<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 31, 1998
OR
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 0-23312
HELEN OF TROY LIMITED
---------------------
(Exact name of registrant as specified in its charter)
Bermuda 74-2692550
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6827 Market Avenue
El Paso, TX 79915
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (915) 779-6363
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
--- ---
As of July 7, 1998 there were 27,856,428 shares of Common Stock, $.10 Par
Value, outstanding.
<PAGE> 2
HELEN OF TROY LIMITED AND SUBSIDIARIES
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Item 1 Consolidated Condensed Balance
Sheets as of May 31, 1998 and
February 28, 1998...........................3
Consolidated Condensed Statements
of Income for the Three Months
Ended May 31, 1998 and May 31, 1997.........5
Consolidated Condensed Statements
of Cash Flows for the Three Months
Ended May 31, 1998 and May 31, 1997.........6
Notes to Consolidated Condensed
Financial Statements........................8
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations..................................9
PART II. OTHER INFORMATION
Item 5 Other information................................10
Item 6 Exhibits and Reports on Form 8-K.................10
SIGNATURES.................................................................11
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
HELEN OF TROY LIMITED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except shares)
<TABLE>
<CAPTION>
May 31, February 28,
1998 1998
-------- ------------
(unaudited)
Assets
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 35,505 $ 55,670
Receivables - principally trade,
less allowance for doubtful
receivables of $742 at May 31, 1998
and $568 at February 28, 1998 51,844 44,569
Inventories 78,464 71,357
Prepaid expenses 8,263 3,802
Deferred income tax benefits 1,711 1,522
-------- --------
Total current assets 175,787 176,920
Property and equipment, net of accumulated
depreciation of $5,534 at May 31, 1998
and $4,892 at February 28, 1998 29,686 26,255
License agreements, at cost, less accumulated
amortization of $8,322 at May 31, 1998
and $8,068 at February 28, 1998 8,730 8,984
Other assets, net of amortization 15,907 15,401
-------- --------
Total assets $230,110 $227,560
======== ========
(continued)
</TABLE>
3
<PAGE> 4
HELEN OF TROY LIMITED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except shares)
<TABLE>
<CAPTION>
May 31, February 28,
1998 1998
-------- -----------
(unaudited)
Liabilities and Stockholders' Equity
<S> <C> <C>
Current liabilities:
Accounts payable, principally trade $ 758 $ 1,430
Accrued expenses:
Advertising and promotional 6,383 4,599
Other 7,891 7,389
Income taxes payable 6,121 9,208
-------- ----------
Total current liabilities 21,153 22,626
Long-term debt 55,450 55,450
-------- --------
Total liabilities 76,603 78,076
Stockholders' equity:
Cumulative preferred stock, non-voting,
$1.00 par value. Authorized 2,000,000
shares; none issued -- --
Common stock, $.10 par value
authorized 50,000,000 shares;
issued and outstanding 27,825,780 shares at
May 31, 1998 and 27,281,242 shares at
February 28, 1998 2,783 2,728
Additional paid-in-capital 31,031 31,899
Retained earnings 119,693 114,857
-------- --------
Total stockholders' equity 153,507 149,484
-------- --------
Commitments and contingencies (Note 2) -- --
Total liabilities and stockholders' equity $230,110 $227,560
======== ========
See accompanying notes to consolidated condensed financial statements.
</TABLE>
4
<PAGE> 5
HELEN OF TROY LIMITED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(unaudited)
(in thousands, except shares and earnings per share)
<TABLE>
<CAPTION>
Three Months Ended
May 31,
1998 1997
-------- --------
<S> <C> <C>
Net sales $ 64,136 $ 52,448
Cost of sales 39,147 32,637
-------- --------
Gross profit 24,989 19,811
Selling, general and administrative expenses 18,796 14,944
-------- --------
Operating income 6,193 4,867
Other income (expense):
Interest expense (912) (711)
Other income, net 764 427
-------- --------
Total other income (expense) (148) (284)
-------- --------
Earnings before income taxes 6,045 4,583
Income tax expense (benefit):
Current 1,398 916
Deferred (189) 115
-------- --------
Net earnings $ 4,836 $ 3,552
======== ========
Earnings per share:
Basic $ .18 $ .13
Diluted .17 .12
Weighted average number of common and common
equivalent shares used in computing
earnings per share
Basic 27,544,779 26,373,504
Diluted 29,129,930 28,417,516
</TABLE>
See accompanying notes to consolidated condensed financial statements.
