<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter ended September 30, 1997
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For this transition period from ____________ to ____________
Commission file number O-19291
-------
CORVEL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-0282651
- -------------------------------- -------------------
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
2010 Main Street, Suite 1020
Irvine, CA 92614
- --------------------------------------- -------------------
(Address of principal executive office) (zip code)
Registrant's telephone number, including code: (714) 851-1473
--------------
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
--- ---
The number of shares outstanding of the registrant's Common Stock, $0.0001 Par
Value, as of September 30, 1997 was 4,187,000 shares.
<PAGE> 2
CORVEL CORPORATION
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
--------------------
Consolidated Balance Sheets - March 31, 1997 (audited) and September 30, 1997
(unaudited)- Page 3
Consolidated Statements of Income -- Three months ended September 30, 1996 and
1997 (both unaudited) - Page 4
Consolidated Statements of Income -- Six months ended September 30, 1996 and
1997 (both unaudited) - Page 5
Consolidated Statements of Cash Flows -- Three months ended September 30, 1996
and 1997 (both unaudited) - Page 6
Notes to Consolidated Financial Statements (unaudited) -- September 30, 1997 -
Page 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations - Pages 8 through 11
-----------------------------------------------------------------------
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings - Page 12
------------------
Item 2. Changes in Securities - Page 12
---------------------
Item 3. Defaults upon Senior Securities - Page 12
-------------------------------
Item 4. Submission of Matters to a Vote of Security Holders - Page 12
---------------------------------------------------
Item 5. Other Information - Page 12
-----------------
Item 6. Exhibits and Reports on Form 8-K - Page 12
--------------------------------
Page 2
<PAGE> 3
Part I - Financial Information
Item 1. Financial Statements
CORVEL CORPORATION
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1997 AND SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
March 31, September 30,
1997 1997
------------ ------------
(audited) (unaudited)
<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $ 15,665,000 $ 11,203,000
Accounts receivable, net 22,294,000 25,336,000
Prepaid taxes and expenses 124,000 127,000
Deferred income taxes 1,746,000 500,000
------------ ------------
Total current assets 39,829,000 37,166,000
------------ ------------
Property and Equipment, Net 13,100,000 14,446,000
Other Assets 5,895,000 6,444,000
------------ ------------
TOTAL ASSETS $ 58,824,000 $ 58,056,000
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 6,603,000 $ 4,747,000
Accrued liabilities 4,630,000 6,339,000
------------ ------------
Total current liabilities 11,233,000 11,086,000
------------ ------------
Deferred income taxes 1,504,000 1,644,000
Stockholders' Equity
Common stock -- --
Paid-in-capital 28,122,000 29,308,000
Treasury Stock, (357,000 shares at March 31, 1997
and 580,000 shares at September 30, 1997) (9,461,000) (16,064,000)
Retained earnings 27,426,000 32,082,000
------------ ------------
Total stockholders' equity 46,087,000 45,326,000
------------ ------------
TOTAL LIABILITIES AND EQUITY $ 58,824,000 $ 58,056,000
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
Page 3
<PAGE> 4
CORVEL CORPORATION
INCOME STATEMENT
FISCAL YEAR ENDING FISCAL MARCH 31, 1998
SECOND QUARTER ENDING SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Three months ending
September 30,
---------------------------
1996 1997
----------- -----------
<S> <C> <C>
REVENUES $29,719,000 $34,683,000
Cost of Revenues 24,231,000 28,208,000
----------- -----------
Gross profit 5,488,000 6,475,000
General and administrative expenses 2,114,000 2,634,000
----------- -----------
Income before income taxes 3,374,000 3,841,000
Income tax provision 1,282,000 1,460,000
----------- -----------
NET INCOME $ 2,092,000 $ 2,381,000
=========== ===========
Net income per common and common equivalent share $ .44 $ .55
=========== ===========
Weighted average common and common equivalent shares 4,760,000 4,326,000
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
Page 4
<PAGE> 5
CORVEL CORPORATION
INCOME STATEMENT
FISCAL YEAR ENDING FISCAL MARCH 31, 1998
SIX MONTHS ENDING SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
Six months ending
September 30,
---------------------------
1996 1997
----------- -----------
<S> <C> <C>
REVENUES $59,570,000 $68,707,000
Cost of Revenues 48,692,000 55,765,000
----------- -----------
Gross profit 10,878,000 12,942,000
General and administrative expenses 4,210,000 5,432,000
----------- -----------
Income before income taxes 6,668,000 7,510,000
Income tax provision 2,534,000 2,854,000
----------- -----------
NET INCOME $ 4,134,000 $ 4,656,000
=========== ===========
Net income per common and common equivalent share $ .87 $ 1.07
=========== ===========
Weighted average common and common equivalent shares 4,760,000 4,351,000
=========== ===========
</TABLE>
See accompanying notes to consolidated financial statements.
