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UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2000
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Commission File Number 0-19150
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WISCONSIN CENTRAL TRANSPORTATION
CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-3541743
----------------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
6250 North River Road, Suite 9000
Rosemont, Illinois 60018
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (847) 318-4600
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Indicate by check X 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.
X YES NO
---- -----
Indicate the number of shares outstanding of the
Issuer's common stock as of April 30, 2000: 49,500,531 shares
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<PAGE>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION
FORM 10-Q
Quarter Ended March 31, 2000
CONTENTS PAGE
Part I - Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets............................ 1
Consolidated Statements of Income...................... 3
Consolidated Statements of Cash Flows.................. 4
Notes to Consolidated Financial Statements............. 5
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.......... 7
Item 3. Quantitative and Qualitative Disclosures
About Market Risk...................................... 10
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K....................... 11
Signatures................................................................ 12
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
<CAPTION>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
Assets
March 31, December 31,
2000 1999
----------- --------
(Unaudited) (Audited)
<S> <C> <C>
Current assets:
Cash and cash equivalents........................................................... $ 1,783 $ 1,543
Receivables, net of allowance for doubtful accounts of $2,232
and $2,196 at March 31, 2000 and December 31, 1999............................... 96,157 88,035
Materials and supplies.............................................................. 25,651 23,320
Deferred income taxes............................................................... 1,425 1,425
Other current assets................................................................ 3,542 3,284
----------- -----------
Total current assets............................................................. 128,558 117,607
Investments in international affiliates................................................. 227,598 223,046
Properties:
Roadway and structures.............................................................. 809,348 799,947
Equipment........................................................................... 133,535 130,231
----------- -----------
Total properties................................................................. 942,882 930,178
Less accumulated depreciation....................................................... (119,732) (114,182)
----------- -----------
Net properties................................................................... 823,150 815,996
Other assets, principally deferred financing costs...................................... 2,766 2,854
----------- -----------
Total assets..................................................................... $ 1,182,072 $ 1,159,503
=========== ===========
The accompanying notes to consolidated financial statements
are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share amounts)
Liabilities and Stockholders' Equity
March 31, December 31,
2000 1999
----------- --------
(Unaudited) (Audited)
<S> <C> <C>
Current liabilities:
Short-term debt and current maturities of long-term debt............................ $ 191,140 $ 180,280
Accounts payable.................................................................... 41,632 47,239
Accrued expenses.................................................................... 100,016 88,397
Income taxes payable................................................................ -- 877
Interest payable.................................................................... 4,819 2,943
----------- -----------
Total current liabilities........................................................ 337,607 319,736
Long-term debt.......................................................................... 163,915 162,853
Other liabilities....................................................................... 10,180 10,271
Deferred income taxes................................................................... 152,914 147,663
Deferred income......................................................................... 8,746 9,060
----------- -----------
Total liabilities................................................................ 673,362 649,583
Stockholders' equity:
Preferred stock, par value $1.00; authorized 1,000,000
shares; none issued or outstanding............................................... -- --
Common stock, par value $.01; authorized 150,000,000 shares;
issued and outstanding, 50,530,531 shares and 51,250,231 shares
as of March 31, 2000 and December 31, 1999, respectively......................... 505 513
Paid in capital..................................................................... 107,948 116,505
Retained earnings................................................................... 409,402 396,798
Accumulated other comprehensive loss................................................ (9,145) (3,896)
----------- -----------
Total stockholders' equity....................................................... 508,710 509,920
----------- -----------
Total liabilities and stockholders' equity....................................... $ 1,182,072 $ 1,159,503
=========== ===========
The accompanying notes to consolidated financial statements
are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
For the Quarter Ended
March 31,
2000 1999
-------- --------
<S> <C> <C>
Operating revenues......................................................................... $ 91,891 $ 88,520
Operating expenses:
Roadway and structures................................................................ 15,571 13,898
Equipment ......................................................................... 19,323 18,425
Transportation........................................................................ 29,165 28,896
General and administrative............................................................ 9,753 9,342
-------- --------
Operating expenses................................................................ 73,812 70,561
-------- --------
Income from operations..................................................................... 18,079 17,959
Other income (expense):
Interest expense...................................................................... (5,201) (4,204)
Other, net ......................................................................... 504 272
-------- --------
