<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, 1999 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 (IRS Employer ID No.)
Incorporation or Organization)
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
--------------
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; 5,379,074 Shares Outstanding
-----------------------------------------------------------
1
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PUERTO RICAN CEMENT COMPANY, INC.
INDEX
<TABLE>
<CAPTION>
PAGE NO.
--------
<S> <C> <C>
Part I - Financial Information
Item 1 - Financial Statements
Consolidated Balance Sheet as of March 31, 1999 and
December 31, 1998 ............................................................ 3 - 4
Consolidated Statement of Income for the three-month periods
ended on March 31, 1999 and 1998.............................................. 5
Consolidated Statement of Cash Flows for the three-month
periods ended on March 31, 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................................................................... 11
Part II - Other Information............................................................. 12
Signatures.................................................................... 13
</TABLE>
2
<PAGE> 3
Part I. FINANCIAL INFORMATION
Item 1 - Financial Statements
Puerto Rican Cement Company, Inc.
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
March December
31, 1999 31, 1998
-------- --------
(In thousands)
<S> <C> <C>
Assets
Current assets
Cash and cash equivalents $ 6,668 $ 7,481
- ------------------------------------------------------------------------------------
Short-term investments 23,092 20,667
- ------------------------------------------------------------------------------------
Notes and accounts receivable - net of allowance
for doubtful accounts of $1,336 in 1999 and
$1,296 in 1998 37,008 28,799
- ------------------------------------------------------------------------------------
Inventories:
Finished products 1,486 1,803
Work in process 5,229 6,467
Raw materials 3,152 3,788
Maintenance and operating supplies 21,204 20,965
Land held for sale, including development costs 923 923
- ------------------------------------------------------------------------------------
Total inventories 31,994 33,946
- ------------------------------------------------------------------------------------
Prepaid expenses 5,614 5,087
- ------------------------------------------------------------------------------------
Total current assets 104,376 95,980
Property, plant and equipment - net of accumulated
depreciation, depletion and amortization of $86,431
in 1999 and $83,117 in 1998 163,958 162,278
Long-term investments 32,453 31,987
Other assets 8,309 8,524
- ------------------------------------------------------------------------------------
Total $309,096 $298,769
====================================================================================
</TABLE>
See notes to consolidated financial statements.
3
<PAGE> 4
Puerto Rican Cement Company, Inc.
Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
--------- ------------
(In thousands)
<S> <C> <C>
Liabilities and stockholders' equity
Current liabilities
Notes payable $ 238 $ 551
Current portion of long-term debt 2,433 2,452
Accounts payable 16,607 9,842
Accrued liabilities 7,942 8,225
Income taxes payable 1,207 1,458
- ---------------------------------------------------------------------------------------------------------
Total current liabilities 28,427 22,528
- ---------------------------------------------------------------------------------------------------------
Long-term liabilities
Long-term debt, less current portion 79,992 80,542
Deferred income taxes 34,203 32,359
Other long-term liabilities, including
postretirement benefits 3,091 3,082
- ---------------------------------------------------------------------------------------------------------
Total long-term liabilities 117,286 115,983
- ---------------------------------------------------------------------------------------------------------
Total liabilities 145,713 138,511
- ---------------------------------------------------------------------------------------------------------
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, outstanding 5,379,074 shares
as of March 31, 1999 and December 31, 1998 6,000 6,000
Additional paid-in capital 14,703 14,703
Retained earnings 159,295 156,170
- ---------------------------------------------------------------------------------------------------------
179,998 176,873
Less: Shares of common stock in treasury, at cost
(620,926 shares as of March 31, 1999 and
December 31, 1998) 16,615 16,615
- ---------------------------------------------------------------------------------------------------------
Stockholders' equity - net 163,383 160,258
- ---------------------------------------------------------------------------------------------------------
Total $309,096 $298,769
=========================================================================================================
</TABLE>
See notes to consolidated financial statements.
4
<PAGE> 5
Puerto Rican Cement Company, Inc.
Consolidated Statement of Income
(Unaudited)
<TABLE>
<CAPTION>
Three months ended March 31, 1999 1998
- ------------------------------------------------------------------------------
(In Thousands, except share data)
<S> <C> <C>
Net sales $ 44,638 $ 36,459
Revenue from real estate operations 26 25
- ------------------------------------------------------------------------------
44,664 36,484
Cost of sales 31,475 27,677
- ------------------------------------------------------------------------------
Gross margin 13,189 8,807
Selling, general & administrative expenses 6,581 5,523
- ------------------------------------------------------------------------------
Income from operations 6,608 3,284
- ------------------------------------------------------------------------------
Other (credits) charges:
Interest and financial charges 1,518 1,001
Interest income (916) (867)
Other (income) expenses 264 (729)
- ------------------------------------------------------------------------------
Total other (credits) charges 866 (595)
- ------------------------------------------------------------------------------
Income before income tax 5,742 3,879
Provision for income tax 1,595 565
- ------------------------------------------------------------------------------
Net income $ 4,147 $ 3,314
==============================================================================
Net income per share $ 0.77 $ 0.61
==============================================================================
Average common shares outstanding 5,379,074 5,429,407
==============================================================================
</TABLE>
See notes to consolidated financial statements.
