<PAGE>
UNITED STATES
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 June 29, 1996
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 #0-18018
AEROVOX INCORPORATED
--------------------
(Exact name of registrant as specified in its charter)
Delaware 76-0254329
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
370 Faunce Corner Road, North Dartmouth, Massachusetts 02747
- ----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(508) 995-8000
--------------
Registrant's telephone number
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 the latest practicable date:
At June 29, 1996, 5,310,922 shares of registrant's common stock (par value,
$1.00) were outstanding.
Page 1
<PAGE>
AEROVOX INCORPORATED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in Thousands)
<TABLE>
<CAPTION>
June 29, Dec 30,
1996 1995
ASSETS ---------------------------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 292 $ 573
Accounts receivable, net 18,683 19,588
Inventories 21,812 22,630
Prepaid expenses and other current assets 1,306 1,073
Deferred income taxes 1,792 885
-------- --------
Total current assets 43,885 44,749
Property, plant and equipment,
net of accumulated depreciation 40,774 41,251
Deferred income taxes 2,683 2,290
Other assets 290 401
-------- --------
Total assets $ 87,632 $ 88,691
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,234 $ 11,270
Accrued expenses 5,322 3,339
Current maturities of long-term debt 3,587 3,205
Income taxes 758 508
-------- --------
Total current liabilities 19,901 18,322
Deferred income taxes 6,727 6,727
Industrial revenue bond 2,380 2,573
Long-term debt less current maturities 24,157 25,132
Other liabilities 1,242 1,072
Stockholders' equity:
Common stock 5,311 5,299
Additional paid-in capital 819 769
Retained earnings 27,470 29,488
Foreign currency translation adjustment (375) (691)
-------- --------
Total stockholders' equity 33,225 34,865
-------- --------
Total liabilities and stockholders' equity $ 87,632 $ 88,691
======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
PAGE 2
<PAGE>
AEROVOX INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Amounts in Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ ----------------
June 29, July 1, June 29, July 1,
1996 1995 1996 1995
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net sales $ 32,030 $ 36,737 $ 65,194 $ 70,878
Cost of sales 30,529 30,685 57,834 58,901
-------- -------- -------- --------
Gross margin 1,501 6,052 7,360 11,977
Selling, general and administrative expenses 4,998 3,873 9,003 8,152
-------- -------- -------- --------
Income (loss) from operations (3,497) 2,179 (1,643) 3,825
Other income (expense):
Interest expense (576) (569) (1,293) (1,082)
Other income (expense) (240) 161 (106) 390
-------- -------- -------- --------
Income (loss) before income taxes (4,313) 1,771 (3,042) 3,133
Provision (benefit) for income taxes (1,532) 680 (1,024) 1,208
-------- -------- -------- --------
Net income (loss) $ (2,781) $ 1,091 $ (2,018) $ 1,925
======== ======== ======== ========
Net income (loss) per share $ (0.52) $ 0.21 $ (0.38) $ 0.36
======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
Page 3
<PAGE>
AEROVOX INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Six Months Ended
----------------
June 29, July 1,
1996 1995
------------- ------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ (2,018) $ 1,925
Adjustments to reconcile to cash provided by (used in)
operating activities:
Depreciation and amortization 2,401 2,159
Deferred income taxes (1,300) 4
Changes in operating assets and liabilities:
Accounts receivable 905 (6,737)
Inventories 818 (2,906)
Prepaid expenses and other current assets (233) (195)
Accounts payable (1,036) 1,875
Accrued expenses 1,983 864
Income taxes payable 250 833
------------ ------------
Net cash provided by (used in) operating activities 1,770 (2,178)
------------ ------------
Cash flows from investing activities:
Acquisition of property, plant and equipment (1,924) (4,689)
Other 597 (42)
------------ ------------
Net cash used in investing activities (1,327) (4,731)
------------ ------------
Cash flows from financing activities:
Net borrowings/(repayments) under line of credit (1,716) 4,795
Long-term debt borrowings 1,500 3,500
Long-term debt repayment (570) (1,195)
Common stock issued 62 29
------------ ------------
Net cash provided by (used in) financing activities (724) 7,129
------------ ------------
Increase (decrease) in cash and cash equivalents (281) 220
Cash and cash equivalents at beginning of period 573 102
------------ ------------
Cash and cash equivalents at end of period $ 292 $ 322
============ ============
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 1,173 $ $ 1,176
============ ============
Cash paid during the period for income taxes $ 220 $ $ 418
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
Page 4
<PAGE>
AEROVOX INCORPORATED
NOTES TO FINANCIAL STATEMENTS
(1) The consolidated financial statements are unaudited, and in the opinion of
management, reflect all adjustments, all of a normal recurring nature,
necessary for a fair presentation of the financial statements for the
interim periods.
