- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
----------------
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTERLY PERIOD ENDED MARCH 31, 2000
COMMISSION FILE NUMBER 1-13167
ATWOOD OCEANICS, INC.
(Exact name of registrant as specified in its charter)
TEXAS 74-1611874
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
15835 Park Ten Place Drive 77084
Houston, Texas (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including
area code: 281-749-7800
---------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 15 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months and (2) has been subject to such filings
requirements for the past 90 days. Yes X No___
The number of shares outstanding of the issuer's class of common stock, as of
April 30, 2000; 13,814,476 shares of Common Stock, $1 par value.
- ------------------------------------------------------------------------------
<PAGE>
PART I. FINANCIAL INFORMATION
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
The condensed consolidated financial statements herein have been prepared by the
Company pursuant to the rules and regulations of the Securities and Exchange
Commission for interim financial reporting. Accordingly, these financial
statements and related information have been prepared without audit and certain
information and disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been condensed
or omitted, although management believes that the disclosures are adequate to
make the information not misleading. The condensed consolidated financial
statements reflect all adjustments which are, in the opinion of management,
necessary to present fairly the financial position of the Company as of March
31, 2000 and September 30, 1999, and the results of its operations and cash
flows for the three months and six months ended March 31, 2000 and 1999,
respectively. All adjustments were of a normal recurring nature. The interim
financial results may not be indicative of results that could be expected for a
full year. It is suggested these condensed consolidated financial statements be
read in conjunction with the consolidated financial statements and the notes
thereto included in the Company's September 30, 1999 Annual Report to
Shareholders.
<PAGE>
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, September 30,
2000 1999
---------- -------------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 16,566 $ 20,105
Accounts receivable 25,084 18,289
Inventories of materials and supplies,
at lower of average cost or market 8,355 8,010
Deferred tax assets 720 720
Prepaid expenses 1,500 3,408
---------- ------------
Total Current Assets 52,225 50,532
---------- ------------
SECURITIES HELD FOR INVESTMENT:
Held-to-maturity, at amortized cost 22,592 22,589
Available-for-sale, at fair value 311 347
---------- -----------
22,903 22,936
---------- -----------
PROPERTY AND EQUIPMENT, at cost:
Drilling vessels, equipment and drill pipe 377,784 358,372
Other 7,759 7,317
---------- -----------
385,543 365,689
Less-accumulated depreciation 160,188 146,775
---------- -----------
Net Property and Equipment 225,355 218,914
---------- -----------
DEFERRED COSTS AND OTHER ASSETS 1,283 1,222
---------- -----------
$301,766 $293,604
========== ===========
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, September 30,
2000 1999
---------- ------------
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,724 $ 7,640
Accrued liabilities 9,088 11,373
---------- ----------
Total Current Liabilities 12,812 19,013
---------- ----------
LONG-TERM DEBT, net of current maturities: 49,000 54,000
---------- ----------
DEFERRED CREDITS:
Income taxes 8,706 8,168
Other 26,384 20,194
---------- ----------
35,090 28,362
---------- ----------
SHAREHOLDERS' EQUITY:
Preferred stock, no par value;
1,000,000 shares authorized, none
outstanding --- ---
Common stock, $1 par value;
20,000,000 shares authorized with
13,802,000 and 13,675,000 shares
issued and outstanding at March 31,
2000 and September 30, 1999,
respectively 13,802 13,675
Paid-in capital 53,955 52,458
Accumulated other comprehensive
income (loss) (162) (139)
Retained earnings 137,269 126,235
--------- ---------
204,864 192,229
--------- ---------
$301,766 $293,604
========= =========
The accompanying notes are an integral part of these consolidated financial
statements.
