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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 14, 1995
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission File No. 1-9914
RISER FOODS, INC.
(Exact name of Registrant as specified in its charter)
Delaware 34-1570363
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
5300 Richmond Road, Bedford Heights, Ohio 44146
(Address of principal executive offices)
Registrant's telephone number, including area code: (216) 292-7000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 12, 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.
Outstanding at
February 20, 1995
Class A Common Stock, $.01 Par Value 8,678,917
Class B Common Stock, $.01 Par Value 955,613
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
RISER FOODS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands of dollars)
1/14/95 7/2/94
ASSETS ---------- ----------
(unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 3,567 $ 4,376
Trade accounts receivable, net 39,873 38,460
Inventories 69,683 74,279
Deferred income taxes 6,583 6,583
Prepaid expenses 6,141 4,838
---------- ----------
125,847 128,536
PROPERTY, EQUIPMENT AND CAPITAL LEASES 188,412 173,841
Less-Allowances for depreciation, amorti-
zation and loss on disposal of fixed assets 73,545 65,308
---------- ----------
114,867 108,533
OTHER ASSETS:
Notes receivable 10,394 10,851
Deferred income taxes 7,062 7,062
Other 2,735 2,535
---------- ----------
20,191 20,448
---------- ----------
TOTAL ASSETS $ 260,905 $ 257,517
========== ==========
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1/14/95 7/2/94
---------- ----------
(unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 52,131 $ 45,614
Accrued expenses 35,044 29,911
Current portion of long-term liabilities 11,471 10,035
---------- ----------
98,646 85,560
LONG-TERM LIABILITIES:
Debt 57,298 71,274
Capital lease obligations 12,754 12,404
Self insurance reserves 11,007 10,531
OTHER LIABILITIES 11,620 13,067
STOCKHOLDERS' EQUITY:
Preferred Stock--18,044 shares 1,804 1,804
Class A Common Stock--7,125,287 shares 71 71
Class B Common Stock--955,613 shares 10 10
Paid-in capital 35,546 35,546
Retained earnings 32,149 27,250
---------- ----------
69,580 64,681
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 260,905 $ 257,517
========== ==========
The accompanying Notes to Consolidated Condensed Financial
statements are an integral part of these balance sheets.
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RISER FOODS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands of dollars, except share and per share data)
(unaudited)
28 Weeks Ended 12 Weeks Ended
1/14/95 1/15/94 1/14/95 1/15/94
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET SALES $ 628,819 $ 598,738 $ 282,118 $ 270,765
COST OF GOODS SOLD 505,509 484,347 226,148 219,435
---------- ---------- ---------- ----------
Gross profit 123,310 114,391 55,970 51,330
SELLING, GENERAL &
ADMINISTRATIVE EXPENSE 111,651 103,400 49,836 45,755
---------- ---------- ---------- ----------
Operating income 11,659 10,991 6,134 5,575
INTEREST EXPENSE (4,090) (4,018) (1,797) (1,842)
INTEREST INCOME 642 407 254 211
---------- ---------- ---------- ----------
INCOME BEFORE CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE
AND INCOME TAXES 8,211 7,380 4,591 3,944
PROVISION FOR INCOME
TAXES 3,240 2,900 1,810 1,550
---------- ---------- ---------- ----------
INCOME BEFORE CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 4,971 4,480 2,781 2,394
CUMULATIVE EFFECT OF CHANGE
IN ACCOUNTING PRINCIPLE:
Accounting for income
taxes - 6,866 - -
---------- ---------- ---------- ----------
NET INCOME 4,971 11,346 2,781 2,394
LESS PREFERRED STOCK
DIVIDENDS 72 72 36 36
---------- ---------- ---------- ----------
NET INCOME FOR COMMON
STOCKHOLDERS $ 4,899 $ 11,274 $ 2,745 $ 2,358
========== ========== ========== ==========
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28 Weeks Ended 12 Weeks Ended
1/14/95 1/15/94 1/14/95 1/15/94
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
PER SHARE DATA:
INCOME BEFORE CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE $ .61 $ .54 $ .34 $ .29
CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING
PRINCIPLE - .85 - -
---------- ---------- ---------- ----------
NET INCOME $ .61 $ 1.39 $ .34 $ .29
========== ========== ========== ==========
COMMON STOCK DIVIDENDS
PER SHARE - - - -
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 8,080,900 8,080,901 8,080,900 8,080,901
========== ========== ========== ==========
The accompanying Notes to Consolidated Condensed Financial
Statements are an integral part of these statements.
