<PAGE>
<PAGE>
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 March 31, 1995 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 1-170-2
AMOCO CORPORATION
(Exact name of registrant as specified in its charter)
INDIANA 36-1812780
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 EAST RANDOLPH DRIVE, CHICAGO, ILLINOIS 60601
(Address of principal executive offices) (Zip Code)
312-856-6111
(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 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
Number of shares outstanding as of March 31, 1995--496,464,913.
1.<PAGE>
<PAGE>
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Income
(millions of dollars)
Three Months
Ended
March 31,
1995 1994
Revenues:
Sales and other operating revenues $ 6,620 $ 5,861
Consumer excise taxes............. 808 799
Other income...................... 136 105
Total revenues................ 7,564 6,765
Costs and Expenses:
Purchased crude oil, natural gas,
petroleum products and
merchandise..................... 3,498 2,897
Operating expenses................ 1,121 1,130
Petroleum exploration expenses,
including exploratory dry holes. 115 114
Selling and administrative expenses 471 466
Taxes other than income taxes..... 1,002 991
Depreciation, depletion, amorti-
zation, and retirements and
abandonments.................... 534 539
Interest expense.................. 86 71
Total costs and expenses...... 6,827 6,208
Income before income taxes.......... 737 557
Income taxes........................ 214 159
Net income.......................... $ 523 $ 398
Weighted average number of shares
of common stock outstanding (in
thousands)........................ 496,379 496,445
Per Share Data (Based on weighted
average shares outstanding):
Net income.......................... $ 1.05 $ .80
Cash dividends per share............ $ .60 $ .55
2.<PAGE>
<PAGE>
Consolidated Statement of Financial Position
(millions of dollars)
March 31, Dec. 31,
1995 1994
ASSETS
Current Assets:
Cash............................................. $ 140 $ 166
Marketable securities--at cost (all corporate,
except $162 on March 31, 1995, and $355
on December 31, 1994, which represent
state and municipal securities)................ 1,684 1,623
Accounts and notes receivable (less allowances
of $23 at March 31, 1995, and $23 at
December 31, 1994)............................. 2,853 3,180
Inventories
Crude oil and products......................... 731 748
Materials and supplies......................... 297 294
Prepaid expenses and income taxes................ 650 631
Total current assets........................... 6,355 6,642
Investments and Other Assets:
Investments and related advances................. 531 470
Long-term receivables and other assets........... 729 661
1,260 1,131
Properties--at cost, less accumulated
depreciation, depletion and amortization of
$24,849 at March 31, 1995, and $24,906
at December 31, 1994 (The successful efforts
method of accounting is followed for costs
incurred in oil and gas producing activities).... 21,461 21,543
Total assets................................... $29,076 $29,316
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term obligations......... $ 171 $ 24
Short-term obligations........................... 320 224
Accounts payable................................. 2,437 2,759
Accrued liabilities.............................. 1,038 1,162
Taxes payable (including income taxes)........... 689 855
Total current liabilities...................... 4,655 5,024
Long-Term Debt..................................... 4,220 4,387
Deferred Credits and Other Non-Current Liabilities:
Income taxes..................................... 3,022 2,961
Other............................................ 2,533 2,547
5,555 5,508
Minority Interest.................................. 15 15
Shareholders' Equity:
Common stock (authorized 800,000,000 shares;
issued and outstanding at March 31, 1995,
--496,464,913 shares; December 31, 1994
--496,393,067 shares).......................... 2,165 2,166
Earnings retained and invested in the business... 12,447 12,223
Foreign currency translation adjustment.......... 19 (7)
14,631 14,382
Total liabilities and shareholders' equity..... $29,076 $29,316
3.<PAGE>
<PAGE>
Consolidated Statement of Cash Flows
(millions of dollars)
Three Months Ended
March 31,
1995 1994
Cash Flows From Operating Activities:
Net income......................................... $ 523 $ 398
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, amortization, and
retirements and abandonments................... 534 539
(Increase) decrease in receivables............... 285 (4)
Decrease in inventories.......................... 9 112
Decrease in payables and accrued
