<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 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: 1-4753
------
PUERTO RICAN CEMENT COMPANY, INC.
---------------------------------
(Exact name of registrant as specified in its charter)
COMMONWEALTH OF PUERTO RICO 51-A-66-0189525
- ---------------------------------------------- ---------------
(State or other jurisdiction of incorporation) (I.R.S. Employer ID No.)
PO Box 364487 - San Juan, P.R. 00936-4487
- ------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (787) 783-3000
NONE
----
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:
Common stock, $1 Par Value; 5,452,074 Shares Outstanding
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<PAGE> 2
PUERTO RICAN CEMENT COMPANY, INC.
INDEX
<TABLE>
Page No.
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<S> <C> <C>
Part I - Financial Information
Consolidated Balance Sheet as of September 30, 1997
and December 31, 1996 .................................................. 1-2
Consolidated Statement of Income for the three-month and
nine-month periods ended on September 30, 1997 and 1996....................... 3
Consolidated Statement of Cash Flows for the nine-month
periods ended on September 30, 1997 and 1996.................................. 4
Notes to Consolidated Financial Statements.................................... 5
Management's Discussion and Analysis of Financial
Condition and Results of Operations .......................... 6-10
Part II - Other Information 10
Signatures 11
</TABLE>
<PAGE> 3
Puerto Rican Cement Company, Inc.
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
September December
30, 1997 31, 1996
--------- --------
(In thousands)
<S> <C> <C>
Assets
Current Assets
Cash and cash equivalents $ 13,776 $ 14,809
--------- --------
Investments available-for-sale 5,877 4,596
--------- --------
Short-term investments 4,160 1,918
--------- --------
Notes and accounts receivable - net of allowance
for doubtful accounts of $1,547 in 1997 and
$1,539 in 1996 29,783 27,410
--------- --------
Inventories:
Finished products 2,008 2,219
Work in process 4,094 4,510
Raw materials 3,465 3,544
Maintenance and operating supplies 23,559 22,667
Land held for sale, including development costs 503 503
--------- --------
Total inventories 33,629 33,443
--------- --------
Prepaid expenses 5,658 4,625
--------- --------
Total Current Assets 92,883 86,801
Property, plant and equipment - net of accumulated
depreciation, depletion and amortization of $73,159
in 1997 and $64,163 in 1996 154,185 143,088
Long-term investments 45,982 46,980
Other Assets 4,608 4,334
--------- --------
Total $297,658 $281,203
========= ========
</TABLE>
See notes to consolidated financial statements.
1
<PAGE> 4
Puerto Rican Cement Company, Inc.
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
September December
30, 1997 31, 1996
--------- --------
(in thousands)
<S> <C> <C> <C>
Liabilities and Stockholders' Equity
Current Liabilities
Current portion of long-term debt $ 8,559 $ 15,401
Accounts payable 8,487 7,799
Accrued liabilities 8,243 6,350
Income taxes payable 1,053 931
--------- --------
Total Current Liabilities 26,342 30,481
--------- --------
Long-term Liabilities
Long-term debt, less current portion 76,395 67,023
Deferred income taxes 36,320 33,323
Other long-term liabilities, including
postretirement benefits 3,010 2,955
--------- --------
Total Long-term Liabilities 115,725 103,301
--------- --------
Total Liabilities 142,067 133,782
--------- --------
Stockholders' Equity
Preferred stock, authorized 2,000,000
shares of $5.00 par value each; none issued
Common stock, authorized 20,000,000
shares of $1.00 par value each; issued
6,000,000 shares, outstanding 5,452,074 shares
as of September 30, 1997 and 5,527,074 shares
as of December 31, 1996 6,000 6,000
Additional paid-in capital 14,703 14,703
Unrealized gain on investments available-for-sale 800 110
Retained earnings 147,173 137,047
--------- --------
168,676 157,860
Less: Shares of common stock in treasury, at cost
(547,926 shares as of September 30, 1997 and
472,926 shares as of December 31, 1996) 13,085 10,439
--------- --------
Stockholders' Equity - Net 155,591 147,421
--------- --------
Total $297,658 $281,203
========= ========
</TABLE>
See notes to consolidated financial statements.