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RISER FOODS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(unaudited)
28 Weeks Ended 12 Weeks Ended
1/14/95 1/15/94 1/14/95 1/15/94
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $ 4,971 $ 11,346 $ 2,781 $ 2,394
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation & amort. 9,044 7,753 3,859 3,257
Cumulative effect of
change in accounting
principle - (6,866) - -
Changes in assets
and liabilities 13,319 (10,142) 7,340 (1,006)
--------- --------- --------- ---------
Net cash provided by
operating activities 27,334 2,091 13,980 4,645
--------- --------- --------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of fixed assets (15,949) (15,054) (9,866) (4,745)
Proceeds from sales of
fixed assets 163 455 111 29
--------- --------- --------- ---------
Net cash used for investing
activities (15,786) (14,599) (9,755) (4,716)
--------- --------- --------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Borrowings under revolving
lines of credit 348,217 422,040 152,729 233,029
Repayments of revolving
lines of credit (357,649) (410,230) (153,484) (231,388)
Additions to mortgage
notes payable - 2,608 - -
Reduction of long-term
debt (3,203) (3,589) (2,643) (2,638)
Additions to capital
lease obligations 1,425 1,629 - 1,629
Repayments of capital
lease obligations (1,075) (850) (469) (346)
Preferred stock dividends (72) (72) (36) (36)
--------- --------- --------- ---------
Net cash provided by (used
for) financing activities (12,357) 11,536 (3,903) 250
--------- --------- --------- ---------
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28 Weeks Ended 12 Weeks Ended
1/14/95 1/15/94 1/14/95 1/15/94
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (809) (972) 322 179
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 4,376 4,394 3,245 3,243
--------- --------- --------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 3,567 $ 3,422 $ 3,567 $ 3,422
========= ========= ========= =========
SUPPLEMENTAL DATA:
Interest Paid $ 4,215 $ 3,911 $ 2,204 $ 2,347
========= ========= ========= =========
Income Taxes Paid $ 2,482 $ 2,692 $ 1,142 $ 751
========= ========= ========= =========
The accompanying Notes to Consolidated Condensed Financial
Statements are an integral part of these statements.
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RISER FOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
JANUARY 14, 1995
(1) Basis of Presentation:
The accompanying unaudited consolidated condensed financial statements
have been prepared in accordance with the instructions to Form 10-Q and
therefore do not include all information and footnotes necessary for a fair
presentation of financial position, results of operations and cash flows in
conformity with generally accepted accounting principles. The results of
operations for the twelve and twenty-eight weeks ended January 14, 1995 are
not necessarily indicative of the results to be expected for the entire
fiscal year ending July 1, 1995. In the opinion of management, the
accompanying unaudited consolidated condensed financial statements contain
all adjustments necessary for a fair statement of the financial position at
the dates indicated and of the results of operations for the interim periods
presented.
(2) Debt:
The Company's bank credit facilities (the Facilities), which were
increased by $10.0 million during the first quarter of 1995, provide for
revolving lines of credit and letters of credit up to an aggregate of $69
million and a term loan which currently has $9.0 million outstanding. The
Company increased its availability to meet the needs of its store remodelling
and expansion plan. The Facilities are secured by substantially all of the
Company's assets. Borrowings under the revolving lines of credit are due in
June 1996 but may be extended to June 1998 upon consent of the banks.
Borrowings under the lines of credit and term loan accrue interest at .25%
over the Bank's Prime Interest Rate. Facility fees and interest are paid
monthly. Available unused borrowing capacity under the Facilities at January
14, 1995 was approximately $23.1 million.
(3) Change in Accounting Principle - Accounting for Income Taxes:
During the first quarter of fiscal 1994, the Company adopted Statement
of Financial Accounting Standards No. 109, "Accounting for Income Taxes"
(SFAS No. 109). This Statement requires that the liability method of
accounting for income taxes be used rather than the deferred method
previously used. The Company elected not to restate prior years' financial
statements. The cumulative effect of this accounting change was to increase
first quarter earnings by $6,866,000 or $.85 per share. The cumulative
effect is principally the result of benefitting the expected utilization of
net operating loss carryforwards (NOLs) and the adjustment of deferred tax
balances to reflect changes in statutory rates.
