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, 1997.
[ ] 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 11,089,440 Common shares outstanding as of November 14,
1997.
<PAGE>
CROSSMANN COMMUNITIES, INC.
FORM 10-Q
INDEX
Part I. Financial Information.
Item 1. Financial Statements.
Consolidated balance sheets as of September 30, 1997 (unaudited) and December
31, 1996.
Consolidated unaudited statements of income for the three months ended
September 30, 1997 and 1996,
and for the nine months ended September 30, 1997 and 1996.
Consolidated unaudited statements of cash flows for the nine
months ended September 30, 1997 and 1996.
Notes to consolidated unaudited financial statements for the
nine months ended September 30, 1997 and 1996.
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
<S> <C> <C>
September 30, 1997 December 31, 1996
-------------------- ------------------
(unaudited)
--------------------
ASSETS
Cash and cash equivalents $ 148,985 $ 100,000
Retainages 624,485 1,151,700
Real estate inventories 157,024,965 113,202,107
Furniture and equipment, net 3,202,929 2,919,333
Investments in joint ventures 5,135,146 3,404,742
Goodwill, net 3,468,824 2,737,328
Other assets 6,421,148 4,821,259
-------------------- ------------------
Total assets $ 176,026,482 $ 128,336,469
==================== ==================
Liabilities and shareholders' equity
Accounts payable $ 19,689,178 $ 14,110,634
Accrued expenses and other liabilities 7,659,849 5,250,256
Notes payable 46,502,395 49,326,220
-------------------- ------------------
Total liabilities 73,851,422 68,687,110
Commitments and contingencies
Shareholders' equity:
Common shares 55,076,994 24,400,903
Retained earnings 47,098,066 35,248,456
-------------------- ------------------
Total shareholders' equity 102,175,060 59,649,359
-------------------- ------------------
Total liabilities and shareholders' equity $ 176,026,482 $ 128,336,469
==================== ==================
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
CROSSMANN COMMUNITIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30,
NINE MONTHS ENDED SEPTEMBER 30,
<S> <C> <C> <C> <C>
1997 1996 1997 1996
------------ ------------ ------------- -------------
Sales of residential real estate $89,969,648 $66,955,250 $206,329,777 $149,764,371
Cost of residential real estate sold 71,387,248 52,648,888 164,025,835 118,494,310
------------ ------------ ------------- -------------
Gross profit 18,582,400 14,306,362 42,303,942 31,270,061
Selling, general and
administrative 8,663,860 6,130,357 22,605,602 16,477,807
------------ ------------ ------------- -------------
Income from operations 9,918,540 8,176,005 19,698,340 14,792,254
Other income, net 319,816 162,686 870,116 587,123
Interest expense (144,688) (286,869) (733,938) (667,140)
------------ ------------ ------------- -------------
175,128 (124,183) 136,178 (80,017)
------------ ------------ ------------- -------------
Income before income taxes 10,093,668 8,051,822 19,834,518 14,712,237
Income taxes 4,037,468 3,196,125 7,984,938 5,862,975
------------ ------------ ------------- -------------
Net income $ 6,056,200 $ 4,855,697 $ 11,849,580 $ 8,849,262
============ ============ ============= =============
Weighted average number of
common shares outstanding 9,537,205 9,158,562 9,310,878 9,147,006
============ ============ ============= =============
Net income per common share $ .64 $ .53 $ 1.27 $ .97
- ------------------------------------ ============ ============ ============= =============
<FN>
See accompanying notes.
