UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 1996, or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number: 1-13600
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HUNTCO INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
MISSOURI 43-1643751
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
14323 SOUTH OUTER FORTY, SUITE 600N, TOWN & COUNTRY, MISSOURI 63017
--------------------------------------------------------------------
(Address of principal executive offices)
(314) 878-0155
--------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
----------------------
(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. [X] Yes [ ] No
As of December 10, 1996, the number of shares outstanding of each class
of the Registrant's common stock was as follows: 5,292,000 shares of Class A
common stock and 3,650,000 shares of Class B common stock.
<PAGE>
HUNTCO INC.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
October 31, 1996 (Unaudited) and April 30, 1996 (Audited)
Condensed Consolidated Statements of Operations
Six Months Ended October 31, 1996 and 1995 (Unaudited)
Condensed Consolidated Statements of Cash Flows
Six Months Ended October 31, 1996 and 1995 (Unaudited)
Notes to Condensed Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
PART I. FINANCIAL INFORMATION
-----------------------------------
Item 1. Financial Statements
-----------------------------------
HUNTCO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
October 31, April 30,
1996 1996
---------- ----------
(unaudited) (audited)
<S> <C> <C>
ASSETS
Current assets:
Cash $ 2,614 $ 2,737
Accounts receivable, net 39,918 36,804
Inventories 65,143 53,964
Other current assets 2,164 1,926
------- -------
109,839 95,431
Property, plant and equipment, net 131,697 120,338
Goodwill 4,857 5,001
Other assets 1,477 1,667
------- -------
$247,870 $222,437
======= =======
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 24,631 $ 29,003
Accrued expenses 1,674 3,934
Current maturities of long-term debt 189 189
------- -------
26,494 33,126
------- -------
Long-term debt 98,972 73,066
Deferred income taxes 6,632 4,879
------- -------
105,604 77,945
------- -------
Shareholders' equity:
Preferred stock (issued and outstanding, none) - -
Common stock:
Class A (issued and outstanding, 5,292) 53 53
Class B (issued and outstanding, 3,650) 37 37
Additional paid-in-capital 86,567 86,567
Retained earnings 29,115 24,709
------- -------
115,772 111,366
------- -------
$247,870 $222,437
======= =======
See Accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
<PAGE>
HUNTCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
<TABLE>
<CAPTION>
Six Months Three Months
Ended October 31 Ended October 31
1996 1995 1996 1995
------- ------- ------ ------
<S> <C> <C> <C> <C>
Net sales $162,413 $117,178 $83,983 $62,072
Cost of sales 144,213 115,884 74,777 65,552
------- ------- ------ ------
Gross profit (loss) 18,200 1,294 9,206 (3,480)
Selling, general and
administrative expenses 7,444 6,092 3,813 3,097
------- ------- ------ ------
Income (loss) from operations 10,756 (4,798) 5,393 (6,577)
Other income (expense):
Interest, net (2,694) (1,137) (1,492) (810)
Other, net - 2 - 2
------- ------- ------ ------
Income (loss) before
income taxes 8,062 (5,933) 3,901 (7,385)
Provision (benefit) for
income taxes 3,075 (2,186) 1,484 (2,732)
------- ------- ------ ------
Net income (loss) $ 4,987 $ (3,747) $ 2,417 $(4,653)
======= ======= ====== ======
Earnings (loss) per share $ .56 $ (.42) $ .27 $ (.52)
===== ===== ===== =====
Weighted average
common shares outstanding 8,952 8,940 8,951 8,940
===== ===== ===== =====
See Accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
<PAGE>
HUNTCO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
<TABLE>
<CAPTION>
Six Months
Ended October 31,
1996 1995
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 4,987 $ (3,747)
------- -------
Adjustments to reconcile net income (loss) to
net cash provided (used) by operating activities:
Depreciation and amortization 3,905 2,879
Other (370) (2)
Decrease (increase) in:
accounts receivable (3,114) (1,925)
inventories (11,179) 31,871
other current assets (238) (3,143)
other assets 66 (508)
Increase (decrease) in:
accounts payable (4,372) (7,627)
accrued expenses (2,260) 1,166
non-current deferred taxes 1,753 32
------- -------
Total adjustments (15,809) 22,743
------- -------
Net cash provided (used) by operations (10,822) 18,996
------- -------
Cash flows from investing activities:
Acquisition of property, plant and equipment, net (14,626) (14,060)
------- -------
Net cash (used) by investing activities (14,626) (14,060)
------- -------
Cash flows from financing activities:
Net proceeds from newly-issued debt 26,000 50,000
Net payments on long-term debt (94) (56,434)
Common stock dividends (581) (492)
------- -------
Net cash provided (used) by financing activities 25,325 (6,926)
------- -------
Net (decrease) in cash (123) (1,990)
Cash, beginning of period 2,737 3,566
------- -------
Cash, end of period $ 2,614 $ 1,576
======= =======
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
HUNTCO INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
-----------------------------------------------------------
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet as of October 31, 1996, the condensed
consolidated statements of operations for three and six months ended October
31, 1996 and 1995, and the condensed consolidated statements of cash flows for
the six months ended October 31, 1996 and 1995 have been prepared by Huntco
Inc. (the "Company") without audit. In the opinion of management, all
adjustments (which include only normal, recurring adjustments) necessary to
present fairly the financial position at October 31, 1996, and the results of
operations and cash flows for the interim periods presented have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted where inapplicable. A summary of
the significant accounting policies followed by the Company is set forth in
Note 1 to the Company's consolidated financial statements included within Item
8 to the Company's annual report on Form 10-K (the "Form 10-K"), which Form
10-K was filed with the Securities and Exchange Commission on July 26, 1996.
