<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter ended September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 1-5869-1
SUPERIOR SURGICAL MFG. CO., INC.
Incorporated - New York Employer Identification No.
11-1385670
10099 Seminole Boulevard
Post Office Box 4002
Seminole, Florida 34642-0002
Telephone No.: 813-397-9611
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
---- ----
As of the date of this report, the registrant had 8,133,552 common shares
outstanding.
Page 1 of 11
<PAGE> 2
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
SUPERIOR SURGICAL MFG. CO., INC.
CONDENSED SUMMARY OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended
September 30,
---------------------------
1995 1994
------------- ------------
(Unaudited)
<S> <C> <C>
Net sales ............................................. $ 33,267,467 $ 33,247,093
------------ ------------
Costs and expenses:
Cost of goods sold ................................... $ 22,221,843 $ 21,934,293
Selling and administrative expenses .................. 7,548,589 7,103,429
Interest expense ..................................... 250,601 237,609
------------ ------------
$ 30,021,033 $ 29,275,331
------------ ------------
Earnings before taxes on income ........................ $ 3,246,434 $ 3,971,762
Taxes on income ........................................ 1,235,000 1,510,000
------------ ------------
Net earnings ........................................... $ 2,011,434 $ 2,461,762
============ ============
Weighted average number of shares
outstanding during the period ........................ 8,363,552 Shs. 8,509,791 Shs.
Net earnings per common share .......................... $ 0.24 $ 0.29
============ ============
Cash dividends declared per common share ............... $ 0.09 $ 0.08
============ ============
- -----------------------------------------------------------------------------------------------
<CAPTION>
Nine Months Ended
September 30,
---------------------------
1995 1994
------------- ------------
(Unaudited)
<S> <C> <C>
Net sales ............................................. $100,429,444 $101,027,988
------------ ------------
Costs and expenses:
Cost of goods sold ................................... $ 66,983,969 $ 67,072,948
Selling and administrative expenses .................. 22,656,524 21,450,639
Interest expense ..................................... 697,574 724,364
------------ ------------
$ 90,338,067 $ 89,247,951
------------ ------------
Earnings before taxes on income ........................ $ 10,091,377 $ 11,780,037
Taxes on income ........................................ 3,835,000 4,475,000
------------ ------------
Net earnings ........................................... $ 6,256,377 $ 7,305,037
============ ============
Weighted average number of shares
outstanding during the period ........................ 8,363,552 Shs. 8,740,835 Shs.
Net earnings per common share .......................... $ 0.75 $ 0.84
============ ============
Cash dividends declared per common share ............... $ 0.27 $ 0.24
============ ============
</TABLE>
The results of the nine months ended September 30, 1995 are not necessarily
indicative of results to be expected for the full year ending December 31, 1995.
Page 2 of 11
<PAGE> 3
SUPERIOR SURGICAL MFG. CO., INC.
CONDENSED BALANCE SHEETS
ASSETS
------
<TABLE>
<CAPTION>
September 30,
1995 December 31,
(Unaudited) 1994
------------- -------------
(1)
<S> <C> <C>
CURRENT ASSETS:
Cash and certificates of deposit . . . . . . . . . . . . . . . . . . . $ 9,074,401 $ 11,233,700
Accounts receivable and other current assets . . . . . . . . . . . . . 24,215,348 24,231,606
Inventories* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,683,142 40,991,963
------------- -------------
TOTAL CURRENT ASSETS . . . . . . . . . . . . . . . . . . . . . . . $ 77,972,891 $ 76,457,269
PROPERTY, PLANT AND EQUIPMENT . . . . . . . . . . . . . . . . . . . . 29,135,573 26,234,749
EXCESS OF COST OVER FAIR VALUE OF
ASSETS ACQUIRED . . . . . . . . . . . . . . . . . . . . . . . . . 824,089 827,577
OTHER ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587,772 1,344,790
------------- -------------
$ 109,520,325 $ 104,864,385
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,703,592 $ 7,471,452
Other current liabilities . . . . . . . . . . . . . . . . . . . . . 4,525,595 4,090,013
Current portion of long-term debt . . . . . . . . . . . . . . . . . 600,000 600,000
------------- -------------
TOTAL CURRENT LIABILITIES . . . . . . . . . . . . . . . . . . . . $ 12,829,187 12,161,465
LONG-TERM DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,300,000 18,600,000
LIABILITY FOR DISPUTE SETTLEMENT . . . . . . . . . . . . . . . . . . . 2,250,000 2,250,000
DEFERRED INCOME TAXES . . . . . . . . . . . . . . . . . . . . . . . . 1,205,000 915,000
SHAREHOLDERS' EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . 74,936,138 70,937,920
------------- -------------
$ 109,520,325 $ 104,864,385
============= =============
* Inventories consist of the following:
<CAPTION>
<S> <C> <C>
September 30,
1995 December 31,
(Unaudited) 1994
------------- -------------
Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,986,471 $ 23,887,026
Work in process . . . . . . . . . . . . . . . . . . . . . . . . . 4,143,836 4,306,872
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . 14,552,835 12,798,065
------------- -------------
$ 44,683,142 40,991,963
============= =============
</TABLE>
(1) The balance sheet as of December 31, 1994 has been taken from the audited
financial statement as of that date and has been condensed.
