- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 29, 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 0-25294
--------------
RIVIANA FOODS INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 76-0177572
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or ogranization)
2777 ALLEN PARKWAY
HOUSTON, TX 77019
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 529-3251
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 [ ]
The number of shares of Common Stock of the Registrant, par value $1.00
per share, outstanding at February 3, 1997 was 15,818,090.
- --------------------------------------------------------------------------------
<PAGE>
RIVIANA FOODS INC.
FORM 10-Q FOR THE QUARTER ENDED DECEMBER 29, 1996
INDEX
PAGE
Part I -- Financial Information
Item 1 -- Financial Statements
Consolidated Balance Sheets at December 29,
1996 and June 30, 1996.......................................1
Consolidated Statements of Income for the Three
Months and Six Months Ended December 29,
1996 and December 31, 1995...................................2
Consolidated Statements of Cash Flows for the
Six Months Ended December 29, 1996 and
December 31, 1995............................................3
Notes to Consolidated Financial Statements......................4
Item 2 -- Management's Discussion and Analysis of
Financial Condition and Results of Operations................5
Part II -- Other Information
Item 6 -- Exhibits and Reports on Form 8-K.............................8
Signature......................................................................9
Exhibit Index.................................................................10
<PAGE>
Part I -- Financial Information
Item 1 -- Financial Statements
RIVIANA FOODS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Per Share Amounts)
December 29, June 30,
1996 1996
--------- ---------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash ........................................... $ 1,955 $ 7,086
Cash equivalents ............................... 1,569 304
Marketable securities .......................... 7,809 8,244
Accounts receivable, less alowance for
doubtful accounts of $488 and $419 ........... 44,575 42,109
Inventories .................................... 55,461 52,884
Prepaid expenses ............................... 3,313 1,987
--------- ---------
Total current assets ................... 114,682 112,614
PROPERTY, PLANT AND EQUIPMENT:
Land ........................................... 3,557 3,466
Buildings ...................................... 20,334 20,334
Machinery and equipment ........................ 72,164 62,468
--------- ---------
Property, plant and equipment - gross ...... 96,055 86,268
Less - Accumulated depreciation ................ (35,873) (33,921)
--------- ---------
Property, plant and equipment - net ........ 60,182 52,347
DUE FROM AFFILIATES .............................. 142 55
INVESTMENTS IN UNCONSOLIDATED AFFILIATES ......... 12,526 12,176
OTHER ASSETS ..................................... 4,851 5,312
--------- ---------
Total assets ....................... $ 192,383 $ 182,504
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt ................................ $ 6,533 $ 10,770
Current maturities of long-term debt ........... 1,383 2,261
Accounts payable ............................... 29,738 22,204
Accrued liabilities ............................ 11,925 12,418
Income taxes payable ........................... 4,658 3,968
--------- ---------
Total current liabilities .................. 54,237 51,621
LONG-TERM DEBT, net of current maturities ........ 3,401 3,644
DEFERRED INCOME TAXES ............................ 6,123 6,348
OTHER NONCURRENT LIABILITIES ..................... 3,016 2,970
COMMITMENTS AND CONTINGENCIES
MINORITY INTERESTS ............................... 3,752 1,415
STOCKHOLDERS' EQUITY:
Preferred stock, $1 par, 5,000 shares
authorized, none issued
Common stock, $1 par, 24,000 shares authorized,
15,883 issued ................................ 15,883 15,883
Paid-in capital ................................ 6,067 6,067
Retained earnings .............................. 102,045 96,036
Unrealized gains on marketable
securities, net of taxes ..................... 2,139 2,364
Cumulative foreign currency
translation adjustment ........................ (3,301) (3,636)
Treasury stock, at cost, 65 and 16 shares ...... (979) (208)
--------- ---------
Total stockholders' equity ............. 121,854 116,506
--------- ---------
Total liabilities and
stockholders' equity ................. $ 192,383 $ 182,504
========= =========
The accompanying notes are an integral part of these
consolidated financial statements.
