FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934.
For Quarter Ended July 1, 1995
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 1-9751
CHAMPION ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
MICHIGAN 38-2743168
_______________________________ ___________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2701 University Drive, Suite 320, Auburn Hills, MI 48326
_________________________________________________ _________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (810) 340-9090
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.
15,276,868 shares of the registrant's $1.00 par value Common Stock
were outstanding as of July 28, 1995.
<PAGE>
PART I. FINANCIAL INFORMATION
CHAMPION ENTERPRISES, INC.
Consolidated Balance Sheets
(In Thousands, Except Par Value Amount)
ASSETS
July 1, Dec. 31,
1995 1994
CURRENT ASSETS
Cash and cash equivalents $ 10,130 $ 23,027
Accounts receivable, trade 45,578 24,277
Inventories 47,088 39,644
Deferred taxes and other 11,047 10,884
________ ________
Total current assets 113,843 97,832
________ ________
PROPERTY AND EQUIPMENT
Cost 55,454 47,645
Less-accumulated depreciation 19,560 17,586
________ ________
35,894 30,059
________ ________
Goodwill, net 81,559 37,076
Other assets 7,312 6,263
________ ________
Total assets $238,608 $171,230
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term portion long-term debt $ 145 $ -
Notes payable to bank 31,000 -
Accounts payable 37,404 29,098
Accrued dealer discounts 13,199 16,151
Accrued compensation and payroll taxes 13,917 11,285
Accrued warranty obligations 10,434 8,432
Accrued insurance 5,202 3,804
Other liabilities 8,322 10,309
________ ________
Total current liabilities 119,623 79,079
________ ________
Long-term debt 1,386 -
Other long-term liabilities 23,293 12,857
SHAREHOLDERS' EQUITY
Common stock, $1 par value, 1995-30,000
authorized, 15,225 issued; 1994-
15,000 authorized, 7,553 issued
(See Note 6) 15,225 7,553
Capital in excess of par value 29,723 36,981
Retained earnings 50,333 35,829
Foreign currency translation
adjustments (975) (1,069)
_______ ________
Total shareholders' equity 94,306 79,294
_______ ________
Total liabilities and
shareholders' equity $238,608 $171,230
======== ========
See accompanying Notes to Consolidated Financial Statements.
CHAMPION ENTERPRISES, INC.
Consolidated Income Statements
(In Thousands, Except Per Share Amounts)
13 Weeks Ended 26 Weeks Ended
July 1, July 2, July 1, July 2,
1995 1994 1995 1994
Net sales $217,985 $157,091 $397,082 $282,079
________ ________ ________ ________
Cost of products sold 185,746 133,842 342,054 241,514
Selling, general, and
administrative expenses 16,976 12,352 30,088 23,160
________ ________ ________ ________
202,722 146,194 372,142 264,674
________ ________ ________ ________
Operating income 15,263 10,897 24,940 17,405
Other income (expense):
Interest income 133 186 391 412
Interest expense (904) (313) (1,276) (461)
Other, net 148 (43) 149 (143)
________ ________ ________ ________
Income from continuing
operations before
income taxes 14,640 10,727 24,204 17,213
Income taxes 5,900 2,800 9,700 4,500
________ ________ ________ ________
Income from continuing
operations 8,740 7,927 14,504 12,713
Income from discontinued
operations, net of income
taxes of $1,105 - - - 1,908
________ ________ ________ ________
Net income $ 8,740 $ 7,927 $ 14,504 $ 14,621
======== ======== ======== ========
Per share amounts (See Note 7):
Income from continuing
operations $ 0.55 $ 0.51 $ 0.92 $ 0.84
Income from discontinued
operations - - - 0.12
________ ________ ________ _______
Net income $ 0.55 $ 0.51 $ 0.92 $ 0.96
======== ======== ======== ========
Weighted average shares
outstanding 15,818 15,616 15,779 15,204
See accompanying Notes to Consolidated Financial Statements.
CHAMPION ENTERPRISES, INC.
