- --------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________to__________________
Commission File number 1-9487
ATLANTIS PLASTICS, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 06-1088270
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1870 THE EXCHANGE, SUITE 200, ATLANTA, GEORGIA 30339
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including Area Code) (800) 497-7659
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X . No_____.
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
CLASS SHARES OUTSTANDING AT JUNE 30, 1998
------------- ----------------------------
A, $.10 par value 4,525,054
B, $.10 par value 2,918,043
<PAGE>
ATLANTIS PLASTICS, INC.
TABLE OF CONTENTS
PAGE NO.
--------
PART I. FINANCIAL INFORMATION
Consolidated Statements of Income (Unaudited) for the
Six Months Ended June 30, 1998 and 1997......................... 1
Consolidated Balance Sheets (Unaudited) as of
June 30, 1998 and December 31, 1997............................. 2
Consolidated Statements of Cash Flows (Unaudited) for the
Six Months Ended June 30, 1998 and 1997......................... 3
Notes to Consolidated Financial Statements (Unaudited).......... 4
Management's Discussion and Analysis
of Financial Condition and Results of Operations................ 6
PART II. OTHER INFORMATION
Item 1 - Legal Proceedings...................................... 9
Item 4 - Submission of Matters to a Vote of Security-Holders.... 9
Item 6 - Exhibits and Reports on Form 8-K....................... 9
SIGNATURES............................................................... 10
<PAGE>
ATLANTIS PLASTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------- --------------------
1998 1997 1998 1997
---------------------- --------------------
<S> <C> <C> <C> <C>
Net sales................................................................. $ 64,080 $ 65,530 $ 128,507 $129,853
Cost of sales............................................................. 52,927 56,428 106,065 111,564
--------- --------- --------- --------
GROSS PROFIT..................................................... 11,153 9,102 22,442 18,289
Selling, general and administrative expenses.............................. 6,377 6,456 12,350 12,886
Impairment of long-lived assets and restructuring charges................. - - - 960
--------- --------- --------- --------
OPERATING INCOME................................................. 4,776 2,646 10,092 4,443
Net interest expense (2,696) (2,879) (5,444) (5,716)
--------- --------- --------- --------
INCOME (LOSS) BEFORE INCOME TAXES................................ 2,080 (233) 4,648 (1,273)
Income tax (provision) benefit............................................ (504) (79) (1,385) 248
--------- --------- --------- --------
NET INCOME (LOSS) $ 1,576 $ (312) $ 3,263 $ (1,025)
========= ========= ========= ========
NET INCOME (LOSS) PER COMMON SHARE:
Basic $ 0.21 $ (0.04) $ 0.44 $ (0.14)
========= ========= ========= ========
Diluted $ 0.20 $ (0.04) $ 0.42 $ (0.14)
========= ========= ========= ========
Weighted-average number of shares used in computing
income (loss) per share (in thousands):
Basic 7,479 7,062 7,413 7,132
========= ========= ========= ========
Diluted 7,833 7,062 7,736 7,132
========= ========= ========= ========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).
1
<PAGE>
ATLANTIS PLASTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED - IN THOUSANDS)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1998 1997
------------ --------------
ASSETS
<S> <C> <C>
Cash and equivalents............................................................ $ 12,961 $ 8,346
Accounts receivable, net........................................................ 25,046 25,444
Inventories..................................................................... 16,620 18,517
Other current assets............................................................ 7,347 7,448
---------- ----------
Current assets.............................................................. 61,974 59,755
Property and equipment, net..................................................... 59,499 60,065
Goodwill, net of accumulated amortization....................................... 48,175 48,961
Other assets.................................................................... 1,878 2,108
---------- ----------
$ 171,526 $ 170,889
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses........................................... $ 24,075 $ 24,146
Current portion of long-term debt............................................... 3,245 3,254
---------- ----------
Current liabilities......................................................... 27,320 27,400
Long-term debt, less current portion............................................ 99,889 101,862
Deferred income taxes........................................................... 8,507 8,287
Other liabilities............................................................... 628 791
---------- ----------
Total liabilities........................................................... 136,344 138,340
---------- ----------
Commitments and contingencies - -
Shareholders' equity:
Class A Common Stock, $.10 par value, 20,000,000 shares authorized,
4,525,054 and 4,205,028 shares issued and outstanding in 1998 and 1997...... 453 436
Class B Common Stock, $.10 par value, 7,000,000 shares authorized,
2,918,043 and 2,861,979 shares issued and outstanding in 1998 and 1997...... 292 274
Additional paid-in capital.................................................... 8,910 7,117
Notes receivable from sale of Common Stock (923) -
Retained earnings............................................................. 26,450 24,722
---------- ----------
Total shareholders' equity.................................................. 35,182 32,549
---------- ----------
$ 171,526 $ 170,889
========== ==========
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).
