FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 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 1-6905
RUDDICK CORPORATION
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 56-0905940
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2000 Two First Union Center
Charlotte, North Carolina 28282
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 372-5404
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 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.
Outstanding Shares
Class As of May 4, 1997
Common Stock 46,551,533 shares
RUDDICK CORPORATION
INDEX
PAGE NO.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED BALANCE SHEETS -
MARCH 30, 1997 AND SEPTEMBER 29, 1996 2
CONSOLIDATED CONDENSED STATEMENTS OF
INCOME - THREE MONTHS AND SIX MONTHS
ENDED MARCH 30, 1997 AND MARCH 31, 1996 3
CONSOLIDATED CONDENSED STATEMENTS OF
CASH FLOWS - SIX MONTHS ENDED
MARCH 30, 1997 AND MARCH 31, 1996 4
NOTES TO CONSOLIDATED CONDENSED FINANCIAL
STATEMENTS 5
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS 6-9
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS. 10
ITEM 5. OTHER MATTERS 11
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 11
SIGNATURES 11
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RUDDICK CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
March 30, September 29,
ASSETS 1997 1996
------ (Unaudited) (Unaudited)
----------- ------------
CURRENT ASSETS:
Cash and Temporary Cash
Investments $13,466 $21,033
Accounts Receivable, Net 73,404 70,809
Inventories 193,875 183,649
Other 32,424 22,569
Net Assets of Discontinued
Operations 413
--------- ---------
Total Current Assets 313,169 298,473
PROPERTY, NET 439,395 410,567
INVESTMENTS AND OTHER
ASSETS 100,391 92,662
----------- ------------
Total $852,955 $801,702
=========== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes Payable $4,500 $7,118
Current Portion of Long-Term
Debt 7,576 5,247
Accounts Payable 135,811 138,032
Income Taxes Payable 3,718 1,945
Other Accrued Liabilities 65,830 80,997
----------- ------------
Total Current Liabilities 217,435 233,339
LONG-TERM DEBT 206,203 159,188
DEFERRED LIABILITIES 66,436 62,319
SHAREHOLDERS' EQUITY:
Capital Stock - Common 56,287 55,599
Retained Earnings 308,980 293,654
Cumulative Translation
Adjustments (2,386) (2,397)
----------- ------------
Shareholders' Equity 362,881 346,856
----------- ------------
Total $852,955 $801,702
=========== ============
2
RUDDICK CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except share and per share data)
THREE MONTHS ENDED
----------------------
March 30, 1997 March 31, 1996
(Unaudited) (Unaudited)
--------- ---------
NET SALES
American & Efird $90,642 $68,719
Harris Teeter 473,285 453,633
--------- ---------
Total 563,927 522,352
--------- ---------
OPERATING PROFIT
American & Efird 11,911 7,434
Harris Teeter 10,025 11,208
--------- ---------
Total 21,936 18,642
--------- ---------
OTHER COSTS AND DEDUCTIONS
Interest expense, net 3,480 2,989
Other expense,net 1,822 2,598
--------- ---------
Total 5,302 5,587
--------- ---------
Income from continuing operations
before income taxes 16,634 13,055
Income taxes 5,441 3,554
--------- ---------
Income from continuing operations 11,193 9,501
Income from discontinued
operations before income tax - -
Less applicable income taxes - -
--------- ---------
NET INCOME $11,193 $9,501
========= ==========
AVERAGE NUMBER OF SHARES OF
COMMON STOCK AND COMMON STOCK
EQUIVALENTS OUTSTANDING:
Primary 46,863,232 46,532,336
Fully Diluted 46,909,245 46,621,386
NET INCOME PER SHARE -
PRIMARY AND FULLY DILUTED: $.24 $.21
DIVIDENDS DECLARED PER SHARE - Common $.08 $.06
SIX MONTHS ENDED
----------------------
March 30, 1997 March 31, 1996
(Unaudited) (Unaudited)
--------- ---------
NET SALES
American & Efird 178,051 135,833
Harris Teeter 959,989 916,188
--------- ---------
Total 1,138,040 1,052,021
--------- ----------
