-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FH6bF3z0QGGKPq5RGQYfzAuBQf0qCI5T8fW0c9ton5hNTRsiWnxcRqwgzDNbeTgR u6qF42Azc99Z7ZiEhjbKKQ== 0000025445-98-000009.txt : 19980814 0000025445-98-000009.hdr.sgml : 19980814 ACCESSION NUMBER: 0000025445-98-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980813 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRANE CO /DE/ CENTRAL INDEX KEY: 0000025445 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS [5031] IRS NUMBER: 131952290 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-22904 FILM NUMBER: 98686471 BUSINESS ADDRESS: STREET 1: 100 FIRST STAMFORD PLACE CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 2033637300 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 1998 Commission File Number 1-1657 CRANE CO. (Exact name of registrant as specified in its charter) Delaware 13-1952290 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 First Stamford Place, Stamford, CT. 06902 (Address of principal executive office) (Zip Code) (203) 363-7300 (Registrant's telephone number, including area code) (Not Applicable) (Former name, former address and former fiscal year, if changed since last report) 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 The number of shares outstanding of the issuer's classes of common stock, as of July 31, 1998: Common stock, $1.00 Par Value - 45,840,929 shares Part I - Financial Information Item 1. Financial Statements Crane Co. and Subsidiaries Consolidated Statements of Income (In Thousands, Except Per Share Amounts) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1998 1997 1998 1997 Net Sales $ 563,399 $ 518,763 $ $ 1,090,217 986,096 Operating Costs and Expenses: Cost of sales 403,838 375,794 783,828 713,954 Selling, general and Administrative 83,054 77,902 163,227 152,716 Depreciation & amortization 14,238 13,815 28,519 27,179 501,130 467,511 975,574 893,849 Operating Profit 62,269 51,252 114,643 92,247 Other Income (Expense): Interest income 831 388 1,375 1,080 Interest expense (6,334) (5,986) (12,274) (11,943) Miscellaneous - net 216 (136) (214) 232 (5,639) (5,382) (11,113) (10,631) Income Before Taxes 56,630 45,870 103,530 81,616 Provision for Income Taxes 20,073 16,648 37,074 29,749 Net Income $ 36,557 $ 29,222 $ $ 66,456 51,867 Net Income Per Share: Basic $ .80 $ .64 $ 1.46 $ 1.14 Diluted .79 .63 1.44 1.12 Average Basic Shares 45,701 45,767 45,646 45,678 Outstanding Average Diluted Shares 46,378 46,307 46,288 46,179 Outstanding Dividends Per Share $ .125 $ .125 $ .25 $ .25 See Notes to Consolidated Financial Statements
-2- Part I - Financial Information Item 1. Financial Statements Crane Co. and Subsidiaries Consolidated Statements of Comprehensive Income (In Thousands) (Unaudited)
Three Months Six Months Ended Ended June 30, June 30, 1998 1997 1998 1997 Net Income $ 36,557 $ 29,222 $ $ 51,867 66,456 Other comprehensive income, net of tax- Foreign currency translation (4,399) (5,245) adjustments (1,068) (4,291 ) Comprehensive Income $ 32,158 $ 28,154 $ $ 46,622 62,165 See Notes to Consolidated Financial Statements
-3- Part I - Financial Information Item 1. Financial Statements Crane Co. and Subsidiaries Consolidated Balance Sheets Unaudited (In Thousands, Except Per Share Amounts)
June 30, December 31, 1998 1997 1997 Assets Current Assets: Cash and cash equivalents $ 49,921 $ 8,254 $ 6,982 Accounts receivable 266,326 272,262 296,208 Inventories Finished goods 121,442 119,491 113,496 Finished parts and Subassemblies 51,577 36,910 46,351 Work in process 48,157 48,606 51,345 Raw materials 81,679 68,147 79,892 302,855 273,154 291,084 Other current assets 36,087 33,217 37,425 Total Current Assets 685,071 580,951 607,753 Property, Plant and Equipment: Cost 605,310 572,075 582,704 Less accumulated 324,458 306,798 308,947 depreciation 280,852 265,277 273,757 Other Assets 54,622 54,510 55,114 Intangibles 49,911 53,312 51,907 Cost in excess of net assets Acquired 223,262 214,748 220,563 $1,293,718 $1,168,798 $1,209,094 See Notes to Consolidated Financial Statements