Consolidated Statements of Cash Flows
(In Thousands)
26 Weeks Ended
July 1, July 2,
1995 1994
CASH FLOWS FROM CONTINUING OPERATING ACTIVITIES:
Income from continuing operations $ 14,504 $ 12,713
_______ ________
Adjustments to reconcile income from continuing
operations to net cash provided by
continuing operating activities:
Depreciation and amortization 2,975 1,925
Deferred income taxes - (4,095)
Increase/decrease, net of acquisitions:
Accounts receivable (14,745) (16,518)
Inventories (5,705) (6,209)
Accounts payable 4,182 10,184
Accrued liabilities 791 4,695
Other, net (581) 571
_______ _______
Total adjustments (13,083) (9,447)
_______ _______
Net cash provided by continuing
operating activities 1,421 3,266
_______ _______
CASH FLOWS FROM DISCONTINUED ACTIVITIES:
Income from discontinued operations - 1,908
Decrease in net assets of discontinued operations 89 638
_______ _______
Net cash provided by discontinued activities 89 2,546
_______ _______
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions (38,228) (36,496)
Proceeds on disposal of assets - 286
Additions to property and equipment (4,278) (4,471)
Deferred purchase price payment (2,600) -
_______ _______
Net cash used for investing activities (45,106) (40,681)
_______ _______
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in notes and current
maturities payable 31,034 7,414
Tax benefit of stock options exercised - 1,900
Repayment of long-term debt (48) -
Common stock issued 651 2,027
Common stock purchased (938) (192)
_______ _______
Net cash provided by financing activities 30,699 11,149
_______ _______
NET DECREASE IN CASH AND CASH EQUIVALENTS (12,897) (23,720)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 23,027 34,441
_______ ________
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 10,130 $ 10,721
======== ========
ADDITIONAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 1,097 $ 263
Income taxes 9,572 6,173
SCHEDULE OF CASH USED FOR ACQUISITIONS:
Purchase price $ 47,600 $ 40,000
Less: Deferred portion of purchase price (8,900) (2,600)
Cash acquired, net (799) (1,591)
Plus: Payment of mortgage - 432
Acquisition costs 327 255
________ ________
$ 38,228 $ 36,496
======== ========
See accompanying Notes to Consolidated Financial Statements.
CHAMPION ENTERPRISES, INC.
Notes to Consolidated Financial Statements
1. For each of the dates indicated, inventories consisted of the following (in
thousands):
July 1, Dec. 31,
1995 1994
Raw materials $27,846 $25,449
Work-in-process 5,612 4,432
Finished goods 13,630 9,763
_______ _______
$47,088 $39,644
======= =======
2. On February 3, 1995 the registrant purchased the assets and assumed certain
liabilities of Chandeleur Homes, Inc. (Chandeleur) and Crest Ridge Homes,
Inc. (Crest Ridge), privately-held corporations with manufactured housing
operations in Alabama and Texas. The cash purchase price of approximately
$46.9 million was financed from existing cash and new bank debt. Under the
terms of the agreements, the registrant paid $35 million of the purchase
price at the date of acquisition. A total of $3 million was held back to
cover potential post-closing audit adjustments, all of which has been paid.
The remaining $8.9 million will be paid to the previous Chandeleur and
Crest Ridge shareholders under conditions pursuant to terms of agreements
related to employment of certain shareholders and attainment of certain
profit levels. The acquisitions were accounted for using the purchase
method. Chandeleur's and Crest Ridge's results of operations are included
with those of the registrant from the acquisition date. In addition to
these acquisitions, a company which arranges transportation for a portion
of the registrant's manufactured housing business was acquired during the
first quarter for $700,000.
Summarized below are the pro forma combined results of operations for the
13 and 26 week periods ended July 1, 1995 and July 2, 1994 assuming the
Chandeleur and Crest Ridge acquisitions had taken place on January 1, 1995
and January 2, 1994, respectively. The pro forma results are not
necessarily indicative of future earnings or earnings that would have been
reported had the acquisitions been completed when assumed. Further, the
pro forma income should not be taken as indicative of earnings for a full
year.
