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 July 29, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-1308
------
STRAWBRIDGE & CLOTHIER
------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Pennsylvania 23-1131660
------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
801 Market Street
Philadelphia, PA 19107-3199
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(215) 629-6000
------------------------------------------------------------------------------
(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 / /.
The number of shares of Series A Common Stock, par value $1 per share,
of the registrant outstanding at August 30, 1995 is 7,412,685.
The number of shares of Series B Common Stock, par value $1 per share,
of the registrant outstanding at August 30, 1995 is 3,159,281.
<PAGE>
Form 10-Q
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
---------------------------------------
INDEX
-----
Page
PART I. FINANCIAL INFORMATION Number
------------------------------ ------
Item 1. Financial Statements (unaudited)
Condensed consolidated statements of operations--
three and six months and trailing years ended July 29,
1995 and July 30, 1994. 3
Condensed consolidated balance sheets--July 29, 1995
and January 28, 1995. 4
Condensed consolidated statements of cash flows--six
months ended July 29, 1995 and July 30, 1994. 5
Notes to condensed consolidated financial statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations. 7
PART II. OTHER INFORMATION
---------------------------
Item 4. Submission of Matters to a Vote of Security Holders 8
Item 6. Exhibits and Reports on Form 8-K 9
SIGNATURES 9
----------
<PAGE>
Form 10-Q
Page 3
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED TRAILING YEAR ENDED
-------------------------------------------------------------
July 29, July 30, July 29, July 30, July 29, July 30,
1995 1994 1995 1994 1995 1994
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net sales $218,551 $222,894 $417,176 $431,197 $989,503 $993,643
Other income,
net of other
deductions 539 515 1,231 1,102 3,394 2,403
-------- -------- -------- -------- -------- --------
219,090 223,409 418,407 432,299 992,897 996,046
Deduct:
Cost of sales,
including
occupancy and
buying costs 171,470 169,517 324,630 327,587 742,294 735,117
Selling and
administrative
expenses, net
of finance
charges 46,707 39,548 87,854 78,138 181,745 171,211
Depreciation 7,534 7,477 14,882 14,931 29,538 29,401
Interest 4,800 4,818 9,005 9,355 19,201 19,929
Provision for
doubtful
accounts 2,655 1,680 5,514 3,415 12,380 6,015
-------- -------- -------- -------- -------- --------
233,166 223,040 441,885 433,426 985,158 961,673
-------- -------- -------- -------- -------- --------
Earnings (loss)
before income
taxes (14,076) 369 (23,478) (1,127) 7,739 34,373
Income taxes
(benefit) (4,997) 125 (8,335) (383) 2,106 11,710
-------- -------- -------- -------- -------- --------
NET EARNINGS
(LOSS) $ (9,079) $ 244 $(15,143) $ (744) $ 5,633 $ 22,663
======== ======== ======== ======== ======== ========
NET EARNINGS
(LOSS) PER SHARE ($0.86) $0.02 ($1.45) ($0.07) $0.54 $2.18
======== ======== ======== ======== ======== ========
Cash dividends
per share:
Series A
Common Stock $0.275 $0.275 $0.55 $0.55 $1.10 $1.10
======== ======== ======== ======== ======== ========
Series B
Common Stock $0.25 $0.25 $0.50 $0.50 $1.00 $1.00
======== ======== ======== ======== ======== ========
Average shares
outstanding 10,498 10,402 10,480 10,393 10,456 10,378
======== ======== ======== ======== ======== ========
</TABLE>
See notes to condensed consolidated financial statements.
<PAGE>
Form 10-Q
Page 4
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
July 29, January 28,
1995 1995
----------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and equivalents $ 4,631 $ 1,575
Accounts receivable, less allowance
(7/29/95 - $5,563; 1/28/95 - $5,544) 122,929 161,943
Merchandise inventories 160,749 143,790
Deferred income taxes 3,975 3,975
Prepaid expenses and other 8,883 11,219
-------- --------
TOTAL CURRENT ASSETS 301,167 322,502
PROPERTY, FIXTURES AND EQUIPMENT 660,702 623,266
Less allowance for depreciation (329,925) (315,105)
-------- --------
330,777 308,161
OTHER ASSETS 14,021 9,129
-------- --------
$645,965 $639,792
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable $ 43,000 $ 6,500
Accounts payable 65,171 59,500
Accrued expenses 23,968 24,665
Taxes on income (6,765) 15,357
Dividends payable 2,828 2,798
Long-term debt and capital lease
obligations due within one year 9,236 8,426
-------- --------
TOTAL CURRENT LIABILITIES 137,438 117,246
LONG-TERM DEBT AND CAPITAL LEASE
OBLIGATIONS - due after one year 205,059 202,290
ACCRUED RETIREMENT COSTS 52,566 51,105
OTHER LIABILITIES 7,235 6,799
SERIES PREFERRED STOCK 0 0
SHAREHOLDERS' EQUITY
Common stock 10,572 10,461
Other shareholders' equity 233,095 251,891
-------- --------
TOTAL SHAREHOLDERS' EQUITY 243,667 262,352
-------- --------
$645,965 $639,792
======== ========
</TABLE>
See notes to condensed consolidated financial statements.
