<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, 1996
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.
Class of Stock Outstanding at October 31, 1996
- ------------------------------------------------------------------------------
Class B Common Stock, $1.00 par value 5,470,146
Class A Common Stock, $1.00 par value 16,410,438
<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,
1996 1995
======================================================================================================
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 273.2 $ 261.6
Accounts receivable, trade, less allowance for doubtful
accounts of $6.9 million in 1996 and 1995 247.8 225.5
Inventories 256.2 260.0
Deferred income taxes 34.8 33.9
Other current assets 8.3 10.2
- -----------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 820.3 791.2
PROPERTY, PLANT AND EQUIPMENT, at cost, net of
accumulated depreciation of $445.5 million in 1996
and $419.1 million in 1995 518.0 477.0
EXCESS OF COST OVER ACQUIRED NET ASSETS 57.1 60.9
DEFERRED INCOME TAXES 18.6 19.9
PREPAID PENSION EXPENSE 44.2 37.6
OTHER ASSETS 22.1 21.0
- -----------------------------------------------------------------------------------------------------
TOTAL ASSETS $1,480.3 $1,407.6
=====================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, trade $ 119.3 $ 129.5
Income taxes payable 13.4 7.5
Short-term borrowings 8.7 13.5
Accrued liabilities 129.4 119.4
- -----------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 270.8 269.9
LONG-TERM DEBT 13.6 14.7
NON-PENSION POSTRETIREMENT BENEFITS 177.9 174.0
PRODUCT WARRANTY AND SELF-INSURED RISKS 30.5 30.0
ACCRUAL FOR ENVIRONMENTAL MATTERS 27.2 27.3
PENSION LIABILITIES 15.3 14.6
- -----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 535.3 530.5
=====================================================================================================
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 883.1 808.0
Foreign currency translation adjustment 10.1 17.3
- -----------------------------------------------------------------------------------------------------
TOTAL STOCKHOLDERS' EQUITY 945.0 877.1
- -----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,480.3 $1,407.6
=====================================================================================================
</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,
-------------------- --------------------
1996 1995 1996 1995
==================================================================================
<S> <C> <C> <C> <C>
INCOME:
Net sales $408.7 $392.7 $1,395.8 $1,333.6
Interest income 5.1 6.3 15.3 21.8
Other income 1.3 3.9 5.3 8.5
- ----------------------------------------------------------------------------------
TOTAL INCOME 415.1 402.9 1,416.4 1,363.9
- ----------------------------------------------------------------------------------
EXPENSES:
Cost of sales and operating expenses 347.6 339.2 1,192.8 1,136.1
Selling and administrative expenses 23.1 21.7 73.4 69.5
Interest expense 1.3 1.9 4.9 5.9
Other expenses 0.1 -- 0.3 0.1
- ----------------------------------------------------------------------------------
TOTAL EXPENSES 372.1 362.8 1,271.4 1,211.6
- ----------------------------------------------------------------------------------
INCOME BEFORE TAXES ON INCOME 43.0 40.1 145.0 152.3
Taxes on income 15.8 15.2 52.9 57.2
- ----------------------------------------------------------------------------------
NET INCOME $ 27.2 $ 24.9 $ 92.1 $ 95.1
==================================================================================
NET INCOME PER SHARE $ 1.24 $ 1.14 $ 4.21 $ 4.35
==================================================================================
CASH DIVIDENDS DECLARED
PER SHARE $ 0.26 $ 0.25 $ 0.78 $ 0.75
==================================================================================
</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>
Nine Months Ended
(Dollars in millions) September 30,
-----------------
1996 1995
===============================================================================
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 92.1 $ 95.1
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 48.0 44.5
Accounts receivable (25.1) (37.2)
Inventories 2.9 (3.5)
Payables and accrued expenses 10.6 36.2
Other (3.3) (4.7)
- -------------------------------------------------------------------------------
CASH PROVIDED BY OPERATIONS 125.2 130.4
- -------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (87.7) (98.0)
- -------------------------------------------------------------------------------
CASH USED IN INVESTING ACTIVITIES (87.7) (98.0)
- -------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (17.1) (16.4)
Decrease in borrowings, net (6.1) (1.6)
- -------------------------------------------------------------------------------
CASH USED IN FINANCING ACTIVITIES (23.2) (18.0)
- -------------------------------------------------------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (2.7) 2.1
- -------------------------------------------------------------------------------
INCREASE IN CASH AND CASH EQUIVALENTS 11.6 16.5
CASH AND CASH EQUIVALENTS:
BEGINNING OF PERIOD 261.6 283.2
- -------------------------------------------------------------------------------
END OF PERIOD $273.2 $299.7
===============================================================================
</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, 1995 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, 1995. 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 Ciulla, Smith & Dale, LLP, 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,
1996 1995
=================================================================
<S> <C> <C>
Raw material and work in process $148.4 $162.8
Finished goods 91.2 80.4
Supplies 16.6 16.8
- -----------------------------------------------------------------
$256.2 $260.0
=================================================================
</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, 1996, the
Company had an accrual of $30.4 million ($30.1 million at December 31,
1995) 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 third quarter of
1997, 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
November 11, 1996
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, 1996, and the related
consolidated condensed statements of income and cash flows for the three months
and nine months ended September 30, 1996 and 1995. 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, 1995, 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 16, 1996, 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, 1995, is
fairly stated in all material respects in relation to the consolidated balance
sheet from which it has been derived.
