<PAGE>
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 (FEE REQUIRED)
For the quarterly period ended September 2, 1994
OR
- - - ----- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to .
---------- ---------
Commission File Number: 1-4404
------
THE STRIDE RITE CORPORATION
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-1399290
- - - ---------------------------- --------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
Five Cambridge Center, Cambridge, Massachusetts 02142
---------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 617-491-8800
------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
- - - ------------------- -------------------
Common Stock, $.25 par value New York Stock Exchange
Preferred Stock Purchase Rights New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all
reports required 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
----- -----
As of October 5, 1994, 49,517,748 shares of the registrant's common stock,
$.25 par value, were outstanding and 6,189,718 of the registrant's Preferred
Stock Purchase Rights, which trade with the registrant's common stock, were
outstanding.
The list of exhibits, which are included or incorporated by reference,
appears on page 13 of this report.
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
--------------------
THE STRIDE RITE CORPORATION
---------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(Dollars In Thousands)
<TABLE>
<CAPTION>
Sept. 2, Aug. 27,
1994 December 3, 1993
(Unaudited) 1993 (Unaudited)
----------- ----------- -----------
Assets
------
<S> <C> <C> <C>
Current Assets:
Cash and cash equivalents $ 43,623 $ 38,763 $ 25,663
Short-term investments 30,534 65,645 73,840
Accounts and notes
receivable, net 111,747 75,184 117,755
Inventories:
Finished goods 101,249 127,925 84,447
Work in process 2,058 1,670 2,999
Raw materials 3,175 3,130 2,716
-------- -------- --------
106,482 132,725 90,162
Deferred income taxes
and prepaid expenses 31,966 31,403 31,006
-------- -------- --------
Total current assets 324,352 343,720 338,426
Property and equipment, net 47,103 47,737 35,606
Other assets 20,738 20,992 22,136
-------- -------- --------
Total assets $392,193 $412,449 $396,168
======== ======== ========
</TABLE>
The accompanying notes are an integral part of the
condensed consolidated financial statements.
2
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
THE STRIDE RITE CORPORATION
---------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
-------------------------------------------------
(Dollars In Thousands)
<TABLE>
<CAPTION>
Sept. 2, Aug. 27,
1994 December 3, 1993
(Unaudited) 1993 (Unaudited)
----------- ----------- -----------
Liabilities and Stockholders' Equity
- - - ------------------------------------
<S> <C> <C> <C>
Current Liabilities:
Current maturities of long-term debt $ 833 $ 833 $ 833
Accounts payable 14,374 30,495 11,567
Income taxes payable 36,001 31,701 36,719
Accrued expenses and other
liabilities 33,157 37,442 39,042
------ ------ ------
Total current liabilities 84,365 100,471 88,161
Deferred income taxes 7,178 7,005 5,029
Long-term debt 2,500 2,500 3,333
Stockholders' Equity:
Preferred stock, $1 par value
Shares authorized - 1,000,000
Shares issued - None - - -
Common stock, $.25 par value
Shares authorized - 135,000,000
Shares issued - 56,946,544 14,237 14,237 14,237
Capital in excess of par value 23,398 23,710 23,312
Retained earnings 354,517 347,677 345,036
Less cost of 7,430,929 shares of
common stock held in treasury
(6,666,690 on December 3, 1993
and 6,680,556 on August 27,
1993) (94,002) (83,151) (82,940)
------ ------ ------
Total stockholders' equity 298,150 302,473 299,645
------- ------- -------
Total liabilities and stockholders'
equity $392,193 $412,449 $396,168
======= ======= =======
</TABLE>
The accompanying notes are an integral part of the
condensed consolidated financial statements.
