<PAGE> 1
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 June 30, 1996
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 1-14260
WACKENHUT CORRECTIONS CORPORATION
---------------------------------
(Exact name of registrant as specified in its charter)
Florida 65-0043078
- - ------------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
4200 Wackenhut Drive #100,
Palm Beach Gardens, Florida 33410-4243
- - ---------------------------------------- ------------------------------------
(Address of principal executive offices) (Zip code)
(561) 622-5656
---------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
---------------------------------------------------
FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT.
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 twelve (12) months (or for such shorter period that
the registrant was required to file such report), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [X] No [ ]
At August 1, 1996, 21,850,026 shares of the registrant's Common Stock were
issued and outstanding.
Page 1 of 14
<PAGE> 2
WACKENHUT CORRECTIONS CORPORATION
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following consolidated financial statements of Wackenhut Corrections
Corporation, a Florida corporation (the "Corporation") have been prepared in
accordance with the instructions to Form 10-Q and therefore, omit or condense
certain footnotes and other information normally included in financial
statements prepared in accordance with generally accepted accounting
principles. In the opinion of management, all adjustments (consisting only of
normal recurring accruals) necessary for a fair presentation of the financial
information for the interim periods reported have been made. Results of
operations for the twenty-six weeks ended June 30, 1996 are not necessarily
indicative of the results for the entire fiscal year ending December 29, 1996.
Page 2 of 14
<PAGE> 3
WACKENHUT CORRECTIONS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THIRTEEN WEEKS ENDED
JUNE 30, 1996 AND JULY 2, 1995
(IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
THIRTEEN WEEKS ENDED
-------------------------------------
JUNE 30, 1996 JULY 2, 1995
------------- ------------
<S> <C> <C>
Revenues $33,416 $22,570
Operating expenses (including amounts related
to Parent of $125 and $1,237) 28,660 18,327
Depreciation and amortization 770 525
------- -------
Contribution from operations 3,986 3,718
G&A expense (including amounts related to
Parent of $970 and $632) 2,073 1,900
------- -------
Operating income 1,913 1,818
Interest income (including interest
related to Parent of $0 and $41) 656 66
------- -------
Income before income taxes and equity
income (loss) of affiliate 2,569 1,884
Provision for income taxes 895 792
------- -------
Income before equity income (loss) of affiliate 1,674 1,092
Equity income (loss) of affiliate, net of
income tax (provision) benefit of $(88)
and $12 140 (20)
------- -------
Net income $ 1,814 $ 1,072
======= =======
Earnings per share $ 0.08 $ 0.06
======= =======
Weighted average shares outstanding 22,676 17,725
======= =======
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
Page 3 of 14
<PAGE> 4
WACKENHUT CORRECTIONS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
FOR THE TWENTY-SIX WEEKS ENDED
JUNE 30, 1996 AND JULY 2, 1995
(IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
TWENTY-SIX WEEKS ENDED
-------------------------------------
JUNE 30, 1996 JULY 2, 1995
------------- ------------
<S> <C> <C>
Revenues $62,850 $46,044
Operating expenses (including amounts related
to Parent of $238 and $2,368) 53,216 37,827
Depreciation and amortization 1,606 1,011
------- -------
Contribution from operations 8,028 7,206
G&A expense (including amounts related to
Parent of $1,671 and $1,348) 4,396 3,798
------- -------
Operating income 3,632 3,408
Interest income (including interest
related to Parent of $109 and $107) 1,297 112
------- -------
Income before income taxes and equity
income (loss) of affiliate 4,929 3,520
Provision for income taxes 1,829 1,422
------- -------
Income before equity income (loss) of affiliate 3,100 2,098
Equity income (loss) of affiliate, net of
income tax (provision) benefit of $(114)
and $61 182 (98)
------- -------
Net income $ 3,282 $ 2,000
======= =======
Earnings per share $ 0.15 $ 0.115
======= =======
Weighted average shares outstanding 21,767 17,691
======= =======
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
Page 4 of 14
<PAGE> 5
WACKENHUT CORRECTIONS CORPORATION
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1996 AND DECEMBER 31, 1995
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
END OF PERIOD
-------------------------
JUNE 30, DECEMBER 31,
1996 1995
--------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Current Assets:
Cash $52,015 $ 909
Accounts receivable 21,079 17,826
Deferred income tax asset - current -- 51
Other 4,549 3,567
------- -------
Total current assets 77,643 22,353
Property and equipment, net 8,519 8,211
Investments in and advances to affiliates 696 400
Deferred charges, net 5,527 4,587
Unamortized cost in excess of net assets of
acquired companies, net 2,379 2,408
Other 860 881
------- -------
$95,624 $38,840
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,824 $ 1,852
Accrued payroll and related taxes 4,156 3,330
Accrued expenses 3,587 3,705
Current portion of long-term debt 11 11
Deferred income tax liability - current 63 --
------- -------
Total current liabilities 9,641 8,898
------- -------
Deferred income taxes, net 4,440 3,733
------- -------
Long-term debt 231 980
------- -------
Shareholders' equity:
Preferred stock, $.01 par value,
10,000,000 shares authorized -- --
Common stock, $.01 par value,
60,000,000 shares authorized,
21,848,026 and 17,078,162 shares issued and
outstanding 218 171
Additional paid-in capital 71,375 18,860
Retained earnings 9,368 6,087
Cumulative translation adjustment 351 111
------- -------
Total shareholders' equity 81,312 25,229
------- -------
$95,624 $38,840
======= =======
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these balance sheets.