5
<PAGE> 6
HELEN OF TROY LIMITED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
<TABLE>
<CAPTION>
Three Months Ended
May 31,
1998 1997
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 4,836 $ 3,552
Adjustments to reconcile net income
to net cash provided (used) by operating activities:
Depreciation and amortization 1,079 872
Provision for doubtful receivables 174 195
Deferred taxes, net (189) 115
Changes in operating assets and liabilities:
Accounts receivable (7,449) (5,740)
Inventory (7,107) 3,756
Prepaid expenses (4,461) (1,515)
Accounts payable (672) (542)
Accrued expenses 2,286 2,500
Income taxes payable (3,087) 781
------- -------
Net cash provided (used) by
operating activities (14,590) 3,974
Cash flows from investing activities:
Capital and license expenditures (3,808) (652)
Other assets (954) (177)
Collection on note receivable -- 117
------- -------
Net cash used by investing activities (4,762) (712)
(continued)
</TABLE>
6
<PAGE> 7
HELEN OF TROY LIMITED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
<TABLE>
<CAPTION>
Three Months Ended
May 31,
1998 1997
-------- --------
<S> <C> <C>
Cash flows from financing activities:
Net payments on revolving
line of credit -- (4,001)
Exercise of stock options including related tax benefits (813) 506
-------- --------
Net cash used by financing activities (813) (3,495)
-------- --------
Net decrease in cash and cash equivalents (20,165) (233)
-------- --------
Cash and cash equivalents, beginning of period 55,670 25,798
-------- --------
Cash and cash equivalents, end of period $ 35,505 $ 25,565
======== ========
Supplemental cash flow disclosures:
Interest paid $ 982 $ 728
Income taxes paid, net of refund -- --
See accompanying notes to consolidated condensed financial statements.
</TABLE>
7
<PAGE> 8
HELEN OF TROY LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
May 31, 1998
Note 1 - In the opinion of the Company, the accompanying consolidated
condensed financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly its
financial condition as of May 31, 1998 and February 28, 1998 and the
results of its operations for the periods ended May 31, 1998 and 1997.
While the Company believes that the disclosures presented are adequate
to make the information not misleading, it is suggested that these
statements be read in conjunction with the financial statements and
the notes included in the Company's latest annual report on Form 10-K.
Note 2 - The Company is involved in various claims and legal actions
arising in the ordinary course of business. In the opinion of
management, the ultimate disposition of such claims and legal actions
will not have a material adverse effect on the financial position of
the Company.
Note 3 - Basic earnings per share is computed based upon the weighted
average number of common shares outstanding during the period. Diluted
earnings per share is computed based upon the weighted average number
of common shares plus the effects of dilutive securities. The number
of dilutive securities was 1,585,151 and 2,044,012 for the three
months ended May 31, 1998 and 1997, respectively. All potentially
dilutive securities are included in the calculations of diluted
earnings per share.
Note 4 - On August 26, 1997, the Company's Directors approved a 2-for-1
stock split that was paid as a 100% stock dividend on September 22,
1997 to stockholders of record on September 8, 1997. All references in
the financial statements to number of shares and per share amounts of
the Company's common stock have been retroactively restated to reflect
the increased number of common shares outstanding.