liabilities.................................... (609) (300)
Deferred taxes and other items................... (57) (28)
Net cash provided by operating activities...... 685 717
Cash Flows From Investing Activities:
Capital expenditures............................... (527) (504)
Proceeds from dispositions of properties
and other assets................................. 142 68
New investments, advances and business
acquisitions..................................... (23) (11)
Proceeds from sales of investments................. - 175
Other.............................................. (8) 2
Net cash used in investing activities.......... (416) (270)
Cash Flows From Financing Activities:
New long-term obligations.......................... 62 25
Repayment of long-term obligations................. (91) (16)
Cash dividends paid................................ (298) (273)
Issuances of common stock.......................... 57 4
Acquisitions of common stock....................... (60) -
Increase (decrease) in short-term obligations...... 96 (266)
Net cash used in financing activities.......... (234) (526)
Increase (decrease) in Cash and Marketable Securities 35 (79)
Cash and Marketable Securities-Beginning of Period... 1,789 1,217
Cash and Marketable Securities-End of Period......... $ 1,824 $ 1,138
4.<PAGE>
<PAGE>
Basis of Financial Statement Preparation
The consolidated financial statements contained herein are unaudited and
have been prepared from the books and records of Amoco Corporation
("Amoco" or the "Corporation"). In the opinion of management, the
consolidated financial statements reflect all adjustments, consisting of
only normal recurring adjustments, necessary for a fair statement of the
results for the interim periods. The consolidated financial statements
have been prepared in accordance with the instructions to Form 10-Q and,
therefore, do not include all information and notes necessary for a
complete presentation of results of operations, financial position and
cash flows in conformity with generally accepted accounting principles.
Item 2. Management's Discussion and Analysis
Results of Operations
Net income for the first three months of 1995 amounted to $523 million, or
$1.05 per share. This was 31 percent higher than first-quarter 1994
earnings of $398 million, or $.80 per share. The increase in earnings
reflects strong chemical earnings, resulting from higher volumes and
margins in major product lines, higher exploration and production earnings
and lower corporate and other operations expenses. Offsetting were lower
petroleum products earnings, primarily attributable to lower refined
product margins.
For the 12 months ended March 31, 1995, return on average shareholders'
equity was 13.5 percent compared with 14.9 percent for the 12 months ended
March 31, 1994. Return on average capital employed was 10.8 percent for
the 12-month period ended March 31, 1995, compared with 11.5 percent for
the corresponding prior-year period.
Sales and other operating revenues totaled $6.6 billion for the first
three months of 1995, 13 percent higher than the $5.9 billion reported in
the corresponding 1994 period. Chemical revenues increased 43 percent
resulting from improved volumes and prices for major product lines. Crude
oil and refined products revenues increased 23 percent and 11 percent,
respectively, primarily reflecting higher prices. Partly offsetting was a
decrease in natural gas revenues of 20 percent, due to lower prices.
Purchases of crude oil, natural gas, petroleum products and merchandise
totaled $3.5 billion for the first three months of 1995, 21 percent higher
than 1994's first three months, primarily attributable to higher crude oil
and refined product purchase prices and volumes, and increased chemical
purchases.
Operating expenses totaled $1.1 billion for the first three months of
1995, slightly below the corresponding 1994 period, primarily reflecting
lower oil and gas production costs offset by increased activity in
chemical operations. Selling and administrative expenses of $471 million
for the first three months of 1995 were essentially level with the 1994
5.<PAGE>
<PAGE>
first quarter primarily reflecting cost savings from restructuring offset
by lower foreign currency gains.
Interest expense was $86 million for the first three months of 1995,
compared with $71 million for the comparable 1994 period.
Results by Industry Segment
Amoco has changed the reporting segments to align with its organizational
structure which includes three sectors: exploration and production,
petroleum products and chemicals. Segment earnings for 1994 have been
restated to conform to the new basis.
