<PAGE> 1
UNITED STATES
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 Quarterly Period Ended MAY 1, 1999
| | 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: 000-20132
THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)
NEBRASKA 47-0366193
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2407 WEST 24TH STREET, KEARNEY, NEBRASKA 68847
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (308) 236-8491
- -----------------------------------------------------------
(Former name, former address and former fiscal year if changed since last
report)
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 issued of the Registrant's Common Stock, outstanding as of
May 21, 1999 was 22,047,504 shares of Common Stock.
<PAGE> 2
THE BUCKLE, INC.
FORM 10-Q
INDEX
<TABLE>
<CAPTION>
Pages
-----
Part I. Financial Information (unaudited)
<S> <C> <C>
Item 1. Financial Statements 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Item 3. Quantitative and Qualitative Disclosures About Market Risks 11
Part II. Other Information
Item 1. Legal Proceedings 12
Item 2. Changes in Securities and Use of Proceeds 12
Item 3. Defaults Upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Information 12
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 11, statement regarding computation of earnings per share
(b) No reports on Form 8-K were filed by the Company during the
Quarter ended May 1, 1999
Signatures 13
</TABLE>
2
<PAGE> 3
THE BUCKLE, INC.
BALANCE SHEETS
(Columnar amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
ASSETS May 1, January 30,
CURRENT ASSETS 1999 1999
--------- --------------
<S> <C> <C>
Cash and cash equivalents $ 51,134 $ 61,705
Short-term investments 26,603 26,691
Accounts receivable, net of
allowance of $300,000 2,629 3,980
Inventory 61,994 49,411
Prepaid expenses and other assets 2,655 2,231
--------- ---------
Total current assets 145,015 144,018
PROPERTY AND EQUIPMENT 79,950 74,041
Less accumulated depreciation 34,873 34,798
--------- ---------
45,077 39,243
OTHER ASSETS 2,038 2,852
--------- ---------
$ 192,130 $ 186,113
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 23,128 $ 16,817
Accrued employee compensation 7,136 16,919
Accrued store operating expenses 2,563 3,317
Gift certificates redeemable 1,301 1,593
Income taxes payable 3,810 1,337
--------- ---------
Total current liabilities 37,938 39,983
STOCKHOLDERS' EQUITY
Common stock, authorized 100,000,000 shares
of $.01 par value; issued 22,041,371 and
21,968,921 shares, respectively 220 220
Additional paid-in capital 38,957 37,431
Retained earnings 116,004 109,534
Unearned compensation - restricted stock (989) (1,055)
--------- ---------
Total stockholders' equity 154,192 146,130
--------- ---------
$ 192,130 $ 186,113
========= =========
</TABLE>
See notes to financial statements.
3
<PAGE> 4
THE BUCKLE, INC.
STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
--------------------
May 1, May 2,
1999 1998
------------ ----------
<S> <C> <C>
SALES, net of returns and allowances $79,688 $67,028
COST OF SALES (including buying,
distribution and occupancy costs) 52,587 44,287
------- -------
Gross profit 27,101 22,741
OPERATING EXPENSES
Selling 14,813 12,952
General and administrative 2,495 2,225
------- -------
17,308 15,177
------- -------
Income from operations 9,793 7,564
OTHER INCOME 574 522
------- -------
Income before income taxes 10,367 8,086
Income tax expense 3,898 3,073
------- -------
NET INCOME $ 6,469 $ 5,013
======= =======
Basic income per share $ 0.29 $ 0.23
Diluted income per share $ 0.28 $ 0.21
Basic weighted average shares outstanding 22,042 21,928
Diluted weighted average shares outstanding 23,319 23,173
</TABLE>
See notes to financial statements.
4
<PAGE> 5
THE BUCKLE, INC.
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
--------------------
May 1, 1999 May 2, 1998
-------------- --------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 6,469 $ 5,013
Adjustments to reconcile net income to net cash
flows from operating activities
Depreciation 1,993 1,371
Loss on disposal of assets 135 47
Amortization of unearned compensation 66 --
Changes in operating assets and liabilities
Accounts receivable 1,351 105
Inventory (12,583) (2,092)
Prepaid expenses and other assets (424) 196
Accounts payable 6,311 (1,984)
Accrued employee compensation (8,028) (6,806)
Accrued store operating expenses (754) 2
Gift certificates redeemable (292) (277)
Income taxes payable 2,473 2,410
-------- --------
Net cash flows from operating activities (3,283) (2,015)
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments 88 (3,683)
Purchase of property and equipment (7,962) (4,995)
Decrease in other assets 814 --
-------- --------
Net cash flows from investing activities (7,060) (8,678)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchases of common stock (305) --
Proceeds from the exercise of stock options 77 1,659
-------- --------
Net cash flows from financing activities (228) 1,659
-------- --------
Net decrease in cash and cash equivalents (10,571) (9,034)
Cash and cash equivalents, Beginning of period 61,705 53,593
-------- --------
Cash and cash equivalents, End of period $ 51,134 $ 44,559
======== ========
</TABLE>
See notes to financial statements.
