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 Period Ended September 30, 1996.
[ ] 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 0-22562
<TABLE>
<CAPTION>
CROSSMANN COMMUNITIES, INC.
<S> <C>
INDIANA 35-1880120
- ---------------------------------------- ---------------------------
(State of incorporation) (I.R.S. Identification No.)
9202 NORTH MERIDIAN STREET
INDIANAPOLIS, IN 46260
- ---------------------------------------- ---------------------------
(Address of principal executive offices) (Zip Code)
(317) 843-9514
- ----------------------------------------
(Telephone number)
</TABLE>
Indicate by check mark whether the registrant (1) has filed all documents
and 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 periods 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
There were 6,105,708 Common shares outstanding as of November 6, 1996.
<PAGE>
CROSSMANN COMMUNITIES, INC.
FORM 10-Q
INDEX
Part I. Financial Information.
Item 1. Financial Statements.
Consolidated balance sheets as of September 30, 1996 (unaudited) and
December 31, 1995.
Consolidated unaudited statements of income for the three months
ended September 30, 1996 and 1995, and nine months
ended September 30, 1996 and 1995.
Consolidated unaudited statements of cash flows for the nine months
ended September 30, 1996 and 1995.
Notes to consolidated unaudited financial statements for the nine
months ended September 30, 1996 and 1995.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Part II. Other Information
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
Signatures.
<PAGE>
PART I. FINANCIAL INFORMATION.
Item 1. Financial Statements
<TABLE>
<CAPTION>
CROSSMANN COMMUNITIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 1996 December 31, 1995
-------------------- ------------------
(unaudited)
--------------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 158,911 5,232,950
Retainages 969,882 604,973
Real estate inventories 113,673,963 69,682,696
Furniture and equipment, net 2,866,072 1,310,259
Investments in joint ventures 1,586,111 1,172,289
Goodwill, net 3,220,587 2,898,722
Other assets 4,572,974 3,052,587
-------------------- ------------------
Total assets $ 127,048,500 $ 83,954,476
==================== ==================
Liabilities and shareholders' equity
Accounts payable $ 16,508,856 $ 10,304,193
Accrued expenses and other liabilities 7,755,675 3,966,255
Notes payable 49,692,000 25,472,321
-------------------- ------------------
Total liabilities 73,956,531 39,742,769
Shareholders' equity:
Common shares 24,059,879 24,028,879
Retained earnings 29,032,090 20,182,828
-------------------- ------------------
Total shareholders' equity 53,091,969 44,211,707
-------------------- ------------------
Total liabilities and shareholders' equity $ 127,048,500 $ 83,954,476
==================== ==================
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
CROSSMANN COMMUNITIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
1996 1995 1996 1995
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
Sales of residential real estate $66,955,250 $56,849,383 $149,764,371 $119,256,707
Cost of residential real estate sold 52,648,893 45,619,672 118,494,310 95,427,829
------------ ------------ ------------- -------------
Gross profit 14,306,357 11,229,711 31,270,061 23,828,878
Selling, general and 6,130,351 4,899,508 16,477,807 12,385,613
administrative
Income from operations 8,176,006 6,330,203 14,792,254 11,443,265
Other income, net 162,686 221,098 587,123 426,418
Interest expense (286,869) (66,797) (667,140) (267,508)
------------ ------------ ------------- -------------
(124,183) 154,301 (80,017) 158,910
------------ ------------ ------------- -------------
Income before income taxes 8,051,823 6,484,504 14,712,237 11,602,175
Income taxes 3,196,125 2,534,945 5,862,975 4,595,779
------------ ------------ ------------- -------------
Net income $ 4,855,698 $ 3,949,559 $ 8,849,262 $ 7,006,396
============ ============ ============= =============
Weighted average number of 6,105,708 6,077,535 6,098,004 6,072,539
common shares outstanding
Net income per common share .80 .65 1.46 1.15
============ ============ ============= =============
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
CROSSMANN COMMUNITIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30, Nine Months Ended September 30,
--------------------------------- ---------------------------------
Ended Ended
--------------------------------- ---------------------------------
1996 1995
--------------------------------- ---------------------------------
<S> <C> <C>
Operating activities:
Net Income $ 8,849,262 $ 7,006,396
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation 381,472 270,964
Amortization 125,528 121,272
Gain on sale of equipment (4,385) -0-
Cash provided (used) by changes in:
Retainages (364,909) (157,345)
Real estate inventories (43,991,267) (15,790,699)
Amounts due from related parties (517,509) (13,574)
Other assets (1,450,271) (396,223)
Accounts payable 6,206,228 7,659,790
Amounts due to related parties 339,749 -0-
Accrued expenses and other liabilities 3,448,106 2,603,987
--------------------------------- ---------------------------------
Net cash used by operating activities (26,977,996) 1,304,568
Investing activities:
Disposition of Office Building -0- 365,404
Purchases of furniture and equipment (1,940,500) (685,507)
Proceeds from disposition of furniture and equipment 7,600 -0-
Investments in joint ventures (413,822) (539,874)
--------------------------------- ---------------------------------
Net cash used by investing activities (2,346,722) (859,977)
Financing activities:
Proceeds from bank borrowings 74,896,000 51,816,810
Principal payments on bank borrowings (50,204,000) (52,350,526)
Payments on notes and long-term debt (472,321) -0-
Proceeds from sale of common shares 31,000 -0-
--------------------------------- ---------------------------------
Issue of Common Stock -0- 89,125
--------------------------------- ---------------------------------
Net cash provided by financing activities 24,250,679 (444,591)
--------------------------------- ---------------------------------
Net increase (decrease) in cash and cash equivalents (5,074,039) -0-
Cash and cash equivalents at beginning of period 5,232,950 -0-
--------------------------------- ---------------------------------
Cash and cash equivalents at end of period $ 158,911 $ -0-
================================= =================================
<FN>
See accompanying notes.