Page 5 of 14
<PAGE> 6
WACKENHUT CORRECTIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWENTY-SIX WEEKS ENDED
JUNE 30, 1996 AND JULY 2, 1995
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
TWENTY-SIX WEEKS ENDED
------------------------------------
JUNE 30, 1996 JULY 2, 1995
------------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 3,282 $ 2,000
Adjustments to reconcile net income to net cash
provided by operating activities--
Depreciation and amortization expense 1,606 1,011
Equity (income) loss of affiliates (296) 159
Changes in assets and liabilities --
(Increase) decrease in assets:
Accounts receivable (3,175) (4,656)
Deferred income tax asset - current 51 79
Other current assets (890) (560)
Other assets 99 51
Increase (decrease) in liabilities:
Accounts payable and accrued expenses (294) 893
Accrued payroll and related taxes 763 23
Deferred income tax liability - current 63 --
Deferred income taxes - non-current 1,343 1,285
------ ------
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,552 285
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in affiliates -- (667)
Capital expenditures (1,107) (633)
Deferred charge expenditures (1,648) (1,471)
------- -------
NET CASH USED IN INVESTING ACTIVITIES (2,755) (2,771)
------- -------
(Continued)
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
Page 6 of 14
<PAGE> 7
WACKENHUT CORRECTIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWENTY-SIX WEEKS ENDED
JUNE 30, 1996 AND JULY 2, 1995
(IN THOUSANDS)
(UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
TWENTY-SIX WEEKS ENDED
---------------------------------------------
JUNE 30, 1996 JULY 2, 1995
------------- ------------
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock 51,606 --
Proceeds from exercise of stock options 320 897
Retirement of debt (779) (375)
Advances from Parent 45,124 29,514
Repayments to Parent (45,124) (29,641)
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 51,147 395
-------- --------
Effect of exchange rate changes on cash 162 (202)
Net (decrease) increase in cash 51,106 (2,293)
Cash, beginning of period 909 5,981
-------- --------
CASH, END OF PERIOD $ 52,015 $ 3,688
======== ========
SUPPLEMENTAL DISCLOSURES:
Impact on equity from tax benefit related to the
exercise of options issued under the company's
non-qualified stock option plan $ 636 $ --
======== ========
</TABLE>
The accompanying notes to consolidated financial statements are an
integral part of these statements.
Page 7 of 14
<PAGE> 8
WACKENHUT CORRECTIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed for the quarterly financial reporting are the
same as those disclosed in Note 2 of the Notes To Consolidated Financial
Statements included in the Corporation's Form 10-K filed with the Securities
and Exchange Commission on March 28, 1996 for the fiscal years ended December
31, 1995, January 1, 1995, and January 2, 1994. Certain prior year amounts
have been reclassified to conform with current year financial statement
presentation.
On April 25, 1996, the Company's Board of Directors declared a two-for-one
stock split effected in the form of a 100% stock dividend paid on June 4, 1996.
Except as otherwise noted, all share data relating to the Company's common
stock has been restated to reflect the two-for-one split.
