UNITED STATES
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 September 30, 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 No. 0-16469
JEAN PHILIPPE FRAGRANCES, INC.
( Exact name of registrant as specified in its charter )
Delaware 13-3275609
(State or other jurisdiction of ( I.R.S. Employer
incorporation or organization) Identification No.)
551 Fifth Avenue, New York, New York 10176
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (212) 983-2640.
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 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 issuers classes of
common stock, as of the latest practicable date.
At November 10, 1995 there were 10,003,981 shares of common stock, par value
$.001 per share, outstanding.
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
INDEX
Page Number
Part I. Financial Information
Item I. Financial Statements 1
Consolidated Balance Sheets as
of September 30, 1995 (unaudited)
and December 31, 1994 (audited) 2
Consolidated Statements of
Income for the Three Month and
Nine Month Periods Ended
September 30, 1995 (unaudited) and
September 30, 1994 (unaudited) 3
Consolidated Statements of
Cash Flows for the Nine
Month Periods Ended
September 30, 1995 (unaudited) and
September 30, 1994 (unaudited) 4
Notes to Unaudited Financial
Statements 5
Item 2. Management's Discussion and
Analysis of Financial Condition
and Results of Operations 7
Part II. Other Information
Item 1. Legal Proceedings 11
Item 4. Submission of Matters to a Vote of
Security Holders 11
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 13
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
Part I. Financial Information
Item I. Financial Statements
In the opinion of management the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting only of
normal recurring adjustments) necessary to present fairly the financial position
of the Company and its results of operations and cash flows for the interim
periods presented. Such financial statements have been condensed in accordance
with the rules and regulations of the Securities and Exchange Commission and
therefore, do not include all disclosures required by generally accepted
accounting principles. These financial statements should be read in conjunction
with the Company's audited financial statements for the year ended December 31,
1994 included in the Company's annual report filed on Form 10-K.
The results of operations for the nine months ended September 30, 1995
are not necessarily indicative of the results to be expected for the entire
fiscal year.
Page 1
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
1995 1994
------------ -----------
Current assets:
Cash and cash equivalents $ 5,629,959 $ 5,275,142
Accounts receivable, net 26,532,179 19,875,844
Inventories 30,102,984 24,640,795
Receivables, other 642,489 1,936,618
Other 1,576,601 1,785,755
Deferred tax benefit 917,382 992,730
------------ -----------
Total current assets 65,401,594 54,506,884
Equipment and leasehold improvements, net 1,358,200 1,201,739
Other assets 1,262,967 584,437
Deferred tax benefit 754,397 731,905
Intangible assets, net 11,785,352 12,427,031
------------ -----------
$80,562,510 $69,451,996
============ ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Loans payable, banks $11,975,460 $ 6,680,524
Current portion of long-term debt 204,499 187,266
Accounts payable 16,810,337 14,646,998
Income taxes payable 1,558,620 1,764,892
----------- -----------
Total current liabilities 30,578,916 23,279,680
----------- -----------
Long-term debt, less current portion 768,484 862,601
----------- -----------
Minority interests 1,007,344 796,153
----------- -----------
Shareholders' equity:
Common stock, $.001 par; authorized
30,000,000 shares; outstanding
10,003,981 and 10,242,786 shares
at September 30, 1995 and
December 31, 1994, respectively 10,004 10,243
Additional paid-in capital 20,510,060 20,407,574
Retained earnings 28,847,952 23,527,569
Foreign currency translation adjustment 979,982 568,176
Treasury stock, at cost, 735,503 and
486,198 shares in 1995 and 1994,
respectively (2,140,232) 0
----------- -----------
48,207,766 44,513,562
----------- -----------
$80,562,510 $69,451,996
=========== ===========
See notes to financial statements.
