<PAGE> 1
===============================================================================
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, 1998
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 1-9329
-----------------------------------------------------
PULITZER PUBLISHING COMPANY
(Exact name of registrant as specified in its charter)
-----------------------------------------------------
DELAWARE 430496290
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
900 NORTH TUCKER BOULEVARD, ST. LOUIS, MISSOURI 63101
(Address of principal executive offices)
(314) 340-8000
(Registrant's telephone number, including area code)
NO CHANGES
(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.
CLASS OUTSTANDING 4/30/98
--------------------- -------------------
COMMON STOCK 6,897,008
CLASS B COMMON STOCK 15,423,859
===============================================================================
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PULITZER PUBLISHING COMPANY AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED INCOME
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA)
<TABLE>
<CAPTION>
First Quarter Ended
March 31,
---------------------------------
OPERATING REVENUES - NET: 1998 1997
----------- -----------
Publishing: (Unaudited)
<S> <C> <C>
Advertising $ 57,721 $ 53,927
Circulation 22,198 22,434
Other 10,310 9,474
Broadcasting 53,170 50,171
--------- ---------
Total operating revenues 143,399 136,006
--------- ---------
OPERATING EXPENSES:
Publishing operations 37,314 34,533
Broadcasting operations 18,109 16,994
Selling, general and administrative 47,459 45,782
St. Louis Agency adjustment 5,270 4,929
Depreciation and amortization 8,930 9,183
--------- ---------
Total operating expenses 117,082 111,421
--------- ---------
Operating income 26,317 24,585
Interest income 1,042 1,595
Interest expense (3,462) (4,525)
Net other expense (290) (465)
--------- ---------
INCOME BEFORE PROVISION FOR INCOME
TAXES 23,607 21,190
PROVISION FOR INCOME TAXES 9,642 8,695
--------- ---------
NET INCOME $ 13,965 $ 12,495
========= =========
BASIC EARNINGS PER SHARE OF STOCK:
Earnings per share $ 0.63 $ 0.57
========= =========
Weighted average number of shares outstanding 22,223 22,029
========= =========
DILUTED EARNINGS PER SHARE OF STOCK:
Earnings per share $ 0.62 $ 0.56
========= =========
Weighted average number of shares outstanding 22,615 22,378
========= =========
</TABLE>
See notes to consolidated financial statements.
2
<PAGE> 3
PULITZER PUBLISHING COMPANY AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED FINANCIAL POSITION
(IN THOUSANDS)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
------------ -----------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 84,252 $ 62,749
Trade accounts receivable (less allowance for doubtful
accounts of $2,524 and $2,411) 75,212 85,882
Inventory 3,670 5,265
Prepaid expenses and other 12,666 12,847
Program rights 5,266 7,866
-------- --------
Total current assets 181,066 174,609
-------- --------
PROPERTIES:
Land 16,050 16,154
Buildings 85,879 84,215
Machinery and equipment 228,572 225,113
Construction in progress 10,099 7,324
-------- --------
Total 340,600 332,806
Less accumulated depreciation 176,500 170,992
-------- --------
Properties - net 164,100 161,814
-------- --------
INTANGIBLE AND OTHER ASSETS:
Intangible assets - net of applicable amortization 285,624 287,617
Receivable from The Herald Company 37,651 39,733
Other 21,488 19,183
-------- --------
Total intangible and other assets 344,763 346,533
-------- --------
TOTAL $689,929 $682,956
======== ========
(Continued)
</TABLE>
3
<PAGE> 4
PULITZER PUBLISHING COMPANY AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED FINANCIAL POSITION
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
------------- ------------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 12,884 $ 16,158
Current portion of long-term debt 12,705 12,705
Salaries, wages and commissions 11,278 15,232
Income taxes payable 9,591 3,070
Program contracts payable 5,148 7,907
Interest payable 2,259 5,677
Pension obligations 348 348
Acquisition payable 9,804 9,804
Other 8,441 4,386
--------- ---------
Total current liabilities 72,458 75,287
--------- ---------
LONG-TERM DEBT 172,705 172,705
--------- ---------
PENSION OBLIGATIONS 27,452 26,709
--------- ---------
POSTRETIREMENT AND POSTEMPLOYMENT
BENEFIT OBLIGATIONS 91,951 91,906
--------- ---------
OTHER LONG-TERM LIABILITIES 5,383 5,572
--------- ---------
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 25,000,000 shares
