<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended October 28, 1995
Commission file number 1-10259
WABAN INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 33-0109661
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Mercer Road
Natick, Massachusetts 01760
(Address of principal executive offices) (Zip Code)
(508) 651-6500
(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 .
--- ---
The number of shares of Registrant's common stock outstanding as of November
25, 1995: 32,821,725
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
WABAN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
Thirteen Weeks Ended
-----------------------
October 28, October 29,
1995 1994
----------- -----------
(In Thousands Except
Per Share Amounts)
<S> <C> <C>
Net sales $965,990 $905,606
------- -------
Cost of sales, including buying and occupancy costs 825,484 774,888
Selling, general and administrative expenses 113,082 104,781
Interest on debt and capital leases (net) 3,581 3,972
------- -------
Total expenses 942,147 883,641
------- -------
Income before income taxes 23,843 21,965
Provision for income taxes 9,299 8,566
------- -------
Net income $ 14,544 $ 13,399
======= =======
Net income per common share (see Exhibit 11 for
detailed computations):
Primary $ 0.44 $ 0.40
======= =======
Fully diluted $ 0.42 $ 0.38
======= =======
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
WABAN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
Thirty-Nine Weeks Ended
-----------------------
October 28, October 29,
1995 1994
----------- -----------
(In Thousands Except
Per Share Amounts)
<S> <C> <C>
Net sales $2,902,327 $2,678,250
--------- ---------
Cost of sales, including buying and occupancy costs 2,472,315 2,286,979
Selling, general and administrative expenses 341,376 308,676
Interest on debt and capital leases (net) 11,239 11,005
--------- ---------
Total expenses 2,824,930 2,606,660
--------- ---------
Income before income taxes 77,397 71,590
Provision for income taxes 30,185 27,920
--------- ---------
Net income $ 47,212 $ 43,670
========= =========
Net income per common share (see Exhibit 11 for
detailed computations):
Primary $ 1.42 $ 1.31
========= =========
Fully diluted $ 1.34 $ 1.24
========= =========
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
WABAN INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
<CAPTION>
October 28, January 28, October 29,
1995 1995 1994
----------- ----------- -----------
(Dollars In Thousands)
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 7,360 $ 65,040 $ 39,899
Marketable securities 56,339 63,933 97,381
Accounts receivable 52,412 51,875 50,073
Merchandise inventories 607,307 512,619 561,375
Current deferred income taxes 36,904 34,460 35,464
Prepaid expenses 13,769 8,992 17,452
--------- --------- ---------
Total current assets 774,091 736,919 801,644
--------- --------- ---------
Property at cost:
Land and buildings 351,444 289,781 270,435
Leasehold costs and improvements 77,959 72,874 61,633
Furniture, fixtures and equipment 272,520 237,373 224,346
--------- --------- ---------
701,923 600,028 556,414
Less accumulated depreciation
and amortization 161,753 130,245 121,433
--------- --------- ---------
540,170 469,783 434,981
--------- --------- ---------
Property under capital leases 15,652 17,129 17,482
Less accumulated amortization 6,634 7,150 7,147
--------- --------- ---------
9,018 9,979 10,335
--------- --------- ---------
Property held for sale (net) 5,607 12,251 14,971
Other assets 13,082 12,999 14,226
--------- --------- ---------
Total assets $1,341,968 $1,241,931 $1,276,157
========= ========= =========
LIABILITIES
Current liabilities:
Current installments of long-
term debt $ 12,827 $ 12,763 $ 12,757
Accounts payable 325,710 249,842 318,025
Restructuring reserve 8,131 14,079 18,416
Accrued expenses and other
current liabilities 166,364 164,945 153,053
Accrued federal and state
income taxes 2,866 2,536 112
Obligations under capital leases
due within one year 752 987 1,058
--------- --------- ---------
Total current liabilities 516,650 445,152 503,421
--------- --------- ---------
Real estate debt 939 1,752 1,771
General corporate debt 24,000 36,000 36,000
Senior subordinated debt 100,000 100,000 100,000
Convertible subordinated debt 108,600 108,600 108,600
Obligations under capital leases,
less portion due within one year 11,896 12,411 12,622
Noncurrent restructuring reserve 15,932 22,900 22,829
Other noncurrent liabilities 24,961 22,617 23,107
Deferred income taxes 8,953 4,410 1,807
STOCKHOLDERS' EQUITY
Common stock, par value $.01,
authorized 190,000,000 shares,
issued 33,301,935, 33,186,418
and 33,169,969 shares 333 332 332