The condensed consolidated financial statements included herein should be read
in conjunction with the consolidated financial statements and notes thereto
for the year ended April 30, 1996 included in the aforementioned Form 10-K.
The results of operations for the periods ended October 31, 1996 are not
necessarily indicative of the operating results for the full year.
2. INVENTORIES
Inventories consisted of the following as of:
<TABLE>
<CAPTION>
October 31, April 30,
1996 1996
------- --------
<S> <C> <C>
Raw materials $47,974 $39,426
Work in process 74 91
Finished goods 17,095 14,447
------- -------
$65,143 $53,964
======= =======
</TABLE>
The Company classifies its inventory of cold rolled steel coils as
finished goods. These cold rolled coils can either be sold as master coils,
without further processing, or may be slit, blanked or cut-to-length by the
Company prior to final sale.
3. DIVIDENDS
The Company's Board of Directors declared a dividend of $.035 per share on its
shares of Class A common stock and Class B common stock for shareholders of
record on November 27, 1996, payable on December 9, 1996.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
- ---------------------------------------------------------------------------
UPDATE OF FISCAL 1997 OUTLOOK:
The Company's gross profit margins were under pressure, especially late in the
second quarter, due to higher domestic prices for its primary raw material,
hot rolled steel coils, when significant quantities of lower priced imported
material were available in its market territories. The Company has continued
to purchase a majority of its raw material requirements from domestic
suppliers, in order to maximize its inventory turnover rates. In light of
these factors, additional announced price increases effective January 1, 1997
by Nucor (the Company's major supplier of hot rolled steel coils), and an
extremely competitive environment, the Company expects that gross margin
pressure will continue, and may become more severe, during the holiday season
of November and December when there are fewer shipping days.
If the above factors continue, the 11% gross profit margin realized by the
Company during the first six months of the 1997 fiscal year may reflect the
high end of the possible range of gross profit percentages which may be
realized for the third quarter and possibly for the entire second half of the
year. More specifically, the Company believes that gross profits could
decline to a range of 9% to 11% of net sales during the third quarter, with a
recovery to approximately 11% expected in the fourth quarter.
We encourage those who make use of any forward-looking data found herein to
make reference to the discussion found under the title "Risk Factors - 1997
Forecast" included within Item 7, Management's Discussion and Analysis of
Financial Condition and Results of Operations, of the Company's Annual Report
on Form 10-K for the year ended April 30, 1996, as filed with the Securities
and Exchange Commission on July 26, 1996.
RESULTS OF OPERATIONS
Net sales for the second quarter of fiscal 1997 were $84.0 million, an
increase of 35.3% over the prior year's second quarter net sales of $62.1
million. Net sales for the six months ended October 31, 1996 were $162.4
million, an increase of 38.6% over net sales of $117.2 million for the
comparable period of the prior year.
The Company attributes the increase in net sales to higher levels of tons
processed, most significantly at its cold rolling operation at its Blytheville
facility, and to lower tolling tons expressed as a percentage of total tons
processed and sold. The Company processed and shipped a record 238,729 and
470,038 tons of steel in the quarter and six month periods ended October 31,
1996, which represent increases of 34.4% and 34.3% when compared to the same
periods of the prior year. The Company sold 44,193 and 84,448 tons of cold
rolled products during the quarter and six months ended October 31, 1996,
which compares to 14,748 tons and 20,435 tons in the comparable periods of the
prior year. Approximately 21.1% and 22.2% of the tons processed in the three
and six months ended October 31, 1996, represented customer-owned material
processed on a per ton, fee basis. These figures represent a lower tolling
percentage than that experienced in the comparable periods of the prior year
of 24.2% and 28.4%.