Three Months
(millions of dollars) 1995 1994
Exploration and Production
United States................... $ 175 $ 201
Canada.......................... 46 83
Overseas........................ 87 3
Subtotal........................ 308 287
Petroleum Products................ 19 83
Chemicals......................... 233 88
Corporate and Other Operations*... (37) (60)
Net Income $ 523 $ 398
* Corporate and other operations include net interest and general
corporate expenses as well as the results of investments in technology
companies, real estate interests and other activities.
Exploration and Production - U.S.
U.S. exploration and production ("E&P") earnings of $175 million were 13
percent below restated prior-year earnings of $201 million. The decrease
mainly resulted from lower natural gas prices. Partly offsetting were
higher crude oil prices. Amoco's U.S. natural gas prices averaged about
$1.40 per thousand cubic feet ("mcf"), $.60 per mcf below the first
quarter of 1994. Average crude oil prices were up about $3.70 per barrel
and averaged almost $16 per barrel for the quarter. Natural gas
production of 2,430 million cubic feet per day was slightly higher than a
year ago, while crude oil and natural gas liquids ("NGL") production of
290,000 barrels per day was essentially level with production from last
year's first quarter.
Exploration and Production - Canada
Canadian earnings, which include supply and marketing of NGL, for the
6.<PAGE>
<PAGE>
first quarter of 1995 were $46 million compared with last year's restated
first-quarter earnings of $83 million. The 1994 results included
favorable currency effects of about $24 million. The decrease in earnings
also reflects lower natural gas prices and lower production volumes.
Partly offsetting were higher crude oil prices and NGL margins.
Natural gas production averaged 792 million cubic feet per day in the
first quarter of 1995, 9 percent below the comparable 1994 period due to
lower demand. Crude oil and NGL production averaged 71,000 barrels per
day, down 8 percent due to normal field declines and property
dispositions.
Exploration and Production - Overseas
Overseas E&P earnings were $87 million in the first quarter of 1995,
significantly higher than the restated 1994 first-quarter earnings of $3
million. The improved performance reflects higher crude oil prices and a
gain of $18 million related to the divestment of Amoco's Congo operations.
Lower operating costs and exploration expenses also contributed to the
increase in earnings. Partly offsetting were adverse currency effects of
$12 million.
Crude oil and NGL production decreased 4 percent to 300,000 barrels per
day while natural gas production was down 5 percent to 986 million cubic
feet per day.
Petroleum Products
Petroleum products operations earned $19 million during the first three
months of 1995. This compared with restated earnings of $83 million for
the comparable 1994 period. Contributing to the decline were lower U.S.
refined product margins for Amoco, which averaged about 5 cents per gallon
below the 1994 period, in part reflecting warmer than normal winter
weather, higher crude oil costs and a very competitive marketplace.
For the three months of 1995, U.S. refined product sales averaged 1,092
thousand barrels per day, essentially level with the corresponding 1994
period.
Chemicals
Chemical earnings of $233 million for the first quarter of 1995 compared
with restated earnings of $88 million in the first quarter of a year ago.
Earnings were favorably affected by strong volumes and margins,
particularly for olefins, polymers and purified terephthalic acid ("PTA"),
and successful cost control measures. Worldwide olefins and PTA volumes
for the first three months of 1995 increased 7 and 12 percent,
respectively, over the comparable 1994 period.
7.<PAGE>
Corporate and Other Operations
Corporate and other operations, which include net interest and general
corporate expenses as well as the results of investments in technology
companies, real estate interests and other activities, reported net
expenses of $37 million in the first quarter of 1995. This compared with
restated net expenses of $60 million for these activities in the
corresponding 1994 period. The improvement in corporate and other
operations in the first quarter of 1995 reflects cost savings from
restructuring efforts, favorable currency effects and lower costs
associated with technology and other activities.
Outlook
The Corporation and the oil industry will continue to be affected by the
price volatility of crude oil and natural gas. Also affecting chemical
and petroleum products activities are crude oil prices and the overall
industry product supply and demand balance. Amoco's future performance is
expected to be impacted by its new organizational structure and associated
savings, ongoing cost reduction programs, the divestment of marginal
properties and underperforming assets, application of new technologies and
new governmental regulation. Amoco's exploration efforts will continue to
target those areas that offer the most potential. Amoco will also pursue
areas that capitalize on its natural gas resources, and continue to
develop its international chemical business.