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Significant components of the Company's net deferred tax asset as of
January 14, 1995 and July 2, 1994 are as follows (in thousands):
DEFERRED TAX LIABILITIES:
Property, equipment
and capital leases $ (5,619)
State and local taxes other
than income (459)
---------
(6,078)
DEFERRED TAX ASSETS:
Reserve for uncollectible
accounts 1,280
Closed facilities reserves 6,123
Self insurance reserves 4,858
Employees' retirement benefits 1,058
Accruals not currently deductible 2,296
Net operating loss carryforwards 7,782
Other 974
---------
24,371
VALUATION ALLOWANCE (4,648)
---------
NET DEFERRED TAX ASSET $ 13,645
=========
The Company has gross NOLs totaling $22,890,000 which expire as follows
(in thousands):
Year NOL
2000 $ 643
2001 16,859
2002 5,388
--------
$22,890
========
SFAS No. 109 requires that the tax benefit of such NOLs be recognized as an
asset to the extent the Company assesses the utilization of such NOLs to be
"more likely than not". Based upon the Company's history of prior earnings,
expectation for future earnings and tax regulations which limit the annual
amount of NOLs available for deduction, the Company does not believe the
entire amount of NOLs will be utilized before they expire. As such, a
valuation reserve of $4,648,000 has been established due to the uncertainty
of future NOL realization.
The Company's Statements of Operations for the twelve and twenty-eight
weeks ended January 14, 1995 and January 15, 1994 reflect income tax
provisions at the various statutory income tax rates to which the Company is
subject. There were no significant differences in financial reporting and
taxable income.
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Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations
The Company's net sales increased 4.2% during the second quarter ended
January 14, 1995 and 5.0% year to date. Overall sales increases are
attributed to the favorable impact of the Company's retail remodelling and
restructuring programs and an improving economic climate in the Company's
primary market area, northeast Ohio and western Pennsylvania. Year to date
sales were also favorably impacted by a full twenty-eight weeks of operations
of the Company's Health and Beauty Care/General Merchandise (HBC/GM)
distribution facility compared to twenty-one weeks of operations in 1994.
Wholesale sales, excluding engineering related and other sales,
increased 3.0% during the second quarter of 1995 and 6.9% year to date. The
strengthening of the economy in the Company's primary market area benefitted
the independent retailers supplied by the Company's distribution facilities
thereby increasing sales. Year to date wholesale sales have been positively
impacted by the acquisition of an HBC/GM distribution facility from its
former HBC/GM supplier midway through the first quarter of 1994, increasing
the Company's product offerings and adding approximately 150 Hills Department
Stores as new customers.
The Company has continued to increase its wholesale sales penetration to
existing customers primarily in perishable product lines while expanding its
distribution territory. The Company continuously evaluates other markets
outside its primary market area for potential distribution opportunities.
Late in the second quarter of 1995, the Company opened a sales office in the
Detroit area focusing on meat distribution.
The Company's retail remodelling and restructuring programs have caused
the consolidation of certain Company-operated retail stores. The following
table details the number of Company-operated retail stores between years:
1995 1994
---- ----
Open at beginning of year 42 45
Opened - 1
Closed (3) (2)
---- ----
Open at end of second quarter 39 44
==== ====
Formats:
Rini-Rego Stop-N-Shop 35 41
Rini-Rego Marketplace 4 1
Other - 2
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Sales in Company-operated retail stores increased 8.6% and 6.3% for the
second quarter and year to date, respectively. Continuing a trend from the
last two fiscal quarters, sales in the 37 Company-operated retail stores
operating the same 28 weeks in both years increased 9.4% in the second
quarter and 6.6% year to date. This increase in same-store sales, which
includes remodelled and expanded locations, was the result of the Company's
remodelling and remerchandising programs, the Company's introduction of a
Preferred Shoppers Club program and a strong second quarter, holiday selling
season. The loss of sales associated with the closing of five Company-
operated stores between years was mostly offset by the addition of two newer,
larger Company-operated retail stores in May 1994.
Company programs to remodel and remerchandise Company-operated retail
stores, which include the introduction of the Marketplace format, continue to
be successful during the first half of 1995. The Company's restructuring
plan, where certain non-core stores were closed, while core stores were
remodelled, expanded or consolidated into larger retail facilities, has also
proven successful, yielding sales gains and improved operating expense
leverage. Since the first quarter of 1994, the Company constructed or
converted four former Rini-Rego Stop-N-Shop stores to its Marketplace store
format. The Company's fifth Marketplace store grand re-opened just after the
close of the second quarter. Marketplace stores are larger, approximately
70,000 square feet, and meet the consumers basic grocery needs while offering
expanded product lines, with emphasis on high quality perishable departments
and a variety of full service, customer-oriented departments.