3
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
THE STRIDE RITE CORPORATION
---------------------------
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
-------------------------------------------------------
For the periods ended September 2, 1994 and August 27, 1993
(In Thousands Except Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 2,1994 Aug. 27,1993 Sept. 2,1994 Aug. 27,1993
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales $154,962 $166,460 $438,740 $471,776
Cost of sales 97,740 98,813 275,780 274,390
Selling and administrative
expenses 43,129 33,899 127,504 109,043
Non-recurring charge - 7,200 - 7,200
------- ------- ------- -------
Operating income 14,093 26,548 35,456 81,143
Other income (expense):
Investment income 623 763 1,940 2,123
Interest expense (122) (100) (297) (319)
Other, net (504) 2,599 (1,865) 2,190
------ ------ ------ ------
(3) 3,262 (222) 3,994
------ ------ ------ ------
Income before income taxes
and cumulative effect of
change in accounting
principle 14,090 29,810 35,234 85,137
Provision for income taxes 5,584 11,440 14,199 32,230
------ ------ ------ ------
Income before cumulative
effect of change in
accounting principle 8,506 18,370 21,035 52,907
Cumulative effect of change
in accounting principle - - - (2,034)
------- ------- ------ -------
Net income $ 8,506 $18,370 $21,035 $50,873
====== ====== ====== ======
Per share of common stock:
Income before cumulative
effect of change in
accounting principle $.17 $.36 $.42 $1.04
Cumulative effect of change
in accounting principle - - - (.04)
---- ---- ---- ----
Net income $.17 $.36 $.42 $1.00
==== ==== ==== ====
Dividends $.095 $.085 $.285 $.255
==== ==== ==== ====
Average common shares
and common
equivalents outstanding
during the period 49,683 50,754 50,023 50,971
====== ====== ====== ======
</TABLE>
The accompanying notes are an integral part of the
condensed consolidated financial statements.
4
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
THE STRIDE RITE CORPORATION
___________________________
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
____________________________________________________________
For the nine months ended September 2, 1994 and August 27, 1993
(Dollars In Thousands)
<TABLE>
<CAPTION>
Sept. 2, 1994 Aug. 27, 1993
_____________ _____________
<S> <C> <C>
Cash was provided from (used for)
Operations:
Net income $21,035 $50,873
Adjustments to reconcile to net cash provided
from (used for) operations:
Depreciation and amortization 6,275 4,742
Deferred income taxes, net (263) (500)
Equity in earnings of affiliate (1,046) (668)
Loss on disposal of property and equipment 1,636 66
Decrease in valuation reserve related
to investments - (550)
Cumulative effect of change in accounting
principle - 2,034
Changes in:
Accounts and notes receivable (36,563) (34,170)
Inventories 26,243 40,656
Prepaid expenses (127) (354)
Long-term notes receivable (368) (577)
Accounts payable, income taxes, accrued
expenses and other current liabilities (15,727) (14,426)
________ ________
Net cash provided from operations 1,095 47,126
________ ________
Investments:
Short-term investments 35,111 (30,662)
Additions to property and equipment (5,444) (20,698)
Proceeds from sale of property and equipment 6 41
Long term investments 1,699 -
Increase in other assets (1,870) (1,439)
________ ________
Net cash provided from (used for)
investments 29,502 (52,758)
________ ________
Financing:
Proceeds from sale of stock under stock plans 12 19
Cash dividends paid (14,267) (12,964)
Repurchase of common stock (11,482) (10,786)
________ ________
Net cash used for financing (25,737) (23,731)
________ ________
Net increase (decrease) in cash and cash
equivalents 4,860 (29,363)
Cash and cash equivalents at beginning
of the period 38,763 55,026
________ ________
Cash and cash equivalents at end
of the period $43,623 $25,663
======== ========
</TABLE>
The accompanying notes are an integral part of the
condensed consolidated financial statements.
5
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
THE STRIDE RITE CORPORATION
___________________________
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
____________________________________________________
NOTE 1
The financial information included in this Form 10-Q of The Stride Rite
Corporation (the "Company") for the periods ended September 2, 1994 and
August 27, 1993 is unaudited and subject to year-end audit adjustments.
