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 Quarter Ended July 21, 1996
or,
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 0-12644
Benihana Inc.
(Exact name of registrant as specified in its charter)
Delaware 65-0538630
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8685 Northwest 53rd Terrace, Miami, Florida 33166
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 593-0770
None
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
Indicate by number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Common stock $.10 par value, 3,526,016 shares outstanding at August 5,1996
Class A common stock $.10 par value, 2,316,300 shares outstanding at August 5,
1996
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
PART I - Financial Information
<TABLE>
CONSOLIDATED BALANCE SHEETS (See Note 2)
All dollar amounts in thousands, except per share amounts
<CAPTION>
(Unaudited)
July 21, March 31,
1996 1996
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets
Current assets
Cash and equivalents $ 5,780 $ 4,722
Receivables (net of allowance for doubtful amounts of
$66 in July 1996 and $57 in March 1996, respectively)
Trade 178 155
Affiliates 93 91
Other 14 6
- -------------------------------------------------------------------------------------------------------------------
Total Receivables 285 252
Inventories (Note 3) 2,278 1,833
Prepaid expenses (Note 4) 749 920
- -------------------------------------------------------------------------------------------------------------------
Total Current Assets 9,092 7,727
Property and equipment, net 24,605 24,915
Due from affiliates, long term 220 232
Deferred income taxes 1,577 1,577
Other assets (Note 5) 1,754 1,806
- -------------------------------------------------------------------------------------------------------------------
$ 37,248 $36,257
- -------------------------------------------------------------------------------------------------------------------
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 6,708 $ 6,539
Current maturities of long-term debt and
obligations under capital leases 1,482 1,488
- -------------------------------------------------------------------------------------------------------------------
Total Current Liabilities 8,190 8,027
Long-term debt 5,826 6,104
Due to affiliates - long term 398 439
Obligations under capital leases 4,203 4,361
Stockholders' Equity
Preferred stock - $1.00 par value;
authorized - 5,000,000 shares, issued
and outstanding - 2,000 shares 2 2
Common stock - $.10 par value;
convertible, authorized - 12,000,000
shares, issued and outstanding -
3,526,016 shares and 3,500,416 shares,
respectively 353 352
Class A common stock - $.10 par value;
authorized - 20,000,000 shares, issued
and outstanding - 2,316,300 shares 232 232
Additional paid-in capital 14,323 14,285
Retained earnings 3,721 2,455
- -------------------------------------------------------------------------------------------------------------------
Total Stockholders' Equity 18,631 17,326
- -------------------------------------------------------------------------------------------------------------------
$ 37,248 $36,257
- -------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
-1-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2)
(UNAUDITED)
All dollar amounts in thousands, except per share amounts
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Revenues
Net restaurant food and beverage sales $25,404 $23,504
Other income 201 167
- -------------------------------------------------------------------------------------------------------------------
Total Revenues 25,605 23,671
Costs and Expenses
Cost of restaurant food and beverage sales 6,519 6,446
Restaurant expenses 15,544 14,145
General and administrative expenses 1,326 1,182
Interest expense 300 396
- -------------------------------------------------------------------------------------------------------------------
Total Costs and Expenses 23,689 22,169
- -------------------------------------------------------------------------------------------------------------------
Income from operations before income taxes 1,916 1,502
Income tax provision 613 391
- -------------------------------------------------------------------------------------------------------------------
Net Income $ 1,303 $ 1,111
- -------------------------------------------------------------------------------------------------------------------
Pro Forma Net Income Per Common Share (Note 6)
Primary and fully diluted earnings per common share $ 0.21 $ 0.18
- -------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
-2-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (See Note 2)
(UNAUDITED)
All dollar amounts in thousands, except per share amounts
<CAPTION>
Class A Additional
Preferred Common Common Paid-in Retained
Stock Stock Stock Capital Earnings
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance, March 31, 1996 $2 $352 $232 $14,285 $2,455
Net income 1,303
Dividend on preferred stock (37)
Exercise of stock options 1 38
- -------------------------------------------------------------------------------------------------------------------
Balance, July 21, 1996 $2 $353 $232 $14,323 $3,721
- -------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
-3-
<PAGE>
<TABLE>
BENIHANA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (See Note 2)
(UNAUDITED)
All dollar amounts in thousands