Page 2
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $25,479,596 $22,108,443 $69,244,113 $52,064,840
Cost of sales 13,514,405 11,281,658 35,361,205 27,448,500
----------- ----------- ----------- -----------
Gross margin 11,965,181 10,826,785 35,882,908 24,616,340
Selling, general and
administrative 8,496,998 6,663,257 24,323,086 15,998,134
----------- ----------- ----------- -----------
Income from operations 3,468,183 4,163,528 9,559,822 8,618,206
Other charges (income):
Interest 296,639 236,878 826,565 527,932
Loss (gain) on foreign
currency (87,506) 117,580 171,142 204,111
Interest and dividend
(income) (66,002) (27,494) (191,554) (129,360)
(Gain) on sale of stock of
subsidiary (12,183) (32,064) (112,955)
----------- ----------- ----------- -----------
130,948 326,964 774,089 489,728
----------- ----------- ----------- -----------
Income before income taxes 3,337,235 3,836,564 8,785,733 8,128,478
Income taxes 1,238,022 1,556,274 3,367,745 3,269,654
----------- ----------- ----------- -----------
Net income before minority
interest 2,099,213 2,280,290 5,417,988 4,858,824
Minority interest in net
income of consolidated
subsidiary 27,421 21,901 97,605 56,688
----------- ----------- ----------- -----------
Net income $2,071,792 $2,258,389 5,320,383 4,802,136
=========== ========== ========== ==========
Net income per common and
common equivalent share $0.20 $0.22 $0.51 $0.46
=========== ========== ========== ==========
Number of common and common
equivalent shares
outstanding 10,561,214 10,470,431 10,482,994 10,460,867
=========== ========== ========== ==========
See notes to financial statements.
Page 3
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended
September 30,
1995 1994
----------- -----------
Operating activities:
Net income $ 5,320,383 $ 4,802,136
Adjustments to reconcile net income to
net cash (used in) operating activities:
Depreciation and amortization 1,022,884 661,285
Gain on sale of stock of subsidiary 32,064 (112,955)
Minority interest in net income 97,605 56,688
Increase (decrease) in cash from changes in:
Accounts receivable (5,736,355) (7,906,596)
Inventories (4,512,189) (8,275,428)
Other assets 979,753 (1,596,567)
Deferred tax benefit 126,856
Accounts payable 963,339 8,687,618
Income taxes payable (176,272) (1,003,069)
----------- -----------
Net cash (used in) operating activites (1,881,932) (4,736,888)
----------- -----------
Investing activities:
Purchase of equipment and leasehold
improvements (489,667) (543,335)
Cash portion of trademark and license
acquisitions (65,413) (8,873,193)
Net cash (used in) investing activities (555,080) (9,416,528)
----------- -----------
Financing activities:
Increase in loan payable, bank 4,944,936 5,331,511
Proceeds from issuance of long-term debt 457,966
Repayment of long-term debt (189,200) (253,280)
Proceeds from sale of stock of subsidiary 67,200 211,935
Proceeds from exercise of options and warrants 102,247 278,354
Purchase of treasury stock (2,140,332)
----------- -----------
Net cash provided by financing activities 2,784,951 6,026,486
----------- -----------
Effect of exchange rate changes on cash 6,878 5,450
----------- -----------
Increase (decrease) in cash and cash equivalents 354,817 (8,121,480)
Cash and cash equivalents at beginning of period 5,275,142 9,920,414
----------- -----------
Cash and cash equivalents at end of period $5,629,959 $1,798,934
=========== ===========
Supplemental disclosure of cash flows information:
Cash paid during the period for:
Interest $826,000 $528,000
Income taxes 3,907,000 3,531,000
See notes to financial statements.
Page 4
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
Notes to Unaudited Financial Statements
1. Significant Accounting Policies:
The accounting policies followed by the Company are set forth in the
notes to the Company's financial statements included in its Form 10-K
which was filed with the Securities and Exchange Commission for the year
ended December 31, 1994.
2. Earnings Per Share:
Net income per common and common equivalent share is based on the
weighted average number of common and common equivalent shares
outstanding during each period. Common equivalent shares, which consist
of unissued shares under options and warrants, are included in the
computation when the results are dilutive.
3. Inventories:
Inventories consist of the following:
September 30, December 31,
1995 1994
------------ -----------
Raw Materials and component parts $12,070,836 $10,537,381
Finished goods 18,032,148 14,103,414
------------ -----------
$30,102,984 24,640,795
============ ===========
Page 5
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
Notes to Unaudited Financial Statements
4. Subsequent events:
On October 25, 1995, the Company took occupancy of its new 145,000 square
foot distribution center at 60 Stults Road in Dayton, NJ. The premises
have been leased by the Company for an eight year term and require
monthly rental payments of $57,000, aggregating $684,000 per annum. In
connection therewith, the Company anticipates spending approximately $1.0
million in equipment and improvements and incurring moving expenses of
approximately $100,000 in the fourth quarter of 1995.
In November 1995, the Company's majority owned subsidiary, Inter Parfums,
S.A. agreed to sell to the public in France 308,000 shares of capital
stock at FF 130 per share, which will raise net proceeds of FF 38,000,000
(or US $7.6 million). In connection with such offering, Inter Parfums
Holding ("Holding"), a wholly-owned subsidiary of the Company and direct
parent of Inter Parfums, will exercise its right to convert a portion of
its convertible debt into 250,000 shares of capital stock of Inter
Parfums at FF 80 per share. Other nonaffiliated security holders of Inter
Parfums will also exercise similar conversion rights.