Additional paid-in capital 327,286 325,565 324,893
Unrealized holding gains (losses) 4 (44) (141)
Retained earnings 209,448 162,236 140,916
Treasury stock, at cost,
461,240 shares (7,034) - -
--------- --------- ---------
Total stockholders' equity 530,037 488,089 466,000
--------- --------- ---------
Total liabilities and
stockholders' equity $1,341,968 $1,241,931 $1,276,157
========= ========= =========
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
WABAN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Thirty-Nine Weeks Ended
-----------------------
October 28, October 29,
1995 1994
----------- -----------
(In Thousands)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 47,212 $ 43,670
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization of property 34,188 29,804
Loss on property disposals 213 553
Amortization of premium on marketable securities 642 254
Other non-cash items (net) 777 780
Deferred income taxes 2,069 8,400
Increase (decrease) in cash
due to changes in:
Accounts receivable (537) 12,374
Merchandise inventories (94,688) (56,187)
Prepaid expenses (4,777) (7,790)
Other assets (568) (880)
Accounts payable 75,868 64,793
Restructuring reserves (12,916) (16,841)
Accrued expenses 18,711 32,118
Accrued income taxes 330 (2,858)
Other noncurrent liabilities 2,344 3,662
------- -------
Net cash provided by operating activities 68,868 111,852
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities (109,628) (102,884)
Sale of marketable securities 64,284 5,014
Maturity of marketable securities 52,547 -
Property additions (122,993) (81,948)
Property disposals 8,518 5,843
------- -------
Net cash used in investing activities (107,272) (173,975)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt, net of
issuance costs of $2,747 - 97,253
Repayment of long-term debt (12,749) (15,361)
Repayment of capital lease obligations (750) (946)
Purchase of treasury stock (7,333) -
Proceeds from sale and issuance of
common stock 1,556 1,199
------- -------
Net cash provided by (used in)
financing activities (19,276) 82,145
------- -------
Net increase (decrease) in cash
and cash equivalents (57,680) 20,022
Cash and cash equivalents at
beginning of year 65,040 19,877
------- -------
Cash and cash equivalents at
end of period $ 7,360 $39,899
======= ======
Supplemental cash flow information:
Interest paid $ 10,490 $ 6,745
Income taxes paid 27,756 22,378
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The results for the first nine months are not necessarily indicative of
results for the full fiscal year because the Company's business, in common with
the business of retailers generally, is subject to seasonal influences. BJ's
Wholesale Club's sales and profits have been strongest in the Christmas holiday
season, while HomeBase's sales and profits have typically been strongest in the
spring building season.
2. The financial statements are unaudited and reflect all normal recurring
adjustments considered necessary by the Company for a fair presentation of its
financial statements in accordance with generally accepted accounting
principles.
3. These interim financial statements should be read in conjunction with the
consolidated financial statements and related notes contained in the Annual
Report on Form 10-K for the fiscal year ended January 28, 1995.
4. The Company classifies its marketable securities as available-for-sale
securities in accordance with Statement of Financial Accounting Standards No.
115. At October 28, 1995, marketable securities consisted of high quality debt
securities issued by states or their political subdivisions. The fair value of
marketable securities exceeded the amortized cost basis by $6,000 at October
28, 1995. All of the Company's marketable securities had maturities of less
than two years, with approximately 78% maturing in less than one year.
5. In the quarter ended January 29, 1994, the Company recorded a pre-tax
restructuring charge of $101.1 million, primarily related to repositioning its
HomeBase division. Eight warehouse stores were closed in that quarter. The
results for the periods ended October 29, 1994 excluded the sales and operating
income of 16 other HomeBase stores that closed or were planned to be closed as
a result of the restructuring.
As of January 28, 1995, sixteen HomeBase warehouse stores had been closed
in connection with the restructuring. Four stores that were originally
included in the restructuring will not be closed, due to their improved
performance. The results of the remaining stores planned for closing (four as
of January 28, 1995 and two as of October 28, 1995) are included in HomeBase's
sales and operating income in the current fiscal year, until they begin
closing.
