<PAGE> 1
FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 0-23948
---------
BOYD BROS. TRANSPORTATION INC.
(Exact name of Registrant as specified in its charter)
Delaware 63-6006515
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
3275 Highway 30, Clayton, Alabama 36016
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(334) 775-1400
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by checkmark 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) Yes X No __, and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of November 13, 1998.
Common Stock, $.001 Par Value 4,069,628
- ----------------------------- ---------
(Class) (Number of Shares)
<PAGE> 2
INDEX
<TABLE>
<CAPTION>
Page Number
<S> <C>
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets
September 30, 1998 and December 31, 1997 3
Condensed Consolidated Statements of Income
Three- and nine-month Periods Ended September 30, 1998 and 1997 5
Condensed Consolidated Statements of Cash Flows
Nine-month Periods Ended September 30, 1998 and 1997 6
Notes to Condensed Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Part II. Other Information
Item 5. Other Information 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
</TABLE>
2
<PAGE> 3
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1998 1997
----------- -----------
(UNAUDITED)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,173,555 $ 3,417,174
Marketable securities 250,000 250,000
Accounts receivable:
Trade and interline 11,419,385 9,415,737
Other 167,974 117,034
Current portion of net investment in sales-type lease 1,108,835 508,829
Inventories 287,072 263,352
Prepaid tire expense 589,631 904,381
Other prepaid expenses 2,574,688 1,387,587
Deferred income tax 549,776 174,587
----------- -----------
Total current assets 18,120,916 16,438,681
----------- -----------
PROPERTY AND EQUIPMENT:
Land and land improvements 1,887,486 1,046,245
Buildings 3,286,027 3,278,527
Revenue equipment 60,155,629 58,668,742
Other equipment 10,194,855 9,435,642
Leasehold improvements 339,944 339,944
----------- -----------
Total 75,863,941 72,769,100
Less accumulated depreciation and
amortization 27,726,355 23,910,352
----------- -----------
Property and equipment, net 48,137,586 48,858,748
----------- -----------
OTHER ASSETS:
Net investment in sales-type lease 3,870,549 1,656,490
Goodwill 4,298,808 4,459,222
Deposits and other assets 194,274 112,861
----------- -----------
Total other assets 8,363,631 6,228,573
----------- -----------
TOTAL $74,622,133 $71,526,002
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements.
3
<PAGE> 4
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 30, DECEMBER 31,
1998 1997
----------- -----------
(UNAUDITED)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 5,846,957 $ 5,914,785
Revolving line of credit -- 1,021,849
Accounts payable - trade and interline 2,436,968 1,517,218
Income taxes -- 230,327
Accrued liabilities:
Self-insurance claims 1,922,981 2,122,182
Salaries and wages 1,060,465 1,069,515
Other 1,612,177 778,148
----------- -----------
Total current liabilities 12,879,548 12,654,024
LONG-TERM DEBT 18,003,382 19,251,702
DEFERRED INCOME TAXES 11,517,305 10,165,682
----------- -----------
Total liabilities 42,400,235 42,071,408
----------- -----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $.001 par value - 1,000,000
shares authorized; no shares issued and
outstanding
Common stock, $.001 par value - 10,000,000
shares authorized; 4,094,628
shares issued and
outstanding 4,095 4,095
Additional paid-in capital 17,030,222 17,030,222
Retained earnings 15,187,581 12,420,277
----------- -----------
Total stockholders' equity 32,221,898 29,454,594
----------- -----------
TOTAL $74,622,133 $71,526,002
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE> 5
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------- -------------------------------
1998 1997 1998 1997
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 30,220,699 $ 19,573,508 $ 88,479,419 $ 56,442,904
OPERATING EXPENSES:
Salaries, wages and
employee benefits 9,384,193 8,021,629 27,730,413 24,163,300
Cost of independent contractors 7,715,629 300,640 22,913,249 318,471
Fuel 2,612,844 2,808,239 8,033,699 8,781,072
Operating supplies 3,408,470 2,694,459 9,687,968 7,118,648
Taxes and licenses 645,325 596,281 1,938,852 1,661,226
Insurance and claims 1,483,457 923,768 3,983,241 2,629,391
Communications and utilities 391,079 330,572 1,188,957 943,985
Depreciation and amortization 2,486,505 2,289,883 7,379,527 6,802,829
Gain on disposition of property
and equipment, net (262,567) (174,937) (515,718) (218,144)
Other 128,497 71,480 395,023 304,629
------------ ------------ ------------ ------------