-4- Part I - Financial Information Item 1. Financial Statements
June 30, December 31, 1998 1997 1997 Liabilities and Shareholders' Equity Current Liabilities Current maturities of long-term debt $ 861 $ 1,106 $ 992 Loans payable 17,357 28,964 30,240 Accounts payable 138,575 124,222 122,616 Accrued liabilities 129,061 111,575 128,794 U.S. and foreign taxes on income 16,477 10,160 13,170 Total Current Liabilities 302,331 276,027 295,812 Long-Term Debt 287,301 267,363 260,716 Deferred Income Taxes 46,739 55,262 46,007 Other Liabilities 25,608 25,365 25,618 Accrued Postretirement Benefits 40,841 42,908 41,838 Accrued Pension Liability 6,432 6,205 6,559 Preferred Shares, Par Value $.01 Authorized - 5,000 Shares - - - Common Shareholders' Equity: Common shares,par value $1.00 45,687 45,832 45,542 80,000,000 Shares Authorized, 45,686,719 shares outstanding Capital surplus 22,887 31,368 19,951 Retained earnings 536,733 431,080 483,601 Accumulated other comprehensive income (20,841) (12,612) (16,550) Total Common Shareholders' Equity 584,466 495,668 532,544 $ 1,293,718 $ 1,168,798 $ 1,209,094 See Notes to Consolidated Financial Statements
-5- Part I - Financial Information (Cont'd.) Item 1. Financial Statements Crane Co. and Subsidiaries Consolidated Statements of Cash Flows (In Thousands) (Unaudited)
Six Months Ended June 30, 1998 1997 Cash flows from Operating activities: Net income $ 66,456 $ 51,867 Depreciation 18,796 18,415 Amortization 9,723 8,764 Deferred taxes (60) (478) Cash used for operating working capital (15,913) (19,047) Other (1,346) (713) Total provided from operating activities 77,656 58,808 Cash flows from Investing activities: Capital expenditures (22,877) (21,703) Payments for acquisitions (17,640) (24,057) Proceeds from divestitures 4,276 - Proceeds from disposition of capital assets 824 857 Total used for investing activities (35,417) (44,903) Cash flows from Financing activities: Equity: Dividends paid (11,423) (11,428) Reacquisition of shares (3,884) (8,056) Stock options exercised 2,764 4,049 Net Equity (12,543) (15,435) Debt: Proceeds from issuance of long-term debt 22,580 - Repayments of long-term debt (1,030) (3,102) Net increase (decrease) in short-term debt (8,112) 2,070 Net Debt 13,438 (1,032) Total provided from financing activities 895 (16,467) Effect of exchange rate on cash and cash equivalents (195) (763) Increase (decrease) in cash and cash equivalents 42,939 (3,325) Cash and cash equivalents at beginning of period 6,982 11,579 Cash and cash equivalents at end of period $ 49,921 $ 8,254 Detail of Cash (Used for) Provided from Operating Working Capital(net of effects of acquisitions): Accounts receivable $ (21,479) $ (31,435) Inventories (9,500) (5,119) Other current assets (1,548) 763 Accounts payable 14,839 19,108 Accrued liabilities (1,553) (5,627) U.S. and foreign taxes on income 3,328 3,263 Total $ (15,913) $ (19,047) Supplemental disclosure of cash flow information: Interest paid $ 11,864 $ 11,227 Income taxes paid 30,202 24,460 See Notes to Consolidated Financial Statements
-6- Part I - Financial Information (Cont'd.) Notes to Consolidated Financial Statements (Unaudited) 1. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period presented. These interim consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in the company's Annual Report on Form 10-K for the year ended December 31, 1997. 2. Sales and operating profit by segment are as follows:
Three Months Ended Six Months Ended June 30, June 30, 1998 1997 1998 1997 (In thousands) Net Sales: Fluid Handling $ 113,056 $ 102,158 $ 231,098 $ 190,273 Aerospace 100,447 85,118 194,952 167,012 Engineered Materials 64,132 58,604 125,381 114,976 Crane Controls 35,218 33,576 70,220 65,329 Merchandising Systems 49,829 50,358 96,013 92,824 Wholesale Distribution 200,882 188,241 373,330 355,142 Other 3,670 3,442 6,876 6,396 Intersegment Elimination (3,835) (7,653) (5,856) (2,734) Total $ 563,399 $ 518,763 $ 1,090,217 $ 986,096 Operating Profit (Loss): Fluid Handling $ 6,771 $ 7,438 $ 15,723 $ 13,527 Aerospace 31,261 21,895 56,532 41,693 Engineered Materials 9,694 7,582 17,245 14,696 Crane Controls 2,995 3,278 5,977 5,207 Merchandising Systems 9,675 10,127 18,411 17,868 Wholesale Distribution 7,701 6,470 12,129 9,853 Other 157 207 523 (226) Corporate (5,936) (5,890) (11,136) (11,273) Intersegment (49) 145 153 Elimination (12) Total $ 62,269 $ 51,252 $ 114,643 $ 92,247
