<PAGE> 1
FORM 10-Q
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 March 31, 2000
--------------
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), 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 May 8, 2000.
Common Stock, $.001 Par Value 2,970,240
----------------------------- ---------
(Class) (Number of Shares)
<PAGE> 2
INDEX
<TABLE>
Page Number
<S> <C>
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets
March 31, 2000 and December 31, 1999 3
Condensed Consolidated Statements of Income
Three-months Ended March 31, 2000 and 1999 5
Condensed Consolidated Statements of Cash Flows
Three-months Ended March 31, 2000 and 1999 6
Notes to Condensed Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
Item 3. Quantitative and Qualitative Disclosures about Market Risk 11
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 12
</TABLE>
2
<PAGE> 3
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
----------- -----------
(UNAUDITED)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 587,447 $ 1,006,826
Marketable securities 250,000 250,000
Accounts receivable:
Trade and interline 13,878,724 12,475,739
Other 389,596 1,082,615
Current portion of net investment in sales-type lease 3,123,362 3,620,723
Inventories 376,746 326,202
Prepaid tire expense 602,086 837,136
Other prepaid expenses 2,246,433 2,488,484
Deferred income taxes 281,834 281,834
----------- -----------
Total current assets 21,736,228 22,369,559
----------- -----------
PROPERTY AND EQUIPMENT:
Land and land improvements 2,263,326 2,263,326
Buildings 2,927,611 2,927,611
Revenue equipment 71,807,568 69,944,259
Other equipment 11,515,585 11,510,214
Leasehold improvements 377,831 377,831
Construction in Progress 3,884,670 3,539,437
----------- -----------
Total 92,776,591 90,562,678
Less accumulated depreciation and
amortization 31,455,302 28,680,556
----------- -----------
Property and equipment, net 61,321,289 61,882,122
----------- -----------
OTHER ASSETS:
Net investment in sales-type lease 7,197,123 8,522,614
Goodwill 3,899,884 3,955,834
Deposits and other assets 438,354 438,372
Revenue equipment available for lease 4,164,314 2,287,267
----------- -----------
Total other assets 15,699,675 15,204,087
----------- -----------
TOTAL $98,757,192 $99,455,768
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements.
3
<PAGE> 4
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 16,127,967 $ 14,245,584
Accounts payable - trade and interline 3,817,422 4,070,946
Income taxes 818 802,395
Accrued liabilities:
Self-insurance claims 1,819,681 1,768,114
Salaries and wages 771,433 746,805
Other 1,809,974 1,785,087
------------ ------------
Total current liabilities 24,347,295 23,418,931
LONG-TERM DEBT 33,547,462 34,688,582
DEFERRED INCOME TAXES 10,954,964 10,954,964
------------ ------------
------------ ------------
Total liabilities 68,849,721 69,062,477
------------ ------------
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;
4,081,910 shares issued and outstanding in 2000 and 1999 4,082 4,082
Treaasury Stock at cost, 866,470 shares (6,617,347) (5,900,746)
Additional paid-in capital 16,839,570 16,839,570
Retained earnings 19,681,166 19,450,385
------------ ------------
Total stockholders' equity 29,907,471 30,393,291
------------ ------------
TOTAL $ 98,757,192 $ 99,455,768
============ ============
</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 MARCH 31,
------------------------------
2000 1999
------------ ------------
(UNAUDITED)
<S> <C> <C>
OPERATING REVENUES $ 33,825,625 $ 30,038,000
------------ ------------
OPERATING EXPENSES:
Salaries, wages and employee benefits 9,438,522 8,776,800
Cost of independent contractors 10,741,228 9,151,749
Fuel 3,272,674 2,554,675
Operating supplies 2,612,743 2,584,605
Taxes and licenses 753,603 649,698
Insurance and claims 1,832,876 1,539,116
Communications and utilities 397,536 366,050
Depreciation and amortization 2,904,318 2,625,750
Gain on disposition of property
and equipment, net -- (167,876)
Other 465,880 394,684
------------ ------------
Total operating expenses 32,419,380 28,475,251
------------ ------------
OPERATING INCOME 1,406,245 1,562,749
------------ ------------
OTHER INCOME (EXPENSES):
Interest income 22,171 20,033
Interest expense (976,273) (439,204)
------------ ------------
Other expenses, net (954,102) (419,171)
------------ ------------
INCOME BEFORE PROVISION FOR
INCOME TAXES 452,143 1,143,578
PROVISION FOR INCOME TAXES 221,362 481,371
------------ ------------
NET INCOME $ 230,781 $ 662,207
============ ============
NET INCOME PER SHARE (Basic and Diluted) $ 0.07 $ 0.18
============ ============
WEIGHTED AVERAGE SHARES
OUTSTANDING (Basic and Diluted) 3,309,366 3,603,156
============ ============
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE> 6
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
----------------------------
2000 1999
----------- -----------
(UNAUDITED)
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 230,781 $ 662,207
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 2,904,318 2,625,750
Net effect of sales- type leases on cost of independent contractors (352,134) (295,970)
Gain on disposal of property and equipment, net -- (167,876)
Changes in assets and liabilities provided (used) cash:
Accounts receivable (709,966) 1,044,551
Other current assets 426,557 (242,277)
Deposits and other assets 18 (143,867)
Accounts payable- trade and interline (253,524) 1,725,078
Accrued liabilities and other current liabilities (700,495) (1,002,624)
----------- -----------
Net cash provided by operating activities 1,545,555 4,204,972
----------- -----------
INVESTING ACTIVITIES:
Payments received on sales type leases 968,489 529,000
Capital expenditures:
Revenue equipment (2,607,481) (4,615,070)
Other property and equipment (5,371) (254,196)
Construction in Process (345,233) (1,250)
Proceeds from disposals of property and equipment -- 562,782
----------- -----------
Net cash used in investing activities (1,989,596) (3,778,734)
----------- -----------
FINANCING ACTIVITIES:
Purchase of treasury stock (716,601) (3,926,472)
Proceeds from line of credit 798,550 --
Proceeds from long term debt 2,979,174 6,063,205
Principal payments on long-term debt (3,036,461) (2,467,757)
----------- -----------
Net cash provided by (used in) financing activities 24,662 (331,024)
----------- -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (419,379) 95,214
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,006,826 1,361,664
----------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 587,447 $ 1,456,878
=========== ===========
</TABLE>
See notes to condensed consolidated financial statements.
6
<PAGE> 7
BOYD BROS. TRANSPORTATION INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
---------------------------
2000 1999
-------- ----------
(UNAUDITED)
<S> <C> <C>
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the year for:
Interest $976,273 $ 439,204
======== ==========
Income taxes, net of refunds $925,000 $2,010,778
======== ==========
SUPPLEMENTAL NONCASH INVESTING AND FINANCING
ACTIVITIES:
Net investment in sales-type leases $968,992 $ 63,129
======== ==========
</TABLE>
See notes to condensed consolidated financial statements.
7
<PAGE> 8
BOYD BROS. TRANSPORTATION INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited condensed
consolidated financial statements include all normal adjustments considered
necessary to present fairly the financial position of Boyd Bros. Transportation,
Inc. ("Boyd Bros." or the "Company") as of March 31, 2000, and the results of
operations for the three months ended March 31, 2000 and 1999, and cash flows
for the three months ended March 31, 2000 and 1999. 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, 1999.
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, 1999.
2. FINANCIAL STATEMENTS
The condensed consolidated financial statements include the accounts of
Boyd Bros. and its wholly owned subsidiary, Welborn Transport, Inc. ("Welborn
Transport"). Boyd Bros. and Welborn Transport are referred to herein
collectively as the "Company." All significant intercompany balances,
transactions and stockholdings have been eliminated.
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.
4. CAPITAL TRANSACTIONS
In February 1999, the Company's Board of Directors authorized a program
under which the Company may purchase up to 600,000 shares of its common stock in
open market or negotiated transactions. During the first quarter of 2000, the
Company repurchased 114,800 shares for $716,601 under this program. As of March
31, 2000 the Company is authorized to buy an additional 221,260 shares of its
common stock under this program.
5. ACCOUNTING STANDARDS NOT YET ADOPTED
In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for
Derivative Instruments and Hedging Activities, which is effective for fiscal
years beginning after June 15, 2000. It requires that an entity recognize all
derivative financial instruments as either assets or liabilities in the
statement of financial position and measure those instruments at fair value. The
Company is currently evaluating this Statement and has not yet determined its
impact on the Company's financial statements.
8
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The Company, headquartered in Clayton, Alabama, is a flatbed truckload
carrier that operates throughout most of the continental United States, hauling
steel products and building materials. In these markets, the Company 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 that have been funded through secured
borrowings. During 1997, as a strategy to expand its 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, which specializes in short-haul
routes using a largely owner/operator fleet.
RESULTS OF OPERATIONS
Operating revenues increased $3,787,625 or 12.6% for the three-month
period ended March 31, 2000 compared with the same period in 1999. The increase
was due to better equipment utilization and an increase in the fleet size.
Total operating expenses increased $3,944,129 or 13.9% during the
three-month period ended March 31, 2000 compared with the three months ended
March 31, 1999. The increase was due primarily to increased fuel costs in 2000.
Fuel now costs approximately $1.40 per gallon, representing a dramatic increase
over the price per gallon for the same period in 1999. The operating ratio for
the first quarter of 2000 was 95.8% compared with 94.8% for the same period in
1999.
