<PAGE> 1
CONFORMED
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from _________ to __________
Commission file number 1-10638
CAMBREX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 22-2476135
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE MEADOWLANDS PLAZA, EAST RUTHERFORD, NEW JERSEY 07073
(Address of principal executive offices)
(201) 804-3000
(Registrant's telephone number, including area code)
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 twelve 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 ___
APPLICABLE ONLY TO CORPORATE ISSUERS
As of May 1, 1997, there were 11,748,179 shares outstanding of the
registrant's Common Stock, $.10 par value.
Page 1 of 16
<PAGE> 2
CAMBREX CORPORATION AND SUBSIDIARIES
Form 10-Q
For The Quarter Ended March 31, 1997
Table of Contents
Page No.
Part I Financial information
Condensed consolidated balance sheets as of
March 31, 1997 and December 31, 1996 3
Condensed consolidated income statements
for the three months ended March 31, 1997 and 1996 4
Condensed consolidated statements of
cash flows for the three months ended
March 31, 1997 and 1996 5
Notes to condensed consolidated financial
statements 6 - 8
Management's Discussion and Analysis of
Financial Condition and Results of Operations 9 - 12
Part II Other information
Item 4. Matters Submitted to a Vote of Securities
Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
Exhibit 11 - Computation of Earnings Per Share 15
Exhibit 27 - Financial Data Schedule 16
- 2 -
<PAGE> 3
Part 1 - FINANCIAL INFORMATION
CAMBREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share data)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
--------- ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 7,555 $ 7,353
Trade and other receivables, less allowances
for doubtful accounts of $1,059 and $1,453
at respective dates 60,606 56,750
Inventories 67,920 64,209
Deferred tax assets 5,063 5,009
Other current assets 4,861 3,541
--------- ---------
Total current assets 146,005 136,862
Property, plant and equipment, net 208,615 216,481
Intangible assets, net 44,270 49,573
Other noncurrent assets 1,627 1,528
--------- ---------
Total assets $ 400,517 $ 404,444
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities . $ 47,737 $ 54,754
Income taxes payable 9,302 8,085
Short-term debt 7,810 3,880
Current portion of long-term debt 270 7,231
--------- ---------
Total current liabilities 65,119 73,950
Long-term debt 73,483 60,152
Deferred tax liabilities 22,102 21,587
Other noncurrent liabilities 19,075 19,710
--------- ---------
Total liabilities 179,779 175,399
--------- ---------
Stockholders' equity:
Common stock 1,277 1,275
Additional paid-in capital 149,780 149,191
Retained earnings 87,470 80,608
Additional minimum pension liability (553) (553)
Treasury stock, at cost; 1,042,371 and 1,049,895
shares at respective dates (9,496) (9,449)
Shares held in trust, at cost;
132,126 shares at respective dates (718) (718)
Cumulative translation adjustment (7,022) 8,691
--------- ---------
Total stockholders' equity 220,738 229,045
--------- ---------
Total liabilities and stockholders' equity $ 400,517 $ 404,444
========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
- 3 -
<PAGE> 4
CAMBREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)
(in thousands, except per-share data)
<TABLE>
<CAPTION>
Three months ended
March 31,
------------------
1997 1996
------- -------
<S> <C> <C>
Gross sales $93,141 $96,717
Commissions & freight 1,859 2,332
Sales, returns and allowances 424 598
------- -------
Net sales 90,858 93,787
Other revenues 1,036 138
------- -------
Net revenues 91,894 93,925
Operating expenses:
Cost of goods sold 64,155 67,459
Selling, general and administrative
expenses 13,244 12,892
Research and development 2,204 2,150
------- -------
Total operating expenses 79,603 82,501
------- -------
Operating profit 12,291 11,424
Other (income) expenses:
Interest expense - net 1,132 1,792
Other - net 206 98
------- -------
Income before income taxes 10,953 9,534
Provision for income taxes 3,505 3,337
------- -------
Net income $ 7,448 $ 6,197
======= =======
Weighted average shares outstanding*:
Primary 11,994 11,810
Fully diluted 11,994 11,826
Net income per share*:
Primary $ 0.62 $ 0.52
======= =======
Fully diluted $ 0.62 $ 0.52
======= =======
</TABLE>
*Share and per share data reflect adjustments for a three-for-two stock split in
the form of a 50% stock dividend paid in July, 1996.
See accompanying notes to condensed consolidated financial statements.