Total operating expenses 27,993,432 17,862,014 82,735,211 52,505,407
------------ ------------ ------------ ------------
OPERATING INCOME 2,227,267 1,711,494 5,744,208 3,937,497
------------ ------------ ------------ ------------
OTHER INCOME (EXPENSES):
Interest income 24,558 28,194 68,282 76,190
Interest expense (391,602) (370,954) (1,192,345) (1,014,335)
------------ ------------ ------------ ------------
Other expenses, net (367,044) (342,760) (1,124,063) (938,145)
------------ ------------ ------------ ------------
INCOME BEFORE PROVISION FOR
INCOME TAXES 1,860,223 1,368,734 4,620,145 2,999,352
PROVISION FOR INCOME TAXES 754,569 579,170 1,852,841 1,270,035
------------ ------------ ------------ ------------
NET INCOME $ 1,105,654 $ 789,564 $ 2,767,304 $ 1,729,317
============ ============ ============ ============
NET INCOME PER SHARE
(Basic and Diluted) $ 0.27 $ 0.21 $ 0.68 $ 0.47
============ ============ ============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING 4,094,628 3,700,688 4,094,628 3,700,688
============ ============ ============ ============
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE> 6
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------
1998 1997
------------ ------------
(UNAUDITED)
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 2,767,304 $ 1,729,317
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 7,238,014 6,802,829
Amortization of goodwill 141,513 --
Provision for bad debt sales-type leases 1,139,573 --
Gain on disposal of property and equipment, net (2,170,913) (218,144)
Provision for deferred income taxes 1,852,841 1,270,035
Changes in assets and liabilities provided (used) cash:
Marketable securities -- 100,000
Accounts receivable (2,013,238) (3,000,165)
Deferred income taxes (574,102) (891,491)
Deposits and other assets (1,597,945) (372,425)
Accounts payable - trade and interline 509,523 661,963
Accrued liabilities and other current liabilities 1,462,325 1,164,108
------------ ------------
Net cash provided by operating activities 8,754,895 7,246,027
------------ ------------
INVESTING ACTIVITIES:
Payments received on lease payments 412,747 --
Capital expenditures - revenue equipment (10,070,520) (12,389,506)
Proceeds from disposals of property and equipment 989,963 3,732,657
------------ ------------
Net cash used in operating activities (8,667,810) (8,656,849)
------------ ------------
FINANCING ACTIVITIES:
Proceeds from long-term debt 9,292,748 12,411,109
Principal payments on long-term debt (11,623,452) (11,955,194)
------------ ------------
Net cash (used in) provided by financing activities (2,330,704) 455,915
------------ ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,243,619) (954,907)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,417,174 3,593,206
------------ ------------
BALANCE AT END OF PERIOD $ 1,173,555 $ 2,638,299
============ ============
SUPPLEMENTAL NON-CASH INVESTING ACTIVITIES:
Net investment in sales-type leases $ 3,866,065 $ 275,400
============ ============
</TABLE>
See notes to condensed consolidated financial statements.
6
<PAGE> 7
BOYD BROS. TRANSPORTATION INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
In the opinion of management of Boyd Bros. Transportation, Inc. (The
Company), the accompanying unaudited condensed consolidated financial statements
include all normal adjustments considered necessary to present fairly the
financial position as of September 30, 1998, the results of operations for the
three months and nine months ended September 30, 1998 and 1997 and cash flows
for the nine months ended September 30,1998 and 1997. Interim results are not
necessarily indicative of results for a full year.
The condensed consolidated financial statements and notes are presented
as permitted by Form 10-Q, and do not contain certain information included in
the Company's audited consolidated financial statements and notes for the fiscal
year ended December 31,1997.
The condensed consolidated financial statements and notes should be
read in conjunction with the summary of accounting policies and notes to the
financial statements included in the Company's Form 10-K for the year ended
December 31,1997.
2. FINANCIAL STATEMENTS
The condensed consolidated financial statements include the accounts of
Boyd Bros. Transportation, Inc. and its wholly owned subsidiary, Welborn
Transport. All significant intercompany balances, transactions and stockholdings
have been eliminated. FASB Statement No. 130, Reporting Comprehensive Income,
became effective for the Company's consolidated financial statements for the
quarter ended March 31, 1998. This statement had no impact on such financial
statements.
