<PAGE> 1
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 September 30, 1995
OR
[ ] 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: 0-452
TECUMSEH PRODUCTS COMPANY
(Exact name of registrant as specified in its charter)
MICHIGAN 38-1093240
(State of Incorporation) (IRS Employer Identification Number)
100 EAST PATTERSON STREET
TECUMSEH, MICHIGAN 49286
(Address of Principal Executive Offices)
Telephone Number: (517) 423-8411
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.
<TABLE>
<CAPTION>
Class of Stock Outstanding at October 31, 1995
- --------------------------------------------------------------------------------
<S> <C>
Class B Common Stock, $1.00 par value 5,470,146
Class A Common Stock, $1.00 par value 16,410,438
</TABLE>
<PAGE> 2
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION - ITEM 1
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited and subject to year end adjustments)
<TABLE>
<CAPTION>
(Dollars in millions) September 30, December 31,
1995 1994
==============================================================================================================
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 299.7 $ 283.2
Accounts receivable, trade, less allowance for doubtful
accounts of $6.9 million in 1995 and $5.8 million in 1994 230.3 191.6
Inventories 241.2 235.3
Deferred income taxes 34.1 38.4
Other current assets 13.8 7.8
- --------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 819.1 756.3
PROPERTY, PLANT AND EQUIPMENT, at cost, net of
accumulated depreciation of $410.1 million in 1995
and $379.1 million in 1994 460.7 402.4
EXCESS OF COST OVER ACQUIRED NET ASSETS 61.1 58.0
DEFERRED INCOME TAXES 26.1 21.4
PREPAID PENSION EXPENSE 35.7 31.8
OTHER ASSETS 20.4 19.9
- --------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $1,423.1 $1,289.8
==============================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, trade $ 139.1 $ 116.5
Income taxes payable 11.6 5.1
Short-term borrowings 11.0 11.7
Accrued liabilities 129.0 118.8
- --------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 290.7 252.1
LONG-TERM DEBT 9.0 9.1
NON-PENSION POSTRETIREMENT BENEFITS 172.8 169.8
PRODUCT WARRANTY AND SELF-INSURED RISKS 31.5 29.5
ACCRUAL FOR ENVIRONMENTAL MATTERS 30.7 30.7
PENSION LIABILITIES 13.8 13.1
- --------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 548.5 504.3
- --------------------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Class A common stock, $1 par value; authorized 75,000,000
shares; issued and outstanding 16,410,438 shares 16.4 16.4
Class B common stock, $1 par value; authorized 25,000,000
shares; issued and outstanding 5,470,146 shares 5.5 5.5
Capital in excess of par value 29.9 29.9
Retained earnings 802.7 724.0
Foreign currency translation adjustment 20.1 9.7
- --------------------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 874.6 785.5
- --------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,423.1 $1,289.8
==============================================================================================================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 2
<PAGE> 3
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION - ITEM 1
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited and subject to year end adjustments)
<TABLE>
<CAPTION>
(Dollars in millions Three Months Ended Nine Months Ended
except per share amounts) September 30, September 30,
------------------- ------------------
1995 1994 1995 1994
==============================================================================================================
<S> <C> <C> <C> <C>
INCOME:
Net sales $392.7 $355.0 $1,333.6 $1,166.2
Interest income 6.3 8.7 21.8 20.0
Other income 3.9 1.7 8.5 5.2
- --------------------------------------------------------------------------------------------------------------
TOTAL INCOME 402.9 365.4 1,363.9 1,191.4
- --------------------------------------------------------------------------------------------------------------
EXPENSES:
Cost of sales and operating expenses 339.2 299.2 1,136.1 974.2
Selling and administrative expenses 21.7 20.8 69.5 64.5
Interest expense 1.9 1.4 5.9 4.3
Other expenses -- 0.4 0.1 2.1
- --------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 362.8 321.8 1,211.6 1,045.1
- --------------------------------------------------------------------------------------------------------------
INCOME BEFORE TAXES ON INCOME 40.1 43.6 152.3 146.3
Taxes on income 15.2 16.7 57.2 54.5
- --------------------------------------------------------------------------------------------------------------
NET INCOME $ 24.9 $ 26.9 $ 95.1 $ 91.8
==============================================================================================================
