FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1999.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-17554
FRP PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Florida 59-2924957
(State or other jurisdiction of (I.R.S. Employer)
incorporation or organization) Identification No.)
155 East 21st Street, Jacksonville, Florida 32206
(Address of principal executive offices)
(Zip Code)
904/355-1781
(Registrant's telephone number, including area code)
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 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 August 2, 1999: 3,428,717 shares of $.10 par value common
stock.
<PAGE>
FRP PROPERTIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(In thousands)
(Unaudited)
June 30, September 30,
1999 1998
ASSETS
Current assets:
Cash and cash equivalents $ 2,206 663
Accounts receivable:
Affiliates 332 380
Other 6,480 6,402
Less allowance for doubtful accounts (281) (272)
Inventory of parts and supplies 792 552
Prepaid expenses and other 1,810 2,348
Total current assets 11,339 10,073
Other assets:
Real estate held for investment, at cost 5,809 5,703
Goodwill 1,217 1,248
Other 2,194 1,971
Total other assets 9,220 8,922
Property, plant and equipment, at cost 168,222 158,083
Less accumulated depreciation and
depletion (56,361) (53,113)
Net property, plant and equipment 111,861 104,970
$132,420 123,965
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term note payable to bank $ 11,600 1,600
Accounts payable:
Affiliates 92 85
Other 2,493 2,691
Federal and state income taxes 414 1,224
Accrued liabilities 3,940 3,346
Long-term debt due within one year 612 533
Total current liabilities 19,151 9,479
Long-term debt 28,084 33,299
Deferred income taxes 7,924 7,656
Accrued insurance reserves 4,140 4,129
Other liabilities 996 647
Stockholders' equity:
Preferred stock, no par value;
5,000,000 shares authorized - -
Common stock, $.10 par value;
25,000,000 shares authorized,
3,428,717 shares issued
(3,468,225 at September 30, 1998) 343 347
Capital in excess of par value 16,994 17,871
Retained earnings 54,788 50,537
Total stockholders' equity 72,125 68,755
$132,420 123,965
See accompanying notes.
<PAGE>
FRP PROPERTIES, INC.
CONSOLIDATED CONDENSED STATEMENT OF INCOME
(In thousands except per share amounts)
(Unaudited)
THREE MONTHS NINE MONTHS
ENDED JUNE 30, ENDED JUNE 30,
1999 1998 1999 1998
Revenues:
Affiliates $ 1,726 1,616 5,282 4,552
Non-affiliates 18,128 17,386 54,619 49,952
19,854 19,002 59,901 54,504
Cost of operations 15,472 14,665 45,587 42,417
Gross profit 4,382 4,337 14,314 12,087
Selling, general and
administrative expense:
Affiliates 421 384 1,261 1,152
Non-affiliates 1,491 1,441 4,416 3,861
1,912 1,825 5,677 5,013
Operating profit 2,470 2,512 8,637 7,074
Interest expense (604) (574) (1,697) (1,694)
Interest income 4 2 9 10
Other income, net 4 3 20 2
Income before income taxes 1,874 1,943 6,969 5,392
Provision for income taxes 731 758 2,718 2,103
Net income $ 1,143 1,185 4,251 3,289
Basic earnings per
common share $ .33 .34 1.23 .95
Diluted earnings per
common share $ .33 .34 1.22 .94
Number of shares used in computing:
Basic earnings per share 3,431 3,460 3,450 3,447
Diluted earnings per share 3,453 3,502 3,474 3,494
See accompanying notes.
FRP PROPERTIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
NINE MONTHS ENDED JUNE 30, 1999 AND 1998
(In thousands)
(Unaudited)
1999 1998
Cash flows from operating activities:
Net income $4,251 3,289
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation, depletion and amortization 7,281 6,771
Net changes in operating assets and liabilities:
Accounts receivable (30) (919)
Inventory of parts and supplies (240) 49
Prepaid expenses 538 286
Accounts payable and accrued liabilities (208) (536)
Increase(decrease) in deferred income taxes 68 430
Net change in insurance reserve and other
liabilities 361 102
Gain on disposition of real estate, property,
plant and equipment (1,705) (404)
Other, net (17) 7
Net cash provided from operating activities 10,299 9,075
Cash flows from investing activities:
Purchase of property, plant and equipment (14,258) (11,238)
Purchase of real estate held for investment (315) -
Additions to other assets (294) (452)
Proceeds from sale of real estate held for investment,
property, plant and equipment, and other assets 2,393 995
Net cash used in investing activities (12,474) (10,695)
Cash flows from financing activities:
Net increase in short-term debt 10,000 1,400
Repayment of long-term debt (5,400) (314)
Repurchase of Company stock (882) (34)
Exercise of stock options - 460
Net cash provided from financing activities 3,718 1,512
Net increase (decrease) in cash and cash equivalents 1,543 (108)
Cash and cash equivalents at beginning of year 663 429
Cash and cash equivalents at end of the period $2,206 321
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest expense, net of amount capitalized $1,718 1,706
Income taxes $3,261 1,648
Non cash investing activities:
Additions to property, plant and equipment from exchanges $ 614 621
Escrow cash included in other assets used to purchase
property, plant and equipment $ - 3,811
See accompanying notes.