</TABLE>
CROSSMANN COMMUNITIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PRESENTATION
Crossmann Communities, Inc. ("Crossmann" or the "Company") is engaged
primarily in the development, construction, marketing and sale of new
single-family homes for first time and first move-up buyers. The Company also
acquires and develops land for construction of such homes and originates
mortgage loans for the buyers. The Company operates in Indianapolis, Ft.
Wayne, and Lafayette, Indiana; Cincinnati, Columbus, and Dayton, Ohio; and
Louisville, Kentucky.
The accompanying unaudited consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, the unaudited consolidated financial statements
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 of normal, recurring
adjustments) considered necessary to present fairly the consolidated financial
statements have been included.
In October 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 123, "Accounting for Stock-Based
Compensation," which is effective for the Company beginning January 1, 1996.
SFAS No. 123 requires expanded disclosures of stock-based compensation
arrangements with employees and encourages (but does not require) compensation
cost to be measured based on the fair value of the equity instrument awarded.
Companies are permitted, however, to continue to apply APB Opinion No. 25,
which recognizes compensation cost based on the intrinsic value of the equity
instrument awarded. The Company will continue to apply APB Opinion No. 25 to
its stock-based compensation awards to employees and will disclose the
required pro forma effect on net income and earnings per share.
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
The Company's business and the homebuilding industry in general are subject to
changes in economic conditions, including, but not limited to, employment
levels, interest rates, the availability of credit, and consumer confidence.
The Company's success over the past several years has been influenced by a
variety of factors including favorable economic conditions in its principal
markets, the availability of capital for expansion, and low interest rates.
To the extent these conditions do not continue, the Company's operating
results may be adversely affected.
The Company's business is subject to weather-related seasonal factors that can
affect quarter-to-quarter results of operations. The number of sales
contracts signed tends to be higher during the first four months of the year,
creating a backlog that declines during the second half of the year. A home
is included in "backlog" upon execution of a sales contract by the customer,
and sales and cost of sales are recognized when the title is transferred and
the home is delivered to the buyer at "closing." Adverse weather conditions
during the first and second quarters of the year usually restrict site
development work, and construction limitations generally result in fewer
closings during this period. (The Company attempts to mitigate the effect of
winter weather by building an inventory of foundations during the fall.)
Results of operation during the first half of the year may reflect increased
costs associated with adverse weather.
In January 1996, Crossmann began marketing homes in Dayton, Ohio. In January
1996 Crossmann also began marketing new homes in several cities in southern
Indiana from its new office in Columbus, Indiana. In April, Crossmann began
marketing new homes in Louisville, Kentucky.
On April 26, 1996, the Company closed on an asset purchase of substantially
all the assets of Tom Peebles Builders, Inc., ("Peebles") a Dayton
homebuilder. Peebles' assets consist principally of land, model homes, and
houses under construction and were acquired for approximately $4 million.
The Company hired substantially all the employees of Peebles and assumed its
rights and obligations under purchase agreements with 50 Peebles' customers
and in two land development joint ventures. The acquisition added
approximately 450 lots to Crossmann's lot inventory in Dayton. The
transaction was not material in relation to the Company's assets, sales, or
income.
