<PAGE> 1
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 August 31, 1997
/ / 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 0-26784
SPEEDFAM INTERNATIONAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Illinois 36-2421613
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
305 North 54th Street, Chandler, Arizona 85226
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (602) 705-2100
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 the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date (September 18, 1997).
Common Stock, no par value: 13,486,540 shares
<PAGE> 2
SPEEDFAM INTERNATIONAL, INC.
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
August 31, 1997 and May 31, 1997......................... 2
Condensed Consolidated Statements of Earnings
Three Months Ended August 31, 1997 and 1996.............. 3
Condensed Consolidated Statements of Cash Flows
Three Months Ended August 31, 1997 and 1996.............. 4
Notes to Condensed Consolidated Financial Statements..... 5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.................................. 8
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K........................... 12
SIGNATURE.................................................................... 13
</TABLE>
EXHIBIT INDEX
Exhibit 11 Computation of Net Earnings Per Share
Exhibit 27 Financial Data Schedule
<PAGE> 3
PART I - FINANCIAL INFORMATION
SPEEDFAM INTERNATIONAL, INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<TABLE>
<CAPTION>
AUGUST 31, MAY 31,
1997 1997
---------- --------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 70,491 $ 76,895
Trade accounts and notes receivable, net 46,401 38,021
Inventories 39,388 35,849
Other current assets 4,290 4,950
-------- --------
Total current assets 160,570 155,715
Investments in affiliates 24,844 23,956
Property, plant and equipment, net 32,294 24,582
Other assets 2,387 2,247
-------- --------
Total assets 220,095 206,500
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 226 $ 250
Accounts payable and due to affiliates 31,381 25,747
Customer deposits 4,755 4,165
Other current liabilities 17,979 18,731
-------- --------
Total current liabilities 54,341 48,893
-------- --------
Long-term liabilities:
Long-term debt 230 272
Deferred income taxes 802 802
-------- --------
Total long-term liabilities 1,032 1,074
-------- --------
Stockholders' equity:
Common stock, no par value, 20,000,000 shares authorized,
13,475,036 and 13,323,547 shares issued and outstanding
at August 31, 1997 and May 31, 1997, respectively 1 1
Additional paid-in capital 107,056 105,522
Retained earnings 55,023 49,466
Foreign currency translation adjustment 2,642 1,544
-------- --------
Total stockholders' equity 164,722 156,533
-------- --------
Total liabilities and stockholders' equity $220,095 $206,500
======== ========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
2
<PAGE> 4
SPEEDFAM INTERNATIONAL, INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED AUGUST 31, 1997 AND 1996
(dollars and shares in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
August 31, August 31,
1997 1996
---------- ----------
<S> <C> <C>
Revenue:
Net sales $51,915 $ 38,059
Commissions from affiliate 1,932 1,669
------- --------
Total revenue 53,847 39,728
Cost of sales 30,831 25,782
------- --------
Gross margin 23,016 13,946
Research, development and engineering 6,785 3,781
Selling, general and administrative 9,369 6,805
------- --------
Operating profit 6,862 3,360
Other income (expense) 759 (445)
------- --------
Earnings from consolidated companies before income taxes 7,621 2,915
Income tax expense 2,793 1,063
------- --------
Earnings from consolidated companies 4,828 1,852
Equity in net earnings of affiliates 729 2,186
------- --------
Net earnings $ 5,557 $ 4,038
======= ========
Net earnings per share $ .39 $ .36
======= ========
Weighted average common and common
equivalent shares 14,242 11,277
======= ========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
3
<PAGE> 5
SPEEDFAM INTERNATIONAL, INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED AUGUST 31, 1997 AND 1996
(dollars in thousands)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
AUGUST 31, AUGUST 31,
1997 1996
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 5,557 $ 4,038
Adjustments to reconcile net earnings to net cash used in
operating activities:
Equity in net earnings of affiliates (729) (2,186)
Depreciation and amortization 743 463
Other 11 167
Changes in assets and liabilities:
(Increase) decrease in trade accounts and notes receivable (8,387) 1,864
Increase in inventories (3,513) (3,363)
Decrease in other current assets 659 191
Increase (decrease) in accounts payable and due to affiliates 5,641 (5,436)
Decrease in accrued expenses, customer deposits
and other liabilities (183) (154)
-------- --------
Net cash used in operating activities (201) (4,416)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (8,424) (2,295)
Dividend from affiliate 875 454
Other investing activities (153) (218)
-------- --------
Net cash used in investing activities (7,702) (2,059)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options 594 57
Proceeds from sale of stock to employees 940 273
Principal payments on long-term debt (66) (308)
-------- --------
Net cash provided by financing activities 1,468 22
-------- --------
Effects of foreign currency rate changes on cash 31 89
-------- --------
Net decrease in cash and cash equivalents (6,404) (6,364)
Cash and cash equivalents at beginning of year 76,895 10,871
-------- --------
Cash and cash equivalents at August 31, 1997 and 1996 $ 70,491 $ 4,507
======== ========
</TABLE>
See Accompanying Notes to Condensed Consolidated Financial Statements.