</TABLE>
<TABLE>
<CAPTION>
CROSSMANN COMMUNITIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<S> <C> <C>
Nine Months Nine Months
Ended September 30, Ended September 30,
--------------------- ---------------------
1997 1996
--------------------- ---------------------
Operating activities:
Net Income $ 11,849,580 $ 8,849,262
Adjustments to reconcile net income to net cash
flows from operating activities:
Depreciation 459,214 381,472
Amortization (326,017) 125,528
Gain on sale of equipment (2,651) (4,385)
Cash provided (used) by changes in:
Retainages 531,715 (364,909)
Amounts due from related parties (13,363) (517,509)
Real estate inventories (35,395,493) (43,991,267)
Other assets (1,053,699) (1,450,271)
Accounts payable 4,318,271 6,206,228
Amounts due to related parties -0- 339,749
Accrued expenses and other liabilities 1,972,721 3,448,106
--------------------- ---------------------
Net cash flows from operating activities (18,109,722) (26,977,996)
Investing activities:
Purchases of furniture and equipment (691,423) (1,940,500)
Proceeds from disposition of furniture and equipment 2,651 7,600
Investments in joint ventures (1,730,404) (413,822)
Business Acquisitions 623,825 -0-
Net cash used by investing activities (1,795,351) (2,346,722)
Financing activities:
Proceeds from bank borrowing 108,835,644 74,896,000
Principal payments on bank borrowing (118,235,000) (50,204,000)
Payments on notes and long-term debt (456,011) (472,321)
Proceeds from sale of common shares 29,809,425 31,000
--------------------- ---------------------
Net cash provided by financing activities 19,954,058 24,250,679
--------------------- ---------------------
Net decrease in cash and cash equivalents 48,985 (5,074,039)
Cash and cash equivalents at beginning of period 100,000 5,232,950
--------------------- ---------------------
Cash and cash equivalents at end of period $ 148,985 $ 158,911
- ---------------------------------------------------- ===================== =====================
<FN>
See accompanying notes.
</TABLE>
CROSSMANN COMMUNITIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
Crossmann Communities, Inc. (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 in Louisville and
Lexington, Kentucky. On September 30, 1997, Crossmann entered its newest
market, Memphis, Tennessee, with the acquisition of a division of Heartland
Homes, LTD, a homebuilding company based in Oklahoma City, Oklahoma. This
acquisition was not a material transaction; therefore, pro forma information
has not been presented.
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
accruals) considered necessary to present fairly the consolidated financial
statements have been included.
2. SHAREHOLDER'S EQUITY
On September 12, 1997, the Company completed a public offering of 1,813,500
new shares and raised net proceeds of approximately $29.7 million. Details
regarding the offering may be found in the final Form S-2 filed with the
Securities and Exchange Commission on September 12, 1997.
All per share disclosures have been retroactively adjusted to give effect to a
three-for-two stock split effected by a share dividend paid August 25, 1997 to
holders of record on August 18, 1997.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS.
Management's discussion and analysis may include certain "forward-looking
statements," as defined in the Private Securities Litigation Reform Act of
1995. such statements may involve unstated risks, uncertainties and other
factors that may cause actual results to differ materially.
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 also 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. Results of operation during the first half of
the year also tend to reflect increased costs associated with adverse weather.
Weather in the first half of 1997 was unusually mild and dry and contributed
to favorable comparisons between 1997 and 1996.
THREE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 1996.
Sales for the three months ended September 30, 1997 increased approximately
$23 million, or 34.4%, over sales in the same period in 1996. This increase
reflects more homes closed: 797 homes in 1997, compared to 592 in 1996. The
average selling price was down slightly: $112,885 per home for the period in
1997, compared to $113,100 in 1996. Higher sales resulted from generally
higher production levels in all divisions, adjusted upward to address higher
backlog.
Gross profit increased approximately $4.3 million for the three months ended
September 30, 1997, over the same period the year before. Gross profit as a
percentage of sales decreased from 21.4% in 1996 to 20.7% in 1997. Margins
declined somewhat because of improved deliveries in Crossmann's newer markets.
In cities Crossmann has entered recently, margins tend to be lower than in
the Company's more established markets.
Selling, general and administrative expenses increased $2.5 million during the
three months ended September 30, 1997 compared to the same period in 1996, due
in part to sales commissions on the higher sales volume and in part to
increased overhead incurred to achieve higher production. Selling, general
and administrative expenses increased as a percentage of sales from 9.2% to
9.6%.
Other income increased $157,131 for the three months ended September 30, 1997
compared to the same period the year before, due to improved earnings from
land development joint ventures and other miscellaneous sources.
Income before income taxes for the three months ended September 30, 1997
increased approximately 25.3%, from approximately $8.1 million in 1996 to more
than $10.1 million in 1997. Income before income taxes as a percentage of
sales decreased to 11.2% of sales in 1997 compared to 12.0% in 1996. Net
income was $1.2 million higher for the third quarter of 1997 than for the
third quarter of 1996, an increase of 24.7%. As a percentage of sales, net
income decreased to 6.73% of sales from 7.25% during the same period in 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 1996.