- 4 -
<PAGE> 5
CAMBREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three months ended
March 31,
---------------------
1997 1996
-------- --------
<S> <C> <C>
Cash flows from operations $ 15,644 $ 12,998
Changes in assets and liabilities:
Receivables (5,451) (7,323)
Inventories (6,576) (1,620)
Other current assets (1,434) 2,073
Accounts payable and accrued liabilities . (5,239) (3,075)
Income taxes payable 3,121 2,036
Other noncurrent assets and liabilities 174 (330)
-------- --------
Net cash provided from operating activities 239 4,759
-------- --------
Cash flows from investing activities:
Capital expenditures (8,261) (7,450)
Other investing activities -- (833)
-------- --------
Net cash (used in) investing activities (8,261) (8,283)
-------- --------
Cash flows from financing activities:
Dividends (586) (381)
Net increase in short-term debt 4,502 (326)
Long-term debt activity (including current portion):
Borrowings 14,800 6,300
Repayments (8,431) (11,828)
Proceeds from the issuance of common stock 281 2,179
Proceeds from the sale of treasury stock . 263 367
-------- --------
Net cash provided from (used in)
financing activities 10,829 (3,689)
-------- --------
Effect of exchange rate changes on cash (2,605) 3,396
-------- --------
Net increase (decrease) in cash 202 (3,817)
Cash at beginning of period 7,353 4,841
-------- --------
Cash at end of period $ 7,555 $ 1,024
======== ========
Supplemental disclosure:
Interest paid $ 1,284 $ 1,035
Income taxes paid $ 169 $ 368
Depreciation expense $ 6,216 $ 5,420
Non-cash financing activities:
Liabilities established in connection with exercise
of stock options $ -- $ 718
</TABLE>
See accompanying notes to condensed consolidated financial statements.
- 5 -
<PAGE> 6
CAMBREX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except per-share amounts)
(1) Basis of Presentation
Unless otherwise indicated by the context, "Cambrex" or the "Company"
means Cambrex Corporation and subsidiaries.
The accompanying unaudited Condensed Consolidated Financial Statements
have been prepared from the records of the Company. In the opinion of
management, the financial statements include all adjustments, consisting of only
normal recurring accruals, necessary for a fair presentation of financial
position and results of operations in conformity with generally accepted
accounting principles. These interim financial statements should be read in
conjunction with the financial statements for the year ended December 31, 1996.
The results of operations for the three months ended March 31, 1997 are
not necessarily indicative of the results to be expected for the full year.
(2) Inventories
Inventories are stated at the lower of cost, determined on a first-in,
first-out basis, or market and include material, labor, and overhead.
Inventories at March 31, 1997 and December 31, 1996 consist of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
--------- ------------
<S> <C> <C>
Finished goods $28,769 $29,443
Work in process 20,325 15,463
Raw materials 13,380 13,179
Fuel oil and supplies 5,446 6,124
------- -------
Total $67,920 $64,209
======= =======
</TABLE>
(3) Earnings Per Common Share
Earnings per common share of common stock are computed on the basis of the
weighted average shares of common stock outstanding plus common stock equivalent
shares arising from the effect of dilutive stock options, using the treasury
stock method.
On July 24, 1996, the Company's Board of Directors approved a
three-for-two stock split of the Company's Common Stock, $0.10 par value,
effected in the form of a 50% stock dividend to holders of record on July 8,
1996. All share and per share data, including stock option plan information have
been adjusted to reflect the impact of the three-for-two stock split. The effect
of the split was presented retroactively within stockholders' equity at December
31, 1996 by transferring the par value for the additional shares issued from
additional paid-in capital to common stock.
- 6 -
<PAGE> 7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
4) Future Impact of Recent Accounting Pronouncements
The AICPA's Statement of Position 96-1 "Environmental Remediation
Liabilities" requires that environmental remediation liabilities including
related legal costs be accrued when it is probable that an environmental
remediation will be required and such remediation efforts can be reasonably
estimated. The Company has adopted this standard on January 1, 1997. The Company
currently considers the criteria of this standard in establishing its
environmental liabilities with the exception of the requirement to accrue for
certain future external legal costs. The adoption of this standard did not have
a material impact on its result of operations.
Statement of Financial Accounting Standards No. 128 "Earnings Per Share"
changes the reporting requirements for earnings per share (EPS) for publicly
traded companies by replacing primary EPS with basic EPS and changing the
disclosures associated with this change. The Company is required to adopt this
standard in the fourth quarter of 1997 and is currently evaluating the impact of
this standard.
