<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 30, 1998
/ /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 1-3576
ST. JOSEPH LIGHT & POWER COMPANY
(Exact name of registrant as specified in its charter)
State of Missouri 44-0419850
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
520 Francis Street, P. O. Box 998
St. Joseph, Missouri 64502-0998
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (816) 233-8888
--------------------
Former name, former address and former fiscal year, if changed
since last report.
Indicate by check mark whether the registrant (l) has filed all
reports required to be filed by Section l3 or l5(d) of the
Securities Exchange Act of l934 during the preceding l2 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.
Common Stock, without par value 8,106,419 shares
(Class) (Outstanding at July 31, 1998)
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
INDEX
Page Number
Part I. Financial Information
Item 1. Consolidated Financial Statements:
Statements of Income............................................3
Balance Sheets..................................................4
Statements of Capitalization....................................5
Statements of Retained Earnings.................................5
Statements of Cash Flows........................................6
Notes to Consolidated Financial Statements......................7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.............................8
Part II. Other Information
Item 1. Legal Proceedings......................................11
Item 2. Changes in the Rights of the Company's Security
Holders................................................11
Item 3. Default Upon Senior Securities.........................11
Item 4. Submission of Matters to a Vote of Security Holders....11
Item 5. Other Information......................................11
Item 6. Exhibits and Reports on Forms 8-K......................11
Signature......................................................12
Page 2 of 12
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<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Electric utility $ 22,304,549 $ 20,887,102 $ 41,464,524 $ 39,846,076
Other utility 2,007,228 2,184,739 5,981,980 6,736,251
Manufacturing 5,743,768 2,127,233 12,326,052 2,127,233
30,055,545 25,199,074 59,772,556 48,709,560
OPERATING EXPENSES:
Production fuel 4,540,926 4,166,070 9,373,711 8,791,597
Purchased power 2,676,257 2,116,515 4,204,066 3,847,352
Gas purchased for resale 277,046 379,333 1,648,990 2,223,922
Manufacturing cost of
goods sold 4,822,409 1,775,602 10,197,639 1,775,602
Other operations 5,918,422 4,852,421 11,532,905 9,817,591
Maintenance 2,309,096 2,391,444 3,721,715 3,932,899
Depreciation 2,867,325 2,731,565 5,700,838 5,428,164
Taxes other than income
taxes 1,801,939 1,686,032 3,551,848 3,427,707
25,213,420 20,098,982 49,931,712 39,244,834
OPERATING INCOME 4,842,125 5,100,092 9,840,844 9,464,726
INTEREST CHARGES (Net) 1,774,503 1,571,547 3,476,812 3,057,976
OTHER INCOME (Net) 121,521 43,820 514,409 120,565
INCOME BEFORE INCOME TAXES AND
MINORITY INTEREST 3,189,143 3,572,365 6,878,441 6,527,315
INCOME TAXES 1,279,111 1,318,709 2,460,091 2,283,073
INCOME BEFORE MINORITY
INTEREST 1,910,032 2,253,656 4,418,350 4,244,242
MINORITY INTEREST IN INCOME OF
SUBSIDIARY (80,164) (14,911) 26,852 (14,911)
NET INCOME $ 1,990,196 $ 2,268,567 $ 4,391,498 $ 4,259,153
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 8,092,173 7,979,852 8,074,196 7,960,105
BASIC AND DILUTED EARNINGS PER
AVERAGE COMMON SHARE $0.25 $0.28 $0.54 $0.54
DIVIDENDS PAID PER COMMON
SHARE $0.245 $0.24 $0.49 $0.48
</TABLE>
See Notes to Consolidated Financial Statements.
