<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, 1999 or
------------------
[ ] Transition report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934.
For the transition period from to
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Commission File Number: 1-4753
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Puerto Rican Cement Company, Inc.
---------------------------------
(Exact Name of Registrant as Specified in Its Charter)
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<S> <C>
Commonwealth of Puerto Rico 51-A-66-0189525
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(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer ID No.)
PO Box 364487 - San Juan, P.R. 00936-4487
- ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
</TABLE>
Registrant's Telephone Number, Including Area Code: (787) 783-3000
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Not Applicable
--------------
(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, $1.00 Par Value; 5,186,274 Shares Outstanding
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PUERTO RICAN CEMENT COMPANY, INC.
INDEX
<TABLE>
<CAPTION>
PAGE NO.
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<S> <C> <C>
Part I - Financial Information
Item 1 - Financial Statements
Consolidated Balance Sheet as of September 30, 1999 and
December 31, 1998............................................................ 3 - 4
Consolidated Statement of Income for the nine-month periods
ended on September 30, 1999 and 1998......................................... 5
Consolidated Statement of Cash Flows for the nine-month
periods ended on September 30, 1999 and 1998 ................................ 6
Notes to Consolidated Financial Statements................................... 7 - 8
Item 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations ......................................... 8 - 11
Item 3 - Quantitative and Qualitative Disclosures About
Market Risk ................................................................. 12
Part II - Other Information .......................................................... 12
Signatures................................................................... 13
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2
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Part I. FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
Puerto Rican Cement Company, Inc.
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
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(In thousands)
<S> <C> <C>
Assets
Current assets
Cash and cash equivalents $ 7,199 $ 7,481
- ---------------------------------------------------------------------------------------------------------
Short-term investments 10,468 20,667
- ---------------------------------------------------------------------------------------------------------
Notes and accounts receivable - net of allowance
for doubtful accounts of $802 in 1999 and
$1,296 in 1998 37,412 28,799
- ---------------------------------------------------------------------------------------------------------
Inventories:
Finished products 1,489 1,803
Work in process 3,214 6,467
Raw materials 3,574 3,788
Maintenance and operating supplies 22,720 20,965
Land held for sale, including development costs 923 923
- ---------------------------------------------------------------------------------------------------------
Total inventories 31,920 33,946
- ---------------------------------------------------------------------------------------------------------
Prepaid expenses 8,115 5,087
- ---------------------------------------------------------------------------------------------------------
Total current assets 95,114 95,980
Property, plant and equipment - net of accumulated
depreciation, depletion and amortization of $93,343
in 1999 and $83,117 in 1998 168,024 162,278
Long-term investments 35,091 31,987
Other assets, including long-term notes receivable 11,152 8,524
- ---------------------------------------------------------------------------------------------------------
Total $309,381 $298,769
=========================================================================================================
</TABLE>
See notes to consolidated financial statements.
3
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Puerto Rican Cement Company, Inc.
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
1999 1998
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(In thousands)
<S> <C> <C>
Liabilities and stockholders' equity
Current liabilities
Notes payable $ 886 $ 551
Current portion of long-term debt 3,205 2,452
Accounts payable 13,067 9,842
Accrued liabilities 9,384 8,225
Income taxes payable 3,282 1,458
- ---------------------------------------------------------------------------------------------------------
Total current liabilities 29,824 22,528
- ---------------------------------------------------------------------------------------------------------
Long-term liabilities
Long-term debt, less current portion 82,904 80,542
Deferred income taxes 31,918 32,359
Other long-term liabilities, including
postretirement benefits 3,057 3,082
- ---------------------------------------------------------------------------------------------------------
Total long-term liabilities 117,879 115,983
- ---------------------------------------------------------------------------------------------------------
Total liabilities 147,703 138,511
- ---------------------------------------------------------------------------------------------------------
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 6,000 6,000
Additional paid-in capital 14,703 14,703
Retained earnings 164,001 156,170
- ---------------------------------------------------------------------------------------------------------
184,704 176,873
Less: Shares of common stock in treasury, at cost
(813,726 shares as of September 30, 1999 and
620,926 shares as of December 31, 1998) 23,026 16,615
- ---------------------------------------------------------------------------------------------------------
Stockholders' equity - net 161,678 160,258
- ---------------------------------------------------------------------------------------------------------
Total $309,381 $298,769
=========================================================================================================
</TABLE>
See notes to consolidated financial statements.
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Puerto Rican Cement Company, Inc.
