<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
( X ) QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 0-18653
COMAIR HOLDINGS, INC.
Incorporated under the laws of Kentucky 31-1243613
(I.R.S. Employer ID No.)
P.O. Box 75021
Cincinnati, Ohio 45275
(606) 767-2550
Indicate by a check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) or 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.
Class Outstanding at February 8, 1996
Common stock, no par value 29,623,974
<PAGE>
COMAIR HOLDINGS, INC.
INDEX
PAGE NOS.
PART I. Financial Information -
Consolidated Balance Sheets - December 31, 1995
and March 31, 1995 .................................... 3 - 4
Consolidated Statements of Income -
Three months ended December 31, 1995 and 1994.............. 5
Consolidated Statements of Income -
Nine months ended December 31, 1995 and 1994............... 6
Consolidated Statements of Cash Flows -
Nine months ended December 31, 1995 and 1994............... 7
Notes to Consolidated Financial Statements .................. 8
Management's Discussion and Analysis of Financial
Condition and Results of Operations .................. 9 - 13
SIGNATURE ................................................... 14
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 1995 AND MARCH 31, 1995 (UNAUDITED)
ASSETS DEC 31, 1995 MARCH 31, 1995
Current assets:
Cash and cash equivalents $114,441,773 $46,628,897
Marketable securities
available-for-sale 31,257,556 37,448,919
____________ ___________
$145,699,329 $ 84,077,816
Accounts receivable 4,401,295 9,505,082
Inventory of expendable
parts 14,431,331 13,259,183
Future tax benefits 6,794,381 5,947,267
Prepaid expenses 4,548,581 7,704,589
____________ ____________
Total current assets $175,874,917 $120,493,937
____________ ____________
Property and equipment, at cost:
Flight equipment $257,493,202 $244,018,322
Maintenance, operations and
office facilities 9,120,198 9,120,198
Other property and equipment 37,204,496 34,826,544
____________ ____________
$303,817,896 $287,965,064
Less accumulated deprecia-
tion and amortization 92,697,707 79,694,318
Less reserve for engine
overhauls and purchase
incentives 6,860,211 7,508,035
____________ ____________
$204,259,978 $200,762,711
Construction in progress 465,591 379,963
Advance payments and deposits
for aircraft 20,035,224 20,274,844
____________ ____________
Net property and
equipment $224,760,793 $221,417,518
____________ ____________
Other assets and
deferred costs $ 4,530,341 $ 5,110,506
____________ ____________
$405,166,051 $347,021,961
____________ ____________
____________ ____________
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 1995 AND MARCH 31, 1995 (UNAUDITED)
LIABILITIES AND DEC. 31, 1995 MARCH 31, 1995
SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of
long-term obligations $ 9,763,147 $ 11,470,888
Accounts payable 31,112,004 24,289,851
Interline payable and
deferred revenue 5,516,342 5,066,639
Accrued lease expense 21,184,347 15,625,524
Accrued wages 5,138,863 4,279,584
Accrued expenses 12,145,404 8,899,114
Accrued taxes 11,426,518 9,138,170
____________ ____________
Total current liabilities $ 96,286,625 $ 78,769,770
____________ ____________
Long-term obligations $ 73,128,059 $ 79,906,236
____________ _____________
Deferred income taxes $ 35,219,814 $ 28,155,814
____________ ____________
Other liabilities and
deferred credits $ 4,120,412 $ 3,426,722
____________ ____________
Shareholders' equity:
Common stock, no par value,
100,000,000 shares
authorized, 29,623,974
and 19,538,738 issued
and outstanding,
respectively $ 48,539,634 $ 47,166,553
Preferred stock, no par value,
1,000,000 shares authorized,
none issued or outstanding - -
Net unrealized gain/(loss)
on marketable securities
available-for-sale (99,825) 173,388
Retained earnings 147,971,332 109,423,478
____________ ____________
Total shareholders' equity $196,411,141 $156,763,419
____________ ____________
$405,166,051 $347,021,961
____________ ____________
____________ ____________
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 1995 AND 1994 (UNAUDITED)
1995 1994
OPERATING REVENUES:
Passenger $107,722,359 $ 86,239,311
Cargo and other 988,596 1,014,275
Non-airline operations 3,982,570 2,806,437
____________ ____________
Total operating revenues $112,693,525 $ 90,060,023
____________ ____________
OPERATING EXPENSES:
Salaries and related costs $ 21,122,254 $ 18,553,566
Aircraft fuel 10,048,767 8,554,100
Maintenance materials and
repairs 10,475,459 8,083,598
Aircraft rent 14,470,743 13,553,341
Other rent and landing fees 3,540,569 3,104,590
Passenger commissions 9,276,849 8,456,635
Other operating expenses 14,336,905 10,834,358
Depreciation and
amortization 5,272,036 5,277,969
Non-airline direct costs 2,998,305 2,446,582