authorized; issued and outstanding - none
Common stock, $.01 par value; 100,000,000 shares authorized;
issued - 6,891,619 in 1998 and 6,797,895 in 1997 69 68
Class B common stock, convertible, $.01 par value; 50,000,000
shares authorized; issued - 27,125,247 in 1998 and 1997 271 271
Additional paid-in capital 137,489 135,542
Retained earnings 370,124 362,828
--------- ---------
Total 507,953 498,709
Treasury stock - at cost; 25,519 and 24,660 shares of common
stock in 1998 and 1997, respectively, and 11,700,850 shares
of Class B common stock in 1998 and 1997 (187,973) (187,932)
--------- ---------
Total stockholders' equity 319,980 310,777
--------- ---------
TOTAL $ 689,929 $ 682,956
========= =========
(Concluded)
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 5
PULITZER PUBLISHING COMPANY AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
First Quarter Ended
March 31,
--------------------------
1998 1997
---------- -----------
(Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 13,965 $ 12,495
Adjustments to reconcile net income to net cash provided by
operating activities:
Non-cash items:
Depreciation 5,512 5,802
Amortization of intangibles 3,418 3,381
Changes in assets and liabilities which provided (used) cash:
Trade accounts receivable 10,670 8,215
Inventory 1,595 (352)
Other assets 896 (2,053)
Trade accounts payable and other liabilities (9,380) (6,359)
Income taxes payable 6,521 5,736
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 33,197 26,865
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (6,975) (3,554)
Purchase of publishing properties (1,998)
Investment in limited partnerships (1,342)
Decrease in notes receivable 45 4,965
-------- --------
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (10,270) 1,411
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (3,331) (2,859)
Proceeds from exercise of stock options 1,613 1,291
Proceeds from employee stock purchase plan 335
Purchase of treasury stock (41) (28)
-------- --------
NET CASH USED IN FINANCING ACTIVITIES (1,424) (1,596)
-------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS 21,503 26,680
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 62,749 73,052
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 84,252 $ 99,732
======== ========
</TABLE>
See notes to consolidated financial statements.
5
<PAGE> 6
PULITZER PUBLISHING COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. ACCOUNTING POLICIES
Interim Adjustments - In the opinion of management, the accompanying
unaudited consolidated financial statements contain all adjustments,
consisting only of normal recurring adjustments, necessary to present
fairly Pulitzer Publishing Company's financial position as of March 31,
1998 and the results of operations and cash flows for the three month
periods ended March 31, 1998 and 1997. Results of operations for interim
periods are not necessarily indicative of the results to be expected for
the full year.
Fiscal Year and Fiscal Quarters - The Company's fiscal year and first
fiscal quarter end on the Sunday coincident with or prior to December 31
and March 31, respectively. For ease of presentation, the Company has used
December 31 as the year end and March 31 as the first quarter end.
Earnings Per Share of Stock - Basic earnings per share of stock is
computed using the weighted average number of Common and Class B shares
outstanding during the applicable period. Diluted earnings per share of
stock is computed using the weighted average number of Common and Class B
shares outstanding and common stock equivalents (outstanding stock
options).
Stock option equivalents included in the diluted earnings per share
calculation were determined using the treasury stock method. Under the
treasury stock method, outstanding stock options are dilutive when the
average market price of the Company's common stock exceeds the option
price during a period. In addition, proceeds from the assumed exercise of
dilutive options along with the related tax benefit are assumed to be used
to repurchase common shares at the average market price of such stock
during the period.
2. DIVIDENDS
In the first quarter of 1998, two dividends of $0.15 per share were
declared, payable on February 2, 1998 and May 1, 1998.
In the first quarter of 1997, two dividends of $0.13 per share were
declared, payable on February 3, 1997 and May 1, 1997. In the second
quarter of 1997, a dividend of $0.13 per share was declared, payable on
August 1, 1997. In the third quarter of 1997, a dividend of $0.13 per
share was declared, payable on November 1, 1997.