5
<PAGE> 6
THE BUCKLE, INC.
NOTES TO FINANCIAL STATEMENTS
THIRTEEN WEEKS ENDED MAY 1, 1999 AND MAY 2, 1998
(Unaudited)
1. Management Representation - The accompanying unaudited financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information. 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
management, all adjustments necessary for a fair presentation of the
results of operations for the interim periods have been included. All such
adjustments are of a normal recurring nature. Because of the seasonal
nature of the business, results for interim periods are not necessarily
indicative of a full year's operations. The accounting policies followed by
the Company and additional footnotes are reflected in the financial
statements for the fiscal year ended January 30, 1999, included in The
Buckle, Inc.'s 1998 Annual Report.
2. Description of the Business - The Company is a retailer of medium to better
priced casual apparel and footwear for fashion conscious young men and
women. The Company operates their business as one reportable industry
segment. The Company had 231 stores located in 31 states throughout the
central, northwestern and southern areas of the United States as of May 1,
1999, and 204 stores in 28 states as of May 2, 1998. During the first
quarter of fiscal 1999, the Company opened nine new stores and
substantially renovated one store. During the first quarter of fiscal 1998,
the Company opened six new stores, substantially renovated three stores and
closed one store.
The following is information regarding the company's major product lines,
stated as a percentage of the Company's net sales:
<TABLE>
<CAPTION>
Percentage of Net Sales
Thirteen Weeks Ended
--------------------
Merchandise Group May 1, 1999 May 2, 1999
----------- -----------
<S> <C> <C>
Denims 20.1% 23.6%
Casual Bottoms 4.5% 2.9%
Tops (including sweaters) 31.9% 30.1%
Sportswear/Fashion clothes 14.7% 15.8%
Accessories 5.3% 4.3%
Footwear 20.8% 21.8%
Other 2.7% 1.5%
100.0% 100.0%
===== =====
</TABLE>
3. Net Income Per Share - Basic earnings per share data are based on the
weighted average outstanding common shares during the period. Diluted
earnings per share data are based on the weighted average outstanding
common shares and the effect of all dilutive potential common shares,
including stock options and warrants.
4. Accounting Pronouncements - In June 1998, the FASB issued Statement No.
133, "Accounting for Derivative Instruments and Hedging Activities" which
will be effective for fiscal years beginning after June 15, 2000. The
Company will adopt this Statement effective February 4, 2001. At this time,
the Company believes the impact of adopting this Statement should not be
significant to the results of operations or financial position.
7
<PAGE> 7
THE BUCKLE, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain significant
factors which have affected the Company's financial condition and results of
operations during the periods included in the accompanying financial statements.
RESULTS OF OPERATIONS
The table below sets forth the percentage relationships of sales and various
expense categories in the Statements of Income for the thirteen week periods
ended May 1, 1999, and May 2, 1998:
<TABLE>
<CAPTION>
THE BUCKLE, INC.
RESULTS OF OPERATIONS
Percentage of Net Sales
-----------------------
Thirteen weeks ended Percentage
May 1, May 2, Increase
1999 1998 (decrease)
------------------------------------------
<S> <C> <C> <C>
Net Sales 100.0% 100.0% 18.9%
Cost of sales (including
buying, distribution and
occupancy costs) 66.0% 66.1% 18.7%
------------------------------------
Gross profit 34.0% 33.9% 19.2%
Selling expenses 18.6% 19.3% 14.4%
General and
administrative expenses 3.1% 3.3% 12.1%
------------------------------------
Income from operations 12.3% 11.3% 29.5%
Other income .7% .8% 9.9%
------------------------------------
Income before provision
for income taxes 13.0% 12.1% 28.2%
Provision for income taxes 4.9% 4.6% 26.8%
------------------------------------
Net Income 8.1% 7.5% 29.0%
====================================
</TABLE>
Net sales increased from $67.0 million in the first quarter of fiscal 1998 to
$79.7 million in the first quarter of fiscal 1999, a 18.9% increase. Comparable
store sales increased from the first quarter of fiscal 1998 to the first quarter
of fiscal 1999 by $4.5 million or 6.9%. The comparable store sales increase
resulted partially from a 4.5% increase in the average price per piece of
merchandise sold compared with the fiscal 1998 first quarter. Sales growth of
12.0% for this thirteen week period was attributable to the inclusion of a full
three months of operating results for the 24 stores opened in 1998 and the
opening of 9 new stores in the first thirteen weeks of fiscal 1999. Average
sales per square foot increased 5.1% from $70.22 to $73.82.