The financial statements are presented as permitted by Form 10Q, and do not
contain certain information included in the Company's annual financial
statements and notes.
Page 5
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Results of operations for Three Months Ended June 29, 1996 as compared to Three
Months Ended July 1, 1995.
Net sales for the second quarter of 1996 totaled $32,030,000 compared to
$36,737,000 for the second quarter of 1995, a $4,707,000 decrease (12.8%). A
general softness in the marketplace (primarily in lighting), a slowness in the
buildup of demand for electrolytic capacitors produced in the Company's Mexican
facilities, and a government program (1995) that was not repeated in the second
quarter of 1996, all contributed to the shortfall in net sales.
Reserves were established by the Company during the second quarter of 1996
to cover warranty claims, unusable inventories primarily related to operations
in Mexico, severance costs, elimination of certain benefit programs, and an
increase in doubtful accounts receivable. The after-tax impact to the operations
of the Company totaled $3,465,000 (or $.65 per share for the quarter) and was
accounted for, as follows:
<TABLE>
<CAPTION>
2nd Quarter, 1996
---------------------------
(In $000's) Before Reserves Reserves As Reported
--------------- -------- -----------
<S> <C> <C> <C>
Net Sales $32,030 -- $32,030
Cost of sales 26,280 $ 4,249 30,529
------ ------ ------
Gross margin 5,750 /18.0%/ (4,249) 1,501 /4.7%/
Selling, general and
administrative expenses 4,200 /13.1%/ 798 4,998 /15.6%/
----- ----- -----
Income (loss) from operations 1,550 /4.8%/ (5,047) (3,497) /(10.9%)/
Other income (expense):
Interest expense (576) -- (576)
Other income (expense) 49 (289) (240)
----- ----- -----
Income (loss) before income 1,023 /3.2%/ (5,336) (4,313) /(13.5%)/
taxes
Provision (benefit) for
Income taxes 339 (1,871) (1,532)
----- ----- -----
Net income (loss) $ 684 /2.1%/ $(3,465) $(2,781) /(8.7%)/
===== ===== =====
Net income (loss) per share $ 0.13 $ (0.65) $ (0.52)
===== ====== =====
</TABLE>
Gross margins before reserves for the second quarter of 1996 totaled
$5,750,000 (18.0% of net sales) and $1,501,000 (4.7% of net sales) after reserve
adjustments as compared to $6,052,000 (16.5% of net sales) for the corresponding
quarter in 1995. Selling, general and administrative (SG&A) expenses for the
quarter totaled $4,200,000 before reserves (13.1% of net sales) and $4,998,000
after reserve adjustments (15.6% of net sales) versus $3,873,000 in the second
quarter of 1995 (10.5% of net sales). Certain expenses in SG&A incurred during
the quarter were attributable to the addition of two new officers to the Company
Page 6
<PAGE>
to replace officers retiring at year end. The second quarter of 1995 included a
favorable adjustment in incentive bonus accruals to reflect lower earnings
levels.
Interest expense for the second quarter, at $576,000, compares to $569,000
in the second quarter of 1995. Other income (expense) prior to reserve
adjustments totals $49,000 and a negative $240,000 after the reserve adjustments
compared to $161,000 other income for the corresponding quarter of 1995.
Income (loss) before taxes was $1,023,000 before reserves (3.2% of net
sales) and $(4,313,000) after reserve adjustments (a negative 13.5% of net
sales) compared to $1,771,000 (4.8% of net sales) for the second quarter of
1995. Income tax benefits for the second quarter of 1996 are $1,532,000 versus a
tax provision of $680,000 in the second quarter of 1995. A net loss of
$2,781,000 (a negative $0.52 per common share) compares to net income reported
in the second quarter of 1995 of $1,091,000, $0.21 per share.
Results of operations for the Six Months Ended June 29, 1996 as compared to Six
Months Ended July 1, 1995.
Net sales for the first six months of 1996 totaled $65,194,000 compared to
$70,878,000 for the corresponding six months of 1995, a $5,684,000 decrease. A
general softness in the marketplace (primarily in the lighting market), a
slowness in the buildup of demand for electrolytic capacitors produced in the
Company's Mexican facilities, and a non-repeated government program (produced in
1995) all contributed to a shortfall in net sales between the corresponding
periods.
