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 13 weeks ended March 27, 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 1-9256
__________________
PREMARK INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 36-3461320
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1717 Deerfield Road, Deerfield, Illinois 60015
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (847) 405-6000
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_______
As of May 5, 1999, 61,265,523 shares of the Common Stock, $1.00
par value, of the Registrant were outstanding.
<PAGE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
a) Financial Statements of Registrant
Page
Index Number
Condensed Consolidated Statement of Income
(Unaudited) for the 13 week periods ended
March 27, 1999 and March 28, 1998................ 2
Condensed Consolidated Balance Sheet
as of March 27, 1999 (Unaudited) and
December 26, 1998................................ 3
Condensed Consolidated Statement of Cash Flows
(Unaudited) for the 13 week periods ended
March 27, 1999 and March 28, 1998................ 5
Notes to Condensed Consolidated
Financial Statements (Unaudited)................. 6
The condensed consolidated financial statements of the Registrant
included herein have been prepared, without audit, pursuant to
the rules and regulations of the Securities and Exchange
Commission. Although certain information normally included in
financial statements prepared in accordance with generally
accepted accounting principles has been condensed or omitted, the
Registrant believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these
condensed consolidated financial statements be read in
conjunction with the financial statements and the notes thereto
included in the Annual Report on Form 10-K of the Registrant for
its fiscal year ended December 26, 1998.
The condensed consolidated financial statements included herein
reflect all adjustments, consisting only of normal recurring
items, which, in the opinion of management, are necessary to
present a fair statement of the results for the interim periods
presented.
The results for interim periods are not necessarily indicative of
trends or of results to be expected for a full year.
<PAGE>
PREMARK INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
13 Weeks Ended
-------------------
March 27, March 28,
1999 1998
-------- --------
(In millions, except per share data)
Net sales................................... $ 684.4 $ 616.4
-------- --------
Costs and expenses:
Cost of products sold..................... 432.1 391.1
Delivery, sales, and
administrative expense.................. 203.5 184.5
Interest expense.......................... 5.9 3.6
Interest income........................... (1.1) (1.2)
Other income, net......................... (1.0) (0.4)
-------- --------
Total costs and expenses............... 639.4 577.6
-------- --------
Income before income taxes.................. 45.0 38.8
Provision for income taxes.................. 16.9 14.9
-------- --------
Net income.................................. 28.1 23.9
Retained earnings, beginning of period...... 832.1 749.7
Cash dividends declared..................... (6.1) (5.6)
Cost of treasury stock issued
in excess of option exercise prices....... (4.8) (7.7)
-------- --------
Retained earnings, end of period............ $ 849.3 $ 760.3
======== ========
Net income per common share................. $ 0.46 $ 0.39
======== ========
Net income per common share--
assuming dilution......................... $ 0.44 $ 0.37
======== ========
Average number of common shares
outstanding............................... 61.6 61.9
======== ========
Average number of common shares
and assumed conversions................... 64.1 64.8
======== ========
Dividends declared per common share......... $ 0.10 $ 0.09
======== ========
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited).
- 2 -
<PAGE>
PREMARK INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
ASSETS
March 27,
1999 December 26,
(Unaudited) 1998
--------- ---------
(In millions)
Cash and cash equivalents................. $ 120.2 $ 147.6
Accounts and notes receivable............. 468.7 497.4
Less allowances for
doubtful accounts..................... (19.4) (20.6)
--------- ---------
449.3 476.8
Inventories............................... 460.5 455.1
Deferred income tax benefits.............. 77.2 79.9
Prepaid expenses.......................... 38.5 36.4
--------- ---------
Total current assets.................. 1,145.7 1,195.8
--------- ---------
Property, plant, and equipment............ 1,179.8 1,174.5
Less accumulated depreciation........... (622.1) (611.9)
--------- ---------
557.7 562.6
Intangibles, net of accumulated
amortization............................ 242.9 247.2
Other assets.............................. 91.4 90.3
--------- ---------
Total assets.......................... $2,037.7 $2,095.9
========= =========
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited).
