<PAGE>
UNITED STATES
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 October 1, 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 1-4682
THOMAS & BETTS CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 22-1326940
(State or other jurisdiction of (I.R.S. Employer)
incorporation or organization) (Identification No.)
1555 Lynnfield Road, Memphis, Tennessee 38119
(Address of principal executive offices) (Zip Code)
(901) 682-7766
(Registrant's telephone number, including area code)
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.
Common Stock Par Value $ .50 20,000,487
(Title of each class) (Outstanding at October 29, 1995)
<PAGE>
THOMAS & BETTS CORPORATION
INDEX
Page
PART I. Financial Information:
Consolidated Balance Sheet
October 1, 1995 and January 1, 1995 . . . . . . . . . . 3
Consolidated Statement of Earnings
Periods Ended Oct. 1, 1995 and Oct. 2, 1994. . . . . . . 4
Consolidated Statement of Cash Flows
Periods Ended Oct. 1, 1995 and Oct. 2, 1994. . . . . . . 5
Notes to Consolidated Financial Statements . . . . . . . 6
Management's Discussion and Analysis of Results
of Operations and Financial Condition. . . . . . . . . . 8
PART II. Other Information . . . . . . . . . . . . . . . . . . . 12
Signatures . . . . . . . . . . . . . . . . . . . . . . 13
<PAGE>
PART I. FINANCIAL INFORMATION
THOMAS & BETTS CORPORATION
Consolidated Balance Sheet
(Thousands of Dollars)
<TABLE>
<CAPTION>
October 1, January 1,
1995 1995
ASSETS (Unaudited) (Audited)
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 53,496 $ 69,671
Marketable securities 52,048 52,569
Receivables, net 195,688 168,077
Inventories:
Finished goods 106,492 96,159
Work in process 29,174 33,663
Raw materials 76,835 68,600
Total inventories 212,501 198,422
Deferred income taxes 31,296 40,059
Prepaid expenses 5,405 5,195
Total Current Assets 550,434 533,993
Property, plant and equipment, at cost 571,114 547,099
Less accumulated depreciation 270,126 271,574
Net property, plant and equipment 300,988 275,525
Intangible assets - net 316,315 323,228
Investments and other assets 70,524 75,466
TOTAL ASSETS $1,238,261 $1,208,212
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term bank borrowings $ 13,731 $ 15,355
Current maturities of long-term debt 9,452 3,304
Accounts payable 105,836 118,052
Accrued liabilities 98,807 116,875
Income taxes 15,033 15,779
Dividends payable 11,021 10,979
Total Current Liabilities 253,880 280,344
Long-term debt 343,853 319,519
Other long-term liabilities 43,036 40,408
Deferred income taxes 16,028 14,898
Shareholders' Equity:
Common stock 9,857 9,822
Additional paid-in capital 172,224 169,291
Retained earnings 396,456 373,011
Unrealized gain on marketable securities 1,344 867
Foreign currency translation adjustment 3,872 2,661
Cost of treasury stock (2,289) (2,609)
Total Shareholders' Equity 581,464 553,043
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $1,238,261 $1,208,212
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
THOMAS & BETTS CORPORATION
Consolidated Statement of Earnings
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
Oct. 1, Oct. 2, Oct. 1, Oct. 2,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net sales. . . . . . . . . . . . . .$303,108 $277,407 $903,831 $787,376
Costs and expenses:
Cost of sales. . . . . . . . . . . . 198,825 184,660 594,873 524,440
Marketing, general and
administrative . . . . . . . . . . 62,048 63,618 185,874 169,781
Research and development . . . . . . 5,756 4,947 17,251 15,312
Amortization of intangibles. . . . . 2,428 2,664 7,380 8,488
Provision for restructured
operations . . . . . . . . . . . - 79,011 - 79,011
$269,057 $334,900 $805,378 $797,032
Earnings (loss) from operations. . 34,051 (57,493) 98,453 (9,656)
Other expense-net. . . . . . . . . 4,141 5,354 14,981 18,735
Earnings (loss) from continuing
operations before income taxes. . 29,910 (62,847) 83,472 (28,391)
Income taxes (benefit). . . . . . . 8,671 (22,132) 26,722 (10,712)
Earnings (loss) from continuing
operations. . . . . . . . . . . . 21,239 (40,715) 56,750 (17,679)
Earnings from discontinued
operations net of income tax
expense of $258 for third quarter
1994, and $4,628 for nine months
ended October 2, 1994 . . . . . . - 409 - 7,350
Gain on sale of discontinued
operations net of income tax
expense of $40,492. . . . . . . . - 58,583 - 58,583
Net earnings. . . . . . . . . . . . $ 21,239 $ 18,277 $ 56,750 $ 48,254
Per Share Data:
Earnings (loss) from continuing
operations . . . . . . . . . . $ 1.08 $ (2.11) $ 2.89 $ (.90)
Earnings from discontinued
operations . . . . . . . . . . - .02 - .38
Gain on sale of discontinued
operations . . . . . . . . . . - 3.03 - 3.03