This transaction is scheduled to close on November 16, 1995. As a result
of such offering and related debt to equity conversions, the interest of
the Company in Inter Parfums, as held by Holding, will be reduced from
90% to 77%. Further, the Company's share of the offering and conversion
proceeds in excess of the carrying amount of the portion of the Company's
investment sold of approximately $3.5 million will be reflected as a gain
in the consolidated income statement in the fourth quarter of 1995.
Deferred taxes have not been provided because application of available
tax saving strategies would eliminate taxes on this transaction.
Page 6
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The Company's long-term business strategy of building core volume and
profitability, developing products in new categories, exploring strategic
acquisition opportunities, and pursuing expansion in international markets, have
resulted in another record for quarterly growth in sales. Current quarter
earnings, however, reflect the difficulties in the current retail environment
and obstacles encountered in bringing our newly acquired lines to the
profitability levels originally anticipated.
Three Months Ended September 30, 1995 Compared to
September 30, 1994
Net sales increased 15% to $25.5 million, as compared to $22.1 million in 1994.
This increase reflects continued growth of our core Alternative Designer
Fragrance lines and the fragrance lines of our foreign subsidiary. Sales in our
color cosmetics lines during the three months ended September 30, 1995, have
been below original expectations as a result of the difficulties in the current
retail environment as well as a greater than expected level of returns resulting
from the required change in the Uniform Product Code (UPC) from that of
Chesebrough-Ponds to the Jean Philippe UPC. Sales generated by the Company's
domestic operations increased 15% and sales by the Company's foreign
subsidiaries increased 15%; at comparable foreign currency exchange rates, sales
by the Company's foreign subsidiaries increased 6%.
The Company continues to focus its sales efforts on development of new product
categories for sale to our expanding customer base. Our Romantic Illusions line
of Alternative Designer Fragrances, introduced in August 1995, has enjoyed
initial success. The Company has either shipped, or has orders in house for
shipment in the fourth quarter, product for such nationally recognized chains as
Walmart, Revco, Rite Aid, CVS, and Ames Department Stores. The next new product
the Company will bring to market will be the relaunch of the Aziza(Registered)
hypo allergenic eye cosmetic line scheduled for initial distribution in
February 1996. With efficient product development and a strong national sales
force, the Company can now offer all customers its growing collection of
fragrance, personal care and color cosmetics products.
Page 7
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
Gross profit margin for 1995 was 47% of sales as compared to 49% in 1994. The
decline in gross margin for the three month period is primarily the result of
incremental closeout sales of discontinued or returned products at prices below
our normal margins. While in the ordinary course of business the Company closes
out such inventory, management has taken an increased initiative to reduce
overall inventory levels. These efforts, which are expected to continue in the
fourth quarter of 1995, are being executed to improve the Company's cash flow
and in preparation of moving to our new distribution center in Dayton NJ. (See
Note 4 of Notes to Unaudited Financial Statements). The Company's business
lines, excluding Cutex, generated a 44% gross margin in 1995 and 46% in 1994 as
a result of such increased closeout sales.
Selling, general and administrative expenses represented 33% of net sales in
1995 as compared to 30% in 1994. The increase is primarily the result of
promotion and advertising expenses required for certain new product lines and
reflect the fact that sales in our color cosmetics lines during the three months
ended September 30, 1995, have been below original expectations. Management is
taking the steps it deems necessary in an effort to bring these product lines to
an acceptable profitability level. In addition, most licensed product lines call
for royalties to be paid based on sales volume and some require minimum
advertising expenditures.
Interest expense increased to $297,000 in 1995 from $237,000 in 1994. The
Company uses its available credit lines, as needed, to finance its working
capital needs.
In the 1995 period, the Company had a foreign currency gain of $88,000 as
compared to a loss of $118,000 for the 1994 period. The Company, on occasion
enters into foreign currency forward exchange contracts as a hedge for
short-term intercompany borrowings.
The Company's effective income tax rate was 37% in 1995 and 41% in 1994. The
decline in the effective rate for the period is the result of an adjustment of
the 1994 tax accrual to reflect the actual tax owed according to the 1994 tax
returns filed in September 1995.
Net income decreased 8% to $2.1 million in 1995, as compared to $2.3 million in
1994. Earnings per share for 1995 was $0.20, as compared to $0.22 for 1994.
The weighted average number of shares outstanding was 10,561,214 in 1995 and
10,470,431 in 1994.