Reflecting lower raw material costs (i.e. lower hot rolled steel prices
charged by the Company's suppliers), average per ton selling values declined
approximately 3.0% and 4.6% for the quarter and six months ended October 31,
1996, when compared to average per ton selling values for the corresponding
periods of the prior year.
Gross profit expressed as a percentage of net sales was 11.0% and 11.2% for
the three and six months ended October 31, 1996. These amounts compare to
percentages of (5.6%) and 1.1% for the corresponding periods of the prior
year. The improvement in the Company's gross profit percentage is primarily
attributable to a lower of cost or market inventory adjustment recorded by the
Company in the prior year's quarter ended October 31, 1995, which adjustment
reduced the carrying value of the Company's on-hand inventories at that date
by approximately $8.0 million, before related income tax benefits.
As was disclosed in the prior year, starting in February 1995 and continuing
through the second quarter of fiscal 1996, the primary steel producers
introduced multiple reductions in the price of hot rolled steel, which is the
primary raw material used in the Company's steel processing business. These
raw material price reductions accelerated during the second quarter of fiscal
1996, as the base price charged by the Company's suppliers of hot rolled steel
declined from $350.00 per ton as of August 1, 1995, to as low as $280.00 per
ton during September 1995. As a result of these price reductions, the Company
recorded the above-mentioned lower of cost or market inventory adjustment.
The decreases in the base price of hot rolled steel during 1995 initiated or
accelerated inventory stock reductions by steel processors, including the
Company, as well as by many of the Company's customers. In response to this
changed market situation, the Company at first delayed planned increases in
its selling prices, but as the first quarter of fiscal 1996 progressed, began
lowering its selling prices in advance of receiving lower cost raw materials.
The downward pressure on raw material hot rolled steel pricing during 1995
began at a time when the average cost of steel in the Company's inventory was
increasing. The Company had previously sold most of the lower cost foreign
material purchased during fiscal 1995, and was beginning to sell steel
purchased from domestic suppliers, which was purchased at prices in effect
before the series of sheet price reductions were implemented. Also, due to
(1) unpredictable lead times for receipt of the imported material purchased by
the Company during fiscal 1995, (2) delay in the start-up of the Company's new
cold rolling mill and (3) steel purchased in advance of further announced
price increases, the Company's on hand inventory position was at higher than
normal levels when this series of price reductions were initiated by the
primary steel producers. The Company believes that its raw materials
inventory balance has returned to more normal levels.
Delay in the start-up of the cold rolling facility also served to keep the
Company's gross profits under pressure for the first half of fiscal 1996. The
Company spent a major portion of the first quarter of that year (1) fine
tuning the equipment to address quality concerns, (2) replacing a component of
the cold mill which had failed, and (3) addressing certain other operational
issues.
During the quarter ended July 31, 1996, the Company commenced operations at
its new facility in Gallatin County, Kentucky. The Company also completed the
relocation of its metal stamping operation from Springfield, Missouri to a new
plant at the Blytheville facility, where it also installed and began operating
slitting and blanking lines which are being used to process cold rolled and
light gauge pickled and oiled steel both for stamping applications and direct
commercial sales.
Selling, general and administrative ("SG&A") expenses of $3.8 and $7.4 million
for the three and six month periods ended October 31, 1996, reflect increases
of $.7 million and $1.4 million over the comparable periods of the prior year.
However, SG&A expenses declined as a percentage of net sales from 5.0% and
5.2% during the second quarter and first half of fiscal 1996 to 4.5% and 4.6%
of net sales during the comparable periods of fiscal 1997. The increase in
SG&A expenses is attributable to the higher level of business activity
conducted throughout the Company.
Income from operations was $5.4 million and $10.8 million in the quarter and
six months ended October 31, 1996. These amounts compare to losses from
operations of $6.6 million and $4.8 million in the three and six month periods
ended October 31, 1995. These improvements reflect the factors discussed in
the preceding paragraphs.
Net interest expense of $1.5 million and $2.7 million were incurred during the
three and six months ended October 31, 1996, which reflect increases over
comparable net interest expense amounts of $.8 million and $1.1 million from
the corresponding periods of the prior year. These increases are the result
of higher fiscal 1997 borrowings on the Company's revolving credit facility in
order to support higher working capital levels, as well as lower capitalized
interest for fiscal 1997 versus fiscal 1996. The Company capitalized $.3
million and $.7 million of interest costs to construction in progress in the
three and six months ended October 31, 1996, versus $.6 million and $1.5
million in the comparable period of the prior year.