____________ ____________
Total operating expenses $ 91,541,887 $ 78,864,739
____________ ____________
Operating income $ 21,151,638 $ 11,195,284
____________ ____________
NONOPERATING INCOME (EXPENSE):
Investment income $ 1,517,020 $ 916,133
Interest expense (1,153,882) (985,707)
_____________ _____________
Total nonoperating
(expense) income, net $ 363,138 $ (69,574)
____________ _____________
Income before income
taxes $ 21,514,776 $ 11,125,710
Income taxes 8,392,000 4,339,000
____________ _____________
Net income $ 13,122,776 $ 6,786,710
____________ ____________
____________ ____________
Weighted average number
of shares outstanding 29,614,309 30,006,806
____________ ____________
____________ ____________
Net income per share $ 0.44 $ 0.23
____________ ____________
____________ ____________
Dividends paid per share $ .070 $ 0.053
____________ ____________
____________ ____________
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED DECEMBER 31, 1995 AND 1994 (UNAUDITED)
1995 1994
OPERATING REVENUES:
Passenger $325,407,553 $256,728,226
Cargo and other 3,382,281 2,840,560
Non-airline operations 10,559,558 8,335,746
____________ ____________
Total operating revenues $339,349,392 $267,904,532
____________ ____________
OPERATING EXPENSES:
Salaries and related costs $ 63,869,310 $ 53,798,518
Aircraft fuel 27,600,515 23,797,363
Maintenance materials and
repairs 30,323,004 23,696,794
Aircraft rent 42,174,063 40,426,999
Other rent and landing fees 11,958,865 10,395,504
Passenger commissions 28,653,613 24,357,089
Other operating expenses 40,745,429 31,761,373
Depreciation and
amortization 15,506,598 13,787,188
Non-airline direct costs 8,156,713 7,034,909
____________ ____________
Total operating expenses $268,988,110 $229,055,737
____________ ____________
Operating income $ 70,361,282 $ 38,848,795
____________ ____________
NONOPERATING INCOME (EXPENSE):
Investment income $ 5,146,792 $ 2,742,274
Interest expense (3,743,632) (1,528,632)
_____________ _____________
Total nonoperating
(expense) income, net $ 1,403,160 $ 1,213,642
____________ ____________
Income before income
taxes $ 71,764,442 $ 40,062,437
Income taxes 27,991,000 15,781,000
____________ ____________
Net income $ 43,773,442 $ 24,281,437
____________ ____________
____________ ____________
Weighted average number
of shares outstanding 29,478,499 30,720,035
____________ ____________
____________ ____________
Net income per share $ 1.48 $ 0.79
____________ ____________
____________ ____________
Dividends paid per share $ 0.177 $ 0.133
____________ ____________
____________ ____________
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED DECEMBER 31, 1995 AND 1994 (UNAUDITED)
1995 1994
Cash Flows From Operating Activities:
Net income $ 43,773,442 $ 24,281,437
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 15,506,598 13,787,188
Amortization and accrual of overhaul
expenses 9,662,660 7,858,569
Deferred income tax provision 6,441,632 6,573,690
Other, net (329,515) (649,493)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 5,103,787 3,366,996
Decrease (increase) in inventory of
expendable parts (1,172,148) (1,532,280)
Decrease (increase) in other current assets 3,156,008 1,800,349
Increase (decrease) in accounts payable 6,822,153 2,842,170
Increase (decrease) in other current
liabilities 12,402,443 4,610,631
_____________ ___________
Net cash provided by operating
activities $ 101,367,060 $ 62,939,257
_____________ _____________
Cash Flows From Investing Activities:
Additions to property and equipment $ (27,189,048) $(101,784,949)
Return of advance payments and deposits - 500,000
Purchases and maturities of marketable
securities (965,536) 25,868,204
Proceeds from sale of available-for-sale
marketable securities 6,658,940 -
Deferred costs (246,205) (1,511,215)
Other, net 526,090 94,305
_____________ ____________
Net cash used in investing
activities $ (21,215,759) $ (76,833,655)
_____________ _____________
Cash Flows From Financing Activities:
Issuance of common stock $ 1,756,144 $ 271,153
Repurchase of common stock (383,063) (36,247,887)
Payments of cash dividends and
repurchase of fractional shares (5,225,588) (4,123,924)
Proceeds from long-term obligations - 65,586,388
Repayments of long-term obligations (8,485,918) (5,620,107)
_____________ ____________
Net cash (used in) provided by
financing activities $ (12,338,425) $ 19,865,623
______________ _____________
Net increase in cash and cash
equivalents $ 67,812,876 $ 5,971,225
_____________ _____________
Cash and cash equivalents at
beginning of period $ 46,628,897 $ 52,650,672
_____________ _____________
Cash and cash equivalents at
end of period $ 114,441,773 $ 58,621,897
_____________ _____________
_____________ _____________
Cash paid during the period for interest $ 4,419,002 $ 1,473,616
