SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1999
Commission File Number 1-6926
C. R. BARD, INC.
(Exact name of registrant as specified in its charter)
New Jersey 22-1454160
(State of incorporation) (I.R.S. Employer Identification No.)
730 Central Avenue, Murray Hill, New Jersey 07974
(Address of principal executive offices)
Registrant's telephone number,
including area code: (908) 277-8000
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 Outstanding at July 30, 1999
Common Stock - $.25 par value 51,238,316
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
INDEX
Page No.
PART I - FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets -
June 30, 1999 and December 31, 1998 1
Condensed Consolidated Statements of Income
For The Quarter and Six Months Ended
June 30, 1999 and 1998 2
Condensed Consolidated Statements of
Shareholders' Investment For The Six
Months Ended June 30, 1999 and 1998 3
Condensed Consolidated Statements of Cash
Flows For The Six Months Ended
June 30, 1999 and 1998 4
Notes to Condensed Consolidated Financial
Statements 5
Management's Discussion and Analysis of
Financial Condition and Results of
Operations 7
PART II - OTHER INFORMATION 11
<PAGE>
<TABLE>
C. R. BARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(thousands of dollars)
<CAPTION>
June 30, December 31,
1999 1998
(Unaduited)
<S> <C> <C>
ASSETS
Current Assets:
Cash and short-term investments $ 49,600 $ 42,400
Accounts receivable, net 202,400 217,800
Inventories 203,900 182,500
Other current assets 44,200 45,800
Total current assets 500,100 488,500
Property, plant and equipment, net 170,300 172,700
Intangible assets, net of amortization 348,300 358,900
Other assets 55,700 59,700
$1,074,400 $1,079,800
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' INVESTMENT
<S> <C> <C>
Current Liabilities:
Short-term borrowings and current
maturities of long-term debt $ 81,600 $ 2,000
Accounts payable 48,800 67,400
Accrued expenses 163,000 187,400
Federal and foreign income taxes 29,900 46,000
Total current liabilities 323,300 302,800
Long-term debt 159,000 160,000
Other long-term liabilities 38,800 49,400
Shareholders' Investment:
Preferred stock, $1 par value,
authorized 5,000,000 shares;
none issued --- ---
Common stock, $.25 par value,
authorized 300,000,000 shares;
issued and outstanding 51,128,696
shares and 51,497,564 shares 14,600 14,300
Capital in excess of par value 153,600 132,300
Retained earnings 447,200 452,200
Accumulated other comprehensive
income (45,500) (23,100)
Unamortized expenses under stock
plans (16,600) (8,100)
553,300 567,600
$1,074,400 $1,079,800
<FN>
</TABLE>
The accompanying notes to condensed consolidated financial
statements are an integral part of these statements.
- 1 -
<PAGE>
<TABLE>
C. R. BARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(thousands except per share amounts)
(Unaudited)
<CAPTION>
For Quarter Ended For Six Months Ended
June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Net sales $257,800 $300,600 $506,300 $596,900
Costs and expenses:
Cost of goods sold 114,500 144,600 223,900 285,500
Marketing, selling
and administrative 82,700 97,400 163,400 192,700
Research & development 14,500 20,800 28,300 40,000
Interest expense 4,800 7,100 9,000 15,300
Other(income)expense,
net (100) (31,500) 400 (35,100)
Total costs and
expenses 216,400 238,400 425,000 498,400
Income before taxes 41,400 62,200 81,300 98,500
Provision for income
taxes 13,200 22,000 26,500 33,400
Net income $ 28,200 $ 40,200 $ 54,800 $ 65,100
Basic earnings per
share $ .55 $ .71 $ 1.07 $ 1.15
Diluted earnings per
share $ .55 $ .71 $ 1.06 $ 1.14
Cash dividends per
share $ .19 $ .18 $ .38 $ .36
Average common shares
outstanding-basic 51,128 56,593 51,244 56,683
Average common shares
outstanding-diluted 51,667 56,944 51,864 57,010
<FN>
</TABLE>
The accompanying notes to condensed consolidated financial
statements are an integral part of these statements.