2
<PAGE>
ATLANTIS PLASTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - IN THOUSANDS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
-------------------------------
1998 1997
-------------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)............................................................ 3,263 ($1,025)
------------ ------------
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities:
Depreciation............................................................. 3,963 3,669
Amortization of goodwill................................................. 786 786
Loan fee and other amortization.......................................... 230 311
Changes in assets and liabilities:
Decrease in accounts receivable..................................... 398 638
Decrease (increase) in inventories................................... 1,897 (1,950)
Decrease (increase) in other current assets.......................... 101 (1,000)
(Decrease) in accounts payable and accrued expenses.................. (71) (4,539)
Increase in deferred income taxes................................... 220 275
Decrease in other liabilities........................................ (163) (148)
Other, net........................................................... 4 25
------------ ------------
Total adjustments.................................................... 7,365 (1,933)
------------ ------------
Net cash provided by (used in) operating activities................ 10,628 (2,958)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures....................................................... (3,515) (3,702)
Proceeds from asset dispositions........................................... 118 -
------------ ------------
Net cash used in investing activities.............................. (3,397) (3,702)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit agreements............................... - -
Repayments under revolving credit agreements............................... - -
Payments on long-term debt................................................. (1,982) (1,314)
Purchase of Common Stock and options....................................... (1,818) (2,994)
Proceeds from exercise of stock options.................................... 1,184 104
------------ ------------
Net cash used in financing activities.............................. (2,616) (4,204)
------------ ------------
Net increase (decrease) in cash and equivalents.............................. 4,615 (10,864)
Cash and equivalents at beginning of period.................................. 8,346 15,905
------------ ------------
Cash and equivalents at end of period........................................ $ 12,961 $ 5,041
============ ============
</TABLE>
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED).
3
<PAGE>
ATLANTIS PLASTICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. The accompanying unaudited consolidated financial statements
of Atlantis Plastics, Inc. and Subsidiaries ("Atlantis" or the
"Company"), do not include all disclosures provided in the annual
consolidated financial statements. These unaudited consolidated
financial statements should be read in conjunction with the
consolidated financial statements and the footnotes thereto contained
in the Company's Annual Report on Form 10-K for the year ended December
31, 1997 as filed with the Securities and Exchange Commission. The
December 31, 1997 balance sheet, included herein, was derived from
audited financial statements, but does not include all disclosures
required by generally accepted accounting principles.
Atlantis Plastic Films accounts for approximately
three-quarters of the Company's net sales and produces: (i) stretch
films (multilayer plastic films that are used principally to wrap
pallets of materials for shipping or storage), (ii) custom film
products (high-grade laminating films, embossed films, and specialty
film products targeted primarily to industrial and packaging markets),
and (iii) institutional products such as aprons, gloves, and
tablecloths which are converted from polyethylene films.
Atlantis Molded Plastics accounts for approximately
one-quarter of the Company's net sales and employs two principal
technologies, serving a wide variety of specific market segments,
described as follows: (i) injection molded thermoplastic parts that are
sold primarily to original equipment manufacturers and used in major
household goods and appliances, power tools, and agricultural and
automotive products, and (ii) a variety of custom and proprietary
extruded plastic parts for both trim and functional applications
(profile extrusion) that are incorporated into a broad range of
consumer and commercial products such as recreational vehicles,
residential windows and doors, office furniture, building supplies, and
retail store fixtures.
All material intercompany balances and transactions have been
eliminated. Certain amounts included in prior period financial
statements have been reclassified to conform with the current period
presentation.
2. In the opinion of the Company, the accompanying unaudited
consolidated financial statements contain all adjustments, which are of
a normal recurring nature and necessary for a fair presentation of the
financial statements. The results of operations for the six months
ended June 30, 1998 are not necessarily indicative of the results to be
expected for the full year.