8
<PAGE> 9
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations
Net sales increased $11,688,000, or 22%, during the first quarter of fiscal
1999, when compared to the same period of fiscal 1998. The growth in net sales
was due to broadly based volume increases for existing products, combined with
the introduction of new retail products in the consumer appliance category.
Gross profit as a percentage of sales increased to 39.0% for the first quarter
of fiscal 1999, versus 37.8% in the first quarter of fiscal 1998. During the
four quarters of fiscal 1998 the Company experienced a pattern of consecutive
small increases in gross profit percentages, with gross profit reaching 38.8% in
the fourth quarter of fiscal 1998. These improvements in the gross profit margin
are attributable to changes in the mix of products sold.
Selling, general, and administrative expenses remained relatively constant as a
percentage of net sales at 29% for the first quarter of fiscal 1999 and the
first quarter of fiscal 1998. Expanded sales promotion and advertising expenses
were offset by the economies of increased sales volume.
Interest expense increased to $912,000 in the first quarter of fiscal 1999, from
$711,000 in the first quarter of fiscal 1998. The increase is attributable to an
additional $15,000,000 of long-term debt beginning July 18, 1997. Other income
increased to $764,000 in the first quarter of fiscal 1999, compared to $427,000
for the first quarter of fiscal 1998. The Company earned more interest income
mainly because of a larger balance of invested funds.
Income tax expense as a percentage of earnings before income taxes decreased to
20% in the first quarter of fiscal 1999 compared to 22.5% in fiscal 1998. In the
course of conducting a periodic review of the facts and circumstances relevant
to the accrual of income taxes, management concluded that an accrual rate of 20%
is appropriate for fiscal 1999.
Liquidity and Capital Resources
The Company's working capital and current ratio were $154,634,000 and 8.3,
respectively at May 31, 1999. Cash decreased to $35,505,000 at May 31, 1998 from
$55,670,000 at February 28, 1998. Increases in accounts receivable, inventory,
prepaid expenses and capital expenditures for the construction of the Company's
new corporate headquarters contributed to the decrease in cash. Additionally,
the payment of employee withholding taxes in connection with the exercise of
stock options reduced the Company's cash balance.
The decrease in income taxes payable resulted from recording the tax benefit to
the Company's U.S. subsidiary for the exercise of stock options.
The Company believes its capital resources are adequate to finance growth and to
service the Company's debt obligations. The Company also believes that internal
funds and available credit will be adequate to finance the new headquarters
office building, which is planned for completion near the end of calendar 1998.
9
<PAGE> 10
PART II. OTHER INFORMATION
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27.1 Restated Financial Data Schedule for the year ended
February 28, 1997
27.2 Restated Financial Data Schedule for the three months ended
May 31, 1997
27.3 Restated Financial Data Schedule for the six months ended
August 31, 1997
27.4 Restated Financial Data Schedule for the nine months ended
November 30, 1997
27.5 Financial Data Schedule for the three months ended May 31, 1998
10
<PAGE> 11
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.
