SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended: Commission File Number:
March 31, 1997 0-19334
-------------- -------
OUTBACK STEAKHOUSE, INC.
---------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 59-3061413
------------------------------- -----------------------------------
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
550 North Reo Street, Suite 200
Tampa, FL 33609
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
(813) 282-1225
---------------------------------------------------
(Registrant's telephone number, including area code)
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. AS OF MAY 7, 1997,
THERE WERE 47,303,988 SHARES OF COMMON STOCK, $.01 PAR VALUE OUTSTANDING.
Page 1 of 18<PAGE>
OUTBACK STEAKHOUSE, INC.
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
The accompanying unaudited consolidated financial statements have been
prepared by the Outback Steakhouse, Inc. ("the Company") pursuant to the
rules and regulations of the Securities and Exchange Commission.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of the Company, all adjustments (consisting
only of normal recurring entries) necessary for the fair presentation of
the Company's results of operations, financial position and cash flows for
the periods presented have been included.
Page 2 of 18<PAGE>
<TABLE>
<CAPTION> OUTBACK STEAKHOUSE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
March 31, December 31,
ASSETS 1997 1996
--------- ------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents.............. $ 11,656 $ 15,661
Inventories............................ 18,531 16,637
Other current assets................... 12,288 8,810
-------- --------
Total current assets................ 42,475 41,108
PROPERTY, FIXTURES AND EQUIPMENT, NET.... 415,108 397,759
INVESTMENTS IN AND ADVANCES TO
UNCONSOLIDATED AFFILIATES............. 12,487 13,968
OTHER ASSETS............................. 17,549 17,008
-------- --------
$487,619 $469,843
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable....................... $ 15,981 $ 27,824
Sales taxes payable.................... 6,803 6,027
Accrued expenses....................... 25,180 19,208
Unearned revenue....................... 10,632 20,334
Income taxes payable................... 7,259
Current portion of long-term debt...... 530 706
-------- --------
Total current liabilities........... 66,385 74,099
DEFERRED INCOME TAXES..................... 1,600 1,141
LONG-TERM DEBT............................ 52,321 47,595
INTEREST OF MINORITY PARTNERS IN
CONSOLIDATED PARTNERSHIPS............. 1,683 1,569
OTHER LONG-TERM LIABILITIES............... 5,000 3,000
-------- --------
Total liabilities................... 126,989 127,404
-------- --------
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, 100,000 shares
authorized; 48,036 and 48,009 shares
issued and outstanding as of March 31,
1997 and December 31, 1996, respectively 480 480
Additional paid-in capital............. 112,943 111,941
Retained earnings...................... 247,207 230,018
-------- --------
Total stockholders' equity........... 360,630 342,439
-------- --------
$487,619 $469,843
======== ========
See notes to consolidated financial statements.
</TABLE>
Page 3 of 18<PAGE>
<TABLE>
<CAPTION>
OUTBACK STEAKHOUSE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data, unaudited)
Three Months Ended
March 31,
----------------------
1997 1996
------------- ------------
<S> <C> <C>
REVENUES.......................... $271,037 $216,102
COSTS AND EXPENSES: -------- --------
Cost of revenues................. 103,820 83,190
Labor and other related.......... 64,274 48,782
Other restaurant operating....... 60,058 45,532
General & administrative......... 10,292 7,085
Loss (income) from operations of
unconsolidated affiliates....... 205 (219)
-------- --------
238,649 184,370
-------- --------
INCOME FROM OPERATIONS 32,388 31,732
INTEREST EXPENSE, NET............. (437) (435)
INCOME BEFORE ELIMINATION OF MINORITY -------- --------
PARTNERS'INTEREST AND INCOME TAXES 31,951 31,297
ELIMINATION OF MINORITY
PARTNERS'INTEREST................ 4,882 4,751
INCOME BEFORE PROVISION -------- --------
FOR INCOME TAXES................. 27,069 26,546
PROVISION FOR INCOME TAXES ....... 9,880 9,689
-------- --------
NET INCOME ....................... $ 17,189 $ 16,857
======== ========
EARNINGS PER COMMON SHARE......... $ 0.36 $ 0.34
======== ========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING........ 48,022 49,993
======== ========
</TABLE>
See notes to consolidated financial statements.