However, such information includes all adjustments (including all normal
recurring adjustments) which, in the opinion of management, are considered
necessary for a fair presentation of the consolidated results for those
periods. The results of operations for the period ended September 2, 1994
are not necessarily indicative of the results of operations that may be
expected for the complete fiscal year. The year-end condensed balance sheet
data was derived from the audited financial statements, but does not include
all disclosures required by generally accepted accounting principles.
Certain reclassifications have been made to the 1993 condensed consolidated
financial statements to conform to the 1994 presentation.
NOTE 2
During the third quarter of fiscal 1993, the Company adopted, effective
November 28, 1992, Statement of Financial Accounting Standards ("SFAS") No.
109, "Accounting for Income Taxes." Results for the first quarter of 1993
were restated to reflect the change in accounting principle. The cumulative
effect of adopting this Statement was to decrease net income by $2,034,000 or
$.04 per share.
NOTE 3
During the first nine months of fiscal 1994, interest payments totaled
$214,000 ($196,000 in 1993). For the first nine months of 1994, payments for
income taxes totaled $10,103,000 ($31,060,000 in 1993).
6
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
THE STRIDE RITE CORPORATION
___________________________
ITEM 2. Management's Discussion and Analysis of Financial Condition and
_______________________________________________________________
Results of Operations
_____________________
Liquidity and Capital Resources
_______________________________
At September 2, 1994, the Company's balance sheet continued to show
financial strength with a current ratio of 3.8 to 1 and a debt-to-equity
relationship of 0.8%. The Company's cash and short-term investments totaled
$74.2 million at September 2, 1994, down 25% from the $99.5 million amount at
the end of the third quarter in fiscal 1993. In the first nine months of
fiscal 1994, the Company's operations generated $1.1 million of cash. In the
corresponding period of fiscal 1993, the Company's operations generated a
positive cash flow of $47.1 million. The reduced level of earnings in 1994
accounted for 65% of the operating cash flow change. The Company's cash flow
in the nine-month period has also been impacted negatively by higher
inventories, up $16.3 million or 18% from the inventory level at August 27,
1993.
The higher inventory levels were caused by the Spring season shipping
problems at Keds as customer order cancellations resulted in excess
quantities of seasonal merchandise and higher levels of basic products. The
Company expects to sell the excess seasonal merchandise under special value
programs during the fourth quarter of fiscal 1994 and the first half of
fiscal 1995. Procurement levels on basic merchandise have been adjusted in
an effort to reduce overall inventory levels over the next six months. The
Company's operating results in the first nine months of 1994 included a
higher obsolescence expense to provide for price reductions related to the
excess seasonal merchandise. The Company expects that sales for the balance
of the 1994 fiscal year will be below last year because of slow reorder
demand at Keds and lower advance orders calling for shipment in the fourth
quarter. At this point in the Spring 1995 sales campaign, customer orders
are below last year's level, with lower Keds bookings offsetting gains at
both Stride Rite and Sperry. The continuing efforts to improve the
efficiency and capacity of the new distribution center should have a
favorable impact on order completion rates in the first half of 1995 as
compared to the same period in 1994.
The Company's overall cash flow for the first nine months of fiscal 1994
resulted in an increase in cash of $4.9 million compared to a net decrease of
$29.4 million in the comparable period of fiscal 1993. The 1994 cash flow
benefited from a decrease of $35.1 million in short-term investments. In the
first nine months of 1993, short-term investments had increased by $30.7
million. Additions to property and equipment were lower in the 1994 nine-
month period ($5.4 million compared to $20.7 million in 1993) as last year's
amount included expenditures related to the Company's new distribution center
in Louisville, Kentucky. In the first nine months of 1994, the Company
expended $11.5 million of cash to purchase 814,400 shares of the Company's
common stock. The most recent purchases bring the cumulative repurchase
total to 13,762,500 shares or 86% of the 16,000,000 share total which had
been authorized by the Company's Board of Directors. In the comparable
period of 1993, the Company expended $10.8 million of cash to repurchase
common shares.
