FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[ Mark one ]
[ X ] Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For quarter ended September 30, 1997
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 1-9334
BALDWIN TECHNOLOGY COMPANY, INC
(Exact name of registrant as specified in its charter)
Delaware 13-3258160
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) Identification No.)
One Norwalk West
40 Richards Avenue, Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 203-838-7470
(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 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 .
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at October 31, 1997
Class A Common Stock
$0.01 par value 15,288,881
Class B Common Stock
$0.01 par value 1,835,883
Total number of pages in this document 10
<PAGE>
BALDWIN TECHNOLOGY COMPANY, INC.
INDEX
Page
Part I Financial Information
Consolidated Balance Sheet -
September 30, 1997 and June 30, 1997 1
Consolidated Statement of Income -
Three months ended
September 30, 1997 and 1996 2
Consolidated Statement of Changes in
Shareholders' Equity - Three months
ended September 30, 1997 3
Consolidated Statement of Cash Flows -
Three Months ended
September 30, 1997 and 1996 4-5
Notes to Consolidated Financial Statements 6
Management's Discussion and Analysis of
Financial Condition and Results of
Operations 7-8
Part II Other Information
Item 6 Exhibits and Reports on Form 8-K 9
Signatures 10
CAUTIONARY STATEMENT -- This Form 10-Q may contain statements which constitute
"forward-looking" information as that term is defined in the Private Securities
Litigation Reform Act of 1995 or by the Securities and Exchange Commission
("SEC") in its rules, regulations and releases. Baldwin Technology Company,
Inc.(the "Company") cautions investors that any such forward-looking statements
made by the Company are not guarantees of future performance and that actual
results may differ materially from those in the forward-looking statements.
Some of the factors that could cause actual results to differ materially from
estimates contained in the Company's forward-looking statements are set forth
in Exhibit 99 to Form 10-K for the year ended June 30, 1997.<PAGE>
PART I FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
(Unaudited)
September 30, June 30,
1997 1997
ASSETS
CURRENT ASSETS:
Cash $ 8,000 $ 9,421
Short-term securities 5,336 4,032
Accounts receivable trade, net of allowance for
doubtful accounts of $2,110($2,106 at June 30, 1997) 42,998 38,177
Notes receivable, trade 10,769 15,051
Inventories 33,568 27,833
Prepaid expenses and other 9,684 13,512
Total current assets 110,355 108,026
MARKETABLE SECURITIES:
Cost $673 ($712 at June 30, 1997) 832 942
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land and buildings 3,183 3,136
Machinery and equipment 6,939 6,732
Furniture and fixtures 5,710 5,638
Leasehold improvements 1,047 976
Capital leases 5,421 5,397
22,300 21,879
Less: Accumulated depreciation and amortization 14,666 14,334
Net property, plant and equipment 7,634 7,545
PATENTS, TRADEMARKS AND ENGINEERING DRAWINGS at cost,
less accumulated amortization of $4,852 ($4,664 at
June 30, 1997) 5,187 5,279
GOODWILL, less accumulated amortization of $7,530
($7,368 at June 30, 1997) 31,004 31,452
OTHER ASSETS 8,688 8,879
TOTAL ASSETS $163,700 $162,123
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Loans payable $ 7,995 $ 8,312
Current portion of long-term debt 6,389 6,425
Accounts payable, trade 15,972 15,634
Notes payable, trade 11,892 11,273
Accrued salaries, commissions, bonus and profit-sharing 7,612 7,794
Customer deposits 9,635 6,439
Accrued and withheld taxes 1,846 1,941
Income taxes payable 3,909 5,369
Other accounts payable and accrued liabilities 14,575 15,143
Total current liabilities 79,825 78,330
LONG-TERM LIABILITIES:
Long-term debt 20,278 20,256
Other long-term liabilities 5,059 5,275
Total long-term liabilities 25,337 25,531
Total liabilities 105,162 103,861
SHAREHOLDERS' EQUITY:
Class A Common Stock, $.01 par, 45,000,000 shares
authorized, 16,391,683 shares issued
(16,391,683 at June 30, 1997) 164 164
Class B Common Stock, $.01 par, 4,500,000 shares
authorized, 2,000,000 shares issued 20 20
Capital contributed in excess of par value 57,185 57,185
Retained earnings 7,353 6,152
Cumulative translation adjustment (351) 538
Unrealized gain on investments net of $79 of
deferred taxes ($117 at June 30, 1997) 77 113
Less: Treasury stock, at cost:
Class A - 1,102,802 shares (1,102,802 at June 30, 1997)
