SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
F0RM 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 JUNE 30, 1996
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: 33-64788
ASSOCIATED MATERIALS INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Delaware 75-1872487
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation of Organization) Identification No.)
2200 Ross Avenue, Suite 4100 East, Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (214)220-4600
Not Applicable
Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report
Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 of 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 [ ]
Shares of Common Stock, $.0025 par value outstanding at August 14, 1996:
4,893,504
Shares of Class B Common Stock, $.0025 par value outstanding at August 14, 1996:
2,700,000
<PAGE>
ASSOCIATED MATERIALS INCORPORATED
FORM 10-Q
FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 1996
PAGE
No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets............................................................ 1
June 30, 1996 (Unaudited) and December 31, 1995
Statements of Operations (Unaudited)...................................... 2
Quarter and six months ended June 30, 1996 and 1995
Statements of Cash Flows (Unaudited)...................................... 3
Six Months ended June 30, 1996 and 1995
Notes to Financial Statements............................................. 4
Item 2. Management's Discussion and Analysis of Results of Operations
and Financial Condition........................................... 6
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security-Holders................10
Item 6. Exhibits and Reports on Form 8-K...................................10
SIGNATURES ..................................................................11
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
ASSOCIATED MATERIALS INCORPORATED
BALANCE SHEETS
(In Thousands, Except Share Data)
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash............................................................... $ 3,384 $ 2,279
Accounts receivable, net .......................................... 54,173 48,755
Inventories........................................................ 58,838 55,922
Income taxes receivable............................................ 761 427
Other current assets............................................... 2,450 1,967
--------- ---------
Total current assets.................................................. 119,606 109,350
Property, plant and equipment, net.................................... 52,223 49,566
Investment in Amercord Inc............................................ 10,631 9,596
Deferred tax asset.................................................... - 118
Other assets.......................................................... 3,239 3,423
--------- ---------
Total assets.......................................................... $185,699 $172,053
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank overdrafts ................................................. $ 7,338 $ 6,047
Accounts payable................................................... 24,727 14,489
Accrued liabilities................................................ 23,205 22,342
Revolving line of credit........................................... 19,209 18,171
Current portion of long-term debt.................................. 1,750 1,750
--------- ---------
Total current liabilities............................................. 76,229 62,799
Deferred income taxes................................................. 31 -
Other liabilities..................................................... 3,666 3,848
Long-term debt........................................................ 81,250 82,100
Stockholders' equity:
Preferred stock, $.01 par value;
Authorized shares, 100,000 at June 30, 1996 and
December 31, 1995 Issued and outstanding shares
- 0 at June 30, 1996 and December 31, 1995...................... - -
Common stock, $.0025 par value:
Authorized shares - 15,000,000
Issued and outstanding shares - 4,893,504 at June 30, 1996 and
4,832,000 at December 31, 1995................................. 12 12
Common stock, Class B, $.0025 par value:
Authorized, issued and outstanding shares -
2,700,000 at June 30, 1996 and December 31, 1995............... 7 7
Capital in excess of par........................................... 185 67
Retained earnings..................................................... 24,319 23,220
-------- --------
Total stockholders' equity......................................... 24,523 23,306
Total liabilities and stockholders' equity............................ $185,699 $172,053
======== ========
</TABLE>
See accompanying notes.
1
ASSOCIATED MATERIALS INCORPORATED
STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Quarter Ended Six Months Ended
JUNE 30, JUNE 30,
----------------------- ---------------------------
1996 1995 1996 1995
------- ------ -------- --------
<S> <C> <C> <C> <C>
Net sales ................................................... $95,933 $93,676 $161,359 $164,998
Cost of sales ............................................... 67,253 69,813 118,124 125,162
------- ------ -------- --------
28,680 23,863 43,235 39,836
Selling, general and administrative expense ................. 19,670 18,354 37,447 35,867
------- ------ -------- --------
Income from operations ...................................... 9,010 5,509 5,788 3,969
Interest expense ............................................ 2,768 2,965 5,546 5,781
------- ------ -------- --------
6,242 2,544 242 (1,812)
Equity in earnings of Amercord Inc. ......................... 881 278 1,035 428
------- ------ -------- --------
Income (loss) before income tax expense ..................... 7,123 2,822 1,277 (1,384)
Income tax expense (benefit) ................................ 2,552 1,033 179 (687)
------- ------ -------- --------
Net Income (loss) ........................................... 4,571 1,789 1,098 (697)
Earnings (loss) per common share ............................ $ 0.59 $ 0.23 $ 0.14 $ (0.09)
Weighted average common and common
equivalent shares outstanding ............................. 7,716 7,726 7,716 7,726
</TABLE>
See accompanying notes.