The effective income tax rate experienced by the Company was 38.0% and 38.1%
during the three and six months ended October 31, 1996, which compare to rates
of 37.0% and 36.9% recognized during the comparable period of the prior year.
The increased effective rates reflect the impact of non-deductible expenses
such as goodwill amortization.
Net income for the three and six months ended October 31, 1996 was $2.4
million, or $.27 per share, and $5.0 million, or $.56 per share. These
amounts compare to net losses of $4.7 million, or $.52 per share, and $3.7
million, or $.42 per share, during the corresponding periods of the prior
year. These increases reflect the factors discussed in the preceding
paragraphs, including the $5.0 million, or $.56 per share, after-tax impact of
the lower of cost or market inventory adjustment recorded by the Company
during the second quarter of fiscal 1996.
LIQUIDITY AND CAPITAL RESOURCES
The Company used $14.6 million and $14.1 million of cash during the six months
ended October 31, 1996 and 1995, respectively, to acquire property, plant and
equipment, as expenditures continue to be made in conjunction with the
Company's capital expansion projects -- most significantly the new Gallatin
County, Kentucky facility and the new stamping plant in Blytheville, Arkansas
during the first half of fiscal 1997, and the new Blytheville cold rolling
mill during the first half of fiscal 1996. Increased borrowings on the
Company's revolving credit facility provided the funds for these expenditures
during the first half of fiscal 1997. For the first half of fiscal 1996, the
funds used to acquire new property were obtained from a combination of cash on
hand and operating activities.
The Company borrowed additional funds on its revolving credit facility, which
increased by a total of $26.0 million during the six months ended October 31,
1996, in order to fund increased levels of working capital. Specifically, the
Company's inventory balance increased $11.2 million from April 30, 1996 to
October 31, 1996, in support of higher sales being realized by the Company.
During the quarter ended July 31, 1995, the Company issued $50.0 million of
ten-year term notes to a group of domestic commercial lenders. These notes
bear interest at the fixed rate of 8.13% per annum and mature in equal annual
installments of $7.1 million on each July 15, 1999-2005. The proceeds from
the issuance of these notes were used to reduce the Company's outstanding
borrowings on its line of credit facility with a group of domestic commercial
banks. The Company established a policy to limit its long-term debt,
inclusive of current maturities (i.e., "funded debt"), to no more than 50% of
total capitalization (i.e., the sum of the Company's funded debt and total
shareholders' equity). The Company formalized this policy in connection with
the issuance of the 1995 Notes, agreeing with the purchasers of the 1995 Notes
to a covenant limiting the Company's funded debt to no more than 50% of total
capitalization. As of October 31, 1996, the ratio of funded debt to total
capitalization was 46.6%.
As of October 31, 1996, the Company had unused borrowing capacity of $11.3
million under its $60.0 million revolving credit facility. The Company is
currently in negotiations with its banks to increase the size of its revolving
credit facility to $80.0 million and to extend its term from October 31, 1997
until October 31, 1999. The Company expects to complete this process during
the third quarter of fiscal 1997.
Capital expenditures for the balance of fiscal 1997 are expected to range
between $15.0 million to $20.0 million. The Company expects that its
annealing/cold rolling expansion, the new South Carolina facility, and the
second coil pickling line at Blytheville will comprise the bulk of the
Company's capital spending for the balance of fiscal 1997. All of these
projects are expected to be completed during fiscal 1997, except for the coil
pickling line project, which is planned for completion sometime during the
second quarter of fiscal 1998. The Company plans to fund these expenditures
over the balance of fiscal 1997 with net cash to be provided by operations and
through additional borrowings on its revolving credit facility. In addition,
the Company is in negotiations to procure the cut-to-length line and slitting
equipment ordered for its South Carolina facility, as well as the additional
annealing furnaces discussed above, via new operating leases from a domestic
commercial lender. The Company expects to enter into such operating leases
during the third and fourth quarters of fiscal 1997.
In addition to the planned capital expenditures discussed above, the Company
announced on October 25, 1996, that it had signed a letter of intent to
acquire certain assets of Coil-Tec, Inc., a subsidiary of ARBED Americas, Inc.
While a definitive agreement has not yet been executed, the Company does not
expect that this transaction will have a material effect on its liquidity or
borrowing capacity under its existing credit facilities. The Company expects
to complete this acquisition on or prior to December 31, 1996.