THREE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1995
Results of Operations
Sales for the three months ended September 30, 1996 increased approximately
$10.1 million, or 17.8%, over the same period in 1995. This increase reflects
more homes closed (592 homes in 1996 as compared to 543 in 1995) and higher
selling prices ($113,100 per home for the period in 1996 as compared to
approximately $104,700 in 1995). Management attributes the increase in unit
closings principally to higher closings in Columbus and Cincinnati, Ohio and
to closings generated in new markets Dayton, Ohio and Southern Indiana.
Increased Ohio production also causes a higher average selling price, since
homes sold by the Company in Ohio more frequently have basements (as a result
a higher selling price) than homes sold in Indiana.
Gross profit increased approximately $3.1 million for the three months ended
September 30, 1996, over the same period the year before. Gross profit as a
percentage of sales increased to 21.37% in 1996 from 19.75% in 1995. This
variation in gross profit is due principally to a greater proportion of homes
built on Crossmann's internally developed lots, and a higher capture rate for
Crossmann Mortgage Corp. Moderating interest rates during the period also
permitted the Company to pay less than anticipated points and closing costs on
behalf of its customers.
Selling, general and administrative expenses increased $1.2 million during the
three months ended September 30, 1996 compared to the same period in 1995,
due in part to sales commissions on the higher sales and increased overhead
related to the Company's new markets. Selling, general and administrative
expenses increased as a percentage of sales, from 8.62% to 9.16%.
Interest expense was greater during the three month period ended September 30,
1996 as compared to the same period in 1995 due to higher overall borrowing
levels necessitated by higher inventory levels. The increase was somewhat
offset by earnings from land development joint ventures.
Income before income taxes for the three months ended September 30, 1996 was
approximately $1.6 million higher, an increase of approximately 24.2%. This
increase is due principally to increased sales volume with partly fixed
selling, general, and administrative expenses. Income before income taxes as
a percentage of sales increased to 12.0% of sales in 1996 compared to 11.4%
in 1995.
Net income was $906,139 higher for the third quarter of 1996 than for the
third quarter of 1995, an increase of 22.9%. As a percentage of sales, net
income was 7.25% in 1996 compared to 6.95% for the same period in 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1995.
Results of Operations
Sales for the nine months ended September 30, 1996 increased approximately
$30.5 million, or 25.6%, over the same period in 1995. This increase reflects
more homes closed (1,357 homes in 1996, compared to 1,124 in 1995) and
higher selling prices (approximately $110,400 per home for the period in 1996,
compared to approximately $106,100 in 1995). Management attributes both
increases to the contribution of sales by the new divisions and by stronger
sales in Ohio.
Gross profit increased approximately $7.4 million for the nine months ended
September 30, 1996, over the same period the year before. Gross profit as a
percentage of sales increased to 20.88% in 1996 compared to 19.98% in 1995.
This variation in gross profit is due principally to a greater proportion of
homes built on Crossmann's internally developed lots, and a higher capture
rate for Crossmann Mortgage Corp.
Selling, general and administrative expenses increased approximately $4.1
million during the nine months ended September 30, 1996 compared to the same
period in 1995, due principally to sales commissions on the higher sales
volume and to higher advertising and administrative expenses associated with
the Company's new divisions. Selling, general and administrative expenses as
a percentage of sales increased from 10.4% in 1995 to 11.0% in 1996.
Other income increased $160,705 for the nine months ended September 30, 1996,
due primarily to higher income from land development joint ventures than in
the same period the year before. Interest expense was higher in 1996 than in
1995 because of higher overall borrowing levels necessitated by higher land
inventories and more homes under construction.
Income before income taxes for the nine months ended September 30, 1996
increased more than $3.1 million from approximately $11.6 million in 1995 to
approximately $14.7 million in 1996, an increase of 26.8%. This increase is
due primarily to higher gross margins. Income before income taxes as a
percentage of sales increased to 9.8% of sales in 1996 compared to 9.7% in
1995.
Net income increased 26.3% , from approximately $7 million in the first three
quarters of 1995 to approximately $8.8 million in the first three quarters of
1996.
Backlog
The Company generally builds only upon the execution of a sales contract by a
customer and after approval of financing, although it also builds a limited
number of homes on speculation. The standard sales contract used by the
Company provides for an earnest money deposit of $1,000. The contract usually
includes a termination provision under which the earnest money is refunded in
the event that mortgage financing is not available on terms specified in the
contract, and may include other contingencies. Cancellations by buyers with
approved financing occur infrequently.