1
<PAGE>
RIVIANA FOODS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands , Except Per Share Amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
-------------------------- -------------------------
December 29, December 31, December 29, December 31,
1996 1995 1996 1995
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET SALES ...................................................... $ 118,791 $ 112,923 $ 223,796 $ 214,779
COST OF SALES .................................................. 85,185 79,035 163,626 152,895
--------- --------- --------- ---------
Gross profit ............................................... 33,606 33,888 60,170 61,884
--------- --------- --------- ---------
COSTS AND EXPENSES:
Advertising, selling and warehousing ......................... 20,530 21,088 37,181 40,115
Administrative and general ................................... 4,754 4,982 9,536 9,682
--------- --------- --------- ---------
Total costs and expenses ................................... 25,284 26,070 46,717 49,797
--------- --------- --------- ---------
Income from operations ..................................... 8,322 7,818 13,453 12,087
OTHER INCOME (EXPENSE):
Gain on sale of marketable securities ........................ 753 271 1,112 709
Interest income .............................................. 126 120 223 248
Interest expense ............................................. (454) (697) (1,014) (1,321)
Equity in earnings of unconsolidated affiliates .............. 386 444 616 639
Other income (expense) ....................................... (448) 259 (709) 492
--------- --------- --------- ---------
Total other income (expense) ............................... 363 397 228 767
--------- --------- --------- ---------
Income before income taxes and
minority interest ....................................... 8,685 8,215 13,681 12,854
INCOME TAX EXPENSE ............................................. 2,827 2,793 4,513 4,367
MINORITY INTEREST IN EARNINGS OF
CONSOLIDATED SUBSIDIARY .................................... 80 77 150 127
--------- --------- --------- ---------
Net income ................................................. $ 5,778 $ 5,345 $ 9,018 $ 8,360
========= ========= ========= =========
Earnings per share ......................................... $ 0.37 $ 0.34 $ 0.57 $ 0.53
========= ========= ========= =========
Weighted average common shares
outstanding ............................................. 15,821 15,883 15,839 15,883
========= ========= ========= =========
</TABLE>
The accompanying notes are an integral part of these
consolidated financial statements.
2
<PAGE>
RIVIANA FOODS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of Dollars)
(Unaudited)
Six Months Ended
---------------------
December 29, December 31,
1996 1995
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ...................................... $ 9,018 $ 8,360
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization ............... 2,279 2,731
Deferred income taxes ....................... (117) 2,213
Gain on disposition of assets ............... (1,016) (714)
Equity in earnings of unconsolidated
affiliates ............................... (616) (639)
Change in assets and liabilities:
Accounts receivable, net ................. (1,305) (3,578)
Inventories .............................. (1,912) (8,917)
Prepaid expenses ......................... (1,290) (876)
Other assets ............................. 210 236
Accounts payable and accrued
liabilities ........................... 5,998 320
Income taxes payable ..................... 657 (1,279)
Other noncurrent liabilities ............. 45 (44)
Minority interests ....................... 52 34
-------- --------
Net cash provided by (used in)
operating activities ................ 12,003 (2,153)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment ...... (10,164) (4,625)
Proceeds from disposals of property,
plant and equipment ........................... 14 37
Investment by joint venture partner ............. 2,323 --
Proceeds from sale of marketable securities ..... 1,310 1,140
Collection of notes receivable .................. 32 --
Due from affiliate .............................. (134) 675
Increase in marketable securities ............... (77) (281)
-------- --------
Net cash used in investing
activities .......................... (6,696) (3,054)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term debt .......... (4,395) 1,031
Additions to long-term debt ..................... 311 3,099
Repayments of long-term debt .................... (1,459) (823)
Dividends paid .................................. (2,853) (2,646)
Repurchases of common stock ..................... (797) --
Sales of common stock ........................... 24 --
-------- --------
Net cash provided by (used in)
financing activities ................ (9,169) 661
-------- --------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS ........................ (4) (152)
-------- --------
DECREASE IN CASH AND CASH EQUIVALENTS .............. (3,866) (4,698)
CASH AND CASH EQUIVALENTS, beginning of period ..... 7,390 5,142
-------- --------
CASH AND CASH EQUIVALENTS, end of period ........... $ 3,524 $ 444
======== ========
CASH PAID DURING THE PERIOD FOR:
Interest ........................................ $ 1,033 $ 1,369
======== ========
Income taxes .................................... $ 3,846 $ 3,628
======== ========
The accompanying notes are an integral part of these
consolidated financial statements.
