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Previous: WESTWOOD GROUP INC, 10-K, 1998-04-15 |
Next: SCIENTIFIC SOFTWARE INTERCOMP INC, 10-K, 1998-04-15 |
<PAGE>
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 Quarter Ended March 1, 1998 Commission File Number 1-10226
------------------ ------------
ROWE FURNITURE CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEVADA 54-0458563
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
239 Rowan Street - Salem, Virginia 24153
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 540-389-8671
- --------------------------------------------------------------------------------
None
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
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 shorted 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 close of the period covered by this report.
Class Outstanding at March 1, 1998
- --------------------------------------- ----------------------------
Common stock, par value $1.00 per share 12,543,566 shares
<PAGE>
ROWE FURNITURE CORPORATION
INDEX
Part I. Financial Information Page
----
Consolidated Balance Sheets - March 1, 1998 and
November 30, 1997 4
Consolidated Statements of Income - Three Months
Ended March 1, 1998 and March 2, 1997 5
Consolidated Statements of Cash Flows - Three Months
Ended March 1, 1998 and March 2, 1997 6
Notes to Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition
and Results of Operations 9
Part II. Other Information 11
<PAGE>
PART I - - FINANCIAL INFORMATION
3
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
March 1 November 30
------- -----------
1998 1997
------------- --------------
(Unaudited) (Audited)
($ Thousands)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 980 $ 850
Accounts receivable, net 26,478 20,789
Inventories (Note 3) 15,334 14,454
Deferred income tax asset 194 194
Prepaid expenses 363 500
----------- ----------
Total current assets 43,349 36,787
PROPERTY AND EQUIPMENT, net 16,057 14,853
OTHER NONCURRENT ASSETS 15,275 12,070
----------- ----------
$ 74,681 $ 63,710
=========== ==========
LIABILITIES
CURRENT LIABILITIES
Short term bank borrowings 8,286 1,731
Accounts payable and accrued liabilities 17,568 16,795
Income taxes payable 1,891 857
----------- ----------
Total current liabilities 27,745 19,383
LONG-TERM AND DEFERRED LIABILITIES 5,419 4,885
----------- ----------
Total liabilities 33,164 24,268
----------- ----------
<CAPTION>
STOCKHOLDERS' EQUITY
COMMON STOCK, par value $1 per share:
March 1 November 30
1998 1997
-----------------------------
<S> <C> <C> <C> <C>
Authorized shares 20,000,000 20,000,000
Issued shares 14,693,544 14,667,783 14,694 14,668
Outstanding shares 12,543,566 12,543,522
CAPITAL IN EXCESS OF PAR VALUE 8,668 8,633
RETAINED EARNINGS 31,232 29,011
----------- ----------
54,594 52,312
Less treasury stock 2,149,978 shares in 1998 and
2,124,261 shares in 1997, at cost (13,077) (12,870)
----------- ----------
Total stockholders' equity 41,517 39,442
----------- ----------
$ 74,681 $ 63,710
=========== ==========
</TABLE>
See notes to consolidated financial statements
4
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 1, 1998 AND MARCH 2, 1997
UNAUDITED
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
1998 1997
--------------- ---------------
($ in thousands - except per share amounts)
<S> <C> <C>
Net shipments $ 45,331 $ 35,416
Cost of shipments 33,244 25,623
-------- --------
Gross profit 12,087 9,793
Selling and administrative expenses 8,047 6,477
-------- --------
Operating income 4,040 3,316
Interest expense (118) (80)
Other income 330 277
-------- --------
Earnings before taxes 4,252 3,513
Taxes on income 1,654 1,403
-------- --------
Net earnings $ 2,598 $ 2,110
======== ========
Earnings per common share (Note 4) $ 0.21 $ 0.16
======== ========
Weighted average common shares 12,553 13,175
======== ========
Earnings per common share - assuming dilution (Note 4) $ 0.20 $ 0.15
======== ========
Weighted average common shares and equivalents 12,946 13,653
======== ========
Dividends declared and paid
per share $ 0.030 $ 0.025
======== ========
</TABLE>
See notes to consolidated financial statements
5
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS
ENDED MARCH 1, 1998 AND MARCH 2, 1997
UNAUDITED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1998 1997