Total other expense, net.......................................................... (4,697) (3,932)
-------- --------
Income before income taxes and equity in net income of
international affiliates.............................................................. 13,382 14,027
Provision for income taxes................................................................. 5,301 5,554
-------- --------
Income before equity in net income of international affiliates............................. 8,081 8,473
Equity in net income of international affiliates........................................... 4,523 5,200
-------- --------
Net income................................................................................. $ 12,604 $ 13,673
======== ========
Earnings per common share:
Basic................................................................................. $ .25 $ .27
======== ========
Diluted............................................................................... $ .25 $ .27
======== ========
Average common shares outstanding:
Basic................................................................................. 51,234 51,143
======== ========
Diluted, including dilutive effect of common stock options............................ 51,237 51,219
======== ========
The accompanying notes to consolidated financial statements
are an integral part of these financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
For the Quarter Ended
March 31,
2000 1999
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income .......................................................................... $ 12,604 $ 13,673
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization...................................................... 6,332 5,538
Deferred income taxes.............................................................. 5,251 5,495
Equity in net income of international affiliates................................... (4,523) (5,200)
Gains on property sales............................................................ (130) (72)
Net amortization of deferred gain on sale-leaseback of equipment................... (314) (339)
Changes in working capital:
Accounts receivable........................................................... (8,122) (2,477)
Materials and supplies........................................................ (2,331) (8,479)
Other current assets, excluding deferred income taxes......................... (258) (554)
Accrued disputed switching charges and related interest....................... -- (21,797)
Other current liabilities..................................................... (1,554) 5,334
Other, net......................................................................... (91) 210
--------- --------
Net cash provided by (used for) operating activities................................... 6,864 (8,668)
--------- --------
Cash flows from investing activities:
Property additions..................................................................... (12,992) (14,092)
Property sales and other transactions.................................................. (350) 262
Dividend from international affiliate.................................................. 1,014 1,099
Investment in international affiliate.................................................. (6,218) --
--------- --------
Net cash used for investing activities................................................. (18,546) (12,731)
--------- --------
Cash flows from financing activities:
Long-term debt issued, net............................................................. 11,922 23,074
Issuance of common stock under stock option plans...................................... -- 40
-------- --------
Net cash provided by financing activities.............................................. 11,922 23,114
-------- --------
Net increase in cash and cash equivalents................................................... 240 1,715
Cash and cash equivalents, beginning of period.............................................. 1,543 2,972
-------- --------
Cash and cash equivalents, end of period.................................................... $ 1,783 $ 4,687
======== ========
Supplemental cash flow information: Cash paid during the period for:
Interest ........................................................................... $ 3,565 $ 1,899
Income taxes........................................................................ 927 3,459
Supplemental disclosure of non-cash financing activity:
Accrued liabilities established for repurchase of common stock........................ $ 8,565 $ --
The accompanying notes to consolidated financial statements
are an integral part of these financial statements.
</TABLE>
<PAGE>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
March 31, 2000
(Unaudited)
Basis of Presentation
The consolidated financial statements present the results of operations of
Wisconsin Central Transportation Corporation ("WCTC") and its wholly owned
subsidiaries, Wisconsin Central Ltd., Fox Valley & Western Ltd., WCL Railcars,
Inc., Wisconsin Chicago Link Limited, Sault Ste. Marie Bridge Company, Wisconsin
Central International, Inc. ("WCI"), WC Canada Holdings, Inc. and Algoma Central
Railway Inc. ("ACRI"). WCTC, through WCI, also holds a 42% equity interest in
English Welsh and Scottish Railway Holdings Limited ("EWS"), a freight railway
in Great Britain, a 24% equity interest in Tranz Rail Holdings Limited ("Tranz
Rail"), the nationwide transportation company in New Zealand, and a 33% equity
interest in Australian Transport Network Limited ("ATN") which provides
commercial rail freight service in Tasmania, an island state of Australia.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. Accordingly, these unaudited consolidated
financial statements should be read in conjunction with our audited financial
statements and the notes thereto for the year ended December 31, 1999. In our
opinion, the information provided in these statements reflects all adjustments,
which are of a normal recurring nature, necessary to fairly present this
information. The results of operations for any interim period are not
necessarily indicative of the results of operations for an entire year.
Comprehensive Income Information
Comprehensive income consists of (a) net income as reported in the
statements of income and (b) other comprehensive loss, which is comprised solely
of foreign currency translation adjustments. The following table illustrates the
composition of comprehensive income for the quarters ended March 31:
2000 1999
-------- --------
Net income ..................................... $ 12,604 $ 13,673
Other comprehensive loss
- currency translation adjustments......... (5,249) (2,932)
-------- --------
Comprehensive income............................ $ 7,355 $ 10,741
======== ========
The accumulated amount of other comprehensive income through the date of
each balance sheet is presented as a component of stockholders' equity.