7
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
____________________________________________
THE STRIDE RITE CORPORATION
___________________________
ITEM 2. Management's Discussion and Analysis of Financial Condition and
_______________________________________________________________
Results of Operations
_____________________
Results of Operations
_____________________
The following table summarizes the Company's performance for the third
quarter and nine-month period:
Percent Increase (Decrease) vs. 1993 Results:
____________________________________________
<TABLE>
<CAPTION>
Third Quarter Nine Months
_____________ ___________
<S> <C> <C>
Net sales (6.9%) (7.0%)
Gross profit (15.4%) (17.4%)
Selling and administrative
expenses 27.2% 16.9%
Operating income (46.9%) (56.3%)
Income before income taxes and
cumulative effect of change in
accounting principle (52.7%) (58.6%)
Income before cumulative effect
in accounting principle (53.7%) (60.2%)
Net income (53.7%) (58.7%)
</TABLE>
<TABLE>
<CAPTION>
Operating Ratios as a Percentage
________________________________
of Net Sales: Third Quarter Nine Months
____________ _____________ ___________
1994 1993 1994 1993
____ ____ ____ ____
<S> <C> <C> <C> <C>
Gross profit 36.9% 40.6% 37.1% 41.8%
Selling and administrative
expenses 27.8% 20.4% 29.1% 23.1%
Nonrecurring charge - 4.3% - 1.5%
Operating income 9.1% 15.9% 8.1% 17.2%
Income before income taxes
and cumulative effect of
change in accounting
principle 9.1% 17.9% 8.0% 18.0%
Income before cumulative
effect of change in
accounting principle 5.5% 11.0% 4.8% 11.2%
Net income 5.5% 11.0% 4.8% 10.8%
</TABLE>
8
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
___________________________________________
THE STRIDE RITE CORPORATION
___________________________
ITEM 2. Management's Discussion and Analysis of Financial Condition and
_______________________________________________________________
Results of Operations
_____________________
Results of Operations, continued
________________________________
Net sales decreased $11.5 million (6.9%) in the third quarter of
fiscal 1994 and the results for the nine-month period showed a decline of
$33 million (7%). Following the delivery problems encountered during the
Spring season, which were related to the start-up of a new distribution
center, Keds division sales in the third quarter finished 13.8% below last
year's level. Lower reorders for Keds products and a reduced order backlog
entering the third quarter resulted in decreased sales revenues. For the
1994 nine-month period, Keds sales were down from the 1993 revenue total by
13.5%. While the new distribution center is still not meeting capacity,
service and cost expectations, the facility's performance during the third
quarter improved from that experienced in the first half of 1994. The Keds
shipping problems and reduced reorder levels offset higher sales of Stride
Rite and Sperry Top-Sider products. Higher average selling prices,
primarily due to product mix changes, and increased retail sales partially
offset the 9.7% decline in unit shipments of current line merchandise
during the first nine months of 1994. Excluding the impact of product mix
changes, net sales in the nine months of 1994 was reduced by approximately
$8.3 million due to selling price deflation.
Sales of the Stride Rite Children's Group in the third quarter and
first nine months of 1994 were higher than last year by 3.1% and 5.5%,
respectively. The retail portion of the Children's Group accounted for
most of the higher sales in both periods. Retail sales increased 14%
during the first nine months as a higher average store count, up 8% from
1993, and improved sales performance at existing stores combined to produce
the increase. Sales of the Sperry Top-Sider division increased 13.6%
during the nine-month period of 1994 despite the fact that sales of
discontinued products were down 60% from the 1993 level. Sales of Sperry
Top-Sider's current line merchandise increased 30% in the first nine months
of 1994. During the nine months of 1994, sales of the Company's
International division declined 19% due to reduced demand for Keds products
in international markets.
