<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 March 26, 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 0-25150
STRATTEC SECURITY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
WISCONSIN 39-1804239
(State of Incorporation) (I.R.S. Employer Identification No.)
3333 WEST GOOD HOPE ROAD, MILWAUKEE, WI 53209
(Address of Principal Executive Offices)
(414) 247-3333
(Registrant's Telephone Number, Including Area Code)
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
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
Common stock, par value $0.01 per share: 4,569,640 shares outstanding as of
March 26, 2000.
<PAGE> 2
STRATTEC SECURITY CORPORATION
FORM 10-Q
March 26, 2000
INDEX
<TABLE>
<CAPTION>
Page
Part I - FINANCIAL INFORMATION ----
<S><C> <C>
Item 1 Consolidated Statements of Income 3
Consolidated Balance Sheets 4
Consolidated Statements of Cash Flows 5
Notes to Consolidated Financial Statements 6
Item 2 Management's Discussion and Analysis of Results
of Operations and Financial Condition 7-10
Item 3 Quantitative and Qualitative Disclosures About Market Risk 10
Part II - OTHER INFORMATION
Item 1 Legal Proceedings 11
Item 2 Changes in Securities and Use of Proceeds 11
Item 3 Defaults Upon Senior Securities 11
Item 4 Submission of Matters to a Vote of Security Holders 11
Item 5 Other Information 11
Item 6 Exhibits and Reports on Form 8-K 11
</TABLE>
2
<PAGE> 3
Item 1 Financial Statements
STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
March 26, March 28, March 26, March 28,
2000 1999 2000 1999
--------------- --------------- --------------- --------------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Net sales $ 54,539 $ 51,220 $ 160,932 $ 146,111
Cost of goods sold 42,551 39,149 125,507 112,832
--------------- -------------- -------------- --------------
Gross profit 11,988 12,071 35,425 33,279
Engineering, selling and administrative
expenses 4,847 5,078 14,630 14,794
-------------- -------------- -------------- --------------
Income from operations 7,141 6,993 20,795 18,485
Interest income 146 309 825 785
Interest expense - - - -
Other expense, net (91) (91) (240) (74)
--------------- -------------- -------------- --------------
Income before provision for income taxes 7,196 7,211 21,380 19,196
Provision for income taxes 2,806 2,740 8,338 7,250
--------------- -------------- -------------- --------------
Net income $4,390 $4,471 $13,042 $11,946
=============== ============== ============== ==============
Earnings per share:
Basic $ 0.94 $ 0.79 $ 2.57 $ 2.11
=============== ============== ============== ==============
Diluted $ 0.91 $ 0.77 $ 2.50 $ 2.06
=============== ============== ============== ==============
</TABLE>
The accompanying notes are an integral part of these consolidated
statements.
3
<PAGE> 4
STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
<TABLE>
<CAPTION>
March 26, June 27,
2000 1999
------------- --------------
<S> <C> <C>
ASSETS (unaudited)
Current Assets:
Cash and cash equivalents $ 9,229 $ 28,611
Receivables, net 32,027 36,063
Inventories-
Finished products 3,777 4,439
Work in process 12,935 11,145
Raw materials 732 774
LIFO adjustment (2,538) (2,554)
------------- --------------
Total inventories 14,906 13,804
Customer tooling in progress 4,601 3,758
Other current assets 5,337 5,047
------------- --------------
Total current assets 66,100 87,283
Property, plant and equipment 86,792 81,519
Less: accumulated depreciation 45,705 40,608
------------- --------------
Net property, plant and equipment 41,087 40,911
------------- --------------
$ 107,187 $128,194
============= ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 19,635 $ 17,386
Environmental 2,802 2,820
Other accrued liabilities 10,446 12,216
------------- --------------
Total current liabilities 32,883 32,422
Deferred Income Taxes 512 512
Accrued pension and postretirement obligations 13,154 12,915
Shareholders' equity:
Common stock, authorized 12,000,000 shares $.01 par value, issued 6,018,001
shares at March 26, 2000, and
5,945,298 shares at June 27, 1999 60 59
Capital in excess of par value 45,663 43,999
Retained earnings 62,493 49,451
Cumulative translation adjustments (1,938) (2,081)
Less: treasury stock, at cost (1,448,361 shares at March 26,
2000 and 378,788 shares at June 27, 1999) (45,640) (9,083)
------------- --------------
Total shareholders' equity 60,638 82,345
------------- --------------
$ 107,187 $128,194
============= ==============
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
4
<PAGE> 5
STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
<TABLE>
<CAPTION>
Nine Months Ended
March 26, March 28,
2000 1999
------------- --------------
(unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 13,042 $ 11,946
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 5,648 5,266
Change in operating assets and liabilities:
(Increase) decrease in receivables 4,064 (9,390)
Increase in inventories (1,102) (1,157)