3
<PAGE>
RIVIANA FOODS INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Amounts in thousands, except per share amounts)
(Unaudited)
1. Basis for Preparation of the Consolidated Financial Statements
The consolidated financial statements have been prepared by
Riviana Foods Inc. and subsidiaries ("the Company"), without audit, with the
exception of the June 30, 1996, consolidated balance sheet. The financial
statements include consolidated balance sheets, consolidated statements of
income and consolidated statements of cash flows. Certain amounts in the prior
year have been reclassified to conform to the current year presentation. In the
opinion of management, all adjustments, which consist of normal recurring
adjustments, necessary to present fairly the financial position, results of
operations and cash flows for all periods presented have been made.
The financial statements should be read in conjunction with the
consolidated financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the fiscal year ended June 30, 1996.
2. Earnings per Share
Earnings per share is computed by dividing net income by the
weighted average number of common equivalent shares outstanding. There is no
significant difference between earnings per share on a primary and a fully
diluted basis.
3. Inventories
Inventories were composed of the following:
DECEMBER 29, 1996 JUNE 30, 1996
----------------- -------------
Raw materials ...................... $16,010 $10,697
Work in process .................... 16 34
Finished goods ..................... 31,725 34,959
Packaging supplies ................. 7,710 7,194
------- -------
Total ............... $55,461 $52,884
======= =======
4
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 29, 1996 COMPARED TO THREE MONTHS ENDED DECEMBER
31, 1995
For the three months ended December 29, 1996, sales increased $5.9 million or
5.2% to $118.8 million from $112.9 million reported for the same period in the
prior year. A combination of higher prices and product mix increased sales $7.3
million. Lower volumes reduced sales by $1.5 million. Domestic sales increased
by $3.9 million or 5.7% to $71.5 million from $67.6 million last year. Within
the domestic segment, retail sales increased $0.9 million or 1.8% to $52.1
million from $51.2 million in the prior year. While branded regular rice sales
increased by 10.2%, sales of quick cooking rice were relatively flat and sales
of prepared rice mixes declined by 13.5% due to competitive market conditions.
Of the $0.9 million increase in retail sales, $1.0 million was related to
increased prices and a combination of volume and product mix reduced sales by
$0.1 million. In the non-retail category, sales increased $2.6 million or 16.1%
to $19.1 million from $16.4 million last year. Higher volumes increased sales by
$1.1 million and higher prices added $1.5 million. Sales by the Company's
Central American operations increased $0.1 million or 0.6% to $19.6 million.
Volumes were even with the same quarter last year and higher prices, which added
$1.7 million to sales, were offset by $1.6 million of unfavorable currency
translation. In Europe, sales of $27.7 million were up from the prior year by
$1.9 million or 7.2%. A rationalization of the product line resulted in lower
unit volumes that reduced sales by $2.8 million. Increased sales of higher value
products added $3.0 million and favorable currency translation added an
additional $1.7 million.
Gross profit decreased $0.3 million or 0.8% to $33.6 million from $33.9 million
a year ago. As a percentage of sales, gross profit decreased to 28.3% from
30.0%. Higher raw material costs in the domestic sector reduced the gross profit
contribution from this segment by 3.2% or $0.8 million. The gross profit for the
Company's Central American operations increased 3.9% primarily due to improved
market conditions in the region. In Europe, gross profit increased $0.4 million
or 17.1% due to the shift in sales to higher margin items.
Income from operations increased $0.5 million or 6.5% to $8.3 million from $7.8
million in the same period last year. As a percentage of sales, operating income
increased to 7.0% from 6.9% in the prior period. The increase in operating
income was principally due to lower promotional spending in the domestic rice
business, and the improved margins in both Central American and European
operations.
Other income was about even with the prior year. Gains from the sale of
marketable securities increased by $0.5 million and interest expense was lower
by $0.2 million mostly due to improved working capital management in Central
America that reduced borrowing requirements. Offsetting these favorable
variances were lower investment and rental income ($0.3 million), reduced
commercial storage ($0.1 million), and lower foreign exchange gains ($0.1
million).
The effective tax rate for the second quarter decreased slightly to 32.6% from
34.0% in the prior year. This decrease in the rate was due to a lower effective
tax rate in Central America that benefited from the utilization of the prior
year's operating loss carryover.
5
<PAGE>
Net income for the current quarter was $5.8 million compared to $5.3 million for
the same quarter last year and earnings per share were $0.37, up from $0.34.