Page 8
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
Nine Months Ended September 30, 1995 Compared to
September 30, 1994
Net sales increased 33% to $69.2 million, as compared to $52.1 million in 1994.
This increase reflects the Company's ability to integrate new product lines with
existing product offerings. Sales generated by the Company's domestic operations
increased 35%. Such growth is partially the result of our recently acquired
Cutex nail care and lip color product, line which did not exist for the first
seven months of 1994, and the continued growth of our core Alternative Designer
Fragrance lines and the fragrance lines of our foreign subsidiary.
Sales by the Company's foreign subsidiaries increased 30%; at comparable foreign
currency exchange rates, sales by the Company's foreign subsidiaries increased
21%. Such increase reflects new product introductions under the Ombre Rose and
Burberrys labels.
Gross profit margin for 1995 increased to 49% of sales from 47% in 1994. Sales
of Cutex products have to enabled the Company to improve overall gross margin.
However, as discussed below, such sales require additional selling expenditures.
The Company's business lines, excluding Cutex, generated a 46% gross margin in
both 1995 and 1994.
Selling, general and administrative expenses represented 35% of net sales in
1995 as compared to 31% in 1994. The increase is primarily the result of
promotion and advertising expenses required for certain new product lines. In
addition, most licensed product lines call for royalties to be paid based on
sales volume and some require minimum advertising expenditures.
Interest expense increased to $827,000 in 1995 from $528,000 in 1994. The
Company uses its available credit lines, as needed, to finance its working
capital needs.
As a result of the precipitous decline of the U.S. dollar relative to the French
franc, which began in the third quarter of 1994, the Company incurred losses on
foreign currency aggregating $171,000 in 1995 and $204,000 in 1994. The Company,
on occasion enters into foreign currency forward exchange contracts as a hedge
for short-term intercompany borrowings.
The Company recognized a net gain on sale of stock of a subsidiary aggregating
$32,000 in 1995 and $113,000 in 1994. The 1995 gain resulted from the conversion
of debt into common stock of a consolidated subsidiary and the 1994 gain
resulted from the sale of common stock of the consolidated subsidiary. Such
issuances of shares has been accounted for as a gain on sale of stock of a
subsidiary and is not part of a broader corporate reorganization contemplated by
the Company. Although additional shares may be issued in the future, the Company
has no plans to spin-off its subsidiary nor to repurchase the shares previously
issued (See Note 4 of Notes to Unaudited Financial Statements).
Page 9
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
The Company's effective income tax rate was 38% in 1995 and 40% in 1994.
Net income for the nine months ended September 30, 1995 increased 11% to $5.3
million compared to $4.8 million for the corresponding period of the prior year.
Results include a net gain from the sale of common stock of a subsidiary of
$32,000 in 1995 and $113,000 in 1994. Excluding such gain, net income increased
13% and earnings per share increased 11% to $0.50 per share compared to $0.45
per share for the corresponding period of the prior year.
The weighted average number of shares outstanding was 10,482,994 in 1995 and
10,460,867 in 1994.
Liquidity and Capital Resources
The Company's financial position continues to show solid strength as a result of
profitable operating results. At September 30, 1995, working capital aggregated
$34.8 million and the Company had cash and cash equivalents aggregating $5.6
million. The Company's Board of Directors has authorized the repurchase of up to
500,000 shares of the Company's common stock and as of September 30, 1995,
249,305 shares had been purchased at an average price per share of $8.58.
The Company's short-term financing requirements are expected to be met by
available cash at September 30, 1995, cash generated by operations and
short-term credit lines provided by domestic and foreign banks. The principal
credit facility for 1995 is a $12.0 million unsecured revolving line of credit
provided by a domestic commercial bank. Borrowings under the domestic revolving
line of credit are due on demand and bear interest at the bank's prime lending
rate.
Management of the Company believes that funds generated from operations,
supplemented by its available credit facilities, will provide it with sufficient
resources to meet all present and reasonably foreseeable future operating needs.
Operating activities used $1.9 million of net cash for the nine months ended
September 30, 1995 as compared to $4.7 million for the nine months ended
September 30, 1994. As the Company continues to monitor and improve its
procedures with respect to collection of outstanding receivables and closely
monitor inventory levels, the Company expects to see continued improvement in
cash flow. Current inventory levels reflect the necessary quantities to support
the upcoming selling season and new product introductions.