Reserves were established by the Company during the second quarter of 1996
to cover warranty claims, unusable inventories primarily related to operations
in Mexico, severance costs, elimination of certain benefit programs, and an
increase in doubtful accounts receivable. The after-tax impact to operations of
the Company totaled $3,465,000 (or $.65 per common share) and was accounted for,
as follows:
<TABLE>
<CAPTION>
1st Half, 1996
------------------------
(In $000's) Before Reserves Reserves As Reported
--------------- -------- -----------
<S> <C> <C> <C>
Net Sales $65,194 -- $65,194
Cost of sales 53,585 $ 4,249 57,834
------ ----- ------
Gross margin 11,609 /17.8%/ (4,249) 7,360 /11.3%/
Selling, general and
administrative expenses 8,205 /12.6%/ 798 9,003 /13.8%/
----- ----- ------
Income (loss) from operations 3,404 /5.2%/ (5,047) (1,643)/(2.5%)/
Other income (expense):
Interest expense (1,293) -- (1,293)
Other income (expense) 183 (289) (106)
----- ------ ------
Income (loss) before income taxes 2,294 /3.5%/ (5,336) (3,042)/(4.7%)/
Provision (benefit) for
Income taxes 847 (1,871) (1,024)
----- ----- -----
Net income (loss) $1,447 /2.2%/ $(3,465) $(2,018)/(3.1%)/
===== ===== =====
Net income (loss) per share $ 0.27 $( 0.65) $( 0.38)
===== ====== =====
</TABLE>
Page 7
<PAGE>
Gross margins before reserves for the first half of 1996 totaled
$11,609,000 (17.8% of net sales) and $7,360,000 (11.3% of net sales) after
reserve adjustments compared to $11,977,000 (16.9% of net sales) for the
corresponding six months of 1995. Selling, general and administrative expenses
for the first six months of 1996 totaled $8,205,000 before reserves (12.6% of
net sales) and $9,003,000 after reserve adjustments (13.8%) compared to
$8,152,000 for the first six months of 1995 (11.5% of net sales).
Interest expenses totaled $1,293,000 for the first six months as compared
to $1,082,000 for the first six months of 1995. Other income at $183,000 prior
to reserve adjustments and a negative $106,000 after the reserve adjustments
compares to $390,000 for the first half of 1995. A Licensee purchased more raw
materials from the Company and a favorable exchange gain was recorded by the
Company's U.K. subsidiary in the first half of 1995.
Income (loss) before taxes was $2,294,000 before reserves (3.5% of net
sales) and ($3,042,000) after reserve adjustments (a negative 4.7% of net sales)
compared to income before taxes of $3,133,000 for the first half of 1995 (4.4%
of net sales). Income tax benefits for the first half of 1996 total $1,024,000
in comparison to a tax provision of $1,208,000 for the first half of 1995. A net
loss of $2,018,000 (a negative $0.38 per common share) compares to a net income
of $1,925,000 for the corresponding period in 1995, $0.36 per common share.
Financial Condition: Liquidity and Capital Resources
Cash at the end of the second quarter, 1996, totaled $292,000 compared to
$322,000 at the end of the second quarter of 1995. Working capital totaled
$23,984,000 at June 29, 1996, versus $28,139,000 at the end of the first half of
1995; a reduction of $4,155,000, primarily a result of the reserve adjustments
taken by the Company during the second quarter of 1996. Current ratio of 2.2:1
compares to a ratio of 2.4:1 at July 1, 1995. Approximately $1,924,000 of
expenditures were made during the first half of 1996 for property, plant and
equipment compared to $4,689,000 expended during the first six months of 1995.
The ratio of total liabilities to net worth was 1.64:1 at the end of the first
six months of 1996 as compared to 1.56:1 at the end of the corresponding period
in 1995.
At the end of the first half of 1996, the Company had borrowings of
$30,124,000 versus $31,040,000 for the comparable period in 1995, a reduction of
$916,000.
On May 15, 1996, a Third Amendment to the Revolving Credit Agreement was
entered into between the Bank of Boston and the Company which extended the
maturity date to May 31, 1999 and amended financial covenants going forward.
Under this amended Agreement, the Company continues its credit line of
$21,000,000, including a line of credit for the Company's wholly-owned
subsidiary, BHC Aerovox, Ltd., in the amount of 4,400,000 British Pounds.
Interest is at the bank's prime rate payable in arrears on the outstanding loan
balance. The Company has options to convert from a bank base loan into a
Eurodollar Loan at the then Eurodollar (LIBOR) rate plus 1 3/4 percentage points
and to convert up to $4,000,000 of loans to a Bankers' Acceptance facility at
Page 8
<PAGE>
interest rates equal to the per annum average discount rate quoted to the bank
on date of request for such facility plus 1 1/2 percentage points per annum. A
commitment fee, equal to one-quarter percent per annum, will be charged on the
unused portion of the total commitment. At June 29, 1996, total borrowings
outstanding under this Agreement were approximately $19,721,000 compared to
approximately $18,915,000 on July 1, 1995.