5
<PAGE> 6
Puerto Rican Cement Company, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended March 31, 1999 1998
- --------------------------------------------------------------------------------------
(In thousands)
<S> <C> <C>
Cash flows from operating activities:
Net income $ 4,147 $ 3,314
- --------------------------------------------------------------------------------------
Adjustments to reconcile net income to
cash flows from operating activities:
Depreciation, depletion and amortization 3,371 3,207
Accretion of discount on investments (647) (675)
Provision for deferred income taxes 1,844 (482)
Postretirement benefits cost 9 15
Gain on sale of investments available-for-sale -- (893)
Loss (gain) on sale of fixed assets 2 (14)
Changes in assets and liabilities:
Increase in notes and accounts receivable (7,792) (1,632)
Decrease (increase) in inventories 1,951 (2,054)
(Increase) decrease in prepaid expenses (527) 118
(Increase) decrease in other long-term assets (195) 483
Increase in accounts payable 6,764 2,536
Decrease in accrued liabilities (282) (185)
(Decrease) increase in income taxes payable (251) 611
- --------------------------------------------------------------------------------------
Total adjustments 4,247 1,035
- --------------------------------------------------------------------------------------
Cash provided by operations 8,394 4,349
- --------------------------------------------------------------------------------------
Cash flows from investing activities:
Capital expenditures (5,063) (7,645)
Increase in long-term notes receivable (20) --
Redemption of long-term investments 416 3,835
Proceeds from sale of investments available-for-sale -- 2,373
Purchase of investments (2,660) --
Proceeds from sale of fixed assets 24 23
- --------------------------------------------------------------------------------------
Cash used in investing activities (7,303) (1,414)
- --------------------------------------------------------------------------------------
Cash flows from financing activities:
Purchase of treasury stock -- (3,288)
Repayment of long-term debt (570) (305)
Dividends paid (1,022) (1,023)
Decrease in notes payable (312) (394)
- --------------------------------------------------------------------------------------
Cash used in financing activities (1,904) (5,010)
- --------------------------------------------------------------------------------------
Decrease in cash and cash equivalents (813) (2,075)
Cash and cash equivalents - beginning of period 7,481 2,995
- --------------------------------------------------------------------------------------
Cash and cash equivalents - end of period $ 6,668 $ 920
======================================================================================
</TABLE>
See notes to consolidated financial statements.
6
<PAGE> 7
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 March 31, 1999 and December 31, 1998,
the results of operations and cash flows, and the changes in
stockholders' equity for the three-month periods ended March 31, 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: Other comprehensive income includes net realized
and unrealized gains and losses on investments in available-for-sale
securities. There were no investments in available-for-sale securities
during the first quarter of 1999. Total comprehensive income for the
first quarter of 1998 is summarized as follows (000's omitted):
<TABLE>
<CAPTION>
1998
--------
<S> <C>
Net income $ 3,314
--------
Other comprehensive income, before tax:
Unrealized gains on securities:
Unrealized holding gains arising during the period 151
Less: reclassification adjustment for gains
included in net income (893)
--------
Other comprehensive income before tax (742)
Income tax expense related to items of other
comprehensive income 186
--------
Other comprehensive income, net of tax (556)
--------
Comprehensive income $ 2,758
========
</TABLE>
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 quarter is
summarized as follows (000's omitted):
<TABLE>
<CAPTION>
Ready-mixed All other
Cement Concrete Segments Total
------ ----------- --------- -----
<S> <C> <C> <C> <C>
March 31, 1999
--------------
Revenues
Total revenues $ 27,742 $22,693 $ 3,981 $ 54,416
Less - Intersegment revenues 8,446 -- 1,306 9,752
-------- ------- ------- --------
Net revenues $ 19,296 $22,693 $ 2,675 $ 44,664
======== ======= ======= ========
Net income $ 2,956 $ 529 $ 662 $ 4,147
======== ======= ======= ========
Total assets $171,012 $57,832 $80,252 $309,096
======== ======= ======= ========
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
Ready-mixed All other
Cement Concrete Segments Total
------ ----------- --------- -----
<S> <C> <C> <C> <C>
March 31, 1998
Revenues
Total revenues $ 21,992 $18,864 $ 3,935 $ 44,791
Less - Intersegment revenues 7,273 -- 1,034 8,307
-------- ------- ------- --------
Net revenues $ 14,719 $18,864 $ 2,901 $ 36,484
======== ======= ======= ========
Net income $ 1,993 $ 973 $ 348 $ 3,314
======== ======= ======= ========
Total assets $171,240 $50,082 $69,787 $291,109
======== ======= ======= ========
</TABLE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Cash and cash equivalents decreased to $6.7 million as of March 31,
1999 from $7.5 million as of December 31, 1998. This decrease resulted, in part,
from the repayment of $570,000 in principal on the Company's long-term debt.