-2-
<PAGE>
<TABLE>
C. R. BARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
(thousands of dollars except per share amounts)
(Unaudited)
<CAPTION>
Six Months Ended June 30, 1999
Unamortized
Expenses
Cumulative Under
Capital in Retained Translation Stock
Shares Amount Excess of Par Earnings Adjustment Plan Total
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1998 51,497,564 $14,300 $132,300 $452,200 $(23,100) $ (8,100) $567,600
Net income 54,800 54,800
Currency translation adjustments (22,400) (22,400)
Comprehensive income 32,400
Cash dividends ($.19 per share) (19,500) (19,500)
Treasury stock acquired (1,009,100) (52,500) (52,500)
Employee stock plans 640,232 300 21,300 12,200 (8,500) 25,300
Balance at June 30, 1999 51,128,696 $14,600 $153,600 $447,200 $(45,500) $(16,600) $553,300
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended June 30, 1998
Unamortized
Expenses
Cumulative Under
Capital in Retained Translation Stock
Shares Amount Excess of Par Earnings Adjustment Plan Total
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1997 56,784,551 $14,100 $101,100 $506,700 $(38,500) $(10,300) $573,100
Net income 65,100 65,100
Currency translation adjustments (12,900) (12,900)
Comprehensive income 52,200
Cash dividends ($.18 per share) (20,500) (20,500)
Treasury stock acquired (600,000) (21,000) (21,000)
Employee stock plans 137,328 2,800 1,700 4,500
Balance at June 30, 1998 56,321,879 $14,100 $103,900 $530,300 $(51,400) $ (8,600) $588,300
<FN>
</TABLE>
The accompanying notes to condensed consolidated financial statements are
an integral part of these statements.
- 3 -
<PAGE>
<TABLE>
C. R. BARD, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of dollars)
(Unaudited)
<CAPTION>
For The Six Months Ended
June 30,
1999 1998
<S> <C> <C>
Cash flows from operating activities:
Net income $ 54,800 $ 65,100
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 24,000 29,700
Other non-cash items 2,600 22,700
Changes in assets and liabilities:
Current assets (19,000) (12,300)
Current liabilities (50,100) 20,000
Other (12,000) 6,000
300 131,200
Cash flows from investing activities:
Capital expenditures (12,600) (21,700)
Other long-term investments, net (5,900) (13,100)
(18,500) (34,800)
Cash flows from financing activities:
Purchase of common stock (52,500) (21,100)
Dividends paid (19,500) (20,500)
Short-term borrowings and other 96,600 39,600
Long-term borrowings (500) (60,400)
24,100 (62,400)
Net increase in cash and cash
equivalents 5,900 34,000
Cash and cash equivalents
at January 1, 41,200 36,400
Cash and cash equivalents
at June 30, $ 47,100 $ 70,400
<FN>
</TABLE>
The accompanying notes to consolidated financial statements are an
integral part of these statements.
- 4 -
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contained in this filing have been
prepared in accordance with the rules and regulations of the
Securities and Exchange Commission and have not been audited.
However, C. R. Bard, Inc. ("Bard" or the "company") believes that
it has included all adjustments to the interim financial
statements, consisting only of normal recurring adjustments, which
are necessary to present fairly Bard's financial condition and
results of operations at the dates and for the periods presented.
The results of operations for the interim periods are not
necessarily indicative of results of operations for a full year.
These financial statements should be read in conjunction with the
Consolidated Financial Statements and Notes to Consolidated
Financial Statements as filed by the company in the 1998 Annual
Report on Form 10-K.
Consolidation
The consolidated financial statements include the accounts of the
company and its majority-owned subsidiaries. All significant
intercompany accounts and transactions are eliminated in
consolidation.
Earnings Per Share
"Basic earnings per share" represents net income divided by the
weighted average shares outstanding. "Diluted earnings per share"
represents net income divided by weighted average shares
outstanding adjusted for the incremental dilution of outstanding
employee stock options and awards. Unless indicated otherwise per
share amounts are calculated on a diluted basis.
Derivative Instruments
In June 1998, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 133, "Accounting
for Derivative Instruments and Hedging Activities" ("FAS 133").
FAS 133 establishes accounting and reporting standards requiring
that every derivative instrument be recorded in the balance sheet
as either an asset or liability measured at its fair value. FAS
133 requires that changes in the derivative's fair value be
recognized currently in earnings unless specific hedge accounting
criteria are met. In June of 1999, the Financial Accounting
Standards Board deferred the effective date of FAS 133 to all
fiscal quarters for all fiscal years beginning after June 15, 1999.