3. In the first quarter of 1998, the Company adopted Statement of
Financial Accounting Standards ("SFAS") No. 130, "Reporting
Comprehensive Income", which establishes standards for the reporting
and display of comprehensive income and its components in a full set of
general-purpose financial statements. This implementation required no
additional disclosure by the Company.
4. During the first quarter of 1997, the Company recorded
impairment of long-lived assets and other restructuring charges of
$960,000, or $586,000 after taxes, related to: (i) the closing of the
Company's Nashville, Tennessee injection molding facility, including
approximately $250,000 in non-cash charges for
4
<PAGE>
the write-down of fixed assets and leasehold improvements associated
with that facility, and (ii) restructuring expenses associated with
management changes in the Company's stretch film unit. Anticipated
costs (primarily severance and moving costs) associated with the
closing of the Nashville facility were reduced by $145,000 in the
second half of 1997.
5. In November 1996, the Board of Directors authorized the
repurchase of up to 1,000,000 shares of Atlantis Class A Common Stock,
or 14% of the 7.1 million Class A and Class B Common Stock then
outstanding. Through June 1997, the Company had repurchased 320,344
shares (including 210,244 shares issued in connection with the
conversion of Preferred Stock, described below), and options for 55,125
shares, for total consideration of approximately $3.3 million. The
Company was restricted from repurchases during the second half of 1997
since it fell below the fixed charge ratio specified in the 11% Senior
Note Indenture. Since December 31, 1997, the Company has exceeded this
fixed charge ratio and, accordingly, has had the ability to repurchase
shares of its Common Stock under its share repurchase program effective
February 11, 1998. Through June 1998, the Company has repurchased an
additional 222,200 shares for a total consideration of approximately
$1.8 million.
In January 1997, the Company issued a mandatory conversion
notice to the holder of the 20,000 outstanding shares of the Company's
Series A Preferred Stock ("Preferred Stock"). The Preferred Stock was
convertible into 210,244 shares of Class A Common Stock. After issuing
the mandatory conversion notice, the Company reached an agreement with
the Preferred Stock holder to repurchase all of the common shares
resulting from the conversion notice for $2 million (the original price
paid for the Preferred Stock by the holder and included in the $3.3
million consideration cited earlier in this Note), and completed the
repurchase in late March 1997. Prior to this conversion, each share of
Preferred Stock had a liquidation preference of $100, and the holder of
the Preferred Stock was entitled to an annual cumulative dividend,
payable in equal semiannual installments of $72,500 on April 15 and
October 15 of each year.
6. In June 1997, SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information" was issued. SFAS 131 establishes
standards for the way that public businesses report information about
operating segments in annual financial statements, and requires that
those enterprises report selected information about operating segments
in interim financial reports issued to shareholders. It also
establishes standards for related disclosures about products and
services, geographic areas, and major customers. The Company has not
yet determined the impact of SFAS 131 on its future disclosures. SFAS
131 must be implemented for fiscal years ending after December 15,
1998.
In February 1998, SFAS No. 132, "Employers' Disclosures about
Pensions and Other Postretirement Benefits" was issued. This Statement
does not apply to the Company.
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
GENERAL
Atlantis is a leading U.S. manufacturer of polyethylene stretch and
custom films used in a variety of industrial and consumer applications and
molded plastic products for the appliance, automotive, building supply, and
recreational vehicle industries.
Selected income statement data for the quarterly periods ended March
31, 1997 through June 30, 1998 are as follows:
<TABLE>
<CAPTION>
($ in millions) 1998 1997
---------------------- ----------------------------------------------
Q2 Q1 Q4 Q3 Q2 Q1
<S> <C> <C> <C> <C> <C> <C>
NET SALES
---------
Plastic Films $44.4 $44.9 $45.6 $47.6 $48.1 $45.7
Molded Plastics 19.7 19.5 16.8 16.3 17.4 18.6
---------------------- ----------------------------------------------
TOTAL $64.1 $64.4 $62.3 $63.9 $65.5 $64.3
====================== ==============================================
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE OF NET SALES
<S> <C> <C> <C> <C> <C> <C>
GROSS PROFIT
------------
Plastic Films 20% 19% 18% 17% 13% 13%
Molded Plastics 12% 15% 17% 13% 17% 18%
------------------ --------------------------------------------
TOTAL 17% 18% 17% 16% 14% 14%
================== ============================================
OPERATING INCOME
----------------
Plastic Films 9% 9% 7% 8% 3% 3%(a)
Molded Plastics 4% 6% 5%(a) 2%(a) 6% 8%(a)
----------------- ---------------------------------------------
TOTAL 8% 8% 7%(a) 6%(a) 4% 4%(a)
================= =============================================
NET INTEREST EXPENSE $2.7 $2.7 $2.8 $2.9 $2.9 $2.8
================== =============================================
</TABLE>
(a) Amounts exclude the effects of the 1997 impairment of long-lived assets and
restructuring charges totaling $815,000 and more fully described in Note 4 of
Notes to the Consolidated Financial Statements.