--------------- ---------------
($ Thousands)
<S> <C> <C>
INCREASE (DECREASE) IN CASH:
Cash flows from operating activities:
Cash received from customers $ 41,865 $ 35,780
Cash paid to suppliers and employees (45,304) (32,052)
Income taxes paid, net of refunds (620) (1,421)
Interest paid (118) (79)
Interest received 59 74
Other receipts - net 232 201
-------- --------
Net cash and cash equivalents provided by
(used in) operating activities (3,886) 2,503
-------- --------
Cash flows from investing activities:
Capital expenditures (1,798) (476)
Payments to acquire business (218) -
-------- --------
Net cash used in investing activities (2,016) (476)
-------- --------
Cash flows from financing activities:
Net borrowings under line of credit 6,555 (935)
Payments to reduce long-term debt - (31)
Proceeds from issuance of common stock 61 234
Dividends paid (377) (333)
Purchase of treasury stock (207) (1,446)
-------- --------
Net cash provided by (used in) financing activities 6,032 (2,511)
-------- --------
Net increase (decrease) in cash and cash equivalents 130 (484)
Cash and cash equivalents at beginning of period 850 1,897
-------- --------
Cash and cash equivalents at end of period $ 980 $ 1,413
======== ========
</TABLE>
See notes to consolidated financial statements
6
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS
ENDED MARCH 1, 1998 AND MARCH 2, 1997
UNAUDITED
- --------------------------------------------------------------------------------
Reconciliation of Net Earnings to Net Cash
Provided By Operating Activities:
<TABLE>
<CAPTION>
1998 1997
---------- ----------
($ Thousands)
<S> <C> <C>
Net earnings $ 2,598 $ 2,110
------- -------
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization 839 700
Provision for deferred compensation 203 426
Payments made for deferred compensation (269) (275)
Provision for losses on accounts receivable 84 71
Amortization of goodwill 38 -
Change in operating assets and liabilities net of effect
of acquisition of business:
Decrease (increase) in accounts receivable (3,466) 364
Decrease (increase) in inventories 457 243
Decrease (increase) in prepaid expenses 172 91
Decrease (increase) in cash value of
life insurance (28) (28)
Decrease (increase) in other assets (431) 7
Increase (decrease) in accounts payable (3,418) (1,336)
Increase (decrease) in accrued expenses (1,699) 148
Increase (decrease) in income taxes payable 1,034 (18)
------- -------
Total adjustments (6,484) 393
------- -------
Net cash provided by (used in) operating activities $(3,886) $ 2,503
======= =======
Supplemental schedule of non-cash investment activities:
Fair value of assets acquired, other
than cash and cash equivalents $ 7,490
Liabilities assumed (6,490)
Amounts due to sellers (782)
-------
Cash payments made $ 218
=======
</TABLE>
See notes to consolidated financial statements
7
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
- --------------------------------------------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
- --------------------------------------------------------------------------------
Note 1 - In the opinion of management, the accompanying unaudited
consolidated financial statements contain all adjustments
necessary to present fairly the financial position as of March 1,
1998 and the results of operations and cash flows for the three
months ended March 1, 1998 and March 2, 1997.
Note 2 - The results of operations for the three-months ended March 1,
1998 and March 2, 1997 are not necessarily indicative of the
results to be expected for the full year.
Note 3 - Inventory components are as follows:
($ Thousands)
March 1, November 30,
1998 1997
------ ------
Finished Goods $ 4,017 $ 3,500
Work-In-Process 3,264 2,822
Raw Materials 8,053 8,132
----- -----
$15,334 $14,454
======= =======
Note 4 - The company has adopted statement of Financial Accounting
Standards No. 128, "Earnings per share", resulting in the
restatement of earnings per share for all prior periods. Basic
earnings per share are based upon the weighted average shares
outstanding. Outstanding stock options, which are dilutive, are
treated as common stock equivalents for purposes of computing
diluted earnings per share and represent the difference between
basic and diluted weighted average shares outstanding.