HELEN OF TROY LIMITED
---------------------
(Registrant)
Date July 8, 1998 /s/ Gerald J. Rubin
-------------------- ----------------------------
Gerald J. Rubin
Chairman of the Board, Chief
Executive Officer
(Principal Executive Officer)
Date July 8, 1998 /s/ Sam L. Henry
-------------------- ----------------------------
Sam L. Henry
Senior Vice-President, Finance,
and Chief Financial Officer
(Principal Financial Officer)
11
<PAGE> 12
<TABLE>
<CAPTION>
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
------- -----------------------
<S> <C>
27.1 Restated Financial Data Schedule for the year ended February 28, 1997
27.2 Restated Financial Data Schedule for the three months ended May 31, 1997
27.3 Restated Financial Data Schedule for the six months ended August 31, 1997
27.4 Restated Financial Data Schedule for the nine months ended November 30, 1997
27.5 Financial Data Schedule for the three months ended May 31, 1998
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF HELEN OF TROY LIMITED
AND SUBSIDIARIES AS OF, AND FOR THE YEAR ENDED FEBRUARY 28,1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<CASH> 25,798,000
<SECURITIES> 0
<RECEIVABLES> 37,351,000
<ALLOWANCES> 400,000
<INVENTORY> 68,267,000
<CURRENT-ASSETS> 133,231,000
<PP&E> 29,763,000
<DEPRECIATION> 3,983,000
<TOTAL-ASSETS> 182,226,000
<CURRENT-LIABILITIES> 21,294,000
<BONDS> 40,450,000
0
0
<COMMON> 1,314,000
<OTHER-SE> 119,168,000
<TOTAL-LIABILITY-AND-EQUITY> 182,226,000
<SALES> 213,035,000
<TOTAL-REVENUES> 213,035,000
<CGS> 132,861,000
<TOTAL-COSTS> 132,861,000
<OTHER-EXPENSES> 57,438,000
<LOSS-PROVISION> 349,000
<INTEREST-EXPENSE> 2,262,000
<INCOME-PRETAX> 22,139,000
<INCOME-TAX> 4,981,000
<INCOME-CONTINUING> 17,158,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,158,000
<EPS-PRIMARY> .66<F1>
<EPS-DILUTED> .62<F1>
<FN>
<F1>RESTATEMENT REFLECTED HEREIN IS THE RESULT OF ADOPTION OF A NEW ACCOUNTING
POLICY, SFAS NO. 128, "EARNINGS PER SHARE." EARNINGS PER SHARE HAS ALSO BEEN
RESTATED FOR A 100% STOCK DIVIDEND THAT WAS PAID ON SEPTEMBER 22, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF HELEN OF TROY LIMITED
AND SUBSIDIARIES AS OF, AND FOR THE QUARTER ENDED MAY 31, 1997, AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-END> MAY-31-1997
<CASH> 25,565,000
<SECURITIES> 0
<RECEIVABLES> 43,091,000
<ALLOWANCES> 595,000
<INVENTORY> 64,511,000
<CURRENT-ASSETS> 136,187,000
<PP&E> 30,365,000
<DEPRECIATION> 4,283,000
<TOTAL-ASSETS> 185,022,000
<CURRENT-LIABILITIES> 20,032,000
<BONDS> 40,450,000
0
0
<COMMON> 1,321,000
<OTHER-SE> 123,219,000
<TOTAL-LIABILITY-AND-EQUITY> 185,022,000
<SALES> 52,448,000
<TOTAL-REVENUES> 52,448,000
<CGS> 32,637,000
<TOTAL-COSTS> 32,637,000
<OTHER-EXPENSES> 14,944,000
<LOSS-PROVISION> 252,000
<INTEREST-EXPENSE> 711,000
<INCOME-PRETAX> 4,583,000
<INCOME-TAX> 1,031,000
<INCOME-CONTINUING> 3,552,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,552,000
<EPS-PRIMARY> .13<F1>
<EPS-DILUTED> .12<F1>
<FN>
<F1>RESTATEMENT REFLECTED HEREIN IS THE RESULT OF ADOPTION OF A NEW ACCOUNTING
POLICY, SFAS NO. 128, "EARNINGS PER SHARE." EARNINGS PER SHARE HAS ALSO BEEN
RESTATED FOR A 100% STOCK DIVIDEND THAT WAS PAID ON SEPTEMBER 22, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF HELEN OF TROY LIMITED
AND SUBSIDIARIES AS OF, AND FOR THE SIX MONTHS ENDED AUGUST 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-END> AUG-31-1997
<CASH> 40,464,000
<SECURITIES> 0
<RECEIVABLES> 50,491,000
<ALLOWANCES> 484,000
<INVENTORY> 64,670,000
<CURRENT-ASSETS> 159,540,000
<PP&E> 29,953,000
<DEPRECIATION> 4,599,000
<TOTAL-ASSETS> 210,190,000
<CURRENT-LIABILITIES> 21,859,000
<BONDS> 55,450,000
0
0
<COMMON> 1,350,000
<OTHER-SE> 131,531,000
<TOTAL-LIABILITY-AND-EQUITY> 210,190,000
<SALES> 113,356,000
<TOTAL-REVENUES> 113,356,000
<CGS> 70,303,000
<TOTAL-COSTS> 70,303,000
<OTHER-EXPENSES> 30,460,000
<LOSS-PROVISION> 240,000
<INTEREST-EXPENSE> 1,558,000
<INCOME-PRETAX> 12,192,000
<INCOME-TAX> 2,743,000
<INCOME-CONTINUING> 9,449,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,449,000
<EPS-PRIMARY> .36<F1>
<EPS-DILUTED> .33<F1>
<FN>
<F1>RESTATEMENT REFLECTED HEREIN IS THE RESULT OF ADOPTION OF A NEW ACCOUNTING
POLICY, SFAS NO. 128, "EARNINGS PER SHARE."