2
ASSOCIATED MATERIALS INCORPORATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In Thousands)
<TABLE>
<CAPTION>
Six -Months Ended JUNE 30,
---------------------
1996 1995
--------- -------
<S> <C> <C>
OPERATING ACTIVITIES
Net income (loss).......................................................... $1,098 $ (697)
Adjustments to reconcile net income to net cash used by
operating activities:
Depreciation and amortization............................................ 2,895 2,609
Deferred income taxes.................................................... 149 (41)
Equity in earnings of Amercord Inc....................................... (1,035) (428)
Changes in operating assets and liabilities:
Accounts receivable, net............................................... (5,418) (5,049)
Inventories............................................................ (2,916) (8,265)
Income taxes receivable................................................ (334) (903)
Bank overdrafts........................................................ 1,291 1,301
Accounts payable and accrued liabilities............................... 11,101 6,740
Other assets and liabilities........................................... (736) (1,135)
--------- -------
Net cash provided by (used in) by operating activities..................... 6,095 (5,868)
INVESTING ACTIVITIES
Additions to property, plant and equipment, net............................ (5,296) (4,229)
FINANCING ACTIVITIES
Net increase in revolving line of credit................................... 1,038 11,610
Principal payments of long-term debt....................................... (850) (850)
Exercise of common stock options and related tax benefits.................. 118 -
--------- -----------
Net cash provided by financing activities.................................. 306 10,760
Net increase (decrease) in cash............................................ 1,105 663
Cash at beginning of period................................................ 2,279 1,702
--------- --------
Cash at end of period...................................................... $ 3,384 $ 2,365
======== ========
Supplemental information:
Cash paid for interest..................................................... $ 5,545 $ 5,765
======== ========
Net cash paid for income taxes.............................................$ 243 $ 494
========= =========
</TABLE>
See accompanying notes.
3
ASSOCIATED MATERIALS INCORPORATED
NOTES TO FINANCIAL STATEMENTS
FOR THE QUARTER AND SIX MONTHS ENDED JUNE, 1996
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
The unaudited financial statements of Associated Materials Incorporated (the
"Company") as of and for the quarter and six months ended June 30, 1996 have
been prepared in accordance with generally accepted accounting principles for
interim financial reporting, the instructions to Form 10-Q, and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. These financial statements should be read in conjunction
with the audited financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1995 filed
with the Securities and Exchange Commission. In the opinion of management, all
adjustments (consisting of normal recurring adjustments) considered necessary
for a fair presentation of the interim financial information have been included.
The results of operations for any interim period are not necessarily indicative
of the results of operations for a full year.
NOTE 2 - INVENTORIES
Inventories are valued at the lower of cost (first in, first out) or market.
Inventories consist of the following (in thousands):
June 30, December 31,
1996 1995
------- -------
Raw materials .................................... $12,678 $12,962
Work in process .................................. 6,303 6,175
Finished goods and purchased stock ............... 39,857 36,785
------- -------
$58,838 $55,922
NOTE 3- INVESTMENT IN AMERCORD INC. ("AMERCORD")
The Company's investment in Amercord, a 50% owned affiliate, is accounted for
using the equity method. Condensed statements of operations for Amercord are
presented below (in thousands):
Quarter Ended Six Months Ended
JUNE 30, JUNE 30,
---------------- ------------------
1996 1995 1996 1995
------- ------- ------- -------
Net sales ............................. $21,956 $20,293 $43,941 $40,696
Costs and expenses .................... 20,616 18,937 41,638 38,374
Income from operations ................ 1,340 1,356 2,303 2,322
Interest expense ...................... 441 474 915 963
Income tax expense .................... 333 326 514 503
------- ------- ------- -------
Net income before cumulative effect of
a change in accounting principle .. 566 556 874 856
Cumulative effect of a change in
accounting principle (net of tax) . 1,196 -- 1,196 --
------- ------- ------- -------
Net income ............................ $ 1,762 $ 556 $ 2,070 $ 856
======= ======= ======= =======
Company's share of net income ......... $ 881 $ 278 $ 1,035 $ 428
======= ======= ======= =======
4
In June of 1996, Amercord changed its accounting policy with respect to certain
maintenance parts. Previously, these items were expensed immediately upon
purchase. Amercord now capitalizes these parts when purchased and expenses them
when used in production. The new method of accounting for such items was adopted
to better match new production expenses with their related consumption in the
production cycle.