8
<PAGE> 8
THE BUCKLE, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Gross profit after buying, occupancy, and distribution expenses increased $4.4
million in the first quarter of fiscal 1999 to $27.1 million, a 19.2% increase.
As a percentage of net sales, gross profit increased from 33.9% in the first
quarter of fiscal 1998 to 34.0% in the first quarter of fiscal 1999. This
increase was attributable primarily to an improvement in the actual merchandise
margins for the first quarter of fiscal 1999 compared to the first quarter of
fiscal 1998. This improvement was partially offset by increased distribution and
occupancy costs.
Selling expenses increased from $13.0 million for the first quarter of fiscal
1998 to $14.8 million for the first quarter of fiscal 1999, a 14.4% increase.
Selling expenses as a percentage of net sales for the first quarter of fiscal
1999 decreased to 18.6% compared to 19.3% for the first quarter of fiscal 1998.
The primary reason for the improvement in selling expenses as a percentage of
net sales is leverage provided by the restructuring of the company's executive
compensation plan as well as leverage in supply and advertising expenses.
General and administrative expenses increased from $2.2 million in the first
quarter of fiscal 1998 to $2.5 million in the first quarter of fiscal 1999, a
12.1% increase. As a percentage of net sales, general and administrative
expenses for the first quarter of fiscal 1999 decreased from 3.3% in fiscal 1998
to 3.1% in fiscal 1999. The decrease in general and administrative expense, as a
percentage of net sales, resulted primarily from leverage provided by
restructuring of the company's executive compensation plan.
As a result of the above changes, the Company's income from operations increased
$2.2 million to $9.8 million for the first quarter of fiscal 1999 compared to
$7.6 million for the first quarter of fiscal 1998, a 29.5% increase. Income from
operations was 12.3% of net sales in the first quarter of fiscal 1999 compared
to 11.3% in the first quarter of fiscal 1998.
For the quarter ended May 1, 1999, other income increased 9.9%. This increase
was primarily due to additional interest income, as the levels of cash and
short-term investments were greater than in the first quarter of 1998. The
increase was partially offset by the write-off recorded from loss on disposal of
assets due to the rollout of new point of sale systems to the company's stores.
Income tax expense as a percentage of pre-tax income was 37.6% in the first
quarter of fiscal 1999 compared to 38.0% in the first quarter of fiscal 1998.
Liquidity and Capital Resources
The Company's primary ongoing cash requirements are for inventory, payroll, new
store expansion, and remodeling. Historically, the Company's primary source of
working capital has been cash flow from operations. However, the first quarter
of each fiscal year is typically a period of decreasing cash flows created by
various operating, investing, and financing activities. During the first quarter
of fiscal 1999 and 1998, the Company's cash flow used by operating activities
was $3.3 and $2.0 million, respectively.
9
<PAGE> 9
THE BUCKLE, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The uses of cash for both thirteen-week periods include payment of annual
bonuses accrued at fiscal year end, changes in inventory and accounts payable
for build up of inventory levels, and construction costs for opening new stores.
The primary differences creating greater usage of cash this year versus last
year are a greater build up of inventory, a higher level of capital expenditures
and a higher level of bonuses paid.
The Company has available an unsecured line of credit of $5.0 million and a $5.0
million letter of credit facility for foreign and domestic letters of credit,
with First National Bank and Trust Company of Kearney, Nebraska. Borrowings
under the lending arrangements provide for interest to be paid at a rate equal
to the prime rate published in the Wall Street Journal on the date of the
borrowings. As of May 1, 1999, the Company had working capital of $107.1
million, including $51.1 million of cash and cash equivalents and short-term
investments of $26.6 million. There were no bank borrowings during the first
quarter of fiscal 1999 and 1998.
During the first quarter of fiscal 1999 and 1998 the Company invested $6.8
million and $2.5 million, respectively, in new store construction, store
renovation and upgrading store technology, net of any construction allowances
received from landlords. The Company also spent approximately $1.2 million and
$2.5 million in the first quarter of fiscal 1999 and 1998, respectively, in
capital expenditures for the corporate headquarters. During fiscal 1998, the
Company completed its expansion to the corporate headquarters and distribution
facility. The addition is approximately 124,000 square feet, added to the
existing 55,000 square foot building. The majority of the space is used for the
distribution center, with approximately 7,800 square feet of new office space.