<PAGE>
Form 10-Q
Page 5
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
-----------------------
July 29, July 30,
1995 1994
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES $ 5,670 $14,262
NET CASH USED FOR INVESTING ACTIVITIES
Acquisition of property, fixtures and equipment (32,279) (16,116)
Changes in other assets (135) (263)
------- -------
TOTAL (32,414) (16,379)
------- -------
NET CASH PROVIDED BY FINANCING ACTIVITIES
Payment of long-term debt and capital lease
obligations (1,578) (4,421)
Increase in short-term notes payable 36,500 13,000
Purchase of preferred stock and treasury stock (121) (189)
Proceeds from issuance of common stock 627 622
Cash dividends (5,628) (5,568)
------- -------
TOTAL 29,800 3,444
------- -------
CHANGE IN CASH AND EQUIVALENTS 3,056 1,327
Cash and equivalents at beginning of period 1,575 2,860
------- -------
CASH AND EQUIVALENTS AT END OF PERIOD $ 4,631 $ 4,187
======= =======
</TABLE>
See notes to condensed consolidated financial statements.
<PAGE>
Form 10-Q
Page 6
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note A - Basis of Presentation
------------------------------
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions
to Form 10-Q. Accordingly, they do not include all information and
footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments (consisting only of normal recurring accruals) considered
necessary for a fair presentation have been included. The results of
operations for the three and six months ended July 29, 1995 are not
necessarily indicative of the results that may be anticipated for the
full fiscal year. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company's
annual report on Form 10-K for the year ended January 28, 1995.
Note B - Per Share Data
-----------------------
Earnings (loss) per share amounts are based on the weighted average
number of shares of common stock and dilutive common stock equivalents
(employee stock options) outstanding during each period, after
recognition of preferred stock dividends.
Note C - Unusual Items
----------------------
Selling and administrative expenses for the three months, six months and
trailing year ended July 29, 1995, include $3.2 million of costs
incurred in connection with an unsuccessful attempt to acquire six John
Wanamaker stores. Preopening expenses associated with three new stores
were $.6 million for the three months ended July 29, 1995 and $1.1
million for the six months and trailing year then ended.
<PAGE>
Form 10-Q
Page 7
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
---------------------
Net sales changes in comparison to the comparable periods in the
preceding year were decreases of 1.9%, 3.3% and .4% for the three
months, six months and trailing year ended July 29, 1995, respectively.
Comparable store sales declined 3.6%, 4.1% and .8% for the three months,
six months and trailing year ended July 29, 1995, respectively.
Continued sluggish sales in women's apparel and a weakening in the
overall economic climate combined to produce the disappointing sales
results. Additionally, the six months and trailing year periods ended
July 29, 1995, were adversely affected by a fourteen day public transit
strike in the Company's trading area. On April 21, 1995, the Company
opened its first home furnishings store in the Concord Mall and on May
8, 1995, the Company opened its new Brandywine Clover store. At the
beginning of the third quarter, on August 7, 1995, the Company opened a
new Clover store at the Gallery in Philadelphia. Second half sales are
expected to be favorably impacted by new marketing and sales promotion
initiatives as well as sales produced by the new units.