-7- Part I - Financial Information (Cont'd.) Notes to Consolidated Financial Statements 3. Reclassifications Certain prior year amounts have been reclassified to conform with the 1998 presentation. 4. Inventories Inventories are stated at the lower of cost or market, principally on the last-in, first-out (LIFO) method of inventory valuation. Replacement cost would be higher by $48.0 million at June 30, 1998, $51.8 million at June 30, 1997, and $46.6 million at December 31, 1997. 5. Intangibles Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range form five to twenty years. Accumulated amortization was $20.5 million at June 30, 1998, $16.7 million at June 30, 1997 and $18.5 million at December 31, 1997 6. Cost in Excess of Net Assets Acquired Cost in excess of net assets acquired is amortized on a straight- line basis principally over a 15 to 40 years. Accumulated amortization was $42.1 million at June 30, 1998, $32.6 million at June 30, 1997 and $37.4 million at December 31, 1997. 7. Disclosure of Accumulated Other Comprehensive Income Balances The company adopted Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" on January 1, 1998. Comprehensive Income is the change in equity of a business enterprise during a period from transactions and other events and circumstances, from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and dispositions to owners. Activity for the period is as follows:
Foreign Accumulated Currency Other Items Comprehensive Income January 1, 1998 $(16,550) $(16,550) Current period change 108 108 March 31, 1998 (16,442) (16,442) Current period change (4,399) (4,399) June 30, 1998 $(20,841) $(20,841)
-8- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended June 30, 1998 and 1997 This 10Q may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this 10Q, except to the extent that they contain historical facts, are forward- looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997 filed with the Securities and Exchange Commission Results From Operations: Second Quarter of 1998 Compared to Second Quarter of 1997: Net income for the quarter ended June 30, 1998 set a second quarter record, rising 25% to $36.6 million, or $.79 per diluted share outstanding, from the $29.2 million or $.63 per diluted share reported for the 1997 second quarter. Operating profit for the second quarter increased 21% to $62.3 million on a sales increase of 9% to $563.4 million. Operating margins for the quarter improved to 11.1% of sales from 9.9% in 1997. Cash flow (net income plus depreciation and amortization) per diluted share increased 18% for the quarter to $1.10 per diluted share. Fluid Handling sales rose 11% to $113.1 million from the prior year. Sales increases from the acquisition of Stockham Valves in late 1997 and Environmental Products in 1998 were partially offset by weakness in cast steel valve demand, lower revenues at Crane Nuclear, and a delay in water treatment project orders at Cochrane. These factors and delays in integrating the Stockham bronze and iron valve business resulted in the operating profit decrease of 9% from 1997 and the operating margin of 6.0%. Operating margins for quarter turn valves nuclear valves and the pump business remained strong. Backlog increased by $20 million over 1997 primarily as a result of the Stockham acquisition in December 1997. Aerospace sales increased $15.3 million or 18% in the quarter with all businesses benefiting from strong demand from the airline industry. Operating profit increased 43% as Hydro-Aire and ELDEC benefited from higher aircraft production and higher aftermarket shipments as a result of airline utilization rates. Interpoint also achieved higher sales and