NET INCOME PER SHARE $ 1.14 $ 1.23 $ 4.35 $ 4.19
==============================================================================================================
CASH DIVIDENDS DECLARED
PER SHARE $ 0.25 $ 0.20 $ 0.75 $ 0.60
==============================================================================================================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 3
<PAGE> 4
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION - ITEM 1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited and subject to year end adjustments)
<TABLE>
<CAPTION>
Nine Months Ended
(Dollars in millions) September 30,
---------------------
1995 1994
===================================================================================================================
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 95.1 $ 91.8
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 44.5 41.8
Accounts receivable (37.2) (36.0)
Inventories (3.5) (24.1)
Payables and accrued expenses 36.2 30.9
Other (4.7) 12.8
- -------------------------------------------------------------------------------------------------------------------
CASH PROVIDED BY OPERATIONS 130.4 117.2
- -------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (98.0) (105.8)
- -------------------------------------------------------------------------------------------------------------------
CASH USED IN INVESTING ACTIVITIES (98.0) (105.8)
- -------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (16.4) (13.1)
Decrease in borrowings, net (1.6) (5.7)
- -------------------------------------------------------------------------------------------------------------------
CASH USED IN FINANCING ACTIVITIES (18.0) (18.8)
- -------------------------------------------------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH 2.1 10.8
- -------------------------------------------------------------------------------------------------------------------
INCREASE IN CASH AND CASH EQUIVALENTS 16.5 3.4
CASH AND CASH EQUIVALENTS:
BEGINNING OF PERIOD 283.2 313.2
- -------------------------------------------------------------------------------------------------------------------
END OF PERIOD $299.7 $316.6
===================================================================================================================
</TABLE>
The accompanying notes are an integral part of these statements.
Page 4
<PAGE> 5
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION - ITEM 1
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. The condensed consolidated financial statements are unaudited and
reflect all adjustments (consisting only of normal recurring
adjustments) which are, in the opinion of management, necessary for a
fair presentation of the financial position and operating results for
the interim periods. The December 31, 1994 condensed balance sheet
data was derived from audited financial statements, but does not
include all disclosures required by generally accepted accounting
principles. The condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and
notes thereto contained in the Company's Annual Report for the fiscal
year ended December 31, 1994. Due to the seasonal nature of the
Company's business, the results of operations for the interim period
are not necessarily indicative of the results for the entire fiscal
year.
The financial data required in this Form 10-Q by Rule 10.01 of
Regulation S-X have been reviewed by Moore, Smith & Dale, the
Company's independent certified public accountants, as described in
their report contained elsewhere herein.
2. Inventories consisted of:
<TABLE>
<CAPTION>
(Dollars in Millions) September 30, December 31,
1995 1994
==============================================================================================
<S> <C> <C>
Raw material and work in process $156.6 $147.6
Finished goods 69.7 74.3
Supplies 14.9 13.4
----------------------------------------------------------------------------------------------
$241.2 $235.3
==============================================================================================
</TABLE>
3. The Company has been named by the U.S. Environmental Protection Agency
(EPA) as a potentially responsible party in connection with the
Sheboygan River and Harbor Superfund Site in Wisconsin. At September
30, 1995, the Company had an accrual of $30.8 million ($31.9 million
at December 31, 1994) for the estimated costs associated with the
cleanup of certain PCB contamination at this Superfund Site. The
Company has based the estimated cost of cleanup on ongoing engineering
studies, including engineering samples taken in the Sheboygan River,
and assumptions as to the areas that will have to be remediated along
with the nature and extent of the remediation that will be required.