- 3 -
<PAGE>
PREMARK INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
LIABILITIES AND SHAREHOLDERS' EQUITY
March 27,
1999 December 26,
(Unaudited) 1998
--------- ---------
(In millions)
Accounts payable........................... $ 136.5 $ 152.2
Short-term borrowings and current
portion of long-term debt................ 22.9 21.3
Accrued liabilities........................ 374.1 403.4
Income taxes payable....................... 14.5 12.2
--------- ---------
Total current liabilities.............. 548.0 589.1
--------- ---------
Long-term debt............................. 260.3 261.1
Accrued postretirement benefit cost........ 126.5 125.2
Other liabilities.......................... 111.3 116.9
Shareholders' equity:
Preferred stock, $1.00 par value,
authorized 50,000,000 shares;
issued -- none......................... - -
Series A Junior Participating
Preferred stock, $1.00 par value,
authorized 1,000,000 shares;
issued - none.......................... - -
Common stock, $1.00 par value,
authorized 200,000,000 shares;
issued -- 69,003,840 shares............ 69.0 69.0
Capital surplus............................ 361.5 359.7
Retained earnings.......................... 849.3 832.1
Treasury stock, 7,755,821 shares at
March 27, 1999 and 7,175,365 shares
at December 26, 1998, at cost............ (256.2) (236.7)
Unearned portion of restricted
stock issued for future service.......... (2.9) (3.4)
Accumulated other comprehensive income..... (29.1) (17.1)
--------- ---------
Total shareholders' equity............. 991.6 1,003.6
--------- ---------
Total liabilities and
shareholders' equity................. $2,037.7 $2,095.9
========= =========
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited).
- 4 -
<PAGE>
PREMARK INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
13 Weeks Ended
-------------------
March 27, March 28,
1999 1998
-------- --------
(In millions)
Cash flows from operating activities:
Net income................................ $ 28.1 $ 23.9
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization......... 22.2 19.4
Changes in assets and liabilities:
Accounts and notes receivable....... 20.3 28.7
Inventory........................... (10.3) (15.0)
Accounts payable and
accrued liabilities............... (29.8) (39.9)
Current income taxes................ (3.2) 3.5
Deferred income taxes............... 2.6 -
Prepaid expenses.................... (2.4) (3.0)
Other............................... 5.1 9.0
-------- --------
Net cash provided by
operating activities............ 32.6 26.6
-------- --------
Cash flows from investing activities:
Capital expenditures...................... (22.4) (20.3)
Business acquisitions..................... (7.5) (24.2)
Other..................................... 1.2 0.4
-------- --------
Net cash used in
investing activities............ (28.7) (44.1)
-------- --------
Cash flows from financing activities:
Net proceeds from short-term borrowings... 1.8 1.9
Repayment of long-term debt............... (1.3) (3.9)
Proceeds from exercise of stock options... 1.9 2.7
Purchase of treasury stock................ (27.2) (4.7)
Payment of dividends...................... (6.2) (5.6)
-------- --------
Net cash used in
financing activities............ (31.0) (9.6)
-------- --------
Effect of exchange rate changes on cash
and cash equivalents...................... (0.3) (0.4)
-------- --------
Net decrease in cash
and cash equivalents...................... $ (27.4) $ (27.5)
======== ========
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited).
- 5 -
<PAGE>
PREMARK INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Basis of Presentation
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with the instructions
to Form 10-Q and therefore do not include all information and
footnotes necessary for a fair presentation of financial
position, results of operations, and changes in financial
position in conformity with generally accepted accounting
principles. In the opinion of management, the unaudited
condensed consolidated financial statements include all
adjustments, consisting only of normal recurring items, necessary
for a fair presentation of financial position and results of
operations. The results of operations of any interim period are
not necessarily indicative of the results that may be expected
for a full fiscal year.
Note 2: Inventories
Inventories, by component, are summarized as follows (in
millions):
March 27, December 26,
1999 1998
----------- -----------
Finished goods.................. $ 226.2 $ 225.2
Work in process................. 40.8 16.8
Raw materials and supplies...... 193.5 213.1
-------- --------
Total inventories $ 460.5 $ 455.1
======== ========
Note 3: Comprehensive Income
The components of comprehensive income, net of related tax, for
the 13 week periods ended March 27, 1999 and March 28, 1998 are
as follows:
1999 1998
-------- --------
Net income.............................. $ 28.1 $ 23.9
Foreign currency translation
adjustments........................... (12.0) (3.5)
-------- --------
Comprehensive income.................... $ 16.1 $ 20.4
======== ========
Accumulated other comprehensive income, net of related tax
benefits, at March 27, 1999 and December 26, 1998, is comprised
solely of foreign currency translation adjustments.
Note 4: Net Income per Share
The following table sets forth the computation of basic and
diluted earnings per share.