Page 10
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
On October 25, 1995, the Company took occupancy of its new 145,000 square foot
distribution center at 60 Stults Road in Dayton NJ. The premises have been
leased by the Company for an eight year term and require monthly rental payments
of $57,000, aggregating $684,000 per annum. In connection therewith, the Company
anticipates spending approximately $1.0 million in equipment and improvements
and incurring moving expenses of approximately $100,000 in the fourth quarter of
1995.
See Note 4. of Notes to Unaudited Financial Statements with respect to an
overseas public offering of capital stock of the Company's French subsidiary,
Inter Parfums, S.A.
Inflation rates in the U.S. and foreign countries in which the Company operates
have not had a significant impact on operating results for the period ended
September 30, 1995.
Part II. Other Information
Item 1. Legal Proceedings
The Company previously reported that the Town of Kearney had commenced an
administrative proceeding against the fee owner and managing agent of a public
warehouse located at 100 Central Avenue, South Kearney, NJ (the "South Kearney
Warehouse"), where the Company is one of several lessees. Since the Company
relocated its warehouse facility within the time frame provided by the Town of
Kearney, such administrative proceeding no longer has any applicability to the
Company.
Items 2 and 3.
These items are omitted as they are either not applicable or have been included
in Part I.
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of Stockholders (the "Meeting") of Jean Philippe
Fragrances, Inc. (the "Corporation"), was held on July 21, 1995 at 10:00 a.m.,
local time, at the offices of Jean Philippe Fragrances, Inc., 551 Fifth Avenue,
New York, New York 10176.
(b) The following individuals were nominated for election as members of the
Board of Directors to hold office for a term of one (1) year until the next
annual meeting of stockholders and until their successors are elected and
qualify: Jean Madar, Philippe Benacin, Russell A. Greenberg, Francois Heilbronn
and Joseph A. Caccamo.
Page 11
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
A vote was taken and the results were as follows: 9,326,943 votes for Jean
Madar, 55,898 withheld; 9,326,943 votes for Philippe Benacin, 55,898 withheld;
9,326,943 votes for Francois Heilbronn, 55,898 withheld; 9,326,943 votes for
Russell Greenberg, 55,898 withheld; and 9,326,943 votes for Joseph A. Caccamo,
55,898 withheld. A plurality of the votes having been cast in favor of each of
the above-named Directors, they were duly elected to serve a one (1) year term.
(c) (i) The second item of business was the resolution to adopt the 1994
Nonemployee Director Supplemental Stock Option Plan. The results of the voting
were as follows:
8,130,051 votes for the resolution,
792,107 votes against and
74,840 votes abstained.
A majority of the outstanding shares were cast for resolution no. 2, and
the resolution was duly passed.
(c) (ii) The final item of business was the proposal to ratify the appointment
of Richard A. Eisner & Company, the independent certified public accountants of
the Corporation, for the current fiscal year. The results of the voting were as
follows:
9,336,361 votes for the resolution,
29,230 votes against and
17,250 votes abstained.
A majority of the votes cast at the meeting have voted for the resolution,
and the resolution was duly passed.
Item 5. Other Matters
In November 1995, the Company's majority owned subsidiary, Inter Parfums, S.A.
agreed to sell to the public in France 308,000 shares of capital stock at FF 130
per share, which will raise net proceeds of FF 38,000,000 (or US $7.6 million).
In connection with such offering, Inter Parfums Holding ("Holding"), a
wholly-owned subsidiary of the Company and direct parent of Inter Parfums, will
exercise its right to convert a portion of its convertible debt into 250,000
shares of capital stock of Inter Parfums at FF 80 per share. Other nonaffiliated
security holders of Inter Parfums will also exercise similar conversion rights.
Page 12
JEAN PHILIPPE FRAGRANCES, INC. AND SUBSIDIARIES
This transaction is scheduled to close on November 16, 1995. As a result of such
offering and related debt to equity conversions, the interest of the Company in
Inter Parfums, as held by Holding, will be reduced from 90% to 77%. Further, the
Company's share of the offering and conversion proceeds in excess of the
carrying amount of the portion of the Company's investment sold of approximately
$3.5 million will be reflected as a gain in the consolidated income statement in
the fourth quarter of 1995. Deferred taxes have not been provided because
application of available tax saving strategies would eliminate taxes on this
transaction.
Item 6. Exhibits and Reports on Form 8-K
None.
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 on the 14th day of November 1995.
JEAN PHILIPPE FRAGRANCES, INC.
By: /s/ Russell Greenberg
-----------------------------------
Russell Greenberg,
Executive Vice President and
Chief Financial Officer
Page 13
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