OPERATING PROFIT
American & Efird 21,998 12,386
Harris Teeter 22,979 23,279
--------- ---------
Total 44,977 35,665
--------- ---------
OTHER COSTS AND DEDUCTIONS
Interest expense, net 6,674 6,086
Other expense, net 4,256 4,976
--------- ---------
Total 10,930 11,062
--------- ---------
Income from continuing operations
before income taxes 34,047 24,603
Income taxes 11,275 7,059
--------- ----------
Income from continuing operations 22,772 17,544
Income from discontinued
operations before income taxes - 123
Less applicable income taxes - (47)
--------- ---------
Net Income $22,772 $17,620
========= =========
AVERAGE NUMBER OF SHARES OF
COMMON STOCK AND COMMON STOCK
EQUIVALENTS OUTSTANDING:
Primary 46,796,098 46,560,058
Fully Diluted 46,898,629 46,606,967
NET INCOME PER SHARE -
PRIMARY AND FULLY DILUTED: $.49 $.38
DIVIDENDS DECLARED PER SHARE - Common $.16 $.12
3
RUDDICK CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
SIX MONTHS ENDED
----------------------
March 30, March 31,
1997 1996
(Unaudited) (Unaudited)
--------- ---------
CASH FLOW FROM INCOME $55,748 $45,262
Decrease (Increase) in Current Assets (21,963) (2,371)
Increase (Decrease) in Current
Liabilities (18,232) (33,197)
---------- ---------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 15,553 9,694
---------- ---------
CASH PROVIDED BY DISCONTINUED
ACTIVITIES 413 11,338
INVESTING ACTIVITIES
Purchase of Assets (64,213) (52,378)
Cash Proceeds from Sale of Assets 265 1,826
Company Owned Life Insurance, Net 3,538 (1,355)
Other, Net (5,735) 80
--------- ---------
NET CASH USED IN INVESTING ACTIVITIES (66,145) (51,827)
--------- ---------
FINANCING ACTIVITIES
Proceeds (Repayments) of Long-Term
Borrowings 51,550 26,600
Payment of Principal on Long-Term Debt (2,543) (2,693)
Dividends (7,445) (5,567)
Other, Net 1,050 749
--------- ---------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 42,612 19,089
--------- ---------
INCREASE (DECREASE) IN BALANCE
SHEET CASH (7,567) (11,706)
BALANCE SHEET CASH AT BEGINNING
OF PERIOD 21,033 18,959
---------- ---------
BALANCE SHEET CASH AT END OF PERIOD $13,466 $7,253
========= =========
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION
Cash Paid During the Year for:
Interest $6,341 $5,921
Income Taxes $5,997 $2,910
4
RUDDICK CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
IN THE OPINION OF MANAGEMENT, THE INFORMATION FURNISHED REFLECTS
ALL ADJUSTMENTS (CONSISTING ONLY OF NORMAL RECURRING ACCRUALS)
NECESSARY TO PRESENT FAIRLY THE RESULTS FOR THE INTERIM PERIODS
PRESENTED.
ON JANUARY 23, 1996, THE ASSETS OF THE BUSINESS FORMS SEGMENT WERE
SOLD UNDER A PLAN OF DISPOSITION ENTERED INTO DURING THE FIRST FISCAL
QUARTER ENDED DECEMBER 31, 1995. THE REVENUES OF THE DISCONTINUED
OPERATION WERE $14 MILLION FOR THE DECEMBER 31, 1995 QUARTER AND $17.3
MILLION FOR THE FISCAL YEAR TO THE DATE OF THE SALE. OPERATING PROFIT
FOR THAT PERIOD WAS $123 THOUSAND. THE DISPOSITION WAS
SUBSTANTIALLY COMPLETED DURING THE FISCAL YEAR ENDED SEPTEMBER 29,
1996, AND HAD NO SIGNIFICANT IMPACT ON CONSOLIDATED EARNINGS OR
FINANCIAL CONDITION. THE BUSINESS FORMS SEGMENT IS REPORTED AS
DISCONTINUED OPERATIONS.
IN OCTOBER, 1995, THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
ISSUED STATEMENT NO. 123 WHICH WILL REQUIRE THAT THE COMPANY MAKE
CERTAIN ADDITIONAL DISCLOSURES RELATED TO THE GRANTS OF STOCK
OPTIONS TO ITS EMPLOYEES, SUCH DISCLOSURE REQUIREMENTS BEING
EFFECTIVE FOR THE FISCAL YEAR ENDING SEPTEMBER 28, 1997. AS PERMITTED
BY STATEMENT NO. 123, THE COMPANY INTENDS TO CONTINUE TO APPLY FASB
OPINION 25 IN ACCOUNTING FOR ITS STOCK-BASED EMPLOYEE COMPENSATION
ARRANGEMENTS AND TO ADOPT THE NEW DISCLOSURE STANDARDS FOR
PROFORMA NET INCOME AND EARNINGS PER SHARE IN ITS ANNUAL FINANCIAL
REPORTING. THE EFFECTS ON REPORTED CONSOLIDATED EARNINGS OR THE
FINANCIAL CONDITION OF THE COMPANY ARE NOT EXPECTED TO BE MATERIAL.