_____________ _____________
_____________ _____________
Cash paid during the period for income taxes $ 19,640,901 $ 9,960,508
_____________ _____________
_____________ _____________
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. These
statements reflect all adjustments which are, in the opinion of
management, necessary for a fair presentation of the results for
the interim periods presented. Certain information in footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles has been
condensed or omitted pursuant to such rules and regulations,
although the Company believes that the following disclosures are
adequate to make the information presented not misleading. It is
suggested that these consolidated financial statements be read
in conjunction with the financial statements and the notes
thereto included in the Company's latest annual report on Form
10-K.
NOTE 1: The accounts of Comair Holdings, Inc. and its
wholly-owned subsidiaries (the Company) have been
consolidated in the accompanying financial statements.
Upon consolidation, all material intercompany accounts,
transactions and profits have been eliminated. The
Company considers the transportation of passengers and
freight in scheduled airline service by its major
subsidiary, COMAIR, Inc., to be its predominant
industry segment. The Company's stock is traded in the
Nasdaq/National Market System under the symbol COMR.
NOTE 2: Results of operations for the interim periods are not
necessarily indicative of results to be expected for
the year.
NOTE 3: On July 18, 1995, the Board of Directors approved a 3-
for-2 split in the common stock of Comair Holdings,
Inc. The common stock split was payable August 10,
1995 to shareholders of record on July 28, 1995. All
share and per share financial information contained in
the accompanying financial statements gives effect to
the stock split.
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
COMAIR, Inc. (COMAIR) is the principal subsidiary of Comair
Holdings, Inc. (with its subsidiaries, the Company), accounting
for 96% of the third quarter operating revenues and expenses.
Although the following discussion and analysis entails various
aspects of the Company's financial performance, many of the
factors that affect year-to-year comparisons relate solely to
COMAIR.
COMAIR's market area, strong financial position and strong
cost control efforts have helped lessen the effect on the Company
of airline industry competition when compared to many others in
the airline industry. However, the Company cannot accurately
predict the long-term impact of the pricing actions of
competitors on its future results of operations. Inflation and
changing prices have not had a material effect on the Company's
operations because revenues and expenses generally reflect
current price levels. However, changes in the financial
condition of other airlines and the increased competition from
low fare carriers could impact the Company's ability to recoup
future cost increases through higher fares.
During fiscal 1996, Delta Air Lines, Inc. (Delta) increased
certain fees paid by the Company to Delta related to the Delta
Connection program. The Company and Delta also made changes in
aircraft deployment in the Cincinnati/Northern Kentucky and the
Orlando hubs starting May 1, 1995 through December 1, 1995. The
Company believes these aircraft deployment changes should
positively impact future operating results. Also, during the
fourth quarter of fiscal 1995, most airlines instituted a
commission cap on travel agency commissions for domestic fares
over a certain base fare amount. The Company believes that the
effect of the increases in certain fees paid to Delta, the
reduction in passenger commission expense from the commission cap
and the changes in aircraft deployment had, when combined, a
positive impact on operating results. However, there can be no
assurance that the favorable impact on operating income from the
change in aircraft deployment and the commission cap will
continue to fully offset the increased fees paid to Delta.
For the third quarter of fiscal 1996, the Company reported
operating revenues of $112.7 million, up 25% from the $90.1
million reported in the third quarter of fiscal 1995. Operating
income, net income and net income per share for the third quarter
of fiscal 1996 all increased significantly when compared with the
results reported in the third quarter of fiscal 1995. Operating
income for the quarter rose 89% to $21.2 million from $11.2
million. Net income increased 93% to $13.1 million from $6.8
million, while earnings per share increased 91% from $.23 per
share to $.44 per share. The increase in earnings is largely the
result of higher passenger enplanements.