<PAGE>
<TABLE>
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 2000 1999
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
REVENUES:
Contract drilling $ 31,878 $ 40,8773 $ 62,539 $ 75,129
Contract management 483 448 1,006 1,173
-------- --------- -------- --------
32,361 41,325 63,545 76,302
-------- --------- -------- --------
COSTS AND EXPENSES:
Contract drilling 12,392 18,109 26,358 34,020
Contract management 354 392 743 1,115
Depreciation 7,564 6,457 13,708 11,784
General and administrative 2,137 1,916 4,137 4,106
-------- --------- -------- --------
22,447 26,874 44,946 51,025
-------- --------- -------- --------
OPERATING INCOME 9,914 14,451 18,599 25,277
-------- --------- -------- --------
OTHER INCOME (EXPENSE)
Interest expense (974) (1,277) (1,928) (2,101)
Interest income 581 548 1,118 1,134
-------- -------- -------- --------
(393) (729) (810) (967)
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 9,521 13,722 17,789 24,310
PROVISION FOR INCOME TAXES 3,540 4,998 6,755 8,810
-------- -------- -------- --------
NET INCOME 5,981 $ 8,724 $ 11,034 $ 15,500
======== ========= ======== ========
EARNINGS PER SHARE
Basic $ .44 $ .64 $ .81 $1.14
Diluted $ .43 $ .63 $ .80 $1.13
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
Basic 13,719 13,627 13,700 13,626
Diluted 13,902 13,740 13,828 13,739
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
<PAGE>
<TABLE>
PART I. ITEM I - FINANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended March 31,
2000 1999
(Unaudited)
<S> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income $ 11,034 $15,500
-------- -------
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation 13,708 11,784
Amortization 373 275
Deferred federal income tax provision 550 1,000
Changes in assets and liabilities:
Increase in accounts receivable (6,795) (11,020)
Increase (decrease) in accounts payable and
accrued liabilities (5,370) 4,444
Net mobilization fees 6,195 11,648
Other 1,122 (765)
-------- -------
9,783 17,366
-------- -------
Net cash provided by operating activities 20,817 32,866
-------- -------
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures (20,980) (34,247)
-------- -------
Net cash used by investing activities (20,980) (34,247)
-------- -------
CASH FLOW FROM FINANCING ACITIVITES:
Proceeds from revolving credit facility 6,000 13,000
Principal payments on long-term debt (11,000) (7,750)
Proceeds from exercises of stock options 1,624 50
-------- -------
Net cash provided by financing activities (3,376) 5,300
-------- -------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,539) 3,919
CASH AND CASH EQUIVALENTS, at beginning of period
20,105 11,621
-------- -------
CASH AND CASH EQUIVALENTS, at end of period $16,566 $15,540
======== =======
Supplemental disclosure of cash flow information:
Cash paid during the period for domestic
and foreign income taxes $ 5,553 $ 7,427
======== =======
Cash paid during the period for interest,
net of amounts capitalized $ 1,096 $ 2,216
======== =======
The accompanying notes are an integral part of these consolidated financial
statements.
</TABLE>
<PAGE>
PART I. ITEM 1 - FIANCIAL STATEMENTS
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. UNAUDITED INTERIM INFORMATION
The unaudited interim financial statements as of March 31, 2000 and for
each of the six month periods ended March 31, 2000 and 1999, included herein,
have been prepared by the Company, pursuant to the rules and regulations of the
Securities and Exchange Commission for interim financial reporting. Accordingly,
these financial statements and related information have been prepared without
audit, and certain information and note disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted, although management believes that the
note disclosures are adequate to make the information not misleading. For
interim periods, the Company records income taxes using the expected effective
tax rate for the fiscal year. In the opinion of the Company's management, the
unaudited interim financial statements reflect all adjustments (consisting of
normal recurring adjustments) considered necessary for a fair presentation of
the financial position and results of operations of the Company for the periods
presented. The interim financial results may not be indicative of results that
could be expected for a full year.
