<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 May 31, 1995
[ ] 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 0-17051
TUSCARORA INCORPORATED
(Exact name of registrant as specified in the charter.)
Pennsylvania 25-1119372
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
800 Fifth Avenue
New Brighton, Pennsylvania 15066
(Address of principal executive offices)
(Zip Code)
412-843-8200
(Registrant's telephone number, including area code)
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 and (2) has been subject to such
filing requirements for at least the past 90 days.
Yes X No
--- ---
As of July 1, 1995, 6,153,754 shares of Common Stock, without par
value, of the registrant were outstanding.
<PAGE> 2
Tuscarora Incorporated
----------------------
INDEX
Page
Part I. Financial Information:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets at
May 31, 1995 and August 31, 1994 3
Condensed Consolidated Statements of
Income - Three and nine month periods
ended May 31, 1995 and May 31, 1994 4
Condensed Consolidated Statements of
Cash Flows - Nine Months ended May 31,
1995 and May 31, 1994 5
Notes to Condensed Consolidated Financial
Statements 6-7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 8-10
Part II. Other Information:
Item 1. Legal Proceedings 11
Item 6. Exhibits and Reports on Form 8-K 11
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
--------------------
Tuscarora Incorporated
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
May 31, August 31,
1995 1994
------------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
------
Current Assets
Cash and cash equivalents $ 202,582 $ 3,671,490
Trade accounts receivable, net of
provision for losses 19,154,679 16,773,835
Inventories 21,022,627 14,270,863
Prepaid expenses and other current assets 2,062,505 919,084
------------- ------------
42,442,393 35,635,272
Property, Plant and Equipment, net 64,836,373 55,356,331
Other Assets, net 4,022,838 3,233,891
------------- ------------
Total Assets $ 111,301,604 $ 94,225,494
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
----------- --- ------------- ------
Current Liabilities
Current maturities of long-term debt $ 3,614,679 $ 3,667,977
Accounts payable 17,608,174 13,350,738
Accrued income taxes 328,313 301,610
Accrued payroll and related taxes 1,293,279 747,693
Other current liabilities 555,379 1,019,436
------------- ------------
23,399,824 19,087,454
Long-Term Debt - less current maturities 32,008,623 25,284,404
Deferred Income Taxes 1,650,434 1,680,889
Supplemental Pension Benefits 933,846 992,798
------------- ------------
Total Liabilities 57,992,727 47,045,545
Shareholders' Equity
Preferred Stock - par value $.01 per share;
authorized shares, 1,000,000; none issued - -
Common Stock - without par value; authorized
shares, 20,000,000; issued shares, 6,198,618
at May 31, 1995 and 6,193,714 at
August 31, 1994 6,198,618 6,193,714
Capital surplus 2,244,351 2,171,217
Retained earnings 45,243,726 39,234,310
Cumulative foreign currency translation adjustment 32,731 -
------------- ------------
53,719,426 47,599,241
Less cost of reacquired shares of Common Stock;
45,396 at May 31, 1995 and 46,625 at
August 31, 1994 410,549 419,292
------------- ------------
Total Shareholders' Equity 53,308,877 47,179,949
------------- ------------
Total Liabilities and Shareholders' Equity $ 111,301,604 $ 94,225,494
============= ============
</TABLE>
Note: The consolidated balance sheet at August 31, 1994 has been taken from
the audited financial statements and condensed.
See notes to condensed consolidated financial statements.