Restructuring
In July 1994, Amoco announced that the organizational structure of the
Corporation was being changed into 17 business groups with a shared
services organization providing support services. In conjunction with
the restructuring, an after-tax charge of $256 million was accrued in the
second quarter of 1994. Selling and administrative expenses for that
period included charges of $225 million ($146 million after-tax) related
to employee-termination costs associated with the severance of
approximately 3,800 employees expected to occur by year-end 1995. Since
July of last year, charges against the accrual totaled $115 million ($75
million after-tax). As of March 31, 1995, the accrual balance associated
with restructuring was $110 million ($71 million after-tax), which was
considered adequate for all future severances and other related activities
to which the Corporation has committed. First-quarter 1995 earnings
reflected before-tax savings of approximately $100 million in employment
costs and other costs resulting from the Corporation's restructuring
effort.
The second-quarter 1994 accrual also included charges in operating
expenses of $169 million ($110 million after-tax) related to a reduction
in carrying value of assets that will be divested. Disposition of these
assets, including a hazardous-waste incineration facility, will not have a
material effect on revenues, depreciation or income.
Additional restructuring costs totaling approximately $200 million after-
tax are expected to be incurred through 1996, representing costs for
system redesign, relocations, work force consolidation and development of
8.<PAGE>
<PAGE>
new processes in support of the restructuring. Costs incurred, primarily
for system development and redesign, totaled $17 million after-tax in the
first quarter of 1995.
Liquidity and Capital Resources
Cash flows from operating activities for the first three months of 1995
amounted to $685 million compared with $717 million in the prior-year
period. Working capital of $1,700 million at March 31, 1995, increased
$82 million from $1,618 million at December 31, 1994. As a result, the
Corporation's current ratio increased to 1.37 to 1 at March 31, 1995, from
1.32 to 1 at year-end 1994. As a matter of policy, Amoco practices asset
and liability management techniques that are designed to minimize its
investment in non-cash working capital. This does not impair operational
capability or flexibility since the Corporation has ready access to both
short-term and long-term debt markets.
Amoco announced on April 25, 1995, that it is planning to purchase up to
8.9 million shares of its common stock in excess of amounts needed for
benefit plan purposes.
Amoco's debt totaled $4.7 billion at March 31, 1995, compared with $4.6
billion at year-end 1994. Debt as a percent of debt-plus-equity was 24.3
percent at March 31, 1995 and at year-end 1994.
Amoco Corporation guarantees the outstanding public debt obligations of
Amoco Company. Amoco Corporation and Amoco Company guarantee the
outstanding public notes and debentures of Amoco Canada Petroleum Company
Ltd. ("Amoco Canada"), except for the 7 3/8 percent Subordinated
Exchangeable Debentures ("SEDs"), due September 1, 2013. The SEDs, which
may be redeemed by Amoco Canada after September 1, 1995, are convertible
into Amoco Corporation common stock until redemption or retirement.
Approximately 8.9 million shares of Amoco Corporation common stock would
be issued if all the SEDs were converted into stock. At March 31, 1995,
the balance of the SEDs totaled $458 million.
The Corporation believes its strong financial position will permit the
financing of business needs and opportunities in an orderly manner. It is
anticipated that ongoing operations will be financed primarily by
internally generated funds. Short-term obligations, such as commercial
paper borrowings, give the Corporation the flexibility to meet short-term
working capital and other temporary requirements. At March 31, 1995, bank
lines of credit available to support commercial paper borrowings amounted
to $490 million, all of which were supported by commitment fees. To
maintain flexibility, a shelf registration statement for $500 million in
debt securities remains on file with the Securities and Exchange
Commission to permit ready access to capital markets.
Cash dividends paid in the first quarter of 1995 totaled $298 million.
The quarterly dividend was raised to 60 cents per share in January 1995,
an increase of 5 cents per share, or 9 percent, over the previous rate.