In the third quarter of fiscal 1996, revenue passenger miles
(RPMs) increased 21.6% when compared with last year's third
quarter. Capacity, available seat miles (ASMs), grew 11.2% with
the acquisition of eight 50-passenger Canadair Jet aircraft since
the third quarter of fiscal 1995. Since July 1994, three Saabs
and two Metros have been returned to lessors.
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
CAPACITY AND TRAFFIC ANALYSIS
QUARTER ENDED NINE MONTHS ENDED
12/31/95 12/31/94 12/31/95 12/31/94
Passengers 1,040,739 866,821 3,012,045 2,577,416
ASMs (000s) 589,985 530,382 1,746,664 1,513,857
RPMs (000s) 322,255 265,093 940,430 767,900
Load factor 54.6% 50.0% 53.8% 50.7%
Breakeven load factor 44.1% 43.5% 42.4% 43.0%
Yield (cents) 33.4 32.5 34.6 33.4
Cost per ASM (cents) 14.9 14.3 14.8 14.6
The following tables show the expense categories for COMAIR for the third
quarter and the first nine months of the last two fiscal years.
EXPENSE CATEGORIES
QTR Ended Cents QTR Ended Cents
12/31/95 per ASM 12/31/94 per ASM
Salaries and Related Costs $21,122,254 3.6 $18,553,565 3.5
Aircraft Fuel 10,048,767 1.7 8,554,100 1.6
Maintenance Materials
and Repairs 10,475,459 1.8 8,083,598 1.5
Aircraft Rent 14,470,743 2.4 13,553,341 2.6
Other Rent and Landing
Fees 3,540,569 0.6 3,104,590 0.6
Passenger Commissions 9,276,849 1.6 8,456,635 1.6
Other Operating Expenses 14,292,975 2.4 10,792,493 2.0
Depreciation and
Amortization 4,773,610 0.8 4,789,786 0.9
___________ ____ ___________ ____
$88,001,226 14.9 $75,888,108 14.3
___________ ____ ___________ ____
___________ ____ ___________ ____
9 Mo. Ended Cents 9 Mos. Ended Cents
12/31/95 per ASM 12/31/94 per ASM
Salaries and Related Costs $ 63,869,310 3.7 $ 53,798,517 3.5
Aircraft Fuel 27,600,516 1.6 23,797,363 1.6
Maintenance Materials
and Repairs 30,323,005 1.7 23,696,794 1.6
Aircraft Rent 42,174,063 2.4 40,426,999 2.7
Other Rent and Landing
Fees 11,958,865 0.7 10,395,504 0.7
Passenger Commissions 28,653,612 1.6 24,357,089 1.6
Other Operating Expenses 40,573,541 2.3 31,625,645 2.1
Depreciation and
Amortization 14,056,802 0.8 12,384,334 0.8
____________ ____ ____________ ____
$259,209,714 14.8 $220,482,245 14.6
____________ ____ ____________ ____
____________ ____ ____________ ____
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Salaries and related costs have risen from the third quarter
of fiscal 1995 as a result of the additional personnel to support
the new Canadair Jet service. Expenses related to incentive
compensation plans were also higher due to the increased
earnings.
Aircraft fuel price per gallon for the third quarter of
fiscal 1996 was approximately three cents higher than in the
third quarter of last year. The higher price per gallon was due
to the Omnibus Budget Reconciliation Act of 1993, which imposed a
4.3 cents per gallon transportation tax on fuel used in domestic
commercial transportation. This tax became effective October 1,
1995 and is expected to increase the Company's annual operating
expenses by approximately $2.7 million. Total aircraft fuel
costs also increased due to the addition of the new Canadair
Jets.
Maintenance materials and repair costs increased due to
higher maintenance costs on the turboprop aircraft.
Aircraft rent expense increased from the addition of eight
Canadair Jets since the third quarter of fiscal 1995. The
extension of several aircraft leases at lower rates in June 1995
and the purchase of five Canadair Jets during the second and
third quarters of fiscal 1995 caused this expense to decrease on
a unit cost basis.
Travel agency and credit card commissions have increased as
a result of higher passenger revenues resulting from higher
passenger load factors than last year's third quarter. The
commission cap that was instituted by many of the airlines in the
fourth quarter of fiscal 1995 has offset much of the cost
associated with higher unit revenues.
Other operating expenses increased due to the growth in
traffic, the costs associated with the new Canadair Jet service
and the increased fees charged by Delta in relation to the Delta
Connection program.