Late in the first quarter of 1995, the Association of Stop-N-Shop
Supermarkets, a northeast Ohio advertising co-operative which includes all
Company-operated retail stores, introduced a new target marketing campaign:
Preferred Shoppers Club. Area shoppers receive a Preferred Shoppers Club
card which entitles them to extra markdowns below weekly sales prices. This
program is the first of its kind in northeast Ohio and allows the Company to
offer its customers greater value. This program should ultimately enhance the
Company's ability to track and understand the buying habits and purchasing
preferences of its customers.
The larger increase in same-store sales during the second quarter is
attributed to a strong holiday selling season, an improved economic climate
in northeast Ohio and the Company's programs to remerchandise its stores.
These factors, especially in its Marketplace stores, resulted in area
consumers increasing their average purchase and trading-up in many commodity
lines.
Gross profit, as a percentage of sales, increased from 19.0% in 1994 to
19.8% during the second quarter of 1995 and from 19.1% in 1994 to 19.6% year
to date 1995. The Company's sales mix shifted to sales in Company-operated
retail stores from sales to independently-operated retail stores during the
second quarter of 1995. Sales to independently-operated retail stores
traditionally carry a lower gross profit percentage than those in Company-
operated retail stores. In the prior year, Company-operated retail stores
accounted for 50.1% of Company sales in the second quarter and 51.1% year to
date. During the second quarter and year to date in fiscal 1995 these
percentages increased to 52.2% and 51.7%, respectively.
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Selling, general and administrative (SG&A) expenses, as a percentage of
sales, increased between years during both the second quarter from 16.9% to
17.7%, and year to date, from 17.3% to 17.8%. Company programs to remodel
and remerchandise Company-operated retail stores have proven successful
at improving sales and gross profit percentages but demand higher SG&A
expenses, particularly occupancy costs and depreciation. The shift in the
Company's sales mix during the second quarter also contributed to the
consolidated SG&A percentage increase. Labor expenses, a significant
component of SG&A, were also higher, as a percentage of sales, than in the
prior year.
Interest expense decreased $45,000 in the second quarter but increased
$72,000 year to date. The second quarter decrease was related to lower
borrowing levels under the Company's bank credit facilities and scheduled
debt repayments. Lower borrowing levels under the bank credit facilities
were the result of continued Company programs to reduce its investment in
distribution inventories while increasing inventory turns. At January 14,
1995, distribution inventory levels were approximately 17% lower than that of
the previous year. Lower debt levels were partially offset by an increase in
the Company's average interest rate charged under its bank credit facilities,
from 6.5% in the prior year to 8.2% during the current year. This increase
was a function of increases in the Bank's Prime Lending Rate. Year to date,
this rate increase more than offset the Company's reduced borrowings.
Interest income increased $43,000 during the second quarter and $235,000
year to date. The Company loans money to independently-owned retail
operators for store remodelling and improvement projects. The increase in
interest income is the result of the increasing interest rates noted above.
The Company accounts for income taxes in accordance with Statement of
Financial Accounting Standards No. 109 "Accounting for Income Taxes" (SFAS
No. 109). This statement requires that the liability method of accounting
for income taxes be used rather than the deferred method previously used.
The Company adopted the provisions of SFAS No. 109 during the first quarter
of 1994. The Company elected not to restate prior years financial statements
and recorded the cumulative effect of the accounting change. As a result,
the Company recorded a one-time income item of $6.9 million to reflect the
cumulative effect of the change in accounting for income taxes. See Note (3)
of the Notes to Consolidated Condensed Financial Statements for a further
discussion.
The Company provided for income taxes at an effective rate of 39.5% in
fiscal 1995 compared to 39.3% in fiscal 1994. Taxes were provided at the
various statutory income tax rates to which the Company is subject.
Liquidity and Sources of Capital:
The Company's primary source of capital has historically come from
internally generated funds. However, the Company's intensified capital
expenditure requirements and higher 1994 working capital needs have increased
the Company's reliance on its bank credit facilities. Company programs to
increase distribution inventory turns, which began in the first quarter of
1995, reduced working capital requirements and lowered borrowing levels.
Greater working capital requirements associated with the Company's HBC/GM
acquisition also increased the Company's utilization of the revolving credit
facility in the prior year.