Note 5 - On January 1, 1998, the Company acquired, through a newly created
subsidiary, The Wexford Collection, Inc., the assets and assumed
certain liabilities of J & M Designs Ltd.- Carson, California, a
manufacturer of solid wood reproductions. The purchase price was
paid in cash and contingent payments based on future earnings.
Current lines of credit have been used to fund the operating and
capital requirements of this new entity.
8
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
--------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ------------------------------------------------
UNAUDITED
- --------------------------------------------------------------------------------
Results of Operations:
- ----------------------
Three Months ended March 1, 1998 Compared to Three Months ended March 2, 1997.
Net shipments during the first three months of 1998 increased by $9,915,000 or
28.0% to $45,331,000 from $35,416,000 in 1997. Management believes that
shipments increased primarily from the addition of new dealers, increased
purchases by existing customers and overall favorable business conditions. Also
included, were the shipments of approximately $3,600,000, from two months of
operations at the Wexford Collection, Inc., a new wholly owned manufacturer of
wood furniture. (See Note 5).
Gross profit during the first three months of 1998 increased by $2,294,000 or
23.4% to $12,087,000 from $9,793,000 in 1997. Gross profit as a percentage of
net shipments during the first three months in 1998 decreased to 26.7% from
27.7% in 1997. Management believes that the percentage decrease was due
primarily to costs associated with a wage increase and additional overtime
requirements.
Selling and administrative expenses during the first three months of 1998
increased by $1,570,000 or 24.2% to $8,047,000 from $6,477,000 in 1997. Selling
and administrative expenses as a percentage of net shipments during the first
three months of 1998 decreased to 17.8% from 18.3% in 1997. The increase in
selling and administrative expenses was primarily from higher commissions and
salaries. The percentage decrease in selling and administrative expenses was
primarily the result of increased shipments.
Operating income was $4,040,000 versus $3,316,000 in the prior year. The
increase related to higher shipments and gross profit partially offset by
increased selling and administrative expenses.
Net interest expense during the first three months of 1998 increased by $38,000
or 47.5% to $118,000 from $80,000 in 1997. The increase in net interest expense
resulted from additional short-term borrowings primarily associated with
working-capital requirements for the Wexford Collection, Inc.
Other income during the first three months of 1998 increased by $53,000 to
$330,000 from $277,000 in 1997, due to various miscellaneous items.
Net earnings during the first three months of 1998 increased by $488,000 to
$2,598,000 from $2,110,000 in 1997, reflecting higher net shipments and lower
selling and administrative expenses, partially offset by the higher cost of
shipments, as a percentage to net shipments.
9
<PAGE>
ROWE FURNITURE CORPORATION AND WHOLLY-OWNED SUBSIDIARIES
- --------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ------------------------------------------------
(UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
Liquidity and Source of Capital:
- --------------------------------
The Company has historically financed its operations and capital requirements
with internally generated funds and bank or other financing. The Company has
minimized its working capital requirements by improving operating efficiencies
in various aspects of its business, including inventory and receivable
management and product distribution.
Net cash used in operating activities was $3,886,000 during the first three
months of 1998 versus $2,503,000 net cash provided in 1997. Fluctuations in net
cash provided by operating activities are primarily the result of changes in
operating income and changes in working capital accounts, including reduction of
current liabilities for the Wexford Collection, Inc.
Capital Expenditures were $1,798,000 during the first three months of 1998 and
$476,000 in 1997. These expenditures were incurred primarily in connection with
maintaining the Company's production capacity and certain additions of equipment
and systems.
Net cash provided by financing activities during the first three months of 1998
was $6,032,000 versus $2,511,000 cash used in 1997. In 1998, these activities
related primarily to the increase in short-term borrowings, partially offset by
cash dividends and purchase of treasury stock.
The Company has unsecured short-term bank lines of credit totaling $35 million.
The interest rates on those lines of credit do not exceed the prime rate. The
amount outstanding under the lines of credit as of March 1, 1998 was
approximately $8.3 million of which approximately $6.3 million was for working
capital requirements of the Wexford Collection, Inc.
Management believes that net cash provided by operating activities and available
bank lines of credit will be sufficient to fund anticipated growth and to meet
the Company's anticipated capital requirements and operating needs through 1998.