2. EARNINGS PER COMMON SHARE
The computation of basic and diluted earnings per share is as follows
(in thousands, except per share amounts):
<TABLE>
Three Months Ended Six Months Ended
----------------------------- ------------------------------
Net Per Share Net Per Share
Income Shares Amount Income Shares Amount
<S> <C> <C> <C> <C> <C> <C>
------- -------- --------- -------- ------ ----------
March 31, 2000:
Basic earnings per share $ 5,981 13,719 $ .44 $11,034 13,700 $ .81
Effect of dilutive securities-
Stock Options --- 183 (.01) --- 128 (.01)
------- ------ ----- ------- ------ ------
Diluted earnings per share $ 5,981 13,902 $ .43 $11,034 13,828 $ .80
======= ====== ===== ======= ====== ======
March 31, 1999:
Basic earnings per share $ 8,724 13,627 .64 $15,500 13,626 $ 1.14
Effect of dilutive securities-
Stock Options --- 113 (.01) --- 113 (.01)
------- ------ ----- ------- ------ ------
Diluted earnings per share $ 8,724 13,740 $ .63 $15,500 13,739 $ 1.13
======== ====== ===== ======= ====== ======
</TABLE>
3. COMPREHENSIVE INCOME
Comprehensive income includes the following (in thousands):
THREE MONTHS ENDED MARCH 31, 2000 1999
-------- -------
Net Income $ 5,981 $ 8,724
Other comprehensive income:
Unrealized holding gain (loss) on
available-for-sale
Securities, net of tax benefit of
$5 in 2000 and tax
expense of $29 in 1999 (8) 55
-------- -------
Comprehensive income $ 5,973 $ 8,779
======== =======
SIX MONTHS ENDED MARCH 31, 2000 1999
-------- -------
Net Income $11,034 $15,500
Other comprehensive income:
Unrealized holding gain (loss)
on available-for-sale
Securities, net of tax benefit
of $13 and $19
in 2000 and 1999, respectively (23) (34)
------- -------
Comprehensive income $11,011 $15,466
======= =======
<PAGE>
PART I. ITEM 2
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
All non-historical information set forth herein is based upon expectations
and assumptions deemed reasonable by the Company. The Company can give no
assurance that such expectations and assumptions will prove to have been
correct, and actual results could differ materially from the information
presented herein. The Company's periodic reports filed with the Securities and
Exchange Commission should be consulted for a description of risk factors
associated with an investment in the Company.
MARKET OUTLOOK
Worldwide utilization of offshore drilling equipment is currently
around 80% compared to around 70% at the beginning of fiscal year 2000. There
are encouraging indications that the offshore drilling market environment could
continue to improve toward the end of 2000 and into 2001. Except for the RIG-200
and RIG-19, the Company's drilling units have current contract commitment that
should keep the various rigs employed for the remainder of fiscal 2000. The
ATWOOD SOUTHERN CROSS (idle since September 1998) is currently being mobilized
to the Mediterranean Sea to commence a short-term drilling program, with ongoing
discussions for additional work. The Company's backlog should provide a high
level of revenues and cash flows for the remainder of fiscal 2000.
RESULTS OF OPERATIONS
Contract revenues for the three months and six months ended March 31,
2000 decreased 22% and 17%, respectively, compared to the same periods ended
March 31, 1999. A comparative analysis of contract revenues is as follows:
<PAGE>
CONTRACT REVENUES
(In Millions)
----------------------------------------------------
Three Months Ended Six Months Ended
March 31, March 31,
------------------------- -----------------------
2000 1999 Variance 2000 1999 Variance
----- ----- -------- ----- ----- --------
SEAHAWK $ 5.6 $ 2.8 $ 2.8 $ 7.8 $ 5.7 $ 2.1
ATWOOD HUNTER 9.0 7.4 1.6 17.8 16.1 1.7
ATWOOD FALCON 9.9 9.8 0.1 20.4 15.1 5.3
RICHMOND 1.6 1.3 0.3 3.0 3.7 (0.7)
ATWOOD SOUTHERN CROSS 0.0 0.0 0.0 0.0 0.0 0.0
VICKSBURG 2.9 3.4 (0.5) 6.2 3.8 2.4
RIG 200/RIG-19 0.0 3.9 (3.9) 0.0 7.9 (7.9)
ATWOOD EAGLE 2.9 10.7 (7.8) 7.3 19.8 (12.5)
GOODWYN 'A'/
NORTH RANKIN 'A' 0.5 2.0 (1.5) 1.0 4.2 (3.2)
----- ----- ----- ----- ----- ------
$32.4 $41.3 $(8.9) $63.5 $76.3 $(12.8)
===== ===== ===== ===== ===== ======
The SEAHAWK commenced drilling operations, following its upgrade, in
January 2000 at a significant enhancement in dayrate over the reduced dayrate it
received during its upgrade period, accounting for its increase in revenues in
2000. In 1999, the ATWOOD HUNTER incurred some days of downtime in order to
correct certain equipment defects, which accounts for revenues being lower in
1999 compared to 2000. The increase in revenues for the ATWOOD FALCON during the
six months ended March 31, 2000 compared to the same period in fiscal 1999 was
due to the rig's upgrade not being completed until November 1998. Improvement
during the quarter in revenues earned by the RICHMOND was due to an increase in
dayrates; however, the level of dayrates for the first half of fiscal 2000 were
not as high as the first half of fiscal 1999, accounting for the RICHMOND
year-to-date decline in revenues. The ATWOOD SOUTHERN CROSS is currently being
mobilized to the Mediterranean Sea to commence a short drilling program after
being idle since September 1998. The VICKSBURG worked the entire first half of
fiscal 2000 compared to having some idle days at the beginning of fiscal 1999
while completing its upgrade, accounting for its increase in revenues for the
first half of fiscal 2000; however, revenues declined during the quarter ended
March 31, 2000 compared to the same period in 1999 due to a reduction in
contract dayrate. When the ATWOOD EAGLE commenced working in the Mediterranean
Sea in 1998, its dayrate was $115,000, compared to a dayrate during 2000 of
approximately $50,000. Besides a dayrate reduction, the decline in revenues is
also attributable to the rig being idle in January while undergoing a water
depth upgrade. RIG-200 and RIG-19 are available for contract since becoming idle
in June and September 1999, respectively. As a result of a decline in drilling
activities on the GOODWYN 'A' and NORTH RANKIN 'A' platforms, the Company's
management activities related to these platforms have also declined resulting in
less revenues being received and less costs being incurred.