Page 4 of 18<PAGE>
<TABLE>
<CAPTION>
OUTBACK STEAKHOUSE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
March 31,
---------------------
1997 1996
-------- --------
<S>
Cash flows from operating activities: <C> <C>
Net income.................................................................. $ 17,189 $ 16,857
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation.............................................................. 7,598 4,990
Amortization.............................................................. 3,696 2,851
Outside partners' interest in consolidated partnerships' income........... 4,882 4,751
Loss (income) from unconsolidated affiliates.............................. 205 (219)
Change in assets and liabilities:
Increase in inventories.................................................. (1,894) (218)
(Increase) decrease in other current assets.............................. (3,478) 2,976
Increase in other assets................................................. (4,237) (4,753)
Decrease in accounts payable, sales taxes payable, and accrued expenses.. (5,095) (2,424)
Increase in income taxes payable......................................... 7,259
Decrease in unearned revenue............................................. (9,702) (8,147)
Increase in other long-term liabilities.................................. 2,000
Increase (decrease) in deferred income taxes............................. 459 (14)
-------- ---------
Net cash provided by operating activities................................ 18,882 16,650
Cash flows used in investing activities: -------- ---------
Sales of investment securities........................................... 127
Capital expenditures..................................................... (24,947) (22,487)
Payments from unconsolidated affiliates.................................. 2,025 1,080
Distributions to unconsolidated affiliates............................... (71) (312)
Investments in and advances to unconsolidated affiliates................. (678) (790)
-------- --------
Net cash used in investing activities.................................... (23,671) (22,382)
Cash flows provided by (used in) financing activities: -------- --------
Adjustments resulting from mergers (See Note 1).......................... (1,402)
Proceeds from issuance of common stock................................... 1,002
Proceeds from issuance of long-term debt................................. 4,798 15,724
Proceeds from minority partners' contributions........................... 400 300
Distributions to minority partners and shareholders...................... (5,168) (5,265)
Repayments of long-term debt............................................. (248) (14,904)
-------- --------
Net cash provided by (used in) financing activities..................... 784 (5,547)
-------- --------
Net decrease in cash and cash equivalents................................ (4,005) (11,279)
Cash and cash equivalents at beginning of period......................... 15,661 27,089
-------- --------
Cash and cash equivalents at end of period............................... $ 11,656 $ 15,810
======== ========
</TABLE>
See notes to consolidated financial statements.
Page 5 of 18<PAGE>
OUTBACK STEAKHOUSE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-------------------------
1997 1996
-------- -----------
<S> <C> <C>
Supplemental disclosure of cash flow information:
Cash paid for interest.................. $ 605 $ 460
Cash paid for income taxes.............. 938 2,589
</TABLE>
See notes to consolidated financial statements.
Page 6 of 18<PAGE>
OUTBACK STEAKHOUSE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. BASIS OF PRESENTATION
In 1996, the Company issued approximately 2,348,000 shares of its
Common Stock to the shareholders of four of its franchisees in exchange for
all of their outstanding interests in 28 Outback Steakhouses in Ohio,
Kentucky, Virginia, Illinois, Missouri, and Tennessee. The franchise
groups include Garob, Inc., FBS Enterprises, Inc., the Fore Management
Group and the Brenica Restaurant Group, Inc.
The mergers discussed above have been accounted for by the pooling of
interest method using historical amounts and the financial statements
presented herein have been restated to give retroactive effect to the
mergers for the applicable periods presented.