Class B - 164,117 shares (164,117 at June 30, 1997) (5,910) (5,910)
Total shareholders' equity 58,538 58,262
COMMITMENTS ------ ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $163,700 $162,123
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 1 -
<PAGE>
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data)
(Unaudited)
For the three months
ended September 30,
1997 1996
Net sales $48,047 $57,541
Cost of goods sold 32,020 38,959
Gross Profit 16,027 18,582
Operating expenses:
General and administrative 5,570 6,529
Selling 4,285 5,355
Engineering 3,006 3,611
Research and development 1,324 1,830
14,185 17,325
Operating income 1,842 1,257
Other (income) expense
Interest expense 735 910
Interest income (207) (112)
Minority interest (97)
Other income, net (661) (570)
(230) 228
Income before taxes 2,072 1,029
Provision for income taxes 871 473
Net income $ 1,201 $ 556
Net income per common and
common equivalent share $ 0.07 $ 0.03
Weighted average number of
shares outstanding 17,158 17,359
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 2 -
<PAGE>
<PAGE>
[CAPTION]
BALDWIN TECHNOLOGY COMPANY INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(in thousands, except share data)
(Unaudited)
<TABLE>
Capital
Class A Class B Contributed Cumulative Unrealized
Common Stock Common Stock in Excess Retained Translation Gain(Loss)on Treasury Stock
Shares Amount Shares Amount of Par Earnings Adjustment Investments Shares Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at June 30, 1997 16,391,683 $164 2,000,000 $20 $57,185 $6,152 $538 $113 (1,266,919) $(5,910)
Net income for the
three months 1,201
Unrealized loss on
available for sale
securities, net of tax (36)
Translation adjustment (889)
Balance at September 30,
1997 16,391,683 $164 2,000,000 $20 $57,185 $7,353 $(351) $77 (1,266,919) $(5,910)
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- - 3 -<PAGE>
</TABLE>
<TABLE>
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(in thousands)
(Unaudited)
<CAPTION>
For the three months
ended September 30,
1997 1996
<S>
Cash Flows from operating activities: <C> <C>
Income from operations $ 1,201 $ 556
Adjustments to reconcile net income to net cash
provided by operating activities -
Depreciation and amortization 790 1,282
Accrued retirement pay 153 209
Provision for losses on accounts receivable 121 99
Changes in assets and liabilities net of
effects from subsidiary purchase -
Accounts and notes receivable, net (2,197) 464
Inventories (6,179) 926
Prepaid expenses and other (288) (484)
Customer deposits 3,252 (524)
Accrued compensation (82) (939)
Accounts and notes payable, trade 1,882 (3,406)
Income taxes payable (1,365) (1,681)
Accrued and withheld taxes (84) (123)
Other accounts payable and accrued liabilities (1,004) 327
Interest payable 536 521
Net cash used by
operating activities (3,264) (2,773)
Cash flows from investing activities:
Proceeds from pre-press disposition 4,000
Additions of property, net (470) (415)
Additions of patents, trademarks and drawings, net (75) (187)
Other assets (36) 20
Net cash provided (used)by investing activities 3,419 (582)
Cash flows from financing activities:
Long-term borrowings 3,026
Long-term debt repayment (45) (6,099)
Short-term borrowings 377 4,858
Short-term debt repayment (486) (1,103)
Principal payments under capital lease
obligations (60) (65)
Treasury stock purchased (256)
Other long-term liabilities 81 (77)
Net cash (used) provided by financing activities (133) 284
Effects of exchange rate changes (139) (9)
Net decrease in cash and
cash equivalents (117) (3,080)
Cash and cash equivalents at beginning of year 13,453 9,794
Cash and cash equivalents at end of period $13,336 $ 6,714
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- - 4 -
<PAGE>
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Supplemental disclosures of cash flow information:
<TABLE>
For the three months
ended September 30,
1997 1996
(in thousands)
<S> <C> <C>
Cash paid during the period for:-
Interest $ 199 $ 389
Income taxes $2,331 $2,273
</TABLE>
Supplemental schedule of non-cash investing and financing activities:
For the three months ended September 30, 1997:-
There were no significant non-cash transactions for the three months ended
September 30, 1997.
The Company entered into capital lease agreements of $66,390 for the three
months ended September 30, 1997.
For the three months ended September 30, 1996:-
There were no significant non-cash transactions for the three months ended
September 30, 1996.