Sales for the nine months ended September 30, 1997 increased approximately
$56.6 million, or 37.8%, over the same period in 1996. This increase reflects
more homes closed: 1,833 in 1997, compared to 1,357 in 1996. Selling prices
were higher as well: approximately $112,560 per home for the period in 1997,
compared to approximately $110,400 in 1996. Mild weather and improving
production systems in the Company's newer divisions contributed to the
increase in unit closings.
Gross profit increased approximately $11 million for the nine months ended
September 30, 1997, over the same period the year before. Gross profit as a
percentage of sales decreased to 20.5% in 1997 compared to 20.9% in 1996.
Again, this decline is principally attributed to the mix between older more
established markets (Indianapolis and Lafayette) and newer markets where the
Company has not yet achieved as strong a command over land, suppliers and
subcontractors (Dayton, Cincinnati, Louisville). Over time, margins in newer
markets should improve as Crossmann gains market share.
Selling, general and administrative expenses increased approximately $6.1
million during the nine months ended September 30, 1997 compared to the same
period in 1996, due principally to sales commissions on the higher sales
volume and to higher overhead required to achieve higher production. Selling,
general and administrative expenses as a percentage of sales remained constant
at 11% of sales.
Other income decreased $282,993 for the nine months ended September 30, 1997,
because interest expense was higher in 1997 than in 1996 due to higher overall
borrowings used to finance heavier production.
Income before income taxes for the nine months ended September 30, 1997
increased $5.1 million, from approximately $14.7 million in 1996 to
approximately $19.8 million in 1997, an increase of 34.9%. This increase is
due primarily to higher sales volume on a relatively fixed base of selling,
general, and administrative expenses. Income before income taxes as a
percentage of sales decreased to 9.6% of sales in 1997 compared to 9.8% in
1996. Net income increased 34%, from approximately $8.9 million in the first
nine months of 1996 to approximately $11.9 million in the first nine months of
1997.
CHANGES IN FINANCIAL POSITION
Retainages decreased $527,215 in the first nine months of the year, or 45.8%.
This change is seasonal. Mortgage companies retain escrows for the completion
of exterior landscape items. As weather permits, yards are completed and
retainages are released to the Company during the second half of the year.
The Company increased its investment in real estate inventories approximately
$43.8 million, or 38.7%, from their December 31, 1996 level. The expansion in
inventory reflects heavy building activity on homes in backlog, many of which
are expected to close by year end. It also reflects land acquisition and
development activity in preparation for 1998 production. Investments in real
estate joint ventures increased $1.7 million, or 50.8%, since December 31.
This increase also reflects planning for additional capacity for closings in
1998 and beyond.
On September 12, 1997 the Company completed a public offering of 1,813,500
shares and raised approximately $29.7 million in equity, net of expenses.
Proceeds were used to reduce debt. Notes payable were approximately $2.8
million lower at September 30, 1997 than at December 31, 1996.
CAPITAL RESOURCES AND LIQUIDITY
In December, 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%. At September 30, 1997, $22.2 million was
outstanding. Crossmann also has a $60 million line of credit with Bank One,
Indiana, NA and its participant, NBD, Indiana, NA, on which approximately
$19.2 million was outstanding at September 30, 1997.
Both the note agreements and the bank line of credit require compliance with
certain financial and operating covenants and place certain limitations on the
Company's investments in land and unconsolidated joint ventures. They also
limit payments of cash dividends by the Company.
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 borrowing 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.
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, 1997 was 1,509 homes with an aggregate sales
value of approximately $166.0 million, compared to 1,385 homes with an
aggregate sales value of approximately $148.4 million at September 30, 1996,
an increase of approximately 9%. This increase reflects a higher year-end
backlog (1,006 at December 31, 1996, compared to 757 at December 31, 1995) and
stronger sales during the period (2,336 contracts written in the first nine
months of 1997, compared to 1,983 in 1996, an increase of 18%).
FUTURE TRENDS
On October 17, 1997, Crossmann entered into a 50% joint venture with Trinity
Homes, Inc. in Indianapolis, a homebuilder which delivered approximately 447
homes last year at an average selling price of approximately $160,000.
Trinity was ranked as the fourth largest homebuilder in Indianapolis in 1996.
This joint venture should enhance Crossmann's position as a leading builder in
Indianapolis and the surrounding counties in 1998.
PART II. OTHER INFORMATION
Item 2. Changes in Securities.
On August 7, 1997, Crossmann declared a three-for-two stock split effected by
a share dividend paid on August 25, 1997 to shareholders of record on August
18, 1997. All per share disclosures have been adjusted retroactively to
reflect the split.