Capital and exploration expenditures for the first three months of 1995
9.<PAGE>
<PAGE>
totaled $642 million compared with $618 million for the comparable 1994
period. Amoco previously announced a full-year capital and exploration
expenditure budget of $4.2 billion for 1995. Capital and exploration
spending for the year 1994 totaled $3.2 billion.
The Corporation has provided in its accounts for the reasonably estimable
future costs of probable environmental remediation obligations relating to
various oil and gas operations, refining and marketing sites and chemical
locations, including multiparty sites at which Amoco and certain of its
subsidiaries have been identified as potentially responsible parties by
the U.S. Environmental Protection Agency. Such estimated costs will be
refined over time as remedial requirements and regulations become better
defined. However, any additional environmental costs cannot be reasonably
estimated at this time due to uncertainty of timing, the magnitude of
contamination, future technology, regulatory changes and other factors.
Although future costs could have a significant effect on the results of
operations in any one period, they are not expected to be material in
relation to Amoco's liquidity or consolidated financial position. In
total, the accrued liability represents a reasonable best estimate of
Amoco's remediation liability.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings
Reference is made to the description of legal proceedings in Part I, Item
3 of the Corporation's 1994 Annual Report on Form 10-K.
With respect to the contest of the Internal Revenue Service statutory
Notice of Deficiency, trial on the matter was held in April 1995. A
decision is not expected until 1996.
Eleven proceedings instituted by governmental authorities are pending or
known to be contemplated against Amoco and certain of its subsidiaries
under federal, state or local environmental laws, each of which could
result in monetary sanctions in excess of $100,000. No individual
proceeding is, nor are the proceedings as a group, expected to have a
material adverse effect on Amoco's liquidity, consolidated financial
position or results of operations. Amoco estimates that in the aggregate
the monetary sanctions reasonably likely to be imposed from these
proceedings amount to approximately $5.4 million.
Amoco has various other suits and claims pending against it among which
are several class actions for substantial monetary damages which in
Amoco's opinion are not meritorious. While it is impossible to estimate
with certainty the ultimate legal and financial liability in respect to
these other suits and claims, Amoco believes that, while the aggregate
amount could be significant, it will not be material in relation to its
liquidity or its consolidated financial position.
Item 2. Changes in Securities
Not applicable.
10.<PAGE>
<PAGE>
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of Shareholders was held on April 25, 1995.
(b) Not applicable
(c) Four persons nominated by the Board of Directors were elected
directors. Proxies for the meeting were solicited pursuant to Regulation
14A; there was no solicitation in opposition to management's nominees
listed in the proxy statement. Results of the election were as follows:
Ruth S. Block, shares for 405,218,116, shares withheld 5,444,987; John H.
Bryan, shares for 405,517,404, shares withheld 5,145,699; Walter E.
Massey, shares for 405,269,950, shares withheld 5,393,153; and Michael H.
Wilson, shares for 405,557,096, shares withheld 5,106,007. Abstentions
for the nominees as a group totaled 5,388,932. Results of the concurrence
in the appointment of Price Waterhouse LLP to serve as independent
accountants for Amoco and its subsidiaries for the fiscal year 1995 were
as follows: shares for 405,997,796, shares against 3,312,128 and
abstentions 1,353,179.
(d) Not applicable
11.<PAGE>
<PAGE>
Item 5. Other Information
Shown below is summarized financial information as to the assets,
liabilities and results of operations of Amoco's wholly owned
subsidiary, Amoco Company.
Three Months Ended
March 31,
1995 1994
(millions of dollars)
Total revenues (including
excise taxes)....................... $ 6,739 $ 6,136
Operating profit...................... $ 679 $ 509
Net income............................ $ 446 $ 377
March 31, Dec. 31,
1995 1994
(millions of dollars)
Current assets........................ $ 5,389 $ 5,399
Total assets.......................... $25,269 $24,549
Current liabilities................... $ 3,668 $ 4,142
Long-term debt........................ $ 6,843 $ 6,190
Deferred credits...................... $ 4,652 $ 4,584
Minority interest..................... $ 6 $ 5
Shareholder's equity.................. $10,100 $ 9,628
Amoco Argentina Oil Company ("Amoco Argentina") is a wholly-owned
subsidiary of Amoco International Petroleum Company, which is
an indirect wholly-owned subsidiary of Amoco. Summarized financial
data for Amoco Argentina are presented below.
