Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
----------------------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-10342
-------------------------------
BHC COMMUNICATIONS, INC.
------------------------
(Exact name of Registrant as specified in its charter)
Delaware 59-2104168
- ------------------------------ --------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
767 Fifth Avenue, New York, New York 10153
- ------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 421-0200
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
-------- --------
As of October 31, 1997 there were 4,882,205 shares of the
issuer's Class A Common Stock outstanding and 18,000,000 shares
of the issuer's Class B Common Stock outstanding.
<PAGE>
Page 2
<TABLE>
PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
(UNAUDITED)
-------------------------------------
<CAPTION>
September 30, December 31,
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 190,577 $ 146,751
Marketable securities (substantially
all U.S. Government securities) 1,313,234 1,245,241
Accounts receivable, net 77,623 87,459
Film contract and, in 1996, prepaid
broadcast rights 118,260 115,498
Prepaid expenses and other current assets 53,312 52,354
------------ ------------
Total current assets 1,753,006 1,647,303
------------ ------------
INVESTMENTS 60,041 46,944
------------ ------------
FILM CONTRACT RIGHTS, less current portion 33,288 28,536
------------ ------------
PROPERTY AND EQUIPMENT, net 46,210 48,077
------------ ------------
INTANGIBLE ASSETS 306,137 313,079
------------ ------------
OTHER ASSETS 14,453 13,324
------------ ------------
$ 2,213,135 $ 2,097,263
============ ============
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
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<TABLE>
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
(UNAUDITED)
-------------------------------------
<CAPTION>
September 30, December 31,
1997 1996
------------ ------------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' INVESTMENT
- ----------------------------------------
CURRENT LIABILITIES:
Film contracts payable within one year $ 105,946 $ 97,222
Accounts payable and accrued expenses 97,693 77,477
Income taxes payable 60,403 35,543
----------- ------------
Total current liabilities 264,042 210,242
----------- ------------
FILM CONTRACTS PAYABLE AFTER ONE YEAR 83,546 80,837
----------- ------------
OTHER LIABILITIES 5,483 5,424
----------- ------------
MINORITY INTEREST 108,161 95,227
----------- ------------
SHAREHOLDERS' INVESTMENT:
Class A common stock - par value $.01 per share;
authorized 200,000,000 shares; outstanding
5,839,508 shares 58 58
Class B common stock - par value $.01 per share;
authorized 200,000,000 shares; outstanding
18,000,000 shares 180 180
Retained earnings 1,811,849 1,710,323
Treasury stock, at cost (63,598) (6,677)
Increase to reflect marketable
securities at market value 3,414 1,649
------------ ------------
1,751,903 1,705,533
------------ ------------
$ 2,213,135 $ 2,097,263
============ ============
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
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<TABLE>
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(UNAUDITED)
-----------------------------------------------
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
-------------------- --------------------
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 105,998 $ 107,125 $ 325,951 $ 329,090
--------- --------- --------- ---------
OPERATING EXPENSES:
Television expenses 54,070 50,921 156,894 155,581
Selling, general and administrative 31,111 29,509 97,167 91,020
--------- --------- --------- ---------
85,181 80,430 254,061 246,601
--------- --------- --------- ---------
Operating income 20,817 26,695 71,890 82,489
--------- --------- --------- ---------
OTHER INCOME (EXPENSE):
Gain on change of ownership in
United Paramount Network, net - - 152,224 -
Interest and other income 21,066 18,912 61,706 61,415
Equity in United Paramount
Network loss (19,579) (38,909) (53,881) (106,653)
--------- --------- --------- ---------
1,487 (19,997) 160,049 (45,238)
--------- --------- --------- ---------
Income before income taxes
and minority interest 22,304 6,698 231,939 37,251
INCOME TAX PROVISION 9,400 3,900 93,300 19,200
--------- --------- --------- ---------
Income before minority interest 12,904 2,798 138,639 18,051
MINORITY INTEREST (4,190) (4,242) (13,017) (12,748)
--------- --------- --------- ---------
Net income (loss) $ 8,714 $ (1,444) $ 125,622 $ 5,303
========= ========= ========= =========
AVERAGE COMMON SHARES OUTSTANDING 23,262 23,957 23,440 24,057
========= ========= ========= =========
NET INCOME (LOSS) PER SHARE $ .37 $ (.06) $ 5.36 $ .22
========= ========= ========= =========