5
ITEM 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Results of Operations
The following table shows net sales and operating profit for each of
Ruddick Corporation's operating subsidiaries for the quarters and six months
ended March 30, 1997 and March 31, 1996:
(In Thousands) Quarter Ended Six Months Ended
---------------------- -----------------------
March 30, March 31, March 30, March 31,
1997 1996 1997 1996
---------- ---------- ----------- -----------
Net Sales
American & Efird $ 90,642 $ 68,719 $ 178,051 $ 135,833
Harris Teeter 473,285 453,633 959,989 916,188
--------- ---------- ----------- -----------
Total $ 563,927 $ 522,352 $ 1,138,040 $ 1,052,021
--------- ---------- ----------- -----------
Operating Profit
American & Efird $ 11,911 $ 7,434 $ 21,998 $ 12,386
Harris Teeter 10,025 11,208 22,979 23,279
--------- ---------- ----------- -----------
Total $ 21,936 $ 18,642 $ 44,977 $ 35,665
--------- ---------- ----------- -----------
For the Three Months Ended March 30, 1997 and March 31, 1996
Consolidated sales of $564 million in the second quarter of fiscal 1997
increased 8% over the $522 million reported for the comparable period last
year. Total operating profit of $21.9 million increased 18% over last year.
Net income after taxes of $11.2 million was up 18% from the $9.5 million
reported last year.
Fully diluted and primary earnings per share were $.24 in the second
quarter of fiscal 1997 and compare to $.21 for the comparable period last
year.
In the second quarter of fiscal 1997, American & Efird sales of $90.6
million increased 32% from the $68.7 million reported for the comparable
period last year. The sales increase was driven by improved market
conditions for industrial sewing thread and sales to the acquired Threads USA
customer base, which were not in the prior year's sales. The sales growth
resulted in more efficient operating schedules in manufacturing, which had
an extremely positive impact on operating profit for the quarter. Operating
profit of $11.9 million in the March quarter of 1997 increased 60% over the
$7.4 million in the comparable period last year. Management expects market
conditions in the U.S. to remain strong in the third fiscal quarter. A&E's
management remains primarily focused on the integration plan of combining the
operations of Threads USA with those of A&E. Additionally, in the second
fiscal quarter, foreign sales and operating profit showed improvement. A&E
established a joint venture in China during the second fiscal quarter and the
20,000 spindle plant is now operating on a full schedule with a major portion
of production going to A&E international subsidiaries.
6
Harris Teeter sales in the second quarter of fiscal 1997 of $473.3 million
increased 4% over the $453.6 million reported for the comparable period last
year. Net sales for stores in operation during both periods declined 0.9%.
Comparative sales results reflect increased competition, including a number
of competitive store openings in the Harris Teeter market areas. Additionally,
milder weather this year reduced customer demand in comparison to the prior
year quarter. Increased emphasis has been placed on merchandising programs
and promotional activities to combat increased competition. Operating profit
of $10.0 million was down 11% from the $11.2 million reported for the
comparable period last year. The operating profit decline was primarily the
result of opening expenses and added fixed costs associated with the
acceleration in the opening of a number of larger, new stores. Secondly, the
added expenses incurred in successfully launching the customer loyalty card
to Harris Teeter's customer base reduced operating profit. While the above
items adversely affected operating profit, Harris Teeter continued to
maintain good control over variable operating expenses, particularly store
labor. At March 30, 1997, 136 stores were in operation, the same number as
of March 31, 1996. Five new stores were opened during the second fiscal
quarter and two older stores were closed.
For the Six Months Ended March 30, 1997 and March 31, 1996
Consolidated sales in the six months ended March 30, 1997 of $1.14
billion increased 8% over the $1.05 billion reported for the first six months
of fiscal 1996, with both A&E and Harris Teeter reporting increases.
Operating profit of $45.0 million was up 26% from the $35.7 million reported
for the comparable period last year, with A&E reporting an increase and Harris
Teeter reporting a slight decrease. Net income of $22.8 million was up 29%
over the $17.6 million reported last year. Fully diluted and primary
earnings per share for the first six months this year were $.49 versus $.38
a year ago.