Page 7 of 18<PAGE>
2. OTHER CURRENT ASSETS
Other current assets consisted of the following (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------- ------------
<S> <C> <C>
Deposits........................... $ 1,095 $ 755
Accounts receivable................ 3,393 1,898
Prepaid expenses................... 5,600 4,961
Other current assets............... 2,200 1,196
-------- -------
$ 12,288 $ 8,810
======== =======
</TABLE>
3. PROPERTY, FIXTURES AND EQUIPMENT
Property, fixtures and equipment consisted of the following (in
thousands):
<TABLE>
<CAPTION> March 31, December 31,
1997 1996
------------- ------------
<S> <C> <C>
Land.............................. $ 90,012 $ 85,255
Buildings & building improvements. 167,020 153,212
Furniture & fixtures.............. 41,397 36,794
Equipment......................... 97,998 92,800
Leasehold improvements............ 78,107 74,858
Construction in progress.......... 11,049 18,084
Accumulated depreciation.......... (70,475) (63,244)
-------- --------
$415,108 $397,759
======== ========
</TABLE>
4. OTHER ASSETS
Other assets consisted of the following (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
------------- ------------
<S> <C> <C>
Preopening costs, net............. $ 8,336 $ 8,818
Intangible assets(including liquor
licenses)...................... 6,078 4,485
Other assets...................... 3,135 3,705
-------- -------
$ 17,549 $17,008
======== =======
</TABLE>
Page 8 of 18<PAGE>
5. LONG-TERM DEBT
Long-term debt consisted of the following (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- ------------
<S> <C> <C>
Notes payable to banks, collateralized
by various items including stock,
investment securities, property fixtures
and equipment, interest at rates ranging
from 8.825% to 9.9% at March 31, 1997... $ 1,296 $ 1,336
Notes payable to leasing companies,
collateralized by equipment, interest at
rates ranging from 8% to 13.2%.......... 77 127
Note payable to corporation, collateralized
by real estate, interest at 9.0%........ 369 455
Other notes payable, unsecured, interest
rates ranging from 5.36% to 7.99%....... 991 1,063
Revolving line of credit interest ranging
from 6.19% to 6.52% at March 31, 1997
(see below)............................. 50,118 45,320
------ ------
52,851 48,301
Less current portion 530 706
------ ------
Long-term debt $52,321 $47,595
======= =======
</TABLE>
The Company has an unsecured revolving line of credit which permits
borrowing up to a maximum of $75,000,000 at a rate of 85 basis points over
the 30, 60, 90 or 120 day London Interbank Offered Rate ("LIBOR") (5.69% to
5.94% at March 31, 1997). At March 31, 1997 the unused portion of the
revolving line of credit was $24,882,000. The line matures in June 1999.
The Company has a $7,500,000 unsecured line of credit bearing
interest of 85 basis points over the LIBOR. Approximately $3,230,000 of
the line of credit is committed for the issuance of letters of credit,
at March 31, 1997, $623,000 of which is to secure loans made by the bank
to certain franchisees.
The Company is the guarantor on an unsecured line of credit which
permits borrowing of up to a maximum of $25,000,000, maturing in March
2002, for one of its franchise groups. At March 31, 1997 the balance on
the line of credit was $70,000.
Page 9 of 18<PAGE>
6. ACCRUED EXPENSES
Accrued expenses consisted of the following (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- -----------
<S> <C> <C>
Accrued payroll................... $ 5,705 $ 4,624
Accrued advertising............... 6,806 2,876
Accrued rent...................... 970 1,148
Accrued insurance................. 3,836 4,490
Accrued ESOP contribution......... 1,150
Other accrued expenses............ 7,863 4,920
------- -------
$25,180 $19,208
======= =======
</TABLE>
7. EARNINGS PER SHARE
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
Per Share," which will be effective for the Company in the fourth quarter
of 1997. SFAS No. 128 simplifies the computation for earnings per share
by excluding the dilutive effect of common stock equivalents from basic
earnings per share and makes the earnings per share calculation
comparable to international standards. The Company has determined
adopting this standard will not have material impact on previously
reported earnings per share.
Page 10 of 18<PAGE>
OUTBACK STEAKHOUSE, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
- ---------------------
The following table sets forth, for the periods indicated, (i) the
percentages which the items in the Company's Consolidated Statements of
Income bear to total revenues or restaurant sales as indicated, and (ii)
selected operating data:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------
1997 1996
-------- -------
<S> <C> <C>
REVENUES.................................... 100.0% 100.0%
COSTS AND EXPENSES:
Cost of sales (1).......................... 38.6 38.7
Labor and other related (1)................ 23.9 22.7
Other restaurant operating (1)............. 22.3 21.2
General & administrative................... 3.8 3.3
Loss (income) from operations of
unconsolidated affiliates................. 0.1 (0.1)
Total costs and expenses............... 88.1 85.3
---- ----
INCOME FROM OPERATIONS...................... 12.0 14.7
INTEREST EXPENSE, NET....................... (0.2) (0.2)
---- ----
INCOME BEFORE ELIMINATION OF
MINORITY PARTNERS' INTEREST
AND INCOME TAXES.......................... 11.8 14.5
ELIMINATION OF MINORITY PARTNERS' INTEREST.. 1.8 2.2
---- ----
INCOME BEFORE PROVISION FOR INCOME TAXES.... 10.0 12.3
PROVISION FOR INCOME TAXES.................. 3.7 4.5
---- ----
NET INCOME.................................. 6.3% 7.8%
==== ====
System-wide sales (millions of dollars):
Outback Steakhouses
Company owned restaurants................. $ 248 $ 207
Franchised and joint venture
restaurants............................. 42 29
--- ---
Total................................... 290 236
--- ---
Carrabba's Italian Grills
Company owned restaurants................. 21 8
Joint venture restaurants................. 6 5
------ -----
Total................................... 27 13
------ -----
System-wide total........................... $ 317 $ 249
====== =====
</TABLE>
(1) As a percentage of restaurant sales.