The distribution center was completed in June 1998 and the new office space was
completed in December 1998. The former distribution area was remodeled for use
as store supply warehousing and offices, merchandising and advertising offices
as well as new workroom, showroom and conference room space. The remodel of this
phase was completed in March 1999. The next remodeling phase in progress as of
March 1999 includes remodeling and reorganization of the existing office space.
The final phase of the remodel project is estimated to be complete during fiscal
1999. The total cost of the expansion plus all phases of the remodel project is
estimated to be $8.5 million, of which approximately $6.5 million was incurred
during fiscal 1998. The Company believes that existing cash and cash flow from
operations will be sufficient to fund current and long-term anticipated capital
expenditures and working capital requirements for the next several years.
During the remainder of fiscal 1999, the Company anticipates completing
approximately 23 additional store construction projects, including approximately
18 new stores and approximately five stores to be remodeled and/or relocated. As
of May 1, 1999, eight additional lease contracts have been signed, and
additional leases are in various stages of negotiation. Management now estimates
that total capital expenditures during fiscal 1999 will be approximately $22.5
million before any landlord allowances estimated to be $1.5 million.
10
<PAGE> 10
Seasonality and Inflation
The Company's business is seasonal, with the Christmas season (from
approximately November 15 to December 30) and the back-to-school season (from
approximately July 15 to September 1) historically contributing the greatest
volume of net sales. For fiscal years 1996, 1997, and 1998, the Christmas and
back-to-school seasons accounted for an average of approximately 40% of the
Company's fiscal year net sales. Although the operations of the Company are
influenced by general economic conditions, the Company does not believe that
inflation has had a material effect on the results of operations during the
thirteen week periods ended May 1, 1999, and May 2, 1998.
YEAR 2000 MATTERS
Year 2000 Background - The Company recognizes that the arrival of the year 2000
poses a unique worldwide technological challenge as all computer information
systems will require the ability to recognize the date change from December 31,
1999 to January 1, 2000 and forward to properly process transactions. Computer
programs and hardware as well as software products that are date sensitive may
recognize a date using "00" as the Year 1900 rather than the Year 2000. This
could result in system failure or miscalculations causing disruptions of
operations, including, among other things, a temporary inability to process
transactions or engage in normal business activities.
The Company's goal is to be Year 2000 compliant, meaning critical systems,
devices, applications or business relationships have been evaluated and are
expected to be suitable for continued use into and beyond the Year 2000, or
contingency plans are in place. The Company has assessed its business computer
systems, such as general ledger, payroll, accounts payable and inventory
control, including distribution center functions. The majority of these systems,
which are internally developed computer programs, have been corrected. This does
not include the stores' Point-of-Sale systems, which operate via third-party
software systems.
During August, 1997, the Company entered into an agreement with a third-party
provider to prepare the customized software necessary to bring the stores'
Point-of-Sale system into Year 2000 compliance. This system is currently being
rolled out to the retail outlets and is scheduled to be complete by July of
1999.
The Company presently believes that with modifications to its internally
developed programs and with new third-party software, the Year 2000 issue will
not pose significant operational problems for the Company. However, if such
modification and replacements are not made, or not completed on time, the Year
2000 issue could have a material impact on the company.
Year 2000 Costs - Total costs of this project to date have been incurred and
expensed in the normal course of operations of the Company, plus the Company has
paid a deposit towards the purchase of the point-of-sale software of $1.5
million. The total remaining cost of the Year 2000 project is estimated at less
than $5 million. The majority of such cost is for the purchase of new software
and hardware for replacement of all stores' Point-of-Sale systems and will be
capitalized and paid for with cash flow from operations. The hardware and
software replacement would have been done regardless of the Year 2000 issue to
improve the technology in the retail stores. The costs of the project and the
date on which the Company plans to complete the Year 2000 modifications are
based upon the management's best estimates, using currently available
information and making assumptions regarding future events including the
continued availability of certain resources, third-
11
<PAGE> 11
party readiness and other factors.
Risk Assessment - At this time, the Company believes its most reasonably likely
worst case scenarios are: (1) the stores are unable to authorize bankcard sales
electronically at the Point-of-Sale terminals nor verify checks tendered; and
(2) that principal suppliers are not Year 2000 ready and cannot timely deliver
their products. Although the Company does not believe that this scenario will
occur, it has assessed the effect of such an event and does not expect that it
would have a material adverse effect on the Company's financial condition and
results of operations.