significantly improved operating margins. Lear Romec results were impacted by a 17 day strike in May. Aerospace operating margins improved to 31.1% compared to 25.7% in the second quarter of 1997. Order backlog totaled $308 million, an increase of $11 million from year-end and up $18 million from the prior year. -9- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended June 30, 1998 and 1997 Engineered Materials sales increased $5.5 million or 9% while operating profit increased $2.1 million or 28%. Kemlite and Cor Tec posted increases in sales of 12% and 43%, respectively, due to strong market demand and high market share. Resistoflex sales and operating profit increased slightly from the second quarter of 1997 despite weak domestic project orders. In June, Kemlite started production on its new wide panel line in Jonesboro, AR, effectively doubling its capacity to serve the recreational vehicle market where it is the industry leader. 1998 backlog increased $5 million (20%) over 1997, with all units except Crane Plumbing showing strong gains. Crane Controls sales were up 5% as Azonix's continued penetration of the hazardous environment market and a sales increase of 4% at Barksdale offset weaker sales performance at Powers Process, Dynalco and Ferguson. The resultant margin improvement at Azonix was insufficient to offset the unfavorable operating profit comparisons in the other businesses. Merchandising Systems sales and operating profit declined but operating margins remained strong at 19.4% of sales. National Vendors shipments were up slightly from the second quarter of 1997, but operating margins declined as National Vendors incurred unusually high legal and warranty costs in the quarter which exceeded the prior year level by $.8 million. NRI's sales were off slightly in dollar terms due to a weak German currency, but operating profit and margins improved as a result of productivity gains and material cost reductions. The order backlog increased to $19 million, up 16% from the prior year level. Wholesale Distribution operating profit increased to $7.7 million or 19% on a sales increase of $12.6 million or 7%. Huttig increased sales by 13% and operating profit by 17%. Crane Supply's operating profit increased 21% on a sales increase of 6%. These gains more than offset the revenue loss from the sale of Valve Systems and Controls in the fourth quarter of 1997. In the first week of July, the company purchased Consolidated Lumber, a wholesale distributor of lumber and millwork products with 1997 sales of $70 million, for $41 million. Consolidated Lumber will be integrated with Huttig. On August 7, 1998 the company acquired Sequentia Holdings, Inc., a manufacturer of fiberglass reinforced panels for construction and building product applications, for approximately $120 million. Sequentia, with 1997 sales of $80 million, has manufacturing facilities in Grand Junction, TN and Houston, TX and will be integrated with Kemlite. -10- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Three Months Ended June 30, 1998 and 1997 On August 12, 1998 the company announced a merger agreement with Liberty Technologies (publicly listed NASDAQ: LIBT), providing for a cash offer of $3.50 for all 5,013,233 shares outstanding. The offer is conditioned upon, among other things, there being tendered and not withdrawn at least a majority of the outstanding shares. Liberty, which had sales of $8.4 million in the first six months of 1998, provides valve, motor, engine and compressor condition monitoring products and related services to customers in the nuclear power generation and industrial process markets worldwide. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Six Months Ended June 30, 1998 and 1997 Six Months Ended June 30, 1998 Compared to Six Months Ended June 30, 1997 For the six months ended June 30, 1998, net income increased 28% to $66.5 million, or $1.44 per diluted share, from the $51.9 million, or $1.12 per diluted share, in the comparable 1997 period. Operating profit for the six months increased 24% to $114.6 million on a sales increase of 11% to $1.1 billion. Fluid Handling sales rose 22% to $231.1 million from the prior year. The sales increase was due to the acquisition of Stockham Valves in late 1997, Environmental Products in 1998 and higher quarter turn valve and pump shipments. Operating profit increased 16% from 1997 on the higher revenues. Operating margin declined to 6.8% of sales compared to 7.1% in 1997 due principally to lower margins on cast steel valves. Backlog increased by $20 million over 1997 primarily as a result of the Stockham acquisition in December 1997. Aerospace sales increased $27.9 million or 17% with all businesses benefiting from higher aircraft production and aftermarket shipments as a result of airline utilization rates. Lear Romec results were negatively effected by a 17 day strike in May. Aerospace operating margins improved to 29.0% compared to 25.0% in 1997. Order backlog totaled $308 million, an increase of $11 million from year-end and up $18 million from the prior year. Engineered Materials sales increased $10.4 million or 9% while operating profit increased $2.5 million or 17%. Kemlite and Cor Tec posted increases in sales of 18% and 33%, respectively, due to strong market demand and high market share. Resistoflex sales and operating profit decreased due to weak U.S. and Asian project orders. Operating margins improved to 13.8% of sales in 1998 compared to 12.8% in 1997. 1998 backlog increased $5 million (20%) over 1997. -11- Part I - Financial Information (Cont'd) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Six Months Ended June 30, 1998 and 1997 Crane Controls sales were up $4.9 million or 8% while operating profit increased 15% and operating profit margins improved to 8.5% versus 8.0% in 1997. The improvement was primarily due to Azonix, which continued its penetration of the hazardous environment market. Merchandising Systems sales and operating profit increased 3%. The increases were due to higher vending merchandiser distribution sales and market share gain in the U.K. at National Vendors. This was partially offset by weaker coin validator revenues at NRI, where sales and operating profit were lower in dollar terms due to the weak German currency and customer order delays. Operating margins of 19.2% equaled the prior year level. The order backlog increased to $19 million, up 16% from the prior year level. Wholesale Distribution operating profit increased to $12.1 million or 23% on a sales increase of $18.2 million or 5%. The acquisitions of Mallco in July 1997 and Number One Supply in June, 1998 helped Huttig increase sales by 12% and operating profit by 28%. Crane Supply's operating profit increased 12% on a sales increase of 4%. These gains more than offset the revenue loss from the sale of Valve Systems and Controls in the fourth quarter of 1997. Operating margins improved to 3.2% of sales versus 2.8% in 1997. Net interest expense for the quarter and six months ended June 30, 1998 was in line with the prior year's quarter and six months. The effective tax rate decreased to 35.8% for the six months ended June 30, 1998 as opposed to 36.4% at June 30, 1997. Liquidity and Capital Resources: During the six months of 1998 the company generated $77.7 million of cash from operating activities, compared to $58.8 million in 1997. Net debt totaled 30.4 percent of capital at June 30, 1998 compared to 36.8% in 1997. The current ratio was 2.3 with working capital totaling $382.7 million at June 30, 1998 compared to $304.9 million at June 30, 1997. The company had unused credit lines of $426 million at June 30, 1998. During the second quarter, Moody's Investor Service raised their debt rating on the company's senior unsecured debt to Baa1 from Baa2. -12- Part II - Other Information Item 1. Legal Proceedings Neither the company, nor any subsidiary of the company has become a party to, nor has any of their property become the subject of any material legal proceedings, other than ordinary routine litigation incidental to their