Due to the establishment of increased reserves during the second quarter of
1996, the Bank of Boston covenant for an interest coverage ratio of no less than
2.25:1 (earnings before interest and income taxes divided by interest expense)
was not met at the end of the second quarter of 1996. The bank has been advised
and a waiver of this particular covenant for the period has been granted. All
other covenants required by the Agreement between the bank and the Company have
been met.
The Company also has a term line of credit with the CIT Group, an equipment
financing company. This line of $10,000,000, collateralized by certain
equipment, has annual interest rates ranging from 7.4% to 8.2% and maturing at
various dates to January 10, 2001. At June 29, 1996, borrowings outstanding
under this agreement were $7,637,000 compared to $9,034,000 outstanding at the
end of the second quarter of 1995.
A ten-year Industrial Revenue Bond was issued by the Massachusetts
Industrial Finance Agency in July 1982 to finance the acquisition of equipment.
The bond was transferred to another purchaser in June, 1992. Principal and
interest, at an annual rate of 7.42%, are payable monthly to July 1, 2002. At
June 29, 1996, the bond balance outstanding under this agreement was $2,765,000
compared to $3,090,000 at July 1, 1995.
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
6 (a). The Company s Annual Meeting of Stockholders was held on Tuesday, May 7,
1996, in Boston, MA. Proxies for the meeting were solicited pursuant to
Regulation 14A.
6 (b). There was no solicitation in opposition to the nominees listed in the
proxy statement and all such nominees were elected.
6 (c). At the Annual Meeting of Stockholders, the following three Class I
Directors were elected to serve until the 1999 Annual Meeting. The vote
totals for each is as follows:
<TABLE>
<CAPTION>
Total Vote
Total Vote Withheld
for Each from Each
Director Director
--------- ---------
<S> <C> <C>
Robert D. Elliott 4,635,923 348,249
William G. Little 4,635,918 348,254
John L. Sprague 4,636,227 347,945
</TABLE>
Page 9
<PAGE>
Shareholders approved the amendment to increase the number of shares of
Common Stock reserved for issuance under the 1989 Stock Option Plan for
Employees from 700,000 to 950,000 and to limit any individual award in
any calendar year to 50,000.
<TABLE>
Votes
-----
<S> <C>
For 3,978,744
Against 964,729
Abstained 40,544
Unvoted 155
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
6(a). Exhibits:
4.4.4. Third Amendment, dated May 15, 1996, to Amended and Restated
Revolving Credit Agreement, dated July 8, 1993, between the Company and The
First National Bank of Boston.
Note: Registrant agrees to furnish to the Securities and Exchange
commission, upon request, a copy of any other instrument with respect to long-
term debt of the registrant and its subsidiaries. Such other instruments are not
filed herewith because no such instrument relates to outstanding debt in an
amount greater than 10% of the total consolidated assets of the registrant and
its subsidiaries.
6(b). Reports on Form 8-K: None filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
AEROVOX INCORPORATED
DATE August 12, 1996 BY /S/ RONALD F. MURPHY
------------------------- -------------------------
Ronald F. Murphy, Senior Vice
President and Secretary
Page 10
10
<PAGE>
Exhibit 4.4.4
THIRD AMENDMENT TO
AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT
--------------------------
THIS THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
(this "Third Amendment") is made and entered into as of the 15th day of May,
1996, by and among AEROVOX INCORPORATED, a Delaware corporation having its
principal place of business at 370 Faunce Corner Road, North Dartmouth,
Massachusetts 02747 (the "Borrower"), BHC AEROVOX, LTD., a corporation organized
under the laws of the United Kingdom (the "Guarantor"), and THE FIRST NATIONAL
BANK OF BOSTON (the "Bank"), a national banking association having its principal
place of business at 100 Federal Street, Boston, Massachusetts 02110.
WHEREAS, the Borrower, Aerovox Aero M, Inc., (predecessor in interest to
the Guarantor under the Loan Documents) and the Bank entered into an Amended and
Restated Revolving Credit Agreement dated as of July 8, 1993, and amended as of
August 30, 1994, and December 29, 1995 (as further amended and in effect from
time to time, the "Credit Agreement") pursuant to which the Bank extended credit
to the Borrower on the terms set forth therein;
WHEREAS, the Bank, the Borrower and the Guarantor have agreed to amend the
Credit Agreement as hereinafter set forth;
NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
1. Definitions. Capitalized terms used herein without definition have the
-----------
meanings ascribed to them in the Credit Agreement.