3
<PAGE> 4
Tuscarora Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended May 31, Nine Months Ended May 31,
1995 1994 1995 1994
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net Sales $ 40,969,579 $ 30,343,459 $117,779,573 $ 86,290,991
Cost of Sales 31,195,128 23,426,644 89,451,180 66,459,572
------------ ------------ ------------ ------------
Gross profit 9,774,451 6,916,815 28,328,393 19,831,419
Selling and Administrative
Expenses 5,267,184 4,062,381 15,497,172 12,191,354
Interest Expense 647,976 358,541 1,679,263 989,713
Other (Income) Expense 22,951 1,768 174,553 3,715
------------ ------------ ------------ ------------
5,938,111 4,422,690 17,350,988 13,184,782
------------ ------------ ------------ ------------
Income before income
taxes 3,836,340 2,494,125 10,977,405 6,646,637
Provision for Income Taxes 1,491,173 975,032 4,291,395 2,576,604
------------ ------------ ------------ ------------
Net income $ 2,345,167 $ 1,519,093 $ 6,686,010 $ 4,070,033
============ ============ ============ ============
Net income per share
of Common Stock $.38 $.25 $1.09 $.67
==== ==== ===== ====
Weighted average number of
shares of Common Stock
outstanding 6,152,569 6,136,757 6,150,454 6,124,104
========= ========= ========= =========
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE> 5
Tuscarora Incorporated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended May 31,
1995 1994
------------ -----------
<S> <C> <C>
Operating Activities
Net Income $ 6,686,010 $ 4,070,033
Adjustments to Reconcile Net Income to Cash
Provided by Operations:
Depreciation 7,501,718 6,953,399
Amortization 474,705 417,849
Provision for losses on receivables 392,820 185,000
Decrease in deferred income taxes (30,455) (306,292)
Loss on sale of property, plant
and equipment, net 43,695 13,042
Stock compensation expense 7,717 7,930
Changes in Operating Assets and Liabilities:
Decrease (increase):
Trade accounts receivable (2,773,664) (1,736,793)
Inventories (6,751,764) (2,049,168)
Prepaid expenses and other current assets (1,143,421) (1,414,406)
Other assets (1,263,652) (1,749,496)
Increase (decrease):
Accounts payable 4,257,436 2,447,194
Accrued income taxes 26,703 -
Accrued payroll and related taxes 545,586 (99,976)
Other current liabilities (464,057) (20,734)
Supplemental pension benefits (58,952) -
------------ -----------
Net cash provided by operating activities 7,450,425 6,717,582
------------ -----------
Investing Activities
Purchase of property, plant and equipment (17,199,392) (9,010,870)
Proceeds from sale of property, plant and
equipment 173,937 43,844
------------ -----------
Net cash (used for) investing activities (17,025,455) (8,967,026)
------------ -----------
Financing Activities
Proceeds from long-term debt 9,545,000 3,900,000
Payments on long-term debt (2,874,079) (2,514,978)
Dividends paid (676,594) (611,641)
Proceeds from sale of Common Stock 79,064 69,466
------------ -----------
Net cash provided by financing activities 6,073,391 842,847
------------ -----------
Effect of foreign currency translation adjustment
on cash and cash equivalents 32,731 -
------------ -----------
Net (decrease) in cash and cash equivalents (3,468,908) (1,406,597)
Cash and Cash Equivalents at Beginning of Period 3,671,490 2,030,021
------------ -----------
Cash and Cash Equivalents at End of Period $ 202,582 $ 623,424
============ ===========
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE> 6
Tuscarora Incorporated
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet at May 31, 1995 and the
consolidated statements of income and consolidated statements of cash
flows for the periods ended May 31, 1995 and May 31, 1994 have been
prepared by the Company, without audit. In the opinion of Management,
all adjustments necessary to present fairly the financial position,
results of operations and changes in cash flows at May 31, 1995 and for
all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these condensed consolidated financial statements be read in
conjunction with the financial statements and notes thereto included in
the Company's 1994 Annual Report to Shareholders. The results of
operations for the period ended May 31, 1995 are not necessarily
indicative of the operating results for the full year.