3. ENVIRONMENTAL MATTERS
The Company's operations are subject to certain federal, state and
local laws and regulations concerning the environment. Certain of the Company's
facilities are located in historically industrial areas, and therefore, there is
the possibility of environmental liability as a result of operations by prior
owners as well as the Company's use of fuels and underground storage tanks at
its regional service centers.
7
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
OVERVIEW
Boyd Bros. Transportation, Inc., headquartered in Clayton, Alabama, is
a flatbed truckload carrier that operates mainly throughout the eastern
two-thirds of the United States, hauling primarily steel products and building
materials. In these markets, Boyd Bros. serves high-volume, time sensitive
shippers that demand time-definite delivery.
Historically, the Company has owned its revenue equipment and operated
through employee operators. The Company's expansion in the past, therefore, has
required significant capital expenditures which have been funded through secured
borrowings. During 1997, as a strategy to expand the Company's potential for
growth without the concomitant increase in capital expenditures typically
related to owned equipment, the Company began adding owner/operators to its
fleet. The Company then accelerated the implementation of this strategy in
December 1997 with the acquisition of Welborn Transport, Inc. which specializes
in short-haul routes using largely an owner/operator fleet.
RESULTS OF OPERATIONS
Operating revenues increased $10,647,191 or 54.3% for the three-month
period ended September 30, 1998 compared to the same period in 1997. Welborn
Transport accounted for 75% of the increase in operating revenues, while the
remainder of the increase was due to increased demand for the Company's services
and higher rates. Additionally, revenue per truck increased due to better
utilization and reduced deadhead. Operating revenues increased $32,036,515 or
56.7% for the nine-month period ended September 30, 1998 compared to the same
period in 1997. The increase is due to the Welborn Transport acquisition and
also greater demand for the Company's service. Additionally, revenue per truck
increased due to better utilization and reduced deadhead.
Total operating expenses increased $10,131,418 or 56.7% during the
three-month period ended September 30, 1998 compared to the three months ended
September 30, 1997. The operating ratio for the third quarter of 1998 was 92.6%
compared to 91.5% for the same period in 1997.
Salaries, wages and benefits increased $1,362,564 or 17.0% compared to
the third quarter of 1997 from $8,021,629 to $9,384,193. The increase was at a
slower rate than revenues due to Welborn Transport's fleet being predominantly
owner/operator. Fuel costs decreased $195,395 or 7.0% compared to the third
quarter of 1997 from $2,808,239 to $2,612,844. Decreasing fuel cost per gallon,
the increase in owner/operator units, and the increase in fuel efficiency
accounted for the decrease in fuel cost for the third quarter of 1998. Operating
supplies increased $714,011 or 26.5% compared to the third quarter of 1997 from
$2,694,459 to $3,408,470. As a percentage of operating revenues, operating
supplies decreased from 13.8% to 11.3% due to the increase of the owner/operator
fleet. Taxes and licenses increased $85,636 or 8.2% compared to the third
quarter of 1997 from $596,281 to $645,325. As a percentage of operating
revenues, taxes and licenses decreased from 3.0% to 2.1% due to the increase in
the owner/operator fleet. Insurance and claims increased $559,689 or 60.6%
compared to the third quarter of 1997 from $923,768 to $1,483,457. Insurance and
claims as a percentage of operating revenues increased minimally from 4.7% to
4.9%. Communication and utilities increased $60,507 or 18.3% compared to the
third quarter of 1997 from $330,572 to $391,079. As a percentage of operating
revenues, communication and utilities decreased from 1.7% to 1.3% due to the
increase in the owner/operator fleet and also combined favorable rate
negotiations with contracts that were renewed during the third quarter of 1998.
Depreciation and amortization expense increased $196,622 or 8.6% compared to the
third quarter of 1997 from $2,289,883 to $2,486,505. As a percentage of
operating revenues, depreciation and amortization decreased from 11.7% to 8.2%
due to the increase in the owner/operator fleet and an increase in the
sales-type lease transactions. The gain on disposition of property and
equipment, net was $262,567 compared with a gain of $174,937 in the third
quarter of 1997 due to an increase in sales-type leases (related to the sale of
equipment to owner/operators). Cost of independent contractors was $7,715,629
for the three months ended September 30, 1998 compared to $300,640 for the same
three months ended September 30, 1997. The Company had no owner operators until
June 1997. Cost of independent contractors represents net payments made to the
owner/operators after certain operating expenses are deducted, and the cost of
independent contractor's is offset by any gain on the sale of assets related to
sales-type transactions as well as interest income and bad debt expense.