Costs and expenses as a percentage of sales and the effective tax rates
were as follows:
<TABLE>
<CAPTION>
THREE MONTHS SIX MONTHS TRAILING YEAR
ENDED ENDED ENDED
----------------- ----------------- -----------------
7/29/95 7/30/94 7/29/95 7/30/94 7/29/95 7/30/94
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Cost of sales,
including occupancy
and buying costs 78.5 76.1 77.8 76.0 75.0 74.0
Selling and adminis-
trative expenses, net
of finance charges 21.4 17.7 21.1 18.1 18.4 17.2
Depreciation 3.4 3.4 3.6 3.5 3.0 3.0
Interest 2.2 2.2 2.2 2.2 1.9 2.0
Provision for
doubtful accounts 1.2 .8 1.3 .8 1.3 .6
Effective tax rate 35.5 33.9 35.5 34.0 27.2 34.1
</TABLE>
Cost of sales, including occupancy and buying costs, for the three
months, six months and trailing year ended July 29, 1995, reflect
increased markdowns taken to stimulate sales in the Company's highly
competitive trading area. Selling and administrative expenses, net of
finance charges, for the three months, six months and trailing year
ended July 29, 1995, include $3.2 million of costs incurred in an
attempt to acquire six John Wanamaker stores. Also, the increase in
selling and administrative expenses, net of finance charges, as a
percentage of sales, for all periods shown, reflects the decrease in
sales, preopening expenses for three new stores and a reduction in
finance charge income due to the sale of $50.0 million of customer
accounts receivable at the end of fiscal 1994. This reduction in
finance charge income is approximately $.8 million for the three months
ended July 29, 1995, and $1.6 million for the six months and trailing
year ended July 29, 1995, which is offset by comparable interest expense
savings resulting from use of the sale proceeds to reduce borrowings.
The Company will consider additional sales of customer accounts
receivable as appropriate, but has none planned at this time.
Preopening expenses were $.6 million for the three months ended July 29,
1995 and $1.1 million for the six months and trailing year ended July
29, 1995. The provision for doubtful accounts for the three months, six
months and trailing year ended July 29, 1995, increased due to higher
write-offs and increases in the reserve for doubtful accounts, which
resulted from more
<PAGE>
Form 10-Q
Page 8
STRAWBRIDGE & CLOTHIER AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (CONT'D)
RESULTS OF OPERATIONS (CONT'D)
------------------------------
liberal credit policies instituted in fiscal years 1993 and 1992 to
stimulate credit sales and remain competitive in the credit market. The
Company has instituted revised credit and collection policies and
procedures during fiscal year 1995 and anticipates the provision for
doubtful accounts for fiscal year 1995 to be similar to fiscal year
1994. The increase in the effective tax rate for the three and six
months ended July 29, 1995 resulted from the expiration of the jobs tax
credit. See Management's Discussion and Analysis of Financial Condition
and Results of Operations included in the Company's annual report on
Form 10-K for the year ended January 28, 1995 for discussion of
additional matters affecting the trailing year result.
FINANCIAL CONDITION & LIQUIDITY
-------------------------------
Operating activities generated cash flows of $5.7 million for the six
months ended July 29, 1995, compared to $14.3 million in the prior year.
The decrease is primarily a result of reduced earnings.
Anticipated capital expenditures for fiscal 1995 of $39.6 million
include the opening of the two new Clover stores and the home
furnishings store, the renovation of the Concord department store and
the renovation of the Rising Sun and the Center Square Clover stores and
other renovation projects. $32.3 million of that planned amount has been
expended during the six months ended July 29, 1995. The Company
continually investigates potential sites for new stores, and capital
expenditure plans may change as opportunities for new stores develop.
Prior year capital expenditures of $16.1 million included the renovation
of the fourth floor of the Philadelphia store, the renovation of two
Clover stores and other renovation projects. Cash provided by financing
activities resulted from additional short-term borrowings and was $29.8
million for the six months ended July 29, 1995, compared to $3.4 million
for the prior year period.
The ratio of current assets to current liabilities was 2.19 at the end
of the second quarter of fiscal 1995, compared to 2.75 at the end of
fiscal 1994 and 2.33 at the end of the second quarter of fiscal 1994.
The changes in working capital components such as accounts receivable,
merchandise inventories and accrued income taxes, as compared to January
28, 1995, reflect normal seasonal variations. The increase in
short-term borrowings is primarily the result of the new stores and
sluggish sales. Long-term debt and capital lease obligations were 45.7%
of capitalization at July 29, 1995, compared to 43.5% at January 28, 1995.
The Company believes its relations with banks and other credit sources
are good and that it has considerable flexibility in deciding how to
fund future capital expenditures and maturities of long-term debt.
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
On May 24, 1995, the Annual Meeting of Shareholders of Strawbridge &
Clothier was held. The shareholders elected the four individuals
nominated to the Board of Directors, two for a term of one year expiring
in 1996 and two for a term of three years expiring in 1998. The
shareholders also approved the designation of Ernst & Young LLP as
independent auditors. No other matters were considered at the meeting.