SIX MONTHS ENDED DECEMBER 29, 1996 COMPARED TO SIX MONTHS ENDED DECEMBER 31,
1995
Sales increased $9.0 million, or 4.2%, to $223.8 million in the six-month period
ended December 29,1996 versus $214.8 million for the same period of the previous
year. Domestic sales increased by $8.9 million, or 7.3%, to $130.7 million while
sales from international operations increased by $0.1 million to $93.1 million.
A combination of higher prices and sales mix increased sales by $11.0 million
and unfavorable currency translation reduced sales by $1.8 million. Lower
international volumes more than offset higher domestic volumes and lowered sales
by $0.2 million. In the domestic sector, sales in the retail category increased
by $5.7 million or 6.2%. Unit volume sales of the higher-margin instant and
prepared rice mixes increased by 3.6%. Of the total $5.7 million increase in
sales in the retail category, $3.0 million was related to increased volumes and
a combination of product mix and selling price added $2.7 million. In the
non-retail category that includes the lower-margin regular rice sales to the
foodservice, industrial and export sectors, sales increased by $2.9 million.
Increased volumes accounted for $0.1 million and higher pricing and product mix
added $2.8 million. Sales by the Company's Central American operations decreased
$1.0 million, or 2.6%, to $36.8 million. Increased sales volumes in cookie and
cracker products added $1.0 million to sales. However, difficult market
conditions in the region negatively impacted the sales of fruit juice and nectar
products reducing sales by $1.8 million. Higher prices added $2.8 million to
sales and unfavorable currency translation reduced sales by $3.1 million. Sales
by the Company's European operations increased by $1.1 million, or 2.0%, to
$56.3 million. Volumes were affected by product line rationalization and lower
unit volumes decreased sales by $2.8 million. Sales of higher value products
increased sales by $2.6 million and favorable foreign currency exchange
increased sales a further $1.3 million.
Gross profit decreased by $1.7 million, or 2.8%, to $60.2 million in the
six-month period from $61.9 million in the same period of the previous year. As
a percentage of sales, gross profit decreased to 26.9% of sales in the current
period versus 28.8% of sales last year. Of the total $1.7 million decrease in
gross profit, $1.7 million came from domestic operations and international
operations were essentially even with the prior year. Domestic gross profit
decreased primarily due to rising raw material costs. In Central America, gross
profit decreased by $0.2 million due to the reduction in fruit juice and nectar
products. However, as a percentage of sales, gross profit increased to 27.5%
from 27.4%. This increase in gross profit as a percentage of sales is due to the
higher proportion of sales of cookies and crackers which carry a higher margin.
European operations were up $0.2 million, or 4.9%, due to improved sales of
higher margin products.
Income from operations increased by 11.3% to $13.5 million from $12.1 million
last year. As a percentage of sales, operating income increased to 6.0% from
5.6%. Domestic operating income increased $1.0 million or 14.0% to $8.0 million.
In the domestic segment, despite lower gross margin, operating profit increased.
Due to the rising cost of raw materials, there was less promotional activity and
the Company reduced advertising and promotional spending by $2.5 million
compared to the prior year period. International income from operations
increased $0.4 million. In Central America operating income was up $0.2 million
primarily as a result of lower
6
<PAGE>
selling costs. In Europe, operating income was up $0.2 million due to the
improvement in margins as discussed above.
Other income declined by $0.6 million to $0.2 million from $0.8 million in the
prior year. Higher gains from the sale of marketable securities ($0.4 million)
and lower interest expense ($0.3 million) were offset by lower investment and
rent income ($0.4 million), reduced commercial storage income ($0.3 million),
lower foreign exchange gains ($0.2 million) and higher miscellaneous expenses
($0.3 million).
Tax expense increased $0.1 million to $4.5 million in the current year. The
effective tax rate was 33.0% in the current period as compared to 34.0% in the
same period last year. The lower rate in the current period results from a lower
effective tax rate in Central America which is being impacted by the utilization
of the prior year's operating loss carryover.
Net income for the six-month period was $9.0 million up 7.9% compared to $8.4
million for the comparable period last year. Earnings per share were $0.57
versus $0.53 last year.
LIQUIDITY AND CAPITAL RESOURCES
Cash provided by operating activities totaled $12.0 million for the six months
ended December 29, 1996 compared to cash used by operating activities of $2.2
million last year. The increase in cash provided by operations was related to
reduced working capital needs.