Consolidated Statement of Income and Comprehensive income
(Unaudited)
<TABLE>
<CAPTION>
(In Thousands, except share data) Three Months Ended Nine Months Ended
- ---------------------------------------------------------------------------------------------------------------------
September 30, September 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Net sales $ 43,417 $ 36,525 $ 136,109 $ 112,318
Revenue from real estate operations 27 25 79 75
- ---------------------------------------------------------------------------------------------------------------------
43,444 36,550 136,188 112,393
Cost of sales 33,418 26,455 98,296 81,357
- ---------------------------------------------------------------------------------------------------------------------
Gross margin 10,026 10,095 37,892 31,036
Selling, general & administrative expenses 6,170 5,925 20,479 17,719
- ---------------------------------------------------------------------------------------------------------------------
Income from operations 3,856 4,170 17,413 13,317
- ---------------------------------------------------------------------------------------------------------------------
Other (credits) charges:
Interest and financial charges 1,337 1,489 4,417 3,857
Interest income (860) (842) (2,692) (2,502)
Other (income) expenses (188) 220 404 (226)
- ---------------------------------------------------------------------------------------------------------------------
Total other (credits) charges 289 867 2,129 1,129
- ---------------------------------------------------------------------------------------------------------------------
Income before income tax 3,567 3,303 15,284 12,188
Provision for income tax 1,008 884 4,446 2,834
- ---------------------------------------------------------------------------------------------------------------------
Net income 2,559 2,419 10,838 9,354
Other comprehensive income, net of tax -- 268 -- (300)
- ---------------------------------------------------------------------------------------------------------------------
Comprehensive income $ 2,559 $ 2,687 $ 10,838 $ 9,054
=====================================================================================================================
Net income per share $ 0.48 $ 0.45 $ 2.05 $ 1.73
=====================================================================================================================
Average common shares outstanding 5,293,385 5,396,963 5,293,385 5,396,963
=====================================================================================================================
</TABLE>
See notes to consolidated financial statements.
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Puerto Rican Cement Company, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended September 30, 1999 1998
- -----------------------------------------------------------------------------------------------------
(In thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 10,838 $ 9,354
- -----------------------------------------------------------------------------------------------------
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation, depletion and amortization 10,490 9,944
Accretion of discount on investments (1,782) (2,009)
Provision for deferred income taxes (440) (1,769)
Postretirement benefits cost (26) 42
Gain on sale of investments available-for-sale -- (891)
Loss on sale of fixed assets 13 10
Changes in assets and liabilities:
Increase in notes and accounts receivable (6,943) (3,995)
Decrease (increase) in inventories 2,026 (3,834)
Increase in prepaid expenses (3,027) (2,141)
Increase in other long-term assets (467) (1,000)
Increase in accounts payable 3,261 659
Increase in accrued liabilities 1,159 639
Increase in income taxes payable 1,824 1,435
- -----------------------------------------------------------------------------------------------------
Total adjustments 6,088 (2,910)
- -----------------------------------------------------------------------------------------------------
Cash provided by operations 16,926 6,444
- -----------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (16,318) (12,776)
Increase in long-term notes receivable (3,872) (3,026)
Maturity of long-term investments 14,037 3,373
Proceeds from sale of investments available-for-sale -- 6,690
Purchase of investments (5,160) --
Proceeds from sale of fixed assets 109 514
- -----------------------------------------------------------------------------------------------------
Cash used in investing activities (11,204) (5,225)
- -----------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock (6,411) (3,530)
Repayment of long-term debt (2,134) (907)
Dividends paid (3,043) (3,069)
Proceeds from loans 5,249 --
Increase in notes payable 335 4,349
- -----------------------------------------------------------------------------------------------------
Cash used in financing activities (6,004) (3,157)
- -----------------------------------------------------------------------------------------------------
Decrease in cash and cash equivalents (282) (1,938)
Cash and cash equivalents - beginning of period 7,481 2,996
- -----------------------------------------------------------------------------------------------------
Cash and cash equivalents - end of period $ 7,199 $ 1,058
=====================================================================================================
</TABLE>
See notes to consolidated financial statements.
6
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PUERTO RICAN CEMENT COMPANY, INC.
(Unaudited)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Financial Statements: In the opinion of Puerto Rican Cement Company,
Inc. (the "Company" or "Registrant"), the accompanying unaudited
financial statements contain all adjustments necessary to present
fairly its financial position at September 30, 1999 and December 31,
1998 and the results of operations and cash flows and the changes in
stockholders' equity for the nine-month periods ended September 30,
1999 and 1998. The results of operations for this interim period are
not necessarily indicative of the results to be expected for the full
year.