Investments, including short-term and long-term investments held to
maturity, increased $ 2.1 million to $62.2 million at March 31, 1999 from $60.1
million at December 31, 1998. This was the result of the addition of $2.7
million in new investments plus $647,000 of accretion in value of the Company's
investment in zero-coupon notes, net of $416,000 in redemption of investments.
Notes and accounts receivable increased by $8.2 million, to $37.0
million at March 31, 1999 from $28.8 million as of December 31, 1998. The
increase is mainly attributable to the high volume of sales experienced during
this quarter as compared to the last quarter of 1998. The average collection
period has been kept within the Company's normal levels of below 60 days.
Inventories decreased by $1.9 million to $32.0 million as of March 31,
1999 from $33.9 million as of December 31, 1998. Decreases in clinker (work in
process) of $1.2 million and cement (finished products) of $484,000 as the
result of increased sales volume contributed to this decline.
Prepaid expenses of $5.6 million as of March 31, 1999 were $527,000
higher than the $5.1 million balance as of December 31, 1998. This increase
resulted principally from the payment, in March, of the municipal license tax
for the next fiscal year.
Property, plant and equipment increased by $1.7 million to $164.0
million as of March 31, 1999 from $162.3 million as of December 31, 1998. This
increase resulted from capital expenditures of $5.0 million net of depreciation
and amortization of $3.4 million.
Total current liabilities increased $5.9 million to $28.4 million as of
March 31, 1999 from $22.5 million as of December 31, 1998. The increase was
mainly due to an increase in accounts payable trade related to the purchase of
new trucks for the Company's ready-mixed concrete subsidiary. In addition,
accounts payable trade was impacted by increased purchases of raw materials as a
consequence of the increase in sales for this quarter.
8
<PAGE> 9
At its March 24, 1999 meeting, the Board of Directors of the Registrant
declared a 19 cents per share dividend on its common stock, payable on May 14,
1999 to stockholders of record on April 16, 1999. As of March 31, 1999, the
Registrant had 5,379,074 shares of common stock issued and outstanding.
LIQUIDITY AND CAPITAL RESOURCES
Working capital at March 31, 1999, increased to $75.9 million from
$73.5 million at December 31, 1998. This was due to an increase in short-term
investments resulting from excess cash provided by operations. Although working
capital increased, the current ratio decreased to 3.67 to 1 as of March 31,
1999, from 4.26 to 1 as of December 31, 1998. The reduction in this item was due
mainly to an increase in current liabilities resulting from higher accounts
payable.
Capital expenditures incurred during the three-month period ended March
31, 1999, totaled $5.0 million. Depreciation expense for the same period totaled
$3.3 million.
As of March 31, 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 $ 1,883
2000 2,350
2001 3,550
2002 3,400
2003 and thereafter 71,242
-------
Total $82,425
=======
</TABLE>
Loan agreements with term lenders impose certain restrictions on the
Company concerning working capital, indebtedness, dividends, investments and
certain advances, among other restrictions. At March 31, 1999, the Company was
in compliance with the provisions of the loan agreements.
The Company has available credit facilities in the aggregate amount of
$20,600,000 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, which at this time do not require any commitment fees.
No amount was outstanding under these facilities at any month-end during the
quarter ending March 31, 1999.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999 COMPARED WITH THREE MONTHS ENDED MARCH 31,
1998
The Registrant realized first-quarter net income of $4,147,000, or
$0.77 per share, compared with $3,314,000, or $0.61 per share, for the same
period last year, representing an increase of 25.0%, or $0.16, per share.
9
<PAGE> 10
Consolidated net sales for the first quarter of 1999 increased by 22%
to $44.6 million compared with $36.5 million in the same quarter of 1998. Cement
sales grew 27% from 257,000 tons during the first quarter of 1998 to 326,000
tons during 1999 first quarter with average selling prices declining less than
1%. Ready-mixed concrete sales jumped 19% from 304,000 cubic yards in the first
quarter of 1998 compared with 363,000 cubic yards during the same period of
1999. Both increases were the result of increased activity in the construction
industry during the 1999 first quarter. The Company believes this increase in
the construction activity will continue at least through the second quarter of
1999.
Consolidated cost of sales for the first quarter of 1999 increased by
13.7% to $31.5 million from $27.7 million for the comparable period of 1998.
This increase was mostly attributable to the higher volume of sales experienced
during this first quarter.