Reference is made to Item 7, Part II of the Corporation's Annual Report on Form
10-K for the fiscal year ended January 1, 1995, for further discussion and
analysis of information pertaining to liquidity and capital resources.
2. DOMESTIC AND INTERNATIONAL OPERATIONS
A summary of domestic and international operations is presented below:
<TABLE>
<CAPTION>
TWENTY-SIX WEEKS ENDED
JUNE 30, JULY 2,
1996 1995
-------- -------
(in thousands)
<S> <C> <C>
REVENUES
Domestic operations $48,218 $33,364
International operations 14,632 12,680
------- -------
Total revenues $62,850 $46,044
======= =======
OPERATING INCOME
Domestic operations $ 2,203 $ 1,997
International operations 1,429 1,411
------- -------
Total operating income $ 3,632 $ 3,408
======= =======
JUNE 30, DECEMBER 31,
1996 1995
-------- ------------
IDENTIFIABLE ASSETS
Domestic operations $87,198 $28,221
International operations 8,426 6,229
------- -------
Total identifiable assets $95,624 $34,450
======= =======
</TABLE>
Page 8 of 14
<PAGE> 9
WACKENHUT CORRECTIONS CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
In January 1996, the Company sold 2,300,000 shares of its common stock in
connection with a public offering at a price of $24.00 per share, before
deducting underwriting discounts and commissions and estimated offering
expenses. The net proceeds from the offering of approximately $51,606,000 will
be used for possible future acquisitions, capital investments in new
facilities, working capital requirements and general corporate purposes.
In May 1996, the Corporation repaid the remaining $1,000,000 Australian
(approximately $773,400 United States) of its outstanding balance under a
credit facility with a bank.
Reference is made to Item 7, Part II of the Corporation's Annual Report on Form
10-K for the fiscal year ended January 1, 1995, for further discussion and
analysis of information pertaining to liquidity and capital resources.
RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the
Corporation's consolidated financial statements and the notes thereto.
SECOND QUARTER 1996 COMPARED TO SECOND QUARTER 1995:
Revenues increased by 48.0% to $33.4 million in the thirteen weeks ended June
30, 1996 ("Second Quarter 1996") from $22.6 million in the thirteen weeks ended
July 2, 1995 ("Second Quarter 1995"). The increase in revenues in Second
Quarter 1996 compared to Second Quarter 1995 is primarily attributable to
increased compensated resident days resulting from the opening of two
facilities in the second half of 1995 (Moore Haven Correctional Facility, Moore
Haven, Florida in July 1995 and John R. Lindsey Unit, Jack County, Texas in
September 1995), one facility that opened in 1996 (Willacy County Unit, Willacy
County, Texas in January 1996), one facility for which the company assumed
correctional services in 1996 (Delaware County Prison, Delaware County,
Pennsylvania in April 1996) and the expansion of two facilities in the second
half of 1995 (Arthure Gorrie Correctional Centre, Wacol, Australia and Allen
Correctional Center, Kinder, Louisiana).
The number of compensated resident days in domestic facilities increased to
754,658 in Second Quarter 1996 from 438,879 in Second Quarter 1995. In
addition, compensated resident days in Australian facilities increased to
111,748 from 103,358 for the comparable periods. As a result of the increase
in compensated resident days, average facility occupancy in domestic facilities
increased to 95.3% of capacity in Second Quarter 1996 compared to 91.5% in the
same period in Second Quarter 1995.
Operating expenses increased by 56.3% to $28.7 million in Second Quarter 1996
compared to $18.3 million in Second Quarter 1995. The increase primarily
reflected the opening of the three facilities, the assumption of correctional
services at one facility and the expansion of two facilities discussed above.
Page 9 of 14
<PAGE> 10
WACKENHUT CORRECTIONS CORPORATION
Depreciation and amortization increased by 46.7% to $770,000 in Second Quarter
1996 from $525,000 in Second Quarter 1995. This increase is due to an
increase in capital and deferred charge expenditures resulting from the opening
of the three facilities, assumption of correctional services at one facility,
and the expansion of two facilities discussed above.
Contribution from operations increased 7.2% to $4.0 million in Second Quarter
1996 from $3.7 million in Second Quarter 1995 due primarily to the three new
facilities, the assumption of correctional services at one facility, and the
two expansions discussed above.
General and administrative expenses increased 9.1% to $2.1 million in Second
Quarter 1996 from $1.9 million in Second Quarter 1995. This increase is
primarily attributable to increased business development activities in response
to additional interest in the Company's services.