The number of votes cast for and withheld from the election of each
nominee is set forth below. There were no votes against, abstentions or
broker non-votes in the election of directors.
<PAGE>
Form 10-Q
Page 9
PART II - OTHER INFORMATION (CONT'D)
Item 4. Submission of Matters to a Vote of Security Holders (cont'd)
------------------------------------------------------------
<TABLE>
<CAPTION>
Election of Directors: For Withheld
---------------------- --- --------
<S> <C> <C>
Term expiring in 1996:
Richard H. Hall 37,040,273 209,173
Anne C. Longstreth 36,922,522 326,924
Term expiring in 1998:
Francis R. Strawbridge, III 37,044,228 205,218
Steven L. Strawbridge 37,044,331 205,115
</TABLE>
The number of votes cast for and against, and the number of abstentions
in the approval of the designation of Ernst & Young LLP is as follows:
For, 37,213,154; Against, 6,766; Abstain, 29,861. There were no broker
non-votes.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits:
---------
None.
(b) Reports on Form 8-K
-------------------
None.
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.
STRAWBRIDGE & CLOTHIER
---------------------------------------------
Registrant
Date: September 12, 1995
------------------
/s/ Steven L. Strawbridge
---------------------------------------------
Steven L. Strawbridge
Vice President, Treasurer & Secretary
(principal financial officer)
SECOND
QUARTER
REPORT
1995
STRAWBRIDGE
& CLOTHIER
[LOGO]
<PAGE>
To Our Shareholders:
In the second quarter of the fiscal year 1995
ended July 29, sales were $218,551,000 compared
to $222,894,000 for the same period last year, a
decrease of 1.9%. Comparable store sales
declined 3.6% during the quarter. The Company
incurred a loss for the quarter of $9,079,000
compared to earnings of $244,000 in 1994. Loss
per share was $.86 in 1995's second quarter
compared to earnings of $.02 per share last
year. The results include a charge of $.20 per
share related to the acquisition attempt for six
John Wanamaker stores.
For the first half of the fiscal year sales
were $417,176,000 compared to $431,197,000 last
year, a decrease of 3.3%. Comparable store
sales declined 4.1%. The Company incurred a
loss for the first half of $15,143,000 compared
to a loss of $744,000 last year. Loss per share
was $1.45 in 1995 (including $.20 per share in
costs for the John Wanamaker acquisition
attempt) compared to a loss per share of $.07
in 1994.
Continued sluggish sales in women's apparel,
and consumer confidence in our trade area
remaining meaningfully below the national
average, both contributed to the disappointing
sales results.
Second half sales are expected to be
favorably impacted by new marketing and sales
promotion initiatives as well as by sales
produced by the Company's two new Clover stores
and its new Home Furnishings unit in Delaware.
On August 7, 1995 the Company opened its 27th
Clover store at the Gallery at Market East in
downtown Philadelphia. This store, occupying
two levels of the former Stern's department
store, has shown strong sales in its opening
weeks. The Company's headquarters store, along
with the new Clover store operating within the
same enclosed shopping center, now provides a
virtually complete shopping experience to our
customers, which is unique in American large
city retailing.
s/ FRANCIS R. STRAWBRIDGE III s/ PETER S. STRAWBRIDGE
Chairman of the Board President
<PAGE>
STRAWBRIDGE & CLOTHIER [LOGO]
==============================================================================
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
==============================================================================
<TABLE>
<CAPTION>
Thirteen Weeks Twenty-six Weeks Trailing Year
Ended Ended Ended
------------------ ------------------- ------------------
7/29/95 7/30/94 7/29/95 7/30/94 7/29/95 7/30/94
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net sales $218,551 $222,894 $417,176 $431,197 $989,503 $993,643
Other income,
net of other
deductions 539 515 1,231 1,102 3,394 2,403
-------- -------- -------- -------- -------- --------
219,090 223,409 418,407 432,299 992,897 996,046
Cost of sales 171,470 169,517 324,630 327,587 742,294 735,117
Selling, general
and administra-
tive costs 46,707 39,548 87,854 78,138 181,745 171,211
Depreciation 7,534 7,477 14,882 14,931 29,538 29,401
Interest 4,800 4,818 9,005 9,355 19,201 19,929
Provision for
doubtful
accounts 2,655 1,680 5,514 3,415 12,380 6,015
-------- -------- -------- -------- -------- --------
233,166 223,040 441,885 433,426 985,158 961,673
-------- -------- -------- -------- -------- --------
Earnings (loss)
before income
taxes (14,076) 369 (23,478) (1,127) 7,739 34,373
Provision for
income taxes
(benefit) (4,997) 125 (8,335) (383) 2,106 11,710
-------- -------- -------- -------- -------- --------
NET EARNINGS
(LOSS) $ (9,079) $ 244 $(15,143) $ (744) $ 5,633 $ 22,663
======== ======== ======== ======== ======== ========
NET EARNINGS
(LOSS) PER
SHARE $(0.86) $ 0.02 $(1.45) $(0.07) $0.54 $2.18
Average shares
outstanding 10,498 10,402 10,480 10,393 10,456 10,378
==============================================================================
</TABLE>
NOTES: (1) New store preopening expenses had the effect of reducing earnings
per share by $.03 and $.07 for the thirteen weeks and twenty-six
weeks ended July 29, 1995, respectively.