Earnings per share. . . . . . . . $ 1.08 $ 0.94 $ 2.89 $ 2.51
Dividends declared per share. . . $ .56 $ .56 $ 1.68 $ 1.68
Average shares outstanding. . . . . 19,668 19,438 19,642 19,216
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
THOMAS & BETTS CORPORATION
Consolidated Statement of Cash Flows
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
Oct. 1, Oct. 2,
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Earnings (loss) from continuing operations $ 56,750 $ (17,679)
Adjustments:
Depreciation and amortization 41,421 38,525
Provision for restructured operations - 79,011
Provision for facilities-related operating charges - 10,632
Deferred income taxes 9,403 (26,905)
Changes in operating assets and liabilities, net:
Receivables (25,307) (26,893)
Inventories (10,949) (10,028)
Accounts payable (12,953) 20,512
Accrued liabilities (20,126) (1,084)
Income taxes payable (791) 28,313
Cash from discontinued operations - 7,606
Other 4,567 1,841
Net cash provided by operating activities 42,015 103,851
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of Vitramon, net of tax - $ 144,700
Purchases of and investments in businesses (3,452) (76,851)
Purchases of property, plant and equipment (61,663) (36,683)
Net investments in discontinued operations - (7,781)
Proceeds from sale of property, plant and equipment 1,237 7,168
Marketable securities acquired (26,701) (17,968)
Proceeds from sale of product lines 4,900 -
Proceeds from matured marketable securities 34,728 12,888
Other (669) 6
Net cash provided by (used in) investing activities (51,620) 25,479
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in borrowings with
original maturities less than 90 days 26,804 (8,457)
Proceeds from long-term debt and other borrowings 10,106 6,918
Repayment of long-term debt and other borrowings (9,474) (77,643)
Stock options exercised 1,936 3,259
Cash dividends paid (32,974) (32,032)
Net cash provided by (used in) financing activities (3,602) (107,955)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (2,968) (4,910)
Net increase (decrease) in cash and cash equivalents (16,175) 16,465
Cash and cash equivalents-beginning of year 69,671 72,509
Cash and cash equivalents-end of period $ 53,496 $ 88,974
Cash payments for interest $ 22,466 $ 23,051
Cash payments for taxes $ 17,337 $ 28,990
Common stock issued for acquisitions $ 971 $ 39,289
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
THOMAS & BETTS CORPORATION
Notes to Consolidated Financial Statements
(Unaudited)
1 In the opinion of Management, the accompanying consolidated
financial statements contain all adjustments (consisting of
only normal recurring accruals) necessary for the fair
presentation of the financial position as of October 1, 1995
and January 1, 1995, and the results of operations and cash
flows for the periods ended October 1, 1995 and October 2,
1994.
2. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed
or omitted. It is suggested that these consolidated financial
statements be read in conjunction with the financial
statements and notes thereto included in the Corporation's
Annual Report to Shareholders for the fiscal year ended
January 1, 1995. The results of operations for the periods
ended October 1, 1995 and October 2, 1994 are not necessarily
indicative of the operating results for the full year.
3. Earnings per share are computed by dividing net earnings by
the weighted average number of shares of common stock
outstanding during the reporting period. The effect on earnings
per share resulting from the assumed exercise of outstanding
stock options is not material.
4. Acquisitions/Divestitures: On February 6, 1995 the Corporation
purchased certain assets (primarily inventories and equipment)
relating to the manufacture, sale and distribution of the Anchor
Electric meter center business for $3.5 million in cash.
On July 25, 1995 E. K. Campbell Company, a custom industrial
heating and cooling equipment manufacturer, was acquired in
exchange for 14,045 shares of the Corporation's common stock.
On September 28, 1995 the Corporation sold its residential
lighting, multiple outlet center and surge protection
consumer product lines; 1995 sales from these product lines
would have been about $20 million. Cash generated by this
sale and related working capital reductions will approximate
$14 million.
On October 27, 1995 the Corporation acquired Catamount
Manufacturing, Inc., a manufacturer of cable ties, wire
connectors and related electrical products, for approximately
$35 million consisting of $22 million of the Corporation's
common stock and the assumption of approximately $13 million
of Catamount's debt.