2. INVENTORIES
Inventories are summarized as follows:
<TABLE>
<CAPTION>
May 31, August 31,
1995 1994
------------ ------------
<S> <C> <C>
Finished goods $ 8,810,176 $ 6,851,928
Work in process 511,336 300,414
Raw materials 9,099,267 6,050,686
Supplies 2,601,848 1,067,835
------------ ------------
$ 21,022,627 $ 14,270,863
============ ============
</TABLE>
3. ACQUISITIONS
On September 6, 1994, the Company purchased substantially all the assets
and assumed substantially all the liabilities of Astrofoam, Inc., a
manufacturer of precision fabricated foam products, specialty corrugated
paperboard products and plastic cushion packaging products in Holden,
Massachusetts, for approximately $2,200,000. The Company is continuing
the business acquired at the same location under a lease from the seller.
A portion of the purchase price has been allocated to a covenant not to
compete and goodwill. The Company also agreed to pay additional
consideration to the seller based on sales realized from the business
acquired.
On February 3, 1995, the Company purchased substantially all the assets
and assumed substantially all the liabilities of the custom molding
business of M.Y. Trondex Limited in Northampton, England and Glasgow,
Scotland for approximately $2,700,000. The Company is operating the
Northampton facility under a lease from the seller and the Glasgow
facility under a lease from a third party. The Company will also pay
additional consideration to the seller based on the sales realized from
the business acquired.
6
<PAGE> 7
4. CLAIMS AND CONTINGENCIES
The Company is involved in certain legal and administrative proceedings,
including one proceeding with respect to a Superfund site, which may
result in the Company becoming liable for a portion of certain
environmental cleanup costs. With respect to the Superfund site, the
Company believes that its share of the cleanup costs should not be
significant. The Company has accrued for the costs which can be
reasonably estimated. In the opinion of Management, the disposition of
these matters should not have a material adverse effect on the Company's
financial position.
5. FOREIGN CURRENCY TRANSLATION
The financial statements of the Company's United Kingdom subsidiary (see
Note 3) are maintained in their functional currency (British pound
sterling) and translated into U.S. dollars in accordance with Statement
of Financial Accounting Standards No. 52. Assets and liabilities are
translated at current exchange rates in effect at the balance sheet date
and shareholders' equity is translated at historical exchange rates.
Revenues and expenses are translated at the average exchange rate for
each period. Translation adjustments, which result from the process of
translating British pound sterling financial statements into U.S.
dollars, are accumulated in a separate component of stockholders' equity
in accordance with Statement No. 52.
6. OTHER INFORMATION
In November 1992, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 112, "Employers'
Accounting for Postemployment Benefits". This statement requires
recognition of benefits provided by an employer to former or inactive
employees after employment but before retirement. The statement must be
implemented prior to the end of the 1995 fiscal year. Management
believes that the impact of SFAS No. 112 will not be material.
7. SUBSEQUENT EVENT
In June 1995, an employment related lawsuit in which significant money
damages are sought was filed against the Company. The lawsuit is
described in Item 1 of Part II of this report. In the opinion of
Management, the disposition of this matter should not have a material
adverse effect on the Company's financial position. No reserve has been
established for this matter because the damages, if any, which may be
recovered cannot be reasonable estimated.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS - THIRD QUARTER FISCAL 1995
COMPARED TO THIRD QUARTER FISCAL 1994
Net sales for the quarter ended May 31, 1995 totaled $40,970,000, an
increase of 35.0% from net sales of $30,343,000 for the same period in fiscal
1994. Approximately 50% of the increase in net sales is due to the
Styro-Molders acquisition in April 1994 and to the Astrofoam, Inc. and M.Y.
Trondex Ltd. acquisitions in September 1994 and February 1995, respectively
(see Note 3 of the Notes to Consolidated Condensed Financial Statements). The
M.Y. Trondex acquisition was the Company's first acquisition of a custom
molding business in a foreign country (see also Note 5 of the Notes to
Consolidated Condensed Financial Statements). The balance of the growth is a
result of continued strong demand for the Company's products in all markets and
geographic regions which the Company serves and the continued impact of higher
selling prices to customers as a result of the Company passing on higher raw
material costs to its customers in the first quarter of fiscal 1995 and again
in late May 1995. Sales gains are expected to be favorable for the remainder
of fiscal 1995 based on current customer order placement rates and prospects
for continued strength in the economy.