Three Months Ended
March 31,
1995 1994
(millions of dollars)
Revenues.............................. $ 61 $ 42
Net income............................ $ 24 $ 18
March 31, Dec. 31,
1995 1994
(millions of dollars)
Current assets........................ $ 108 $ 97
Total assets.......................... $ 379 $ 349
Current liabilities................... $ 58 $ 58
Non-current liabilities............... $ 106 $ 100
Shareholder's equity.................. $ 215 $ 191
12.<PAGE>
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Sequentially
Exhibit Numbered
Number Page
12 Statement Setting Forth Computation of Ratio
of Earnings to Fixed Charges.
27 Financial Data Schedule.
(b) Current reports on Form 8-K dated April 5, 1995
and April 13, 1995, were filed. The filing of
April 5, 1995, was made to include summarized
financial data for Amoco Argentina Oil Company
in Note 22 of the Consolidated Financial
Statements.
The filing of April 13, 1995, announced that
the basis upon which operations are grouped for
the purpose of business segment reporting
had been changed to align with Amoco's
organizational structure. Restated segment
earnings for the years 1994, 1993, and 1992
and earnings by quarter for 1994 and 1993 were
included.
13.<PAGE>
<PAGE>
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.
Amoco Corporation
(Registrant)
Date: May 12, 1995
J. R. Reid
J. R. Reid
Vice President and Controller
(Duly Authorized and Chief
Accounting Officer)
14.<PAGE>
<PAGE>
<PAGE>
EXHIBIT 12
AMOCO CORPORATION
_____________
STATEMENT SETTING FORTH COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
(millions of dollars, except ratios)
Three Months
Ended Year Ended December 31,
Mar. 31,
1995 1994 1993 1992 1991 1990
Determination of Income:
Consolidated earnings
before income taxes
and minority interest. $ 737 $2,491 $2,506 $ 998 $2,035 $3,410
Fixed charges expensed by
consolidated companies 94 316 350 376 479 596
Adjustments for certain
companies accounted for
by the equity method.. 5 7 11 28 20 35
Adjusted earnings plus
fixed charges......... $ 836 $2,814 $2,867 $1,402 $2,534 $4,041
Determination of Fixed Charges:
Consolidated interest on
indebtedness (including
interest capitalized). $ 79 $ 288 $ 299 $ 333 $ 433 $ 532
Consolidated rental
expense representative
of an interest factor. 12 23 50 44 54 60
Adjustments for certain
companies accounted for
by the equity method.. 2 5 8 20 24 25
Total fixed charges..... $ 93 $ 316 $ 357 $ 397 $ 511 $ 617
Ratio of earnings to
fixed charges........... 9.0 8.9 8.0 3.5 5.0 6.5 <PAGE>
<TABLE> <S> <C>
<PAGE>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Statement of Income and the Consolidated Statement of
Financial Position and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<CIK> 0000093397
<NAME> AMOCO CORPORATION
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 140
<SECURITIES> 1684
<RECEIVABLES> 2876
<ALLOWANCES> 23
<INVENTORY> 1028
<CURRENT-ASSETS> 6355
<PP&E> 46310
<DEPRECIATION> 24849
<TOTAL-ASSETS> 29076
<CURRENT-LIABILITIES> 4655
<BONDS> 4220
<COMMON> 2165
0
0
<OTHER-SE> 12466
<TOTAL-LIABILITY-AND-EQUITY> 29076
<SALES> 6620
<TOTAL-REVENUES> 7564
<CGS> 4734
<TOTAL-COSTS> 4734
<OTHER-EXPENSES> 1536
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 86
<INCOME-PRETAX> 737
<INCOME-TAX> 214
<INCOME-CONTINUING> 523
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 523
<EPS-PRIMARY> 1.05
<EPS-DILUTED> 0
<PAGE>
</TABLE>