CIULLA, SMITH & DALE, LLP
Certified Public Accountants
Southfield, Michigan
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
Sales for the third quarter of 1996 were $408.7 million, up 4% from the same
period in 1995. Consolidated earnings of $27.2 million, or $1.24 per share
were 9% higher than the $1.14 per share earned in the third quarter of 1995.
The favorable results were due to strong engine sales to snow removal equipment
manufacturers along with increases in North American compressor sales.
Year-to-date sales of $1,395.8 million were 5% higher than the prior year
period. Nine month earnings of $92.1 million, or $4.21 per share, were down 3%
from the first nine months of 1995, due primarily to lower net interest income.
The following table presents results by business segments:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
(Dollars in millions) September 30, September 30,
------------------ -----------------
1996 1995 1996 1995
============================================================================
<S> <C> <C> <C> <C>
NET SALES:
Compressor Products $262.1 $266.6 $ 893.7 $ 868.7
Engine and Power Train Products 124.2 107.6 424.8 393.4
Pump Products 22.4 18.5 77.3 71.5
- ----------------------------------------------------------------------------
TOTAL NET SALES $408.7 $392.7 $1,395.8 $1,333.6
============================================================================
INCOME BEFORE TAXES ON INCOME:
Compressor Products $ 24.8 $ 26.3 $ 83.8 $ 89.7
Engine and Power Train Products 14.7 10.3 48.0 44.2
Pump Products 2.5 1.7 10.5 9.7
Corporate Expenses (2.8) (2.6) (7.7) (7.2)
Net Interest Income 3.8 4.4 10.4 15.9
- ----------------------------------------------------------------------------
TOTAL INCOME BEFORE
TAXES ON INCOME $ 43.0 $ 40.1 $ 145.0 $ 152.3
============================================================================
</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
Worldwide Compressor Products sales for the third quarter of 1996 were $262.1
million and were essentially flat as compared with the same period in 1995.
Year-to-date sales of $893.7 were 3% higher than the previous year period.
Factors impacting the first two quarters of 1996 continued into the third
quarter. North American compressor sales remained strong but were offset by
weaker sales of compressors produced in overseas operations.
North American compressor sales gains were driven by two recent product
introductions, a small rotary room air conditioning compressor and a household
refrigerator compressor. In addition, sales of compressors for the domestic
central unitary air conditioning market remained robust. A retail build-up of
room air conditioner inventory in reaction to record heat in the summer of 1995
led to increased sales. In addition, strong housing starts and market share
gains in the U.S. household refrigerator market contributed positively to North
American compressor sales. These sales increases were offset in part by a
decrease in commercial refrigeration sales.
Looking forward, an unseasonably cool summer in key regions of the U.S. has led
to higher than usual levels of room air conditioners remaining in distribution
channels at the end of this past summer season. The commercial refrigeration
market also continues to show signs of weakness. These factors are likely to
impact North American compressor demand for the rest of 1996 and possibly into
1997.
The European compressor market and operations were down for the third quarter
and first nine months of 1996 as a result of a cool summer and continuing
economic weakness in Europe. Domestic Brazilian demand remained steady for
refrigeration products, but exports from the Company's Brazilian operations
were down reflecting sluggish demand in the rest of South and Central America.
Compressor Products operating margin was 9.5% for the third quarter and 9.4%
for the first nine months of 1996 as compared to 9.9% and 10.3% for the same
periods in 1995. A larger proportion of new product sales resulted in lower
margins due to start-up costs.
For the third quarter of 1996, the Company's Brazilian subsidiary contributed
39% of segment operating profit, versus 41% of segment operating profit for the
same period in 1995. The operating results for the Company's Brazilian
subsidiary remained strong due to continued domestic demand for refrigeration
products. Although Brazil's current economic program has been successful in
controlling inflation and lifting consumer confidence, this also resulted in an
artificially strong currency which is expected to continue to exert pressure on
operating margins.
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 $124.2 million in the
third quarter of 1996, a 15% increase compared to the same period in 1995.