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Operating activities generated $27.3 million of cash compared to $2.1
million in the prior year. The success of Company programs to lower
distribution inventory levels, from $55.6 million at January 15, 1994 to
$46.2 million at January 14, 1995, and increase inventory turns has resulted
in increased financing of inventory through trade accounts payable, without
extending vendor terms, rather than through the Company's revolving credit
facilities.
Cash provided by operating activities included net income of $5.0
million, non-cash charges for depreciation and amortization of $9.0 million
and a LIFO provision of $1.1 million. Significant balance sheet changes
included increased accounts payable of $6.5 million and accrued expenses and
other liabilities of $3.7 million, coupled with decreases in FIFO inventories
of $3.5 million, which were offset by increases in accounts and notes
receivable of $1.0 million and prepaid expenses of $1.3 million.
Working capital decreased $15.8 million from $43.0 million at the end of
fiscal 1994 to $27.2 million at the end of the second quarter of 1995. The
Company's ratio of current assets to current liabilities decreased to 1.28:1
at the end of the second quarter from 1.50:1 at the end of 1994. The
Company's ratio of liabilities to equity improved to 2.75:1 at the end of the
second quarter from 2.98:1 at the end of 1994. These trends are consistent
with the reduction of working capital demands which began in the first
quarter of 1995 and are discussed above.
Through the second quarter of 1995, the Company utilized $15.9 million
of cash flow for capital expenditures, principally for its retail store
remodelling and expansion program ($12.7 million), improved distribution
facilities and equipment ($1.7 million) and upgrades of its data processing
systems and corporate facilities ($1.5 million). The level of capital
expenditures was consistent with the same period last year. The capital
expenditures level for 1995 is expected to exceed that of 1994. As of the
end of the second quarter, the Company had completed three retail store
remodelling projects with two additional retail remodelling projects under
construction.
The Company anticipates it will maintain its current level of capital
expenditures ($25-35 million) over the next four fiscal years until it has
completed the remodelling or expansion of its core stores. Additionally, the
Company is required, pursuant to the terms of its lease, to purchase its
Aurora Road warehouse facility and Cash-N-Carry branch in July 1995 for $6
million. The Company believes that cash flow from operations and the unused
portion of the bank credit facilities ($23.1 million at the end of the second
quarter) will adequately fund planned capital expenditures, normal ongoing
business activities and scheduled debt principal repayments.
The Company's labor contract for its principle distribution facility
expired April 1, 1994 and the Company continues to bargain in good faith with
the union's negotiating committee. The Company does not anticipate any
business disruptions as a result of these negotiations and hopes to resolve
this matter as quickly as practical.
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PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of Sections 12, 13 or 15(d) 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.
RISER FOODS, INC.
(Registrant)
/s/ Anthony C. Rego
February 27, 1995 By: Anthony C. Rego
Chairman of the Board and
Chief Executive Officer
/s/ Ronald W. Ocasek
February 27, 1995 By: Ronald W. Ocasek
Senior Vice President,
Chief Financial Officer and
Treasurer
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE RISER
FOODS, INC. CONSOLIDATED CONDENSED BALANCE SHEET, CONSOLIDATED CONDENSED
STATEMENT OF INCOME AND NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
FOR THE SECOND QUARTER ENDED JANUARY 14, 1995 ANDI IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FORM 10-Q FOR THE PERIOD ENDED JANUARY 14, 1995.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> QTR-2
<FISCAL-YEAR-END> JUL-02-1995
<PERIOD-END> JAN-14-1995
<CASH> 3567
<RECEIVABLES> 39873
<ALLOWANCES> 0
<INVENTORY> 69683
<CURRENT-ASSETS> 125847
<PP&E> 188412
<DEPRECIATION> 73545
<TOTAL-ASSETS> 260905
<CURRENT-LIABILITIES> 98646
<BONDS> 81059
<COMMON> 81
1804
<OTHER-SE> 67695
<TOTAL-LIABILITY-AND-EQUITY> 260905
<SALES> 628819
<TOTAL-REVENUES> 628819
<CGS> 505509
<TOTAL-COSTS> 505509
<OTHER-EXPENSES> 111651
<INTEREST-EXPENSE> 4090
<INCOME-PRETAX> 8211
<INCOME-TAX> 3240
<INCOME-CONTINUING> 4971
<NET-INCOME> 4971
<EPS-PRIMARY> .61
</TABLE>