Gross profit for the quarter ended May 31, 1995 amounted to $9,774,000, a
41.3% increase from $6,917,000 in the same quarter of fiscal 1994. The gross
profit margin increased to 23.9% in the current quarter from 22.8% in the same
period of fiscal 1994. The gross profit margin continued to be favorably
impacted by the high sales level (see the results of operations for the
nine-month period ended May 31, 1995), but the increase in gross profit margin
was partially offset by below-average margins at the Company's newly acquired
United Kingdom facilities as the Company continues to make improvements to the
efficiency of those operations.
Selling and administrative expenses increased $1,205,000 or 29.7% for the
quarter ended May 31, 1995 but decreased as a percentage of net sales to 12.9%
from 13.4% in the same period of the prior fiscal year. The dollar increase
was due primarily to added employee costs in connection with the acquisitions
referred to above and increased commissions associated with the higher sales
level.
Interest expense for the quarter ended May 31, 1995 was $648,000 compared
to $359,000 in the third quarter of fiscal 1994. The increase of $289,000 was
due to a higher level of outstanding debt coupled with higher interest rates.
Income before income taxes for the quarter ended May 31, 1995 increased to
$3,836,000 from $2,494,000 for the same period of fiscal 1994, an increase of
53.8%.
The provision for income taxes for the quarter ended May 31, 1995
increased due to the increased income before income taxes.
Net income for the quarter ended May 31, 1995 was $2,345,000, an increase
of 54.4% from $1,519,000 for the same period of fiscal 1994. The increase was
due primarily to the increases in net sales and gross profit.
The net sales and net income for the three months ended May 31, 1995 were
Company records for a third fiscal quarter.
8
<PAGE> 9
RESULTS OF OPERATIONS - NINE MONTHS ENDED MAY 31, 1995
COMPARED TO NINE MONTHS ENDED MAY 31, 1994
Net sales for the nine months ended May 31, 1995 totaled $117,780,000, an
increase of 36.5% from net sales of $86,291,000 for the same period in fiscal
1994. Approximately 44% of the increase in net sales is due to the
Styro-Molders acquisition in April 1994 and to the Astrofoam, Inc. and M.Y.
Trondex Ltd. acquisitions in September 1994 and February 1995, respectively.
The balance of the increase is attributable to strong demand throughout the
period for the Company's products in all markets and geographic regions which
the Company serves and higher selling prices to customers as a result of the
Company passing on higher raw material costs to its customers in the first
quarter of fiscal 1995 and again in late May 1995.
Gross profit for the nine months ended May 31, 1995 amounted to
$28,328,000, a 42.8% increase from $19,831,000 in the same period of fiscal
1994. The gross profit margin increased to 24.1% in the current nine month
period from 23.0% in the same period of fiscal 1994. The gross profit margin
was favorably impacted by the high sales level which resulted in more efficient
utilization of the Company's manufacturing capacity in both the Company's
custom molding and integrated materials operations and by the consumption in
the first quarter of raw materials purchased by the Company during the 1994
fiscal year in advance of price increases from the Company's suppliers.
Selling and administrative expenses increased $3,306,000 or 27.1% for the
nine months ended May 31, 1995 but decreased as a percentage of net sales to
13.2% from 14.1% in the same period of the prior fiscal year. The dollar
increase was due primarily to added employee costs in connection with the
acquisitions referred to above and increased commissions associated with the
higher sales level.
Interest expense for the nine months ended May 31, 1995 was $1,679,000
compared to $990,000 in the same period of fiscal 1994. The increase of
$689,000 was due to a higher level of outstanding debt coupled with higher
interest rates.