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operating Activities
Net income $ 1,303 $ 1,111
Adjustments to reconcile net income to net
Cash provided by operating activities:
Depreciation and amortization 803 661
Deferred taxes 285
Change in operating assets and liabilities that provided or (used) cash:
Accounts receivable (33) 18
Inventories (445) (64)
Prepaid expenses 171 290
Other assets 19 14
Accounts payable and accrued expenses 168 (1,281)
- -------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 1,986 1,034
- -------------------------------------------------------------------------------------------------------------------
Investing activities
Expenditures for property and equipment (447) (544)
- -------------------------------------------------------------------------------------------------------------------
Net cash (used in) investing activities (447) (544)
- -------------------------------------------------------------------------------------------------------------------
Financing Activities
Repayment of long-term debt and obligations
under capital leases (483) (1,470)
Proceeds from issuance of long-term debt 334
Net cash distributed to BOT (110)
Dividend paid (37) (20)
Proceeds from issuance of common stock 39 10
- -------------------------------------------------------------------------------------------------------------------
Net cash (used in) financing activities (481) (1,256)
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 1,058 (766)
Cash and cash equivalents, beginning of year 4,722 1,854
- -------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 5,780 $ 1,088
- -------------------------------------------------------------------------------------------------------------------
Supplemental Cash Flow Information
Cash paid during the four periods:
Interest $ 261 $ 267
Income taxes 303 102
See notes to consolidated financial statements.
</TABLE>
-4-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOUR PERIODS ENDED JULY 21, 1996 AND JULY 16, 1995
(UNAUDITED)
1. GENERAL
The accompanying consolidated financial statements are unaudited and reflect
all adjustments (consisting only of normal recurring adjustments at July 21,
1996) which are, in the opinion of management, necessary for a fair
presentation of financial position and results of operations. The results of
operations for the four periods (sixteen weeks) ended July 21, 1996 are not
necessarily indicative of the results to be expected for the full year.
Certain information and footnotes normally included in financial statements
prepared in accordance with generally accepted accounting principles have
been condensed or omitted. The Company's fiscal year consists of 13
four-week accounting periods.
2. BASIS OF PRESENTATION AND ACQUISITION
The Company's financial statements and the discussion and data presented
below reflect a reorganization pursuant to which the Company acquired
seventeen restaurants, four license agreements and the U.S. trademarks of
Benihana of Tokyo, Inc. and became the successor to Benihana National Corp.
through the merger of BNC and a wholly owned subsidiary of the Company
through a share-for-share exchange of common equity. Accordingly, the
Company's financial statements for the period ended July 16, 1995 have been
restated retroactively to include the historical accounts of BNC and the BOT
Restaurants without adjustment. The acquisition has been accounted for in a
manner similar to a pooling of interests since the parties to the
transaction were under common control. In connection with the acquisition,
the Company paid $3,000,000 in cash and issued 76,905 shares of Common
Stock, 2,000 shares of $1.00 par value Class A Convertible Preferred Stock,
and a 7 1/2% promissory note in the amount of $650,000.
<TABLE>
3. INVENTORIES
Inventories consist of (in thousands):
<CAPTION>
July 21, March 31,
1996 1996
-------- --------
<S> <C> <C>
Food and beverage $ 925 $ 565
Supplies 1,353 1,268
------- -------
$ 2,278 $ 1,833
======= =======
</TABLE>
-5-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
4. PREPAID EXPENSES
Prepaid expenses consist of (in thousands):
<CAPTION>
July 21, March 31,
1996 1996
-------- ---------
<S> <C> <C>
Prepaid insurance $ 384 $ 589
Prepaid advertising 17 35
Other 348 296
-------- -------
$ 749 $ 920
======== =======
5. OTHER ASSETS
Other assets consist of (in thousands):
<CAPTION>
July 21, March 31,
1996 1996
-------- ---------
<S> <C> <C>
Lease acquisition costs $ 533 $ 551
Cash surrender value of officer's
Life insurance 270 270
Premium on liquor licenses 651 651
Security deposits 174 175
Preopening expenses 20 47
Other 106 112
-------- --------
$ 1,754 $1,806
======== ========
</TABLE>
6. PRO FORMA NET INCOME PER COMMON SHARE
The pro forma primary net income per common share was computed by using
the weighted average number of shares and dilutive common stock
equivalents (6,055,008 shares in July 1996 and 5,963,784 shares in July
1995) of Common Stock and Class A Common Stock outstanding as of July
21, 1996. In addition to the weighted average number of shares and
dilutive common stock equivalents, the calculation of fully diluted
earnings per share include 300,000 shares issuable upon conversion of
the Preferred Stock. Fully diluted earnings per share assumes that the
Preferred Stock was converted into Class A Common Stock as of the
beginning of the fiscal year.