Subsequent to the end of the third quarter, the Corporation agreed
to acquire all of the outstanding stock of Amerace Corporation, a
manufacturer of electrical products for utility and industrial markets
with 1995 sales projected at approximately $215 million. Its most
significant products are underground power and distribution connectors
sold under its Elastimold brand name. This acquisition is expected to
be completed near the end of the year.
The Anchor Electric and Amerace acquisitions are being
accounted for using the purchase method of accounting. The
E. K. Campbell and Catamount acquisitions are being accounted
for using the pooling-of-interests method of accounting,
however, prior-year results have not been restated due to
immateriality.
5.In March 1995, the Corporation renegotiated and increased its
revolving credit facility to $500 million from $280 million,
making these funds available for a term of five years from
the renegotiation date. This credit facility includes
covenants, among which are limitations on the amount of
future indebtedness and the maintenance of certain financial
ratios. Dividends are permitted to continue at the current
rate per share and may be increased provided the payout does
not exceed 50 percent of earnings.
<PAGE>
THOMAS & BETTS CORPORATION
Management's Discussion and Analysis of Results
of Operations and Financial Condition
RESULTS OF OPERATIONS
QUARTERLY COMPARISON
Thomas & Betts Corporation reported record sales and
earnings for the third quarter of 1995. Sales from continuing
operations were 9 percent higher than 1994. Net earnings grew 16
percent, with earnings per share increasing to $1.08 from $.94
last year.
Results for the third quarter of 1994 included two
significant, financially offsetting events. In July 1994 the
Corporation sold its Vitramon subsidiary and recorded a pretax
gain of $99 million. In September 1994, the Corporation
announced $90 million in special charges, $79 million of which
related to a worldwide restructuring of operations.
All three business segments of the Corporation experienced
sales growth in the third quarter of 1995. Of the total
consolidated sales increase of 9 percent, 8 percentage points
came from increased volume and acquisitions and 1 point was the
result of stronger foreign currencies. Prices were nominally
higher than last year.
Worldwide sales of Electrical Construction and Maintenance
Components, representing approximately half of the Corporation's
revenues, rose 8 percent.
Worldwide Electronic/OEM Components sales increased 12
percent, with contributions from operations in all three
geographic sectors: North America, Europe and the Pacific Region.
This segment represents approximately one-fourth of total
revenues.
Other Products and Components yielded an 8 percent sales
increase. This segment, which serves utility, heating and
telecommunications markets, accounts for approximately one-fourth
of total revenues.
Consolidated gross margin for the quarter was 34.4 percent
of sales compared to 33.4 percent last year. The higher margin
was due to savings from the Corporation's restructuring
initiatives and a non-recurring charge related to idle facilities
of $3.8 million included in last year's cost of sales, partially
offset by slightly less favorable product sales mix and lower
margins on the recently divested consumer product lines.
Marketing, General and Administrative expenses, at 20.5
percent of sales for the quarter, were lower than last year's
expenses at 22.9 percent primarily due to the non-recurring
idle-facility-related charge of $6.8 million included in
administrative expense last year. Current year decreases in
marketing and administrative expenses as a percent of sales have
offset temporarily higher restructuring-related shipping and
warehousing expenses.
The effective tax rate of 29.0 percent for the quarter was
lower than the rate for the first half, due primarily to higher
than expected tax benefits resulting from increased employment in
Puerto Rico and a favorable state tax adjustment. The rate is
not comparable to last year's rate because of the tax benefit
associated with last year's restructuring charge.
RESULTS OF OPERATIONS
YEAR-TO-DATE OPERATIONS
Net sales from continuing operations for the first nine
months of 1995 were up 15 percent from the comparable period in
1994. Earnings from continuing operations increased to nearly
$57 million as compared to last year's loss that included the
special charge as previously noted. Net earnings were up 18
percent from 1994 and earnings per share were $2.89 compared to
$2.51 per share in 1994.
All three business segments of the Corporation achieved
sales gains for the first nine months of the year. Of the 15
percent increase in sales, 13 percentage points came from
increased volume and acquisitions and 2 points from stronger
foreign currencies. Price changes have been nominally positive.
Worldwide sales of Electrical Construction and Maintenance
Components rose 17 percent reflecting strong growth in existing
products and the inclusion of acquisitions. Worldwide
Electronic/OEM Component sales grew 16 percent, with sales gains
in all three geographic sectors: North America, Europe and the
Pacific Region. The Other Products and Components business
segment yielded a 9 percent sales increase.