2
<PAGE> 5
Puerto Rican Cement Company, Inc.
Consolidated Statement of Income
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 1997 1996
---- ---- ---- ----
(In thousands, except per share data)
<S> <C> <C> <C> <C>
Net sales $39,131 $33,648 $119,723 $112,015
Revenue from real estate operations 25 23 74 70
--------- --------- ---------- ---------
39,156 33,671 119,797 112,085
Cost of sales 27,225 24,616 83,442 80,753
--------- --------- ---------- ---------
Gross margin 11,931 9,055 36,355 31,332
Selling, general and administrative expenses 5,463 4,451 15,490 13,905
--------- --------- ---------- ---------
Income from operations 6,468 4,604 20,865 17,427
--------- --------- ---------- ---------
Other charges (credits):
Interest and financial charges 1,535 1,108 4,242 3,359
Interest income (968) (640) (2,628) (1,900)
Other (income) expense (42) (129) 72 (470)
--------- --------- --------- ---------
Total other charges (credits) 525 339 1,686 989
--------- --------- --------- ---------
Income before income tax 5,943 4,265 19,179 16,438
Provision for income tax 1,771 1,370 5,917 5,345
--------- --------- --------- ---------
Net income $ 4,172 $ 2,895 $ 13,262 $ 11,093
========= ========= ========= =========
Income per share:
Net income $ 0.76 $ 0.52 $ 2.40 $ 2.01
========= ========= ========= =========
Average Common Shares Outstanding 5,518,741 5,527,074 5,518,741 5,527,074
========= ========= ========= =========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE> 6
Puerto Rican Cement Company, Inc.
Consolidated Statement of Cash Flows
For the Nine Months ended - Unaudited; In thousands
<TABLE>
<CAPTION>
September September
30, 1997 30, 1996
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net income $13,262 $11,093
--------- ---------
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation, depletion and amortization 9,108 8,233
Accretion of discounts on investments (1,891) (1,106)
Provision for deferred income taxes 2,997 1,878
Postretirement benefits cost 56 72
Gain on sale of investments available-or-sale (42) -
Gain on sale of fixed assets (39) (137)
Changes in assets and liabilities:
Increase in notes and accounts receivable (2,373) (2,964)
(Increase) decrease in inventories (186) 158
Increase in prepaid expenses (1,033) (1,241)
Increase in other long-term assets (315) (1,276)
Decrease in accounts payable (348) (4,134)
Increase in accrued liabilities 2,943 546
Increase in income taxes payable 122 444
--------- ---------
Total adjustments 8,990 473
--------- ---------
Cash provided by operations 22,252 11,566
--------- ---------
Cash flows from investing activities:
Capital expenditures (20,281) (8,567)
Redemption of long-term investments 2,897 2,222
Purchase of short-term investments (2,242) (3,619)
Proceeds from sale of investments available-for-sale 676 -
Purchase of investments available-for-sale (1,225) (37)
Proceeds from sale of fixed assets 155 181
--------- ---------
Cash used in investing activities (20,019) (9,820)
--------- ---------
Cash flows from financing activities:
Purchase of treasury stock (2,645) -
Increase in notes payable 800 -
Repayment of long-term debt (68,271) (17,356)
Dividends paid (3,150) (2,800)
Proceeds from loans 70,000 11,400
Increase in short-term borrowings - 1,550
--------- ---------
Cash used in financing activities (3,266) (7,206)
--------- ---------
Decrease in cash and cash equivalents ($1,033) ($5,460)
========= =========
Cash and cash equivalents - beginning of year $14,809 $11,600
Cash and cash equivalents - end of period 13,776 6,140
--------- ---------
Decrease in cash and cash equivalents ($1,033) $(5,460)
========= =========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 7
PUERTO RICAN CEMENT COMPANY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In the opinion of the Registrant, the accompanying unaudited financial
statements contain all adjustments necessary to present fairly its financial
position at September 30, 1997 and December 31, 1996, and the results of
operations for the three-month and nine-month periods ended September 30, 1997
and 1996, and cash flows for the nine-month periods ended September 30, 1997
and 1996. The results of operations are not necessarily indicative of the
results to be expected for the full year.