-6-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The Company's financial statements and the discussion and data presented below
reflect a reorganization in the prior year pursuant to which the Company
acquired seventeen restaurants, four license agreements and the U.S. trademarks
of Benihana of Tokyo, Inc. and became the successor to Benihana National Corp.
through the merger of BNC and a wholly owned subsidiary of the Company through a
share-for-share exchange of common equity.
The Company's revenues consist of sales of food and beverages sold in each of
the owned restaurants and licensing fees received from licensees. Cost of
restaurant food and beverage sold represents the direct cost of the ingredients
for the prepared food and beverages sold. Restaurant expenses consist of direct
and indirect labor, occupancy costs, advertising and other costs that are
directly attributed to each restaurant location.
Restaurant revenues and expenses are dependent upon a number of factors
including the number of restaurants in operation and restaurant patronage.
Revenues are also dependent on the average check amount and expenses are
additionally dependent upon the costs of food and beverages sold, average wage
rates, marketing costs and the costs of interest and administering restaurant
operations.
The Company's revenues and net income surpassed the comparable periods in the
previous year. Restaurant revenue increased by 8.2% and net income increased by
17.3% for the four periods ended July 21, 1996. Revenues continue to increase as
a result of sustained increases in patronage and the resulting revenue
improvements are reflected in increased net income and per share earnings. In
the previous year's four periods, the Company provided for federal income taxes
net of benefits derived from net operating loss carryforwards. These net
operating loss carryforwards were exhausted in the previous year and accordingly
the Company is providing for federal income taxes at full statutory rates less
income tax credits for FICA taxes paid on reported employee tip income.
REVENUES
The amounts of sales and the changes in amount and percentage change in amount
of sales from the previous fiscal year are shown in the following tables.
-7-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
-------- --------
<S> <C> <C>
Net restaurant sales $25,404 $23,504
Other income 201 167
------- -------
$25,605 $23,671
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
-------- --------
<S> <C> <C>
Amount of change in total revenues
from previous year $ 1,934 $ 1,847
Percentage change for the
previous year 8.2% 8.5%
</TABLE>
Four Periods Ended July 21, 1996 compared to July 16, 1995 -- Restaurant
revenues continued to increase in the four periods ended July 21, 1996 as
compared to the equivalent periods ended July 16, 1995. The Company's trend of
increases in comparable per unit sales continued during the four periods.
Patronage at Benihana continues to increase resulting from favorable consumer
response to the Company's advertising programs from physical improvements made
to several restaurant properties, from opening the restaurants for lunch service
on the weekends and opening sushi bars and Karaoke centers at several of the
restaurants.
COSTS AND EXPENSES
Costs of restaurant sales, which are generally variable with sales, directly
increased with changes in revenues for the four periods. The following table
reflects the proportion that the various elements of costs and expenses bore to
sales and the changes in amounts and percentage changes in amounts from the
previous year's four periods.
-8-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
--------- ---------
<S> <C> <C>
COST AS A PERCENTAGE OF
RESTAURANT SALES:
Cost of restaurant food and
beverage sales 25.7% 27.4%
Restaurant expenses 61.2% 60.2%
General and administrative
expenses 5.2% 5.0%
AMOUNT OF CHANGE FROM
PREVIOUS YEAR (IN THOUSANDS):
Cost of restaurant food and
beverage sales $73 $180
Restaurant expenses $1,399 $884
General and administrative expenses $144 ($110)
PERCENTAGE CHANGE FROM
PREVIOUS YEAR:
Cost of restaurant food and
beverage sales 1.1% 2.9%
Restaurant expenses 9.9% 6.7%
General and administrative expenses 12.2% (8.6%)
</TABLE>
Four Periods Ended July 21, 1996 Compared to Four Periods Ended July 16, 1995 --
The cost of food and beverage sales increased slightly in total amount for the
four periods, but decreased when expressed as a percentage of sales. Favorable
long-term purchasing contracts have been made for certain seafood items covering
most of the Company's restaurants. Additionally, the Company obtained more
favorable pricing from several vendors for other food products and services at
several of the 17 restaurants that were purchased from BOT. Restaurant expenses
increased in absolute amount and expressed as a percentage of sales for the four
periods. The increase was due to an increase in labor costs attributable to the
additional personnel required for the extended hours of operations in some
locations. Additionally, advertising and promotion increased during the current
first quarter.