(In thousands, except per share amounts)
13 Weeks Ended 26 Weeks Ended
July 1, July 2, July 1, July 2,
1995 1994 1995 1994
Net sales $217,985 $181,901 $408,151 $328,549
======== ======== ======== ========
Income from
continuing
operations
before
income taxes $ 14,640 $ 12,241 $ 25,164 $ 19,568
Income taxes 5,900 3,400 10,100 5,400
________ ________ _______ ________
Income from
continuing
operations $ 8,740 $ 8,841 $ 15,064 $ 14,168
======== ======== ======== ========
Per share $ 0.55 $ 0.56 $ 0.95 $ 0.93
======== ======== ======== ========
Pro Forma Income Taxes
The pro forma provision for income taxes has been calculated on a
consolidated basis as if the transactions had been completed at the
beginning of the respective periods. The difference between taxes provided
for financial reporting purposes and expected charges at the statutory rate
for the periods ended July 1, 1995 is due to state and foreign tax charges.
The prior year's tax provisions include the benefit of net operating loss
carryforwards. On a fully taxed basis, earnings per share from continuing
operations for the 13 and 26 weeks ended July 2, 1994 would have been $0.47
and $0.77, respectively.
Pro Forma Earnings Per Share
Pro forma earnings per share are based on the weighted average number of
shares outstanding during the respective periods including stock options
granted to Chandeleur and Crest Ridge executives under agreements entered
into in connection with the acquisitions. Earnings per share have been
adjusted for the stock split discussed in Note 6 below.
3. As a result of the purchase of Chandeleur and Crest Ridge as discussed in
Note 2 above, the registrant recorded approximately $45 million of goodwill
(the excess of purchase price over fair value of net assets acquired). The
goodwill is being amortized on the straight-line basis over the expected
periods to be benefited, which is 40 years. The registrant will assess the
recoverability of this intangible asset on a regular basis by determining
whether the amortization of the goodwill balance over its remaining life
can be recovered through projected undiscounted future cash flows.
4. The difference between income taxes provided for financial reporting
purposes and expected charges at the statutory rate for the 13 and 26 weeks
ended July 1, 1995 is due to state and foreign tax charges. Prior year's
tax provisions included the benefit of net operating loss carryforwards.
The components of the income tax provisions for the 26 week periods ended
July 1, 1995 and July 2, 1994 follows (dollars in thousands):
July 1, July 2,
Continuing Operations: 1995 1994
Statutory U.S. tax rate $8,471 $6,025
Increase (decrease) in rate
resulting from:
Higher rates on earnings of
foreign operations 111 74
State taxes 1,118 -
NOL benefit recognized and
other items - (1,599)
______ ______
Total provisions $9,700 $4,500
====== ======
Effective tax rates 40% 26%
====== ======
Discontinued Operations:
Statutory U.S. tax rate $ - $1,055
Increase in rate resulting from:
Other - 50
______ ______
Total provisions $ - $1,105
====== ======
Effective tax rates - 37%
====== ======
5. Income from discontinued operations for the 26 weeks ended July 2, 1994
includes a one-time after-tax gain of $1.9 million from the settlement of
certain litigation.
6. On May 1, 1995 the shareholders approved a proposal to increase the number
of authorized shares to 30 million from 15 million. In addition, on May 1,
1995 the Board of Directors approved a two-for-one split of the
registrant's common stock effective on May 30, 1995 to holders of record on
May 15, 1995. The Board also approved a common stock repurchase program
for up to $10 million, approximately $1 million of which was expended
during the quarter.
7. The per share amounts are calculated using the weighted average number of
shares outstanding for each of the periods presented and includes commmon
stock equivalents. Earnings per share amounts and weighted average shares
outstanding for all periods presented, including pro forma amounts, have
been adjusted for the stock split.