The Company did not enter into any capital lease agreements for the three
months ended September 30, 1996.
Disclosure of accounting policy:
For purposes of the statement of cash flows, the Company considers all highly
liquid instruments with original maturities of three months or less to be cash
equivalents.
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- - 5 -
<PAGE>
BALDWIN TECHNOLOGY COMPANY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - General:
Baldwin Technology Company, Inc. (Baldwin, or the Company) is engaged primarily
in the development, manufacture and sale of material handling, accessory, and
control equipment for the printing and print on demand industries.
The consolidated financial statements include the accounts of Baldwin and its
subsidiaries and reflect all adjustments (consisting of only normal recurring
adjustments) which are, in the opinion of management, necessary to present a
fair statement of the results for the interim periods. Operating results for
the three month period ended September 30, 1997 are not necessarily indicative
of the results that may be expected for the year ending June 30, 1998.
All significant intercompany transactions have been eliminated in consoli-
dation. Net income per share is based on the weighted average number of common
shares and common stock equivalents outstanding during the period. For the
three month periods ended September 30, 1997 and 1996, net income was divided
by the total of the weighted average number of common shares outstanding and
common stock equivalents, which consisted of 33,398 shares for stock options
(0 shares in 1996), in order to calculate net income per share. The weighted
average number of common equivalent shares outstanding for the three month
periods ended September 30, 1997 and 1996 were 17,158,162 and 17,359,039,
respectively. Common stock equivalents calculated for fully diluted earnings
per share were not significantly different from those calculated for primary
earnings per share. The Company has adopted Statement of Financial Account-
ing Standards No. 128 "Earnings per Share" (FAS 128) and will compute and
disclose Basic and Diluted earnings per share as required by that statement
starting with the quarter ending December 31, 1997. If Basic and Diluted
earnings per share had been calculated for the current quarter as prescribed
by FAS 128 there would have been $0.00 (no) difference from earnings per
share as reported.
Note 2 - Inventories:
Inventories consist of the following:-
September 30, June 30,
1997 1997
Raw material $14,768,000 $11,383,000
In process 11,622,000 8,833,000
Finished goods 7,178,000 7,617,000
$33,568,000 $27,833,000
Inventories decreased by $444,000 due to translation rates in effect at
September 30, 1997 when compared to rates at June 30, 1997.
Note 3 - Restructuring Charge and Reserves:
A restructuring reserve was charged to income during the quarter ended December
31, 1995 in the amount of $3,000,000. The reserve was established in order to
accrue the costs associated with a planned workforce reduction at the
Company's German operations as well as to accrue for dealer claims associated
with changes made to the European dealer network and distribution system.
The Company also has $119,000 remaining from a fiscal 1992 restructuring
charge, all of which relates to an excess facility sublease subsidy.
The following schedule shows the use of restructuring reserves for payments of
severance and sublease subsidies for the three months ended September 30, 1997.
Restructuring reserves consist of the following:-
September 30, June 30,
1997 1997
Severance and dealer claims $ 828,000 $1,144,000
Excess facility sublease subsidy 119,000 160,000
$ 947,000 $1,304,000
- 6 -
<PAGE>
BALDWIN TECHNOLOGY COMPANY, INC.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain significant
factors which have affected the Company's financial position and consolidated
financial statements.
Three Months Ended September 30, 1997 vs Three Months Ended September 30, 1996.
Net sales for the three months ended September 30, 1997 decreased by
$9,494,000, or 16.5%, to $48,047,000 from $57,541,000 for the three months ended
September 30, 1996. Currency rate fluctuations attributable to the Company's
overseas operations decreased net sales by $3,752,000 for the current period.
Included in the prior year net sales amount was $6,155,000 related to the
Company's Pre-press operations which were disposed of on June 30, 1997. In
terms of local currency and after removing the net sales of the Pre-press
operations from the prior year's results, sales changes were as follows. In
Europe, sales were down 10.8% in Germany and decreased by 6.8% in Sweden.
Sales increased by 9.5% in the United Kingdom and were up 55.9% in France.
In Asia, sales increased by 17.4% in Japan. In the Americas, net sales
decreased by 3.8%.
Gross profit for the three month period ended September 30, 1997 was
$16,027,000 (33.4% of net sales), as compared to $18,582,000 (32.3% of net
sales) for the three month period ended September 30, 1996, a decrease of
$2,555,000 or 13.7%. Currency rate fluctuations decreased gross profit by
$1,267,000 in the current period. Gross profit of the Pre-press group,
included in the prior year, was $2,064,000. Gross profit was higher as a
percentage of sales when compared to the prior year due primarily to a
decrease in manufacturing costs at the Company's German operation and a
higher percentage of sales of products that carry higher gross profit rates.