NOTE 4 - EARNINGS PER COMMON SHARE
Earnings per common share computations are based on weighted average common and
common equivalent shares outstanding during the periods presented, determined
using the treasury stock method. Fully diluted earnings per common share are not
significantly different than primary earnings per common share.
NOTE 5 - AMENDMENT OF REVOLVING CREDIT AGREEMENT
In April 1996, the Company amended and restated its bank credit agreement to
increase the total credit facility to $50 million through May 31, 1999. The
amended and restated agreement otherwise contains substantially the same terms
and conditions as the previous agreement.
5
Item 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30, 1996 COMPARED TO QUARTER ENDED JUNE 30, 1995
The table below sets forth for the periods indicated certain items of the
Company's financial statements by segment:
QUARTER ENDED JUNE 30,
--------------------------------------------
1996 1995
--------------------- -------------------
PERCENTAGE PERCENTAGE
OF TOTAL OF TOTAL
AMOUNT NET SALES AMOUNT NET SALES
-------- ----- ------- -----
Total Company:
Net sales - Alside ............. $ 85,403 89.0% $80,247 85.7%
Net sales - AmerCable .......... 10,530 11.0 13.429 14.3
-------- ----- ------- -----
Total net sales .............. 95,933 100.0% 93,676 100.0%
Cost of sales .................. 67,253 70.1 69,813 74.5
Selling, general and
administrative expense (1) ..... 19,670 20.5 18,354 19.6
-------- ----- ------- -----
Income from operations ......... $ 9,010 9.4% $ 5,509 5.9%
======== ===== ======= =====
Alside:
Net sales ...................... $ 85,403 100.0% $80,247 100.0%
Cost of sales .................. 56,900 66.6 56,874 70.9
Selling, general and
administrative expense ......... 18,021 21.1 17,346 21.6
-------- ----- ------- -----
Income from operations ......... $ 10,482 12.3% $ 6,027 7.5%
======== ===== ======= =====
AmerCable:
Net sales ...................... $ 10,530 100.0% $13,429 100.0%
Cost of sales .................. 10,353 98.3 12,939 96.4
Selling, general and
administrative expense ......... 1,047 9.9 456 3.4
-------- ----- ------- -----
Income (loss) from
operations ..................... $ (870) (8.2)% $ 34 0.2%
======== ===== ======= =====
(1) Consolidated selling, general and administrative expenses include corporate
expenses of $602,000 and $552,000 for the six-month periods ended June 30, 1996
and 1995, respectively.
OVERVIEW
The Company's net income and income from operations income increased
155.5% and 63.6% to $4.6 million and $9.0 million respectively, in the quarter
ended June 30, 1996 compared with the second quarter of 1995. The improvement in
the Company's operations was due primarily to its Alside division.
ALSIDE. Alside's income from operations for the quarter ended June 30,1996
increased 73.9% from $6.0 million to $10.5 million primarily due to higher gross
profit percentages and higher sales volume across most of its product lines
particularly vinyl siding. Alside's gross profit percentage increased from 29.1%
in the second quarter of 1995 to 33.4% in the second quarter of 1996 due
primarily to lower vinyl resin costs and improved manufacturing efficiency.
Alside's unit sales of vinyl siding and vinyl windows increased 10.2% and 7.6%
in the quarter ended June 30,1996 as compared to the same period in 1995.
Selling, general and administrative expense increased by $.7 million to $18.0
million in the quarter ended June 30, 1996 but decreased as a percentage of
sales as compared to the 1995 period.
6
AMERCABLE. AmerCable's loss from operations was $.9 million in the quarter
ended June 30,1996 as compared to operating income of $34,000 for the same
period in 1995. AmerCable loss for the quarter was caused primarily by a
$500,000 charge to reduce AmerCable's copper inventory to net realizable value
as well as a $275,000 charge relating to the severance of approximately 28
employees. AmerCable recorded the charge to write down the value of copper in
inventory as a result of the recent drop in copper prices. During the second
quarter of 1996 AmerCable reduced its workforce by approximately 15% in an
effort to eliminate certain non value added processes and reduce its cost
structure. The severance charges associated with this reduction were included in
selling, general and administrative expense. Exclusive of the charges related to
copper and severance, AmerCable incurred an operating loss of $95,000 for the
quarter ended June 30, 1996. AmerCable's sales for the quarter ended June 30,
1996 decreased $2.9 million or 21.6% as compared to the same period in 1995. The
decrease in sales was primarily due to lower volume in most product lines.