6. Presented below is information relative to the operating results of the
Company's business segments (dollars in thousands):
<TABLE>
<CAPTION>
Thirteen Weeks Ended Thirty-Nine Weeks Ended
----------------------- -----------------------
October 28, October 29, October 28, October 29,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net sales:
BJ's Wholesale Club $604,426 $558,999 $1,767,903 $1,609,909
HomeBase 361,564 346,607 1,134,424 1,068,341
------- ------- --------- ---------
$965,990 $905,606 $2,902,327 $2,678,250
======= ======= ========= =========
Operating income:
BJ's Wholesale Club $ 15,875 $ 12,684 $ 46,866 $ 37,128
HomeBase 13,353 15,463 47,337 51,656
General corporate expense (1,804) (2,210) (5,567) (6,189)
------- ------- --------- ---------
27,424 25,937 88,636 82,595
Interest on debt and capital
leases (net) (3,581) (3,972) (11,239) (11,005)
------- ------- -------- ---------
Income before income taxes $ 23,843 $ 21,965 $ 77,397 $ 71,590
======= ======= ======== =========
</TABLE>
Warehouses in operation - end of period:
- ---------------------------------------
BJ's Wholesale Club 68 59
HomeBase 79 79
<PAGE>
Management's Discussion and Analysis
of Financial Condition and Results of Operations
Thirteen Weeks (Third Quarter) and Thirty-Nine Weeks (Nine Months) Ended
October 28, 1995 versus Thirteen and Thirty-Nine Weeks Ended October 29, 1994.
Results of Operations
- ---------------------
Consolidated net sales for the quarter ended October 28, 1995 were $1.0
billion, an increase of 6.7% over last year's third quarter. Sales for the
first nine months totalled $2.9 billion, an increase of 8.4% over last year.
These increases were due primarily to the opening of new warehouse stores, as
well as the inclusion of certain HomeBase warehouse stores whose sales were
charged to the restructuring reserve last year (see Note 5 of Notes to
Consolidated Financial Statements). Comparable store sales at BJ's increased
0.6% in the third quarter and decreased 0.1% for the nine-month period.
HomeBase's comparable store sales decreased 6.4% in the third quarter and
decreased 5.7% year-to-date. HomeBase's comparable store sales in the third
quarter continued to be affected by increased competition and a weak economic
environment in several of its markets. 1995 has generally been reported as a
difficult year for home improvement retailers due to a slowdown in housing
turnover, low lumber prices and unseasonable weather patterns.
Cost of sales (including buying and occupancy costs) was 85.5% of sales in this
year's third quarter versus 85.6% in the comparable period last year. Both
divisions had slightly improved gross margins in the third quarter this year.
For the first nine months, the cost of sales percentage was 85.2% compared to
85.4% last year. This year's lower ratios through October 28, 1995 are due
primarily to higher gross margins at HomeBase. BJ's, whose gross margin
percentage is significantly lower than HomeBase's gross margin percentage,
accounted for a larger portion of total sales this year than last year in the
quarter as well as the nine-month period.
Selling, general and administrative ("SG&A") expenses were 11.7% of sales in
the third quarter this year compared to 11.6% in last year's third quarter.
Year-to-date SG&A expenses were 11.8% this year versus 11.5% last year. These
increases were primarily attributable to HomeBase's lower than expected sales
volumes this year.
BJ's operating income in this year's third quarter was $15.9 million, an
increase of 25.2% over last year's $12.7 million. Year-to-date operating
income of $46.9 million was 26.2% higher than last year's $37.1 million. These
increases reflected a more favorable merchandise mix this year and expense
leverage from operating 68 warehouse clubs versus 59 last year.
Operating income at HomeBase was $13.4 million in the third quarter, down 13.6%
from $15.5 million last year. Year-to-date operating income of $47.3 million
was 8.4% lower than last year's $51.7 million. Improved gross merchandise
margins were offset by the impact of lower-than-expected sales volumes on
operating expense ratios.
Last year's results excluded sales and operating income or losses of HomeBase
stores planned to be closed in connection with its restructuring. This year's
results include sales and operating income of six HomeBase stores that were
charged to the reserve last year. Four of these stores were removed from the
reserve at the beginning of the fiscal year, due to improved performance. Two
other stores currently in operation are expected to close in the future, and
their results are being included in HomeBase's sales and operating income
subsequent to January 28, 1995 and will continue to be included until they
begin closing. In the thirteen weeks ended October 29, 1994, this group of six
stores had sales of $23 million and operating income of $1.0 million. Their
sales and operating income for the thirty-nine weeks ended October 29, 1994
were $70 million and $2.1 million, respectively. In the thirteen weeks ended
January 28, 1995, this group of stores had sales of $19 million and operating
income of $.5 million.