Page 3 of 12
<PAGE>
<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED BALANCE SHEETS
June 30,
1998 December 31,
ASSETS (Unaudited) 1997
<S> <C> <C>
PROPERTY, PLANT AND EQUIPMENT:
Electric utility plant $ 312,663,531 $ 309,027,825
Other 19,723,784 18,865,038
332,387,315 327,892,863
Less - Reserves for depreciation (161,817,926) (157,127,144)
170,569,389 170,765,719
Construction work in progress 7,840,630 6,086,063
178,410,019 176,851,782
OTHER INVESTMENTS 3,931,106 3,477,351
CURRENT ASSETS:
Cash and cash equivalents 915,970 350,385
Temporary investments 5,616 1,649,413
Receivables, net of reserves 10,855,212 9,819,655
Accrued utility revenue 4,336,682 3,286,867
Manufacturing inventories 2,925,257 3,570,559
Fuel 2,855,911 3,007,565
Materials and supplies 5,467,269 5,778,192
Prepayments and other 2,076,117 1,626,739
29,438,034 29,089,375
DEFERRED CHARGES:
Debt expense 1,422,360 1,570,970
Lease payments receivable 3,227,341 3,289,070
Prepaid pension expense 14,993,909 13,571,592
Regulatory assets 13,690,864 13,939,598
Other 2,177,692 1,979,390
35,512,166 34,350,620
$ 247,291,325 $ 243,769,128
C A P I T A L I Z A T I O N AND L I A B I L I T I E S
CAPITALIZATION (See Statements):
Common equity $ 92,725,055 $ 91,167,951
Long-term debt 70,742,188 68,744,804
163,467,243 159,912,755
MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARY 1,324,927 1,298,076
CURRENT LIABILITIES:
Outstanding checks in excess of
cash balances -- 3,288,237
Current maturities of long-term
obligations 7,321,117 8,628,004
Accounts payable 10,760,361 11,399,497
Notes payable 5,733,567 2,620,719
Accrued income and general taxes 2,293,140 735,210
Accrued interest 1,967,674 1,960,463
Accrued vacation 1,416,950 1,153,889
Other 651,202 564,865
30,144,011 30,350,884
NON-CURRENT LIABILITIES AND DEFERRED
CREDITS:
Capital lease obligations 2,999,696 3,093,360
Deferred income taxes 30,096,244 29,635,113
Investment tax credit 3,893,058 4,095,882
Accrued claims and benefits 1,149,535 1,744,112
Deferred revenues 2,196,125 2,254,705
Regulatory liabilities 8,970,205 8,970,205
Other 3,050,281 2,414,036
52,355,144 52,207,413
$ 247,291,325 $ 243,769,128
</TABLE>
See Notes to Consolidated Financial Statements.
Page 4 of 12
<PAGE>
<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CAPITALIZATION
June 30,
1998 December 31,
(Unaudited) 1997
<S> <C> <C>
COMMON EQUITY:
Common stock--authorized 25,000,000
shares without par value issued
9,252,748 shares $ 33,816,099 $ 33,816,099
Retained earnings 71,154,576 70,714,339
Other paid-in capital 1,600,163 1,251,180
Less--treasury stock, at cost,
1,147,939 and 1,211,110 shares (13,845,783) (14,613,667)
92,725,055 91,167,951
LONG-TERM DEBT:
First mortgage bonds-
9.44% series due February 1, 2021 22,500,000 22,500,000
Unsecured pollution control revenue
bonds-
5.85% series due February 1, 2013 5,600,000 5,600,000
Medium-term notes-
5.77% due December 8, 1998 5,000,000 5,000,000
7.13% due November 29, 2013 1,000,000 1,000,000
7.16% due November 29, 2013 9,000,000 9,000,000
7.17% due December 1, 2023 7,000,000 7,000,000
7.33% due November 30, 2023 3,000,000 3,000,000
8.36% due March 15, 2025 20,000,000 20,000,000
45,000,000 45,000,000
Other long-term debt 4,963,305 4,272,808
Less current maturities (7,321,117) (8,628,004)
70,742,188 68,744,804
Total capitalization $ 163,467,243 $ 159,912,755
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Balance at beginning of $ 69,162,303 $ 65,708,402 $ 70,714,339 $ 67,532,568
period
Net income 1,990,196 2,268,567 4,391,498 4,259,153
71,152,499 67,976,969 75,105,837 71,791,721
Less-dividends on common
stock 2,077 (305) (3,951,261) (3,815,057)
Balance at end of period $ 71,154,576 $ 67,976,664 $ 71,154,576 $ 67,976,664
</TABLE>
See Notes to Consolidated Financial Statements.