Cash used in investing activities increased to $6.7 million from $3.1 million in
the same period in the prior year. Purchases of property plant and equipment
totaled $10.2 million, which was $5.5 million more than purchases in the same
period last year. The increased spending in the current year was related to
major expansion projects in the domestic rice business and the cookie and
cracker business in Central America. Also, capital expenditures were made for a
consolidated joint venture with Riceland Foods to construct power-generating
facilities in Arkansas using rice hulls as fuel. Cash flow related to amounts
due from affiliates decreased by $0.8 million from the period ended December 31,
1995. Proceeds from the sale of marketable securities increased by $0.2 million.
Cash used in financing activities totaled $9.2 million in the six months ended
December 29, 1996. In the comparable period last year, financing activities
primarily through new debt provided $0.7 million. In the current period, $5.5
million was applied to repay both short and long-term debt whereas in the prior
year net additions to debt totaled $3.3 million. Dividend payments in the period
ended December 29, 1996 were $2.9 million, up from $2.6 million paid in the
same period last year.
On October 23, 1996 the Company's board of directors raised the quarterly
dividend on the Company's common stock to $0.10 per share from $0.09 per share,
for an indicated annual rate of $0.40 per share.
The Company's financial position continues to remain strong and the Company
believes that the combination of its working capital, unused and available
short-term credit facilities and cash flow from operations will provide
sufficient capital resources and liquidity to meet its needs.
7
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 15, Letters from Arthur Andersen LLP dated January
21, 1997, regarding unaudited financial statements.
(b) No reports on Form 8-K have been filed during the quarter
for which this report is filed.
8
<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.
RIVIANA FOODS INC.
Dated: February 7, 1997 By: /s/ E. WAYNE RAY, JR.
E. Wayne Ray, Jr.
Vice President, Chief Financial Officer
and Chief Accounting Officer
9
<PAGE>
EXHIBIT INDEX
Sequential
NO. DESCRIPTION PAGE NUMBER
- --- ----------- -----------
15 Letters from Arthur Andersen LLP dated 11
January 21, 1997, regarding unaudited
financial statements
10
<PAGE>
January 21, 1997
Riviana Foods Inc.:
We are aware that Riviana Foods Inc. has incorporated by reference in its Form
S-8 Registration Statement covering the 1994 Stock Option Plan, its Form S-8
Registration Statement covering the Amended and Restated 1995 Non-Employee
Director Stock Option Plan, and its Form S-3 Registration Statement, its Form
10-Q for the quarter ended December 29, 1996, which includes our report dated
January 21, 1997, covering the unaudited interim financial information contained
therein. Pursuant to Regulation C of the Securities Act of 1933, that report is
not considered a part of the registration statements prepared or certified by
our firm or a report prepared or certified by our firm within the meaning of
Sections 7 and 11 of the Act.
Very truly yours,
Arthur Andersen LLP
11
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of
Riviana Foods Inc.:
We have reviewed the accompanying consolidated balance sheet of Riviana Foods
Inc. (a Delaware corporation) and subsidiaries as of December 29, 1996, and the
related consolidated statements of income and cash flows for the three-month and
six-month periods ended December 29, 1996, and December 31, 1995. These
consolidated financial statements are the responsibility of the Company's
management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the financial statements referred to above for them to be in
conformity with generally accepted accounting principles.
Arthur Andersen LLP
Houston, Texas
January 21, 1997
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM RIVIANA FOODS INC'S SECOND QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-29-1997
<PERIOD-END> DEC-29-1996
<CASH> 1,955
<SECURITIES> 7,809
<RECEIVABLES> 44,575
<ALLOWANCES> 488
<INVENTORY> 55,461
<CURRENT-ASSETS> 114,682
<PP&E> 96,055
<DEPRECIATION> 35,873
<TOTAL-ASSETS> 192,383
<CURRENT-LIABILITIES> 54,237
<BONDS> 0
0
0
<COMMON> 15,883
<OTHER-SE> 105,971
<TOTAL-LIABILITY-AND-EQUITY> 192,383
<SALES> 223,796
<TOTAL-REVENUES> 223,796
<CGS> 163,626
<TOTAL-COSTS> 46,717
<OTHER-EXPENSES> 228
<LOSS-PROVISION> 60
<INTEREST-EXPENSE> (1,014)
<INCOME-PRETAX> 13,681
<INCOME-TAX> 4,513
<INCOME-CONTINUING> 9,018
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,018
<EPS-PRIMARY> 0.57
<EPS-DILUTED> 0.57
</TABLE>