2. Comprehensive Income: Comprehensive income includes unrealized gains
and losses on investments in available-for-sale securities. There were
no investments in available-for-sale securities during the first nine
months of 1999. Total comprehensive income for the nine-month period
ended September 30, 1998 is summarized as follows (in thousands):
<TABLE>
<CAPTION>
1998
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<S> <C>
Net income $ 9,354
--------
Other comprehensive income, before tax:
Unrealized gains on securities:
Unrealized holding gains arising during the period 314
Less: reclassification adjustment for gains
included in net income (760)
--------
Other comprehensive income before tax (446)
Income tax expense related to items of other
comprehensive income 146
--------
Other comprehensive income, net of tax (300)
--------
Comprehensive income $ 9,054
========
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3. Segment information: Puerto Rican Cement has identified three
reportable segments: cement operations, ready-mixed concrete
operations and all other segments, which include the operations of
lime, realty, financing, and paper and packaging. Segment detail for
the nine-month period ended September 30, 1999 and 1998 is summarized
as follows (in thousands):
<TABLE>
<CAPTION>
Ready-mixed All Other
Cement Concrete Segments Total
--------- --------- ----------- ---------
<S> <C> <C> <C> <C>
SEPTEMBER 30, 1999
Revenues
Total revenues $ 83,760 $ 74,563 $ 10,091 $ 168,414
Less - Intersegment revenues 28,489 -- 3,737 32,226
--------- --------- ----------- ---------
Net revenues $ 55,271 $ 74,563 $ 6,354 $ 136,188
========= ========= ========== =========
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C>
SEPTEMBER 30, 1998
Revenues
Total revenues $ 66,274 $ 59,851 $ 11,606 $ 137,731
Less - Intersegment revenues 22,337 -- 3,001 25,338
--------- --------- ---------- ---------
Net revenues $ 43,937 $ 59,851 $ 8,605 $ 112,393
========= ========= ========== =========
</TABLE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Investments, including short-term and long-term, decreased $7.1
million to $45.6 million as of September 30, 1999 from $52.6 million as of
December 31, 1998. During this period, $14 million of long-term investments
matured of which $5.2 million were reinvested. Investments also include a $1.8
million accretion in the value of the Company's investment in a zero-coupon.
This zero-coupon investment is securing the principal payment on the Company's
$70 million long-term notes.
Notes and accounts receivable increased by $8.6 million to $37.4
million as of September 30, 1999 from $28.8 million as of December 31, 1998.
The increase is mainly attributable to a 21% increase in sales volume when the
last quarter of 1998 is compared to the third quarter of 1999.
Inventories decreased by $2 million to $31.9 million as of September
30, 1999 from $33.9 million as of December 31, 1998. Clinker inventory declined
$3.2 million as a result of higher clinker consumption caused by a surging
demand for cement. This decline was offset by an increase of approximately $1
million in coal inventory due to the timing of shipments.
Prepaid expenses of $8.1 million as of September 30, 1999 were $3
million higher than the $5.1 million balance as of December 31, 1998. This
increase resulted principally from payments related to insurance, property tax
and municipal license tax, which are prepaid and amortized over the covered
period.
Property, plant and equipment increased by $5.7 million to $168
million as of September 30, 1999 from $162.3 million as of December 31, 1998.
This increase resulted from capital expenditures of $16.3 million less
depreciation and amortization of $10.5 million.
Other long-term assets increased $2.6 million to $11.2 million as of
September 30, 1999. The increase was mainly due to a $2.2 million growth in the
loan portfolio of the Company's financing subsidiary.
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Total current liabilities increased $7.3 million to $29.8 million as
of September 30, 1999 from $22.5 million as of December 31, 1998. The increase
was mainly due to increased purchases of raw materials at a higher average cost
by our ready-mixed concrete subsidiary, responding to a higher volume in sales.
At its September 22, 1999 meeting, the Board of Directors of the
Registrant declared a $0.19 per share dividend on its common stock, payable on
November 11, 1999 to stockholders of record on October 1, 1999. As of September
30, 1999, the Registrant had 5,186,274 shares of common stock issued and
outstanding.
LIQUIDITY AND CAPITAL RESOURCES
Working capital decreased to $65.3 million as of September 30, 1999
compared with $73.5 million as of December 31, 1998. The current ratio
decreased to 3.19 to 1 as of June 30, 1999 from 4.26 to 1 as of December 31,
1998. The reduction was due mainly to the increase in current liabilities
resulting from higher accounts payable.