Income before income taxes for the nine months ended May 31, 1995
increased to $10,977,000 from $6,647,000 for the same period of fiscal 1994, an
increase of 65.2%.
The provision for income taxes for the nine months ended May 31, 1995
increased due to the increased income before income taxes.
Net income for the nine months ended May 31, 1995 was $6,686,000, an
increase of 64.3% from $4,070,000 for the same period of fiscal 1994. The
increase was due primarily to the increases in net sales and gross profit.
The net sales and net income for the nine months ended May 31, 1995 were
Company records for a nine-month fiscal period.
9
<PAGE> 10
LIQUIDITY AND CAPITAL RESOURCES
For the nine months ended May 31, 1995, net cash provided by operating
activities amounted to $7,450,000 compared to $6,718,000 for the same period of
fiscal 1994. Depreciation and amortization for the periods ended May 31, 1995
and 1994 amounted to $7,976,000 and $7,371,000, respectively. Because a
substantial portion of cash flow provided from operations results from
depreciation and amortization, the Company believes that its liquidity would
not be adversely affected should a period of reduced earnings occur.
During the nine months ended May 31, 1995, the Company's accounts
receivable, inventories and accounts payable increased due to the Astrofoam,
Inc. and M.Y. Trondex, Ltd. acquisitions and the higher sales level. Accounts
payable and raw material inventories also increased substantially during the
third fiscal quarter due to the purchase of large quantities of raw materials
in anticipation of a price increase from the Company's raw material suppliers.
Capital expenditures during the nine months ended May 31, 1995 amounted to
$17,199,000. Of this amount $13,690,000 related to machinery and equipment,
including equipment acquired in the acquisitions. Capital expenditures for
environmental control equipment amounted to $1,333,000.
As of May 31, 1995, the Company had borrowed $30,515,000 under a credit
agreement with its principal bank, including $10,995,000 out of an available
$12,000,000 under a revolving credit agreement. During the nine months ended
May 31, 1995, the Company increased its borrowing under the revolving credit
facility by $9,545,000, including $1,500,000 to finance a substantial portion
of the purchase price of the Astrofoam, Inc. acquisition and a total of
$3,145,000 to finance the M.Y. Trondex Ltd. acquisition.
Total long-term debt increased from $25,284,000 at August 31, 1994 to
$32,009,000 at May 31, 1995 as a result of the increased borrowing under the
revolving credit facility. Since May 31, 1995, the Company has increased the
amount available under the revolving credit agreement from $12,000,000 to
$14,000,000, borrowed additional funds under the revolving credit facility and
converted $12,000,000 of the amount borrowed under the revolving credit
facility to a new ten-year term loan under the credit agreement. After these
changes, $12,005,000 remained available under the revolving credit facility.
Cash provided by operating activities as supplemented by the amount
available under the revolving credit facility should be sufficient to enable
the Company to continue to fund its operating requirements, capital
expenditures and dividend payments.
INFLATION
The impact of inflation on the Company's financial position and results of
operations during the periods discussed was not significant.
10
<PAGE> 11
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
On June 13, 1995, a Complaint was filed against the Company in Edwina
Wilhoit v. Tuscarora, Inc., a civil action in the United States District Court
for the Eastern District of Tennessee in Greeneville, Tennessee (No.
2:95-CV-226). The plaintiff, an employee at the Company's Greeneville,
Tennessee plant, alleges sexual harassment and assault by the Company's plant
manager, in June 1994 in violation of Title VII of the 1964 Federal Civil
Rights Act, as amended, the Tennessee Human Rights Act and Tennessee common
law. The Complaint also alleges a past pattern of sexual harassment by the
plant manager. The plaintiff seeks $1,000,000 in compensatory damages and
$4,000,000 in punitive damages from the Company as well as an award of
attorneys' fees.