</TABLE>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
<PAGE>
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<TABLE>
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(UNAUDITED)
-----------------------------------------------
<CAPTION>
Nine Months
Ended September 30,
------------------------
1997 1996
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 125,622 $ 5,303
Adjustments to reconcile net income to net cash
provided from operating activities:
Film contract payments (73,734) (68,064)
Film contract amortization 68,660 63,487
Prepaid broadcast rights 21,114 6,090
Depreciation and other amortization 14,372 14,575
Equity in United Paramount Network loss 53,881 106,653
Gain on change of ownership in United
Paramount Network, net (152,224) -
Minority interest 13,017 12,748
Other 1,333 (1,688)
Changes in assets and liabilities:
Accounts receivable 9,836 12,238
Other assets (9,026) 2,525
Accounts payable and other liabilities 4,532 (1,152)
Income taxes 25,849 (2,248)
----------- -----------
Net cash provided from operating activities 103,232 150,467
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from United Paramount Network 116,261 -
(Purchase) disposition of marketable securities, net (58,784) 154,571
Investment in United Paramount Network (26,235) (100,854)
Other investments (3,618) (43,201)
Capital expenditures, net (5,564) (8,334)
Other (36) (44)
----------- -----------
Net cash provided from investing activities 22,024 2,138
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of special dividend (23,599) -
Purchases of treasury stock (56,735) (50,062)
Capital transactions of subsidiary (1,096) (21,604)
----------- -----------
Net cash used in financing activities (81,430) (71,666)
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 43,826 80,939
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 146,751 72,179
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 190,577 $ 153,118
=========== ===========
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
Page 6 BHC COMMUNICATIONS, INC.
------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
-----------------------------------------------------
1. PRINCIPLES OF CONSOLIDATION:
The accompanying condensed consolidated financial statements
include the accounts of BHC Communications, Inc. and its subsidiaries.
BHC, a majority owned (78% at September 30, 1997) subsidiary of Chris-
Craft Industries, Inc., operates eight television stations, three
wholly owned and five owned by United Television, Inc. (UTV), 59%
owned by BHC at September 30, 1997. The interest of UTV shareholders
other than BHC in the net income and net assets of UTV is set forth as
minority interest in the accompanying condensed consolidated
statements of operations and condensed consolidated balance sheets,
respectively. Intercompany accounts and transactions have been
eliminated.
The financial information included herein has been prepared by
BHC, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. However,
BHC believes that the disclosures herein are adequate to make the
information presented not misleading. It is suggested that these
condensed consolidated financial statements be read in conjunction
with the financial statements and the notes thereto included in BHC's
latest annual report on Form 10-K. The information furnished reflects
all adjustments (consisting only of normal recurring adjustments)
which are, in the opinion of management, necessary for a fair
statement of the results for the interim periods. The results for
these interim periods are not necessarily indicative of results to be
expected for the full year, due to seasonal factors, among others.
Certain prior year amounts have been restated to conform with the 1997
presentation.
2. MARKETABLE SECURITIES:
In accordance with Statement of Financial Accounting Standards
(SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity
Securities", BHC classifies its marketable securities as available-
for-sale.
At September 30, 1997, BHC's marketable securities, which
consisted substantially of U.S. Government securities, had a cost of
$1,307,487,000 and a fair value of $1,313,234,000. The difference of
$5,747,000 ($3,414,000 net of income taxes and minority interest)
<PAGE>
Page 7
is reflected as an increase to shareholders' investment in the
accompanying condensed consolidated balance sheet. Of the
investments in U.S. Government securities, 98% mature within one year
and all within two years.
At December 31, 1996, BHC's marketable securities, which
consisted substantially of U.S. Government securities, had a cost of
$1,243,205,000 and a fair value of $1,245,241,000. The difference of
$2,036,000 ($1,649,000 net of income taxes and minority interest) is
reflected as an increase to shareholders' investment in the
accompanying condensed consolidated balance sheet.