The company does not expect that the adoption of FAS 133 will have
a material impact on its financial statements.
- 5 -
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Use of Estimates
The financial statements and related disclosures have been prepared
in conformity with generally accepted accounting principles and,
accordingly, include amounts based on estimates and judgments of
management with consideration given to materiality. Actual results
could differ from those estimates.
Short Term Borrowings and Long-Term Debt
In June 1996 the company filed a shelf registration with the
Securities and Exchange Commission for the future issuance of up to
$200,000,000 of long-term debt. As part of the registration, in
December 1996, the company issued $150,000,000 of long-term notes
due 2026. These notes may be redeemed at the option of the note
holders on December 1, 2006, at a redemption price equal to the
principal amount.
Income Taxes
The company's other current assets contain certain deferred tax
assets of approximately $34,000,000 at December 31, 1998 and
$29,600,000 at June 30, 1999.
Segment Information
The company's management considers its business to be a single
segment entity - the manufacture and sale of medical devices. The
company's products generally share similar distribution channels
and customers. The company designs, manufactures, packages,
distributes and sells medical, surgical, diagnostic and patient
care devices which, for the most part, are purchased by hospitals,
physicians and nursing homes, used once and discarded. Management
evaluates its various global product portfolios on a revenue basis,
which is presented below. Management generally evaluates
profitability and associated investment on an enterprise-wide basis
due to shared infrastructures.
<TABLE>
<CAPTION>
(thousands of Quarter Ended Six Months Ended
dollars) June 30, June 30,
% %
1999 1998 Chg 1999 1998 Chg
<S> <C> <C> <C> <C> <C> <C>
Vascular $ 57,400 $ 50,000 15 $110,000 $100,500 9
Urology 87,900 85,400 3 172,800 164,600 5
Oncology 57,600 52,300 10 114,700 103,800 11
Surgery 41,000 37,000 11 81,200 72,000 13
Other Ongoing
products 13,900 14,800 (6) 27,600 29,700 (7)
Total ongoing
products 257,800 239,500 8 506,300 470,600 8
Divested products --- 61,100 -- --- 126,300 --
Net sales $257,800 $300,600 (14) $506,300 596,900 (15)
<FN>
</TABLE>
- 6 -
<PAGE>
<TABLE>
C. R. BARD, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
Segment Information (continued)
<CAPTION>
(thousands of Quarter Ended Six Months Ended
dollars) June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Income before taxes $ 41,400 $ 62,200 $ 81,300 $ 98,500
Total assets $1,074,400 $1,283,800 $1,074,400 $1,283,800
Capital expenditures $ 6,100 $ 11,800 $ 12,600 $ 21,700
Depreciation and
amortization $ 11,700 $ 13,700 $ 24,000 $ 29,700
<FN>
</TABLE>
The following table presents sales of ongoing products by geography
based on the location of the external customer.
<TABLE>
<CAPTION>
(thousands of Quarter Ended Six Months Ended
dollars) June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
United States $180,700 $168,100 $359,900 $333,600
Europe 49,400 46,400 95,900 87,800
Japan 13,300 12,400 23,900 25,500
Rest of world 14,400 12,600 26,600 23,700
Total $257,800 $239,500 $506,300 $470,600
<FN>
</TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The discussion below does not include net sales of divested
products for the three and six month periods ending June 30, 1998.
Consolidated net sales for the second quarter of 1999 of
$257,800,000 increased 8 percent from the second quarter of 1998
net sales of ongoing products of $239,500,000. Net sales in the
U.S. for the second quarter of 1999 were $180,700,000, an increase
of 8 percent from net sales of ongoing products for the second
quarter of 1998, while international net sales for the second
quarter of 1999 were $77,100,000, up 8 percent against net sales of
ongoing products for the second quarter of 1998. The impact of a
stronger U.S. dollar in the second quarter of 1999 decreased
reported sales outside the U.S. by approximately 2 percent compared
to the prior year period. For the first six months of 1999, U.S.
sales totaled $359,900,000 up 8 percent as compared to the same
period in 1998, while international sales increased 7 percent to
$146,400,000 as compared to the same period in 1998. Currency
translation for the first half of 1999 did not have a material
impact on international sales.