6
<PAGE> 7
PULITZER PUBLISHING COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
3. BUSINESS SEGMENTS
The Company's operations are divided into two business segments,
publishing and broadcasting. The following is a summary of operating data
by segment (in thousands):
<TABLE>
<CAPTION>
First Quarter Ended
March 31,
-----------------------------
1998 1997
---------- -----------
Operating revenues: (Unaudited)
<S> <C> <C>
Publishing $ 90,229 $ 85,835
Broadcasting 53,170 50,171
--------- ---------
Total $ 143,399 $ 136,006
========= =========
Operating income (loss):
Publishing $ 10,819 $ 11,150
Broadcasting 16,915 14,819
Corporate (1,417) (1,384)
--------- ---------
Total $ 26,317 $ 24,585
========= =========
Depreciation and amortization:
Publishing $ 3,379 $ 3,349
Broadcasting 5,551 5,834
--------- ---------
Total $ 8,930 $ 9,183
========= =========
Operating margins (Operating income to revenues):
Publishing (a) 17.8% 18.7%
Broadcasting 31.8% 29.5%
</TABLE>
(a) Operating margins for publishing stated with St. Louis Agency
adjustment added back to publishing operating income.
4. LITIGATION
The Company and its subsidiaries are defendants in a number of lawsuits,
some of which claim substantial amounts. While the results of litigation
cannot be predicted, management believes the ultimate outcome of such
litigation will not have a material adverse effect on the consolidated
financial statements of the Company and its subsidiaries.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Statements in this Quarterly Report on Form 10-Q concerning the Company's
business outlook or future economic performance, anticipated profitability,
revenues, expenses or other financial items, together with other statements that
are not historical facts, are "forward-looking statements" as that term is
defined under the Federal Securities Laws. Forward-looking statements are
subject to risks, uncertainties and other factors which could cause actual
results to differ materially from those stated in such statements. Such risks,
uncertainties and factors include, but are not limited to, industry cyclicality,
the seasonal nature of the business, changes in pricing or other actions by
competitors or suppliers, and general economic conditions, as well as other
risks detailed in the Company's filings with the Securities and Exchange
Commission including this Quarterly Report on Form 10-Q.
GENERAL
The Company's operating revenues are significantly influenced by a
number of factors, including overall advertising expenditures, the appeal of
newspapers, television and radio in comparison to other forms of advertising,
the performance of the Company in comparison to its competitors in specific
markets, the strength of the national economy and general economic conditions
and population growth in the markets served by the Company.
The Company's business tends to be seasonal, with peak revenues and
profits generally occurring in the fourth and, to a lesser extent, second
quarters of each year as a result of increased advertising activity during the
Christmas and spring holiday periods. The first quarter is historically the
weakest quarter for revenues and profits.
RECENT EVENTS
The Company is currently exploring potential strategic alternatives
relating to its broadcasting division, including the potential sale of that
division, among other possibilities. However, at this point the Company has not
entered into any agreement, and there can be no assurance that any agreement
will be reached. The Company decided to explore potential alternatives for the
broadcasting business for various strategic and financial reasons, including the
current strength of and consolidation in the radio and television market. The
Company intends to continue to own and operate its newspaper properties.
CONSOLIDATED
Operating revenues for the first quarter of 1998 increased 5.4
percent, to $143.4 million from $136 million for the first quarter of 1997. The
increase reflected gains in both publishing and broadcasting.
8
<PAGE> 9
Operating expenses, excluding the St. Louis Agency adjustment, for the
1998 first quarter increased 5 percent, to $111.8 million from $106.5 million in
the first quarter of 1997. The majority of the current year increase was
attributable to higher overall personnel costs of $2.9 million and higher
newsprint costs of $1.7 million.
Operating income in the 1998 first quarter increased 7 percent, to
$26.3 million from $24.6 million in the first quarter of 1997. The 1998 increase
reflected higher operating income from the broadcast segment, resulting from
increased advertising revenues, partially offset by a decrease in the
publishing segment's earnings.
Interest expense declined to $3.5 million in the 1998 first quarter
from $4.5 million in the first quarter of 1997 due to lower average debt levels.
The Company's average debt level for the 1998 first quarter decreased to $185.4
million from $250.1 million in the first quarter of 1997. The Company's average
interest rate for the first quarter of 1998 increased slightly to 7.5 percent
from 7.2 percent in the 1997 first quarter. The lower average debt level and
higher average interest rate in 1998 reflect the payment of variable rate
credit agreement borrowings during the last three quarters of 1997. Interest
income decreased $553,000 due to a lower average balance of invested funds in
the 1998 first quarter.
The effective income tax rate for the first quarter of 1998 was 40.8
percent compared with a rate of 41 percent in the prior year quarter. The
Company expects its effective tax rate on an annual basis for 1998 will be in
the 41 percent range.