Sales backlog at September 30, 1996 was 1,385 homes with an aggregate sales
value of approximately $148.4 million, compared to 927 homes with an aggregate
sales value of approximately $105.9 million at September 30, 1995, an increase
of over 49%. This increase reflects a higher year-end backlog (757 at
December 31, 1995 compared to 345 at December 31, 1994) and strong sales in
the first nine months of 1996 (1,983 new contracts written in the first half
of 1996 compared to 1,706 in 1995, an increase of 16.3%). Management
attributes the strong sales improvement to the fact that it offers homes in
more markets in 1996.
Changes in Financial Position
The Company permitted $158,911 to be held in Crossmann Mortgage Corporation's
cash account to satisfy requirements of the Department of Housing and Urban
Development in seeking to perform its own underwriting. Performing this
function in-house will result in cost savings and greater efficiency for the
mortgage subsidiary but will require certain minimum levels of cash or cash
equivalents.
Inventories increased approximately $44 million or 63.1% from December 31,
1995. Notes payable increased approximately $24.2 million during the first
nine months of 1996 as the line of credit was employed to increase
inventories.
Retainages increased $364,909 in the first nine months of the year, or 60%.
Mortgage companies retain escrows for the completion of exterior landscape
items during the winter and spring. As weather permits, yards are completed.
Mortgage companies inspect the work, and the retainages are released to the
Company.
Furniture and equipment, net increased approximately $1.6 million dollars or
118.8%. The increase is principally attributable to the purchase of an
aircraft for use in the management of the Company. In March, Crossmann
purchased a 1982 King Air B200 for $1.295 million . The Company formed a
wholly-owned subsidiary, Deluxe Aviation, Inc., to hold and manage the
aircraft, which will be available for outside charter when it is not being
used for company business.
Capital Resources and Liquidity
On December 22, 1995, the Company issued senior notes pari passu with its
senior bank facility, in the amount of $25 million, to be repaid over nine
years at a fixed interest rate of 7.625%. The note agreement requires
compliance with certain financial and operating covenants and places certain
limitations on the Company's investments in land and in unconsolidated joint
ventures. It also limits payments of cash dividends by the Company.
Concurrent with the issuance of the notes, the Company also renegotiated its
$40 million credit agreement with Bank One, Indianapolis N.A. to permit the
issuance of the notes, streamline the covenants, and to extend the maturity of
the banks' credit agreement to March 31, 1998.
The Company's financing needs depend on land acquisition, inventory turnover
and sales volume. Historically, the Company has financed operations with the
retention of earnings and borrowings from financial institutions. Management
believes future financing needs will be funded by internally generated
capital, funds available under the existing credit arrangement, and additional
financing to be negotiated.
FUTURE TRENDS
Record snow and rain in central Indiana, Ohio and northern Kentucky during the
first half of 1996 caused unusual delays in scheduled land development and
construction; therefore, significantly higher levels of production over
normal levels are necessary for the fourth quarter of the year. Management
believes most of its backlog can be closed as scheduled, but there can be no
certainty in which quarter closings will occur. Customers who qualify for
mortgage loans are contractually obligated to close, regardless of weather or
production delays. The Company is working closely with customers to set
realistic expectations about closing dates.
Management perceives a need in certain of its markets for housing among
households with incomes just below that necessary to qualify for one of the
Company's single-family detached homes. The Company will begin construction
of lower cost attached residential units in one project during the fourth
quarter of 1996. Additional sites are being considered for 1997.
PART II. OTHER INFORMATION
The following items for which provision is made in the applicable regulations
of the Securities and Exchange Commission are not required under the related
explanations or are inapplicable and therefore have been omitted:
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Submissions of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits on Form 8-K.
<TABLE>
<CAPTION>
(a) Exhibits
Exhibit Description of Exhibit
Number
<C> <S>
3.1 Amended and restated Articles of Incorporation of Crossmann Communities, Inc.
(Incorporated by reference to Exhibit 3.1 to Form S-1 Registration Statement No. 33-68396.)
3.2 Bylaws of Crossmann Communities, Inc. (Incorporated by reference to Exhibit 3.2
to Form S-1 Registration Statement No. 33-68396.)
4.1 Specimen Share Certificate for Common Shares. (Incorporated by reference to
Exhibit 2.9 to Form S-1 Registration Statement No. 33-68396.)
10.2 1993 Outside Director Stock Option Plan. (Incorporated by reference to Exhibit 10.2
to Form S-1 Registration Statement No. 33-68396.)
10.3 1993 Employee Stock Option Plan. (As amended as of May 22, 1996.)