American & Efird sales of $178 million for the first six months this year
increased 31% over the comparable period last year. A significant portion of
the sales increase came from the acquisition of Threads USA, which had no
sales in the comparable period last year. The balance of the increase
resulted from the strong demand during the period for industrial thread,
particularly from the apparel industry. The sales growth allowed efficient
manufacturing operating schedules throughout the period which had an
extremely positive impact on operating profit which was up 78% from the
comparable period last year.
Harris Teeter sales of $960 million in the six months ended March 30, 1997
increased 5% over the same period last year, primarily the result of
increased selling area, strong holiday sales in the first fiscal quarter and
more promotional programs. Operating profit showed a slight decline,
primarily the result of opening expenses from nine new stores opened during
this period and increased fixed costs associated with all newly opened stores.
7
Capital Resources and Liquidity
Ruddick has an overall financial goal of earning at least 15% return on
beginning shareholders' equity. The Company has not met that objective in a
number of years. At the same time, Ruddick seeks to limit long-term debt so
as to constitute no more than 40% of capital employed, which includes long-
term debt and shareholders' equity. As of March 30, 1997, this percentage
was 37.1% compared to 32.2% at September 29, 1996.
The Company's principal source of liquidity has been revenues from
operations. The Company also has the ability to borrow up to an aggregate
of $100 million under established revolving lines of credit with three banks.
The maximum amount outstanding under these credit facilities during the
quarter ended March 30, 1997 was $100 million, and $100 million was
outstanding at quarter end compared to $49 million at September 29, 1996.
The additional borrowings under Ruddick's revolving credit facilities were
used for capital expenditures. Borrowings and repayments under these
revolving credit facilities are of the same nature as short-term credit
lines; however, due to the nature and terms of the agreements allowing up to
five years for repayment, all borrowings under these facilities are
classified as long-term debt. The Company also has the ability to borrow up
to $20 million in aggregate under short-term credit lines with its banks,
and $5 million was outstanding at quarter end.
On April 15, 1997, the Company executed unsecured $50 million 7.72%
Series B Senior Notes, due April 15, 2017 with a major U.S. life insurance
company. Proceeds from these notes were used to reduce the amount borrowed
under the revolving and short-term lines of credit. Also on April 15, 1997,
an uncommitted $50 million Private Shelf Facility was executed with the
same insurance company. Neither the Company nor the insurance company is
committed or required to fulfill on the terms of the Private Shelf Facility.
Uncommitted Private Shelf Facilities now total $100 million. No borrowings
under these Private Shelf Facilities have been undertaken.
Working capital of $95.7 million at March 30, 1997 increased $30.6
million from September 29, 1996, primarily the result of increases in
inventories and other current assets and reductions in cash balances and
accrued liabilities. The current ratio was 1.4 at March 30, 1997 and 1.3 at
September 29, 1996.
Covenants in certain of the Company's long-term debt agreements limit
the total indebtedness that the Company may incur. Management believes that
the limit on indebtedness does not significantly restrict the Company's
liquidity and that such liquidity is adequate to meet foreseeable
requirements.
In the first six months, capital expenditures totaled $64 million.
A&E has spent $17 million of the $42 million it expects to spend in fiscal
year 1997, and Harris Teeter has spent $42 million of an expected $93
million. These expenditures are for modernization and expansion. Management
expects that internally generated funds, supplemented by available borrowing
capacity, will be adequate to finance such expenditures.
8
Other Matters
The foregoing discussion contains some forward-looking statements about
the Company's financial condition and results of operations, which are
subject to certain risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which reflect management's judgment only as of the date hereof.
The Company undertakes no obligation to publicly revise these forward-looking
statements to reflect events and circumstances that arise after the date
hereof.
Factors that might cause actual results to differ materially from these
forward-looking statements include (1) unforeseeable changes in the market
conditions faced by the Company, (2) management's ability to accurately
predict the adequacy of the Company's present liquidity to meet future
requirements, and (3) changes in the Company's capital expenditures, new store
openings and store closings.