5) Short-term Debt
Short-term debt at March 31, 1997 and December 31, 1996 consists of the
following:
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
--------- ------------
<S> <C> <C>
Export financing facility, Italy $4,736 $2,760
Overdraft protection 3,074 1,120
------ ------
Total $7,810 $3,880
====== ======
</TABLE>
6) Long-term Debt
Long-term debt at March 31, 1997 and December 31, 1996 consists of the
following:
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
--------- ------------
<S> <C> <C>
Bank credit facilities $72,500 $66,000
Capital lease 10 13
Notes payable 1,243 1,370
------- -------
Subtotal 73,753 67,383
Less: current portion 270 7,231
------- -------
Total $73,483 $60,152
======= =======
</TABLE>
- 7 -
<PAGE> 8
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(6) Long-term Debt, continued
As of March 31, 1997, the Company has opted to borrow $72,500 of the
$100,000 available under the revolving credit facility and completely pay the
balance due on the term loan of $66,000. The revolving credit facility is due
October 11, 1999.
The Company met all the bank covenants for the first quarter of 1997.
(7) Shares Held in Trust
In 1995, the Company amended its non-qualified deferred compensation plan
to permit plan participants to defer receipt of Company stock which would
otherwise have been issued to the participants upon the exercise of Company
stock options. Such shares are held in trust and thus are included as a
reduction of equity. The Company has established a corresponding liability to
the plan participants in the amount of $718 which is included in other
noncurrent liabilities at March 31, 1997 and December 31, 1996, respectively.
(8) Contingencies
Refer to Form 10-K for the fiscal year ended December 31, 1996, for
disclosure of existing contingencies related to environmental issues.
- 8 -
<PAGE> 9
CAMBREX CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)
RESULTS OF OPERATIONS
The first quarter 1997 results were better than the first quarter 1996 due to
higher gross margins, reduced interest expenses and a lower tax rate.
The following table shows the gross sales of the Company's five product
categories, in dollars and as a percentage of the Company's total gross sales,
the net revenues and gross profit for the first quarter 1997 and 1996.
<TABLE>
<CAPTION>
First Quarter Ended March 31,
----------------------------------------
1997 1996
------------------ -----------------
$ % $ %
-------- ----- -------- -----
<S> <C> <C> <C> <C>
Pharmaceutical bulk actives $ 27,152 29.2% $ 27,840 28.8%
Pharmaceutical intermediates 18,964 20.3 19,470 20.1
Organic intermediates 18,320 19.7 17,689 18.3
Performance enhancers 17,812 19.1 19,447 20.1
Polymer systems 10,893 11.7 12,271 12.7
-------- ----- -------- -----
Total gross sales $ 93,141 100.0% $ 96,717 100.0%
======== ===== ======== =====
Total net revenues $ 91,894 $ 93,925
======== ========
Total gross profit $ 27,739 $ 26,466
======== ========
</TABLE>
The following table shows the gross sales and gross profit of the Company's five
product categories, and gross profit as a percentage of each product category,
for the first quarter 1997 and 1996.
<TABLE>
<CAPTION>
Gross Gross Gross
Sales Profit $ Profit %
------- -------- --------
<S> <C> <C> <C>
1997
Pharmaceutical bulk actives $27,152 $11,597 42.7%
Pharmaceutical intermediates 18,964 4,858 25.6
Organic intermediates 18,320 2,751 15.0
Performance enhancers 17,812 5,048 28.3
Polymer systems 10,893 3,485 32.0
------- ------- ----
Total $93,141 $27,739 29.8%
======= ======= ====
</TABLE>
- 9 -
<PAGE> 10
<TABLE>
<CAPTION>
Gross Gross Gross
Sales Profit $ Profit %
------- -------- --------
<S> <C> <C> <C>
1996
Pharmaceutical bulk actives $27,840 $10,124 36.4%
Pharmaceutical intermediates 19,470 3,985 20.5
Organic intermediates 17,689 2,996 16.9
Performance enhancers 19,447 6,136 31.6
Polymer systems 12,271 3,225 26.3
------- ------- ----
Total $96,717 $26,466 27.4%
======= ======= ====
</TABLE>
Gross sales in the first quarter 1997 decreased to $93,141 compared to $96,717
in the first quarter 1996 due, in part, to a $1.4 million sales reduction
attributed to the impact of foreign currency fluctuations or transactions
denominated in currencies other than the respective functional currencies,
primarily in our Pharmaceutical bulk actives product category. All product
categories experienced decreases except organic intermediates.