Consolidated gross margin year-to-date was 34.2 percent of
sales compared to 33.4 percent last year. Margins improved due
to restructuring-related manufacturing cost reductions and the
non-recurring idle-facility-related charge of $3.8 million
recorded in last year's cost of sales.
Marketing, general and administrative expense, at 20.6
percent of sales, was down from 21.6 percent last year due to the
non-recurring idle-facility-related charge of $6.8 million
recorded in administrative expense last year and efficiencies
that have more than offset this year's temporarily higher
shipping and warehousing expense resulting from implementation of
restructuring actions.
The year-to-date effective tax rate of 32.0 percent reflects
the higher tax benefit from the Puerto Rico operations and the
favorable state tax adjustment recorded in the third quarter.
The rate is not comparable to last year's tax rate because of the
tax benefit associated with last year's restructuring charge.
The prior year's earnings from discontinued operations
reflect the earnings from the Corporation's former Vitramon
subsidiary. The Vitramon subsidiary was sold in July 1994 and
generated a $58.6 million after-tax gain on sale of discontinued
operations.
LIQUIDITY AND CAPITAL RESOURCES
The Corporation believes it will continue to fund its
capital and operating needs with cash flows from operations,
augmented by borrowings available under its revolving credit
facility and from other sources. Total debt represented 39
percent of total capitalization (shareholders' equity and total
debt) at October 1, 1995, up from 38 percent at January 1, 1995,
and equal to the 39 percent at October 2, 1994. Cash from
operations as a result of restructuring savings and operating
efficiencies has enabled the Corporation to fund record
investments in capital expenditures and restructuring activities,
maintaining the debt-to-total-capitalization ratio at the
previous year's level.
Net cash flow from operating activities for the first nine
months of 1995 was $42 million. Earnings from continuing
operations plus non-cash charges totaled $98 million. This was
used for working capital needs, which included asset investments
required by sales growth, expenditures and inventory build
relating to ongoing restructuring activities, payment of prior-
year sales volume incentives, a reduction in the amount of year-end
1994 vendor payables, and working capital needs related to
the acquisition of the Anchor Electric meter center business and
the E.K. Campbell industrial heating and cooling equipment
business.
Capital spending year-to-date increased to $62 million,
reflecting expenditures related to restructuring projects,
capital investments for new products and expenditures for
manufacturing and service improvements. These improvements
include three new state-of-the-art warehouse facilities in the
U.S., Canada and Belgium, expansion of production capabilities in
Puerto Rico and new equipment and efficiency-related improvements
at facilities in Jonesboro, Arkansas and Monterrey, Mexico.
On September 28, 1995 the Corporation sold its residential
lighting, multiple outlet center and surge protection consumer
products lines. Cash generated by this sale and related working
capital reductions will approximate $14 million of which $4.9
million was received in the third quarter.
On July 25, 1995 the Corporation completed its acquisition
of E.K. Campbell Company by issuance of 14,045 shares of common
stock. On October 27, 1995 the Corporation acquired Catamount
Manufacturing, Inc., a manufacturer of cable ties, wire
connectors, and related electrical products, for approximately
$35 million, consisting of $22 million of the Corporation's
common stock and the assumption of approximately $13 million of
Catamount's debt.
Also subsequent to the end of the third quarter, the
Corporation agreed to acquire all of the outstanding stock of
Amerace Corporation, a manufacturer of electrical products for
utility and industrial markets, for approximately $220 million in
cash. This acquisition is expected to be completed prior to the
end of the year.
The cash portion of the purchase price of these acquisitions
will initially be funded from the Corporation's revolving credit
facility, leaving approximately $125 to $150 million of revolving
credit commitments unused at year end.
RESTRUCTURING
Activities related to the $79 million restructuring charge
taken in the third quarter of 1994 are generally proceeding as
anticipated. Forecasted spending related to operations in
Mexico, however, was delayed earlier in the year as a result of
initial uncertainties related to the peso devaluation. This
delay will extend this restructuring activity into fiscal year
1996.
During the third quarter, the Corporation incurred $3
million of previously accrued cash restructuring expenditures
primarily for severance and other employee benefits, and $5
million of non-cash charges to the restructuring reserve for
disposal of assets. Total charges applied to the restructuring
reserve to date are $19 million for cash spending activities and
$30 million for non-cash activities, leaving reserves of $20
million for cash and $10 million for non-cash activities.