10
<PAGE>
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings.
- ---------------------------
None
Item 2. Changes in Securities.
- -------------------------------
None
Item 3. Defaults Upon Senior Securities.
- -----------------------------------------
None
Item 4 Submission of Matters to a Vote of Security Holders.
- -------------------------------------------------------------
None
Item 5 Other Information.
- --------------------------
None
Item 6 Exhibits and Reports on Form 8-K.
- ----------------------------------------
a. Exhibits: Exhibit 27.1 - Financial Data Schedule for the first quarter of
1998.
27.2 - Restated data schedule for the years ending
December 3, 1995, December 1, 1996 and November
30, 1997.
27.3 - Restated data schedule for the quarters ending
March 2, 1997, June 1, 1997 and August 31, 1997.
27.4 - Restated data schedule for the quarters ending
March 3, 1996, June 2, 1996 and September 1, 1996.
b. Reports on Form 8-K: One report on Form 8-K was filed on February 26, 1998,
to announce the completion of the acquisition of the assets of J & M
Designs, Ltd., dba, The Wexford Collection of Carson, California effective
January 1, 1998.
11
<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 hereunto duly authorized.
ROWE FURNITURE CORPORATION
--------------------------
Registrant
Date: /s/ Arthur H. Dunkin
------------------- -----------------------------
Arthur H. Dunkin
Secretary-Treasurer
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-29-1998
<PERIOD-END> MAR-01-1998
<CASH> 980
<SECURITIES> 0
<RECEIVABLES> 26,822
<ALLOWANCES> 344
<INVENTORY> 15,334
<CURRENT-ASSETS> 43,349
<PP&E> 46,333
<DEPRECIATION> 30,276
<TOTAL-ASSETS> 74,681
<CURRENT-LIABILITIES> 27,745
<BONDS> 0
0
0
<COMMON> 14,694
<OTHER-SE> 26,823
<TOTAL-LIABILITY-AND-EQUITY> 74,681
<SALES> 45,331
<TOTAL-REVENUES> 45,331
<CGS> 33,244
<TOTAL-COSTS> 33,244
<OTHER-EXPENSES> 7,717
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 118
<INCOME-PRETAX> 4,252
<INCOME-TAX> 1,654
<INCOME-CONTINUING> 2,598
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,598
<EPS-PRIMARY> 0.21
<EPS-DILUTED> 0.20
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM FINANCIAL STATEMENTS INCORPORATED BY REFERENCE INTO THE COMPANY'S
ANNUAL REPORTS ON FORM 10-K FOR THE YEARS ENDED DECEMBER 3, 1995, DECEMBER 1,
1996, AND NOVEMBER 30, 1997 AS SUBSEQUENTLY RESTATED, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH RESTATED FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-03-1995 DEC-01-1996 NOV-30-1997
<PERIOD-END> DEC-03-1995 DEC-01-1996 NOV-30-1997
<CASH> 323 1,897 850
<SECURITIES> 42 45 0
<RECEIVABLES> 19,063 23,026 21,105
<ALLOWANCES> 300 300 316
<INVENTORY> 12,446 12,383 14,454
<CURRENT-ASSETS> 32,730 37,827 36,787
<PP&E> 38,122 41,377 44,357
<DEPRECIATION> 25,027 26,987 29,504
<TOTAL-ASSETS> 58,035 64,280 63,710
<CURRENT-LIABILITIES> 17,823 19,800 19,383
<BONDS> 569 420 0
0 0 0
0 0 0
<COMMON> 14,416 14,564 14,668
<OTHER-SE> 21,205 25,624 24,774
<TOTAL-LIABILITY-AND-EQUITY> 58,035 64,280 63,710
<SALES> 124,939 142,723 144,118
<TOTAL-REVENUES> 124,939 142,723 144,118
<CGS> 94,443 105,130 105,164
<TOTAL-COSTS> 94,443 105,130 105,164