(Increase) decrease in other assets (1,108) 3,968
Increase in accounts payable and
accrued liabilities 645 3,957
Other, net 342 235
------------- --------------
Net cash provided by operating activities 21,531 14,825
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (6,020) (6,206)
------------- --------------
Net cash used in investing activities (6,020) (6,206)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock (36,594) (3,428)
Exercise of stock options 1,701 1,144
------------- --------------
Net cash used in financing activities (34,893) (2,284)
------------- --------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (19,382) 6,335
CASH AND CASH EQUIVALENTS
Beginning of period 28,611 14,754
------------- --------------
End of period $ 9,229 $ 21,089
============= ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Income taxes paid $ 8,217 $ 6,507
Interest paid - -
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
5
<PAGE> 6
STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF FINANCIAL STATEMENTS
STRATTEC SECURITY CORPORATION (the "Company") designs, develops,
manufactures and markets mechanical locks, electro-mechanical locks and related
security products for major automotive manufacturers. The accompanying financial
statements reflect the consolidated results of the Company, its wholly owned
Mexican subsidiary, and its foreign sales corporation.
In the opinion of management, the accompanying unaudited financial
statements contain all adjustments which are of a normal recurring nature,
necessary to present fairly the financial position as of March 26, 2000, and the
results of operations and cash flows for the period then ended. All significant
intercompany transactions have been eliminated. Interim financial results are
not necessarily indicative of operating results for an entire year.
Certain amounts previously reported have been reclassified to conform to
the March 26, 2000 presentation.
EARNINGS PER SHARE (EPS)
A reconciliation of the components of the basic and diluted per-share
computations follows (in thousands, except per share amounts):
<TABLE>
<CAPTION>
Nine Months Ended
-----------------
March 26, 2000 March 28, 1999
-------------- --------------
Net Per-Share Net Per-Share
Income Shares Amount Income Shares Amount
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Basic Earnings Per Share $13,042 5,068 $2.57 $11,946 5,654 $2.11
===== =====
Stock Options 151 155
--- ---
Diluted Earnings Per Share $13,042 5,219 $2.50 $11,946 5,809 $2.06
===== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended
------------------
March 26, 2000 March 28, 1999
-------------- --------------
Net Per-Share Net Per-Share
Income Shares Amount Income Shares Amount
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Basic Earnings Per Share $4,390 4,667 $0.94 $4,471 5,649 $0.79
===== =====
Stock Options 141 158
--- ---
Diluted Earnings Per Share $4,390 4,808 $0.91 $4,471 5,807 $0.77
===== ===== ===== =====
</TABLE>
Options to purchase 163,623 shares of common stock at prices ranging from
$35.97 to $45.79 per share and 157,357 shares of common stock at prices ranging
from $31.63 to $37.88 per share were outstanding as of March 26, 2000, and March
28, 1999, respectively, but were not included in the computation of diluted EPS
because the options' exercise prices were greater than the average market price
of the common shares.
COMPREHENSIVE INCOME
The following table presents the Company's comprehensive income (in
thousands):
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
March 26, 2000 March 28, 1999 March 26, 2000 March 28, 1999
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net Income $4,390 $4,471 $13,042 $11,946
Change in Cumulative Translation
Adjustments, net 118 (229) 143 (229)
--- ----- ------- ------
Total Comprehensive Income $4,508 $4,242 $13,185 $11,717
====== ====== ======= =======
</TABLE>
6
<PAGE> 7
Item 2
STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following Management's Discussion and Analysis should be read in
conjunction with the Company's accompanying Financial Statements and Notes
thereto and the Company's 1999 Annual Report. Unless otherwise indicated, all
references to years refer to fiscal years.
Analysis of Results of Operations
Three months ended March 26, 2000 compared to the three months ended March 28,
1999
Net sales for the three months ended March 26, 2000 were $54.5 million, an
increase of 6 percent compared to net sales of $51.2 million for the three
months ended March 28, 1999. During the current quarter, sales to General Motors
Corporation, Ford Motor Company, and Delphi Automotive Systems Corporation each
increased approximately 2 percent over the prior year quarter. Sales to
DaimlerChrysler Corporation increased 9 percent, and sales to Mitsubishi Motor
Manufacturing of America, Inc. were approximately five times the prior year
quarter's level due to an increase in the Company's share of this customers
production requirements.