Pharmaceutical bulk actives of $27,152 were $688 below the first quarter 1996
due to the effect of foreign currency movements, as volumes were consistent with
the prior year. Sales volume had decreased in products for cardiovascular
preparations as a result of low fourth quarter 1996 production levels, however,
sales for 1997 are expected to be at 1996 levels. This decrease was offset by
the continued strong demand of 5-ASA.
Pharmaceutical intermediates of $18,964 were $506 below the first quarter 1996
due to no sales of PMPA and lower sales of cyclohexenylethlamine to the
Dextromethorphan (Dextro) market (cough suppressant). The PMPA business will not
return as the contract was cancelled in 1996, but the other products involved in
the Dextro market are predicted to recover when excess Dextro inventories are
depleted by customers. Part of this reduction was offset by the 2nd shipment of
an intermediate for a protease inhibitor used in the treatment of AIDS and the
sales of aminopyridines from our new facility in England.
Organic intermediates of $18,320 were $631 above the first quarter 1996 due to
higher sales of 3-Nitro (up $2.0 million), a poultry feed additive, due to
higher production volumes, and increased pyridine sales for herbicides. These
increases were offset by a sale of $3.0 million in 2-Cyanopyridine inventory in
the first quarter 1996 as a result of a renegotiated contract.
Performance enhancers of $17,812 were $1,635 below the first quarter 1996. Key
decreases occurred in photographic products and in pyridine derivatives, both of
which experienced unusually high first quarter 1996 volumes and are now at
expected levels.
Polymer systems of $10,893 were $1,378 lower than the first quarter 1996 in the
coatings and engineering plastics markets. The coatings products were $0.8
million below last year partly due to lower production capacity available for
all customer shipments. Sales of a monomer for polyether sulphone plastics was
affected by lower demand from the major customer.
Export sales from U.S. businesses of $11,251 in the first quarter 1997 compared
to $12,130 in the first quarter 1996 due to the decreased demand in the
Dextromethorphan markets, primarily in India. International sales from our
European operations totaled $39,010 for the same period in 1997 as compared with
$41,431 in 1996.
- 10 -
<PAGE> 11
Total gross profit of $27,739 increased by $1,273, or 5%, from 1996 resulting in
a higher gross margin percentage (as a percentage of gross sales) which
increased to 29.8% from 27.4%. The gross margin improvement was due to improved
plant operations, good product mix in pharmaceutical bulk actives, continued
review of lower margin products, and reduced plant spending, partially offset by
increased raw materials costs in our manufacture of pyridine derivatives.
Selling, general and administrative and research and development expenses as a
percentage of gross sales was 16.6%, up from 15.6% in the first quarter 1996.
The first quarter 1997 expense of $15,448 was $406 (3%) above 1996. This
increase was due to added administrative and research costs at our subsidiaries,
partially offset by the reorganization efforts in our Swedish facility.
Net interest expense of $1,132 reflected a decrease of $660 from 1996. This
decline was due to the additional cash flow from operations used to pay down a
net $24.5 million of outstanding loans from March, 1996. The average interest
rate was 7.5% in the first quarter 1997 vs. 7.3% in 1996.
The provision for income taxes for the first quarter resulted in an effective
rate of 32% versus 35% in the comparable period in 1996. This was due to the
implementation of tax planning strategies and the projected composition of
taxable income between domestic and international operations. However, actual
results may differ in the event of changes in tax regulations or deviations from
projections.
The Company's first quarter net income increased 20% to $7,448 compared with a
net income of $6,197 in 1996.
LIQUIDITY AND CAPITAL RESOURCES
During the three months ended March 31, 1997, the Company generated cash flows
from operations totaling $239,000, a decrease of $4.5 million over the
comparable period in 1996. This decrease in cash flow was primarily due to an
increase in inventory levels and a decrease in accounts payable, partially
offset by the increased net income ($1.3 million). Additionally, increases in
long-term debt ($6.4 million) were utilized by the Company to expend $8.3
million on capital expenditures. The increase in the cash balance for the first
quarter 1997 was $202,000.
Capital expenditures were $8,261 in the first three months of 1997 as compared
to $7,450 in the first three months of 1996. The major portion of the funds were
used for construction of the pilot plants at our Salsbury, Iowa and Zeeland,
Michigan facilities which are expected to be completed by the third quarter,
1997.
Effective July 24, 1996, the Board of Directors approved a three-for-two split
of the Company's Common Stock, $.10 par value, in the form of a 50% stock
dividend.