Salaries, wages and benefits increased $661,722 or 7.5% compared with
the first quarter of 1999 from $8,766,800 to $9,438,522. The increase in
salaries and wages was due to the decrease in the number of active
owner/operator units as a result of rising fuel costs. Many owner/operators have
been converted back to company drivers, hence the increase in salaries, wages
and benefits. The owner/operator fleet comprised 42% of the Company's power
units or 433 power units for the period ended March 31, 2000, compared with 46%
or 462 power units for the same period in 1999. Fuel costs increased $717,999 or
28.1% compared with the first quarter of 1999 from $2,554,675 to $3,272,674.
Increasing fuel costs per gallon and the decrease in owner/operator units
contributed to the increase in aggregate fuel costs for the first quarter of
2000. Operating supplies increased $28,138 or 1.1% compared with the first
quarter of 1999 from $2,584,605 to $2,612,743. As a percentage of operating
revenues, operating supplies declined from 8.6% to 7.7% due to the decrease in
the size of the owner/operator fleet. Taxes and licenses increased $103,905 or
16.0% compared with the first quarter of 1999 from $649,698 to $753,603. As a
percentage of operating revenues, taxes and licenses remained unchanged at 2.2%.
Insurance and claims increased $293,760 or 19.1% compared with the first quarter
of 1999 from $1,539,116 to $1,832,876. As a percentage of operating revenues,
insurance and claims increased from 5.1% to 5.4%. The increase was due to an
increase in claims related to cargo and an increase in accident frequency and
the increase in annual premiums. Communication and utilities increased $31,486
or 8.6% compared with the first quarter of 1999 from $366,050 to $397,536. As a
percentage of operating revenues, communication and utilities remained constant
at 1.2%. Depreciation and amortization expense increased $278,568 or 10.6%
compared with the first quarter of 1999 from $2,625,750 to $2,904,318. As a
percentage of operating revenues, depreciation and amortization declined from
8.7% to 8.6%. Cost of independent contractors, or owner/operators, was
$10,741,228 for the three months ended March 21, 2000 compared with $9,151,749
for the three months ended March 31, 1999. Cost of independent contractors
comprises the net payments made to the owner/operators after certain operating
expenses are deducted. Interest expense increased $537,069 or 122.3% compared
with the first quarter of 1999 from $439,204 to $976,273. As a percentage of
operating revenues, interest expense increased from 1.5% to 2.9% due to the
increase in debt primarily of which was to replenish its tractor and trailer
fleet.
9
<PAGE> 10
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 from
operations, bank borrowings and sales of common stock of the Company.
Accounts receivable - trade and interline at March 31, 2000 increased
11.2% or $1,402,985 compared with the amount at March 31, 1999. This represented
14.1% of total assets at March 31, 2000 versus 12.5% of total assets at March
31, 1999. The days of revenue in accounts receivable for the period ended March
31, 2000 were 37.3 compared with 34.7 for the same period in 1999. The increase
in accounts receivable was due to the increase in sales volume and does not
represent a change in uncollectible accounts. The Company has not recognized any
significant bad debt expense in any of the periods represented relating to trade
receivables. The Company reserves for bad debts that are related to the
sale-leaseback transactions with its owner/operators. Bad debt expense on such
leases for the quarter ended March 31, 2000 was $352,340 compared with $180,147
for the same period in 1999.
Net cash flow provided by operating activities was $1,545,555 during
the first three months of 2000, compared with $4,204,972 during the same period
in 1999. The Company's bank debt bears interest ranging from LIBOR plus 1.00% to
LIBOR plus 1.50%, all payable in monthly installments and with maturities
through November 2004. The bank debt is collateralized by revenue equipment. The
Company also has two lines of credit totaling $4,500,000 bearing interest at the
bank's 30-day LIBOR rate plus 1.75%. As of March 31, 2000, the Company had
outstanding borrowings on its lines of credit totaling $798,550.
Management anticipates increasing the Company's fleet in 2000 by an
aggregate of 35 tractors and 51 trailers, net of replacements, at an anticipated
cost of approximately $5,500,000. Management expects to continue financing such
equipment purchases through equipment financing arrangements with various
lenders.
As of March 31, 2000, 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 fiscal
year 2000.
YEAR 2000 COMPLIANCE
In June 1998 the Company developed and began implementing a plan to
review its overall Year 2000 compliance. The plan encompassed the Company's
critical information technology ("IT") and its critical non-IT systems that are
necessary to execute the Company's basic functions of hauling freight via the
Company's flatbed trucks.
The Company did not experience any significant malfunctions or errors
in its operating or business systems when the date changed from 1999 to 2000.