OTHER. In June of 1996, Amercord changed its accounting policy with
respect to certain maintenance parts. As a result, Amercord recorded a $1.2
million cumulative effect of a change in accounting policy which increased the
Company's equity in the earnings of Amercord by approximately $600,000.
Exclusive of the effect of the change in accounting policy, Amercord's net
income was $566,000 for the quarter ended June 30, 1996, unchanged as compared
to the same period in 1995. Amercord's sales and gross profits increased during
the quarter ended June 30, 1996 as compared to the same period in 1995. The
higher gross profits in the 1996 period were offset by higher research and
administrative costs.
Net interest expense decreased $197,000 or 6.6% in the quarter ended June
30, 1996 compared with the same period in 1995 primarily due to lower borrowing
requirements experienced on the Company's line of credit in the 1996 period.
SIX MONTHS ENDED JUNE 30, 1996 COMPARED TO SIX MONTHS ENDED JUNE 30, 1995.
The table below sets forth for the periods indicated certain items of the
Company's financial statements by segment:
QUARTER ENDED JUNE 30,
--------------------------------------------
1996 1995
--------------------- -------------------
PERCENTAGE PERCENTAGE
OF TOTAL OF TOTAL
AMOUNT NET SALES AMOUNT NET SALES
-------- ----- ------- -----
Total Company:
Net sales - Alside ............ $ 140,516 87.1% $ 138,682 84.1%
Net sales - AmerCable ......... 20,843 12.9 26,316 15.9
--------- ----- --------- -----
Total net sales ............. 161,359 100.0% 164,998 100.0%
Cost of sales ................. 118,124 73.2 125,162 75.9
Selling, general and
administrative expense (1) .... 37,447 23.2 35,867 21.7
--------- ----- --------- -----
Income from operations ........ $ 5,788 3.6% $ 3,969 2.4%
========= ===== ========= =====
Alside:
Net sales ..................... $ 140,516 100.0% $ 138,682 100.0%
Cost of sales ................. 97,241 69.2 99,233 71.6
Selling, general and
administrative expense ........ 34,469 24.5 33,880 24.4
--------- ----- --------- -----
Income from operations ........ $ 8,806 6.3% $ 5,569 4.0%
========= ===== ========= =====
AmerCable:
Net sales ..................... $ 20,843 100.0% $ 26,316 100.0%
Cost of sales ................. 20,883 100.2 25,929 98.5
Selling, general and
administrative expense ........ 1,858 8.9 878 3.3
--------- ----- --------- -----
Loss from operations .......... $ (1,898) (9.1)% $ (491) (1.9)%
========= ===== ========= =====
(1) Consolidated selling, general and administrative expenses include corporate
expenses of $1,120,000 and $1,109,000 for the six-month periods ended June 30,
1996 and 1995, respectively.
7
OVERVIEW
For the six months ended June 30, 1996, the Company recorded net income
of $1.1 million as compared to a net loss of $697,000 for the same period in
1995 due to higher operating income at its Alside division. Income from
operations in the first six months of 1996 was $5.9 million or 45.8% higher than
the first six months of 1995 as Alside's improvement offset AmerCable's loss
from operations.
ALSIDE. Alside's income from operations increased 58% from $5.6 million to
$8.8 million for the six month period ended June 30, 1996 as compared to the
same period in 1995 due primarily to higher gross profits from its vinyl siding
products. Alside's sales increased 1.3% for the six-month period ended June 30,
1996 as compared to the same period in 1995 as lower sales in the first quarter
were offset by higher sales in the second quarter. The gross profit percentage
increased to 30.8% for the six months ended June 30, 1996 as compared to 28.4%
for the same period in 1995 due primarily to lower raw material costs (primarily
vinyl resin) and improved manufacturing efficiency. Gross profits were favorably
impacted by lower vinyl resin costs in the 1996 period. Alside's selling,
general and administrative costs increased by $589,000 for the 1996 period due
to higher lease expenses for Alside's supply centers as well as increased
spending on research and development.
AMERCABLE. AmerCable's loss from operations increased from $491,000 to $1.9
million for the six months ended June 30, 1996 as compared to the same period in
1995. The increased loss from operations was due primarily to the charges to
write down copper inventory discussed above as well as higher selling, general
and administrative costs. The higher selling, general and administrative costs
were caused by the severance charge, higher wage and benefit costs and expenses
associated with AmerCable's new distribution operation in Houston Texas.