RESULTS OF OPERATIONS
The Company's 1998 second quarter and year-to-date sales of $64.1
million and $128.5 million were 2% and 1% below last year's sales for the same
periods. Atlantis Molded Plastics' second quarter and year-to-date 1998 sales
increased 13% and 9%, respectively, compared to last year's sales for the same
periods, due to $6.2 million of new business awarded by Whirlpool Corporation in
1997, as well as strong appliance demand in the U.S. economy.
6
<PAGE>
Atlantis Plastic Films' second quarter and year-to-date 1998 net sales
of $44.4 million and $89.3 million, respectively, were $3.8 million and $4.6
million below last year's sales for the same periods primarily due to lower
average selling prices resulting from continuing declines in polyethylene resin
prices.
Atlantis Plastic Films' second quarter and year-to-date 1998 gross
margins equaled 20% and 19%, respectively, compared to 13% for both periods in
1997. This improvement was due primarily to increased productivity, cost
reduction measures, and a more favorable pricing environment in the stretch film
market.
Atlantis Molded Plastics' second quarter and year-to-date 1998 gross
margins equaled 12% and 13%, respectively, compared to 17% for the same periods
last year. These decreases were due primarily to substantial reductions in sales
volumes in one of the Company's injection molding plants. In June 1998,
employment levels in this plant were reduced, and efforts are underway to secure
additional business in this facility.
The Company's second quarter 1998 selling, general and administrative
("SG&A") expenses were $6.4 million, which was slightly below last year's SG&A
expenses for the same period. The 1998 year-to-date SG&A expenses were $12.4
million compared to $12.9 million in 1997.
Second quarter and year-to-date 1998 net interest expense equaled $2.7
million and $5.4 million, respectively, lower than the $2.9 million and $5.7
million for the same periods in 1997. This decrease is due to reduced debt
levels during the first half of 1998 and to higher interest income resulting
from increased cash balances. Effective tax rates differed from applicable
statutory rates in both 1998 and 1997, primarily due to nondeductible goodwill
amortization, as well as a reduction in the Company's reserve for deferred taxes
in 1998. For the first half and second quarter of 1998, the Company made
favorable adjustments for amounts that were no longer considered necessary for
contingencies for income taxes, resulting in a reduction in income tax expense
of $544,000 and $379,000 ($0.07/share and $0.05/share) respectively.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital at June 30, 1998 totaled approximately
$34.7 million (including cash and equivalents of $13.0 million), compared to
$32.4 million (including cash and equivalents of $8.3 million) at December 31,
1997. On June 30, 1998, there were no borrowings on the Company's revolving
credit facility. Unused availability, net of outstanding letters of credit of
approximately $1.2 million, equaled $13.8 million.
The Company's primary needs for liquidity, on both a short- and
long-term basis, relate to working capital (principally accounts receivable and
inventories), debt service, and capital expenditures. The Company presently does
not have any material commitments for future capital expenditures, and expects
to meet its short- and long-term liquidity needs with cash on hand, funds
generated from operations, and funds available under its revolving credit
facility.
CASH FLOWS FROM OPERATING ACTIVITIES
In the first six months of 1998, net cash provided by operating
activities was approximately $10.6 million, compared to cash used in operations
of $3.0 million for the same period last year. Inventories decreased in the
first six months of 1998 by $1.9 million due to lower raw materials costs and
lower levels of inventories, compared to an increase of $2.0 million in the
January to June 1997 period.
7
<PAGE>
Accounts payable and accrued expenses decreased $71,000 in the first
half of 1998 compared to a decline of $4.5 million in 1997. The large decrease
in 1997 was primarily due to incentive compensation and income tax payments made
during the first quarter of 1997 related to 1996 results.