3. UNITED PARAMOUNT NETWORK:
In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed the United Paramount Network, a fifth broadcast
television network which premiered in January 1995. BHC owned 100% of
UPN from its inception through January 15, 1997, when Viacom completed
the exercise of its option to acquire a 50% interest in UPN. The
purchase price included $155 million in cash (an amount equal to one-
half of BHC's aggregate cash contributions to UPN through the exercise
date, plus interest), additional cash available for ongoing UPN
expenditures, as well as a non-cash contribution of UPN development
costs previously incurred by Viacom. UPN distributed $116,261,000 to
BHC pursuant to the option exercise, and BHC recorded a net pretax
gain on the exercise of $152,224,000 in the first quarter of 1997.
BHC and Viacom now share equally in UPN funding requirements and in
UPN losses.
UPN has been organized as a partnership, and BHC accounts for its
partnership interest under the equity method. The carrying value of
such interest totalled $12,710,000 at September 30, 1997 and
$1,394,000 at December 31, 1996, and is included in Investments in the
accompanying condensed consolidated balance sheets. UPN is still in
its early development and is expected to continue to incur significant
start-up losses and to require significant funding for the next
several years. However, BHC believes that the substantial portion of
its share of such funding requirements in 1997 and 1998 will be offset
by the proceeds of the Viacom option exercise.
<PAGE>
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UPN's condensed statements of operations are as follows (in
thousands):
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Operating revenues* $ 21,987 $ 13,359 $ 54,896 $ 38,423
Operating expenses* 61,358 50,466 159,323 142,220
--------- --------- --------- ---------
Operating loss (39,371) (37,107) (104,427) (103,797)
Other income (expense), net 213 (1,802) 1,327 (2,856)
--------- --------- --------- ---------
Loss before interest
on BHC advances (39,158) (38,909) (103,100) (106,653)
Interest on BHC advances
(eliminated in consolidation) - (3,917) - (9,688)
--------- --------- --------- ---------
Net loss $ (39,158)$ (42,826) $(103,100)$(116,341)
========= ========= ========= =========
<FN>
* With respect to certain of its programming, through August 31, 1997 UPN
derived no revenue and incurred no programming expense.
</TABLE>
4. SHAREHOLDERS' INVESTMENT:
As of September 30, 1997, there were outstanding 18,000,000
shares of Class B common stock, all held by Chris-Craft, and 5,190,878
shares of Class A common stock, after reflecting as treasury stock
BHC's pro rata interest in its Class A common shares held by UTV and
515,900 Class A common shares purchased by BHC during 1997. At
September 30, 1997, 997,500 shares of Class A common stock remain
authorized for purchase. In January 1997, BHC Board of Directors
declared a special cash dividend of $1.00 per share on BHC's Class A
and Class B common stock. The dividend, totalling $23.6 million, was
paid in February 1997.
Capital transactions of subsidiary, as set forth in the
accompanying condensed consolidated statements of cash flows, reflect
purchases by UTV of its common shares totalling $2,430,000 and
$23,171,000 in the first nine months of 1997 and 1996, respectively,
and proceeds to UTV of $3,267,000 and $3,563,000 in the first nine
months of 1997 and 1996, respectively, from the exercise of stock
options, as well as UTV's dividend of $.50 per share in both periods,
all net of intercompany eliminations.
<PAGE>
Page 9
5. COMMITMENTS:
Commitments of BHC's television stations for film contracts
entered into but not available for broadcasting at September 30, 1997
aggregated approximately $152.6 million, including $67.7 million
applicable to UTV. BHC also has a remaining commitment to invest
over time up to $30.6 million, including $19.8 million applicable to
UTV, in management buyout limited partnerships.
BHC expects to make significant expenditures developing UPN. See
Note 3.
UTV has signed a definitive agreement to purchase the assets of
UHF television station WRBW-TV in Orlando, Florida, for approximately
$60 million and possible future consideration. The acquisition is
subject to FCC approval and other conditions in the agreement.
<PAGE>
Page 10
BHC COMMUNICATIONS, INC.
------------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
--------------------------------------------
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
Liquidity and Capital Resources
- -------------------------------
BHC's financial position is strong and highly liquid. Cash and
marketable securities totalled $1.50 billion at September 30, 1997,
and BHC has no debt outstanding. BHC expended significant funds in
1996 and 1995 to develop the United Paramount Network, but cash flow
provided from BHC's operating activities in those years substantially
exceeded such BHC funding of UPN. BHC believes that the substantial
portion of its share of such funding requirements for 1997 and 1998
will be offset by the proceeds of the Viacom option exercise,
described below.