The Company has had a sexual harassment policy which has been vigorously
enforced for many years. The Company believes it promptly, reasonably and
effectively responded to all incidents of alleged sexual harassment referred to
in the Complaint and should have no liability for damages as a result of the
alleged harassment and assault in June 1994. The plant manager was immediately
suspended and then discharged following investigation of the incident. The
Company intends to vigorously contest the lawsuit and, after filing an Answer
to the Complaint, expects to file a Motion for Summary Judgment.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
--------
The following exhibits are filed as a part of this report:
Exhibit No. Document
----------- --------
11 Computation of Net Income Per Share.
27 Financial Data Schedule.
(b) Reports on Form 8-K
-------------------
No events which resulted in the filing of a current report on Form
8-K occurred during the fiscal quarter ended May 31, 1995.
11
<PAGE> 12
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.
Tuscarora Incorporated
(Registrant)
Date: July 13, 1995 By /s/ JOHN P. O'LEARY, JR.
--------------------------
John P. O'Leary, Jr.,
President and
Chief Executive Officer
Date: July 13, 1995 By /s/ BRIAN C. MULLINS
--------------------------
Brian C. Mullins,
Vice President and
Treasurer (Principal
Financial Officer and
Principal Accounting
Officer)
12
<PAGE> 13
Tuscarora Incorporated
FORM 10-Q FOR QUARTER ENDED MAY 31, 1995
EXHIBIT INDEX
The following exhibits are filed as a part of this quarterly report on
Form 10-Q.
Exhibit
No. Document
------- --------
11 Computation of Net Income Per Share.
27 Financial Data Schedule.
13
<PAGE> 1
Tuscarora Incorporated
EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
May 31, May 31,
1995 1994 1995 1994
----- ----- ----- -----
(In thousands, except per share data)
<S> <C> <C> <C> <C>
PRIMARY
Weighted average number of
shares of Common Stock
outstanding 6,153 6,137 6,150 6,124
Net effect of dilutive stock
options - based on the
treasury stock method using
average market price 124 83 106 82
----- ----- ----- -----
TOTAL 6,277 6,220 6,256 6,206
===== ===== ===== =====
Net income 2,345 1,519 6,686 4,070
===== ===== ===== =====
Per share amount $ .37 $ .24 $1.07 $ .66
===== ===== ===== =====
FULLY DILUTED
Weighted average number of
shares of Common Stock
outstanding 6,153 6,137 6,150 6,124
Net effect of dilutive stock
options - based on the
treasury stock method using
greater of average market
price or closing market price 124 83 123 82
----- ----- ----- -----
TOTAL 6,277 6,220 6,273 6,206
===== ===== ===== =====
Net income 2,345 1,519 6,686 4,070
===== ===== ===== =====
Per share amount $ .37 $ .24 $1.07 $ .66
===== ===== ===== =====
</TABLE>
14
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000821538
<NAME> TUSCARORA INC. 10-Q
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> MAY-31-1995
<CASH> 202,582
<SECURITIES> 0
<RECEIVABLES> 19,997,877
<ALLOWANCES> 843,198
<INVENTORY> 21,022,627
<CURRENT-ASSETS> 42,442,393
<PP&E> 131,756,247
<DEPRECIATION> 66,919,874
<TOTAL-ASSETS> 111,301,604
<CURRENT-LIABILITIES> 23,399,827
<BONDS> 32,008,623
<COMMON> 6,198,618
0
0
<OTHER-SE> 47,110,259
<TOTAL-LIABILITY-AND-EQUITY> 111,301,604
<SALES> 117,779,573
<TOTAL-REVENUES> 117,779,573
<CGS> 89,451,180
<TOTAL-COSTS> 89,451,180
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 392,820
<INTEREST-EXPENSE> 1,679,263
<INCOME-PRETAX> 10,977,405
<INCOME-TAX> 4,291,395
<INCOME-CONTINUING> 6,686,010
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,686,010
<EPS-PRIMARY> 1.07
<EPS-DILUTED> 1.07
</TABLE>