Net income in the 1998 first quarter increased 11.8 percent to $14
million, or $0.63 per basic share, compared with $12.5 million, or $0.57 per
basic share, in the first quarter of 1997. On a diluted basis, earnings per
share for the 1998 first quarter were $0.62 per share compared to $0.56 per
share in 1997. The gain in net income reflected increased broadcast segment
profits, primarily as a result of higher advertising revenues.
PUBLISHING
Operating revenues from the Company's publishing segment for the first
quarter of 1998 increased 5.1 percent, to $90.2 million from $85.8 million in
the first quarter of 1997. The gain primarily reflected higher advertising
revenues.
Newspaper advertising revenues, increased $3.8 million, or 7 percent,
in the first quarter of 1998. The significant portion of the current year
increase resulted from higher classified and national advertising revenue at the
St. Louis Post-Dispatch ("Post-Dispatch"). Full run advertising volume (linage
in inches) increased 2.3 percent at the Post-Dispatch for the first quarter of
1998. Advertising volume was also up at The Arizona Daily Star ("Star"),
increasing 3.1 percent. In the fourth quarter of 1997 and the first quarter of
1998, varying rate increases were implemented at the Post-Dispatch, Star and
most of the Company's community newspaper properties.
Circulation revenues for the first quarter decreased 1.1 percent to
$22.2 million in the first quarter of 1998 from $22.4 million in the prior year
quarter. The lower circulation revenues reflect declines in paid circulation at
the Post-Dispatch and Star.
Other publishing revenues increased $836,000, or 8.8 percent, in the
first quarter of 1998, resulting primarily from higher preprint revenue at the
Post-Dispatch.
9
<PAGE> 10
Operating expenses (including selling, general and administrative
expenses and depreciation and amortization) for the publishing segment,
excluding the St. Louis Agency adjustment, increased 6.3 percent to $74.1
million for the 1998 first quarter compared to $69.8 million for the same period
in the prior year. The increase reflected the impact of higher newsprint prices
which increased newsprint costs by $1.7 million and higher overall personnel
costs of $1.6 million.
Operating income from the Company's publishing activities for the first
quarter of 1998 decreased 3 percent to $10.8 million from $11.2 million. The
decrease was due to higher operating expenses.
Fluctuations in the price of newsprint significantly impact the results
of the Company's publishing segment, where newsprint expense accounts for
approximately 20 percent of the segment's total operating costs. For the first
quarter of 1998, the Company's average cost for newsprint was approximately $600
per metric ton, compared to approximately $530 per metric ton in the 1997 first
quarter. Since the end of the first quarter, the Company's cost of newsprint has
remained in the range of $600 per metric ton. In the second quarter of 1997,
the Company's cost of newsprint was approximately $550 per metric ton.
BROADCASTING
Broadcasting operating revenues for the first quarter of 1998 increased
6 percent, to $53.2 million from $50.2 million in the first quarter of 1997.
Local spot advertising increased 7.4 percent and national spot advertising
increased 5.4 percent.
Broadcasting operating expenses (including selling, general and
administrative expenses and depreciation and amortization) for the first quarter
of 1998 increased 2.6 percent, to $36.3 million from $35.4 million in the first
quarter of the prior year. The increase was primarily attributable to higher
overall personnel costs of approximately $1.3 million.
Operating income from the broadcasting segment increased 14.1
percent to $16.9 million from $14.8 million, due primarily to the
current year increase in local and national advertising revenue.
LIQUIDITY AND CAPITAL RESOURCES
Outstanding debt, inclusive of the short-term portion of long-term
debt, as of March 31, 1998, was $185.4 million, unchanged from the balance at
December 31, 1997. The Company's borrowings consist primarily of fixed-rate
senior notes with The Prudential Insurance Company of America ("Prudential").
Under a variable rate credit agreement with The First National Bank of Chicago,
as Agent, for a group of lenders, the Company has a $50 million line of
credit available through June, 2001 (the "FNBC Credit Agreement"). No amount is
currently borrowed under the FNBC Credit Agreement.
The Company's Senior Note Agreements with Prudential and the FNBC
Credit Agreement require it to maintain certain financial ratios, place
restrictions on the payment of dividends and prohibit new borrowings, except
as permitted thereunder.