(2) Costs incurred in the attempt to acquire six John Wanamaker stores
had the effect of reducing earnings per share $.20 for the thirteen
and twenty-six weeks ended July 29, 1995.
<PAGE>
==============================================================
Condensed Consolidated
Balance Sheets (Unaudited)
(in thousands)
==============================================================
<TABLE>
<CAPTION>
Assets 7/29/95 7/30/94
-------- --------
<S> <C> <C>
Current assets:
Cash and equivalents $ 4,631 $ 4,187
Accounts receivable, net 122,929 178,050
Merchandise inventories 160,749 158,897
Other current assets 12,858 11,744
-------- --------
Total current assets 301,167 352,878
Property, fixtures and
equipment, net 330,777 301,644
Other assets 14,021 6,746
-------- --------
$645,965 $661,268
======== ========
Liabilities and
Shareholders' Equity
Current liabilities:
Notes payable $ 43,000 $ 56,500
Accounts payable 65,171 62,428
Other 29,267 32,558
-------- --------
Total current liabilities 137,438 151,486
Long-term debt and capital
lease obligations 205,059 204,016
Other liabilities 59,801 59,263
Shareholders'equity 243,667 246,503
-------- --------
$645,965 $661,268
======== ========
</TABLE>
<PAGE>
DEPARTMENT STORES
Philadelphia Exton
Ardmore Christiana
Cherry Hill Burlington
Springfield Concord
Plymouth Meeting The Court at
Neshaminy King of Prussia
Echelon Willow Grove Park
Concord Home Furnishings
CLOVER STORES
Marlton Cheltenham
Blackwood Whitehall Mall
Cinnaminson Palmer Park
Morrisville Rising Sun Plaza
Center Square Township Line
Baltimore Pike Park City
Westmont Penrose Plaza
Andorra Whiteland
Frankford Ave. Towne Center
Cottman Ave. Shore Mall
Bucks Mall Kirkwood Plaza
Mercerville Ralph's Corner
Granite Run Brandywine
Warrington Gallery
----------------------------------
TRANSFER AGENT AND RECORD KEEPER
Please direct address changes
and inquiries regarding stock
transfer, registration and
record keeping to:
Chemical Mellon Shareholder Services
P.O. Box 444
Pittsburgh, PA 15230
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-03-1996
<PERIOD-END> JUL-29-1995
<CASH> 4,631
<SECURITIES> 0
<RECEIVABLES> 128,492
<ALLOWANCES> 5,563
<INVENTORY> 160,749
<CURRENT-ASSETS> 301,167
<PP&E> 660,702
<DEPRECIATION> 329,925
<TOTAL-ASSETS> 645,965
<CURRENT-LIABILITIES> 137,438
<BONDS> 205,059
<COMMON> 10,572
0
0
<OTHER-SE> 233,095
<TOTAL-LIABILITY-AND-EQUITY> 645,965
<SALES> 417,176
<TOTAL-REVENUES> 418,407
<CGS> 324,630
<TOTAL-COSTS> 324,630
<OTHER-EXPENSES> 102,736
<LOSS-PROVISION> 5,514
<INTEREST-EXPENSE> 9,005
<INCOME-PRETAX> (23,478)
<INCOME-TAX> (8,335)
<INCOME-CONTINUING> (15,143)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,143)
<EPS-PRIMARY> (1.45)
<EPS-DILUTED> (1.45)
</TABLE>