BHC's operating cash flow is generated primarily by its core
television station group. Broadcast cash flow reflects station
operating income plus depreciation and film contract amortization less
film contract payments. The relationship between film contract
payments and related amortization may vary greatly between periods
(payments exceeded amortization by $5.1 million and $4.6 million in
the first nine months of 1997 and 1996), and is dependent upon the mix
of programs aired and payment terms of the stations' contracts.
Reflecting such amounts, broadcast cash flow for the first nine months
of 1997 declined 8% while station earnings declined 7%, as explained
below. Although broadcast cash flow is often used in the broadcast
television industry as an ancillary measure, it is not synonymous with
operating cash flow computed in accordance with generally accepted
accounting principles, and should not be considered alone or as a
substitute for measures of performance computed in accordance with
generally accepted accounting principles.
BHC's cash flow additionally reflects earnings associated with its
cash and marketable securities, which increased to $1.50 billion at
September 30, 1997, from $1.39 billion at December 31, 1996. Such
increase primarily reflects the $116.3 million distribution from UPN,
described below. Operating cash flow for the nine month period
declined to $103.2 million from $150.5 million, as 1997 income tax
payments related to the UPN distribution are reflected as a reduction
of operating cash flow, while the distribution is reported as a cash
flow from investing activities. Operating cash flow for the nine
months more than offset the payments for dividends and treasury stock
purchases described below.
In January 1997, BHC declared a special cash dividend of $1.00 per
<PAGE>
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share, aggregating $23.6 million, which was paid in February 1997.
BHC plans to consider annually the payment of a special dividend.
Since April 1990, BHC's Board of Directors has authorized the purchase
of up to 7,081,087 Class A common shares. Through September 30, 1997,
6,083,587 shares were purchased for a total cost of $415.2 million,
including $57.0 million in 1997. From 1993 through September 30,
1997, UTV purchased 1,382,876 of its common shares at an aggregate
cost of $86.7 million, of which $2.4 million was expended in the first
nine months of 1997, and at September 30, 1997, 801,149 UTV shares
remained authorized for purchase.
BHC intends to expand its operations in the media, entertainment and
communications industries and to explore business opportunities in
other industries. BHC believes it is capable of raising significant
additional capital to augment its already substantial financial
resources, if desired, to fund such additional expansion. In October
1997, UTV signed a definitive agreement to purchase the assets of
WRBW-TV in Orlando, Florida, for approximately $60 million and
possible future consideration. UTV expects to use a portion of
available cash and marketable securities balances to complete this
transaction.
In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed UPN, a fifth broadcast television network which
premiered in January 1995. BHC owned 100% of UPN from its inception
through January 15, 1997, when Viacom completed the exercise of its
option to acquire a 50% interest in UPN. The purchase price included
$155 million in cash (an amount equal to one-half of BHC's aggregate
cash contributions to UPN through the exercise date, plus interest),
additional cash available for ongoing UPN expenditures, as well as a
non-cash contribution of UPN development costs previously incurred by
Viacom. UPN distributed $116.3 million to BHC following the closing,
and BHC recorded a net pretax gain of $152.2 million on the
transaction. BHC and Viacom now share equally in UPN losses and
funding requirements. BHC funding of UPN totalled $145.6 million in
1996 and $128.6 million in 1995. UPN is still in its early
development, and is expected for the next several years to continue to
incur substantial start-up losses and to require significant funding.
However, BHC believes that the substantial portion of its share of
such funding requirements for 1997, which totalled $26.2 million for
the first nine months, and for 1998 will be offset by the proceeds of
the Viacom option exercise.
BHC's television stations make commitments for programming that will
not be available for telecasting until future dates. At September 30,
1997, commitments for such programming totalled approximately $152.6
million, including $67.7 million applicable to UTV. BHC also has a
remaining commitment to invest over time up to $30.6 million,
<PAGE>
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including $19.8 million applicable to UTV, in management buyout
limited partnerships. BHC capital expenditures generally have not
been material in relation to its financial position, and the related
capital expenditure commitments at September 30, 1997 (including any
related to UPN) were not material. BHC expects that its expenditures
for UPN, future film contract commitments and capital requirements for
its present business will be satisfied primarily from operations,
marketable securities or cash balances.