8. The Consolidated Financial Statements are unaudited, but in the opinion of
management include all adjustments necessary for a fair presentation of the
results of the interim periods. Such adjustments consisted of normal
recurring items except for the $1.9 million of income from discontinued
operations included in the 26 week period ended July 2, 1994. Financial
results of the interim periods are not necessarily indicative of results
that may be expected for any other interim periods or for the fiscal year.
9. Certain amounts in the prior periods' statements have been reclassified to
conform to the current periods' presentation.
CHAMPION ENTERPRISES, INC.
Management's Discussion and Analysis
of
Financial Condition and Results of Operations
RESULTS OF OPERATIONS
Below is a summary of period-to-period changes in the principal items of
the consolidated income statements. This chart is followed by a discussion
and analysis of significant factors affecting the registrant's earnings for
the period.
Comparison of Comparison of
13 Weeks Ended 26 Weeks Ended
July 1, 1995 & July 1, 1995 &
July 2, 1994 July 2, 1994
Increase (Decrease) Increase (Decrease)
(Dollars in Thousands)(Dollars in Thousands)
Net sales $60,894 39% $115,003 41%
Cost of products sold 51,904 39% 100,540 42%
Selling, general, and
administrative expenses 4,624 37% 6,928 30%
_______ ________
Operating income 4,366 40% 7,535 43%
Interest income (53) (28%) (21) (5%)
Interest expense 591 189% 815 177%
Other - net 191 292
_______ ________
Income from continuing
operations before
income taxes 3,913 36% 6,991 41%
Income taxes 3,100 111% 5,200 116%
_______ ________
Income from continuing
operations 813 10% 1,791 14%
Income from discontinued
operations - (1,908) (100%)
_______ ________
Net income $ 813 10% $ (117) (1%)
======= ========
Sales
Sales increases by segments of the business are as presented below for the
comparative periods ended July 1, 1995 and July 2, 1994 (dollars in thousands):
Comparative Period Housing Commercial Vehicles
Dollars Units Dollars Units
13 weeks ended
7/1/95 and
7/2/94 $58,271 40% 2,369 44% $2,623 24% 48 19%
26 weeks ended
7/1/95 and
7/2/94 $108,284 41% 4,229 43% $6,719 32% 141 29%
Total manufactured housing sales dollars increased due to a 44% unit
shipment increase to 7,769 units during the quarter, up from 5,400 units a year
ago. Chandeleur and Crest Ridge added $31 million to sales, or 21 percentage
points of the revenue increase on shipments of 1,625 units. Other manufactured
housing operations increased revenues by $27.3 million, or 19%, and unit
shipments by 744 units, or 14%. The registrant's U.S. shipments, without
Chandeleur and Crest Ridge, increased 807 units, or 16%, over the prior year's
second quarter. Excluding Chandeleur and Crest Ridge the multi-sectional mix
was 62%, up 4 percentage points from a year ago. Average selling price,
without Chandeleur and Crest Ridge, increased 4% to $28,262 from $27,099 a year
ago, due to the higher multi-sectional mix, normal periodic price increases and
recovery of additional costs due to regional energy and wind standards imposed
by the Department of Housing and Urban Development. Overall, average selling
price for the second quarter was $26,336.
For the six months ended July 1, 1995, Chandeleur and Crest Ridge added
$49.4 million to sales while other housing operations increased revenues by
$58.9 million, or 23%, and unit shipments by 17%. The registrant's year-to-
date U.S. shipments rose 18% without Chandeleur and Crest Ridge. This increase
compares favorably to the industry's rise in shipments of 12.4% to 166,069
units according to the Manufactured Housing Institute (MHI), an industry trade
association. Market share in the U.S. improved to 8.3% from 6.4% for the
year-to-date period primarily due to the acquisitions. Overall, the
registrant's year-to-date U.S. multi-sectional mix was 54%, compared to the
industry's 48%. Excluding Chandeleur and Crest Ridge, the average selling
price for the current year-to-date period was $27,996, compared to $26,655
last year. Overall, year-to-date average selling price was $26,338.