Page 3 of 11
<PAGE> 4
SUPERIOR SURGICAL MFG. CO., INC.
SUMMARY OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1995 1994
------------- -------------
(Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,256,377 $ 7,305,037
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . 2,654,432 1,928,459
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . 290,000 (20,000)
Changes in assets and liabilities:
Accounts receivable and other current assets . . . . . . . . . . 16,258 (3,127,594)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . (3,691,179) (1,788,367)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . 232,140 1,753,616
Other current liabilities . . . . . . . . . . . . . . . . . . . 435,582 1,912,446
------------- -------------
Net cash flows provided from operating activities . . . . . . . . . $ 6,193,610 $ 7,963,597
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant, and equipment . . . . . . . . . . . . $ (5,551,768) $ (6,539,826)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (242,982) (133,283)
------------- -------------
Net cash (used) in investing activities . . . . . . . . . . . . . . $ (5,794,750) $ (6,673,109)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in long-term debt . . . . . . . . . . . . . . . . . . . . . $ - $ 15,000,000
Reduction in long-term debt . . . . . . . . . . . . . . . . . . . . (300,000) (455,000)
Declaration of cash dividends . . . . . . . . . . . . . . . . . . . (2,258,159) (2,092,692)
Proceeds received on exercise of stock options . . . . . . . . . . . - 1,815,194
Common stock re-acquired and retired . . . . . . . . . . . . . . . . - (6,765,000)
------------- -------------
Net cash (used) provided in financing activities . . . . . . . . . . $ (2,558,159) $ 7,502,502
------------- -------------
Net (decrease) increase in cash and
certificates of deposit . . . . . . . . . . . . . . . . . . . . $ (2,159,299) $ 8,792,990
Cash and certificates of deposit balance,
beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,233,700 $ 3,030,013
------------- -------------
Cash and certificates of deposit balance,
end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,074,401 $ 11,823,003
============= =============
</TABLE>
Page 4 of 11
<PAGE> 5
SUPERIOR SURGICAL MFG. CO., INC.
NOTES TO SUMMARIZED INTERIM FINANCIAL STATEMENTS
Note 1 - Summary of Significant Interim Accounting Policies:
a) Recognition of costs and expenses
Costs and expenses other than product costs are charged to income in interim
periods as incurred, or allocated among interim periods based on an estimate of
time expired, benefit received or activity associated with the periods.
Procedures adopted for assigning specific cost and expense items to an interim
period are consistent with the basis followed by the registrant in reporting
results of operations at annual reporting dates. However, when a specific cost
or expense item charged to expense for annual reporting purposes benefits more
than one interim period, the cost or expense item is allocated to the interim
periods.
b) Inventories
Inventories at interim dates are determined by using both perpetual records and
gross profit calculations.
c) Accounting for income taxes
The provision for income taxes is calculated by using the effective tax rate
anticipated for the full year.
d) Earnings per share
Earnings per share have been computed based on the weighted average number of
shares outstanding during each period. The exercise of outstanding stock
options would not have a significant effect on earnings per share.
Page 5 of 11
<PAGE> 6
Note 2 - Dispute with Governmental Agency:
The Company has been advised that it is a target of a Federal criminal
investigation relating to a previously reported dispute involving alleged false
statements and false claims purportedly made in connection with contracts
ostensibly awarded by the U.S. Department of Veterans Affairs. A former vice
president of the Company has entered into a plea agreement with Federal
authorities in connection with this matter; the specific terms and conditions
of which are not known to the Company. Federal authorities are also pursuing a
civil investigation of the Company relating to these matters. The dispute does
not involve the integrity of the Company's products.