<OTHER-EXPENSES> 24,365 27,345 30,179
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 388 343 279
<INCOME-PRETAX> 11,603 11,387 9,886
<INCOME-TAX> 4,396 4,335 3,600
<INCOME-CONTINUING> 7,207 7,052 6,286
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 7,207 7,052 6,286
<EPS-PRIMARY> 0.53 0.53 0.49
<EPS-DILUTED> 0.53 0.51 0.47
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM FINANCIAL STATEMENTS INCORPORATED BY REFERENCE INTO THE COMPANY'S
QUARTERLY REPORTS ON FORM 10-Q FOR THE QUARTERS ENDED MARCH 2, 1997, JUNE 1,
1997 AND AUGUST 31, 1997 AS SUBSEQUENTLY RESTATED, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH RESTATED FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> NOV-30-1997 NOV-30-1997 NOV-30-1997
<PERIOD-END> MAR-02-1997 JUN-01-1997 AUG-31-1997
<CASH> 1,413 498 1,069
<SECURITIES> 0 0 0
<RECEIVABLES> 22,624 21,169 18,248
<ALLOWANCES> 333 309 299
<INVENTORY> 12,140 11,969 12,771
<CURRENT-ASSETS> 36,529 34,008 33,793
<PP&E> 41,681 42,469 43,429
<DEPRECIATION> 27,612 28,318 28,961
<TOTAL-ASSETS> 62,824 60,232 60,232
<CURRENT-LIABILITIES> 17,628 14,663 17,083
<BONDS> 389 327 0
0 0 0
0 0 0
<COMMON> 14,637 14,640 14,664
<OTHER-SE> 26,116 26,369 24,203
<TOTAL-LIABILITY-AND-EQUITY> 62,824 60,232 60,323
<SALES> 35,416 68,328 102,663
<TOTAL-REVENUES> 35,416 68,328 102,663
<CGS> 25,623 49,855 75,142
<TOTAL-COSTS> 25,623 49,855 75,142
<OTHER-EXPENSES> 6,200 13,056 23,876
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 80 150 206
<INCOME-PRETAX> 3,513 6,053 4,601
<INCOME-TAX> 1,403 2,250 1,702
<INCOME-CONTINUING> 2,110 3,803 2,899
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 2,110 3,803 2,899
<EPS-PRIMARY> 0.16 0.29 0.22
<EPS-DILUTED> 0.15 0.28 0.22
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM FINANCIAL STATEMENTS INCORPORATED BY REFERENCE INTO THE COMPANY'S
QUARTERLY REPORTS ON FORM 10-Q FOR THE QUARTERS ENDED MARCH 3, 1996, JUNE 2,
1996 AND SEPTEMBER 1, 1996, AS SUBSEQUENTLY RESTATED, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH RESTATED FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-1-1996 DEC-1-1996 DEC-1-1996
<PERIOD-END> MAR-3-1996 JUN-2-1996 SEP-1-1996
<CASH> 1,523 371 979
<SECURITIES> 45 45 45
<RECEIVABLES> 21,603 20,091 21,503
<ALLOWANCES> 363 374 276
<INVENTORY> 12,439 11,305 11,648
<CURRENT-ASSETS> 36,083 32,254 34,505
<PP&E> 38,910 39,629 41,139
<DEPRECIATION> 25,527 26,086 26,661
<TOTAL-ASSETS> 61,667 57,944 61,064
<CURRENT-LIABILITIES> 21,052 16,334 18,879
<BONDS> 513 457 434
0 0 0
0 0 0
<COMMON> 14,428 14,448 14,516
<OTHER-SE> 21,758 22,615 23,369
<TOTAL-LIABILITY-AND-EQUITY> 61,667 57,944 61,064
<SALES> 34,793 69,873 104,641
<TOTAL-REVENUES> 34,793 69,873 104,641
<CGS> 27,235 53,509 78,585
<TOTAL-COSTS> 27,235 53,509 78,585
<OTHER-EXPENSES> 6,419 13,297 19,146
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 111 199 246
<INCOME-PRETAX> 1,369 3,580 6,664
<INCOME-TAX> 539 1,417 2,594
<INCOME-CONTINUING> 830 2,163 4,070
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 830 2,163 4,070
<EPS-PRIMARY> 0.06 0.16 0.30
<EPS-DILUTED> 0.06 0.16 0.30
</TABLE>
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