10
<PAGE> 11
As of March 31, 1998, commitments for capital expenditures were
approximately $17.6 million, relating to normal capital equipment replacements
(including Year 2000 projects in-process) and the cost of a building project at
the Louisville broadcasting property. Capital expenditures to be made in fiscal
1998 are estimated to be in the range of $25 to $30 million. Commitments for
film contracts and license fees as of March 31, 1998 were approximately $30.5
million. In addition, as of March 31, 1998, the Company had capital contribution
commitments of approximately $12.5 million related to investments in two limited
partnerships.
At March 31, 1998, the Company had working capital of $108.6 million
and a current ratio of 2.5 to 1. This compares to working capital of $99.3
million and a current ratio of 2.32 to 1 at December 31, 1997.
The Company from time to time considers acquisitions of properties when
favorable investment opportunities are identified. Currently, the Company has no
agreements to acquire additional properties. In the event an investment
opportunity is identified, management expects that it would be able to arrange
financing on terms and conditions satisfactory to the Company.
The Company generally expects to generate sufficient cash from
operations to cover ordinary capital expenditures, film contract and license
fees, working capital requirements, debt installments and dividend payments.
INFORMATION SYSTEMS AND THE YEAR 2000
The Year 2000 Issue is the result of information systems being designed
using two digits rather than four to define the applicable year. As the year
2000 approaches, such information systems may be unable to accurately process
certain date-based information.
In 1995, the Company began reviewing and preparing its information
systems and applications for the Year 2000. For the Company, this process
involves the replacement of aging hardware and software to address most of its
Year 2000 issues. A significant portion of the Company's information systems
were scheduled to be replaced during the next few years, irrespective of the
Year 2000 Issue. The Company plans to have substantially all of the system and
application changes completed by June 30, 1999.
The Company expects to incur internal staff costs, as well as
consulting and other expenditures, to install new information systems and
modify existing systems during the next twelve to fifteen months. The remaining
cost of new hardware and software to address year 2000 issues, as well as to
replace aging systems, is estimated at approximately $12.9 million. These
capital expenditures have been considered in the Company's normal capital
budgeting process and will be funded through operating cash flows. Year 2000
related maintenance and modification costs, which will be expensed as
incurred, are not expected to be significant.
11
<PAGE> 12
DIGITAL TELEVISION
The Company is required to construct digital television facilities for
its Orlando television station, WESH. The station must broadcast digitally
by November 1, 1999 in order to comply with Federal Communications Commission
("FCC") rules. The deadline for constructing digital facilities at the
Company's other television stations is May 1, 2002. The Company is currently
considering available options to comply with the FCC's timetable and expects
that capital expenditures required over the next several years to construct
digital facilities will be funded through normal operating cash flows.
12
<PAGE> 13
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibit is filed as part of this report:
27 Financial Data Schedule
(b) Reports on Form 8-K. The Company did not file any reports on
Form 8-K during the quarter for which this report was filed.
All other items of this report are not applicable for the current quarter.
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.
PULITZER PUBLISHING COMPANY
(Registrant)
Date: May 12, 1998 /s/ Ronald H. Ridgway
----------------------------
(Ronald H. Ridgway)
Director; Senior Vice-President-
Finance (on behalf of the
Registrant and as principal
financial officer)
13
<PAGE> 14
EXHIBIT INDEX
EXHIBIT NUMBER TITLE OR DESCRIPTION
27 Financial Data Schedule
14
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> MAR-31-1998
<CASH> 84,252
<SECURITIES> 0
<RECEIVABLES> 77,736
<ALLOWANCES> 2,524
<INVENTORY> 3,670
<CURRENT-ASSETS> 181,066
<PP&E> 340,600
<DEPRECIATION> 176,500
<TOTAL-ASSETS> 689,929
<CURRENT-LIABILITIES> 72,458
<BONDS> 172,705
0
0
<COMMON> 340
<OTHER-SE> 507,613
<TOTAL-LIABILITY-AND-EQUITY> 689,929
<SALES> 143,399
<TOTAL-REVENUES> 143,399
<CGS> 55,423
<TOTAL-COSTS> 55,423
<OTHER-EXPENSES> 8,930
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,462
<INCOME-PRETAX> 23,607
<INCOME-TAX> 9,642
<INCOME-CONTINUING> 13,965
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,965
<EPS-PRIMARY> 0.63
<EPS-DILUTED> 0.62
</TABLE>