As mentioned above, long-term investments totaling $14 million were
redeemed at their respective maturity dates during the nine-month period ending
September 30, 1999. The cash from these matured investments, in addition to
$16.9 million of cash generated by the Company's operations, was used to
finance capital expenditures of $16.3 million, repurchase 192,800 shares of the
Company common stock for $6.4 million, pay dividends in the amount of $3
million and new invest of $5.2 million.
Capital expenditures incurred during the nine-month period ended
September 30, 1999 totaled $16.3 million. Depreciation expense for the same
period totaled $10.5 million.
Total long-term debt as of September 30, 1999 reflected a net increase
of $3.1 million from $83 million as of December 31, 1998 to $86.1 million as of
September 30, 1999. The mainly reason for this increase was new loans taken to
funding our financing subsidiary, net of debt repayments of $2.1 million for
the nine-month period ending September 30, 1999.
As of September 30, 1999, the approximate aggregate maturity of
long-term debt for the remainder of 1999 and thereafter are as follows (in
thousands):
<TABLE>
<S> <C>
1999 $ 805
2000 3,937
2001 4,591
2002 4,200
2003 and thereafter 72,576
-------
Total $86,109
=======
</TABLE>
Loan agreements with term lenders impose certain restrictions on the
Company concerning working capital, indebtedness, dividends, investments and
certain advances, among
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other restrictions. At September 30, 1999, the Company was in compliance with
the provisions of the loan agreements.
The Company has available credit facilities in the aggregate amount of
$20.6 million with commercial banks for short-term financing and discount of
trade paper from customers. These short-term facilities are renewable annually
at the discretion of the banks. The facilities do not require commitment fees.
No amount was outstanding under these facilities at any month-end during the
nine-month period ending September 30, 1999.
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED WITH THREE MONTHS ENDED
SEPTEMBER 30, 1998
Net income for the third quarter of 1999 was $2,559,000, or $0.48 per
share, an increase of approximately 6% over the $2,419,000, or $0.45 per share,
for the third quarter of 1998.
Consolidated net sales for the third quarter of 1999 increased 19% to
$43.4 million, compared with $36.5 million for the same quarter of 1998. Cement
sales, including sales to subsidiaries, increased 28% to approximately 349,000
tons in the third quarter of 1999 from 271,000 tons for the same quarter of
1998. Ready-mixed concrete sales increased 19% to 381,000 cubic yards in the
third quarter of 1999 from 320,000 cubic yards in the same quarter of 1998.
These increases resulted from continued high construction activity throughout
Puerto Rico.
Consolidated cost of sales for the third quarter of 1999 increased 26%
to $33.4 million from $26.4 million for the comparable period of 1998 due
principally to the higher volume of sales and the higher cost of aggregates for
the ready-mixed concrete subsidiary.
Gross margins for the third quarter of 1999 decreased to 23% from 28%
for the third quarter of 1998. Ready-mixed concrete margins decreased for the
third quarter of 1998 from the comparable 1999 period. Strong construction
activity has created a heavy demand for aggregates resulting in a shortage of
supply, which has impacted the cost of the material. Average cost per unit has
increased more than expected, while selling prices per cubic yard of ready-mixed
concrete remained almost flat when compared to 1998. Due to the surging demand
for cement and less than optimum production in the cement sector during this
quarter, the Company imported clinker during the third quarter of 1999,
increasing average cost for the period. There were no clinker imports during the
third quarter of 1998.
Selling, general and administrative expenses increased by $245,000, or
4% to $6.2 million for the third quarter of 1999 from $5.9 million in the
comparable quarter of 1998. As a percentage of sales, selling, general and
administrative expenses decreased from 16% for the third quarter of 1998 to 14%
in the comparable period of 1999.
Interest and financial charges decreased by $152,000 in the third
quarter of 1999, as a result of capitalization of interest related to
construction projects during the third quarter of 1999.
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NINE MONTHS ENDED SEPTEMBER 30, 1999 COMPARED WITH NINE MONTHS ENDED
SEPTEMBER 30, 1998
Consolidated net sales increased by $23.8 million, or 21%, to $136.2
million for the nine-month period ended September 30, 1999 compared with $112.4
million for the same period of 1998. Total cement sales, including sales to
subsidiaries, rose to 995,000 tons during the nine-month period ended September
30, 1999 from 778,000 tons for the same period of 1998. Ready-mixed concrete
sales increased 23% to 1,182,000 cubic yards during the nine-month period ended
September 30, 1999 from 964,000 cubic yards during the same period of 1998.
These increases were partially offset by decreases in sales of 14% in the
Company's paper and bag division and 11% in the lime subsidiary.