Heavy snowfall in the winter of 1996 depleted retail inventories of snow
throwers resulting in strong demand for our snow engine product. These sales
gains were offset in part by weaker sales in the Company's European and North
American lawn and garden operations.
Nine months sales of $424.8 million were 8% higher than the previous year
period. Strong second quarter sales due to a previous seasonal delay in
production start-ups by certain lawn and garden customers, along with
significant third quarter gains in snow thrower engine sales, were the primary
contributors to year-to-date sales increases.
Engine and Power Train Products operating margin was 11.8% for the third
quarter of 1996 as compared to 9.5% for the previous year period. Increased
sales volume in higher margin snow product was the primary reason for
comparable margin gains. Nine months operating margins of 11.3% were
essentially flat with the prior year period. Margin gains due to increased
sales volume were offset by higher raw material costs and new facility start-up
costs.
Pump Products
Pump Products sales for the third quarter were $22.4 million, a 21% increase
compared to the third quarter of 1995. Year-to-date sales of $77.3 million
were 8% higher than the previous year period. Increased sales in the HVAC
market and flooding-related demand for pumps contributed to the sales gains.
Interest Income
Interest income net of interest expense decreased $5.5 million for the first
nine months of 1996 compared to the same period in 1995, due in large part to
lower financial income reported by the Company's Brazilian subsidiary. Late in
the second quarter of 1995, the Company lowered its cash position in Brazil to
provide some protection from potential currency devaluations.
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
LIQUIDITY AND CAPITAL RESOURCES
In October 1996, the Company announced plans to build a manufacturing facility
in Corinth, Mississippi. This vertically integrated operation will make
electric motors for compressor products and is expected to provide cost and
delivery time efficiencies. Total planned investment will approximate $35
million and should be substantially completed by the end of 1997.
In November 1996, the Company announced that it has signed a memorandum of
understanding with Whirlpool of India, Ltd. to acquire Whirlpool's
refrigeration compressor manufacturing facilities in the state of Haryana,
India, subject to execution of a mutually satisfactory definitive agreement and
all necessary approvals. Tecumseh will continue to manufacture the currently
produced refrigeration compressor and, over the next several years, plans to
expand capacity to include its high efficiency CFC-free TP refrigeration
compressor. Once expanded and fully equipped, the operation will have
sufficient capacity to produce over 2 million refrigeration compressors
annually. Total planned investment over the next several years, including
acquisition costs and capacity expansion, is estimated to exceed $60 million.
The Company continued to maintain a strong and liquid financial position.
Working capital of $549.5 million at September 30, 1996 was up from $521.3
million at December 31, 1995, and the ratio of current assets to current
liabilities approximated 3.0. Nine months capital spending of $87.7 million
included expenditures for a new engine facility in Georgia, and expansion of
the TP compressor line and installation of a new small rotary compressor line
in Brazil. Total capital spending for 1996 should approximate the same
expenditure level as 1995. Working capital requirements and planned capital
expenditures for the remainder of 1996 and 1997 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.
Uncertainties Relating to Forward-Looking Statements
This report contains forward-looking statements within the meaning of the
Securities Laws. In addition, forward-looking statements may be made orally in
the future by or on behalf of the Company.
Forward-looking statements involve risks and uncertainties, including, but not
limited to, changes in business conditions and the economy in general in both
foreign and domestic markets; weather conditions affecting demand for air
conditioners, lawn and garden products and snow throwers; financial market
changes, including interest rates and foreign exchange rates; economic trend
factors such as housing starts; governmental regulations; availability of
materials; actions of competitors; and the Company's ability to profitably
develop, manufacture and sell both new and existing products.
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, 1996.
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 14, 1996 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
- ----------- -----------
<S> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 273,200
<SECURITIES> 0
<RECEIVABLES> 254,700
<ALLOWANCES> 6,900
<INVENTORY> 256,200
<CURRENT-ASSETS> 820,300
<PP&E> 963,500
<DEPRECIATION> 445,500
<TOTAL-ASSETS> 1,480,300
<CURRENT-LIABILITIES> 270,800
<BONDS> 0
0
0
<COMMON> 21,900
<OTHER-SE> 923,100
<TOTAL-LIABILITY-AND-EQUITY> 1,480,300
<SALES> 1,395,800
<TOTAL-REVENUES> 1,416,400
<CGS> 1,192,800
<TOTAL-COSTS> 1,266,200
<OTHER-EXPENSES> 300
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,900
<INCOME-PRETAX> 145,000
<INCOME-TAX> 52,900
<INCOME-CONTINUING> 92,100
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 92,100
<EPS-PRIMARY> 4.21
<EPS-DILUTED> 4.21
</TABLE>