FRP PROPERTIES, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
JUNE 30, 1999
(Unaudited)
(1) Basis of Presentation. The accompanying consolidated
condensed financial statements include the accounts of the
Company and its subsidiaries. These statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation of the results for the interim
periods have been included. Operating results for the three and
nine months ended June 30, 1999 are not necessarily indicative of
the results that may be expected for the fiscal year ended
September 30, 1999. The accompanying consolidated financial
statements and the information included under the heading
"Management's Discussion and Analysis" should be read in
conjunction with the consolidated financial statements and
related notes of FRP Properties, Inc. for the year ended
September 30, 1998.
(2) Contingent Liabilities. The Company and its subsidiaries
are subject to legal proceedings and claims arising out of their
businesses that cover a wide range of matters. Additional
information concerning these matters is presented in Note 10 to
the consolidated financial statements included in the Company's
1998 Annual Report to stockholders. Such information is
incorporated herein by reference.
(3) Preferred Shareholder Rights Plan. On May 5, 1999, the
Board of Directors of the Company declared a dividend of one
preferred share purchase right (a "Right") for each outstanding
share of common stock. The dividend was payable on June 2,
1999. Each right entitles the registered holder to purchase from
the Company one one-hundredth of a share of Series A Junior
Participating Preferred Stock of the Company, par value $.01 per
share (The "Preferred Shares"), at a price of $96 per one
one-hundredth of a Preferred Share, subject to adjustment.
In the event that any Person or group of affiliated or associated
Persons (an "Acquiring Person") acquires beneficial ownership of
15% or more of the Company's outstanding common stock each holder
of a Right, other than Rights beneficially owned by the Acquiring
Person (which will thereafter be void), will thereafter have the
right to receive upon exercise that number of Common Shares
having a market value of two times the exercise price of the
Right. An Acquiring Person excludes any Person or group of
affiliated or associated Persons who were beneficial owners,
individually or collectively, of 15% or more of the Company's
Common Shares on May 4, 1999.
The rights will initially trade together with the Company's
common stock and will not be exercisable. However, if an
Acquiring Person acquires 15% or more of the Company's common
stock the rights may become exercisable and trade separately in
the absence of future board action. The Board of Directors may,
at its option, redeem all rights for $.01 per right, at any time
prior to the rights becoming exercisable. The rights will
expire September 30, 2009 unless earlier redeemed, exchanged or
amended by the Board.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Operating Results
The following table summarizes the Company's revenues, cost of
operations, and gross profit by its business segments (in
thousands):
Three Months Nine Months
Ended June 30, Ended June 30,
1999 1998 1999 1998
Revenues:
Transportation $17,058 16,699 49,750 47,700
Real estate 2,796 2,303 10,151 6,804
$19,854 19,002 59,901 54,504
Cost of operations:
Transportation $14,491 13,796 41,967 39,788
Real estate 981 869 3,620 2,629
$15,472 14,665 45,587 42,417
Gross profit:
Transportation $ 2,567 2,903 7,783 7,912
Real estate 1,815 1,434 6,531 4,175
$ 4,382 4,337 14,314 12,087
For the third quarter and first nine months of fiscal 1999,
consolidated revenues increased 4.5% and 9.9%, respectively, over
the same periods last year. The Transportation segment revenues
for the third quarter and first nine months increased 2.1% and
4.3%, respectively, due primarily to an increase in miles hauled.
Real Estate revenues increased to $2,796,000 from $2,303,000 for
the third quarter and to $10,151,000 from $6,804,000 for the
first nine months. For the third quarter the increase was
principally as a result of increased rental income and $158,000
in timber sales. For the nine months, the increase was
principally a result of real estate and timber sales. During the
first nine months of 1999 the Company had $1,760,000 of land
sales. There were no land sales in the 1998 period. For the
first nine months of 1999, timber sales were $624,000 as compared
to $195,000 last year. The remaining increases were due to
higher royalties and rental income.
