
<RECEIVABLES> 4,990,070
<ALLOWANCES> 203,487
<INVENTORY> 6,298,484
<CURRENT-ASSETS> 15,661,894
<PP&E> 72,900,013
<DEPRECIATION> 27,863,796
<TOTAL-ASSETS> 65,047,287
<CURRENT-LIABILITIES> 15,772,171
<BONDS> 25,915,244
0
0
<COMMON> 65,373
<OTHER-SE> 20,647,099
<TOTAL-LIABILITY-AND-EQUITY> 65,047,287
<SALES> 105,214,052
<TOTAL-REVENUES> 105,214,052
<CGS> 79,599,844
<TOTAL-COSTS> 79,599,844
<OTHER-EXPENSES> 22,288,023
<LOSS-PROVISION> 50,816
<INTEREST-EXPENSE> 1,477,400
<INCOME-PRETAX> 1,874,733
<INCOME-TAX> 694,700
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,180,033
<EPS-PRIMARY> .18
<EPS-DILUTED> .12
</TABLE>