Operating income increased by 5.2% to $1.9 million in Second Quarter 1996 from
$1.8 million in Second Quarter 1995 due to increased income from the three new
facilities, assumption of correctional services at one facility, and two
expansions, offset by higher general and administrative expenses.
Income before taxes and equity income increased by 36.4% to $2.6 million in
Second Quarter 1996 from $1.9 million in Second Quarter 1995 due to an increase
in interest income, which represents interest earned on the proceeds of the
January 1996 stock offering, and the factors described above.
Provision for income taxes increased to $895,000 in Second Quarter 1996 from
$792,000 in Second Quarter 1995 due to higher taxable income, offset partially
by a decrease in the Corporation's effective tax rate.
Equity income of affiliates was $140,000 in Second Quarter 1996 compared to a
loss of $20,000 in Second Quarter 1995. Current and prior year performance
reflects the activities of Premier Prison Services, a U.K. joint venture.
Current year income results from two expansions at the H.M. Prison Doncaster
(Doncaster, England) in November 1995 and June 1996, and income earned from two
court escort contracts that were awarded in December 1995.
Net income increased by 69.2% to $1.8 million in Second Quarter 1996 from $1.1
million in Second Quarter 1995 as a result of the factors described above.
FIRST HALF 1996 COMPARED TO FIRST HALF 1995:
Revenues increased by 36.5% to $62.9 million in the twenty-six weeks ended June
30, 1996 ("First Half 1996") from $46.0 million in the twenty-six weeks ended
July 2, 1995 ("First Half 1995"). The increase in revenues in First Half 1996
compared to First Half 1995 is primarily attributable to increased compensated
resident days resulting from the opening of two facilities in the second half
of 1995 (Moore Haven Correctional Facility, Moore Haven, Florida in July 1995
and John R. Lindsey Unit, Jack County, Texas in September 1995), one facility
in the first half of 1996 (Willacy County Unit, Willacy County, Texas in
January 1996), one facility for which the company assumed correctional services
in 1996 (Delaware County Prison, Delaware County, Pennsylvania in April 1996)
and the expansion of two facilities in the second half of 1995 (Arthur Gorrie
Correctional Centre, Wacol, Australia and Allen Correctional Center, Kinder,
Louisiana).
Page 10 of 14
<PAGE> 11
WACKENHUT CORRECTIONS CORPORATION
The number of compensated resident days in domestic facilities increased to
1,393,663 in First Half 1996 from 890,738 in First Half 1995. In addition,
compensated resident days in Australian facilities increased to 223,496 from
205,096 for the comparable periods. As a result of the increase in compensated
resident days, average facility occupancy in domestic facilities increased to
95.8% of capacity in First Half of 1996 compared to 92.9% in First Half of
1995.
Operating expenses increased by 40.7% to $53.2 million in First Half 1995
compared to $37.8 million in First Half 1995. This increase primarily
reflected the opening of the three facilities, the assumption of correctional
services at one facility, and the two expansions discussed above.
Depreciation and amortization increased by 58.9% to $1.6 million in the First
Half 1996 from $1.0 million in the First Half 1995. This increase is due to
the increase in capital and deferred charge expenditures resulting from the
opening of the three new facilities, the assumption of correctional services at
one facility, and the expansion of two facilities discussed above.
Contributions from operations increased by 11.4% to $8.0 million in First Half
1996 from $7.2 million in First Half 1995 due primarily to the three new
facilities, the assumption of correctional services at one facility, and the
two expansions discussed above.
General and administrative expenses increased by 15.6% to $4.4 million in
First Half 1996 from $3.8 million in First Half 1995. This increase is
primarily attributable to increased business development activities in response
to additional interest in the Company's services.
Operating income increased by 6.6% to $3.6 million in First Half 1996 from $3.4
million in First Half 1996 due to additional income from the opening of three
new facilities, assumption of correctional services at one facility, and two
expansions, offset by higher general and administrative expenses.
Income before taxes and equity loss increased by 40% to $4.9 million in First
Half 1996 from $3.5 million in First Half 1995 due to an increase in interest,
which represents interest earned on the proceeds of the January 1996 stock
offering, and the factors described above.