Gross profit increased $45,000 for the third quarter and
$2,227,000 for the first nine months as compared to the same
periods last year. Gross profit in Transportation decreased
$336,000 for the third quarter and $129,000 for the first nine
months of fiscal 1999. For the third quarter the decrease was
due to increased costs to attract and retain qualified drivers
and increased depreciation expense. The decrease for the first
nine months was due to increased drivers wages and benefits
partially offset by reduced fuel costs. Revenue per mile
remained stable for the first nine months.
Gross profit in the Real Estate segment increased $381,000 for
the third quarter and $2,356,000 for the first nine months. For
the first nine months the improvement was primarily due to sale
of real estate and timber. For the first nine months, gross
profit on these sales were $1,821,000 as compared to $188,000
last year.
Selling, general and administrative expense increased $87,000 for
the third quarter and $664,000 for the first nine months. The
increase was primarily attributable to severance compensation and
staffing and consulting expenses related to systems upgrades to
bring the Company compliant with the Year 2000 issues. Selling,
general and administrative expense as a percent of sales was 9.6%
for the third quarter as compared to 9.6% last year and 9.5% for
the first nine months as compared to 9.2% last year.
Year 2000 Conversion. The Company, like most entities relying on
automated data processing is faced with the task of modifying
systems to become Year 2000 compliant. The Company has analyzed
its Year 2000 exposure and has developed plans for addressing the
Year 2000 exposure as well as reengineering selective systems to
enhance their functionality.
The Company is in various stages of modifying or replacing both
internally developed and purchased software. The Company has
purchased new software and hardware for its truck dispatching and
maintenance system that is represented to be Year 2000 compliant
to replace its existing systems. The Company began phasing in
this software during this quarter and will have the total system
installed by the end of September 1999.
The Company purchases from an affiliate, Florida Rock Industries,
Inc. (FRI) certain administrative services including automated
data processing (Purchased Services). FRI is in process of
updating its systems to be Year 2000 compliant. FRI has
implemented the general ledger, fixed assets and accounts payable
modules. During August and September, FRI will be implementing
accounts receivable and payroll modules. The Company has
reviewed FRI's plan and is monitoring the progress of this plan
as it relates to the Purchased Services.
The Company has completely surveyed all its locations to identify
operating equipment which may be affected by Year 2000. The
Company is in process of testing such equipment to determine if
such equipment is Year 2000 compliant. When equipment has been
identified as not Year 2000 compliant, the Company is determining
remediation steps to be taken including replacing the equipment.
Vendors, suppliers and customers that are critical to the
Company's operations have been identified. Questionnaires were
sent to these entities to determine their state of readiness for
Year 2000. The Company is evaluating responses from these
questionnaires and contacting vendors and suppliers where
necessary. The Company will identify alternative vendors and
suppliers as a contingency if any of the current suppliers do not
appear to be taking corrective actions and are not Year 2000
compliant.
The costs associated with the purchase and installation of the
truck dispatching and maintenance software and hardware will be
capitalized and amortized over the estimated useful life of the
software or equipment. Other costs associated such as selection,
training and reengineering of the existing processing are being
expensed as incurred. Based on current information, the
expected costs of the systems are not expected to be material to
the financial condition or results of operations of the Company.
The Company feels it is addressing in a timely manner the major
issues related to the Year 2000 and any significant disruptive
problems in its ability to conduct its business as a result are
unlikely. The Company's contingency plan is substantially
completed and will be finalized during the third quarter of
calendar 1999. This plan will assess the risks and possible
countermeasures. However, despite efforts and initiatives
undertaken by the Company, total assurances can not be given that
absolute compliance can be achieved. There can be no guarantees
that the computer systems of other entities on which the Company
relies will be converted in a timely manner or that their failure
to convert, or a conversion that is incompatible with the
Company's system, will not have an adverse effect on the
Company's business, financial condition and results of
operations.
Financial Condition
The Company continues to maintain its financial condition with
sufficient resources to meet anticipated capital expenditures and
other operating requirements.
Other
During fiscal 1998, the transportation segment's ten largest
customers accounted for approximately 33% of transportation's
revenue. The loss of one or more of these customers could have
an adverse effect on the Company's revenue and income.
While the Company is affected by environmental regulations, such
regulations are not expected to have a major effect on the
Company's capital expenditures or operating results. Additional
information concerning environmental matters is presented in Note
10 to the consolidated financial statements included in the
Company's 1998 Annual Report to stockholders. Such information
is incorporated herein by reference.