8
<PAGE> 9
RESULTS OF OPERATIONS (CONTINUED)
Interest expenses increased $20,648 or 5.6% compared to the third
quarter of 1997 from $370,954 to $391,602. As a percentage of operating
revenues, interest expense decreased from 1.9% to 1.3% due to the increase in
the owner/operator fleet and also the ability to accelerate debt repayment as a
result of increased cash flow from operations for the nine month period ended
September 30, 1998 compared with the same period in 1997.
Total operating expenses for the year-to-date period ended September
30, 1998 increased $30,229,804 or 57.5% compared to the same period last year.
The operating ratio year to date September 30, 1998 was 93.5% compared to 93.0%
for the same period last year. The increase was due to the acquisition of
Welborn Transport on December 8, 1997 and also the introduction of the
owner/operator fleet at Boyd Bros. in June 1997. Currently there are 400
owner/operators under contract with the Company. Salaries and wages increased
$3,567,113 or 14.8% during the nine-month period ended September 30, 1998
compared to the same period last year due to increased staffing and wage
increases. Operating supplies increased $2,569,320 or 36.0% during the nine-
month period ended September 30, 1998 compared to the same period last year due
to an increase in over-the-road maintenance and tire costs. However, operating
supplies cost decreased as a percentage of revenue from 12.6% to 10.9%. Fuel
costs decreased 8.5% for the nine-month period ended September 30,1998 due to
lower cost per gallon and improved fleet fuel efficiency.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary cash requirements are for capital expenditures
and operating expenses, including labor costs, fuel costs and operating
supplies. Historically, the Company's primary sources of cash have been
continuing operations, bank borrowings and issuance of common stock of the
Company.
Accounts receivable at September 30, 1998 increased 21.3% or
$2,003,648. This represents 15.30% of total assets at September 30, 1998 versus
13.2% of total assets at December 31, 1997. The increase is due to the increase
in sales volume and does not represent a change in uncollectible accounts. The
days of revenue in accounts receivable for the period ended September 30, 1998
were 35.3 compared to 36.7 for the same period in 1997. The Company has not
recognized any significant bad debt expense in any of the periods represented
relating to trade receivables. The Company does reserve for bad debts that are
related to the sales-type leases. Bad debt expense on sales-type type leases for
the quarter ended September 30, 1998 was $344,886 and for the nine months ended
was $894,028.
Net cash flow provided by operating activities was $8,754,895 during
the first nine months of 1998 compared to $7,246,027 during the same period for
1997. The Company had a working capital surplus of $5,241,368 at September 30,
1998.
The Company's bank debt bears interest rates ranging from LIBOR plus
1.00% to LIBOR plus 1.25%. The effective interest rate ranged from 6.52% to
6.92% per annum for the quarter ended September 30, 1998. All of the bank debt
is payable in monthly installments with maturities through October 2003. The
bank debt is collateralized by revenue equipment. The Company also has two lines
of credit with limits of $1,750,000 and $1,500,000 bearing interest at the
bank's 30 day LIBOR rate plus 1.25% and the prime rate less .125%, respectively.
There were no amounts borrowed under these lines of credit as of September 30,
1998.
Management anticipates increasing the Company's fleet in 1998 by an
aggregate of 75 tractors and 150 trailers net of replacements. For the nine
month period ended September 30, 1998 The Company has financed $8,000,000
towards the purchase of 50 tractors and 120 trailers. Management expects to
continue financing such equipment purchases through equipment financing
arrangements with various lenders.
As of September 30,1998 the Company believes that the availability of
credit under both lines of credit and internally generated cash will be adequate
to finance its operations and anticipated capital expenditures through 1998.
YEAR 2000 COMPLIANCE
The inability of computers, software and other equipment utilizing
microprocessors to recognize and properly process data fields containing a
two-digit year is commonly referred to as the Year 2000 compliance issue.