businesses. The following proceeding is not considered by the company to be material to its business or financial condition and is reported herein because of the requirements of the Securities and Exchange Commission with respect to the descriptions of administrative or judicial proceedings by governmental authorities arising under federal, state or local provisions regulating the discharge of materials into the environment or otherwise relating to the protection of the environment. In a letter dated October 15, 1992 the office of the Attorney General of the State of Ohio advised Cor Tec, a division of Dyrotech Industries, Inc. which is a subsidiary of the company, that Cor Tec's plant facility in Washington Court House, Ohio, had operated numerous air contaminant sources in its manufacturing process which emitted air pollutants for an extended period of time without the required state permits and in some instances in amounts exceeding the limits allegedly allowed under applicable rules. The Ohio Attorney General's office also alleged that certain contaminant sources at the Cor Tec facility were installed without obtaining permits to install. The main air contaminant in question is styrene, a volatile organic compound that is alleged to be a carcinogen. On March 4, 1993 the Attorney General's office representing the Ohio EPA, proposed that Cor Tec and the company sign a Consent Decree which would include general injunctive relief and civil penalties in the amount of $4.6 million which Cor Tec refused to do. On February 21, 1997, the Attorney General's office on behalf of the Ohio EPA commenced a civil action against Cor Tec in the Court of Common Pleas, Fayette County, Ohio (the "Fayette County Action") alleging among other things, failure to obtain various permits to install and operate sources of contaminants and also alleging violation of air emission standards, for the period 1974 to 1993. Penalties for $25,000 per day for each day of violation were demanded in the Complaint. On June 10, 1998 Cortec and the Company signed a Consent Decree which dismissed the Fayette County Action. Pursuant to the Consent Decree, Cortec agreed to pay a total of $350,000 to the State of Ohio as a civil penalty to settle the Action, without admitting or denying liability. As part of the overall settlement, the Agency agreed to review an application from CorTec for a facility-specific rule or other modifications of CorTec's permit conditions to allow greater flexibility in future operations. Item 6. Exhibits and Reports on Form 8-K 11.Computation of earnings per share for the quarters June 30, 1998 and 1997. 27.Article 5 of Regulation S-X Financial Data Schedule for the second quarter. -13- 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. CRANE CO. REGISTRANT Date August 13, 1998 By /s/ D.S. Smith D.S. SMITH Vice President-Finance and Chief Financial Officer Date August 13, 1998 By /s/ M.L. Raithel M.L. RAITHEL Controller -14- Crane Co. and Subsidiaries Exhibit 11 to Form 10-Q Computation of Net Income per Common Share Three and Six Months Ended June 30, 1998 and 1997 (In Thousands, Except Per Share Amounts)
Three Months Six Months Ended Ended June 30, June 30, 1998 1997 1998 1997 Basic Net Income Per Share: Net income $ 36,557 $ 29,222 $ 66,456 $ 51,867 Average basic shares 45,701 45,767 45,646 45,678 outstanding Basic Net Income per share $ .80 $ .64 $ 1.46 $ 1.14 Diluted Net Income Per Share: Net income $ 36,557 $ 29,222 $ 66,456 $ 51,867 Average basic shares 45,701 45,767 45,646 45,678 outstanding Add diluted effect of stock 677 540 642 501 options Average diluted shares 46,378 46,307 46,288 46,179 outstanding Diluted Net Income per share $ .79 $ .63 $ 1.44 $ 1.12
-15- EX-27 2 ARTICLE 5 FDS FOR 2ND QUARTER 10-Q
5 1,000 3-MOS DEC-31-1998 Jun-30-1998 49,921 0 296,208 0 302,855 685,071 605,310 324,458 1,293,718 302,331 287,301 45,687 0 0 538,779 1,293,718 563,399 563,399 403,838 501,130 (136) 0 5,503 56,630 20,073 36,557 0 0 0 36,557 .80 .79
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