Page 5
<PAGE> 6
CORVEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED SEPTEMBER 30, 1996 AND 1997
<TABLE>
<CAPTION>
Three months ended
September 30,
-----------------------------
1996 1997
------------ -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ 4,134,000 $ 4,656,000
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,987,000 2,484,000
Changes in operating assets and liabilities
Accounts receivable (1,870,000) (3,042,000)
Prepaid taxes and expenses 383,000 (3,000)
Accounts payable 539,000 (1,856,000)
Accrued liabilities 653,000 1,709,000
Income taxes payable 1,792,000 1,246,000
Other assets (1,329,000) (459,000)
------------ ------------
Net cash provided by operating activities 6,289,000 4,735,000
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (2,469,000) (3,780,000)
------------ ------------
Net cash used in investing activities (2,469,000) (3,780,000)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of Treasury Stock (6,603,000)
Sale of common and exercise of stock options
and related tax benefits 1,189,000 1,186,000
------------ ------------
Net cash provided by financing activities 1,189,000 (5,417,000)
------------ ------------
INCREASE (DECREASE) IN CASH:
Cash and cash equivalents at beginning 5,009,000 (4,462,000)
Cash and cash equivalents at end 17,113,000 15,665,000
------------ -----------
$ 22,122,000 $ 11,203,000
============ ============
</TABLE>
See accompanying notes to consolidated financial statements.
Page 6
<PAGE> 7
CORVEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 (UNAUDITED)
A. Basis of Presentation
---------------------
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three months
ended September 30, 1997 are not necessarily indicative of the results that
may be expected for the year ended March 31, 1998. For further information,
refer to the consolidated financial statements and footnotes thereto for
the year ended March 31, 1997 included in the Company's registration
statement on Form 10-K.
B. Earnings per Share
------------------
Earnings per common and common equivalent shares were computed by dividing
net income by the weighted average number of shares of common stock and
common stock equivalents outstanding during the quarter. For calculation of
the common and common equivalent shares, see Exhibit 11 included herein.
Page 7
<PAGE> 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
-----------------------------------------------------------
RESULTS OF OPERATIONS
The following table contains certain financial data as a percentage of revenues:
Three months ended Sept. 30: 1996 1997
---------------------------- ---- ----
Revenues 100.0% 100.0%
Cost of services 81.6 81.3
----- -----
Gross profit 18.4 18.7
----- -----
General and administrative 7.1 7.6
----- -----
Income from operations 11.3 11.1
----- -----
Income tax provision 4.3 4.2
----- -----
NET INCOME 7.0% 6.9%
===== =====
Six months ended Sept. 30: 1996 1997
-------------------------- ---- ----
Revenues 100.0% 100.0%
Cost of services 81.7 81.2
----- -----
Gross profit 18.3 18.8
----- -----
General and administrative 7.1 7.9
----- -----
Income from operations 11.2 10.9
----- -----
Income tax provision 4.3 4.2
----- -----
NET INCOME 6.9% 6.7%
===== =====
Revenues for the three months ended September 30, 1997 increased by
$4.96 million to $34.7 million, an increase of 17% over the $29.7
million revenue for the comparable period in the prior fiscal year. The
increase in revenues is primarily attributable to a 28% increase in
patient management revenue along with a 5% increase in provider
revenues. Case management revenue grew to $19.6 million from $15.4
million in the prior year, an increase of $4.2 million. The increase in
patient management is primarily due to a few national case management
contracts which the company was awarded during the past year.
Revenues for the six months ended June 30, 1997 increased by $9.1
million to $68.7 million, an increase of 15% over the $59.6 million
revenue for the comparable period in the prior fiscal year. The increase
in revenues is primarily attributable to a 24% increase in patient
management revenue along with a 6% increase in provider revenues. Case
management revenue grew to $38.1 million from $30.7 million in the prior
year, an increase of $7.4 million. The increase in patient management is
primarily due to a few national case management contracts which the
company was awarded during the past year.