Significant assumptions underlying the estimated costs are that
remediation will involve innovative technologies, including (but not
limited to) bioremediation near the Company's plant site and along the
Upper River, and only natural armoring and bioremediation in the Lower
River and Harbor.
Page 5
<PAGE> 6
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION - ITEM 1
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS, CONTINUED
The EPA has indicated it expects to issue a record of decision on the
cleanup of the Sheboygan River and Harbor Site in the second quarter
of 1996, but the ultimate resolution of the matter may take much
longer. Ultimate costs to the Company will be dependent upon factors
beyond its control such as the scope and methodology of the remedial
action requirements to be established by the EPA (in consultation with
the State of Wisconsin), rapidly changing technology, and the outcome
of any related litigation.
The Company, in cooperation with the Wisconsin Department of Natural
Resources, is conducting an investigation of soil and groundwater
contamination at the Company's Grafton, Wisconsin plant. Certain test
procedures are underway to assess the extent of contamination and to
develop remedial options for the site. While the Company has provided
for estimated investigation and on-site remediation costs, the extent
and timing of future off- site remediation requirements, if any, are
not presently determinable.
In addition to the above mentioned sites, the Company also is
currently participating with the EPA and various state agencies at
certain other sites to determine the nature and extent of any remedial
action which may be necessary with regard to such other sites. Based
on limited preliminary data and other information currently available,
the Company has no reason to believe that the level of expenditures
for potential remedial action necessary at these other sites will have
a material effect on its financial position.
4. Various lawsuits and claims, including those involving ordinary
routine litigation incidental to its business, to which the Company is
a party, are pending, or have been asserted, against the Company.
Although the outcome of these matters cannot be predicted with
certainty, and some may be disposed of unfavorably to the Company,
management has no reason to believe that their disposition will have a
materially adverse effect on the consolidated financial position of
the Company.
Page 6
<PAGE> 7
On Moore, Smith & Dale Letterhead
November 8, 1995
INDEPENDENT ACCOUNTANTS' REPORT
Tecumseh Products Company
Tecumseh, Michigan
We have reviewed the consolidated condensed balance sheet of Tecumseh
Products Company and Subsidiaries as of September 30, 1995, and the related
consolidated condensed statements of income and cash flows for the three months
and nine months ended September 30, 1995 and 1994. These financial statements
are the responsibility of the Company's management.
We have 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 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 consolidated condensed financial statements referred
to above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet as of December 31, 1994, and
the related consolidated statements of income, stockholders' equity, and cash
flows for the year then ended (not presented herein), and in our report dated
February 17, 1995, we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the
accompanying consolidated condensed balance sheet as of December 31, 1994, is
fairly stated in all material respects in relation to the consolidated balance
sheet from which it has been derived.
/s/ Moore, Smith & Dale
- ----------------------------
CERTIFIED PUBLIC ACCOUNTANTS
Page 7
<PAGE> 8
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION -- ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
The Company's sales for the third quarter of 1995 reached $392.7 million and
were 11% higher than the same period in 1994. Consolidated earnings of $24.9
million, or $1.14 per share, were down from the record setting $1.23 per share
earned in the third quarter of 1994. The Company's refrigeration and air
conditioning compressor business remained strong on a worldwide basis, but was
offset by a weaker performance in the Company's North American engine business.
Nine months earnings of $95.1 million, or $4.35 per share, compared favorably
with $91.8 million, or $4.19 per share, for the same period in 1994.