Depreciation and amortization decreased on a cost per ASM
basis. Although the Company purchased two Canadair Jets during
the third quarter of fiscal 1995, the additional expense was more
than offset by certain assets associated with the maturing
turboprop fleet becoming fully depreciated.
Investment income in the third quarter of fiscal 1996 was
higher than last year's third quarter due to higher cash and cash
equivalents balances.
The Company's effective tax rate, which includes federal,
state and local taxes, approximated the statutory rate in the
third quarter of fiscal 1996.
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
LIQUIDITY AND CAPITAL RESOURCES
In the first nine months of fiscal 1996, the Company
generated cash from operating activities of $101.3 million. The
Company repaid long-term obligations of $8.5 million and paid
cash dividends of $5.2 million. Total working capital increased
to $79.6 million from $41.7 million at March 31, 1995, while the
current ratio increased to 1.83. The Company's long-term debt to
equity position was 27% debt, 73% equity at December 31, 1995, as
compared to 34% debt, 66% equity at March 31, 1995.
In fiscal 1995, the Board of Directors authorized the
Company to repurchase up to 6.2 million shares of common stock
from time to time as market conditions dictate. The Company has
purchased 3.0 million shares of this authorization, including
27,825 shares for approximately $383,000 in the first nine months
of fiscal 1996.
On August 8, 1995, the Board of Directors announced its
intent to increase the regular quarterly cash dividends to $.07
per share. At the new rate, the cash dividend reflects a 31%
increase over the prior rate of $.053 per share. The first such
dividend was paid November 10, 1995 to shareholders of record on
November 1, 1995. In addition, on January 23, 1996, the Board
of Directors declared a $.07 per share cash dividend for
shareholders of record on February 5, 1996, payable February 14,
1996.
In September 1994, the Company opened the new 100,000 square
foot Flight Center at the Cincinnati/Northern Kentucky
International Airport and initiated its lease with the airport.
COMAIR acquired eight new generation, 50-passenger Canadair
Jet aircraft during the first nine months of fiscal 1996,
bringing the total Canadair Jet fleet to 28. The manufacturer
has guaranteed COMAIR the right to return 20 of these aircraft
after seven years with no cost to COMAIR other than normal and
customary return provisions related to the condition of the
aircraft.
In November 1995, COMAIR announced that it had completed an
agreement with the manufacturer for 15 Canadair Jet aircraft,
valued at approximately $255 million including support equipment
and estimated escalation. These 15 aircraft to be delivered in
fiscal 1997, will take the Canadair Jet fleet to 45 aircraft.
COMAIR also has options for 25 additional jet aircraft valued at
approximately $450 million, including support equipment and
estimated escalation, which could be available for delivery in
fiscal 1997 through fiscal 1999.
<PAGE>
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
The Company expects to finance the aircraft described above
through a combination of working capital and lease, equity and
debt financing, utilizing manufacturers' assistance and
government guarantees to the extent possible. The Company
believes that financing will be available at acceptable rates.
In fiscal 1996, additional capital for repayment of long-term
obligations, planned dividend payments and other capital
expenditures are expected to be provided by operations.
The Company has a $5 million bank line of credit at prime.
The line of credit has not been used since 1985.
COMAIR HOLDINGS, INC. AND SUBSIDIARIES
SIGNATURE
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.
COMAIR HOLDINGS, INC.
February 12, 1995 BY: /s/ Randy D. Rademacher
_________________________
Randy D. Rademacher
Senior Vice President
Finance Chief Financial
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> DEC-31-1995
<CASH> 114,441,773
<SECURITIES> 31,257,556
<RECEIVABLES> 4,401,295
<ALLOWANCES> 0
<INVENTORY> 14,431,331
<CURRENT-ASSETS> 175,874,917
<PP&E> 303,817,896
<DEPRECIATION> 92,697,707
<TOTAL-ASSETS> 405,166,051
<CURRENT-LIABILITIES> 96,286,625
<BONDS> 73,128,059
0
0
<COMMON> 48,539,634
<OTHER-SE> 147,871,507
<TOTAL-LIABILITY-AND-EQUITY> 405,166,051
<SALES> 0
<TOTAL-REVENUES> 339,349,392
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 268,988,110
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,743,632
<INCOME-PRETAX> 71,764,442
<INCOME-TAX> 27,991,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 43,773,442
<EPS-PRIMARY> 1.48
<EPS-DILUTED> 0
</TABLE>