Results of Operations
- ---------------------
BHC third quarter net income totalled $8,714,000, or $.37 per share,
reversing a net loss of $1,444,000, or $.06 per share, in last year's
corresponding period. The improvement is primarily due to a 50%
reduction in the amount of United Paramount Network start-up losses
included in BHC's operating results, which reflects BHC's reduced
ownership interest in UPN. In January, as set forth above, Viacom
Inc. acquired a 50% interest in UPN, which previously had been 100%
owned by BHC.
For the first nine months of 1997, BHC net income rose to
$125,622,000, or $5.36 per share, from $5,303,000, or $.22 per share,
in last year's corresponding period. The increase in year to date
earnings primarily reflects the net pretax gain of $152,224,000 on
Viacom's acquisition of its UPN interest, as well as the resulting
reduction in the amount of UPN start-up losses recorded by BHC.
Demand for television advertising in several key areas has been
lackluster in 1997. Operating revenues at BHC's core television
station group declined 1% in both the third quarter and first nine
months of 1997. After a $1.1 million increase in certain retirement
plan expense, and a 4% increase in programming expense, third quarter
station group earnings declined 8%, to $28,487,000 from last year's
$30,928,000. Nine month station earnings declined 7%, to $90,731,000
from $97,946,000, as certain retirement plan expense rose $2.3 million
and programming expense rose 2%. Earnings at BHC's television
production subsidiaries declined in the quarter, but rose 14% in the
nine month period.
Operating income declined 22%, to $20,817,000 from $26,695,000, in the
third quarter, and declined 13%, to $71,890,000 from $82,489,000, in
the nine month period. Such declines additionally reflect each
period's proration of the increase, to $12 million from $8 million, in
the annual management fee paid to Chris-Craft.
UPN's third quarter and nine month losses were about the same as last
year's. The amount of UPN losses included in BHC's financial
<PAGE>
Page 13
statements, which are recorded under the equity method of accounting,
declined significantly, to $19,579,000 from $38,909,000 in the
quarter, and to $53,881,000 from $106,653,000 in the nine months,
reflecting BHC's reduced ownership interest.
Interest and other income consists mostly of amounts earned on BHC's
cash and marketable securities holdings. Interest and other income
rose to $21,066,000 from $18,912,000 in the third quarter, and to
$61,706,000 from $61,415,000 in the nine month period.
Minority interest reflects the interest of shareholders other than BHC
in the net income of UTV, 59% owned by BHC at September 30, 1997 and
58% owned by BHC at September 30, 1996.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
------------------------------------------------------------------
Not applicable.
<PAGE>
Page 14
BHC COMMUNICATIONS, INC.
------------------------
PART II. OTHER INFORMATION
--------------------------
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
(a) The following exhibits are filed herewith:
Exhibit No. Description
----------- -----------
27 Financial Data Schedule
(b) No report on Form 8-K was filed during the quarter for
which this report is filed.
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
BHC COMMUNICATIONS, INC.
------------------------
(Registrant)
By: /s/ JOELEN K. MERKEL
-----------------------------
Joelen K. Merkel
Vice President and Treasurer
(Principal Accounting Officer)
Date: November 12, 1997
<PAGE>
<PAGE>
Page 15
EXHIBIT INDEX
Incorporated by
Reference to: Exhibit No. Exhibit
- ------------- ----------- -------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED
FROM 10Q DATED SEPTEMBER 30,
1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 190577
<SECURITIES> 1313234
<RECEIVABLES> 83201
<ALLOWANCES> 5578
<INVENTORY> 0
<CURRENT-ASSETS> 1753006
<PP&E> 142952
<DEPRECIATION> 96742
<TOTAL-ASSETS> 2213135
<CURRENT-LIABILITIES> 264042
<BONDS> 0
0
0
<COMMON> 238
<OTHER-SE> 1751665
<TOTAL-LIABILITY-AND-EQUITY> 2213135
<SALES> 0
<TOTAL-REVENUES> 325951
<CGS> 0
<TOTAL-COSTS> 254061
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 231939
<INCOME-TAX> 93300
<INCOME-CONTINUING> 125622
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 125622
<EPS-PRIMARY> 5.36
<EPS-DILUTED> 0
</TABLE>