13 Weeks Ended
--------------------
March 27, March 28,
1999 1998
-------- --------
(In millions)
Numerator for both basic and diluted
earnings per share--net income........... $ 28.1 $ 23.9
======== ========
Denominator for basic earnings per
share--weighted average shares........... 61.6 61.9
Plus: Effect of dilutive securities--
employee stock options................... 2.5 2.9
-------- --------
Denominator for diluted earnings per
share--weighted average shares and
assumed conversions...................... 64.1 64.8
======== ========
Basic earnings per share................... $ 0.46 $ 0.39
======== ========
Diluted earnings per share................. $ 0.44 $ 0.37
======== ========
Options to purchase 277,000 shares of common stock at $33.75 per
share were outstanding during 1999 but were not included in the
computation of the 1999 diluted earnings per share because the
options' exercise price was greater than the average market price
of the common shares and, therefore, the effect would be
antidilutive. Similarly, in 1998, options to purchase 778,500
shares of common stock at $32.25 per share were not included.
Note 5: Acquisitions
In the first quarter of 1999, the Food Equipment Group purchased
the Stanley Knight Corporation and KaiRak, Inc., manufacturers of
fabricated products that often include refrigeration, for $4 million
and $4.7 million, respectively, including the assumption of $1.2
million of debt at Stanley Knight.
Note 6: Segment Information
13 Weeks Ended
--------------------
March 27, March 28,
1999 1998
-------- --------
(In millions)
Net sales:
Food Equipment Group..................... $ 354.6 $ 312.9
Decorative Products Group................ 251.5 233.2
Consumer Products Group.................. 78.3 70.3
-------- --------
Total net sales............................ $ 684.4 $ 616.4
======== ========
Segment profit
Food Equipment Group..................... $ 23.0 $ 18.4
Decorative Products Group................ 22.1 18.1
Consumer Products Group.................. 7.4 7.0
-------- --------
Total segment profit....................... 52.5 43.5
Unallocated expenses..................... (2.7) (2.3)
Interest expense, net.................... (4.8) (2.4)
-------- --------
Income before income taxes................. $ 45.0 $ 38.8
======== ========
There are no intersegment sales or profit or loss. Unallocated
expenses are corporate expenses and other items not related to
the operations of the segments.
- 6 -
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The following is a discussion of the results of operations for
the 13 weeks ended March 27, 1999, compared with the 13 weeks
ended March 28, 1998, and changes in financial condition during
the 13 weeks ended March 27, 1999.
Net Sales
Net sales for the first quarter of 1999 were a record $684.4
million, an increase of 11% compared with net sales of $616.4
million in 1998. All units reported increased sales, with record
sales occurring at the Food Equipment Group, Wilsonart, Florida
Tile and Precor.
Costs and Expenses
Cost of products sold as a percentage of net sales was 63.1% for
the first quarter of 1999 compared with 63.4% in the first
quarter of 1998. The slight improvement was due to lower raw
material costs and improved manufacturing efficiencies at
Wilsonart, which more than offset higher manufacturing costs at
the recent acquisitions of the Food Equipment Group and lower
production levels at Florida Tile.
Delivery, sales and administrative expense as a percent of net
sales was 29.7% for the first quarter of 1999, comparable with
29.9% in the first quarter of 1998.
Net Interest Expense
Interest expense, net of interest income, was $4.8 million in the
first quarter of 1999 versus $2.4 million in the first quarter of
1998. The increase in net interest expense in 1999 was due to a
higher net debt position as a result of the placement of $150
million of long-term debt in November, 1998. The majority of
income on cash investments, which are held in non-interest
bearing vehicles, is included in other income for both periods.
Tax Rate
The effective tax rate was 37.5% for the first quarter of 1999,
compared with 38.5% for the first quarter of 1998, and 38% for
the year ended December 26, 1998. The decline in 1999's rate,
compared with both the first quarter of 1998 and the full year
1998, was due to lower foreign income taxes.
Net Income
Net income improved 18% to $28.1 million, or 44 cents per
diluted share, in 1999 from $23.9 million, or 37 cents per
diluted share, in 1998. A significant improvement in
profitability at the Food Equipment Group and Wilsonart, coupled
with growth at Precor, more than offset a decline at Florida Tile
and higher net interest expense.
Segment Results
Food Equipment Group
Net sales for the first quarter of 1999 were $354.6 million, an
increase of 13% compared with $312.9 million in the same period
in 1998, driven by increases in the United States and Europe and
the effect of acquisitions. The effect of a weaker U.S. dollar
was immaterial on reported results. Segment profit was $23.0
million, an increase of 25% from $18.4 million reported in the
same period in 1998, due to improvement in the United States.
International operations accounted for 37% of segment sales and
24% of segment profit for the quarter.