Cash and cash equivalents added to all investments, including
short-term, available-for-sale, and long-term investments, were $69.8 million as
of September 30, 1997 compared with $68.3 million at December 31, 1996. The
increase of $1.5 million resulted principally from the purchase of short-term
and available-for-sale investments with cash provided by the operation.
Investments consist primarily of short-term obligations and obligations of the
U.S. Government or its agencies with maturities ranging from one to seven
years.
Notes and accounts receivable were $29.8 million as of September 30, 1997
compared with $27.4 million as of December 31, 1996, an increase of $2.4
million. The increase resulted from a higher balance of accounts
receivable-trade attributable to stronger consolidated sales amounting to $39.1
million during the third quarter of 1997 as compared to $37.2 million
consolidated sales during the last quarter of 1996. Receivable turnover was
maintained at normal levels during the third quarter of 1997.
Consolidated inventories increased by $0.2 million to $33.6 million as of
September 30, 1997 compared with $33.4 million as of December 31, 1996. The
increase resulted from additional maintenance and operating supplies inventory,
offset by slight decreases in the raw material, work in process, and finished
goods inventories.
Property, plant and equipment increased by $11.1 million to $154.1 million
as of September 30, 1997 compared with $143.0 million as of December 31, 1996.
This increase resulted from capital expenditures of $20.3 million net of
depreciation and amortization of $9.1 million.
Total current liabilities decreased $4.2 million from $30.5 million as of
December 31, 1996 to $26.3 million as of September 30, 1997. The decrease was
principally attributable to the repayment of $7.0 million of a revolving credit
facility, classified as current liability at December 31, 1996.
At its September 24, 1997 meeting, the Board of Directors of the
Registrant declared a 19 cents per share dividend on its common stock, payable
on November 11, 1997 to stockholders of record on October 3, 1997. As of
September 30, 1997, the Registrant had 5,452,074 shares of common stock issued
and outstanding.
As of September 30, 1997, $52.8 million or 17.8% of the Company's total
consolidated assets were attributable to its ready-mixed concrete subsidiary,
Ready Mix Concrete, Inc. ("RMC").
5
<PAGE> 8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Working capital at September 30, 1997, increased to $66.5 million compared
with $56.3 million at December 31, 1996. The current ratio increased to 3.53
to 1 as of September 30, 1997, from 2.85 to 1 as of December 31, 1996. The
improvement in both items resulted mainly from the decrease in current
liabilities caused by the repayment of $7.0 million of the current portion of
long-term debt.
Capital expenditures incurred during the nine-month period ended September
30, 1997, totaled $20.3 million. Depreciation expense for the same period
totaled $9.1 million.
As of September 30, 1997, the approximate aggregate maturities of
long-term debt for the remainder of 1997 and thereafter are as follows (in
thousands):
1997 $7,809
1998 1,095
1999 950
2000 950
2001 and thereafter 74,150
-------
Total $84,954
=======
During July 1997, the Company paid-off a $9.6 million revolving credit
facility due in 1999 with cash flows generated from its operations.