English Welsh & Scottish Railway Holdings Limited
In March 2000, an option was exercised to purchase 3.96 million shares of
EWS at a cost of approximately $6.2 million. The additional shares increased
WCTC's equity holdings in EWS from approximately 39% to approximately 42% of
outstanding shares as of March 31, 2000. This transaction was funded from our
existing credit facilities.
Stock Repurchase Program
In March 2000, our Board of Directors authorized up to $35 million to be
used to repurchase shares of our common stock. As of March 31, 2000, we had
repurchased 719,700 shares at an average price of $11.90 per share.
Approximately $8.6 million, related to the repurchase of shares, was included in
accrued expenses on the balance sheet and was paid in cash in April 2000.
<PAGE>
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations
The following discussion should be read in conjunction with the unaudited
consolidated financial statements and related notes included herein.
Results of Operations: First Quarter 2000 Compared to First Quarter 1999
Net income for the quarter ended March 31, 2000 was $12.6 million compared
to $13.7 million for the same period in 1999. Operating income for the first
quarter of 2000 was $18.1 million compared to $18.0 million for the first
quarter of 1999.
Operating revenues. Operating revenues during the quarter ended March 31,
2000 increased 4%, or $3.4 million, over the same period in 1999. Gross freight
revenue increased slightly to $81.2 million in the first quarter of 2000 from
$80.9 million in the first quarter of 1999. Other revenue increased $3.1 million
principally due to increased manifest and intermodal haulage volume and an
increase in demurrage revenue.
Revenues from paper and other forest products increased almost 4% over the
same period in 1999. Strong customer demand in the paper industry resulted in a
6% increase in the volume of paper hauled and also contributed to an increase in
revenues from chemicals used by the paper industry.
Volume and gross freight revenues for minerals decreased by 17% and 5%,
respectively, primarily due to a decline in shipments of metallic ores. Two
factors contributed to the volume slowdown of metallic ores. First, a build-up
of inventory, in the fourth quarter of 1999, by a major ore producer resulted in
a slowdown in volume in the first quarter of 2000, as excess inventory was
depleted. Second, the same ore producer experienced mechanical problems that
adversely affected volume. Management believes the majority of the ore revenue
shortfalls will ultimately be recovered over the remainder of the year.
Overall, traffic volume, as measured by carloads handled, decreased over 7%
to approximately 125,000 carloads compared with approximately 135,100 carloads
in 1999. At the same time, average revenue per carload increased over 8% to $650
per carload in the first three months of 2000 from $599 per carload in 1999. The
increase in average revenue per carload was primarily driven by a shift in the
business mix. The volume increase in paper and other forest products, which
averaged $921 per carload, and a corresponding decrease in mineral shipments,
which averaged $481 per carload, combined to increase the overall revenue per
carload.
Operating expenses. Operating expenses increased 5%, or $3.3 million,
during the first quarter of 2000 compared to the same period in 1999. The
increase consisted primarily of higher labor and fuel costs, offset in part by a
decrease in casualty expenses. The operating ratio (operating expenses as a
percentage of operating revenues) increased to 80.3% in the first quarter of
2000, compared to 79.7% in the first quarter of 1999.
Roadway and structure expenses increased 12%, or approximately $1.7
million, in the first quarter of 2000 compared to 1999 principally due to higher
labor, depreciation and material costs. The higher depreciation and material
costs reflect the increased investment in track and structures to support
increasing volume levels. The increase in labor cost was in large part due to
the rising costs of fringe benefits.
<PAGE>
Equipment costs increased approximately 5%, or $0.9 million, in the first
quarter of 2000 compared to the same period of 1999 primarily due to increased
lease costs associated with new leases entered into during the second half of
1999, as well as increased equipment repair costs related to train accidents
during the quarter. Transportation costs increased slightly from the prior year
as the sharp increase in the price of diesel fuel was mostly offset by lower
casualty expenses. General and administrative expenses as a percentage of
operating revenues remained 10.6% in the first quarter of 2000 ($9.8 million)
compared to the first quarter of 1999 ($9.3 million).
Interest expense and income taxes. Interest expense increased 24% to $5.2
million during the first quarter of 2000 compared to $4.2 million during the
same period of 1999. This increase resulted from higher average debt
outstanding, largely because of borrowings to purchase additional shares of EWS
stock, combined with increased average interest rates on the revolving credit
line.
The income tax provision as a percentage of pretax income remained constant
at 39.6%.
Equity in net income of international affiliates. Results for the first
quarter 2000 included equity in net income of our international affiliates of
$4.5 million compared to $5.2 million for the same period of 1999.