Page 5 of 12
<PAGE>
<TABLE>
<CAPTION>
ST. JOSEPH LIGHT & POWER COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30
1998 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,391,498 $ 4,259,153
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 6,061,541 5,428,164
Pension expense (1,124,910) (965,872)
Deferred taxes and investment tax
credit 258,307 153,658
Allowance for equity funds used during
construction (97,320) (47,020)
Net changes in working capital items not
considered elsewhere:
Accounts receivable and accrued utility
revenue (2,085,372) 65,629
Inventories 1,107,879 (2,020,772)
Accounts payable and outstanding
checks (3,927,373) (4,983,580)
Accrued income and general taxes 1,557,930 1,387,995
Other, net (92,769) (953,855)
Net change in regulatory assets and
liabilities 248,734 239,497
Net changes in other assets and
liabilities (1,940,712) 1,132,706
Net cash provided by operating
activities 4,357,433 3,695,703
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant (5,954,498) (4,906,797)
Allowance for borrowed funds used during
construction 56,351 27,461
Investments 1,190,042 4,966,426
Other 40,969 (55,441)
Net cash (used in) provided by
investing activities (4,667,136) 31,649
CASH FLOWS FROM FINANCING ACTIVITIES:
Notes payable decrease 3,112,848 (898,102)
Principal payments under capital lease
obligations (93,664) (86,975)
Long-term debt retired (2,285,640) (159,244)
Long-term debt issued 2,976,137 --
Common stock purchased -- (3,431)
Common stock issued 1,116,887 1,063,546
Dividends paid (3,951,261) (3,815,057)
Net cash provided by (used in)
financing activities 875,288 (3,899,263)
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 565,585 (171,911)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 350,385 688,466
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 915,970 $ 516,555
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 3,325,808 $ 3,032,435
Income taxes (net of refunds) $ 2,159,945 $ 1,717,000
</TABLE>
For purposes of the Consolidated Statements of Cash Flows, the Company
considers all highly liquid debt instruments purchased with an original
maturity of three months or less to be cash equivalents.
See Notes to Consolidated Financial Statements.
Page 6 of 12
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION: The consolidated financial
statements include St. Joseph Light & Power Company and its
wholly owned subsidiary, SJLP Inc., and its subsidiary, Percy
Kent Bag Co., Inc. Collectively, these entities are referred to
herein as the "Company." All significant intercompany
transactions have been eliminated.
GENERAL: The unaudited consolidated financial statements
included herein have been prepared by the Company, 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, although the
Company believes that the disclosures are adequate to make the
information presented not misleading. See Notes to Consolidated
Financial Statements included in the Company's 1997 Annual Report
to Shareholders incorporated by reference in the Company's 1997
Annual Report on Form 10-K.
There are no significant differences in the Company's interim and
annual accounting policies. However, due to estimates inherent in
the accounting process for other than annual periods, the
accuracy of the amounts in the interim financial statements is in
some respects dependent upon facts that will exist and reviews
that will be performed by the Company later in the fiscal year.
The information contained in these consolidated financial
statements reflects all adjustments which are, in the opinion of
management, necessary to state fairly the results of the interim
periods.
The results for the three and six months ended June 30, 1998 are
not necessarily indicative of the results for the entire year
1998.
RECLASSIFICATIONS: Certain reclassifications have been made in
the financial statements to enhance comparability.
NEW PRONOUNCEMENT: In March 1998, the American Institute of
Certified Public Accounts issued Statement of Position 98-1 ("SOP
98-1"), "Accounting for the Costs of Computer Software Developed
or Obtained for Internal Use," effective for fiscal years
beginning after December 15, 1997. The statement defines which
costs of computer software developed or obtained for internal use
are capital and which costs are expenses. Effective January 1,
1998, the Company adopted SOP 98-1.
(2) BASIC AND DILUTED EARNINGS PER COMMON SHARE CALCULATION
Basic earnings per share is calculated based upon the weighted
average number of common shares outstanding during the periods.
There were no significant amounts of dilutive securities
outstanding for any of the periods presented.
Page 7 of 12
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following Management's Discussion and Analysis of Financial
Condition and Results of Operations should be read in conjunction
with Management's Discussion and Analysis of Financial Condition
and Results of Operations in the Company's 1997 Annual Report on
Form 10-K.
The Company is engaged primarily in the business of generating
and distributing electric energy in a ten-county area of
northwestern Missouri. It also sells natural gas and industrial
steam in limited areas. In the electric utility industry,
results of operations generally show a seasonal pattern of higher
revenues and earnings in the third quarter due to weather.
SJLP Inc. was formed to pursue unregulated investments.