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities during the first six months of
1998 consisted primarily of capital expenditures totaling $3.5 million, compared
to capital expenditures of $3.7 million for the same period last year.
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash used by financing activities for the first half of 1998 was
$2.6 million, compared to $4.2 million during this period last year.
Approximately $1.8 million was used to repurchase Common Stock in the first half
of 1998, compared to $3.0 million in 1997. Payments on long-term debt totaled
$2.0 million this year, compared to $1.3 million in the same period last year.
Proceeds from the exercise of stock options amounted to $1.2 million in the
first half of 1998, compared to $0.1 million in the same period last year.
FORWARD LOOKING STATEMENTS
This Form 10-Q contains certain forward-looking statements which are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from these
statements. These risks include, but are not limited to, raw material costs and
the ability to pass price increases to customers in a timely fashion, industry
overcapacity, product acceptance, and technological changes which could alter
the demand for product or adversely impact the competitive cost of production.
All forward-looking statements should be considered in light of these risks and
uncertainties.
ACCOUNTING PRONOUNCEMENTS
In June 1997, SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information" was issued. SFAS 131 establishes standards
for the way that public businesses report information about operating segments
in annual financial statements, and requires that those enterprises report
selected information about operating segments in interim financial reports
issued to shareholders. It also establishes standards for related disclosures
about products and services, geographic areas, and major customers. The Company
has not yet determined the impact of SFAS 131 on its future disclosures. SFAS
131 must be implemented for fiscal years ending after December 15, 1998.
In February 1998, SFAS No. 132, "Employers' Disclosures about Pensions
and Other Postretirement Benefits" was issued. This Statement does not apply to
the Company.
8
<PAGE>
Part II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company is not a party to any legal proceeding other than routine
litigation incidental to its business, none of which is material.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS.
(a) The Registrant held its Annual Meeting of Shareholders on June 4, 1998.
(b) Not Required.
(c) The matters voted on at the Annual Meeting of Shareholders, and the
tabulation of votes on such matters are as follows:
1. ELECTION OF DIRECTORS
NAME FOR WITHHELD
---- --- --------
CLASS A
Charles D. Murphy, III 4,429,524 1,458
Chester B. Vanetta 4,430,077 905
CLASS B
Cesar L. Alvarez 2,717,008 - 0 -
Anthony F. Bova 2,717,008 - 0 -
Phillip T. George, M.D. 2,717,008 - 0 -
Larry D. Horner 2,717,008 - 0 -
Earl W. Powell 2,717,008 - 0 -
Paul Rudovsky 2,717,008 - 0 -
2. ADOPTION OF THE COMPANY'S 1998 STOCK OPTION PLAN
BROKER
FOR AGAINST ABSTENTIONS NON-VOTES
--- ------- ----------- ---------
31,490,582 109,290 1,189 1
(d) Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
3. Exhibits
27.1 Financial Data Schedule
- ----------
(b) Reports on Form 8-K:
During the second quarter of 1998, the Registrant filed a current
report on Form 8-K, dated April 6, 1998.
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.
ATLANTIS PLASTICS, INC.
Date: July 29, 1998 /s/ ANTHONY F. BOVA
---------------------------
ANTHONY F. BOVA
President and Chief Executive Officer
Date: July 29, 1998 /s/ PAUL RUDOVSKY
-----------------
PAUL RUDOVSKY
Executive Vice President, Finance and
Administration
10
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
27.1 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<CASH> 12,961
<SECURITIES> 0
<RECEIVABLES> 25,778
<ALLOWANCES> 732
<INVENTORY> 16,620
<CURRENT-ASSETS> 61,974
<PP&E> 120,565
<DEPRECIATION> 61,066
<TOTAL-ASSETS> 171,526
<CURRENT-LIABILITIES> 27,320
<BONDS> 99,889
0
0
<COMMON> 745
<OTHER-SE> 34,437
<TOTAL-LIABILITY-AND-EQUITY> 171,526
<SALES> 128,507
<TOTAL-REVENUES> 128,507
<CGS> 106,065
<TOTAL-COSTS> 106,065
<OTHER-EXPENSES> 12,350
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,444
<INCOME-PRETAX> 4,648
<INCOME-TAX> 1,385
<INCOME-CONTINUING> 3,263
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,263
<EPS-PRIMARY> 0.44
<EPS-DILUTED> 0.42
</TABLE>