Gross profit as a percentage of net sales was 22.0 percent in the current
quarter compared to 23.6 percent in the prior year quarter. The lower gross
margin is the result of several factors including continued investment in
process changes, facilities rearrangement and training associated with Lean
Manufacturing initiatives, product mix, an increase in the cost of zinc, and
increased U.S. dollar costs at the Company's Mexico assembly facility. The major
portion of the facilities rearrangement will be completed over the next 4 to 5
months. Benefits are beginning to be realized in the form of cost reduction,
inventory reduction and the enhanced ability to meet continually increasing
customer requirements for productivity and quality. The cost of zinc per pound,
which the Company uses at a rate of approximately 1 million pounds per month,
increased to an average of $.58 in the current quarter compared to an average of
$.52 in the prior year quarter. The increased U.S. dollar costs at the Company's
Mexico assembly facility are the result of the appreciation of the Mexican peso
combined with annual wage increases effective January 2000, in comparison to the
prior year quarter. The inflation rate in Mexico for the 12 months ended March
2000 was approximately 10 percent while the U.S. dollar/Mexican peso exchange
rate fell to approximately 9.4 in the current year quarter from approximately
9.9 in the prior year quarter. The Company believes the exchange rate will
become more favorable in the last half of calendar 2000.
Engineering, selling and administrative expenses were $4.8 million in the
current quarter compared to $5.1 million in the prior year quarter. Current year
expense levels reflect the favorable impact of moving the Company's service
aftermarket warehouse and distribution to the Milwaukee facility in April 1999.
Also, included in current year expenses are substantial development activities
associated with new products and the Company's globalization activities with its
alliance partner, WiTTE-Velbert GmbH & Co. KG.
Income from operations was $7.1 million in the current quarter, compared
to $7.0 million in the prior year quarter. Income from operations was relatively
consistent between periods reflecting the increased sales levels and reduced
gross margins as previously discussed above.
The effective income tax rate for the current quarter was 39 percent
compared to 38 percent in the prior year quarter. The increase is due to an
increase in the federal statutory tax rate resulting from higher net income
levels as well as an increase in the state effective tax rate. The overall
effective rate differs from the federal statutory tax rate primarily due to the
effects of state income taxes.
7
<PAGE> 8
Nine months ended March 26, 2000 compared to the nine months ended March 28,
1999
Net sales for the nine months ended March 26, 2000 were $160.9 million, an
increase of 10 percent compared to net sales of $146.1 million for the nine
months ended March 28, 1999. Sales to General Motors Corporation and Delphi
Automotive Corporation increased 12 percent to $72.5 million due to increased
production volumes. In addition, labor disruptions at General Motors Corporation
during July 1998 reduced sales to this customer by an estimated $4.4 million
during the prior year September quarter. Sales to the Ford Motor Company were
comparable to the prior year period levels due to a combination of model mix
changes and lower Taurus/Sable production. Sales to DaimlerChrysler Corporation
increased 15 percent to $25.1 million. The increase was primarily due to
increased vehicle production schedules and higher value mechanical and
electrical content in the lock sets the Company supplies. Sales to Mitsubishi
Motor Manufacturing of America increased to $6.4 million compared to $1.7 in the
prior year period. This increase is due an increase in the Company's share of
this customer's production requirements.
Gross profit as a percentage of net sales was 22.0 percent in the nine
months ended March 26, 2000, compared to 22.8 percent in the nine months ended
March 28, 1999. The lower gross margin is the result of several factors
including higher production start-up costs relating to the launch of the new
model year 2000 vehicles, investment in process changes, facilities
rearrangement and training associated with Lean Manufacturing initiatives,
product mix, and increased U.S. dollar costs at the Company's Mexico assembly
facility. The major portion of the facilities rearrangement will be completed
over the next 4 to 5 months. Benefits are beginning to be realized in the form
of cost reduction, inventory reduction and the enhanced ability to meet
continually increasing customer requirements for productivity and quality. The
increased U.S. dollar costs at the Company's Mexico assembly facility are the
result of the appreciation of the Mexican peso and higher wage inflation in
comparison to the prior year quarter. The inflation rate in Mexico for the 12
months ended March 2000 was approximately 10 percent while the U.S.
dollar/Mexican peso exchange rate fell to approximately 9.4 in the nine months
ended March 26, 2000 from approximately 9.8 in the prior year period. The
Company believes the exchange rate will become more favorable in the last half
of calendar 2000. In addition, the average cost of zinc per pound, which the
Company uses at a rate of approximately 1 million pounds per month, increased to
approximately $.55 in the nine months ended March 26, 2000, from approximately
$.53 in the prior year period.