10.37 Note Agreement dated as of December 19, 1995, $25,000,000 7.625% Senior Notes
due December 9, 2004, by Crossmann Communities, Inc., et al. (Incorporated by
reference to Exhibit 10.37 to From 10-K dated March 18, 1996.)
10.38 7.625% Senior Note due December 19, 2004, issued to Combined Insurance
Company by Crossmann Communities, Inc., et al. (Incorporated by reference to
Exhibit 10.38 to Form 10-K dated March 18, 1996.)
10.39 7.625% Senior Note due December 19, 2004, issued to Minnesota Mutual Life
Insurance company by Crossmann Communities, Inc., et al. (Incorporated by
reference to Exhibit 10.39 to Form 10-K dated March 18, 1996.)
10.40 Amended and Restated Credit Agreement, dated December 22, 1995, by and between
Crossmann Communities, Inc., et al. and Bank One, Indianapolis N.A. (Incorporated
by reference to Exhibit 10.40 to Form 10-K dated March 18, 1996.)
11.30 Computation of Per Share Net Income for the quarter ended September 30, 1996.
19.1 Lease by and between Pinnacle Properties LLC ("Landlord") and Crossmann
Communities, Inc. (Tenant"), 9202 North Meridian Street, Suite 300, Indianapolis,
Indiana 46260, executed April 18, 1994. (Incorporated by reference to Exhibit 19.1
to Form 10-Q dated August 12, 1994.)
21.2 Amended subsidiaries of the registrant, dated March 28, 1996. (Incorporated by
reference to Exhibit 21.2 to Form 10-Q dated August 13, 1996.)
27.3 Financial Data Schedule for the quarter ended September 30, 1996.
</TABLE>
(b) Reports on Form 8-K.
No Reports on Form 8-K were filed during the quarter for which this
report is filed.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
CROSSMANN COMMUNITIES, INC.
/s/Jennifer A. Holihen
Jennifer A. Holihen
Director; Chief Financial Officer;
Treasurer; Secretary
(Principal Financial and Accounting Officer)
Dated: November 6, 1996
<TABLE>
<CAPTION>
Crossmann Communities, Inc.
Exhibit 11.3 - Computation of Per Share Net Income
For the Period Ended September 30, 1996
Quarter Ended September 30, 1996:
- ----------------------------------------------------
Fully
Primary Diluted
------------------------------------------------------------ ---------
<S> <C> <C> <C>
Weighted Average Number of Shares:
Average Common Shares Outstanding 6,105,708 6,105,708
at June 30, 1996
Dilutive Effect of Common Stock Equivalents
at September 30, 1996 60,878 62,238
------------------------------------------------------------ ---------
Weighted Average Shares at September 30, 1996 6,166,586 6,167,946
============================================================ =========
Net Income 4,855,698 4,855,698
============================================================ =========
Net Income per Common Share .79 (1) .79 (1)
============================================================ =========
Period Ended September 30, 1996:
- ----------------------------------------------------
Fully
Primary Diluted
------------------------------------------------------------ ---------
Weighted Average Number of Shares:
Average Common Shares Outstanding 6,098,004 6,098,004
at September 30, 1996
Dilutive Effect of Common Stock Equivalents
at September 30, 1996 67,124 67,804
------------------------------------------------------------ ---------
Weighted Average Shares at September 30, 1996 6,165,128 6,165,808
============================================================ =========
Net Income 8,849,262 8,849,262
============================================================ =========
Net Income per Common Share 1.44 (1) 1.44 (1)
============================================================ =========
<FN>
(1) This calculation is submitted in accordance with Regulation S-K item 601(b) (11)
although not required by footnote 2 to paragraph 14 of APB Opinion No. 15
because it results in dilution of less than 3%.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Crossmann Communities, Inc.
Exhibit 27.3
Article 5 Financial Data Schedule for 1996 3rd Quarter 10-Q
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-01-1996
<PERIOD-END> Sep-30-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 113673963
<CURRENT-ASSETS> 0
<PP&E> 4354384
<DEPRECIATION> 1488312
<TOTAL-ASSETS> 127048500
<CURRENT-LIABILITIES> 0
<BONDS> 49692000
<COMMON> 24059879
0
0
<OTHER-SE> 29032090
<TOTAL-LIABILITY-AND-EQUITY> 127048500
<SALES> 149764371
<TOTAL-REVENUES> 149764371
<CGS> 118494310
<TOTAL-COSTS> 118494310
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 667140
<INCOME-PRETAX> 14712237
<INCOME-TAX> 5862975
<INCOME-CONTINUING> 8849262
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8849262
<EPS-PRIMARY> 1.44
<EPS-DILUTED> 1.44
</TABLE>