General and administrative costs increased in total amount and when expressed as
a percentage of sales. The increase is attributable to an estimate recorded in
the current year for bonus awards as outlined in the Benihana Incentive
Compensation Plan adopted by the Company in fiscal 1996.
Interest costs decreased in the four periods of the current year as compared to
the four periods of the prior year. The decrease is attributable to the decrease
in total principal balances outstanding over that of the prior year.
The effective income tax rate increased from 26% in the prior year to 32% in the
current year due to the utilization of net operating loss carryforwards in the
prior year.
-9-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Company does not require significant amounts of inventory or receivables.
Therefore, the Company, as is typical with many restaurant companies, does not
have to provide financing for such amounts and operates with a minimum amount of
working capital. During the quarter, the Company improved its working capital
position to $902,000 from a working capital deficiency of $300,000 at March 31,
1996.
The Company has no material commitments for future capital improvements, but the
Company expects that it will make expenditures to improve the appearance and
efficiency of its restaurants. The Company has signed leases for two Benihana
Grill locations in Dallas, Texas and Sugarland (Houston), Texas opening in late
1996 and early 1997, respectively. The Company believes that it has sufficient
cash resources from operating cash flows to provide for capital improvements as
well as for construction and opening costs without additional borrowings.
The Company financed the $6,150,000 aggregate purchase price of the BOT
Restaurants by issuing 76,905 shares of comon stock; 2,000 shares of preferred
stock with a $2,000,000 liquidation value; a note payable to BOT in the amount
of $650,000; and $3,000,000 in cash. The cash portion was financed by
consolidating BNC's previously existing bank term loans and increasing the
amount borrowed.
-10-
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
PART II - Other Information
Item 4. Results of Vote of Security Holders
(a) The registrant held its annual meeting of stockholders on
July 19, 1996.
(b) The following directors were elected at the meeting:
Robert G. Greenberg, Taka Yoshimoto, Darwin C. Dornbush
Other directors whose term of office continue after the
meeting are set forth below:
Rocky H. Aoki, Joel A. Schwartz, John E. Abdo, Irwin K.
Chapman
(c) At the annual meeting, holders of the registrant's Class A
Common Stock voted to elect one Class I director for a term of
three years and the holders of the registrant's Common Stock
voted to elect one Class I director for a term of three years
and one Class III director for a term of two years. In
addition, holders of the registrant's Common Stock and Class A
Common Stock, voting together as a single class, voted for the
adoption of the 1996 Class A Stock Option Plan and for the
ratification of Deloitte & Touche LLP to serve as the
registrant's independent certified public accountants for the
fiscal year ending March 30, 1997.
At the meeting, the following votes for and against, as well
as the number of abstentions and broker non-votes were
recorded for each matter as set forth below:
<TABLE>
<CAPTION>
WITHHOLD BROKER
MATTER FOR AGAINST ABSTAIN AUTHORITY NON-VOTES
-------- -------- ------- --------- -----------
<S> <C> <C> <C> <C>
Election of Directors:
Class I:
Robert G. Greenberg 2,026,390 38,360
Taka Yoshimoto 3,353,099 29,748
Class III:
Darwin C. Dornbush 3,353,079 29,768
Adoption of the 1996
Class A Stock Option
Plan 2,199,624 200,451 1,709 1,187,538
Ratification of
Independent Public
Accountants 3,381,339 616 892
</TABLE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 11 Calculation of Earnings Per Share
Exhibit 27 Financial Data Schedule
(b) None
-11-
<PAGE>
EXHIBIT 11
<TABLE>
BENIHANA INC.