U.S. sales rose nearly 20% to $223.4 million on the inclusion of
the Traulsen, Baker's Aid, Stanley Knight and KaiRak acquisi-
tions, growth in all channels at Hobart, and improvements at
Vulcan-Hart and Wolf. Excluding acquisitions, sales grew 8%.
Segment profit of $17.3 million rose 45% from the first quarter
of 1998 as a result of higher sales and lower operating expenses
as a percent of sales.
European sales rose 6% for the first quarter of 1999 to $108.7
million. On a local currency basis, European sales increased 3%
for the quarter, reflecting the acquisition of MBM in the fourth
quarter of 1998 and increases in several countries, notably
Germany and France. Offsetting this growth was the absence of
sales from certain non-core product lines of Eurotec, which were
sold in the fourth quarter of 1998. Segment profit for the
sector was $5.2 million for the first quarter of 1999 versus $5.7
million for the same period last year, due to the non-repeat of
one-time non-operating items in 1998.
Sales of $22.5 million for the other international operations
fell 6% from $23.9 million in the first quarter of 1998. On a
local currency basis, sales declined less than 1%. Shortfalls in
Canada, Australia and Brazil offset an improvement in most of the
Asia Pacific countries. Segment profit for the first quarter
fell to $0.5 million from $0.8 million in 1998, as improvements
in most Asian markets were offset by lower Canadian, Brazilian
and Australian results.
Decorative Products
Net sales were $251.5 million for the first quarter of 1999, an
increase of nearly 8% compared with $233.2 million in the same
period in 1998. Segment profit of $22.1 million in the first
quarter of 1999 improved 22% from $18.1 million in the first
quarter last year.
Wilsonart reported record sales and profit for the first quarter
of 1999. Sales growth of 9% versus the same period in 1998 was
led by laminate flooring and the fourth quarter 1998 acquisition
of Direct Worktops. Absent the acquisition, sales would have
grown 5%. Segment profit rose 25% on higher volume and improved
pricing, as well as improved overseas cost structure, despite
increased expenses for new product development.
Florida Tile's sales rose 4%, reflecting increased volume in
company-owned distribution centers. However, a segment loss was
reported due to low production volume to keep inventory levels
consistent with sales, as well as higher warehouse and freight
expenses.
Consumer Products
Net sales were $78.3 million for the first quarter of 1999, an
increase of 11% compared with $70.3 million in the same period in
1998. Segment profit for the quarter was $7.4 million versus
$7.0 million last year.
West Bend's sales rose 5% from 1998. Housewares sales increased
19% from last year, led by slow cookers and drip coffee makers.
Direct-to-the-home cookware sales fell significantly, dropping
23% from 1998, reflecting lower private label volume. West
Bend's segment profit increased 10% as a result of higher
Housewares volume as well as an overall improved mix of products,
partially offset by higher operating expenses.
Precor sales grew 18% to a record level on higher elliptical
cross trainer volume and the inclusion of Pacific Fitness, a
company acquired in the fourth quarter of 1998. The unit's
segment profit rose 6% from 1998, as the higher volume offset
higher manufacturing costs and inefficiencies.
Financial Condition
During the first quarter of 1999 the company purchased Stanley
Knight Corporation and KaiRak, Inc. for $4 million and $4.7
million, respectively, including the assumption of $1.2 million
of debt at Stanley Knight. The funds used to purchase these
companies came from available cash.
Net cash provided by operating activities in the first quarter of
1999 was $32.6 million, compared with $26.6 million in the first
quarter of 1998. The increased cash generation this year
primarily reflects higher net income, as the net usage of working
capital is comparable between years.
Net cash used in investing activities in 1999 was $28.7 million,
compared with $44.1 million last year, due to fewer acquisitions
made. In 1998 the company acquired its Arborite, Resopal, Somat
and Wittco businesses for $24.2 million, while in 1999 the
company purchased Stanley Knight and KaiRak for $7.5 million.
Capital expenditures totaled $22.4 million and $20.3 million in
1999 and 1998, respectively.
Net cash used in financing activities was $31.0 million for the
first quarter of 1999 versus $9.6 million in 1998, as a result of
higher share repurchases.
The total debt-to-capital ratio at the end of the first quarter
of 1999 was 22.2%, compared with 12.0% at the end of the first
quarter of 1998 and 22.0% as of December 26, 1998. The higher
ratio as of the first quarter of 1999 and year end 1998 versus
the first quarter of 1998 is due to the increase in domestic
long-term debt as a result of the issuance of $150 million of 10
year notes in November 1998.