On July 10, 1997, the Company issued $20 million in Series B Senior
Secured Notes ("Series B Notes") as part of a total $70 million refinancing
transaction initiated in December 1996. The Company previously issued $50
million in Series A Senior Secured Notes in January 1997 bearing interest at a
rate of 7.29% (together with the Series B Notes, the "Notes"). Proceeds from
the Series B Notes, bearing interest at a rate of 7.34% and due on 2017, were
used mostly to finance the acquisition of new equipment and for the improvement
and modernization of the cement plant. To secure the Notes, the Company
pledged a zero-coupon bond which will accrete in value to $70 million shortly
after the Notes' due date and which may be used to repay them. Thus, the
repayment in 2017 of the aggregate $70 million in Notes is not expected to
have an impact on the Company's operating cash flows.
During August 1997, RMC issued five notes payable for a total amount of
$800,000 as part of a transaction to acquire a tract of land. Four of these
notes are for $150,000 and one note is due on July 30 of each year through the
year 2001. The $150,000 note due on July 30, 1998 does not bear interest. The
remaining three $150,000 notes bear interest at a 7% annual rate payable in full
upon the due date of each particular note. The fifth note is for $200,000 and
is due in irregular quarterly installments commencing on October 1, 1997 until
the full amount is repaid.
6
<PAGE> 9
Loan agreements with term lenders impose certain restrictions on the
Company concerning working capital, indebtedness, dividends, investments and
certain advances, among other restrictions. At September 30, 1997, the
Company was in compliance with the provisions of the loan agreements.
The Company has available credit facilities in the aggregate amount of
$20,600,000 with commercial banks for short-term financing and discount of
trade paper from customers. No amount was outstanding under these facilities
at September 30, 1997. The maximum aggregate short-term borrowing outstanding
at any month-end during the nine-month period ended September 30, 1997 was
$3,940,000 bearing interest at a 6.44% rate. These short-term facilities are
renewable annually at the discretion of the banks, which at this time do not
require any commitment fees for these credit facilities.
Results of Operations
THREE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED WITH THREE MONTHS ENDED
SEPTEMBER 30, 1996
The Registrant realized third-quarter net income of $4,172,000, or $0.76
per share, compared with $2,895,000, or $0.52 per share, for the same period
last year, representing an increase of 46.2%, or $0.24, per share.
Consolidated net sales for the third quarter of 1997 increased by 16.3% to
$39.2 million compared with $33.7 million in the same quarter of 1996. Total
cement sales increased 15.5% to 279,000 tons in the third quarter of 1997 from
242,000 tons for the same quarter of 1996. Lime sales for the third quarter of
1997 decreased 14.9% from the same period of 1996 due to lower lime export sales
during this quarter. The Registrant's paper and bag division sales remained at
the same level as in 1996. Sales in RMC represented the most significant change
in consolidated net sales resulting from an increase in dollar sales in the
third quarter of 1997 over the same quarter of 1996. The increase in sales as
compared to the third quarter of 1996 was mainly due to a truckers' strike
which affected RMC's operations for most of this period of 1996, while normal
operations were conducted during the same period in 1997.
Gross margins reported at 30.5% during the third quarter of 1997 compared
favorably with gross margins of 26.9% during the same quarter of 1996. Profit
margins were favorably affected by additional cement sales volume and improved
cement production efficiencies, coupled with economies achieved by the merger of
the Company's ready-mix subsidiaries completed early this year.
Selling, general and administrative expenses increased to $5.5 million in
the third quarter of 1997 from $4.5 million over the comparable quarter of 1996.
This increase was principally attributable to normal inflationary growth and
higher professional fees for legal, advertising and security services associated
mainly with the development of the Company's new real estate projects and
related legal proceedings for permits. These expenses are mostly nonrecurrent.
The Company's new projects are not yet contributing to consolidated operations.
7
<PAGE> 10
Interest and financial charges increased $400,000 to $1.5 million in the
third quarter of 1997 compared with $1.1 million for the same quarter of 1996.
This increase reflects the effect of slightly higher interest rates on the
Notes issued in January and July 1997, respectively, as compared to the
shorter term indebtedness refinanced with the proceeds from the issuance of the
Series A Notes.