The Company is cooperating with these investigations, and settlement
discussions are continuing. The Company previously offered to settle all
potential charges relating to these matters and in 1993 recorded a liability in
that amount which is reflected in its financial statements. That offer,
however, was rejected by Federal authorities. While the Company has further
concluded that it possesses specific defenses which will be vigorously asserted
in the event the parties are unable to arrive at a negotiated settlement, the
Company is unable to estimate the outcome of this uncertainty.
Additionally, in the event the Company is indicted or convicted on criminal
charges, or if significant civil damages are pursued, certain collateral
consequences are likely to result, such as suspension or debarment from the
award of future Federal government contracts. The Company believes that a
suspension or debarment in connection with Federal government contracts would
not have a material adverse effect on the Company; however, such action may
also impede the Company's ability to receive certain contracts awarded under
various Federal grant and other non-procurement programs. The precise impact
of any potential exclusion under various Federal grant and other
non-procurement programs is not clear.
Note 3 - Capital Stock:
Pursuant to authorization by the Board of Directors in February 1990, during
the third quarter of 1994, the registrant re-acquired and retired 550,000
shares of its common stock for an aggregate consideration of $6,765,000.
Pursuant to authorization by the Board of Directors in July, 1995, during
October 1995, the registrant re-acquired and retired 230,000 shares of its
common stock for an aggregate consideration of $2,191,900.
- --------------------------------------------------------------------------------
The interim information contained above is not certified or audited; it
reflects all adjustments (consisting of normal recurring accruals) which are,
in the opinion of management, necessary to a fair statement of the operating
results for the periods presented, stated on a basis consistent with that of
the audited financial statements.
The financial information included in this form has been reviewed by Deloitte &
Touche LLP, independent certified public accountants; such review was made in
accordance with established professional standards and procedures for such a
review.
All financial information has been prepared in accordance with the accounting
principles or practices reflected in the financial statements for the year
ended December 31, 1994, filed with the Securities and Exchange Commission.
Reference is hereby made to registrant's Financial Statements for 1994,
heretofore filed with registrant's Form 10-K.
Page 6 of 11
<PAGE> 7
DELOITTE &
TOUCHE LLP
- ----------- --------------------------------------------------------
(LOGO) Certified Public Accountants Suite 1200
201 East Kennedy Boulevard
Tampa, Florida 33602-5821
Telephone: (813) 223-7591
BOARD OF DIRECTORS
Superior Surgical Mfg. Co., Inc.
Seminole, Florida
We have reviewed the accompanying condensed balance sheet of Superior Surgical
Mfg. Co., Inc. (the "Company") as of September 30, 1995, and the condensed
summaries of operations for the three-months and nine-months ended September
30, 1995 and 1994 and cash flows for the nine-months ended September 30, 1995
and 1994. This condensed financial information is the responsibility of the
Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and of making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the accompanying condensed financial information for them to be in
conformity with generally accepted accounting principles.
As discussed in Note 2 to the condensed financial statements, the Company is
engaged in a dispute with an agency of the U.S. Government.
We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of December 31, 1994, and the related
statements of earnings, shareholders' equity, and cash flows for the year then
ended (not presented herein); and in our report dated February 24, 1995, we
expressed an unqualified opinion on those financial statements with two
explanatory paragraphs relating to an uncertainty of the outcome of a dispute
with an agency of the U.S. Government and to a change in the Company's method
of accounting for income taxes. In our opinion, the information set forth in
the accompanying condensed balance sheet as of December 31, 1994 is fairly
stated, in all material respects, in relation to the balance sheet from which
it has been derived.
/s/ DELOITTE & TOUCHE LLP
October 24, 1995
Page 7 of 11
<PAGE> 8
ITEM 2. Management's Discussion And Analysis of Financial Condition and
Results of Operations
Results of Operations
Net sales of the registrant increased by approximately 7% in the first quarter
of 1995 compared to the first quarter of 1994 due to new customers and new
uniform programs (a look common to a theme). For the second quarter of 1995
compared to the second quarter of 1994, sales decreased by approximately 8% due
to a general slowdown in the economic activities in the marketplaces served by
the registrant. In the third quarter of 1995, sales were flat compared to the
comparable period in 1994. Accordingly, for the nine months ended September
30, 1995, sales were approximately 1% less than the nine months ended September
30, 1994.
Cost of goods sold approximated 66-1/2% for the nine months ended September 30,
1995 and 1994.
Selling and administrative expenses, as a percentage of sales, were in the area
of 22% for the first nine months of 1995 and 1994.