Selling, general and administrative expenses were $9,855,000 (20.5% of net
sales), for the three month period ended September 30, 1997 as compared to
$11,884,000 (20.7% of net sales) for the same period of the prior year, a
decrease of $2,029,000 or 17.1%. Currency rate fluctuations decreased
these expenses by $612,000 in the current period. Selling, general and
administrative expenses of the Pre-press operations included in the prior year
were $2,086,000. The acquisition of the Print-On-Demand Group, which occurred
in January of 1997, added $286,000 to these expenses in the current period.
Other operating expenses decreased by $1,111,000 over the same period of the
prior year. Currency rate fluctuations decreased these expenses by $352,000
in the current period. Other operating expenses of the Pre-press operations
included in the prior year were $686,000.
Interest expense for the three month period ended September 30, 1997 was
$735,000 as compared to $910,000 for the three month period ended September 30,
1996. Currency rate fluctuations decreased interest expense by $136,000.
Interest expense for the prior year included $52,000 for the Pre-press
operations. Interest income was $207,000 and $112,000 for the three month
periods ended September 30, 1997 and September 30, 1996, respectively.
Interest income increased primarily due to interest earned on the proceeds from
the disposition of the Company's Pre-press operations. Other income and expense
includes net foreign currency transaction losses of $78,000 and $92,000 for the
three months ended September 30, 1997 and 1996, respectively. Currency rate
fluctuations increased other income by $20,000 for the current period. Other
income increased primarily due to net royalty income in the current period.
The Company's effective tax rate on income before taxes was 42% for the three
month period ended September 30, 1997 as compared to 46% for the three month
period ended September 30, 1996. Currency rate fluctuations decreased tax
expense by $65,000 for the current period. The current period's effective rate
reflects the impact of foreign source income which is generally taxed at
substantially higher rates than domestic income. The decrease in the current
period's effective tax rate is primarily due to increased income in tax
jurisdictions for which there are available tax loss carryforwards.
Net income for the three month period ended September 30, 1997 increased by
$645,000 or 116.0% to $1,201,000 from $556,000 for the three month period ended
September 30, 1996, or to $0.07 from $0.03 per share. Currency rate fluc-
tuations decreased net income by $76,000 for the current period. Losses
associated with the Pre-press operation of $591,000 were included in net
income for the three month period ended September 30, 1996. Weighted average
equivalent shares outstanding during the three month periods ended September 30,
1997 and September 30, 1996 were 17,158,162 and 17,359,839, respectively.
- 7 -
<PAGE>
Liquidity and Capital Resources at September 30, 1997
Liquidity and Working Capital
The Company's long-term debt includes $25,000,000 of 8.17% senior notes (the
"Senior Notes") due October 29, 2000. The Company also has a three-year
$20,000,000 Revolving Credit Agreement (the "Revolver") with NationsBank of
North Carolina, National Association, as Agent, which matures in December,
1998. The Senior Notes and the Revolver require the Company to maintain
certain financial covenants and have certain restrictions regarding the
payment of dividends, limiting them throughout the terms of the Senior Notes
and the Revolver to $1,000,000 plus 50% of the Company's net income after
January 1, 1997. In addition, the Company was required to pledge certain of
the shares of its domestic subsidiaries as collateral for both the Senior
Notes and the Revolver.
Both the Senior Notes and the Revolver require the Company to maintain a ratio
of current assets to current liabilities (as those terms are defined in the
agreements) of not less than 1.4 to 1. At September 30, 1997, this ratio was
1.63 to 1.
Net cash provided (used) by investing activities was $3,419,000 for the three
months ended September 30, 1997 versus $(582,000) for the three months ended
September 30, 1996.
The change was primarily due to the fact that $4,000,000 of the proceeds from
the disposition of the Company's Pre-press operations were collected on July 1,
1997. Net cash (used) by financing activities was $(133,000) for the period
ended September 30, 1997 as compared to $284,000 of net cash provided by
financing activities for the period ended September 30, 1996. The change was
primarily due to repayment of borrowings in the current period versus net
borrowings in the prior period.
The Company's working capital decreased from $42,701,000 at September 30, 1996,
to $30,530,000 at September 30, 1997, a decrease of $12,171,000 or 28.5%.