9
<PAGE> 10
YEAR 2000 COMPLIANCE (CONTINUED)
The Company is in the process of performing a comprehensive review of
its Year 2000 issues. The overall review includes (6) six phases: (1)
Inventorying Year 2000 items; (2) Assigning priorities to identified items; (3)
Assessing the Year 2000 compliance of items determined to be material to the
company; (4) Replacing or updating material items determined not to be Year 2000
compliant; (5) Testing material items; and (6) Designing and implementing
contingency and business continuation plans. The Company has grouped its
information technology (IT)-Systems and Non-IT Systems into two categories,
mission critical and support secondary. The mission critical group includes the
IT-Systems and Non-IT Systems that are necessary to execute the Company's
basic functions of hauling freight via the Company's flat-bed trucks. The
Company has formed a committee to address both the mission critical and support
secondary categories.
Each of the mission critical and support secondary groups has
inventoried Year 2000 items and assigned priorities to identified items. The
mission critical group has determined items material to the Company and either
has replaced or updated these items. As of September 30, 1998 the testing of
mission critical items that were replaced or updated is 80% complete and is
expected to be completed by the end of the second quarter of 1999. The Company
has not developed a contingency plan for the mission critical items, but such a
plan is scheduled to be developed by the end of the second quarter of 1999.
Based on information provided to the Company by Qualcomm, the Company's supplier
of IT-Systems and software that is used to track and communicate with the fleet,
the Company believes that all systems provided to it by Qualcomm are Year 2000
compliant.
The committee addressing support secondary items (systems that increase
efficiencies but are not necessary for the provision of services or the receipt
of payment), has completed assessment of Year 2000 compliance. The support
secondary group is 40% complete as to replacing and updating these items. The
testing is ongoing as the items are replaced or updated. The Company has not
developed a contingency plan, but such a plan is scheduled to be completed by
the end of the second quarter of 1999.
As part of the Company's comprehensive review, it is continuing to
identify and verify the Year 2000 readiness of third parties (vendors and
customers) with whom the Company has material relationships. At present, the
Company is not able to determine the effect on results of operations, liquidity
and financial condition in the event the Company's material vendors and
customers are not Year 2000 compliant. The Company will continue to monitor the
progress of its material vendors and customers and formulate a contingency plan
at that point in time when it does not believe that a material vendor or
customer will be compliant.
10
<PAGE> 11
PART II. OTHER INFORMATION.
ITEM 5. OTHER INFORMATION
On August 17, 1998, Paul Taylor resigned his position as a director of the
Company. The Company has not identified a candidate to fill the vacancy created
by Mr. Taylor's resignation.
On October 27, 1998, pursuant to its previously announced stock repurchase
program, the Company acquired 25,000 shares of its outstanding common stock at a
per share price of $6 5/8 on the open market. Total consideration paid was
$165,625.
On November 3, 1998, the Company signed a letter of intent to acquire all of the
outstanding common stock of Ruel Smith Transportation, Inc., a privately held
flatbed trucking company based in Houston, Texas, and also its logistics company
RSTS Logistics Corp. The cash-and-stock transaction is valued at $4.5 million
and remains subject to the execution of a definitive acquisition agreement and
other customary conditions. The acquisition is expected to be completed during
the first quarter of 1999.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial data schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant during the quarter
ended September 30, 1998.
11
<PAGE> 12
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 duly authorized.
Boyd Bros. Transportation Inc.
(Registrant)
Date: November 13, 1998 /s/ Richard C. Bailey
------------------------------------------
Richard C. Bailey, Chief Financial Officer
(Principal Accounting Officer)
12
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,173,555
<SECURITIES> 0
<RECEIVABLES> 16,566,743
<ALLOWANCES> 0
<INVENTORY> 287,072
<CURRENT-ASSETS> 18,120,916
<PP&E> 75,863,941
<DEPRECIATION> 27,726,355
<TOTAL-ASSETS> 74,622,133
<CURRENT-LIABILITIES> 12,879,548
<BONDS> 0
0
0
<COMMON> 4,095
<OTHER-SE> 32,217,803
<TOTAL-LIABILITY-AND-EQUITY> 74,622,133
<SALES> 0
<TOTAL-REVENUES> 88,479,419
<CGS> 0
<TOTAL-COSTS> 87,735,211
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,124,063
<INCOME-PRETAX> 4,620,145
<INCOME-TAX> 1,852,841
<INCOME-CONTINUING> 2,767,304
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,767,304
<EPS-PRIMARY> .68
<EPS-DILUTED> .68
</TABLE>