The components of net interest expense were as follows (in thousands):
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
------------------- ------------------
Oct. 28, Oct. 29, Oct. 28, Oct. 29,
1995 1994 1995 1994
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Interest expense on debt $ 4,710 $ 5,352 $14,832 $13,590
Interest and investment income (1,538) (1,815) (4,840) (3,919)
----- ----- ------ ------
Interest on debt (net) 3,172 3,537 9,992 9,671
Interest on capital leases 409 435 1,247 1,334
----- ----- ------ ------
Interest on debt and capital
leases (net) $ 3,581 $ 3,972 $11,239 $11,005
===== ===== ====== ======
</TABLE>
Interest expense on debt was net of capitalized interest of $942,000 in this
year's third quarter and $2,420,000 year-to-date. Last year's capitalized
interest was $489,000 and $1,777,000 in the third quarter and the first nine
months, respectively.
The year-to-date provision for income taxes was 39% of pre-tax income both this
year and last year.
Net income for the third quarter was $14.5 million, or $.42 per share, fully
diluted, versus $13.4 million, or $.38 per share, last year. For the first
nine months, net income was $47.2 million, or $1.34 per share, fully diluted,
versus $43.7 million, or $1.24 per share, last year.
During the third quarter, BJ's Wholesale Club introduced a co-branded BJ's
MasterCard. Purchases made at BJ's with the card earn a 4% rebate through
January 31, 1996, and a 2% rebate after January 31, 1996. All other purchases
made with the BJ's MasterCard earn a 1% rebate. Rebates are issued in the form
of "BJ's Bucks," which can be redeemed only at BJ's clubs.
Liquidity and Capital Resources
- -------------------------------
The Company opened six new BJ's clubs and four new HomeBase warehouse stores,
including the relocation of one store, in the first nine months of this fiscal
year. Last year the Company opened eight new BJ's clubs and three new HomeBase
stores in the same period. The Company expects to open three or four
additional new BJ's clubs in the fourth quarter of this fiscal year. In the
fiscal year ending January 25, 1997, the Company expects to open approximately
five HomeBase stores and eight to ten BJ's clubs.
The Company is committed to a program of renovating its HomeBase stores that
were opened prior to 1993. Nineteen of these stores have been remodeled so
far, and the Company plans to renovate the remaining stores over the next two
and a half years.
As of October 28, 1995, the Company had closed 18 HomeBase warehouse stores in
connection with its restructuring and is still obligated under leases for six
of these stores. The Company expects to close two additional HomeBase stores
that are currently in operation.
The Company's restructuring has generated approximately $68 million of cash
flow through October 28, 1995, including approximately $4 million (net of tax
benefits) in the first nine months of this year. The net cash outflow in
connection with the disposition of the remaining warehouse locations, including
long-term lease obligations, is estimated to be approximately $5 million to $10
million (net of tax benefits). The remaining terms of the leases expire at
various dates through 2011. In some cases, the Company has made lump sum cash
payments to settle lease obligations, and it may settle other future lease
obligations in the same manner. The actual remaining cash flows could vary
from the estimates above, depending on certain factors, principally the
Company's ability to dispose of closed HomeBase locations on anticipated terms.
Cash expended for property additions in the first nine months of the fiscal
year was $123.0 million this year compared to $81.9 million last year. The
Company's capital expenditures are expected to total approximately $165 million
in this fiscal year, including an estimated $90 million for new store real
estate. The timing of actual store openings and the amount of related
expenditures could vary from these estimates due to the complexity of the real
estate development process.
During the second quarter of this fiscal year, the Company's Board of Directors
authorized the repurchase of up to $50,000,000 of Waban's common stock in open
market transactions. Repurchased shares may be used for the Company's Stock
Incentive Plan or may be reissued at such time as the Company's convertible
subordinated debentures are presented for conversion into common stock, or for
other corporate purposes. As of October 28, 1995, the Company had repurchased
481,500 shares at a total cost of $7.3 million. A total of 20,260 of these
shares have been reissued in connection with the Company's Stock Incentive
Plan.
In April 1995, the Company entered into an agreement with a group of banks
which provides a $150 million line of credit through March 30, 1998. The
agreement includes a $20 million sub-facility for standby letters of credit.
The Company is required to pay an annual facility fee of $300,000 (subject to
adjustment based upon the Company's fixed charge coverage ratio). Borrowings
can be made at prime rate, at LIBOR plus a surcharge (currently 0.45%) that
depends on fixed charge coverage, or on a competitive bid basis. No
compensating balances are required by the agreement. At October 28, 1995,
$8.9 million of standby letters of credit were outstanding under the line's
sub-facility. The remainder of the line of credit was available for use at the
end of the third quarter. The Company has not borrowed against this line of
credit.