On September 12, 1997 Crossmann sold in a public offering, 1,813,500 of shares
at $17.50 per share. Net of expenses, proceeds to the Company were
approximately $29.7 million. The weighted average number of shares
outstanding during the third quarter (split adjusted) is 9,537,205. The
number of shares outstanding at November 14, 1997 is 11,089,440.
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 3. Defaults Upon Senior Securities.
Item 4. Submissions of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
<TABLE>
<CAPTION>
a) Exhibits
<S> <C>
Exhibit Description of Exhibit
Number
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. (Incorporated
by reference to Exhibit 10.3 to Form 10-Q dated August 13, 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.)
10.41 First Amendment to Amended and Restated Credit Agreement, dated March 27,
1997, by and between Crossmann Communities, Inc. et al. and Bank One, Indiana
N.A. (Incorporated by reference to Form 10-Q dated May 13, 1997.)
10.42 Promissory Note, dated March 27, 1997, by and between Crossmann Communities,
Inc. et al. and Bank One, Indiana, N.A. (Incorporated by reference to Form 10-Q
dated May 13, 1997.)
11.10 Computation of Per Share Net Income for the quarter ended September 30, 1997.
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 November 14, 1997.
27.1 Financial Data Schedule for the quarter ended September 30, 1997.
- ------- -------------------------------------------------------------------------------------------
</TABLE>
(b) Reports on Form 8-K.
None.
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) of the Securities
and 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 14, 1997
Crossmann Communities, Inc.
Exhibit 21.2 -Amended Subsidiaries of the Registrant
CROSSMANN COMMUNITIES, INC.
SUBSIDIARIES
Deluxe Homes, Inc.
Trimark Homes, Inc.
Deluxe Homes of Lafayette
Crossmann Communities of Ohio
Cutter Homes, Ltd.
Crossmann Communities of Tennessee LLC
Crossmann Management, Inc.
Crossmann Investments, Inc.
Trimark Development, Inc.
Crossmann Mortgage Corp.
Merit Realty, Inc.
Deluxe Aviation, Inc.
Crossmann Communities, Inc.
Exhibit 11.3 - Computation of Per Share Net Income
For the Quarter and the Period Ended September 30, 1997
<TABLE>
<CAPTION>
Quarter Ended September 30, 1997:
<S> <C> <C>
Primary Fully Diluted
Weighted Average Number of Shares:
Average Common Shares Outstanding
at September 30, 1997 9,537,205 9,537,205
Dilutive Effect of Common Stock Equivalents
at September 30, 1997 111,553 111,553
Weighted Average Shares at September 30, 1997 9,648,758 9,648,758
========== ==============
Net Income 6,056,200 6,056,200
========== ==============
Net Income per Common Share .63(1) .63(1)
- --------------------------------------------- ========== ==============
</TABLE>
<TABLE>
<CAPTION>
Period Ended September 30, 1997
<S> <C> <C>
Primary Fully Diluted
Weighted Average Number of Shares:
Average Common Shares Outstanding
at September 30, 1997 9,310,878 9,310,878
Dilutive Effect of Common Stock Equivalents
at September 30, 1997 83,144 150,194
Weighted Average Shares at September 30, 1997 9,394,022 9,461,072
=========== ==============
Net Income 11,849,580 11,849,580
=========== ==============
Net Income per Common Share 1.26(1) 1.25(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 1997 10-Q
</LEGEND>
<CAPTION>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-START> Jan-01-1997
<PERIOD-END> Sep-30-1997
<CASH> 148985
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 157024965
<CURRENT-ASSETS> 0
<PP&E> 5279587
<DEPRECIATION> 2103907
<TOTAL-ASSETS> 176026482
<CURRENT-LIABILITIES> 0
<BONDS> 46502395
<COMMON> 55076994
0
0
<OTHER-SE> 47098066
<TOTAL-LIABILITY-AND-EQUITY> 176026482
<SALES> 206329777
<TOTAL-REVENUES> 206362977
<CGS> 164025835
<TOTAL-COSTS> 164025835
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 733938
<INCOME-PRETAX> 19834518
<INCOME-TAX> 7984938
<INCOME-CONTINUING> 11849580
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11849580
<EPS-PRIMARY> 1.26
<EPS-DILUTED> 1.25
</TABLE>