The equity in the net income of EWS for the first quarter of 2000 was $2.6
million versus $3.4 million in the same quarter of 1999. EWS's operating
revenues in the quarter increased nearly 6%, reflecting increased customer
demand in several commodity groups including coal, construction and metals.
EWS's operating expenses in the quarter increased approximately 8% due to the
sharp rise in the price of fuel, accompanied by additional labor, track access
and lease expenses. Despite a decrease in headcount, labor costs increased 3%,
mostly due to additional training for drivers and increased overtime. Track
access charges increased 10% over 1999 primarily due to traffic increases. In
accordance with our plan to improve equipment reliability and performance, EWS
has taken delivery of 246 new locomotives, under operating leases, compared to
82 as of the same period in 1999, resulting in a significant increase in lease
expenses.
The equity in the net income of Tranz Rail for the first quarter of 2000
increased 23% to $1.9 million versus $1.6 million in 1999. Tranz Rail's
operating revenues increased 4% reflecting a general improvement in New
Zealand's economy. Operating expenses increased 3% primarily as a result of the
significant increase in the fuel price.
ATN generated a slight loss in the first quarter of 2000 compared to a $0.2
million contribution in 1999. Lower revenues combined with higher fuel costs
accounted for the decline.
Financial Condition: March 31, 2000 Compared to December 31, 1999
In March 2000, we increased our ownership interest in EWS by exercising an
option to purchase approximately 4 million additional shares at a cost of
approximately $6.2 million. The additional shares increased our holdings in EWS
from approximately 39% at December 31, 1999 to approximately 42% at March 31,
2000. Also, in March, we received a dividend of approximately $1.0 million from
Tranz Rail.
Our total debt outstanding increased approximately $11.9 million during the
first quarter of 2000 to a total of $355.1 million at March 31, 2000. The
issuance of debt along with approximately $6.9 million of cash generated from
operations and the dividend received from Tranz Rail were used to fund capital
expenditures of approximately $13.0 million along with the additional investment
in EWS as discussed in the previous paragraph.
<PAGE>
The outstanding debt balance constituted 41.1% of our total capitalization
at March 31, 2000 compared to 40.2% at December 31, 1999. The change was
attributable to the increase in the outstanding debt balance combined with a
reduction in stockholders' equity due to the repurchase of common stock and a
decrease in the currency exchange values of the foreign investments. At March
31, 2000, the aggregate unused borrowing availability under our loan facilities
totaled approximately $45.0 million.
In April 2000, we extended a $50 million credit agreement from June 30,
2000 to October 31, 2000. Also, in May 2000, we put in place an additional $50
million revolving credit agreement, that expires on October 31, 2000, to augment
our existing loan facilities and provide greater financing flexibility. The
terms of the new agreement are substantially similar to the existing $50 million
credit agreement. We expect to either extend or replace the existing revolving
credit agreements prior to expiration in October 2000.
In March 2000, our Board of Directors authorized the use of up to $35
million to repurchase shares of our common stock. The stock repurchase program
is expected to be conducted over the next year. We may repurchase common stock,
from time to time, through open market purchases or in negotiated private
transactions. Actual repurchase decisions will be based upon factors such as the
stock price and general economic and market conditions. As of April 30, 2000, we
had repurchased approximately 1.7 million shares at an average price of $11.77
per share.
Disclaimer Regarding Forward-Looking Statements
This report contains certain statements that are "forward-looking", within
the meaning of Section 21E of the Securities Exchange Act of 1934, including
statements regarding, among other matters, the beliefs, expectations, plans and
estimates of the Company with respect to certain future events, including
without limitation the impact of governmental regulation, the impact of
litigation and regulatory proceedings and the actions to be taken by others
(including collective bargaining organizations), revenue forecasts and similar
expressions concerning matters that are not historical facts. Such
forward-looking statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors that could cause actual
events to differ materially from those expressed in those statements.
<PAGE>
Item 3 - Quantitative And Qualitative Disclosures About Market Risk
In the ordinary course of business, we use various financial instruments
which inherently have some degree of market risk. The quantitative and
qualitative information presented below describes significant aspects of the
financial instrument programs which have material market risk.
Interest Rate Sensitivity. We are exposed to changes in interest rates
primarily as a result of borrowing activities, which include fixed and floating
rate debt used to maintain liquidity and fund our business operations. The
nature and amount of long-term debt can be expected to vary as a result of
future business requirements, market conditions and other factors. We are not
currently a party to any interest rate risk management transactions. The table
below presents principal cash flows and related weighted average interest rates
by contractual maturity dates of debt instruments as of March 31, 2000.