During the first nine months of 1994, gross profit declined 17.4% from
the comparable period in 1993 compared to the sales decrease of 7%. Gross
profit was also lower for the third quarter of 1994, showing a decline of
15.4% compared to the sales decrease of 6.9%. The consolidated gross
profit percent in the first nine months decreased to 37.1% in 1994 from the
41.8% rate recorded in the comparable period of 1993. The gross profit
rate for the third quarter of 1994 was also below last year, 36.9% in 1994
compared to 40.6% in 1993. The gross profit rate in both the third quarter
and nine-month periods of 1994 was negatively impacted by a higher
obsolescence provision primarily caused by markdowns of seasonal
merchandise due to the shipping problems at Keds. Keds gross profit
performance was also hurt by increased sales allowances because of late
product deliveries. The LIFO provision in the nine-month period reduced
gross profit by $0.7 million (0.2% of net sales) in 1994 compared to a
provision of $2.3 million (0.5% of net sales) in 1993.
9
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
___________________________________________
THE STRIDE RITE CORPORATION
___________________________
ITEM 2. Management's Discussion and Analysis of Financial Condition and
_______________________________________________________________
Results of Operations
_____________________
Results of Operations, continued
________________________________
Selling and administrative expenses for the third quarter and nine-
month periods in 1994 increased by $9.2 million and $18.5 million,
respectively, from the expenditures recorded in the comparable periods in
fiscal 1993. Higher distribution costs, which included start-up expenses
related to the new facility, impacted both periods as 1994 expenses were up
$1.4 million for the third quarter and $6.7 million for the nine months.
The expense comparison for the nine-month period was also impacted by
higher advertising spending, up $1.7 million or 6.6% from 1993.
Advertising costs for the third quarter of 1994 were below last year by
$1.3 million as this year's spending had been accelerated to support
programs during the Spring season. Advertising costs represented 6.3% of
net sales in the nine months of 1994 compared to a spending rate of 5.5% in
1993. The growth of the Stride Rite Children's Group's retail operations,
where selling and administrative costs are relatively high as a percentage
of net sales, contributed to the increase as store expenses in the nine
months increased $2.9 million or 12% from 1993. New stores accounted for
approximately 60% of the higher retail spending. Selling and
administrative expenses for the first nine months of 1994 represented 29.1%
of net sales compared to 23.1% in 1993 due to the increased costs discussed
above as well as the fact that fixed administrative costs are being
absorbed by 1994's lower sales level. The results for the third quarter
and nine months of 1993 included a nonrecurring charge of $7.2 million for
costs related to the settlement agreement between the Company and the
Attorneys General of all fifty states, the Corporation of Counsel of the
District of Columbia and the Federal Trade Commission concerning their
investigations of Keds' suggested retail pricing policy.
In the first nine months, other income (expense) decreased pre-tax
income by $0.2 million in 1994 compared to an increase of $4 million in the
comparable period of 1993. Interest income during the 1994 was below last
year by $0.2 million as higher short-term investment yields partially
offset a 27% reduction in funds available for investment. Other income and
expense items decreased pre-tax income by $1.9 million in the nine months
of 1994 compared to an increase of $2.2 million in the 1993 period. Other
income for both the third quarter and first nine months of 1993 included
$2.9 million of investment gains related to a limited partnership
investment. Other expenses were higher in 1994 primarily due to costs
related to a company-owned life insurance program which was initiated
during fiscal 1993. The provision for income taxes in the first nine
months of 1994 was below last year because of the lower pre-tax earnings.
The 1994 effective income tax rate of 40.3% was above the 1993 rate of
37.9% because of the higher federal tax rate, which was enacted during the
third quarter of 1993, and increased state income taxes.
During the first nine months of 1994, income before cumulative effect
of change in accounting principle decreased $31.9 million (60.2%) from the
earnings level achieved in 1993. Net income for the nine-month period
decreased $29.8 million or 58.7% because of the lower sales level,
unfavorable gross profit performance and increased selling and
administrative expenses mentioned above.