Forward-Looking Statements. Certain matters discussed in this
report contain forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from these indicated by such forward-looking
statements. These forward-looking statements relate to, among
other things, capital expenditures, liquidity, capital resources,
competition and the Year 2000 and may be indicated by words or
phrases such as "anticipate," "estimate," "plans," "projects,"
"continuing," "ongoing," "expects," "management believes," "the
Company believes," "the Company intends" and similar words or
phrases. The following factors are among the principal factors
that could cause actual results to differ materially from the
forward-looking statements: Year 2000 technology issues;
availability and terms of financing; competition; levels of
construction activity in FRI's markets; fuel costs; and
inflation.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
There are no material changes to the disclosures made in Form
10-K for the fiscal year ended September 30, 1998 on this matter.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Note 10 to the consolidated financial statements included in the
Company's 1998 Annual Report to stockholders is incorporated
herein by reference.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The response to this item is submitted as a
separate Section entitled "Exhibit Index", starting on
page 8.
(b) Reports on Form 8-K. During the three months ended
June 30, 1999, the Company filed a Form 8-K(A) dated
May 5, 1999 reporting a dividend of one preferred share
purchase right for each share of common stock under
Item 5, "Other Events".
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.
August 11, 1999 FRP PROPERTIES, INC.
\s\James J. GILSTRAP
James J. Gilstrap
Treasurer and Chief Financial
Officer
\s\WALLACE A. PATZKE, JR.
Wallace A. Patzke, Jr.
Controller and Chief Accounting
Officer
<PAGE>
FRP PROPERTIES, INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1999
EXHIBIT INDEX
(3)(a)(1) Articles of Incorporation of FRP
Properties, Inc. Previously filed with
Form S-4 dated December 13, 1988. File No.
33-26115.
(3)(a)(2) Amendment to the Articles of Incorporation
of FRP Properties, Inc. filed with the
Secretary of State of Florida on February
19, 1991. Previously filed with Form 10-K
for the fiscal year ended September 30,
1993. File No. 33-26115.
(3)(a)(3) Amendments to the Articles of Incorporation
of FRP Properties, Inc. filed with the
Secretary of State of Florida on February
7, 1995. Previously filed as appendix to
the Company's Proxy Statement dated
December 15, 1994. File No. 33-26115
(3)(a)(4) Amendment to Articles of Incorporation,
filed with the Florida Secretary of State
on May 6, 1999. A form of such amendment
was previously filed as Exhibit 4 to the
Company's Form 8-K dated May 5, 1999.
File No. 33-26115
(3)(b)(1) Restated Bylaws of FRP Properties, Inc.
adopted December 1, 1993. Previously filed
with Form 10-K for the fiscal year ended
September 30, 1993. File No. 33-26115.
(3)(b)(2) Amendment to the Bylaws of FRP Properties,
Inc. adopted August 3, 1994. Previously
filed with Form 10-K for the fiscal year
ended September 30, 1994. File No. 33-26115.
(4)(a) Articles III, VII and XII of the Articles
of Incorporation of FRP Properties, Inc.
Previously filed with Form S-4 dated
December 13, 1988. And amended Article III
filed with Form 10-K for the fiscal year
ended September 30, 1993. And Articles
XIII and XIV previously filed as appendix
to the Company's Proxy Statement dated
December 15, 1994. File No. 33-026115.
(4)(b) Specimen stock certificate of FRP
Properties, Inc. Previously filed with
Form S-4 dated December 13, 1988. File No.
33-26115.
(4)(c) Credit Agreement dated as of November 15,
1995 among FRP Properties, Inc.; SunTrust
Bank, Central Florida, National
Association; Bank of America Illinois;
Barnett Bank of Jacksonville, N.A.; and
First Union National Bank of Florida.
Previously filed with Form 10-Q for the
quarter ended December 31, 1995. File No.
33-26115.
(4)(c)(1) First Amendment dated as of September 30,
1998 to the Credit Agreement dated as of
November 15, 1995. Previously filed with
Form 10-K for the year ended September 30,
1998. File No. 33-26115.
(4)(d) The Company and its consolidated
subsidiaries have other long-term debt
agreements which do not exceed 10% of the
total consolidated assets of the Company
and its subsidiaries, and the Company
agrees to furnish copies of such agreements
and constituent documents to the Commission
upon request.