4
<PAGE> 6
SPEEDFAM INTERNATIONAL, INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
(1) BASIS OF PRESENTATION
The condensed consolidated financial statements included herein have been
prepared by management without audit. Certain information and note
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted, although management believes that the disclosures
made are adequate to make the information presented not misleading. These
condensed consolidated financial statements should be read in conjunction
with the consolidated financial statements of the Company for the year
ended May 31, 1997, as filed with the Securities and Exchange Commission on
August 26, 1997 as part of its Annual Report on Form 10-K. In the opinion
of management the information furnished herein reflects all adjustments
(consisting of normal recurring adjustments) necessary for a fair statement
of results for the interim periods presented. Results of operations for the
three months ended August 31, 1997 are not necessarily indicative of
results to be expected for the full fiscal year.
(2) INVENTORIES
The components of inventory were:
<TABLE>
<CAPTION>
August 31, May 31,
1997 1997
---------- -------
<S> <C> <C>
Raw materials $20,735 $16,323
Work-in-process 14,677 16,030
Finished goods 3,976 3,496
------- -------
$39,388 $35,849
======= =======
</TABLE>
(3) INVESTMENTS IN AFFILIATES
The Company owns a 50% interest in SpeedFam Co., Ltd. The Company's equity
interest in SpeedFam Co., Ltd. was $20,822 and $20,363 at August 31, 1997
and at May 31, 1997, respectively, based on the balance sheet of SpeedFam
Co., Ltd. at July 31, 1997 and April 30, 1997, respectively. The remaining
equity interest included in investments in affiliates relates to the
Company's 50% ownership interest in Fujimi Corporation. Condensed
consolidated financial statements of SpeedFam Co., Ltd., which are
consolidated on a fiscal year that ends April 30, are as follows:
5
<PAGE> 7
SPEEDFAM INTERNATIONAL, INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
BALANCE SHEETS
<TABLE>
<CAPTION>
JULY 31, APRIL 30,
1997 1997
-------- --------
<S> <C> <C>
ASSETS
Total current assets $132,857 $115,671
Investment in affiliates 818 780
Property, plant and equipment, net 32,500 30,327
Deferred income taxes and other assets 8,701 6,922
-------- --------
Total assets $174,876 $153,700
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $115,042 $ 96,034
Long-term debt 10,736 10,786
Other long-term liabilities 7,454 6,154
Stockholders' equity
Common stock 664 664
Retained earnings 35,825 37,049
Foreign currency translation adjustment 4,875 2,817
Unrealized gains on marketable securities 280 196
-------- --------
Total liabilities and stockholders' equity $174,876 $153,700
======== ========
</TABLE>
STATEMENTS OF EARNINGS AND RETAINED EARNINGS
<TABLE>
<CAPTION>
Three Months Ended
July 31,
------------------------
1997 1996
---- ----
<S> <C> <C>
Net sales $ 60,114 $ 56,750
Costs and operating expenses 59,289 48,792
-------- --------
Earnings before income taxes 825 7,958
Income taxes 424 4,103
-------- --------
Net earnings before minority interest 401 3,855
Minority interest (125) 34
-------- --------
Net earnings 526 3,821
Beginning retained earnings 37,049 26,943
Dividends (1,750) (907)
-------- --------
Ending retained earnings $ 35,825 $ 29,857
======== ========
</TABLE>
6
<PAGE> 8
SPEEDFAM INTERNATIONAL, INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
The Company pays a commission to SpeedFam Co., Ltd. on sales of equipment
produced by the Company in the U. S. and exported to Pacific Rim customers
through SpeedFam Co., Ltd. As of August 31, 1997 the Company had accrued
$2.3 million of commission expense to SpeedFam Co., Ltd.