Of the $20 million of reserves remaining to cover cash
restructuring activities, approximately $5 million for severance
and other employee benefits is expected to be spent during the
remainder of 1995 and approximately $15 million, primarily for
environmental clean up and carrying costs for closed facilities,
is expected to be spent in 1996 and thereafter. Reserves for
non-cash items have been accrued to provide for losses on the
disposition of plant, equipment and inventory at facilities to be
closed or realigned and to dispose of products to be
discontinued. Anticipated proceeds to be received from these
disposals are not expected to be significant. Of the remaining
$10 million of reserves for non-cash restructuring activities, $4
million is expected to be incurred during the remainder of 1995
with the remaining $6 million forecasted for 1996. These reserves
are believed to be adequate for the purposes for which they were
established.
<PAGE>
PART II. OTHER INFORMATION
THOMAS & BETTS CORPORATION
Item 5. Other Information
RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
For the
Nine Months
Ended For the Years Ended
Oct. 1, Jan. 1, Jan. 2, December 31 1995 1995 1994 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C>
Ratio of earnings
to fixed charges(1) 4.0x 1.0x 2.6x 2.2x 4.3x 4.3x
<FN>
(1) The ratio of earnings to fixed charges represents the number of times
fixed charges are covered by earnings from continuing operations. For
purposes of computing this ratio, earnings consist of earnings from
continuing operations before income taxes, plus fixed charges less
capitalized interest and less undistributed earnings from less than 50
percent owned persons. Fixed charges consist of interest expense and
such portion of rental expense which the Corporation estimates to be
representative of the interest factor attributable to such rental
expense. See Exhibit 12.
</TABLE>
Item 6. Exhibits and Reports on Form 8-K
(a) List of Exhibits
(12) Computation of Ratio of Earnings to Fixed Charges.
(b) Reports on Form 8-K
None
<PAG
THOMAS & BETTS CORPORATION
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
THOMAS & BETTS CORPORATION
(Registrant)
DATE: November 15, 1995 /s/ Fred R. Jones
Vice President-Finance and Treasurer
DATE: November 15, 1995 /s/ Jerry Kronenberg
Vice President-General Counsel
<PAGE>
EXHIBIT 12
THOMAS & BETTS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
<TABLE>
<CAPTION>
Nine Months
Ended For The Years Ended
Oct. 1, Jan. 1, Jan. 2, December 31,
1995 1995 1994 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C>
Earnings from
continuing operations
before income taxes $ 83,472 $ 494 $59,942 $52,983 $55,465 $56,122
Add:
Interest on
indebtedness 20,432 26,852 30,247 33,405 12,752 12,998
Amortization of
debt expense 1,007 1,133 1,062 2,538 - -
Portion of rents
representative of
the interest factor 5,514 7,377 7,011 6,515 3,816 3,826
Deduct interest capitalized
and undistributed earnings
from less than 50
percent owned persons (1,980) (1,863) - - (376) -
Earnings as adjusted $108,445 $33,993 $98,262 $95,441 $71,657 $72,946
Fixed charges:
Interest on
indebtedness $ 20,432 $26,852 $30,247 $33,405 $12,752 $12,998
Amortization of
debt expense 1,007 1,133 1,062 2,538 - -
Portion of rents
representative of
the interest factor 5,514 7,377 7,011 6,515 3,816 3,826
Total fixed charges $ 26,953 $35,362 $38,320 $42,458 $16,568 $16,824
Ratio of earnings
to fixed charges 4.0x 1.0x* 2.6x 2.2x 4.3x 4.3x
<FN>
*The ratio for the year ended January 1, 1995 was 0.96x, inadequate to cover
fixed charges by $1.369 million. This is due to a provision for restructuring
operations of $79,011 provided in the third quarter.</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-01-1995
<PERIOD-END> OCT-01-1995
<CASH> 53496
<SECURITIES> 52048
<RECEIVABLES> 195688
<ALLOWANCES> (14307)
<INVENTORY> 212501
<CURRENT-ASSETS> 550434
<PP&E> 571114
<DEPRECIATION> (270126)
<TOTAL-ASSETS> 1238261
<CURRENT-LIABILITIES> 253880
<BONDS> 343853
0
0
<COMMON> 9857
<OTHER-SE> 571607
<TOTAL-LIABILITY-AND-EQUITY> 1238261
<SALES> 903831
<TOTAL-REVENUES> 903831
<CGS> 594873
<TOTAL-COSTS> 210505
<OTHER-EXPENSES> (468)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (20432)
<INCOME-PRETAX> 83472
<INCOME-TAX> 26722
<INCOME-CONTINUING> 56750
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 56750
<EPS-PRIMARY> 2.89
<EPS-DILUTED> 2.89
</TABLE>