Based on operations since January 1, 2000, the Company does not expect any
significant impact to its on-going business as a result of the "Year 2000
issue." However, it is possible that the full impact of the date change, which
was of concern due to computer programs that use two digits instead of four
digits to define years, has not been fully recognized. For example, it is
possible that Year 2000 or similar issues such as leap year-related problems may
occur with billing, payroll, or financial closings at month, quarterly or
year-end. The Company believes that any such problems are likely to be minor and
correctable. In addition, the Company could still be negatively impacted if its
customers or suppliers are adversely affected by the Year 2000 or similar
issues. The Company currently is not aware of any significant Year 2000 or
similar problems that have arisen for its customers and suppliers.
The Company expended $105,000 on Year 2000 readiness efforts from 1998
to 1999. These efforts included replacing some outdated, noncompliant hardware
and noncompliant software as well as identifying and remediating Year 2000
problems.
10
<PAGE> 11
FUEL PRICE TREND
Diesel fuel prices have increased materially during the first
quarter of 2000. The average price per gallon of diesel fuel has increased from
about $.96 per gallon at the beginning of 1999 to nearly $1.50 at the end of the
first quarter of 2000. If fuel prices continue to increase or remain at these
higher levels for a continued period of time, higher fuel costs may have a
material adverse effect on the financial condition and business operations of
the Company. Additionally, the increased fuel costs may also have a material
adverse effect on the Company's efforts to build a base of owner/operators,
expand its pool of available trucks and diversify its operations. Higher fuel
costs dilute the financial incentive for owner/operators, who are typically paid
a flat rate per mile; therefore, as a result of higher fuel prices, about 50
drivers have left the Company's owner/operator program in the fourth quarter of
the year ended 1999 and additional drivers have departed in the first quarter of
2000. The diminishing number of owner/operators further impacts the Company's
financial condition - and therefore compounds the direct impact of higher fuel
costs - because each owner/operator that leaves the Company's program also
leaves behind a power unit that must then be absorbed into the Company's fleet.
As a result, each of these trucks can no longer be recorded as a variable
expense that is related to a contractual rate per mile and is incurred only if
freight is moved, but must instead be recorded as a Company-owned truck with
indirect costs of ownership, such as depreciation, maintenance and capital
expenses. As a result, the continuing higher fuel costs may lead to empty
trucks, diminished fleet efficiency, and reduced revenue potential.
FORWARD-LOOKING STATEMENTS
Certain of the above statements contained herein under the caption
"Management's Discussion and Analysis Financial Conditions and Result of
Operations" constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among other things, business conditions and growth in the economy, including the
transportation and construction sectors in particular, competitive factors,
including price pressures and the ability to recruit and retain qualified
drivers, the ability to control internal costs, particularly fuel costs which
have continued to rise materially during the first quarter of 2000, that are not
passed on to the Company's customers, and other factors referenced elsewhere
herein.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is exposed to interest rate risk due to its long-term
debt, which at March 31, 2000 bore interest rates ranging from 1.00% to 1.50%
above the bank's LIBOR rate. Under the provisions of Statement of Financial
Accounting Standards ("SFAS") No. 107, Disclosures about Fair Value of Financial
Instruments, the Company has estimated the fair value of its long-term debt
approximates its carrying value, using a discounted cash flow analysis based on
borrowing rates available to the Company. The effect of a hypothetical 10%
increase in interest rates would increase the estimated fair value of the
Company's long-term debt by approximately $658,000. Management believes that
current working capital funds are sufficient to offset any adverse effects
caused by changes in the interest rates.
11
<PAGE> 12
PART II. OTHER INFORMATION
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 March 31, 2000.
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.
Boyd Bros. Transportation Inc.
(Registrant)
Date: May 15, 2000 /s/ Richard C. Bailey
------------------------------
Richard C. Bailey, Chief Financial Officer
(Principal Accounting Officer)
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF BOYD BROS TRANSPORTATION, INC. FOR THE THREE MONTHS
ENDED MARCH 31, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 587,447
<SECURITIES> 250,000
<RECEIVABLES> 13,878,724
<ALLOWANCES> 0
<INVENTORY> 376,746
<CURRENT-ASSETS> 21,736,228
<PP&E> 92,776,591
<DEPRECIATION> (31,455,302)
<TOTAL-ASSETS> 98,757,192
<CURRENT-LIABILITIES> 24,347,295
<BONDS> 0
0
0
<COMMON> 4,082
<OTHER-SE> 29,903,389
<TOTAL-LIABILITY-AND-EQUITY> 98,757,192
<SALES> 33,825,625
<TOTAL-REVENUES> 33,825,625
<CGS> 32,419,380
<TOTAL-COSTS> 32,419,380
<OTHER-EXPENSES> (22,171)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 976,273
<INCOME-PRETAX> 452,143
<INCOME-TAX> 221,362
<INCOME-CONTINUING> 230,781
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 230,781
<EPS-BASIC> .07
<EPS-DILUTED> .07
</TABLE>