- 7 -
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Vascular sales for the quarter and year-to-date periods
ending June 30, 1999 increased by 15 and 9 percent, respectively,
as compared to the same periods in 1998, due to electrophysiology
and radiology product growth. Urological sales for the quarter and
year-to-date periods increased by 3 and 5 percent, respectively, as
compared to the same periods in 1998, due to infection control
catheters and brachytherapy growth. Oncology sales for the quarter
and year-to-date periods increased 10 percent and 11 percent,
respectively, as compared to the same periods in 1998 due to
specialty access products. Surgical sales for the quarter and year-to-date
periods increased by 11 percent and 13 percent,
respectively, as compared to the same periods in 1998, due to soft
tissue repair products.
The company's gross profit margin for the quarter and year-to-date
periods ended June 30, 1999 of 55.6 percent and 55.8 percent,
respectively, improved from the gross profit margins for the
quarter and year-to-date periods ended June 30, 1998 of 51.9 and
52.2 percent, respectively. These improvements were primarily the
result of the company's divestiture of several cardiology
businesses and improvements resulting from steps to improve global
manufacturing efficiencies.
Other income and expense for the second quarter of 1999 is composed
primarily of interest income and foreign exchange.
Other income and expense for the second quarter of 1998 was
affected by several nonrecurring, one-time items. These include
the gain from an intellectual property settlement of $80,000,000
(net of a third-party royalty payment); the writedown of several
businesses of $24,100,000 (including Bard's Diagnostic Sciences
Division in anticipation of its sale to Polymedco, Inc., which was
completed on July 7, 1998); $18,200,000 related to legal
settlements; and $6,500,000 related to other items. The net after-tax
favorable impact of these items was $18,700,000 or 33 cents per
share on a diluted basis.
During the first six months of 1999, the company acquired 1,009,100
of its common shares. During the first six months of 1998, the
company acquired 600,000 of its common shares.
Restructuring Charges
In connection with the company's restructuring plans, restructuring
accruals during the six-month period ended June 30, 1999 have
decreased by approximately $4,000,000 compared to the year ended
December 31, 1998, primarily for cash expenditures related to
employees severed and other facility exit costs. Facility closing
plans proceeded as planned with no additional facilities closed
during the second quarter.
- 8 -
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Year 2000 Functionality
Bard has a company-wide initiative to address Year 2000
functionality. A team of management and technical representatives
oversees the Year 2000 effort. The company divides its Year 2000
initiative into two components, information technology (IT) and
non-information technology (Non-IT). The IT initiative includes
purchased and internally developed mainframe and desktop computer
systems and applications. The Non-IT initiative includes
suppliers, manufacturing and support systems and the company's
customers.
Internal and external resources are being used to identify needs,
make the required IT modifications and test for Year 2000
functionality. The identification process of all critical IT
applications is complete. The company is currently on schedule to
complete the implementation of all modifications to these
applications by the third quarter of 1999. The company is
utilizing both internal and external resources to provide
independent system verification and validation of Year 2000
functionality. This process will continue through the end of 1999
and includes the development and implementation of contingency
plans to address unforeseen problems.
The company's Non-IT efforts include addressing Year 2000
functionality of suppliers, manufacturing and support systems and
the company's larger customers. The company is communicating with
suppliers that provide critical products or services and customers.
The company is testing significant manufacturing and support
systems. If as a result of the company's communications or as a
result of the company's testing of Non-IT systems there appear to
be potential Year 2000 functionality problems, additional
contingency plans under development should address these risks.
There can be no guaranty that the systems of other businesses on
which the company's systems rely will be converted in a timely
manner, or that a failure to convert by another business (including
the company's suppliers and customers), or a conversion that is
incompatible with the company's systems, would not have a material
adverse effect on the company. In addition, there are many risks
associated with the Year 2000 issue, including but not limited to
the possible failure of the company's IT and Non-IT technology
systems. Any such failure may have a material adverse financial or
operational effect on the company.
- 9 -
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Year 2000 Functionality (continued)
The company's marketing, selling and administrative expense
included $800,000 for IT-related Year 2000 expenditures during the
second quarter of 1999 and $1,200,000 during the second quarter of
1998. Management believes that the company will incur additional
expenses of approximately $1,400,000 in 1999. These incremental
costs do not include existing internal resources allocated to the
project effort.