Bus shipments during second quarter reached 302 units, an increase of 19%
over last year's 254 units due to improved municipal sales and marketing
efforts. Year-to-date revenues rose 32% on a 29% increase in shipments to 627
units from 486 last year.
Costs and Expenses
Housing segment profits as a percent of sales were 7.9% for the quarter,
slightly down from 8.1% a year ago. Excluding Chandeleur and Crest Ridge,
segment profits declined to 7.6% of sales primarily as a result of operating
inefficiencies caused by lower backlog levels and increased service costs. For
the six months ended July 1, 1995 and July 2, 1994, housing margins were 7.2%
and 7.4%, respectively. Without Chandeleur and Crest Ridge the year-to-date
margin was 7.0% in 1995, decreasing primarily as a result of start-up costs at
a new Indiana facility, lower backlog levels and increased service costs.
Chandeleur and Crest Ridge added $3 million to segment profits for the current
quarter and $4.5 million for the six months ended July 1, 1995. Segment
profits are calculated as income directly attributable to the segment before
general corporate expenses, interest income, interest expense and income taxes.
Bus margins improved for the quarter and year-to-date periods as a result
of higher volume and improved manufacturing efficiencies. Segment profits as a
percent of sales were 4.8% and 4.6%, respectively, for the quarter and
year-to-date periods ended July 1, 1995. These amounts compare favorably to
3.1% and 3.0% for last year's respective periods.
For the quarter and year-to-date periods, selling, general and
administrative expenses increased primarily as a result of overall higher
volume, including the acquisitions. Interest expense increased due to
borrowings to fund the Chandeleur and Crest Ridge acquisitions and to fund
seasonal working capital requirements.
Income Taxes
The income tax provisions for the 13 and 26 weeks ended July 1, 1995
increased over prior year amounts. See Note 4 of Notes to Consolidated
Financial Statements for information regarding this increase and components of
the registrant's tax provisions. On a fully taxed basis, earnings per share
from continuing operations for the 13 and 26 weeks ended July 2, 1994 would
have been $0.41 and $0.68, respectively.
OUTLOOK AND RISK FACTORS
According to the MHI, manufactured housing shipments increased 12.4% for
the first six months of 1995 and are expected to increase 7-10% for the year.
Although the registrant's incoming order rate has risen from last year,
unfilled orders for housing were estimated at $62 million at the end of the
second quarter, down 22% from a year ago including Chandeleur and Crest Ridge
for both periods. This decrease primarily results from the registrant's
expanding capacity and record high production levels. Unfilled orders are not
necessarily indicative of a long-term trend and are subject to cancellation at
any time without penalty. Order rates can vary significantly with changes in,
among other things, interest rates, financing availability, regional and
national economic changes, consumer confidence, and, in some cases, the
weather.
The registrant's performance goals are to achieve over 20% compound
annual growth in fully taxed earnings per share over the next three years and a
30% minimum return on equity. These goals are based on the expected growth in
the manufactured housing industry, the registrant's increased manufacturing
capacity, its increased number of independent dealer locations, continued
market share improvement, and its acquisitions. These goals are also based on
a number of assumptions, many of which are beyond the registrant's control,
including continued growth in both the manufactured housing industry and the
overall general economy, only modest changes in interest rates and continued
availability of municipal funding for commercial vehicles. There can be no
assurance that these assumptions will prove accurate and actual results may
differ substantially from these estimates.
The registrant is continuing its discussions with the Environmental
Protection Agency concerning alleged environmental claims for the period
1955-1972. A liability for these alleged claims was recorded by the
registrant in the fourth quarter of 1994 and does not include any amount for
potential insurance recoveries. Final settlement is not expected to have a
material adverse effect on the registrant's consolidated financial position.