Page 11 of 18<PAGE>
RESULTS OF OPERATIONS (CONTINUED)
- ---------------------------------
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------
1997 1996
------- --------
<S> <C> <C>
Number of restaurants (at end
of the period):
Outback Steakhouses
Company owned restaurants 327 273
Franchised and joint venture restaurants 59 42
--- ---
Total 386 315
--- ---
Carrabba's Italian Grills
Company owned restaurants 43 14
Joint venture restaurants 13 10
--- ---
Total 56 24
--- ---
System-wide total 442 339
=== ===
</TABLE>
Page 12 of 18<PAGE>
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
Revenues. Total revenues increased by 25.4% to $271,037,000
during the first quarter of 1997 as compared with $216,102,000 in the same
period in 1996. The increase was attributable to the opening of new
restaurants after March 31, 1996 partially offset by a 2.0% decrease in
comparable store sales. The decrease in comparable store sales resulted
from lower customer check averages.
Costs and expenses. Cost of restaurant sales, consisting of food
and beverage costs, decreased in the first quarter of 1997, to 38.6% of
restaurant sales as compared with 38.7% in the same period in 1996. The
slight decrease was attributable to an increase in the proportion of
Carrabba's Italian Grills ("Carrabba's") in operation which have lower
average food costs than Outback Steakhouses.
Labor and other related expenses include all direct and indirect
labor costs incurred in restaurant operations. Labor expenses increased in
the first quarter of 1997 to 23.9% of restaurant sales, as compared with
22.7% in the same period in 1996. Of the increase, 0.5% was attributable
to an increase in the proportion of Carrabba's in operation which have
higher average labor costs than Outback Steakhouses. The remainder of the
increase resulted from higher labor costs in new markets, an increase in
wage rates in certain markets, an overall increase in back of the house
wage rates due to a competitive labor market, and lower average unit
volumes generated by Outback Steakhouses.
Other restaurant operating expenses include all other unit-level
operating costs, the major components of which are operating supplies,
rent, repairs and maintenance, advertising expenses, utilities,
depreciation and amortization and other occupancy costs. A substantial
portion of these expenses are fixed or indirectly variable. As a
percentage of restaurants sales, these costs increased to 22.3% in the
first quarter of 1997 as compared to 21.2% in the same quarter of 1996. Of
the increase, 0.5% was attributable to an increase in the proportion of
Carrabba's in operation which have higher operating expenses as a
percentage of restaurant sales than Outback Steakhouses. More intensive
advertising spending in the first quarter of 1997 contributed to 0.3% of
the increase. The remainder of the increase resulted from an increase in
repairs and maintenance expenses as restaurants mature and lower average
unit volumes generated by Outback Steakhouses.
General and administrative costs increased to 3.8% of revenues in
the first quarter of 1997 as compared to 3.3% of revenues in the same
period in 1996. This increase resulted from an increase in salary expenses
related to managers in training, and additional staffs employed to manage
Carrabba's and Outback Steakhouse international franchising operations.
Page 13 of 18<PAGE>
Loss (income) from operations of unconsolidated affiliates
represents the Company's portion of the income or loss from Carrabba's
Italian Grills and Outback Steakhouses operated as development joint
ventures. Loss from development joint ventures was $205,000 in the first
quarter of 1997 as compared with income of $219,000 in the same period in
1996. This decrease was attributable to losses from Carrabba's Texas
operations, and to fewer Outback Steakhouses operating as development joint
ventures as a result of the restructuring of the Company's Nevada
operations in April 1996.
Income from operations. As a result of the increase in revenues,
the changes in the relationship between revenues and expenses discussed
above and the opening of new restaurants, income from operations increased
by $656,000, to $32,388,000, in the first quarter of 1997 as compared with
$31,732,000 in the same period in 1996.
Interest expense, net. Net interest expense was $437,000 during
the first quarter of 1997 as compared with $435,000 in the same period in
1996. Period to period changes in interest expense reflected changes in
available cash and cash equivalents, fluctuations in interest rates on the
Company's line of credit, and changes in borrowing needs as funds were
expended to finance new restaurants.
Elimination of minority partners' interests. The costs included
in this line item represent the portion of income from operations included
in consolidated operating results attributable to the ownership interests
of restaurant managers and joint venture partners in Company owned
restaurants. As a percentage of revenues, these costs were 1.8% and 2.2%
in the first quarters of 1997 and 1996, respectively. The decrease in this
ratio reflected the decrease in overall restaurant operating margins.