NINE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED WITH NINE MONTHS ENDED SEPTEMBER
30, 1996
Consolidated net income for the nine-month period ended September 30, 1997
amounted to $13,262,000, or $2.40 per share, compared with $11,093,000, or $2.01
per share, for the comparable 1996 period. This represented an increase of
19.4%, or $0.39, per share.
Consolidated net sales for the nine-month period ended September 30, 1997
increased by approximately $7.7 million, or 6.9%, to $119.8 million compared
with $112.1 million in the same period of 1996. Cement sales improved by
50,000 tons, or 6.4%, to 837,000 tons in the nine-month period ended September
30, 1997 from 787,000 tons for the same period of 1996. Lime sales for the
nine-month period ended September 30, 1997 decreased 34% due to lower lime
export sales during the period. Sales in the Company's paper and bag division
for the nine-month period remained constant with the comparable 1996 period.
RMC sales increased significantly principally as a result of improved sales
during the third quarter of 1997 as mentioned above.
Gross margins during the nine-month period amounted to 30.4% in 1997 as
compared to 28.0% during the same period of 1996. Increase in the gross margins
resulted from improved sales of cement and ready-mixed concrete, combined with
reductions in the cost of sales of cement and paper bags due to improved
operational efficiencies and inventory management, partially offset by an
increase in the cost of sale of ready-mixed concrete mostly due to the
higher cost of raw materials and freight-in expenses.
Consolidated selling, general, and administrative expenses increased by
$1.6 million to $15.5 million during the nine-month period ended September 30,
1997 when compared to $13.9 million for the same period of 1996. This
increase resulted from an increase in contracted professional services,
non-recurring severance payments pursuant to the merger of the Company's two
ready-mixed concrete subsidiaries, and normal inflationary increase in salaries
and related expenses.
Interest and financial charges increased by $900,000 to $4.2 million during
the nine-month period ended September 30, 1997 when compared to $3.3 for the
same period of 1996. This increase resulted mainly from slightly higher
interest rates on the Notes issued during 1997, and $10.6 million in debt
outstanding on a $17.6 million revolving credit facility obtained in December,
1996 to purchase a zero-coupon bond. This revolving credit facility was
paid-off in July 1997.
8
<PAGE> 11
Interest income increased by $700,000 to $2.6 million during the
nine-month period ended September 30, 1997 when compared to $1.9 million for
the same period of 1996. This increase resulted mainly from the accretion in
value of the $70 million zero-coupon bond purchased for $17.6 million in
December 1996. Other (income) expense changed by $550,000 during the
nine-month period of 1997 when compared to the same period of 1996 mainly due
to other non-recurring expenses incurred in 1997 related to the merger of the
Company's ready-mixed concrete subsidiaries.
LEGAL PROCEEDING INVOLVING SAN JUAN CEMENT COMPANY, INC.
As reported in the Company's 1996 annual report, the Company and RMC are
the defendants in a claim filed by San Juan Cement Company, Inc. before the
United States District Court of Puerto Rico. On April 15, 1997, the parties
filed a joint motion requesting a 90-day stay of the proceedings which expired
on August 11, 1997. The joint motion provided for an additional 60-day
extension which expired on October 10, 1997. On that date both parties filed
for a second 60-day extension of the stay which is now in effect.
REAL ESTATE AND AGGREGATES BUSINESS
The Company has stopped all work on the development of its real estate
project at Vega Alta and at its limestone quarry at Guanica because
of orders issued by agencies of the Government of Puerto Rico, as more fully
described below.
On July 8, 1997, the Puerto Rico Planning Board (the "Planning Board")
issued a cease and desist order against the Vega Alta project, asserting that
the Company did not have the permits needed to extract and process sand and
gravel from the site. The Company had previously received permits to build a
housing project there, including a "temporary aggregate permit" which the
Company believes was properly obtained and is sufficient to conduct the planned
operations. The Planning Board held public hearings regarding this dispute on
August 25, September 23 and September 24, 1997. The Planning Board's hearings
have been concluded but it has not yet issued a decision on these proceedings.