Provision for income taxes increased to $1.8 million in First Half 1996 from
$1.4 million in First Half 1995 due to higher taxable income, offset partially
by a decrease in the Corporation's effective tax rate.
Equity income of affiliates was $182,000 for First Half 1996 compared to a loss
of $98,000 in First Half 1995. Current and prior year performance reflects the
activities of Premier Prison Services, a U.K. joint venture. Current year
income results from two expansions at the H.M. Prison Doncaster (Doncaster,
England) in November 1995 and June 1996, and income earned from two court
escort contracts that were awarded in December 1995.
Net income increased by 64% to $3.3 million in First Half 1996 from $2.0
million in First Half 1995 as a result of the factors described above.
Page 11 of 14
<PAGE> 12
WACKENHUT CORRECTIONS CORPORATION
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The nature of the Corporation's business results in claims or litigation
against the Corporation for damages arising from the conduct of its employees
or others.
Except for routine litigation incidental to the business of the Corporation,
there are no pending material legal proceedings to which the Corporation or any
of its subsidiaries is a party or to which any of their property is subject.
The Corporation believes that the outcome of the proceedings to which it is
currently a party will not have a material adverse effect upon its operations
or financial condition.
ITEM 2. CHANGES IN SECURITIES
Not applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Shareholders of the Corporation was held on April 25,
1996 in Palm Beach Gardens, Florida. All directors nominated for election were
elected by a majority of the votes and are as follows:
<TABLE>
<CAPTION>
Votes For Votes Withheld
--------- --------------
<S> <C> <C>
Norman A. Carlson 8,706,551 11,550
Benjamin R. Civiletti 8,699,451 18,650
Timothy P. Cole 8,698,801 19,300
Manuel J. Justiz 8,712,451 5,650
James R. Thompson 8,706,451 11,650
Anthony P. Travisono 8,699,409 18,692
George R. Wackenhut 8,706,551 11,550
Richard R. Wackenhut 8,699,801 18,300
George C. Zoley 8,699,801 18,300
</TABLE>
The second matter voted upon at the Annual Meeting was the ratification of the
action of the Board of Directors appointing the firm of Arthur Andersen LLP to
be the independent certified public accountants of the Corporation for the
fiscal year 1996. Tabulation of the vote on this matter is as follows:
For: 8,682,642 Against: 6,300 Abstain: 29,159
Page 12 of 14
<PAGE> 13
WACKENHUT CORRECTIONS CORPORATION
The final matter voted upon at the Annual Meeting was the ratification of a
proposal to establish a Stock Option Plan (the "Plan") for non-employee
Directors and to set aside 30,000 shares of Common Stock of the Corporation for
future issuance under the Plan. Tabulation of the vote on this matter is as
follows:
For: 8,512,978 Against: 107,670 Abstain: 37,815
ITEM 5.OTHER INFORMATION
Not applicable.
ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - 27 Financial Data Schedule (for SEC use only).
(b) Reports on Form 8-K - The Corporation did not file a Form 8-K during the
first half of 1996.
Page 13 of 14
<PAGE> 14
WACKENHUT CORRECTIONS CORPORATION
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.
WACKENHUT CORRECTIONS CORPORATION
August 12, 1996 /s/ John G. O'Rourke
---------------------------
John G. O'Rourke
Senior Vice President - Finance,
Chief Financial Officer and
Treasurer
(Duly Authorized Officer and
Principal Financial Officer)
Page 14 of 14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AT JUNE 30, 1996, (UNAUDITED) AND THE CONSOLIDATED
STATEMENT OF INCOME FOR THE TWENTY-SIX WEEKS ENDED JUNE 30, 1996 (UNAUDITED) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-29-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 52,015
<SECURITIES> 0
<RECEIVABLES> 21,079
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,549
<PP&E> 11,106
<DEPRECIATION> 2,587
<TOTAL-ASSETS> 95,624
<CURRENT-LIABILITIES> 9,641
<BONDS> 242
0
0
<COMMON> 218
<OTHER-SE> 81,094
<TOTAL-LIABILITY-AND-EQUITY> 95,624
<SALES> 0
<TOTAL-REVENUES> 62,850
<CGS> 0
<TOTAL-COSTS> 54,822
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 4,929
<INCOME-TAX> 1,829
<INCOME-CONTINUING> 3,282
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,282
<EPS-PRIMARY> .15
<EPS-DILUTED> .15
</TABLE>