FINANCIAL CONDITION
The registrant's cash and cash equivalents decreased $12.9 million to
$10.1 million during the 26 weeks ended July 1, 1995. This decrease primarily
resulted from the acquisitions of Chandeleur and Crest Ridge and from seasonal
working capital requirements. Funds were also used for additions to property
and equipment, including planned expenditures under a capital improvement
program. The registrant plans capital expenditures in excess of $8 million in
1995, down from $10.6 million in 1994. See the Consolidated Statements of Cash
Flows on page 4 of this Report for additional information.
The registrant has a line of credit totaling $60 million with Comerica
Bank, Detroit, including $10 million available to cover letters of credit. A
portion of the credit line has been Participated to the First National Bank of
Chicago. At quarter end $31 million was outstanding on the line of credit,
which expires on March 1, 1997 and is secured by certain assets of the
registrant. Letters of credit outstanding at July 1, 1995 totaled $6.6
million, generally to support insurance obligations and licensing and service
bonding required by various states. The registrant believes its existing
sources of liquidity are adequate for operating requirements, common stock
repurchases, and planned capital expenditures for the current fiscal year.
Growth opportunities, through additional acquisitions of related businesses,
and, if prudent, in diversified businesses, continue to be pursued by the
registrant.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
On May 1, 1995 the registrant held its 1995 Annual Meeting of
Shareholders at which the following matters were submitted to a vote of
security holders and results of which were as follows:
1. Election of Directors
Nominee Votes For Votes Withheld
Walter R. Young, Jr. 6,278,969 43,474
Robert W. Anestis 6,279,620 42,823
Selwyn Isakow 6,279,620 42,823
George R. Mrkonic 6,278,780 43,663
Johnson S. Savary 6,278,920 43,523
Carl L. Valdiserri 6,278,580 43,863
2. Proposal to Amend the Restated Articles of Incorporation to
Increase the Number of Authorized Shares of Common Stock.
Votes For - 5,759,057
Votes Against - 521,027
Votes Withheld - 42,358
Nonvotes-None
3. Proposal to Approve the 1995 Stock Option and Incentive Plan.
Votes For - 4,620,226
Votes Against - 1,634,355
Votes Withheld - 67,861
Nonvotes-None
4. Proposal to Approve the 1995 Stock Retainer Plan for Non-employee
Directors.
Votes For - 5,864,062
Votes Against - 356,941
Votes Withheld - 101,439
Nonvotes-None
Item 6. Exhibits and Reports on Form 8-K.
(a) None.
(b) No reports on Form 8-K were filed by the registrant during the quarter
ended July 1, 1995.
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.
CHAMPION ENTERPRISES, INC.
By: /S/ A. JACQUELINE DOUT
__________________________
A. Jacqueline Dout
Executive Vice President
and Chief Financial Officer
(Principal Financial Officer)
And: /S/ RICHARD HEVELHORST
_________________________
Richard Hevelhorst
Controller (Principal
Accounting Officer)
Dated: August 9, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S UNAUDITED FINANCIAL
STATEMENTS AS OF AND FOR THE PERIOD ENDING JULY 1, 1995,
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
<MULTIPLIER> 1,000
<PERIOD-START> JAN-01-1995
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-30-1995
<PERIOD-END> JUL-01-1995
<CASH> 10,130
<SECURITIES> 0
<RECEIVABLES> 45,767
<ALLOWANCES> 189
<INVENTORY> 47,088
<CURRENT-ASSETS> 113,843
<PP&E> 55,454
<DEPRECIATION> 19,560
<TOTAL-ASSETS> 238,608
<CURRENT-LIABILITIES> 119,623
<BONDS> 0
<COMMON> 15,225
0
0
<OTHER-SE> 79,081
<TOTAL-LIABILITY-AND-EQUITY> 238,608
<SALES> 397,082
<TOTAL-REVENUES> 397,082
<CGS> 342,054
<TOTAL-COSTS> 342,054
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 19
<INTEREST-EXPENSE> 1,276
<INCOME-PRETAX> 24,204
<INCOME-TAX> 9,700
<INCOME-CONTINUING> 14,504
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,504
<EPS-PRIMARY> 0.92
<EPS-DILUTED> 0.92
</TABLE>