Interest expense of $697,574 for the nine month period ended September 30, 1995
decreased 4% from $724,364 for the similar period ended September 30, 1994 due
to repayment of debt.
Net earnings decreased 18% to $2,011,434 for the three months ended September
30, 1995 as compared to net earnings of $2,461,762 for the same period ended
September 30, 1994 as a result of higher costs.
Accounts receivable and other current assets were essentially unchanged from
$24,231,606 on December 31, 1994 to $24,215,348 as of September 30, 1995.
Inventories as of September 30, 1995 increased 9% to $44,683,142 from
$40,991,963 on December 31, 1994 mainly to support expected future customer
demand and new uniform designs.
Accounts payable increased 3% from $7,471,452 on December 31, 1994 to
$7,703,592 on September 30, 1995 primarily due to increases in purchases of
inventories.
The registrant's current portion of long-term debt of $600,000 and long-term
debt of $18,300,000 for September 30, 1995 is $300,000 less than it was at
December 31, 1994, due to scheduled repayments of debt.
See Note 2 of Notes to Summarized Interim Financial Information for a
contingency resulting from a dispute which may have an effect on future
operating results.
The provision for dispute settlement in the amount of $2,250,000 in 1993
involves certain sales by the Company to an agency of the Federal government as
previously reported. The government has yet to make any claim in connection
with the dispute. While management continues to believe that the Company has
complied with the terms and conditions of its obligations with the government,
the Company sought resolution of the dispute by offering $2,250,000 ($1,415,000
net of tax effect) for full and complete settlement of the matter. The Company
elected to accrue the offered amount for the fourth quarter of 1993 which
represents an after tax charge against earnings of approximately $.16 per
share. The offer of settlement has been rejected by the government. While the
future impact is unclear, the dispute and Federal investigation concerning the
dispute may have an adverse effect on future sales and a material, one-time
payment may be necessary to resolve this matter.
Liquidity and Capital Resources
Cash and certificates of deposit decreased by $2,159,299 from $11,233,700 on
December 31, 1994 to $9,074,401 as of September 30, 1995. The change is
primarily a result of normal operations. Additionally, as of September 30,
1995, under its existing revolving Credit Agreement, the registrant had
$9,000,000 available to it. The registrant's Credit Agreement makes available
to the registrant up to $9,000,000 for 5 years on a revolving credit basis and
thereafter for 4 years as a term loan with installment repayments of principal.
Interest is payable at the prime rate of the lender for funds borrowed in
domestic currency and at the lender's Eurodollar rate plus 1/2% for funds
borrowed in the Eurodollar market. The registrant pays a 1/10% commitment fee
per annum on funds not borrowed during the 5 year revolving credit period. The
debt due under the credit agreement may be prepaid in part or in full at any
time without penalty; in addition, any amount prepaid during the 5 year
revolving credit term may be reborrowed without penalty. The Credit Agreement
also permits additional unsecured short-term borrowing from banks up to
$6,000,000 without any "clean-up" requirements.
Page 8 of 11
<PAGE> 9
Liquidity and Capital Resources (con't)
The Credit Agreement and the agreements with Massachusetts Mutual Life
Insurance Company contain restrictive provisions concerning minimum working
capital ($20,000,000), debt to net worth ratios, other borrowing, capital
expenditures, rental commitments, tangible net worth ($55,000,000), working
capital ratio (2.5:1), and payment of dividends. The registrant is in full
compliance with all terms, conditions and covenants of the various credit
agreements. The registrant has operated without hindrance or restraint with
its present working capital, as income generated from operations and outside
sources of credit, both trade and institutional, has been more than adequate.
In the foreseeable future, the registrant will continue its ongoing capital
expenditure program designed to maintain and improve its facilities. The
registrant at all times evaluates its capital expenditure program in light of
prevailing economic conditions. The registrant believes that its cash flow
from operating activities together with other capital resources and funds from
credit sources will be adequate to meet its funding requirements for the
foreseeable future.
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company has been advised that it is a target of a Federal criminal
investigation relating to a previously reported dispute involving alleged false
statements and false claims purportedly made in connection with contracts
ostensibly awarded by the U.S. Department of Veterans Affairs. The government
alleges the omission of information concerning the Company's pricing and
discount policies in connection with government solicitations regarding the
contracts existing between 1983 and 1992 and over-pricing by the Company for
products provided thereunder. The investigation is also evaluating actions by
agents of the Company in connection with the matter, including those of Gerald
M. Benstock, a Director of the Company. A former vice president of the Company
has entered into a plea agreement with Federal authorities in connection with
this matter; the specific terms and conditions of which are not known to the
Company. Federal authorities are also pursuing a civil investigation of the
Company relating to these matters. The dispute does not involve the integrity
of the Company's products.