Contract drilling and management costs for the three months and six
months ended March 31, 2000 decreased 31% and 23%, respectively, compared to the
same periods in 1999. An analysis of contract drilling and management costs by
rig is as follows.
CONTRACT DRILLING AND
MANAGEMENT COSTS
(In Millions)
---------------------------------------------------------
Three Months Ended Six Months Ended
March 31, March 31,
---------------------------- ------------------------
2000 1999 Variance 2000 1999 Variance
------ ----- -------- ----- ----- --------
SEAHAWK $ 1.9 $ 1.7 $ 0.2 $ 4.1 $ 3.4 $ 0.7
RICHMOND 1.5 1.4 0.1 2.8 3.1 (0.3)
ATWOOD HUNTER 2.4 2.4 0.0 5.2 5.0 0.2
ATWOOD FALCON 2.0 2.0 0.0 4.1 3.1 1.0
VICKSBURG 1.3 1.4 (0.1) 2.8 1.7 1.1
ATWOOD SOUTHERN CROSS 1.1 1.2 (0.1) 2.1 2.6 (0.5)
RIG-200/RIG-19 0.0 2.2 (2.2) 0.1 4.3 (4.2)
ATWOOD EAGLE 1.5 4.0 (2.5) 4.2 7.5 (3.3)
GOODWYN 'A'/
NORTH RANKIN 'A' 0.4 1.7 (1.3) 0.8 3.4 (2.6)
OTHER 0.6 0.5 0.1 0.9 1.0 (0.1)
----- ----- ---- ----- ----- -----
$12.7 $18.5 $(5.8) $27.1 $35.1 $(8.0)
The increase in drilling costs for the SEAHAWK for the six months ended
March 31, 2000 is primarily due to additional costs incurred in December 1999 to
mobilize and prepare the rig for commencement of drilling operations following
its required upgrade for its four-year contract extension. The increase in
drilling costs for the ATWOOD FALCON and VICKSBURG for the six months ended
March 31, 2000 is due to both rigs working the entire first half of fiscal 2000
while working only a portion of the first quarter of fiscal 1999 due to
completing their upgrades during which no operating costs were incurred. The
decline in costs for the ATWOOD SOUTHERN CROSS is due to a reduction in
personnel costs due to its idle status through the first half of fiscal 2000.
Operating costs on the ATWOOD SOUTHERN CROSS during the second half of fiscal
2000 will increase with its return to work. The reduction in operating costs for
the ATWOOD EAGLE was due to no operating costs being incurred in January 2000
when the rig was in a shipyard for its water depth upgrade and due to a general
overall decline in maintenance and some personnel costs. RIG-200 and RIG-19 are
currently stacked on land in Australia with very little costs being incurred.
The Company does not recognize depreciation expense during a period a
rig is out of service for a significant upgrade. The ATWOOD FALCON, VICKSBURG
and SEAHAWK had some reduction in depreciation expense in 1999 due to upgrades,
accounting for the increase in depreciation in 2000.
<PAGE>
A summary of the contract status of the Company's wholly or partially
owned drilling units as of May 10, 2000 is as follows:
<TABLE>
NAME OF RIG LOCATION CONTRACT STATUS
- -------------------- ------------------------ -----------------------------------------------------------------
<S> <C> <C>
ATWOOD FALCON Philippines Rig is under long-term contract which terminates in November 2001.
ATWOOD HUNTER United States Rig is under long-term contract which terminates in September 2000.