2. Amendment to (S)1 of the Credit Agreement. The definition of
--------- -- ---- -- --- ------ ---------
"Maturity Date" appearing in (S)1 of the Credit Agreement is amended by deleting
the reference to "May 31, 1997" appearing therein and by substituting "May 31,
1999" in its place.
3. Amendment to (S)8.1 of the Credit Agreement. The table set forth in
--------- -- ------ -- --- ------ ---------
(S)8.1 of the Credit Agreement is hereby deleted in its entirety and the
following substituted in place thereof:
"Period Ratio
------- -----
4/1/96 through 6/30/96 1.75:1
Thereafter 1.50:1."
4. Amendment to 8.2 of the Credit Agreement. The table set forth in
--------- -- --- -- --- ------ ---------
Section 8.2 of the Credit Agreement is hereby deleted in its entirety and the
following substituted in place thereof:
<PAGE>
-2-
"Period Ratio
------- -----
1/1/96 through 3/31/96 2.79:1
4/1/96 through 6/30/96 2.25:1
7/1/96 through 9/30/96 2.50:1
10/1/96 through 12/31/96 3.00:1
Thereafter 3.75:1."
5. Ratification, etc.
------------ ---
Except as expressly amended or waived hereby, the Credit Agreement, the
other Loan Documents and all documents, instruments and agreements related
thereto are hereby ratified and confirmed in all respects and shall continue in
full force and effect. This Third Amendment and the Credit Agreement shall
hereafter be read and construed together as a single document, and all
references in the Credit Agreement or any related agreement or instrument to the
Credit Agreement shall refer to the Credit Agreement as amended by this Third
Amendment. By executing this Third Amendment where indicated below, the
Guarantor hereby ratifies and confirms its guaranty of the Obligations, and
acknowledges and consents to the terms of this Third Amendment.
6. GOVERNING LAW.
--------- ---
THIS THIRD AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS AND SHALL TAKE EFFECT AS A SEALED
INSTRUMENT IN ACCORDANCE WITH SUCH LAWS.
7. Counterparts. This Third Amendment may be executed in any number of
------------
counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be an original, but all of which
counterparts taken together shall be deemed to constitute one and the same
instrument. Complete sets of counterparts shall be lodged with the Bank.
8. Effectiveness. This Third Amendment shall become effective upon its
-------------
execution and delivery by the respective parties hereto.
9. Entire Agreement. The Credit Agreement as amended by this Third
------ ---------
amendment represents the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous, or subsequent oral
agreements of the parties. There are no unwritten oral agreements between the
parties.
<PAGE>
-3-
IN WITNESS WHEREOF, the undersigned have duly executed this Third Amendment
under seal as of the date first set forth above.
THE BORROWER:
--- --------
AEROVOX INCORPORATED
By: /s/RONALD F. MURPHY
------------------------------
Title: Sr. V.P./Treasurer
---------------------------
THE GUARANTOR:
--- ---------
BHC AEROVOX, LTD.
By: /s/RONALD F. MURPHY
------------------------------
Title: Sr. V.P./Treasurer
---------------------------
THE BANK:
--- ----
THE FIRST NATIONAL BANK OF BOSTON
By: /s/PAULINE J. MOZZONE
------------------------------
Title: Vice President
---------------------------
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-28-1996
<PERIOD-START> DEC-31-1995
<PERIOD-END> JUN-29-1996
<CASH> 292
<SECURITIES> 0
<RECEIVABLES> 20,039
<ALLOWANCES> 1,356
<INVENTORY> 21,812
<CURRENT-ASSETS> 43,885
<PP&E> 70,962
<DEPRECIATION> 30,188
<TOTAL-ASSETS> 87,632
<CURRENT-LIABILITIES> 19,901
<BONDS> 0
0
0
<COMMON> 5,311
<OTHER-SE> 27,914
<TOTAL-LIABILITY-AND-EQUITY> 87,632
<SALES> 32,030
<TOTAL-REVENUES> 32,030
<CGS> 30,529
<TOTAL-COSTS> 35,008
<OTHER-EXPENSES> 240
<LOSS-PROVISION> 519
<INTEREST-EXPENSE> 576
<INCOME-PRETAX> (4,313)
<INCOME-TAX> (1,532)
<INCOME-CONTINUING> (2,781)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,781)
<EPS-PRIMARY> (0.52)
<EPS-DILUTED> (0.52)
</TABLE>