Engineering, selling and administrative expenses were $14.6 million in the
nine months ended March 26, 2000, compared to $14.8 million in the nine months
ended March 28, 1999. Current year expense levels reflect the favorable impact
of moving the Company's service aftermarket warehouse and distribution to the
Milwaukee facility in April 1999. Also, included in current year expenses are
substantial development activities associated with new products and the
Company's globalization activities with its alliance partner, WiTTE-Velbert GmbH
& Co. KG.
Income from operations was $20.8 million in the nine months ended March
26, 2000, compared to $18.5 million in the prior year period. The increased
income from operations was primarily due to the increase in sales as previously
discussed above.
The effective income tax rate for the nine months ended March 26, 2000,
was 39 percent compared to 37.8 percent in the prior year period. The increase
is due to an increase in the federal statutory tax rate resulting from higher
net income levels as well as an increase in the state effective tax rate. The
overall effective rate differs from the federal statutory tax rate primarily due
to the effects of state income taxes.
8
<PAGE> 9
Liquidity and Capital Resources
The Company generated cash from operating activities of $21.5 million in
the nine months ended March 26, 2000. In the nine months ended March 28, 1999,
the Company generated $14.8 in cash from operating activities. The increased
generation of cash is primarily due to the reduction in sales to General Motors
during June 1998 and July 1998 as a result of previously discussed labor
disruptions at this customer.
The Company's investment in accounts receivable decreased by approximately
$4.0 million to $32.0 million at March 26, 2000, as compared to $36.1 million at
June 27, 1999, primarily due to a decrease in outstanding billings for customer
tooling. Inventories increased by approximately $1.1 million at March 26, 2000,
as compared to June 27, 1999 in support of increased sales levels.
Capital expenditures during the nine months ended March 26, 2000 were $6.0
million compared to $6.2 million during the nine months ended March 28, 1999.
The Company anticipates that capital expenditures will be approximately $9
million in 2000, primarily in support of requirements for new product programs
and the upgrade and replacement of existing equipment.
The Board of Directors of the Company has authorized a stock repurchase
program to buy back up to 1,889,395 outstanding shares. A total of 1,454,880
shares have been repurchased as of March 26, 2000, at a cost of approximately
$45.7 million. Additional repurchases may occur from time to time. Funding for
the repurchases was provided by cash flow from operations and borrowings under
existing credit facilities.
The Company has a $25 million unsecured, revolving credit facility (the
"Credit Facility") which expires October 2001. There were no outstanding
borrowings under the Credit Facility at March 26, 2000. Interest on borrowings
under the Credit Facility are at varying rates based, at the Company's option,
on the London Interbank Offering Rate, the Federal Funds Rate, or the bank's
prime rate. The credit facility contains various restrictive covenants including
covenants that require the Company to maintain minimum levels for certain
financial ratios such as tangible net worth, ratio of indebtedness to tangible
net worth and fixed charge coverage. The Company believes that the Credit
Facility will be adequate, along with cash flow from operations, to meet its
anticipated capital expenditure, working capital and operating expenditure
requirements.
Inflationary pressures have not significantly impacted the Company over
the last several years, except for zinc and Mexican assembly operations as noted
elsewhere in this Management's Discussion and Analysis.
Mexican Operations
The Company has assembly operations in Juarez, Mexico. Since December 28,
1998, and prior to December 30, 1996, the functional currency of the Mexican
operation has been the Mexican peso. The effects of currency fluctuations result
in adjustments to the U.S. dollar value of the Company's net assets and to the
equity accounts in accordance with Statement of Financial Accounting Standard
(SFAS) No. 52, "Foreign Currency Translation." During the period December 30,
1996, to December 27, 1998, the functional currency of the Mexican Operation was
the U.S. dollar, as Mexico was then considered to be a highly inflationary
economy in accordance with SFAS No. 52. The effect of currency fluctuations in
the remeasurement process was included in the determination of income. The
effect of the December 28, 1998, functional currency change was not material to
the financial results of the Company.