The following table presents results by business segments:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(Dollars in millions) September 30, September 30,
------------------ -------------------
1995 1994 1995 1994
==============================================================================================================
<S> <C> <C> <C> <C>
NET SALES:
Compressor Products $266.6 $207.6 $ 868.7 $ 673.6
Engine and Power Train Products 107.6 128.2 393.4 418.6
Pump Products 18.5 19.2 71.5 74.0
- --------------------------------------------------------------------------------------------------------------
TOTAL NET SALES $392.7 $355.0 $1,333.6 $1,166.2
==============================================================================================================
INCOME BEFORE TAXES ON INCOME:
Compressor Products $ 26.3 $ 18.8 $ 89.7 $ 67.4
Engine and Power Train Products 10.3 17.9 44.2 59.8
Pump Products 1.7 2.5 9.7 11.7
Corporate Expenses (2.6) (2.9) (7.2) (8.3)
Net Interest Income 4.4 7.3 15.9 15.7
- --------------------------------------------------------------------------------------------------------------
INCOME BEFORE
TAXES ON INCOME $ 40.1 $ 43.6 $ 152.3 $ 146.3
==============================================================================================================
</TABLE>
Page 8
<PAGE> 9
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION -- ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED
Compressor Products
The Company's worldwide Compressor Products sales for the third quarter of 1995
reached $266.6 million and were 28% higher than the previous year period.
Recent and ongoing capacity expansion allowed the Company to make significant
volume increases in air conditioning compressor shipments to help meet hot
weather induced shortages in the U.S. and abroad. U.S. sales of the TP
compressor for household refrigeration also had significant gains over the
prior year. In North America, sales of unitary central air conditioning
compressors were solid with double-digit growth, and U.S.-built exports,
particularly to the Asia-Pacific region, gained over the previous year period.
Strong European sales noted in the first and second quarters of 1995 continued
into the third quarter. The Brazilian domestic demand remained strong for
refrigeration products, despite a general weakening in consumer demand. Sales
for the first nine months were 29% higher than the prior year period in 1994.
The sales increase was principally due to higher sales volume discussed above
and, to a lesser extent, due to the translation effect of a weaker U.S. dollar
and to selling price increases.
Compressor Products operating margin was 9.9% for the third quarter of 1995 as
compared to 9.1% for the previous year period. Raw material cost increases,
start-up costs on new compressor lines and currency-driven reductions in export
margins of the Company's Brazilian and French operations continued to offset
the favorable effects of increased sales volume. These factors had similar
effects on year-to-date margins, and are expected to continue into the fourth
quarter of 1995.
Global demand for refrigeration and air conditioning products is expected to
rise over the next several years as developing economies improve their standard
of living. The Company is well into major capacity expansion programs in
Tupelo, Mississippi (room air conditioning compressors), and Sao Carlos, Brazil
(household refrigeration compressors) to meet the anticipated increase in
worldwide demand. In addition, progress continues on the introduction of the
new scroll compressor which is expected to have modest sales in 1996. These
strategic investments may somewhat restrain short-term earnings growth but are
expected to reap significant long-term benefits.
Overall financial results for the Company's Brazilian subsidiary in the third
quarter of 1995 remained strong, primarily due to substantial sales increases
in both its domestic and export markets. Margins decreased primarily as a
result of a continued overvalued currency as compared to the U.S. dollar. For
the third quarter of 1995, the Brazilian subsidiary contributed 20% of
consolidated compressor sales and 41% of segment operating profit, versus 17%
of consolidated compressor sales and 50% of segment operating profit in the
same period in 1994. Although the country's 1994 economic program has been its
most successful in recent history, economic uncertainties persist as it
struggles with an economic slowdown resulting from very high consumer interest
rates and significantly increased import tariffs on automobiles and certain
other consumer durable goods.
Page 9
<PAGE> 10
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION -- ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED
Engine and Power Train Products
Worldwide Engine and Power Train Products sales were $107.6 million in the
third quarter of 1995, a 16% decrease compared to the same period in 1994.
Reduced snowfall levels in the winter of 1995 caused third quarter snow thrower
engine sales to decline 36% as compared to the prior year period. This
decrease was somewhat offset by increased European sales by the Company's
Italian subsidiary, Tecumseh Europa. For the first nine months of 1995, the
Company's Engine and Power Train Products sales were $393.4 million, a decrease
of 6% over the prior year period. The year-to- date sales decrease was due to
the lower snow thrower engine sales and a decrease in walk-behind lawn mower
engines resulting from an unusually cool spring in the North East and North
Central United States.