Effective May 31, 1997, SJLP Inc. acquired controlling interest
in Percy Kent Bag Co., Inc. (Percy Kent), a manufacturer of
multiwall and small paper bags. Accordingly, the consolidated
results for the 1997 periods reflect one month of Percy Kent's
operations.
RESULTS OF OPERATIONS
COMPARISON OF THE QUARTERS ENDED JUNE 30, 1998 AND 1997
Electric operating revenues increased $1.4 million or 7%
primarily due to increased sales. Electric retail sales
increased 8% with all classes posting gains as a result of warmer
temperatures than in the prior quarter and continued economic
growth in the service territory. Partially offsetting the
increase in retail sales was a decrease in sales for resale
caused by increased system demands and reduced availability of
the Company's generation due to unscheduled outages.
Total energy costs increased 15% for the period reflecting
increased system requirements, incremental costs of replacement
power for an unscheduled Iatan outage, and increased per unit
costs for purchased power.
Other utility revenues decreased 8% primarily due to the natural
gas segment. Natural gas revenues and related gas purchased for
resale were down reflecting reduced heating requirements and
lower market prices for natural gas which are passed on to
customers through the Purchased Gas Adjustment.
Manufacturing revenues and related manufacturing cost of goods
sold reflect the operations of Percy Kent. The net results for
Percy Kent were insignificant in all periods.
Other operations and maintenance increased due primarily to the
inclusion of Percy Kent, higher administrative expenses and Iatan
maintenance. Partially offsetting the increase were lower Lake
Road maintenance requirements than in the previous period.
Increased depreciation expense is the result of higher
depreciable plant balances, as well as the inclusion of
depreciation related to Percy Kent.
The increase in interest expense is due to Percy Kent borrowings.
Page 8 of 12
<PAGE>
COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
Electric operating revenues were up $1.6 million or 4% for the
period with electric retail sales also posting a 4% increase.
Sales to all classes increased, reflecting the warmer spring
weather than the previous period and the continued economic
expansion in the service territory.
Total energy costs increased 7% for the period. This increase
was primarily due to increased system requirements, incremental
costs of replacement power for the Iatan outage, and increased
per unit costs for purchased power.
Other operations increased as a result of the inclusion of Percy
Kent and higher administrative costs, with lower maintenance
costs partially offsetting the increase. Maintenance at the Lake
Road plant in the previous period and a vendor settlement were
responsible for the decrease.
Increased depreciation expense is the result of higher
depreciable plant balances, as well as the inclusion of
depreciation related to Percy Kent.
The increase in interest expense is due to Percy Kent borrowings.
Other income increased for the period primarily as a result of
earnings on investments.
LIQUIDITY AND CAPITAL RESOURCES
The Company believes its liquidity and capital resources are
sufficient and provide adequate financial flexibility.
Historically, operations have generated strong positive cash
flow. Financial coverages are at levels in excess of those
required for the issuance of debt and preferred stock. At June
30, 1998, the Company had $922,000 in cash and temporary
investments.
The Company's short-term financing requirements are satisfied
through borrowings under unsecured lines of credit maintained
with banks. At June 30, 1998, the Company had available lines of
credit of $2.5 million. In addition, the Company's consolidated
subsidiaries' secured credit agreements had available balances of
$700,000.
Capital expenditures, excluding allowance for funds used during
construction and including non-utility investments, are currently
projected to be $9.4 million for the remainder of 1998 and about
$66.0 million for the remainder of the five-year period ending
2002. The Company expects to finance these expenditures
primarily through internally generated funds supplemented by
external financing as necessary.
IMPACT OF THE YEAR 2000 ISSUE
The Company is currently involved in an ongoing project to
identify, evaluate and implement Year 2000 modifications which is
the result of computer programs being written using two digits
rather than four to define the applicable year. Computer programs
that have date-sensitive software may recognize a date using "00"
as the year 1900 rather than the year 2000. Additionally, other
equipment may have microchips with embedded logic which may fail
to function correctly after December 31, 1999, resulting in
system failure or miscalculations causing disruptions of
operations.
Page 9 of 12
<PAGE>
The Company is utilizing both internal and external resources to
reprogram or replace and test hardware, software, and embedded
systems for Year 2000 modifications. The Company plans to
complete the Year 2000 project in 1998 with additional testing
scheduled for 1999. Anticipated spending for these modifications
is expected to be less than $500,000 over the next two years and
will be expensed as incurred.