Working capital as of March 27, 1999, decreased by $9.0 million
from December 26, 1998. The largest changes among the components
of working capital were a decrease in cash and cash equivalents
and accounts and notes receivable, partially offset by lower
accounts payable and accrued liabilities.
As of March 27, 1999, unused lines of credit were approximately
$418.0 million, including $250 million under a revolving credit
agreement that expires in October 2002. Future cash flows,
lines of credit and other short-term financing are expected to be
adequate to fund operating and investing activities.
In August 1996, the company announced it would repurchase 6
million of its shares, with volume and timing to depend on market
conditions. Purchases will be made in the open market or through
other transactions and will be financed through available cash,
cash flow from operations or issuance of additional debt. Under
this plan, through March 27, 1999, and May 5, 1999, respectively,
the company has repurchased 4,349,000 shares and 4,499,000 shares
at an average cost of $29 per share for both periods.
Year 2000
As is more fully described in the company's annual report on Form
10K for the fiscal year ended December 26, 1998, the company is
modifying or replacing portions of its software as well as
certain hardware to enable continued operations beyond
December 31, 1999. As of March 27, 1999, the company anticipates
that most of this effort will be completed by mid-1999.
The total cost of the company's Year 2000 activities is currently
estimated to be $17 million, which represents no change from that
estimated at December 26, 1998. Management's assessment of the
risks associated with the Year 2000 project are unchanged from
that described in the 1998 annual report.
The company's plans to complete the Year 2000 modifications are
based on management's best estimates, which are based on numerous
assumptions about future events including the continued
availability of certain resources and other factors. There can
be no guarantee that these estimates will be achieved, however,
and actual results could differ materially from those
anticipated.
Cautionary Statement
The information above and in the company's annual report contains
forward-looking statements, including, without limitation,
statements relating to the company's plans, strategies,
objectives, expectations, intentions, and adequate resources that
are made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The safe harbor
provisions are intended to encourage companies to provide
prospective information about their companies. Readers are
cautioned that forward-looking statements about Year 2000 and
other matters should be read with the following understanding.
Forward-looking statements speak only as of the date on which
they are made, are not representations of future actions or
results, and caution should be used in considering them in making
investment decisions. Actual results and experience may differ
materially from the forward-looking statements as a result of
many factors, including changes in the economic conditions in the
markets served by the company, increasing competition,
fluctuation in raw materials and energy prices, and other
unanticipated events and conditions. It is not possible to
foresee or identify all such factors. The company makes no
commitment to update any forward- looking statement or to
disclose any facts, events or circumstances after the date hereof
that may affect the accuracy of any forward-looking statement.
<PAGE>
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits (numbered in accordance with Item 601 of
Regulation S-K)
(27) A Financial Data Schedule for the first quarter
of 1999 is filed as an exhibit to this Report
(b) Reports on Form 8-K
During the quarter, the Registrant did not file any
current Reports on Form 8-K.
<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.
PREMARK INTERNATIONAL, INC.
By: John M. Costigan
-------------------------
Senior Vice President,
General Counsel and Secretary
By: Lawrence B. Skatoff
-------------------------
Senior Vice President and
Chief Financial Officer
Deerfield, Illinois
May 6, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
(27) A Financial Data Schedule for the first fiscal
quarter of 1999 is filed as an exhibit to this
Report.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM PREMARK
INTERNATIONAL, INC.'S FIRST QUARTER 1999 FINANCIAL STATEMENTS AS FILED IN ITS
QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-25-1999
<PERIOD-START> DEC-27-1998
<PERIOD-END> MAR-27-1999
<CASH> 120,200
<SECURITIES> 0
<RECEIVABLES> 468,700
<ALLOWANCES> 19,400
<INVENTORY> 460,500
<CURRENT-ASSETS> 1,145,700
<PP&E> 1,179,800
<DEPRECIATION> 622,100
<TOTAL-ASSETS> 2,037,700
<CURRENT-LIABILITIES> 548,000
<BONDS> 260,300
0
0
<COMMON> 69,000
<OTHER-SE> 922,600
<TOTAL-LIABILITY-AND-EQUITY> 2,037,700
<SALES> 684,400
<TOTAL-REVENUES> 684,400
<CGS> 432,100
<TOTAL-COSTS> 432,100
<OTHER-EXPENSES> (1,000)
<LOSS-PROVISION> 900
<INTEREST-EXPENSE> 5,900
<INCOME-PRETAX> 45,000
<INCOME-TAX> 16,900
<INCOME-CONTINUING> 28,100
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,100
<EPS-PRIMARY> 0.46
<EPS-DILUTED> 0.44
</TABLE>