9
<PAGE> 10
Other
On October 19, 1999, the Company announced that it had signed a Memorandum
of Understanding with E. WiTTE Verwaltungsgesellschaft GMBH, and its operating
unit, WiTTE-Velbert GmbH & Co. KG ("WiTTE"), which details the intent to form a
strategic alliance and joint venture. WiTTE, of Velbert, Germany, is a privately
held, QS 9000 and VDA 6.1 certified automotive supplier with sales of over DM300
million in their last fiscal year. WiTTE designs, manufactures and markets
components including locks and keys, hood latches, rear compartment latches,
seat back latches, door handles and specialty fasteners. WiTTE's primary market
for these products has been Europe. The proposed WiTTE-STRATTEC alliance
provides for the manufacture, distribution and sale of WiTTE products by the
Company in North America, and the manufacture, distribution and sale of the
Company's products by WiTTE in Europe. Additionally, a joint venture company in
which each company holds a 50 percent interest has been established to seek
opportunities to manufacture and sell both companies' products in other areas of
the world.
Forward Looking Statements
A number of the matters and subject areas discussed in this Form 10-Q that
are not historical or current facts deal with potential future circumstances and
developments. These include expected future financial results, product
offerings, global expansion, liquidity needs, financing ability, planned capital
expenditures, management's or the Company's expectations and beliefs, and
similar matters discussed in the Company's Management Discussion and Analysis of
Results of Operations and Financial Condition. The discussions of such matters
and subject areas are qualified by the inherent risk and uncertainties
surrounding future expectations generally, and also may materially differ from
the Company's actual future experience.
The Company's business, operations and financial performance are subject
to certain risks and uncertainties which could result in material differences in
actual results from the Company's current expectations. These risks and
uncertainties include, but are not limited to, general economic conditions, in
particular, relating to the automotive industry, consumer demand for the
Company's and its customer's products, competitive and technological
developments, foreign currency fluctuations and costs of operations.
Shareholders, potential investors and other readers are urged to consider
these factors carefully in evaluating the forward-looking statements and are
cautioned not to place undue reliance on such forward-looking statements. The
forward-looking statements made herein are only made as of the date of this Form
10-Q and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
Item 3 Quantitative and Qualitative Disclosures About Market Risk
The Company does not utilize financial instruments for trading purposes
and holds no derivative financial instruments which would expose the Company to
significant market risk. The Company has not had outstanding borrowings since
December 1997. The Company has been in an investment position since this time
and expects to remain in an investment position for the foreseeable future.
There is therefore no significant exposure to market risk for changes in
interest rates. The Company is subject to foreign currency exchange rate
exposure related to the Mexican assembly operations.
10
<PAGE> 11
Part II
Other Information
Item 1 Legal Proceedings - None
Item 2 Changes in Securities and Use of Proceeds - None
Item 3 Defaults Upon Senior Securities - None
Item 4 Submission of Matters to a Vote of Security Holders - None
Item 5 Other Information - None
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits
3.1* Amended and Restated Articles of Incorporation of the
Company
3.2* By-Laws of the Company
4.1* Rights Agreement dated as of February 6, 1995 between
the Company and Firstar Trust Company, as Rights Agent
27 Financial Data Schedule
(b) Reports on Form 8-K - None
* Incorporated by reference to Amendment No. 2 to the Company's Form 10 filed on
February 6, 1995.
SIGNATURE
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.
STRATTEC SECURITY CORPORATION (Registrant)
Date: May 9, 2000 By /S/ Patrick J. Hansen
----------------------
Patrick J. Hansen
Vice President,
Chief Financial Officer,
Treasurer and Secretary
(Principal Accounting and Financial Officer)
11
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUL-02-2000
<PERIOD-START> JUN-28-1999
<PERIOD-END> MAR-26-2000
<CASH> 9,229
<SECURITIES> 0
<RECEIVABLES> 32,277
<ALLOWANCES> 250
<INVENTORY> 14,906
<CURRENT-ASSETS> 66,100
<PP&E> 86,792
<DEPRECIATION> 45,705
<TOTAL-ASSETS> 107,187
<CURRENT-LIABILITIES> 32,883
<BONDS> 0
0
0
<COMMON> 60
<OTHER-SE> 60,578
<TOTAL-LIABILITY-AND-EQUITY> 107,187
<SALES> 160,932
<TOTAL-REVENUES> 160,932
<CGS> 125,507
<TOTAL-COSTS> 125,507
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 32
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 21,380
<INCOME-TAX> 8,338
<INCOME-CONTINUING> 13,042
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,042
<EPS-BASIC> 2.57
<EPS-DILUTED> 2.50
</TABLE>