The Company is cooperating with these investigations, and settlement
discussions are continuing. The Company previously offered to settle all
potential charges relating to these matters and in 1993 recorded a liability in
that amount which is reflected in its financial statements. That offer,
however, was rejected by Federal authorities. While the Company has further
concluded that it possesses specific defenses which will be vigorously asserted
in the event the parties are unable to arrive at a negotiated settlement, the
Company is unable to estimate the outcome of this uncertainty.
Additionally, in the event the Company is indicted or convicted on
criminal charges, or if significant civil damages are pursued, certain
collateral consequences are likely to result, such as suspension or debarment
from the award of future Federal government contracts. The Company believes
that a suspension or debarment in connection with Federal government contracts
would not have a material adverse effect on the Company; however, such action
may also impede the Company's ability to receive certain contracts awarded
under various Federal grant and other non-procurement programs. The precise
impact of any potential exclusion under various Federal grant and other
non-procurement programs is not clear.
ITEM 2. Changes in Securities
None.
ITEM 3. Defaults Upon Senior Securities
Inapplicable.
Page 9 of 11
<PAGE> 10
ITEM 4. Submission of matters to a vote of security-holders
None.
ITEM 5. Other Information
Inapplicable.
ITEM 6. Exhibits and Reports on Form 8-K
a) Exhibits
15 Letter re: Unaudited Interim Financial Information.
27 Financial Data Schedule (for SEC use only)
b) Reports on Form 8-K
None.
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.
Date: October 27, 1995 SUPERIOR SURGICAL MFG. CO., INC.
By /s/ Gerald M. Benstock
--------------------------------------
Gerald M. Benstock
Chairman and Chief Executive Officer
By /s/ John W. Johansen
--------------------------------------
John W. Johansen
Chief Financial Officer and Principal
Accounting Officer, Sr. Vice President
and Treasurer
Page 10 of 11
<PAGE> 1
DELOITTE &
TOUCHE LLP
- ----------- -------------------------------------------------------------
(LOGO) Certified Public Accountants Suite 1200
201 East Kennedy Boulevard
Tampa, Florida 33602-5821
Telephone: (813) 223-7591
EXHIBIT 15
LETTER RE: UNAUDITED INTERIM FINANCIAL INFORMATION
BOARD OF DIRECTORS
Superior Surgical Mfg. Co., Inc.
Seminole, Florida
We have made a review, in accordance with standards established by the American
Institute of Certified Public Accountants, of the unaudited interim financial
information of Superior Surgical Mfg. Co., Inc. for the periods ended September
30, 1995 and 1994, as indicated in our report dated October 24, 1995 (which
includes an explanatory paragraph relating to a dispute with an agency of the
U.S. Government); because we did not perform an audit, we expressed no opinion
on that information.
We are aware that our report referred to above, which is included in your
Quarterly Report on Form 10-Q for the quarter ended September 30, 1995, is
incorporated by reference in Registration Statement No. 2-85796 on Form S-8.
We also are aware that the aforementioned report, pursuant to Rule 436(c) under
the Securities Act of 1933, is not considered a part of the Registration
Statement prepared or certified by an accountant or a report prepared or
certified by an accountant within the meaning of Sections 7 and 11 of that Act.
/s/ Deloitte & Touche LLP
October 24, 1995
Page 11 of 11
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<EXCHANGE-RATE> 1
<CASH> 9,074,401
<SECURITIES> 0
<RECEIVABLES> 24,215,348
<ALLOWANCES> 0
<INVENTORY> 44,683,142
<CURRENT-ASSETS> 77,972,891
<PP&E> 29,135,573
<DEPRECIATION> 0
<TOTAL-ASSETS> 109,520,325
<CURRENT-LIABILITIES> 12,829,187
<BONDS> 18,300,000
<COMMON> 8,133,552
0
0
<OTHER-SE> 66,802,586
<TOTAL-LIABILITY-AND-EQUITY> 109,520,325
<SALES> 100,429,444
<TOTAL-REVENUES> 0
<CGS> 66,983,969
<TOTAL-COSTS> 90,338,067
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 697,574
<INCOME-PRETAX> 10,091,377
<INCOME-TAX> 3,835,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,256,377
<EPS-PRIMARY> 0.75
<EPS-DILUTED> 0.75
</TABLE>