The costs of the project and the date on which the Company plans
to complete the Year 2000 modifications are based on management's
best estimates, which were derived utilizing numerous assumptions
of future events, including the continued availability of certain
resources, the ability to locate and correct all relevant
computer codes and similar uncertainties. However, there can be
no guarantee that these estimates will be achieved and actual
results could differ materially from those plans.
The Company has found no significant exposure related to the Year
2000 Issue for third parties' failure to remediate their own Year
2000 Issue. However, there can be no guarantee that the systems
of other companies on which the Company's systems rely will be
timely converted, or that a failure to convert by another
company, or a conversion that is incompatible with the Company's
systems, would not have a material adverse effect on the Company.
The Company presently believes that with modifications to
existing software and conversions to new software, the Year 2000
Issue can be mitigated with no adverse effect on customers or
disruption to business operations. If such modifications are not
completed, the Year 2000 could have a material adverse effect on
the Company. Contingency plans are being developed in 1998 to
substantially mitigate the effect of unforeseen problems with
critical systems.
FORWARD LOOKING INFORMATION
This quarterly report contains forward looking information that
is intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of
1995. Although the Company believes that its expectations are
based on reasonable assumptions, actual results could differ
materially from those currently anticipated. Factors that could
cause actual results to differ from those anticipated include,
but are not limited to, the effects of regulatory actions,
competition, future economic conditions, and weather.
Page 10 of 12
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in the Rights of the Company's Security Holders
None.
Item 3. Default Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
a. The annual meeting of common stockholders was held May 20,
1997.
b. The following persons were elected Directors of the Company
to serve until the 2001 annual meeting of common stockholders:
John P. Barclay, Jr. (6,783,789 votes for; 74,990 withheld)
William J. Gremp (6,774,722 votes for; 84,057 withheld)
David W. Shinneman (6,786,511 votes for; 72,268 withheld)
c. The appointment of Arthur Andersen LLP as independent
auditors for 1998 was approved.
(6,753,980 votes for; 43,534 against; and 61,265 withheld)
d. The proposed 1998 Long-Term Incentive Plan was approved.
(4,893,756 votes for; 796,366 against; and 1,168,657 withheld)
Item 5. Other Information
On July 29, 1998, the Company's wholly owned subsidiary,
SJLP Inc., purchased an investment in ExOp of Missouri,
Inc. (ExOp), a new communications company that offers
advanced communications services to small Missouri
communities.
In addition to providing basic local exchange and long
distance services, ExOp will offer other services such
as Internet access, caller ID, three-way calling and
call waiting.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit 27 - Financial Data Schedule
b. No Current Report on Form 8-K was filed during the
quarter ended June 30, 1998.
Page 11 of 12
<PAGE>
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.
ST. JOSEPH LIGHT & POWER COMPANY
(Registrant)
Dated: August 14, 1998 _________________________
L. J. STOLL
Vice President-Finance, Treasurer
and Assistant Secretary
(Duly Authorized Officer)
Page 12 of 12
<TABLE> <S> <C>
<ARTICLE> UT
<CIK> 0000086251
<NAME> ST. JOSEPH LIGHT & POWER COMPANY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 170313594
<OTHER-PROPERTY-AND-INVEST> 12027531
<TOTAL-CURRENT-ASSETS> 29438034
<TOTAL-DEFERRED-CHARGES> 35512166
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 247291325
<COMMON> 19970316
<CAPITAL-SURPLUS-PAID-IN> 1600163
<RETAINED-EARNINGS> 71154576
<TOTAL-COMMON-STOCKHOLDERS-EQ> 92725055
0
0
<LONG-TERM-DEBT-NET> 70742188
<SHORT-TERM-NOTES> 5733567
<LONG-TERM-NOTES-PAYABLE> 0
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<LONG-TERM-DEBT-CURRENT-PORT> 7321117
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<OTHER-ITEMS-CAPITAL-AND-LIAB> 67769702
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<INCOME-BEFORE-INTEREST-EXPEN> 7868310
<TOTAL-INTEREST-EXPENSE> 3476812
<NET-INCOME> 4391498
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<EARNINGS-AVAILABLE-FOR-COMM> 4391498
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<EPS-PRIMARY> .25
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</TABLE>