Gulf of Mexico
ATWOOD EAGLE Mediterranean Sea Rig is currently preparing to be moved to Egypt to commence a drilling
program which should keep the rig employed for the remainder of fiscal 2000.
VICKSBURG India Rig is under term contract which terminates in December 2000.
SEAHAWK Malaysia Rig is currently drilling under a four-year contract extension period, with
a further option.
ATWOOD SOUTHERN CROSS Mediterranean Sea Rig is being mobilized to the Mediterranean Sea to commence a short-term
drilling program, with ongoing discussions for additional work.
RICHMOND United States Upon completion of the current drilling program, the rig will be
Gulf of Mexico moved to a shipyard for a minor upgrade. Discussions are ongoing for
additional work following the rig's upgrade.
RIG-19 Australia Rig is available for contract since it became idle in September 1999.
RIG-200 Australia Rig is available for contract since it became idle in June 1999.
</TABLE>
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
During the first half of fiscal 2000, operating cash flow (before
changes in working capital and other assets and liabilities) was $25.7 million
compared to $28.6 million for the first half of fiscal 1999. During the first
half of fiscal 2000, the Company utilized internally generated funds to invest
approximately $10.0 million in completing the upgrade of the SEAHAWK, to invest
approximately $7.9 million in the upgrade of the ATWOOD EAGLE, to fund
approximately $3.1 million of other capital expenditures, in addition to
reducing long-term debt by $5 million. Subsequently to March 31, 2000, the
Company has made an additional $3 million reduction in long-term debt, with a
current outstanding balance of $46 million. In June 2000, a minor $5 million
enhancement and refurbishment of the RICHMOND will be performed. The Company is
also planning an additional $50 to $55 million future water depth upgrade to the
ATWOOD EAGLE to enable the rig to work in water depths of 4,500 to 5,000 feet
from its current water depth capacity of 3,600 feet.
The Company continues to explore the market for possible growth
opportunities. Further reduction or increase in long-term debt will depend on
identifying investment opportunities. The Company will adjust planned capital
expenditures, debt repayment and financing requirements in light of current
market conditions.
<PAGE>
PART II. OTHER INFORMATION
ATWOOD OCEANICS, INC. AND SUBSIDIARIES
ITEM 4. Submission of Matters to a Vote of Security Holders
The Company's Annual Meeting of Shareholders was held on February 10,
2000, at which the shareholders voted on the election of six directors. Of the
12,465,237 shares of Common Stock present in person or by proxy, the number of
shares voted for or withheld in connection with the election of each director is
as follows:
NAME CAST FOR VOTES WITHHELD
- ------------------------ ----------- --------------
Robert W. Burgess 12,399,188 66,049
George S. Dotson 12,308,888 156,349
Walter H. Helmerich III 12,309,188 156,049
Hans Helmerich 12,309,488 155,749
John R. Irwin 12,309,688 155,549
William J. Morrissey 12,397,388 67,849
ITEM 6. Reports on Form 8-K
(a) Exhibits
None
(b) Report on Form 8-K
None
<PAGE>
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.
ATWOOD OCEANICS, INC.
(Registrant)
Date: May 12, 2000 s/JAMES M. HOLLAND
James M. Holland
Senior Vice President
and Chief Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000008411
<NAME> ATWOOD OCEANICS, INC.
<MULTIPLIER> 1000
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> Sep-30-2000
<PERIOD-START> Oct-01-1999
<PERIOD-END> Mar-31-2000
<EXCHANGE-RATE> 1
<CASH> 16,566
<SECURITIES> 22,903
<RECEIVABLES> 25,084
<ALLOWANCES> 0
<INVENTORY> 8,355
<CURRENT-ASSETS> 52,225
<PP&E> 385,543
<DEPRECIATION> 160,188
<TOTAL-ASSETS> 301,766
<CURRENT-LIABILITIES> 12,812
<BONDS> 49,000
0
0
<COMMON> 13,802
<OTHER-SE> 53,793
<TOTAL-LIABILITY-AND-EQUITY> 301,766
<SALES> 63,545
<TOTAL-REVENUES> 63,545
<CGS> 31,238
<TOTAL-COSTS> 44,946
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,928
<INCOME-PRETAX> 17,789
<INCOME-TAX> 6,755
<INCOME-CONTINUING> 11,034
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,034
<EPS-BASIC> .81
<EPS-DILUTED> .80
</TABLE>