The Company's cash position, unused borrowing capacity, and cash anticipated
to be generated from operations is expected to be sufficient to meet its
commitments in terms of working capital growth due to business expansion,
capital expenditures and the payment of dividends on the outstanding shares of
Class A and Class B common stock during fiscal 1997.
The Company maintains the flexibility to issue additional equity in the form
of Class A common stock or preferred stock if and when market circumstances
should ever dictate. The Company, from time-to-time, explores financing
alternatives such as increasing its borrowing capacity on its revolving credit
facility, the possibility of issuing additional long-term debt, or pursuing
operating lease financing for new business expansions. Beyond these financing
options, the Company has traditionally maintained liquidity in its working
capital accounts by availing itself of quick pay vendor discounts on much of
its domestic raw material purchases. If necessary, the Company could forego
these quick pay discounts in order to generate funds for general corporate
purposes.
<PAGE>
PART II. OTHER INFORMATION
- -----------------------------
Item 4. Submission of Matters to a Vote of Security Holders
- ---------------------------------------------------------------
(a) The Company held its annual meeting of shareholders on September
12, 1996.
(b) The following directors were elected to serve terms of three
years, with such terms to expire in 1999: B. D. Hunter and Robert J.
Marischen. The remaining directors include Donald E. Brandt and Michael M.
McCarthy, whose terms expire in 1997; and James J. Gavin, Jr. and Terry J.
Heinz, whose terms expire in 1998.
(c) 1) With respect to the vote for directors, Mr. Hunter
received 40,436,745 votes in favor of his election, with 675,200 votes
withheld, and Mr. Marischen received 40,430,645 votes in favor of his
election, with 681,300 votes withheld.
2) With respect to the proposal to amend the Huntco Inc. 1993
Incentive Stock Plan to (i) increase the number of shares of Class A common
stock of the Company authorized for issuance pursuant to awards which may be
made thereunder from 750,000 to 900,000, and (ii) limit the maximum number of
shares of Class A common stock underlying stock options and stock appreciation
rights which may be awarded thereunder to any participant in any one calendar
year to a total of 60,000, the following votes were cast: 39,933,745 votes
for; 1,169,004 votes against; and 7,725 abstentions.
(d) Not applicable.
Item 6. Exhibits and Reports on Form 8-K
- --------------------------------------------
(a) See the Exhibit Index included herein.
(b) Reports on Form 8-K:
The Company filed a Form 8-K on October 25, 1996, which filing discussed the
Company's execution of a letter of intent setting forth the basis for further
negotiations intended to result in the execution of a definitive agreement in
connection with the planned purchase of certain assets from Coil-Tec, 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.
HUNTCO INC.
(Registrant)
Date: December 10, 1996 By: /s/ ROBERT J. MARISCHEN
-----------------------
Robert J. Marischen,
Vice Chairman of the Board
and Chief Financial Officer
<PAGE>
EXHIBIT INDEX
These Exhibits are numbered in accordance with the Exhibit Table of Item 601
of Regulation S-K.
2: Omitted - not applicable.
4: Omitted - not applicable.
10: Omitted - not applicable.
11: Omitted - not applicable.
15: Omitted - not applicable.
18: Omitted - not applicable.
19: Omitted - not applicable.
22: Omitted - not applicable.
23: Omitted - not applicable.
24: Omitted - not applicable.
27: Financial Data Schedule.
99: Omitted - not applicable.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO OF HUNTCO INC. AT AND FOR
THE SIX MONTHS ENDED OCTOBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> OCT-31-1996
<CASH> 2,614
<SECURITIES> 0
<RECEIVABLES> 40,436
<ALLOWANCES> 518
<INVENTORY> 65,143
<CURRENT-ASSETS> 109,839
<PP&E> 152,282
<DEPRECIATION> 20,585
<TOTAL-ASSETS> 247,870
<CURRENT-LIABILITIES> 26,494
<BONDS> 98,972
0
0
<COMMON> 90
<OTHER-SE> 115,682
<TOTAL-LIABILITY-AND-EQUITY> 247,870
<SALES> 162,413
<TOTAL-REVENUES> 162,413
<CGS> 144,213
<TOTAL-COSTS> 144,213
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 83
<INTEREST-EXPENSE> 2,694
<INCOME-PRETAX> 8,062
<INCOME-TAX> 3,075
<INCOME-CONTINUING> 4,987
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,987
<EPS-PRIMARY> .56
<EPS-DILUTED> .56
</TABLE>