- 11 -
<PAGE> 12
As of March 31, 1997, the Company has opted to borrow $72,500 of the $100,000
available under the revolving credit facility to prepay the remaining balance
due on the term loan of $66,000. This decision was based on the lower interest
rate available under the revolving credit facility. The unutilized borrowing
capacity of approximately $27,500 under the revolving credit facility of the
Credit Agreement as of March 31, 1997 can be drawn on for general corporate
purposes. Management is of the opinion that these amounts, together with other
available sources of capital, are adequate for meeting the Company's anticipated
financing and capital requirements.
During the first quarter 1997, the Company paid cash dividends of $0.05 per
share.
The Company's primary market risk relates to exposure to foreign currency
exchange rate fluctuations on transactions entered into by our foreign
operations which are primarily denominated in the U.S. dollar, Deutsche mark and
British pound sterling. The Company uses foreign currency forward exchange and
put and call option contracts to mitigate the effect of short-term foreign
exchange rate movements on the Company's operating results. The notional amount
of these contracts is $31,391 which the Company estimates to be approximately
50% of the foreign currency exposure during the period covered resulting in a
deferred currency loss of $1,538 at March 31, 1997. An additional $4,736 (8%) of
the foreign currency exposure is protected through export financing.
- 12 -
<PAGE> 13
PART II - OTHER INFORMATION
CAMBREX CORPORATION AND SUBSIDIARIES
Item 4. Matters Submitted to a Vote of Securities Holders.
At the annual meeting of stockholders held on April 24, 1997, Cyril C.
Baldwin, Jr., George J. W. Goodman, Kathryn Rudie Harrigan and Robert
LeBuhn were elected to hold office as directors of the Company until
the 2000 annual meeting of stockholders.
In addition, the stockholders ratified the appointment of Coopers &
Lybrand L.L.P. as the Company's independent accountants for 1997. Of the
9,962,136 shares represented at the meeting, 9,956,139 votes were cast in
favor of the ratification of the appointment of Coopers & Lybrand L.L.P.
as auditors, 4,291 votes were cast against, and 1,706 abstained.
Item 6. Exhibits and Reports on Form 8-K
a) The exhibits filed as part of this report are listed below.
Exhibit No. Description
----------- -----------
11 Statement of computation of per share earnings.
27 Financial Data Schedule.
b) Reports on Form 8-K
The registrant filed no reports on Form 8-K during the first quarter of
the year ended December 31, 1997.
- 13 -
<PAGE> 14
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.
CAMBREX CORPORATION
By /s/Douglas MacMillan
-----------------------------------
Douglas MacMillan
Vice President
(On behalf of the Registrant and
as the Registrant's Principal
Financial Officer)
Date: May 13, 1997
- 14 -
<PAGE> 15
EXHIBIT INDEX
-------------
Exhibit No. Description
----------- -----------
11 Statement of computation of per share earnings.
27 Financial Data Schedule.
<PAGE> 1
EXHIBIT 11
CAMBREX CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands)
<TABLE>
<CAPTION>
Three months ended
March 31,
----------------------
1997 1996
------- -------
<S> <C> <C>
Income applicable to common shares:
Primary earnings $ 7,448 $ 6,197
======= =======
Fully diluted earnings $ 7,448 $ 6,197
======= =======
Weighted average number of common
shares and common share equivalents
outstanding during the period*:
Common Stock 11,738 11,480
Stock Options 256 330
------- -------
Shares outstanding - primary . 11,994 11,880
Additional stock options -- 16
------- -------
Shares outstanding - fully diluted 11,994 11,826
======= =======
</TABLE>
* Share and per share data reflect adjustments for a three-for-two stock split
in the form of a 50% stock dividend paid in July, 1996.
- 15 -
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 7,555
<SECURITIES> 0
<RECEIVABLES> 58,287
<ALLOWANCES> 1,059
<INVENTORY> 67,920
<CURRENT-ASSETS> 146,005
<PP&E> 323,421
<DEPRECIATION> 114,806
<TOTAL-ASSETS> 400,517
<CURRENT-LIABILITIES> 65,119
<BONDS> 73,483
0
0
<COMMON> 1,277
<OTHER-SE> 219,461
<TOTAL-LIABILITY-AND-EQUITY> 400,517
<SALES> 90,858
<TOTAL-REVENUES> 91,894
<CGS> 64,155
<TOTAL-COSTS> 64,155
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,157
<INCOME-PRETAX> 10,953
<INCOME-TAX> 3,505
<INCOME-CONTINUING> 7,448
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,448
<EPS-PRIMARY> 0.62
<EPS-DILUTED> 0.62
</TABLE>