These costs and the date on which the company plans to complete the
Year 2000 modification and testing processes are based on
management's best estimates, which were derived utilizing numerous
assumptions of future events including the continued availability
of certain resources, third-party modification plans and other
factors. However, there can be no guaranty that these estimates
will be achieved and actual results could differ from those plans.
Cautionary Statement Regarding Forward-Looking Information
Certain statements contained herein or in other company documents
and certain statements that may be made by management of the
company orally, including without limitation statements regarding
cost savings from restructuring, statements regarding Year 2000
functionality and statements regarding the company's future
performance, may contain forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. Because
actual results are affected by risks and uncertainties, the
company cautions investors that actual results may differ
materially from those expressed or implied. Factors which could
cause the actual results to differ materially from expected and
historical results include, but are not limited to: health care
industry consolidation resulting in customer demands for price
concessions; competitors' attempts to gain market share through
aggressive marketing programs; fewer medical procedures performed
in a cost-conscious environment; the unpredictability of the
approval time by the FDA or other government authorities to clear
medical devices for commercial release; unanticipated product
failures; legislative or administrative reforms to the U.S.
Medicare and Medicaid systems or other non-U.S. reimbursement
systems in a manner that would significantly reduce reimbursements
for procedures using the company's medical devices; the acquisition
of key patents by competitors that would have the effect of
excluding the company from new market segments; the uncertainty of
whether increased research and development expenditures will
result in increased
- 10 -
<PAGE>
C. R. BARD, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
Cautionary Statement Regarding Forward-Looking Information
(continued)
sales; unpredictability of existing and future litigation including
without limitation litigation regarding product liability;
uncertainty related to tax appeals and litigation; price increases
from the company's suppliers of critical components; foreign
currency fluctuations; unanticipated business disruptions from Year
2000 issues; the risk that the company may not achieve
manufacturing or administrative efficiencies as a result of the
company's restructuring and/or in the integration of acquired
businesses or divestitures.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 12.1 - Computation of Ratio of Earnings to Fixed
Charges
(b) Exhibit 27 - Financial Data Schedule
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.
C. R. BARD, INC.
(Registrant)
Charles P. Slacik /s/
Charles P. Slacik
Senior Vice President and
Chief Financial Officer
Charles P. Grom /s/
Charles P. Grom
Vice President and Controller
and Chief Accounting Officer
DATE: August 10, 1999
- 11 -
<TABLE>
<CAPTION>
Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges
Six Months
Ending
6/30/99 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Earnings before taxes $41,400 $464,400 $104,900 $102,700 $123,500 $104,100
Add(Deduct)
Fixed Charges 7,400 31,400 38,200 33,500 31,500 23,200
Undistributed earnings
of less than 50% owned
companies carried at
equity (700) (800) (500) (700) (800) (400)
Interest capitalized 0 0 0 0 0 (200)
Earnings available for fixed
charges $48,100 $495,000 $142,600 $135,500 $154,200 $126,700
Fixed charges:
Interest, including
amounts capitalized 4,800 26,400 32,900 26,400 24,200 16,500
Proportion of rent
expense deemed to
represent interest
factor 2,600 5,000 5,300 7,100 7,300 6,700
Fixed Charges $ 7,400 $ 31,400 $ 38,200 $ 33,500 $ 31,500 $ 23,200
Ratio of earnings to fixed
charges 6.5 15.76 3.73 4.04 4.89 5.46
<FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 20500
<SECURITIES> 29100
<RECEIVABLES> 202400
<ALLOWANCES> 9500
<INVENTORY> 203900
<CURRENT-ASSETS> 500100
<PP&E> 297700
<DEPRECIATION> 127400
<TOTAL-ASSETS> 1074400
<CURRENT-LIABILITIES> 323300
<BONDS> 159000
0
0
<COMMON> 14600
<OTHER-SE> 600800
<TOTAL-LIABILITY-AND-EQUITY> 1074400
<SALES> 506300
<TOTAL-REVENUES> 506300
<CGS> 223900
<TOTAL-COSTS> 415600
<OTHER-EXPENSES> 400
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9000
<INCOME-PRETAX> 81300
<INCOME-TAX> 26500
<INCOME-CONTINUING> 54800
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 54800
<EPS-BASIC> 1.07
<EPS-DILUTED> 1.06
</TABLE>