9
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Shareholders of Ruddick Corporation was held on
February 6, 1997 (the "Annual Meeting"). Proxies for the Annual Meeting
were solicited pursuant to Regulation 14A under the Securities Exchange Act
of 1934, as amended. The shareholders voted upon the following matters at
the Annual Meeting:
1. APPROVAL FOR FIXING THE NUMBER OF DIRECTORS AT ELEVEN
The shareholders approved the setting of the number of Directors at
eleven and the following information is provided with respect to the
approval thereof:
Shares Voted Shares Voted Shares Broker
For Against Abstaining Non-Votes
------------ ------------ ---------- ---------
39,486,286 585,301 572,873 286,045
2. ELECTION OF DIRECTORS
The shareholders elected four directors for terms ending in 2000. In
addition, the following directors currently are serving for terms to expire
in 1998 or 1999, as indicated: John W. Copeland (1998), Alan T. Dickson
(1998), Beverly F. Dolan (1998), Roddey Dowd, Sr. (1998), Edwin B. Borden,
Jr. (1999), R. Stuart Dickson (1999), and Hugh L. McColl (1999) . There was
no solicitation in opposition to management's nominees as listed in the proxy
statement, and all such nominees were elected. The following information is
furnished with respect to each director elected at the meeting:
Shares
Director Elected Shares Voted Withholding Broker
at Annual Meeting for Election Authority Non-Votes
----------------- ------------ ----------- ---------
John R. Belk 39,894,420 551,143 N/A
Thomas W. Dickson 39,916,248 529,513 N/A
James E.S. Hynes 39,931,747 513,816 N/A
E. C. Wall, Jr.* 39,928,226 517,337 N/A
*Mr. Wall died unexpectedly on March 5, 1997. Accordingly, currently
there is a vacancy on the Board.
10
ITEM 5. OTHER INFORMATION
Effective February 6, 1997, John W. Copeland retired as President of
Ruddick Corporation, and Thomas W. Dickson was elected by the Board of
Directors as President.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) EXHIBITS
Exhibit No. Description of Exhibit
---------- -----------------------------
11 Statement Re: Computation of Per Share Earnings
27 Financial Data Schedule
(B) REPORTS ON FORM 8-K - None
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.
RUDDICK CORPORATION
DATE: May 12, 1997 /s/ R. N. Brigden
R. N. BRIGDEN
VICE PRESIDENT - FINANCE
(PRINCIPAL FINANCIAL OFFICER)
11
EXHIBIT 11
RUDDICK CORPORATION
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
SIX MONTHS ENDED
------------------------
March 30, 1997 March 31, 1996
--------- ---------
(Unaudited) (Unaudited)
--------- ---------
NET INCOME PER SHARE COMPUTED AS FOLLOWS:
PRIMARY:
1. Net Income $22,772,000 $17,620,000
=========== ===========
2. Weighted Average Common Shares
Outstanding 46,524,022 46,395,573
3. Incremental Shares Under Stock
Options Computed Under the
Treasury Stock Method Using
the Average Market Price of
Issuer's Stock During the
Periods 272,076 164,485
4. Weighted Average Common Shares ----------- ------------
and Common Equivalent Shares
Outstanding 46,796,098 46,560,058
========== ===========
5. Net Income Per Share
(Item 1 divided by Item 4) $ .49 $ .38
=========== ===========
FULLY DILUTED:
1. Net Income $22,772,000 $17,620,000
=========== ===========
2. Weighted Average Common Shares
Outstanding 46,524,022 46,395,573
3. Incremental Shares Under Stock
Options Computed Under the Treasury
Stock Method Using the Higher of
the Average or Ending Market Price
of Issuer's Stock at the End of
the Periods 374,607 211,394
4. Weighted Average Common Shares ----------- ---------
and Common Equivalent Shares
Outstanding 46,898,629 46,606,967
=========== =========
5. Net Income Per Share
(Item 1 divided by Item 4) $.49 $.38
=========== ==========
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
RUDDICK CORPORATION
FINANCIAL DATA SCHEDULE FOR THE THREE MONTHS ENDED 3/30/97
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-30-1997
<CASH> 13,466,000
<SECURITIES> 0
<RECEIVABLES> 75,260,000
<ALLOWANCES> 1,856,000
<INVENTORY> 193,875,000
<CURRENT-ASSETS> 313,169,000
<PP&E> 732,333,000
<DEPRECIATION> 292,938,000
<TOTAL-ASSETS> 852,955,000
<CURRENT-LIABILITIES> 217,435,000
<BONDS> 206,203,000
0
0
<COMMON> 56,287,000
<OTHER-SE> 306,594,000
<TOTAL-LIABILITY-AND-EQUITY> 852,955,000
<SALES> 563,927,000
<TOTAL-REVENUES> 563,927,000
<CGS> 407,030,000
<TOTAL-COSTS> 541,991,000
<OTHER-EXPENSES> 1,822,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,480,000
<INCOME-PRETAX> 16,634,000
<INCOME-TAX> 5,441,000
<INCOME-CONTINUING> 11,193,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,193,000
<EPS-PRIMARY> $.24
<EPS-DILUTED> $.24
</TABLE>