Gross margins increased to 29.5% during the first quarter of 1999
compared to gross margins of 24.1% during the same quarter of 1998. Improvements
in this area were attributable to a better production capacity utilization in
our cement and ready-mixed concrete operations. Profit margins for 1998 were
affected by higher costs associated with a production shut down as part of a
plant upgrade project.
Selling, general and administrative expenses increased to $6.6 million
in the first quarter of 1999 from $5.5 million over the comparable quarter of
1998. As a percentage of sales, selling, general and administrative expense,
remained at approximately 15% for both quarters. The increase of $1.1 million
was principally attributable to normal inflationary growth and higher
professional fees for legal services associated mainly with the legal
proceedings against local Government agencies in the federal and local courts
settled on May 11, 1999. The Company's new projects are not yet contributing to
consolidated operations.
Interest and financial charges increased by $500,000 to $1.5 million in
the first quarter of 1999 compared with $1.0 million for the same quarter of
1998. In 1998, interest expenses of $460,000 related to the plant upgrade
project were capitalized as part of the cost of this project.
Other (income) expenses migrated from an income of $729,000 in the
first quarter of 1998 to an expense of $264,000 for the same period in 1999. The
main reason for this change was the realization of a $900,000 gain in the sale
of investment available-for-sale during the first quarter of 1998.
The provision for income taxes, as a proportion to income, increased to
28% for the first quarter of 1999 as compared with 15% for the same period of
1998. This increase resulted from higher taxable income during the 1999 period.
In 1998, the acquisition at a discount of tax credits derived from investments
in government incentive programs, and the taxation of gains from sales of
investments available-for-sale at capital gain rates instead of higher corporate
tax rates, helped reduced the provision for that quarter.
10
<PAGE> 11
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document, including in 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 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 and Discussion 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 impacts 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 scenario 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 (see discussion under liquidity and capital resources.) At
the same time, to minimize its interest rate risk exposure and manage its
liquidity needs, the Company invests primarily in securities issued or
guaranteed by the US government and its agencies with short-term (one year or
less) and medium-term (over 1 through 7 years). The Company also invested in a
US government security with a 20-year term provided as collateral and source of
repayment to one of its long-term debts.
11
<PAGE> 12
PART II. OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
On May 10, 1999, the Company entered into a comprehensive settlement
with the Government of Puerto Rico and various other parties on disputes
involving its Vega Alta and Guanica projects.
Under the terms of the settlement agreement and related order signed
May 11, 1999 by Judge Jose Fuste of the United States District Court, the
Company was granted all Puerto Rico permits necessary to develop and operate its
limestone quarry at Guanica, Puerto Rico, and develop the 300-unit real estate
project at Vega Alta, Puerto Rico. Included were the permits necessary to
remove aggregates from the Vega Alta site and process them at a new facility
in Carolina.
In its order, the court ruled that the Company "has complied with all
laws and regulations concerning the issuance of permits and authorizations" for
the Guanica, Vega Alta and Carolina projects, and that all permits for the
projects have been validly issued as a matter of law.
As part of the settlement, the Company, its subsidiary, Desarrollos
Multiples Insulares, Inc., and El Nuevo Dia, a newspaper largely owned by the
Chairman of the Company and members of his family, terminated their joint civil
rights suit against the Governor of Puerto Rico and various other individual
government officials. The Government of Puerto Rico agreed to establish a
non-political mechanism for allocating purchases of newspaper advertising from
the various newspaper on the island.
The settlement and order also resulted in the termination of all other
pending agency and court actions relating to the Guanica and Vega Alta projects.
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).
12
<PAGE> 13
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
By: /s/ Jose O. Torres
--------------------------------------
Jose O. Torres
Vice President and Chief Financial Officer
Date: 5/13/99
13
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<CASH> 6,667,442
<SECURITIES> 23,091,974
<RECEIVABLES> 37,013,120
<ALLOWANCES> 1,335,968
<INVENTORY> 31,994,451
<CURRENT-ASSETS> 104,376,257
<PP&E> 250,388,372
<DEPRECIATION> 86,430,693
<TOTAL-ASSETS> 309,096,527
<CURRENT-LIABILITIES> 28,427,383
<BONDS> 79,991,665
0
0
<COMMON> 6,000,000
<OTHER-SE> 157,383,226
<TOTAL-LIABILITY-AND-EQUITY> 309,096,527
<SALES> 44,638,446
<TOTAL-REVENUES> 44,664,299
<CGS> 31,475,752
<TOTAL-COSTS> 38,057,004
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,517,518
<INCOME-PRETAX> 5,741,426
<INCOME-TAX> 1,594,554
<INCOME-CONTINUING> 4,146,872
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,146,872
<EPS-PRIMARY> 0.77
<EPS-DILUTED> 0.77
</TABLE>