Page 8
<PAGE> 9
Cost of revenues for the three months ended September 30, 1997 remained
relatively unchanged at 18.7% compared to 18.4% for the prior year. Cost
of revenues for the six months ending September 30, 1997 increased to
18.8% from 18.3% for the same period in the prior year. The gross profit
margin increased due to increased productivity in the Company's patient
management services, offset by pricing pressures in portions of the
provider program business.
General and administrative expenses as a percentage of revenues
increased from 7.1% for the quarter ending September 30, 1996, to 7.6%
for the quarter ending September 30, 1997. This increase in primarily
attributable to in certain general and administrative expenses
(including increased period costs for systems due to the installation of
a wide area network (WAN). General and administrative expenses as a
percentage of revenues increased from 7.2% for the six months ending
September 30, 1996, to 7.9% for the six months ending September 30,
1997.
LIQUIDITY AND CAPITAL RESOURCES
The Company has funded its operations and capital expenditures primarily
from cash flow from operations. During the six months ending September
30, 1997, net working capital decreased by $2.4 million, from $28.6
million at March 31, 1997 to $27.2 million at September 30, 1997. This
decrease was primarily to the repurchase of $6.6 million of the
Company's common stock during the six months ending September 30, 1997.
As of September 30, 1997, the Company had $11.2 million in cash,
primarily in short-term highly-liquid investments with maturities of 90
days or less. The Company has historically required substantial capital
to fund the growth of its operations, particularly working capital to
fund the growth in accounts receivable. The Company believes, however,
that the cash balance at September 30, 1997 along with anticipated
internally generated funds will be sufficient to meet the Company's
expected cash requirements for at least the next twelve months.
CAUTIONARY STATEMENT REGARDING RISK FACTORS
Certain statements contained in the Company's Annual Report on
Form 10-K for the year ended March 31, 1997, Quarterly Report on Form
10-Q for the quarter ending September 30, 1997, as well as the Company's
Annual Report for the year ending March 31, 1997, such as statements
concerning the development of new services, possible legislative
changes, and other statements contained herein regarding matters that
are not historical facts, are forward-looking statements (as such term
is defined in the Securities Act of 1933, as amended). Because such
statements involve risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements.
Past financial performance is not necessarily a reliable
indicator of future performance, and investors should not use historical
performance to anticipate results or future period trends. Factors that
could cause actual results to differ materially include, but are not
limited to, those discussed below. In addition, reference is made to the
Company's most recent annual report for the fiscal year ending March 31,
1997.
Page 9
<PAGE> 10
POTENTIAL ADVERSE IMPACT OF GOVERNMENT REGULATION. Many
states, including a number of those in which the Company transacts
business, have licensing and other regulatory requirements applicable to
the Company's business. Approximately half of the states have enacted
laws that require licensing of businesses which provide medical review
services. Some of these laws apply to medical review of care covered by
workers' compensation. These laws typically establish minimum standards
for qualifications of personnel, confidentiality, internal quality
control, and dispute resolution procedures. These regulatory programs
may result in increased costs of operation for the Company, which may
have an adverse impact upon the Company's ability to compete with other
available alternatives for health care cost control. In addition, new
laws regulating the operation of managed care provider networks have
been adopted by a number of states. These laws may apply to managed care
provider networks having contracts with the Company or to provider
networks which the Company may organize. To the extent the Company is
governed by these regulations, it may be subject to additional licensing
requirements, financial oversight and procedural standards for
beneficiaries and providers.
Regulation in the health care and workers' compensation fields
is constantly evolving. The Company is unable to predict what additional
government regulations, if any, affecting its business may be
promulgated in the future. The Company's business may be adversely
affected by failure to comply with existing laws and regulations,
failure to obtain necessary licenses and government approvals or failure
to adapt to new or modified regulatory requirements. Proposals for
health care legislative reforms are regularly considered at the federal
and state levels. To the extent that such proposals affect workers'
compensation, such proposals may adversely affect the Company's business
and results of operations. In addition, changes in workers' compensation
laws or regulations may impact demand for the Company's services,
require the Company to develop new or modified services to meet the
demands of the marketplace or modify the fees that the Company may
charge for its services. One of the proposals which has been considered
is 24-hour health coverage, in which the coverage of traditional
employer-sponsored health plans is combined with workers' compensation
coverage to provide a single insurance plan for work-related and
non-work-related health problems. Incorporating workers' compensation
coverage into conventional health plans may adversely affect the market
for the Company's services.