(4) LONG-TERM DEBT
On August 29, 1997, the Company successfully negotiated a new unsecured
credit facility with its U.S bank group. The new credit agreement provides
for a revolving loan facility in the amount of $60 million with a term of
three years. Should the loan be utilized, principal will be repaid at the
end of the loan term. Interest will accrue and be paid monthly on the
outstanding balance based on a 90 day LIBOR rate plus 25 to 100 basis
points. The Company must meet certain financial objectives each year as
defined in the credit agreement. At August 31, 1997, no amounts were
outstanding on this loan facility.
(5) OFFERING OF COMMON STOCK
On September 17, 1997, the Company filed a registration statement on Form
S-3 with the Securities and Exchange Commission reflecting a registration
of 2,170,000 shares of common stock, 2,000,000 of which will be offered by
the Company.
(6) DERIVATIVE FINANCIAL INSTRUMENTS
The Company uses derivative financial instruments to offset exposure to
market risks arising from changes in foreign exchange rates. Derivative
financial instruments currently utilized by the Company primarily include
foreign currency forward contracts. The Company evaluates and monitors
consolidated net exposures by currency and maturity, and external
derivative financial instruments correlate with that net exposure in all
material respects. Gains or losses related to hedges of firm commitments
are deferred and included in the basis of the transaction when it is
completed. Gains or losses on unhedged foreign currency transactions are
included in income as part of cost of sales.
7
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SEGMENTS
The Company's total revenue consists of net sales in two segments: (i)
equipment, parts and expendables, and (ii) slurries, as well as commissions
earned on the distribution in the U.S. and Europe of products produced by
SpeedFam Co., Ltd., the Company's Far East Joint Venture.
RESULTS OF OPERATIONS
The following table sets forth certain consolidated statements of earnings
data for the periods indicated as a percentage of total revenue:
<TABLE>
<CAPTION>
Three Months Ended
August 31, August 31,
1997 1996
---------- ----------
<S> <C> <C>
Revenue:
Net sales 96.4% 95.8%
Commissions from affiliate 3.6 4.2
----- -----
Total revenue 100.0 100.0
Cost of sales 57.3 64.9
----- -----
Gross margin 42.7 35.1
Research, development and engineering 12.6 9.5
Selling, general and administrative 17.4 17.1
----- -----
Operating profit 12.7 8.5
Other income (expense) 1.5 (1.1)
----- -----
Earnings from consolidated companies before income taxes 14.2 7.4
Income tax expense 5.2 2.7
----- -----
Earnings from consolidated companies 9.0 4.7
Equity in net earnings of affiliates 1.3 5.5
----- -----
Net earnings 10.3% 10.2%
===== =====
</TABLE>
8
<PAGE> 10
Net Sales. The Company's net sales for the three months ended August 31,
1997 were $51.9 million, an increase of 36.4% over net sales of $38.1 million
for the corresponding period in the prior year. Sales of equipment, parts and
expendables increased to $43.8 million or 84.4% of net sales in the first
quarter of fiscal 1998, up from $31.2 million or 82.0% of net sales in the same
period of fiscal 1997. The growth in this segment was attributable to higher
sales of the Company's CMP systems to the semiconductor industry. Sales of CMP
systems generated $30.7 million, or 59.1% of net sales, nearly double the $16.3
million, or 42.8% of net sales, reported a year earlier. The growth in net sales
was also attributable to an increase in sales of slurries. Sales of slurries
increased 18.7% to $8.1 million or 15.6% of net sales in the first quarter of
fiscal 1998 from $6.8 million or 18.0% in the comparable period of fiscal 1997.
Sales to the thin film memory disk media market accounted for $15.6
million, or 30.0% of net sales, compared with $15.5 million, or 40.9%, for the
first quarter of fiscal 1997. Although overall sales to this market were flat
with the prior year, equipment sales declined due to general over capacity in
the memory disk market and increased competition, which the Company expects to
continue for at least the next several quarters.