Cost of sales increased from $81.4 million as of September 30, 1998 to
$98.3 million as of September 30, 1999. This 21% increase was mostly
attributable to increased sales volume. Gross margin for both nine-month
periods remained at approximately 28%.
Selling, general and administrative expenses for the nine-month period
ended September 30, 1999 totaled $20.5 million, an increase of $2.8 million
over the $17.7 million reported for the same period of 1998. Higher legal
expenses related to the now settled legal suits, as disclosed in the second
quarter of 1999, were mainly the result of this change.
Interest expense and interest income for the nine-month period ended
September 30, 1999 increased $560,000 and $190,000, respectively, from the same
period in 1998 to $4.4 million and $2.7 million. This increase was related to
the Company's financing subsidiary, as well as interest income arising from
loans granted by this subsidiary.
Other (income) expenses shifted from income of $226,000 in the
nine-month period ended September 30, 1998 to an expense of $404,000 for the
same period in 1999. The main reason for this change was the realization of a
$900,000 gain in the sale of investments available-for-sale during the first
quarter of 1998.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document, including this
Management's Discussion and Analysis of Financial Condition and Results of
Operations, that are not historical facts constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results or
performance of the Company and its businesses to be materially different from
that expressed or implied by such forward-looking statements. Such factors
include, among others, the following: general economic and business conditions;
political and social conditions; government regulations and compliance
therewith; demographic changes; sales mix; pricing levels; changes in sales to,
or the identity of, significant customers; changes in technology, including the
technology of cement production; capacity constraints; availability of raw
materials and adequate labor; availability of liquidity
11
<PAGE> 12
sufficient to meet the Company's needs; the ability to adapt to changes
resulting from acquisitions; and various other factors referenced in this
Management's Discussion and Analysis. The Company could be particularly
affected by weather in Puerto Rico, changes in the Puerto Rico economy, and
changes in the Government of Puerto Rico or the manner in which it regulates
the Company.
The Company assumes no obligation to update forward-looking statements
to reflect actual results or changes in or additions to the factors affecting
such forward-looking statements.
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company's investment portfolio is subject to market risk. Market
risk is the risk of economic loss arising from adverse changes in market rates
and prices, such as interest rates and other relevant market prices. The
Company's primary market risk exposure relates to interest rates, as interest
rate volatility affects the value of the Company's investment portfolio. The
re-pricing of the Company's financial assets and liabilities also affects
interest income and interest expense. The Company manages its interest rate
risk exposure to maintain the stability of interest income and interest expense
under varying interest rate environments. Taking advantage of the favorable
interest rate environment in recent years, the Company has taken certain steps
to minimize its interest rate risk exposure, which include obtaining long-term
financing at fixed interest rates. At the same time, to minimize its interest
rate risk exposure and manage its liquidity needs, the Company invests
primarily in securities issued by the United States government and its agencies
with short-term (one year or less) and medium-term (over 1 through 7 years)
maturity. The Company has also invested in a US government security with a
20-year term to be provided as collateral for and a source of repayment of some
of its long-term debts.
PART II. OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5 - OTHER INFORMATION
None
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits required by Item 601 of Regulation S-K
27. Financial Data Schedule (for SEC use only)
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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.
PUERTO RICAN CEMENT COMPANY, INC.
-------------------------------------------------
Registrant
Date: 11/12/99 By: /s/ Jose O. Torres
------------------------------------------
Jose O. Torres
Vice President and Chief Financial Officer
13
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<EXCHANGE-RATE> 1
<CASH> 7,199,220
<SECURITIES> 10,468,230
<RECEIVABLES> 38,214,660
<ALLOWANCES> 802,325
<INVENTORY> 31,920,315
<CURRENT-ASSETS> 95,114,764
<PP&E> 261,367,563
<DEPRECIATION> 93,343,275
<TOTAL-ASSETS> 309,381,304
<CURRENT-LIABILITIES> 28,840,102
<BONDS> 82,903,644
0
0
<COMMON> 6,000,000
<OTHER-SE> 155,678,392
<TOTAL-LIABILITY-AND-EQUITY> 309,381,304
<SALES> 136,109,246
<TOTAL-REVENUES> 136,187,849
<CGS> 98,295,931
<TOTAL-COSTS> 114,802,026
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,416,934
<INCOME-PRETAX> 15,284,379
<INCOME-TAX> 4,446,256
<INCOME-CONTINUING> 10,838,123
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,838,123
<EPS-BASIC> 2.05
<EPS-DILUTED> 2.05
</TABLE>