POSSIBLE LITIGATION AND LEGAL LIABILITY. The Company, through
its utilization management services, makes recommendations concerning
the appropriateness of providers' medical treatment plans of patients
throughout the country, and it could share in potential liabilities for
adverse medical consequences. The Company does not grant or deny claims
for payment of benefits and the Company does not believe that it engages
in the practice of medicine or the delivery of medical services. There
can be no assurance, however, that the Company will not be subject to
claims or litigation related to the grant or denial of claims for
payment of benefits or allegations that the Company engages in the
practice of medicine or the delivery of medical services. In addition,
there can be no assurance that the Company will not be subject to other
litigation that may adversely affect the Company's business or results
of operations. The Company maintains professional liability insurance
and such other coverages as the Company believes are reasonable in light
of the Company's experience to date. There can be no assurance, however,
that such insurance will be sufficient or available in the future at
reasonable cost to protect the Company from liability.
COMPETITION. The Company faces competition from large
insurers, health maintenance organizations ("HMOs"), preferred provider
organizations ("PPOs"), third party administrators and other managed
health care companies. The Company believes that, as managed care
techniques continue to gain acceptance in the workers' compensation
marketplace, CorVel's competitors will increasingly consist of
nationally focused workers' compensation managed care service companies,
insurance companies, HMOs and other significant providers of managed
care products. Legislative reforms in some states permit employers to
designate health plans such as HMOs and PPOs to cover workers'
compensation claimants. Because many health plans have the ability to
manage medical costs for workers' compensation claimants, such
legislation may intensify competition in the market served by the
Company. Many of the Company's current and potential competitors are
significantly larger and have greater financial and marketing resources
than those of the Company, and there can be no assurance that the
Company will continue to maintain its existing performance or be
successful with any new products or in any new geographical markets it
may enter.
Page 10
<PAGE> 11
CHANGES IN MARKET DYNAMICS. Legislative reforms in some states
permit employers to designate health plans such as HMOs and PPOs to
cover workers' compensation claimants. Because many health plans have
the capacity to manage health care for workers' compensation claimants,
such legislation may intensify competition in the market served by the
Company. Within the past few years, several states have experienced
decreases in the number of workers' compensation claims and the average
cost per claim which have been reflected in workers' compensation
insurance premium rate reductions in those states. The Company believes
that declines in workers' compensation costs in these states are due
principally to intensified efforts by payors to manage and control claim
costs, to improved risk management by employers and to legislative
reforms. If declines in workers' compensation costs occur in many states
and persist over the long-term, they may have an adverse impact on the
Company's business and results of operations.
DEPENDENCE UPON KEY PERSONNEL. The Company is dependent to a
substantial extent upon the continuing efforts and abilities of certain
key management personnel. In addition, the Company faces competition for
experienced employees with professional expertise in the workers'
compensation managed care area. The loss of, or the inability to
attract, qualified employees could have a material adverse effect on the
Company's business and results of operations.
RISKS RELATED TO GROWTH STRATEGY. The Company's strategy is to
continue its internal growth and, as strategic opportunities arise in
the workers' compensation managed care industry, to consider
acquisitions of, or relationships with, other companies in related lines
of business. As a result, the Company is subject to certain
growth-related risks, including the risk that it will be unable to
retain personnel or acquire other resources necessary to service such
growth adequately. Expenses arising from the Company's efforts to
increase its market penetration may have a negative impact on operating
results. In addition, there can be no assurance that any suitable
opportunities for strategic acquisitions or relationships will arise or,
if they do arise, that the transactions contemplated thereby could be
completed. If such a transaction does occur, there can no assurance that
the Company will be able to integrate effectively any acquired business
into the Company. In addition, any such transaction would be subject to
various risks associated with the acquisition of businesses, including
the financial impact of expenses associated with the integration of
businesses.
There can be no assurance that any future acquisition or other
strategic relationship will not have an adverse impact on the Company's
business or results of operations. If suitable opportunities arise, the
Company anticipates that it would finance such transactions, as well as
its internal growth, through working capital or, in certain instances,
through debt or equity financing. There can be no assurance, however,
that such debt or equity financing would be available to the Company on
acceptable terms when, and if, suitable strategic opportunities arise.
During the past fiscal year, the Company has made efforts to
increase its presence and revenue in the group health market with
moderate success. Managed care in this market is more mature than
managed care in workers' compensation and has numerous large
competitors, primarily health maintenance organizations. The Company has
limited experience in the group health market. There is no assurance
that the Company will be successful in this market. The Company expects
that a considerable amount of its future growth will depend on its
ability to process and manage claims data more efficiently and to
provide more meaningful healthcare information to customers and payors
of healthcare. There is no assurance that the Company will be able to
develop, license or otherwise acquire software to address these market
demands as well or as timely as its competitors.