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF HELEN OF TROY LIMITED
AND SUBSIDIARIES AS OF, AND FOR THE NINE MONTHS ENDED NOVEMBER 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-END> NOV-30-1997
<CASH> 35,152,000
<SECURITIES> 0
<RECEIVABLES> 72,009,000
<ALLOWANCES> 756,000
<INVENTORY> 68,358,000
<CURRENT-ASSETS> 179,469,000
<PP&E> 30,426,000
<DEPRECIATION> 4,926,000
<TOTAL-ASSETS> 229,874,000
<CURRENT-LIABILITIES> 31,223,000
<BONDS> 55,450,000
0
0
<COMMON> 2,725,000
<OTHER-SE> 140,476,000
<TOTAL-LIABILITY-AND-EQUITY> 229,874,000
<SALES> 196,137,000
<TOTAL-REVENUES> 196,137,000
<CGS> 121,283,000
<TOTAL-COSTS> 121,283,000
<OTHER-EXPENSES> 49,858,000
<LOSS-PROVISION> 756,000
<INTEREST-EXPENSE> 2,544,000
<INCOME-PRETAX> 24,129,000
<INCOME-TAX> 5,437,000
<INCOME-CONTINUING> 18,692,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 18,692,000
<EPS-PRIMARY> .70<F1>
<EPS-DILUTED> .65<F1>
<FN>
<F1>RESTATEMENT REFLECTED HEREIN IS THE RESULT OF ADOPTION OF A NEW ACCOUNTING
POLICY, SFAS NO. 128, "EARNINGS PER SHARE."
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF HELEN OF TROY LIMITED AND
SUBSIDIARIES AS OF, AND FOR THE THREE MONTHS ENDED MAY 31, 1998, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> MAY-31-1998
<CASH> 35,505,000
<SECURITIES> 0
<RECEIVABLES> 52,586,000
<ALLOWANCES> 742,000
<INVENTORY> 78,464,000
<CURRENT-ASSETS> 175,787,000
<PP&E> 35,220,000
<DEPRECIATION> 5,534,000
<TOTAL-ASSETS> 230,110,000
<CURRENT-LIABILITIES> 21,153,000
<BONDS> 55,450,000
0
0
<COMMON> 2,783,000
<OTHER-SE> 150,724,000
<TOTAL-LIABILITY-AND-EQUITY> 230,110,000
<SALES> 64,136,000
<TOTAL-REVENUES> 64,136,000
<CGS> 39,147,000
<TOTAL-COSTS> 39,147,000
<OTHER-EXPENSES> 18,796,000
<LOSS-PROVISION> 199,000
<INTEREST-EXPENSE> 912,000
<INCOME-PRETAX> 6,045,000
<INCOME-TAX> 1,209,000
<INCOME-CONTINUING> 4,836,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,836,000
<EPS-PRIMARY> .18
<EPS-DILUTED> .17
</TABLE>