Volume reductions of higher margin snow product, coupled with higher aluminum
prices caused third quarter operating margins to decrease to 9.5% as compared
to 14% in the previous year period. Year-to-date operating margins decreased
from 14.3% to 11.2% because of decreased snow thrower and walk-behind lawn
mower engine sales along with the higher aluminum costs.
The cool spring, consumer economic uncertainty and summer drought have caused
several lawn and garden customers to curtail production. This situation,
coupled with the reductions in snow engine demand, will likely result in sig-
nificantly lower engine sales for the fourth quarter, as compared with the same
period in 1994.
Early next year, the Company plans to begin limited production of reduced
exhaust emission engines and carburetors in a recently purchased manufacturing
facility in Douglas, Georgia. Expansion of the existing structure is currently
underway. Total planned investment for the facility is $40 million.
Pump Products
The Company's Pump Products sales for the third quarter and first nine months
of 1995 were both 3% below the same periods in 1994. Margins have been
somewhat reduced as the Company has worked aggressively to expand its product
offering and customer base in increasingly competitive markets.
Interest Income
Interest income for the third quarter of 1995 was down from the same period in
1994 primarily due to lower financial income reported by the Company's
Brazilian subsidiary. During the second quarter of 1995, the Company reduced
its cash position in Brazil to better protect itself from potential currency
devaluations. Additionally, real interest rates in Brazil were lower during
the third quarter of 1995 than immediately after the currency conversion of
June 30, 1994.
Page 10
<PAGE> 11
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION -- ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED
Income Taxes
The effective income tax rates were 37.9% for the third quarter and 37.6% for
the first nine months of 1995, and were comparable with the same periods in
1994.
LIQUIDITY AND CAPITAL RESOURCES
The Company continued to maintain a strong and liquid financial position.
Working capital of $528.4 million at September 30, 1995 was up from $504.2
million at December 31, 1994, and the ratio of current assets to current lia-
bilities approximated 2.8. As with 1994, the Company's capital spending for
the first nine months of 1995 was over twice the level of its depreciation.
Total capital spending for the entire year of 1995 should approximate $140
million as the Company expects to substantially complete the three compressor
investments discussed above along with expanding capacity of both its engine
and pump businesses. Working capital requirements and planned capital
expenditures for the remainder of 1995 and 1996 are expected to be financed
through internally available funds, although the Company may utilize long-term
financing arrangements in connection with various state investment incentives.
Page 11
<PAGE> 12
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) None.
(b) The Company did not file any reports on Form 8-K during the three
months ended September 30, 1995.
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:
TECUMSEH PRODUCTS COMPANY
(Registrant)
Dated: November 13, 1995 By: /s/ JOHN H. FOSS
---------------------- ------------------------------------
John H. Foss
Vice President, Treasurer and
Chief Financial Officer
Page 12
<PAGE> 13
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NO. DESCRIPTION PAGE NO.
- ------- ----------- --------
<S> <C> <C>
EX-27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 299,700
<SECURITIES> 0
<RECEIVABLES> 237,200
<ALLOWANCES> 6,900
<INVENTORY> 241,200
<CURRENT-ASSETS> 819,100
<PP&E> 870,800
<DEPRECIATION> 410,100
<TOTAL-ASSETS> 1,423,100
<CURRENT-LIABILITIES> 290,700
<BONDS> 0
<COMMON> 21,900
0
0
<OTHER-SE> 852,700
<TOTAL-LIABILITY-AND-EQUITY> 1,423,100
<SALES> 1,333,600
<TOTAL-REVENUES> 1,363,900
<CGS> 1,136,100
<TOTAL-COSTS> 1,136,100
<OTHER-EXPENSES> 100
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,900
<INCOME-PRETAX> 152,300
<INCOME-TAX> 57,200
<INCOME-CONTINUING> 95,100
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 95,100
<EPS-PRIMARY> 4.35
<EPS-DILUTED> 4.35
</TABLE>