POSSIBLE VOLATILITY OF STOCK PRICE. The market price of the
Company's Common Stock following this offering may be highly volatile.
Factors such as variations in the Company's revenues, earnings and cash
flow, general market trends in the workers' compensation managed care
market, and announcements of innovations by the Company or its
competitors could cause the market price of the Common Stock to
fluctuate substantially. In addition, the stock market has in the past
experienced price and volume fluctuations that have particularly
affected companies in the health care and managed care markets resulting
in changes in the market price of the stock of many companies which may
not have been directly related to the operating performance of those
companies.
Page 11
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS - The Company is involved in litigation
arising in the normal course of business. The Company believes that
resolution of these matters will not result in any payment that, in the
aggregate, would be material to the financial position or financial
operations of the Company.
ITEM 2 - CHANGES IN SECURITIES - None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES - None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS -
At the Company's regularly scheduled annual meeting, held on
August 7, 1997, the shareholders approved the elections of V. Gordon
Clemons, Peter E. Flynn, Steven J. Hamerslag, R. Judd Jessup, and
Jeffery J. Michael, with 3,538,072 shares, 3,537,578 shares, 3,538,124
shares, 3,537,424 shares, and 3,536,924 shares, respectively. At this
meeting, the shareholders also approved amendments to the Company's
Restated 1988 Executive Stock Option Plan (2,788,160 votes for, 440,636
votes against), approved amendments to the 1991 Employee Stock Purchase
Plan (3,264,954 votes for, 9,455 votes against), and approved amendments
to the Company's Certificate of Incorporation (2,347,549 votes for,
813,052 votes against).
ITEM 5 - OTHER INFORMATION - None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K.
Exhibit 11 -- Computation of Per Share Earnings.
Exhibit 27 -- Financial Data Schedule.
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 hereunto duly authorized.
CORVEL CORPORATION
By: /s/ V. GORDON CLEMONS
---------------------------
V. Gordon Clemons,
Chairman of the Board,
Chief Executive Officer,
and President
By: /s/ Richard J. Schweppe
---------------------------
Richard J. Schweppe,
Chief Financial Officer
November 12, 1997
Page 12
<PAGE> 13
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- ------ -----------
11 Computation of Per Share Earnings
27 Financial Data Schedule
Page 13
<PAGE> 1
EXHIBIT 11
CORVEL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
Shares used in per share calculations were determined as follows:
<TABLE>
<CAPTION>
Three months ended
September 30,
-------------------------
1996 1997
---------- ----------
<S> <C> <C>
Weighted average common shares outstanding 4,668,000 4,194,000
Net effect of dilutive common stock options 92,000 132,000
---------- ----------
Total common and common equivalent shares 4,760,000 4,326,000
========== ==========
Net Income $2,092,000 $2,381,000
========== ==========
Earnings per common and common equivalent share $ .44 $ .55
========== ==========
</TABLE>
<TABLE>
<CAPTION>
Six months ended
September 30,
------------------------
1996 1997
---------- ----------
<S> <C> <C>
Weighted average common shares outstanding 4,659,000 4,239,000
Net effect of dilutive common stock options 101,000 112,000
---------- ----------
Total common and common equivalent shares 4,760,000 4,351,000
========== ==========
Net Income $4,134,000 $4,656,000
========== ==========
Earnings per common and common equivalent share $ .87 $ 1.07
========== ==========
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 11,203,000
<SECURITIES> 0
<RECEIVABLES> 23,595,000
<ALLOWANCES> 1,301,000
<INVENTORY> 0
<CURRENT-ASSETS> 37,166,000
<PP&E> 29,551,000
<DEPRECIATION> 15,105,000
<TOTAL-ASSETS> 58,056,000
<CURRENT-LIABILITIES> 11,086,000
<BONDS> 0
0
0
<COMMON> 29,308,000
<OTHER-SE> 16,018,000
<TOTAL-LIABILITY-AND-EQUITY> 58,056,000
<SALES> 0
<TOTAL-REVENUES> 68,707,000
<CGS> 0
<TOTAL-COSTS> 61,197,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 7,510,000
<INCOME-TAX> 2,854,000
<INCOME-CONTINUING> 4,656,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,656,000
<EPS-PRIMARY> 1.07
<EPS-DILUTED> 1.07
</TABLE>