AmerCable's sales decreased $5.5 million or 20.8% for the six months ended June
30,1996 as compared to the same period in 1995 due primarily to lower shipboard
and transportation cable sales.
OTHER. The Company recorded $1.0 million in equity in the after tax
earnings of Amercord in the six-month period ended June 30, 1996 as compared to
$428,000 for the same period in 1995. The Company's equity in Amercord's income
was favorably impacted by the accounting adjustment discussed above. For the six
months ended June 30, 1996, Amercord's sales increased by 8.0% to $43.9 million
from $40.7 million in 1995. Gross profit increased by $284,000 due to higher
volume in the 1996 period.
Net interest expense decreased $235,000 or 4.1% in the six months ended
June 30, 1996 compared with the same period in 1995 primarily due to lower
borrowing requirements experienced on the Company's line of credit during the
second quarter of 1996 compared to the 1995 period.
LIQUIDITY AND CAPITAL RESOURCES
As previously reported, on April 2, 1996, the Company amended and restated
its credit agreement with Society National Bank to increase the facility to $50
million and extend the terms of the agreement to May 31, 1999.
Borrowings under the Company's existing facility were $19.2 million at June
30, 1996, excluding outstanding letters of credit, totaling $9.8 million
securing $8.2 million taxable notes and certain other obligations. Because of
the seasonal nature of Alside's business, the Company's borrowing requirements
are traditionally highest during the second quarter. At June 30, 1996 the
Company had an additional borrowing capacity of approximately $21.0 million.
The increase in cash provided by operations in the 1996 period was due
primarily to higher payables, improved inventory management and higher net
income.
Capital expenditures totaled $5.3 million in the six months ended June 30,
1996, compared with $4.2 million during the same period in 1995. Expenditures in
the 1996 period were primarily used to increase capacity at its window
manufacturing plants and increase inventory storage capacity at the Ennis, Texas
vinyl siding plant.
8
The Company believes that future cash flows from operations and its
borrowing capacity under its existing credit agreement will be sufficient to
satisfy its obligations to pay principal and interest on its outstanding debt,
maintain current operations and provide sufficient capital for presently
anticipated capital expenditures. However, there can be no assurances that the
cash so generated by the Company will be sufficient for such purposes.
EFFECTS OF INFLATION
The Company believes that the effects of inflation on its operations have
not been material during the past two years. Inflation could adversely affect
the Company if inflation results in significantly higher interest rates or
substantial weakness in economic conditions.
9
Part II Other Information
Item 4. Submission of Matters to a Vote of Security-Holders
On May 21, 1996, stockholders of the Company took action by written consent
in lieu of an annual meeting of stockholders to re-elect James F. Leary and A.
A. Meitz as directors of the Company to serve for three-year terms expiring at
the Company's 1999 annual meeting of stockholders. The Company's other directors
are William W. Winspear and Donald L. Kaufman (whose current terms will expire
at the Company's 1997 annual meeting of stockholders) and Richard I. Galland and
Gary D. Trabka (whose current terms will expire at the Company's 1998 meeting of
stockholders).
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
None
(b) During the quarter ended June 30, 1996, Associated Materials
Incorporated filed no Current Reports on Form 8-K.
10
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.
ASSOCIATED MATERIALS INCORPORATED
(Registrant)
Date: AUGUST 14, 1996 By: \S\ ROBERT L. WINSPEAR
Robert L. Winspear, Vice President,
Treasurer and Secretary
(Principal Financial and Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 3,384
<SECURITIES> 0
<RECEIVABLES> 58,588
<ALLOWANCES> 4,415
<INVENTORY> 58,838
<CURRENT-ASSETS> 119,606
<PP&E> 94,176
<DEPRECIATION> 41,953
<TOTAL-ASSETS> 185,699
<CURRENT-LIABILITIES> 76,229
<BONDS> 81,250
0
0
<COMMON> 19
<OTHER-SE> 24,504
<TOTAL-LIABILITY-AND-EQUITY> 185,699
<SALES> 95,933
<TOTAL-REVENUES> 95,933
<CGS> 67,253
<TOTAL-COSTS> 86,923
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,768
<INCOME-PRETAX> 7,123
<INCOME-TAX> 2,552
<INCOME-CONTINUING> 4,571
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,571
<EPS-PRIMARY> .59
<EPS-DILUTED> .59
</TABLE>