<TABLE>
<CAPTION>
Fixed Rate Debt Variable Rate Debt Total Debt
------------------- ----------------------- Interest --------------------
Average Average Free Average
Interest Interest Debt Interest
Maturity Amount Rate Amount Rate Amount Amount Rate
-------- ---------- ------ ---------- ------- -------- --------- ------
(in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
2000 $ -- $ 188,279 6.3% $ 2,101 $ 190,380 6.3%
2001 -- -- 2,740 2,740 0.0%
2002 -- -- 2,665 2,665 0.0%
2003 -- -- 2,116 2,116 0.0%
2003 -- -- 1,529 1,529 0.0%
Thereafter 150,000 6.6% -- 5,625 155,625 6.4%
--------- --------- -------- ---------
Total $ 150,000 6.6% $ 188,279 6.3% $ 16,776 $ 355,055 6.2%
========= ========= ======== =========
Fair Value $ 136,249 $ 188,279 $ 13,234 $ 337,762
========= ========= ======== =========
</TABLE>
Commodity Price Sensitivity. We have a program to hedge against
fluctuations in the price of our diesel fuel purchases. This program includes
forward purchases for delivery at fueling facilities, and various commodity swap
and collar transactions that are accounted for as hedges. Based on historical
information, we believe there is a significant correlation between the market
prices of diesel fuel and #2 heating oil. Our contracts require us to purchase a
defined quantity at a defined price. Such transactions are generally settled in
cash with the counterparty. As of March 31, 2000, we had hedge arrangements
covering approximately 39% of our expected North American fuel consumption for
the balance of 2000. As of March 31, 2000, 9.0 million notional gallons were
included in diesel fuel swaps and collar arrangements at contract prices ranging
from $.3975 to $.5025 per gallon. This price does not include taxes,
transportation costs and certain other fuel handling costs. As of March 31,
2000, the unrealized gain on these swaps was $2.7 million. Gains and losses from
hedge transactions are deferred and matched to specific fuel purchases. Our
international affiliates are also subject to fluctuations in the price of their
diesel fuel purchases. As of March 31, 2000, EWS was approximately 21% hedged
for its fuel purchases for the balance of 2000 while Tranz Rail currently does
not have any fuel hedges in place.
<PAGE>
Investment in International Affiliates. The value in U.S. dollars of our
investment in companies outside the United States and of our equity in the
earnings of those companies fluctuates from time to time as the value in U.S.
dollars of the currencies of those countries fluctuates. We do not hedge this
exposure. We have entered into zero cost collar arrangements to hedge a portion
of our foreign currency exposure on future management fees from EWS which are
payable in pounds sterling. The collars have put strikes ranging from $1.5500 to
$1.6000 and call strikes ranging from $1.6520 to $1.6935 with a notional amount
of 1.5 million pounds sterling as of March 31, 2000. As of March 31, 2000 the
unrealized gain on these collar arrangements was insignificant.
We do not purchase or hold derivative financial instruments for trading
purposes.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
27.0 - Financial Data Schedule for the three month period ended March
31, 2000.
b) Reports on Form 8-K
We did not file any reports on Form 8-K during the three month period
ended March 31, 2000.
<PAGE>
WISCONSIN CENTRAL TRANSPORTATION CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WISCONSIN CENTRAL TRANSPORTATION
CORPORATION
Date: May 15, 2000 By: /s/ Ronald G. Russ
----------------------
Ronald G. Russ
Executive Vice President,
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Condensed Consolidated Balance Sheet at March 31, 2000 (unaudited) and the
Condensed Consolidated Statement of Income for the Three Months Ended March 31,
2000 (unaudited) and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000874213
<NAME> WISCONSIN CENTRAL TRANSPORTATION
CORPORATION
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 1783
<SECURITIES> 0
<RECEIVABLES> 98389
<ALLOWANCES> 2232
<INVENTORY> 25651
<CURRENT-ASSETS> 128558
<PP&E> 942882
<DEPRECIATION> 119732
<TOTAL-ASSETS> 1182072
<CURRENT-LIABILITIES> 337607
<BONDS> 163915
0
0
<COMMON> 505
<OTHER-SE> 508205
<TOTAL-LIABILITY-AND-EQUITY> 1182072
<SALES> 0
<TOTAL-REVENUES> 91891
<CGS> 0
<TOTAL-COSTS> 73812
<OTHER-EXPENSES> (504)
<LOSS-PROVISION> 89
<INTEREST-EXPENSE> 5201
<INCOME-PRETAX> 13382
<INCOME-TAX> 5301
<INCOME-CONTINUING> 8081
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12604
<EPS-BASIC> .25
<EPS-DILUTED> .25
</TABLE>