Commissions from Affiliate. Commissions from affiliate increased to $1.9
million during the first quarter of fiscal 1998 from $1.7 million in the
corresponding period of fiscal 1997.
Gross Margin. Gross margin increased to $23.0 million or 42.7% of total
revenue for the three months ended August 31, 1997 from $13.9 million or 35.1%
of total revenue for the three months ended August 31, 1996. The increase was
due to the continued shift in the revenue mix to higher margin CMP systems.
Research, Development and Engineering. Research, development and
engineering expenses were $6.8 million or 12.6% of total revenue in the first
quarter of fiscal 1998 up from $3.8 million or 9.5% of total revenue in the
first quarter of fiscal 1997. This increase reflected the Company's significant
investment in dry-in/dry-out and end-point detection capabilities for its CMP
systems; upgrading a key product in the memory disk polishing market; and
various process technologies for the semiconductor device, thin film memory disk
media and silicon wafer markets.
Selling, General and Administrative. Selling, general and administrative
expenses were $9.4 million, or 17.4% of total revenue, compared with $6.8
million, or 17.1%, a year ago. The percentage increase was due primarily to
higher commissions paid to the Far East Joint Venture for sales of CMP systems
manufactured in the United States, and continued investments in the Company's
sales, support and administrative infrastructure.
Other Income (Expense). Other income increased to $759,000 in the first
quarter of fiscal 1998 from $445,000 of other expense in the comparable period
of fiscal 1997. Other income consisted almost entirely of interest income in the
first quarter of fiscal 1998.
Equity in Net Earnings of Affiliates. The Company's equity in the net
earnings of its joint ventures was $729,000 for the first quarter, down from
$2.2 million a year ago, as a result of decreased net earnings of the Far East
Joint Venture. The Far East Joint Venture recently adopted an aggressive pricing
strategy designed to gain market share for its new automated disk polishing
systems. Although the Far East Joint Venture expects this gross margin pressure
to continue to negatively impact the Far East Joint Venture's earnings for at
least the near term, the Far East Joint Venture believes that this pricing
strategy represents an important strategic investment.
9
<PAGE> 11
LIQUIDITY AND CAPITAL RESOURCES
For the three months ended August 31, 1997, $201,000 in cash was used in
operating activities. Cash provided by net earnings and increases in accounts
payable and due to affiliates was offset by increases in accounts receivable and
inventories.
On August 29, 1997, the Company successfully negotiated a new unsecured
credit facility with its U.S bank group which replaced the $22.5 million credit
facility and a $14 million term loan commitment. The new credit agreement
provides for a revolving loan facility in the amount of $60 million with a term
of three years. At August 31, 1997, no amounts were outstanding on this loan
facility.
On September 17, 1997, the Company filed a registration statement on Form
S-3 with the Securities and Exchange Commission reflecting a registration of
2,170,000 shares of common stock, 2,000,000 of which will be offered by the
Company.
The Company currently anticipates capital expenditures of approximately
$30.5 million for fiscal 1998. The Company believes that cash generated from
operations, together with the anticipated proceeds from the offering described
above and the revolving loan facilities will be sufficient to meet the Company's
capital requirements during at least the next 12 months.
Statement of Financial Accounting Standards ("SFAS") No. 128 , "Earnings
per Share" is effective for financial statements issued for periods ending after
December 15, 1997. SFAS No. 128 replaces Accounting Principles Board Opinion
("APB") No. 15 and simplifies the computation of earnings per share ("EPS") by
replacing the presentation of primary EPS with a presentation of basic EPS.
Basic EPS includes no dilution and is computed by dividing income available to
common stockholders by the weighted-average number of common shares outstanding
for the period. Diluted EPS reflects the potential dilution from securities that
could share in the earnings of the Company, similar to fully diluted EPS under
APB No. 15. The Statement requires dual presentation of basic and diluted EPS by
entities with complex capital structures. The Company will adopt SFAS No. 128
for the financial statements for the year ended May 31, 1998.
SFAS No. 130, "Reporting Comprehensive Income" is effective for fiscal
years beginning after December 15, 1997. SFAS No. 130 established standards for
the reporting and display of comprehensive income and its components (revenues,
expenses, gains and losses) in a full set of general-purpose financial
statements. The Statement requires that all items that are required to be
recognized under accounting standards as components of comprehensive income be
reported in a financial statement that is displayed with the same prominence as
other financial statements. The Company is evaluating the Statement's provisions
to conclude how it will present comprehensive income it its financial
statements, and has not yet determined the amounts to be disclosed. The Company
will adopt SFAS No. 130 effective June 1, 1998.