On July 11, 1997, the Puerto Rico Permits and Regulations Administration
(the "Administration") revoked a permit granted to the Company to operate a
limestone quarry at its Guanica site. A permit had been granted by the
Administration's Ponce office. The Company has appealed this decision to the
Administration Appellate Board and is awaiting a decision.
Management believes that the outcome of these matters will not have a
material adverse effect on the Company's financial position or results of
operations.
OTHER LEGAL PROCEEDINGS
On June 27, 1997, the Company filed a lawsuit against the Puerto Rico
Department of Consumer Affairs (the "Department") in response to the
Department's investigation of the Company's labeling of bags of cement during
1995 and 1996. The Department concluded that cement manufactured at the
Company's Ponce plant with imported clinker was foreign cement and shoud have
been labeled accordingly. On August 12, 1997, the Superior Court rejected the
Company's assertion that the Department did not have authority to conduct an
investigation with respect to this matter.
On October 15, 1997, the Department issued a Notification of Intention to
Impose Fines and Other Sanctions and the Opportunity for an Administrative
Hearing (the "Notice"). In the Notice, the Department alleged that the Company
has violated its regulations regarding the use of imported clinker and the
labeling of bags of cement. It further stated that it may impose fines in
excess of $2 million and other sanctions. The Company currently intends to
demand a hearing to contest these findings and would have the ability to appeal
any ultimate finding to the courts of Puerto Rico.
9
<PAGE> 12
The Company believes the positions taken by the Government of Puerto Rico
with regards to the Company have arisen as a by-product of the dispute between
the Administration of the Governor of Puerto Rico and El Nuevo Dia, a local
newspaper controlled by the family of Antonio Luis Ferre, Chairman of the Board
of Directors of the Company.
Part II. OTHER INFORMATION.
In September 1997, the Registrant repurchased 75,000 shares of its
outstanding common stock for $2,645,000. This transaction was previously
approved by the Company's Board of Directors.
Item 2. NONE
Item 5. NONE
Item 6. Exhibits and Reports on Form 8-K
EXHIBITS
27. Financial Data Schedule (for SEC use only)
REPORTS ON FORM 8-K
NONE
10
<PAGE> 13
SIGNATURES
Pursuant to the requirement 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.
PUERTO RICAN CEMENT COMPANY, INC.
- ---------------------------------
Date: 10/22/97 By: /s/ Angel Amaral
-------- -------------------------------------
Angel Amaral
Vice President and Controller
Date: 10/22/97 By: /s/ Jose O. Torres
-------- -------------------------------------
Jose O. Torres
Vice President of Finance and Treasurer
11
<TABLE> <S> <C>
<ARTICLE> 5
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<CASH> 13,775,937
<SECURITIES> 10,036,946
<RECEIVABLES> 29,619,046
<ALLOWANCES> 1,547,261
<INVENTORY> 33,629,178
<CURRENT-ASSETS> 92,882,975
<PP&E> 227,344,463
<DEPRECIATION> 73,158,923
<TOTAL-ASSETS> 297,658,440
<CURRENT-LIABILITIES> 26,341,936
<BONDS> 76,395,000
0
0
<COMMON> 6,000,000
<OTHER-SE> 149,591,208
<TOTAL-LIABILITY-AND-EQUITY> 297,658,440
<SALES> 119,722,594
<TOTAL-REVENUES> 119,796,703
<CGS> 83,442,313
<TOTAL-COSTS> 98,931,969
<OTHER-EXPENSES> 1,685,873
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 19,178,861
<INCOME-TAX> 5,917,044
<INCOME-CONTINUING> 13,261,817
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,261,817
<EPS-PRIMARY> 2.40
<EPS-DILUTED> 2.40
</TABLE>