CALCULATION OF PRIMARY EARNINGS PER SHARE
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
----------- ----------
<S> <C> <C>
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING 5,836,959 5,810,991
DILUTIVE EFFECT OF WARRANTS
OUTSTANDING 147,093 89,039
DILUTIVE EFFECT OF STOCK OPTIONS
OUTSTANDING USED IN CALCULATION
OF EARNINGS PER SHARE 70,956 63,754
----------- ----------
6,055,008 5,963,784
=========== ==========
NET INCOME $ 1,303,317 $1,111,252
EFFECT OF DIVIDENDS ON PREFERRED
STOCK ISSUED IN CONNECTION WITH
THE REORGANIZATION (36,923) (36,923)
PROFORMA INTEREST ON DEBT INCURRED
TO FINANCE ACQUISITION OF BOT
RESTAURANTS (36,250)
PROFORMA INTEREST ON DEBT ISSUED
TO BOT TO FINANCE ACQUISITION OF
BOT RESTAURANTS (6,806)
INCOME TAX EFFECT ON PROFORMA
AMOUNTS OF INTEREST ON
ACQUISITION DEBT INDEBTEDNESS 17,222
---------- ----------
PROFORMA NET INCOME $1,266,094 $1,048,496
========== ==========
EARNINGS PER SHARE $.21 $.18
==== ====
</TABLE>
-12-
<PAGE>
EXHIBIT 11
<TABLE>
BENIHANA INC.
CALCULATION OF FULLY DILUTED EARNINGS PER SHARE
<CAPTION>
Four Periods Ended
July 21, July 16,
1996 1995
---------- ---------
<S> <C> <C>
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING 5,836,959 5,810,991
CONVERTIBLE PREFERRED STOCK 300,000
DILUTIVE EFFECT OF WARRANTS
OUTSTANDING 147,093 89,039
DILUTIVE EFFECT OF STOCK OPTIONS
OUTSTANDING USED IN CALCULATION
OF EARNINGS PER SHARE 70,956 63,754
---------- ----------
6,355,008 5,963,784
========== ==========
NET INCOME $1,303,317 $1,111,252
EFFECT OF DIVIDENDS ON PREFERRED
STOCK ISSUED IN CONNECTION WITH
THE REORGANIZATION (36,923)
PROFORMA INTEREST ON DEBT INCURRED
TO FINANCE ACQUISITION OF BOT
RESTAURANTS (36,250)
PROFORMA INTEREST ON DEBT ISSUED
TO BOT TO FINANCE ACQUISITION OF
BOT RESTAURANTS (6,806)
INCOME TAX EFFECT ON PROFORMA
AMOUNTS OF INTEREST ON
ACQUISITION DEBT INDEBTEDNESS 17,222
---------- ----------
PROFORMA NET INCOME $1,303,317 $1,048,496
========== ==========
EARNINGS PER SHARE $.21 $.18
==== ====
</TABLE>
-13-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Benihana Inc.
(Registrant)
Date August 12, 1996 /s/ Joel A. Schwartz
--------------------- --------------------
Joel A. Schwartz
President
/s/ Michael R. Burris
---------------------
Michael R. Burris
Chief Financial Officer
-14-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the July 21,
1996 Financial Statements and is qualified in its entirety by reference to such
Financial Statements.
</LEGEND>
<CIK> 0000935226
<NAME> BENIHANA INC.
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> JUL-21-1996
<EXCHANGE-RATE> 1
<CASH> 5,780
<SECURITIES> 0
<RECEIVABLES> 285
<ALLOWANCES> 66
<INVENTORY> 2,278
<CURRENT-ASSETS> 9,092
<PP&E> 24,605
<DEPRECIATION> 26,970
<TOTAL-ASSETS> 37,248
<CURRENT-LIABILITIES> 8,190
<BONDS> 10,427
0
2
<COMMON> 585
<OTHER-SE> 18,044
<TOTAL-LIABILITY-AND-EQUITY> 18,631
<SALES> 25,404
<TOTAL-REVENUES> 25,605
<CGS> 6,519
<TOTAL-COSTS> 15,544
<OTHER-EXPENSES> 1,326
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 300
<INCOME-PRETAX> 1,916
<INCOME-TAX> 613
<INCOME-CONTINUING> 1,303
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,303
<EPS-PRIMARY> .21
<EPS-DILUTED> .21
</TABLE>