SFAS No. 131, "Disclosures about Segments of an Enterprise and Related
Information" is effective for financial statements for periods beginning after
December 15, 1997. SFAS No. 131 establishes standards for the way that public
business enterprises report financial and descriptive information about
reportable operating segments in annual financial statements and interim
financial reports issued to stockholders. SFAS No. 131 supersedes SFAS No. 14,
"Financial Reporting for Segments of a Business Enterprise," but retains the
requirement to report information about major customers. The Company is
evaluating the new Statement's provisions to determine the additional
disclosures required in its financial statements, if any. The Company will adopt
SFAS No. 131 effective June 1, 1998.
10
<PAGE> 12
Certain statements and information in this Form 10-Q constitute
"forward-looking statements" within the meaning of the federal securities laws.
Such forward-looking statements involve risks and uncertainties which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Factors that may affect the
Company's business and may therefore affect actual results include, among
others, the cyclical nature of the Company's business and the industries which
it serves, the Company's dependence on new product development and the effects
of rapid technological change in the semiconductor and disk media industries,
including the effects of significant competition in these industries, the normal
fluctuations in the Company's quarterly operating results, including the effects
of the Far East Joint Venture's results of operations. This is only a summary of
some of the important factors that could cause actual results to vary. For a
more complete description of these and other factors, refer to "Certain Factors
Affecting the Company's Business" in the Company's Form 10-K filed with the
Securities and Exchange Commission. The Company undertakes no obligation to
update the information, including the forward-looking statements, in the Form
10-Q.
11
<PAGE> 13
SPEEDFAM INTERNATIONAL, INC.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
Exhibit - 11 Computation of Net Earnings Per Share
Exhibit - 27 Financial Data Schedule
(b) Reports on Form 8-K.
None
12
<PAGE> 14
SPEEDFAM INTERNATIONAL, INC.
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.
SPEEDFAM INTERNATIONAL, INC.
/s/ Roger K. Marach
Date: September 23, 1997 By Roger K. Marach
Treasurer and Chief Financial Officer
(As Chief Accounting Officer and Duly
Authorized Officer of SpeedFam
International, Inc.)
13
<PAGE> 15
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------ -----------
<S> <C>
11 Computation of Net Earnings Per Share
27 Financial Data Schedule
</TABLE>
14
<PAGE> 1
Exhibit 11
SPEEDFAM INTERNATIONAL, INC.
COMPUTATION OF NET EARNINGS PER SHARE
THREE MONTHS ENDED AUGUST 31, 1997 AND 1996
(dollars and shares in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
August 31, August 31,
1997 1996
---------- ----------
<S> <C> <C>
Net Earnings $ 5,557 $ 4,038
======= =======
Weighted average shares:
Common shares outstanding 13,398 10,534
Common equivalent shares issuable upon
exercise of employee stock options using
the treasury stock method 844 743
------- -------
Shares used in net earnings per share 14,242 11,277
======= =======
Net earnings per share $ 0.39 $ 0.36
======= =======
</TABLE>
15
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> AUG-31-1997
<EXCHANGE-RATE> 1
<CASH> 70,491
<SECURITIES> 0
<RECEIVABLES> 46,401
<ALLOWANCES> 0
<INVENTORY> 39,388
<CURRENT-ASSETS> 160,570
<PP&E> 32,294
<DEPRECIATION> 0
<TOTAL-ASSETS> 220,095
<CURRENT-LIABILITIES> 54,341
<BONDS> 0
0
0
<COMMON> 1
<OTHER-SE> 164,721
<TOTAL-LIABILITY-AND-EQUITY> 220,095
<SALES> 51,915
<TOTAL-REVENUES> 53,847
<CGS> 30,831
<TOTAL-COSTS> 46,985
<OTHER-EXPENSES> (759)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 7,621
<INCOME-TAX> 2,793
<INCOME-CONTINUING> 4,828
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,557
<EPS-PRIMARY> 0.39
<EPS-DILUTED> 0
</TABLE>