The increase in merchandise inventories, net of accounts payable, from January
28, 1995 to October 28, 1995 was due to normal seasonal requirements and the
addition of new stores. Merchandise inventories, net of accounts payable,
increased from October 29, 1994 to October 28, 1995 because of the addition of
new stores.
Cash, cash equivalents and marketable securities totalled $63.7 million as of
October 28, 1995. The Company expects that its current resources, together
with anticipated cash flow from operations, will be sufficient to finance its
operations through January 25, 1997. The Company's cash requirements may vary,
based on, among other things, the rate at which it disposes of the HomeBase
stores that are included in the restructuring.
Seasonality
- -----------
BJ's sales and operating income have been strongest in the Christmas holiday
season and lowest in the first quarter of each fiscal year. HomeBase's sales
and earnings are typically lower in the first and fourth quarters than they are
in the second and third quarters, which correspond to the most active season
for home construction.
<PAGE>
PART II. OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
11.0 Statement regarding computation of per share
earnings.
(b) The Company did not file any reports on Form 8-K with
the Securities and Exchange Commission during the quarter
ended October 28, 1995.
<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.
WABAN INC.
----------
(Registrant)
Date: December 7, 1995 /S/ HERBERT J. ZARKIN
----------------------------- -----------------------------
Herbert J. Zarkin
President and
Chief Executive Officer
Date: December 7, 1995 /S/ EDWARD J. WEISBERGER
----------------------------- ------------------------------
Edward J. Weisberger
Senior Vice President and
Chief Financial Officer
<PAGE>
<TABLE>
Exhibit 11
WABAN INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
(Unaudited)
<CAPTION>
Thirteen Weeks Ended Thirty-Nine Weeks Ended
----------------------- -----------------------
October 28, October 29, October 28, October 29,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net income as reported $14,544,000 $13,399,000 $47,212,000 $43,670,000
========== ========== ========== ==========
Net income used for primary
computation $14,544,000 $13,399,000 $47,212,000 $43,670,000
Add (where dilutive):
Tax effected interest and
amortization of debt expense
on convertible debt 1,085,000 1,086,000 3,256,000 3,262,000
---------- ---------- ---------- ----------
Net income used for fully
diluted computation $15,629,000 $14,485,000 $50,468,000 $46,932,000
========== ========== ========== ==========
Weighted average number of
common shares outstanding 32,919,353 33,155,689 33,084,047 33,131,654
Add (where dilutive):
Assumed exercise of those
options that are common
stock equivalents net of
treasury shares deemed to
have been repurchased
232,944 348,807 188,904 277,561
---------- ---------- ---------- ----------
Weighted average number of
common and common equivalent
shares outstanding, used for
primary computation 33,152,297 33,504,496 33,272,951 33,409,215
Add (where dilutive):
Shares applicable to stock
options in addition to those
used in primary computation
due to the use of period-end
market price when higher than
average price - - - 5,101
Assumed exercise of
convertible securities 4,387,879 4,387,879 4,387,879 4,387,879
---------- ---------- ---------- ----------
Adjusted shares outstanding
used for fully diluted
computation 37,540,176 37,892,375 37,660,830 37,802,195
========== ========== ========== ==========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Waban
Inc. consolidated statements of income and consolidated balance sheets filed
with the Form 10-Q for the quarter ended October 28, 1995 and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-27-1996
<PERIOD-END> OCT-28-1995
<CASH> 7,360
<SECURITIES> 56,339
<RECEIVABLES> 52,412
<ALLOWANCES> 0
<INVENTORY> 607,307
<CURRENT-ASSETS> 774,091
<PP&E> 717,575
<DEPRECIATION> 168,387
<TOTAL-ASSETS> 1,341,968
<CURRENT-LIABILITIES> 516,650
<BONDS> 245,435
<COMMON> 333
0
0
<OTHER-SE> 529,704
<TOTAL-LIABILITY-AND-EQUITY> 1,341,968
<SALES> 2,902,327
<TOTAL-REVENUES> 2,902,327
<CGS> 2,472,315
<TOTAL-COSTS> 2,472,315
<OTHER-EXPENSES> 341,376
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 11,239
<INCOME-PRETAX> 77,397
<INCOME-TAX> 30,185
<INCOME-CONTINUING> 47,212
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 47,212
<EPS-PRIMARY> 1.42
<EPS-DILUTED> 1.34
</TABLE>