Provision for income taxes. The provision for income taxes in
both quarters reflected expected income taxes due at federal statutory
rates and state income tax rates, net of the federal benefit. The
effective income tax rate was 36.5% during both the first quarters of 1997
and 1996.
Net income and earnings per share. Net income for the first
quarter of 1997 was $17,189,000 as compared with net income of $16,857,000
in the same period in 1996. Earnings per share increased to $0.36 during
the first quarter of 1997 as compared with earnings per share of $0.34 for
the same period in 1996.
Page 14 of 18<PAGE>
<TABLE>
<CAPTION>
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The following table presents a summary of the Company's cash
flows and capital expenditures for the periods indicated.
Year Ended Three Months Ended
------------------------
December 31, March 31, March 31,
1996 1997 1996
------------ -------- ---------
<S> <C> <C> <C>
Net cash provided by
operating activities $122,799 $18,882 $16,650
Net cash used in investing
activities (126,631) (23,671) (22,382)
Net cash (used in) provided
by financing activities (7,596) 784 (5,547)
-------- -------- --------
Net decrease in cash and
cash equivalents $(11,428) $( 4,005) $(11,279)
======== ======== ========
The Company requires capital principally for the development of new
Company owned and joint venture restaurants. Capital expenditures totaled
approximately $130,987,000 for year ended December 31, 1996 and $24,947,000
and $22,487,000 during the first quarters of 1997 and 1996, respectively.
The Company either leases its restaurants under operating leases for
periods ranging from five to twenty years or purchases land and buildings
where it is cost effective. The Company anticipates that 80% to 90% of the
Company owned restaurants to be opened in 1997 will be free-standing units.
At March 31, 1997 the Company had two unsecured lines of credit
totalling $82,500,000. Approximately $3,230,000 is committed for the
issuance of letters of credit, some of which are to secure loans made by
the bank to certain franchisees, and $50,118,000 has been drawn by the
Company to finance capital expenditures. The Company expects that its
capital requirements through the end of 1997 will be met by cash flows from
operations and advances on its line of credit. See Note 5 of Notes to
Consolidated Financial Statements.
The Company notes that a variety of factors could cause the actual
results and experience to differ from the anticipated results referred to
in the previous paragraphs. The Company's forward looking statements
regarding its development schedule for new restaurant openings are subject
to a number of risk factors including:
(i) Ability to secure appropriate real estate sites at acceptable prices;
(ii) Ability to obtain all required governmental permits including zoning
approvals and liquor licenses on a timely basis;
(iii) Impact of government moratoriums or approval processes which could
result in significant delays;
(iv) Ability to secure all necessary contractors and sub-contractors;
(v) Union activities such as picketing and hand billing which could
delay construction;
(vi) Weather and acts of God beyond the Company's control resulting in
construction delays.
</TABLE>
Page 15 of 18<PAGE>
OUTBACK STEAKHOUSE, INC.
PART II: OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
27 - Financial Data Schedules (for SEC use only)
(b) Reports on Form 8-K
The Company filed reports on Form 8-K with the
Securities and Exchange Commission dated March 20, 1997
and March 25, 1997.
Page 16 of 18<PAGE>
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 of the
undersigned thereunto duly authorized.
OUTBACK STEAKHOUSE, INC.
-------------------------------
(Registrant)
Date: May 13, 1997 By: /s/ Robert S. Merritt
------------------------ --------------------------------
Robert S. Merritt
Senior Vice President,
Finance (Principal Financial
and Accounting Officer)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
EXHIBIT 27
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> QUARTER
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 11,656
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 18,531
<CURRENT-ASSETS> 42,475
<PP&E> 485,583
<DEPRECIATION> 70,475
<TOTAL-ASSETS> 487,619
<CURRENT-LIABILITIE> 66,385
<BONDS> 52,321
0
0
<COMMON> 480
<OTHER-SE> 360,150
<TOTAL-LIABILITY-AND-EQUITY> 487,619
<SALES> 268,824
<TOTAL-REVENUES> 271,037
<CGS> 103,820
<TOTAL-COSTS> 228,152
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 437
<INCOME-PRETAX> 27,069
<INCOME-TAX> 9,880
<INCOME-CONTINUING> 17,189
<DISCONTINUED> 0
<EXTRAORIDNARY> 0
<CHANGES> 0
<NET-INCOME> 17,189
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0.36
Page 18 of 18
</TABLE>