The Company currently operates over 230 retail stores in 31 states, has many
suppliers, and believes that this will help mitigate any adverse impact. The
company assessed this risk and believes that its contingency plans would
mitigate the long-term effect of this scenario. In the event that a temporary
disruption does occur, the Company does not expect that it would have a material
adverse effect on its financial condition and results of operations.
Contingency Plans - Contingency plans will be prepared so that the Company's
critical business processes can be expected to continue to function on January
1, 2000 and beyond. The Company's contingency plans will be structured to
address both remediation of systems and their components and overall business
operating risk. These plans are intended to mitigate both internal risks and
potential risks in the supply chain of the Company's suppliers.
FORWARD LOOKING STATEMENTS
Information in this report, other than historical information, may be considered
to be forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "1995 Act"). Such statements are made in good
faith by the Company pursuant to the safe-harbor provisions of the 1995 Act. In
connection with these safe-harbor provisions, this management's discussion and
analysis contains certain forward-looking statements, which reflect management's
current views and estimates of future economic conditions, company performance
and financial results. The statements are based on many assumptions and factors
that could cause future results to differ materially. Such factors include, but
are not limited to, changes in product mix, changes in fashion trends,
competitive factors and general economic conditions, economic conditions in the
retail apparel industry, as well as other risks and uncertainties inherent in
the Company's business and the retail industry in general. Any changes in these
factors could result in significantly different results for the Company. The
Company further cautions that the forward-looking information contained herein
is not exhaustive or exclusive. The Company does not undertake to update any
forward-looking statements, which may be made from time to time by or on behalf
of the Company.
ITEM 3-QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company has evaluated the disclosure requirements of Item 305 of S-K
"Quantitative and Qualitative Disclosures about Market Risk," and has concluded
that the Company has no market risk sensitive instruments for which these
additional disclosures are required.
12
<PAGE> 12
THE BUCKLE, INC.
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings: None
Item 2. Changes in Securities: None
Item 3. Defaults Upon Senior Securities: None
Item 4. Submission of Matters to a Vote of Security Holders: None
(a) None
(b) None
(c) None
(d) None
Item 5. Other Information: None
Item 6. Exhibits and Reports on Form 8-K:
(a) See Exhibit 11, statement regarding computation of earnings per
share.
(b) No reports on Form 8-K were filed by the Company during the
quarter ended May 1, 1999.
13
<PAGE> 13
THE BUCKLE, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE BUCKLE, INC.
Dated: June 14, 1999 /s/ DENNIS H. NELSON
-----------------------------------
DENNIS H. NELSON, President and CEO
Dated: June 14, 1999 /s/ KAREN B. RHOADS
-----------------------------------
KAREN B. RHOADS, Vice President
of Finance and CFO
14
<PAGE> 1
EXHIBIT 11
THE BUCKLE, INC.
COMPUTATIONS OF EARNINGS PER SHARE
(dollar amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Thirteen Weeks Ended Thirteen Weeks Ended
May 1, 1999 May 2, 1998
------------------------------------------- ---------------------------------------
Income Shares Per Share Income Shares Per Share
Amount Amount
<S> <C> <C> <C> <C> <C> <C>
Basic EPS
Net Income $ 6,469 22,042 $ 0.29 $ 5,013 21,928 $ 0.23
Effect of Dilutive Securities
Stock Options 1,277 1,245
--------------------------------------- --------------------------------------
Diluted EPS $ 6,469 23,319 $ 0.28 $ 5,013 23,173 $ 0.21
======================================= ======================================
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-29-2000
<PERIOD-START> JAN-31-1999
<PERIOD-END> MAY-01-1999
<CASH> 51,134
<SECURITIES> 26,603
<RECEIVABLES> 2,929
<ALLOWANCES> 300
<INVENTORY> 61,994
<CURRENT-ASSETS> 145,015
<PP&E> 79,950
<DEPRECIATION> 34,873
<TOTAL-ASSETS> 192,130
<CURRENT-LIABILITIES> 37,938
<BONDS> 0
0
0
<COMMON> 220
<OTHER-SE> 153,972
<TOTAL-LIABILITY-AND-EQUITY> 192,130
<SALES> 79,688
<TOTAL-REVENUES> 79,688
<CGS> 52,587
<TOTAL-COSTS> 17,308
<OTHER-EXPENSES> (574)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 10,367
<INCOME-TAX> 3,898
<INCOME-CONTINUING> 6,469
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,469
<EPS-BASIC> .29
<EPS-DILUTED> .28
</TABLE>