(4)(e) Rights Agreement, dated as of May 5, 1999
between the Company and First Union
National Bank. Previously filed as Exhibit
4 to the Company's Form 8-K dated May 5,
1999. File No. 33-26115.
(10)(a) Post Distribution Agreement, dated May 7,
1986, by and between Florida Rock
Industries, Inc. and Florida Rock & Tank
Lines, Inc. and amendments thereto dated
July 1, 1987 and September 27, 1988.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(b) Tax Sharing Agreement, dated May 7,1986,
between Florida Rock Industries, Inc. and
Florida Rock & Tank Lines, Inc. Previously
filed with Form S-4 dated December 13,
1988. File No. 33-26115.
(10)(c) Various leasebacks and mining royalty
agreements with Florida Rock Industries,
Inc., none of which are presently believed
to be material individually, except for the
Mining Lease Agreement dated September 1,
1986, between Florida Rock Industries Inc.
and Florida Rock Properties, Inc.,
successor by merger to Grandin Land, Inc.
(see Exhibit (10)(e)), but all of which
maybe material in the aggregate.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(d) License Agreement, dated June 30, 1986,
from Florida Rock Industries, Inc. to
Florida Rock & Tank Lines, Inc. to use
"Florida Rock" in corporate names.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(e) Mining Lease Agreement, dated September 1,
1986, between Florida Rock Industries, Inc.
and Florida Rock Properties, Inc.,
successor by merger to Grandin Land, Inc.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(f) Summary of Medical Reimbursement Plan of
FRP Properties, Inc. Previously filed with
Form 10-K for the fiscal year ended
September 30, 1993. File No. 33-26115.
(10)(g) Split Dollar Agreement dated October 3,
1984, between Edward L. Baker and Florida
Rock Industries, Inc. and assignment of
such agreement, dated January 31, 1986 from
Florida Rock Industries, Inc. to Florida
Rock & Tank Lines, Inc. Previously filed
with Form S-4 dated December 13, 1988.
File No. 33-26115.
(10)(h) Summary of Management Incentive
Compensation Plans. Previously filed with
Form 10-K for the fiscal year ended
September 30, 1994. File No. 33-26115.
(10)(i) Management Security Agreements between the
Company and certain officers. Form of
agreement previously filed as Exhibit
(10)(I) with Form S-4 dated December 13,
1988. File No. 33-26115.
(10)(i)(1) FRP Properties, Inc. 1989 Employee Stock
Option Plan. Previously filed with Form S-4
dated December 13, 1988. File No. 33-26115.
(10)(I)(2) FRP Properties, Inc. 1995 Stock Option Plan.
Previously filed as appendix to the Company's
Proxy Statement dated December 15, 1994.
(11) Computation of Earnings Per Common
Share.
(27) Financial Data Schedule
(99)(a) Information Concerning Environmental
Matters and Legal Proceedings. Previously
filed as Item 3 "Legal Proceedings" of FRP
Properties, Inc.'s, Form 10-K for fiscal
year ended September 30, 1998. File No.
33-26115.
(99)(b) Information Concerning Legal Proceedings.
Previously filed as Note 10 to the
Consolidated Financial Statements in the
Company's 1998 Annual Report to
Stockholders. File No. 33-26115.
<PAGE>
<PAGE>
Exhibit (11)
FRP PROPERTIES, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
THREE MONTHS NINE MONTHS
ENDED JUNE 30, ENDED JUNE 30,
1999 1998 1999 1998
Net income $1,143,000 1,185,000 4,251,000 3,289,000
Common shares:
Weighted average shares
outstanding during the
period - shares used for
basic earnings per share 3,431,129 3,459,768 3,449,994 3,446,699
Shares issuable under stock
options which are poten-
tially dilutive 22,249 42,254 23,547 47,655
Shares used for diluted earnings
per share 3,453,378 3,502,022 3,473,541 3,494,354
Basic earnings per
common share $.33 .34 1.23 .95
Diluted earnings
per common share $.33 .34 1.22 .94
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> JUN-30-1999
<CASH> 2,206
<SECURITIES> 0
<RECEIVABLES> 6,812
<ALLOWANCES> 281
<INVENTORY> 792
<CURRENT-ASSETS> 11,339
<PP&E> 168,222
<DEPRECIATION> 56,361
<TOTAL-ASSETS> 132,420
<CURRENT-LIABILITIES> 19,151
<BONDS> 28,084
0
0
<COMMON> 343
<OTHER-SE> 71,782
<TOTAL-LIABILITY-AND-EQUITY> 132,420
<SALES> 59,901
<TOTAL-REVENUES> 59,901
<CGS> 45,587
<TOTAL-COSTS> 45,587
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (1,697)
<INCOME-PRETAX> 6,969
<INCOME-TAX> 2,718
<INCOME-CONTINUING> 4,251
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,251
<EPS-BASIC> 1.23
<EPS-DILUTED> 1.22
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