Working capital of the disposed Pre-press business included in the September
30, 1996 total of working capital amounted to $12,096,000. Currency rate
fluctuations further decreased working capital by $1,384,000. Cash and
Short-term securities increased in the current period due to the collection
of $4,000,000 of notes receivable related to the disposition of the Company's
Pre-press operations. Cash and Short-term Securities were lower in the prior
year due to the Acrotec acquisition. Prepaid expenses and other current assets
increased primarily due to the $2,000,000 note receivable received in connec-
tion with the disposition of the Pre-press business. Inventories and trade
accounts receivable increased and bank loans for working capital decreased.
These above increases in working capital were largely offset by a reclassifi-
cation of long-term debt to current in accordance with the Company's debt
amortization schedule, increases in trade accounts payable and customer
deposits. The Company's working capital increased by $834,000 or 2.8% from
$29,696,000 at June 30, 1997 to $30,530,000 at September 30, 1997. Currency
rate fluctuations decreased working capital by $752,000 in the current
period. The primary reasons for the increase in working capital resulted
from the increase in inventories related to an increased order backlog and a
decrease in income taxes payable resulting from a normal tax payment in
Japan. The effects of the above working capital increases were largely offset
by increases in customer deposits on orders related to the increase in
backlog, the collection of a $4,000,000 note receivable related to the
disposition of the Company's Pre-press operations and an increase in trade
payables related to the increased level of inventory.
The Company maintains relationships with foreign and domestic banks which have
extended credit facilities to the Company totaling $30,675,000, including
amounts available under the Revolver. As of September 30, 1997, the Company
had outstanding $7,995,000 under these lines of credit. Total debt levels
as reported on the balance sheet at September 30, 1997 are $177,000 lower
than they would have been if June 30, 1997 exchange rates had been used.
Net capital expenditures made to meet the normal business needs of the Company
for the three months ended September 30, 1997 and September 30, 1996, including
commitments for capital lease payments, were $545,000 and $602,000,
respectively.
The Company believes its cash flow from operations and bank lines of credit
are sufficient to finance its working capital and other capital requirements
for the near and long-term future.
Impact of Inflation
The Company's results are affected by the impact of inflation on manufacturing
and operating costs. Historically, the Company has used selling price
adjustments, cost containment programs and improved operating efficiencies to
offset the otherwise negative impact of inflation on its operations.
- 8 -
<PAGE>
BALDWIN TECHNOLOGY COMPANY, INC
PART II
OTHER INFORMATION
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
27 Financial Data Schedule (filed herewith).
(b) Reports on Form 8-K. On July 3, 1997 a Form 8-K was filed
in connection with the sale to Kaber Imaging Inc. of the
Misomex Group of Companies. Exhibits filed as part of that
Form 8-K are listed below.
Exhibits.
10.26 Stock Purchase Agreement, dated as of June 9,
1997, between Kaber Imaging, Inc. and the
Company.
10.27 Amendment Number One, dated June 30, 1997, to
the Stock Purchase Agreement.
99.1 Press Release of the Company, dated June 10,
1997, announcing the signing of the Stock
Purchase Agreement.
99.2 Press Release of the Company, dated July 1,
1997, announcing that the transaction contemplated
by the Stock Purchase Agreement had closed.
- 9 -<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.
BALDWIN TECHNOLOGY COMPANY, INC.
BY /s/William J. Lauricella
Treasurer and Chief Financial Officer
Dated: October 24, 1997
- - 10 -
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS IN THE COMPANY'S CURRENT REPORT ON FORM 10-Q AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH UNAUDITED FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> SEP-30-1997
<CASH> 8000
<SECURITIES> 5336
<RECEIVABLES> 53767
<ALLOWANCES> 2110
<INVENTORY> 33568
<CURRENT-ASSETS> 110355
<PP&E> 22300
<DEPRECIATION> 14666
<TOTAL-ASSETS> 163700
<CURRENT-LIABILITIES> 79825
<BONDS> 0
0
0
<COMMON> 184
<OTHER-SE> 58354
<TOTAL-LIABILITY-AND-EQUITY> 163700
<SALES> 48047
<TOTAL-REVENUES> 48047
<CGS> 32020
<TOTAL-COSTS> 32020
<OTHER-EXPENSES> 14185
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 735
<INCOME-PRETAX> 2072
<INCOME-TAX> 871
<INCOME-CONTINUING> 1201
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1201
<EPS-PRIMARY> .07
<EPS-DILUTED> .07
</TABLE>