10
<PAGE>
PART I - FINANCIAL INFORMATION (Continued)
___________________________________________
THE STRIDE RITE CORPORATION
___________________________
ITEM 6. Exhibits and Reports on Form 8-K
________________________________
(a) Exhibits. The following Exhibits are contained herein:
<TABLE>
<CAPTION>
Exhibit No. Description of Exhibit
___________ _______________________
<C> <S>
11 Computation of Per Share Earnings
27 Financial Data Schedule
</TABLE>
(b) Reports on Form 8-K
The Company did not file any current reports on Form 8-K
during the third quarter of fiscal year 1994.
11
<PAGE>
PART II OTHER INFORMATION (Continued)
THE STRIDE RITE CORPORATION
___________________________
SIGNATURES
__________
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.
THE STRIDE RITE CORPORATION
---------------------------
(Registrant)
Date: October 7, 1994 By: s/d John M. Kelliher
- - - ---- ________________________
Vice President, Finance
and Treasurer
12
<PAGE>
THE STRIDE RITE CORPORATION
---------------------------
INDEX TO EXHIBITS
-----------------
<TABLE>
<CAPTION>
Exhibit No. Sequential Page No.
- - - ----------- -------------------
<C> <S> <C>
11 Computation of Per Share Earnings 14
27 Financial Data Schedule 15
</TABLE>
<PAGE>
THE STRIDE RITE CORPORATION
---------------------------
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
----------------------------------------------
<TABLE>
(In Thousands Except Per Share Data)
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 2, 1994 Aug. 27, 1993 Sept. 2, 1994 Aug. 27, 1993
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net income applicable
to common shares $ 8,506 $18,370 $21,035 $50,873
===== ====== ====== ======
Calculation of Shares:
Weighted average num-
ber of common
shares outstanding 49,542 50,593 49,909 50,769
Common shares attri-
butable to assumed
exercise of dilu-
tive stock options
and stock purchase
rights using the
treasury stock
method 141 161 114 202
------- ------- ------- -------
Average common shares
and common equiva-
lents outstanding
during the
period 49,683 50,754 50,023 50,971
======= ======= ======= =======
Net income per common
share $.17 $.36 $.42 $1.00
==== ==== ==== =====
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CURRENCY> U.S. DOLLARS
<S> <C> <C>
<PERIOD-TYPE> QTR-3 YEAR
<FISCAL-YEAR-END> DEC-2-1993 DEC-2-1994
<PERIOD-START> JUN-4-1994 DEC-4-1993
<PERIOD-END> SEP-2-1994 SEP-2-1994
<EXCHANGE-RATE> 1 1
<CASH> $ 43,623 $ 43,623
<SECURITIES> 30,534 30,534
<RECEIVABLES> 123,201 123,201
<ALLOWANCES> 11,454 11,454
<INVENTORY> 106,482 106,482
<CURRENT-ASSETS> 324,352 324,352
<PP&E> 72,277 72,277
<DEPRECIATION> 25,174 25,174
<TOTAL-ASSETS> 392,193 392,193
<CURRENT-LIABILITIES> 84,365 84,365
<BONDS> 0 0
0 0
0 0
<COMMON> 14,237 14,237
<OTHER-SE> 283,913 283,913
<TOTAL-LIABILITY-AND-EQUITY> 392,193 392,193
<SALES> 154,962 438,740
<TOTAL-REVENUES> 154,962 438,740
<CGS> 97,740 275,780
<TOTAL-COSTS> 97,740 275,780
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 426 1,976
<INTEREST-EXPENSE> 122 297
<INCOME-PRETAX> 14,090 35,234
<INCOME-TAX> 5,584 14,199
<INCOME-CONTINUING> 8,506 21,035
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 8,506 21,035
<EPS-PRIMARY> .17 .42
<EPS-DILUTED> .17 .42
</TABLE>
