-----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, Qm+7EPV58XIGdX4GwnDODMZSRnFki9n/ldBqq4C1tPsgNebwCptC/fQGN9aZ7a97 LXPq9+ZAMdxWb0umov0lpg== 0000950152-97-007443.txt : 19971030 0000950152-97-007443.hdr.sgml : 19971030 ACCESSION NUMBER: 0000950152-97-007443 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971029 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIEBOLD INC CENTRAL INDEX KEY: 0000028823 STANDARD INDUSTRIAL CLASSIFICATION: CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578] IRS NUMBER: 340183970 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04879 FILM NUMBER: 97702643 BUSINESS ADDRESS: STREET 1: P.O. BOX 8230 STREET 2: 5995 MAYFAIR RD CITY: CANTON STATE: OH ZIP: 44711-8230 BUSINESS PHONE: 2164894000 MAIL ADDRESS: STREET 1: PO BOX 8230 CITY: CANTON STATE: OH ZIP: 44711-8230 10-Q 1 DIEBOLD, INCORPORATED QUARTERLY REPORT-FORM 10-Q 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, 1997 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 1-4879 -------- DIEBOLD, INCORPORATED - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 34-0183970 - ------------------------------------ ---------------------- (State or other jurisdiction (IRS Employer of incorporation or organization) Identification Number) 5995 Mayfair Road, P.O. Box 3077, North Canton, Ohio 44720-8077 - ---------------------------------------------------- ---------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (330) 489-4000 - -------------------------------------------------------------------------------- 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 Shares, as of the latest practicable date. Class Outstanding at October 27, 1997 ----- ------------------------------- Common Shares $1.25 Par Value 68,969,960 Shares - ----------------------------------- ---------- -1- 2 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q INDEX
Page No. -------- PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Condensed Consolidated Balance Sheets - September 30, 1997 and December 31, 1996 3 Condensed Consolidated Statements of Income - Three Months and Nine Months Ended September 30, 1997 and 1996 4 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 1997 and 1996 5 Notes to Condensed Consolidated Financial Statements 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K 8 SIGNATURES 10 INDEX TO EXHIBITS 11
-2- 3 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q PART I - FINANCIAL INFORMATION ITEM 1. - FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS ------------------------------------- (Dollars in thousands except per share amounts)
(Unaudited) September 30, December 31, 1997 1996 ------------- ------------- ASSETS ------ Current assets Cash and cash equivalents $ 29,847 $ 21,885 Short-term investments 33,986 43,249 Trade receivables 302,683 256,572 Inventories 126,851 109,432 Prepaid expenses and other current assets 59,514 56,385 ---------- --------- Total current assets 552,881 487,523 Securities and other investments 139,918 138,403 Property, plant and equipment, at cost 254,461 203,103 Less accumulated depreciation and amortization 115,249 107,169 ---------- --------- 139,212 95,934 Finance receivables 47,291 38,099 Other assets 97,825 99,142 ---------- --------- $ 977,127 $ 859,101 ========== ========= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Current liabilities Accounts payable and other current liabilities $ 173,199 $ 159,126 Deferred income 84,009 69,094 ---------- --------- Total current liabilities 257,208 228,220 Bonds Payable 20,800 -- Pensions 20,463 20,308 Postretirement benefits 22,026 21,863 Minority interest 19,255 13,140 Shareholders' equity Preferred Shares, no par value, authorized 1,000,000 shares, none issued Common Shares, par value $1.25, authorized 125,000,000 shares, issued 69,238,656 and 68,997,276 shares, respectively; outstanding 68,967,780 and 68,840,591, respectively 86,548 86,246 Additional capital 34,049 28,110 Retained earnings 539,690 478,667 Treasury shares, at cost (270,876 and 156,685 shares, respectively) (12,882) (7,170) Other (10,030) (10,283) ---------- --------- Total shareholders' equity 637,375 575,570 ---------- --------- $ 977,127 $ 859,101 ========== =========
See accompanying notes to condensed consolidated financial statements. -3- 4 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q CONDENSED CONSOLIDATED STATEMENTS OF INCOME ------------------------------------------- (Unaudited) (In thousands except per share amounts)
Three Months Ended Nine Months Ended ------------------ ----------------- September 30, September 30, ------------- ------------- Net Sales 1997 1996 1997 1996 -------- -------- -------- -------- Products $ 213,162 $ 181,987 $ 588,643 $ 476,621 Services 104,616 89,809 296,945 259,398 --------- --------- --------- --------- 317,778 271,796 885,588 736,019 Cost of sales Products 135,110 113,856 364,038 294,920 Services 74,146 63,661 214,466 185,475 --------- --------- --------- --------- 209,256 177,517 578,504 480,395 --------- --------- --------- --------- Gross profit 108,522 94,279 307,084 255,624 Selling and administrative expense 47,289 41,147 137,690 118,082 Research, development and engineering expense 12,783 11,781 38,756 36,752 --------- --------- --------- --------- 60,072 52,928 176,446 154,834 --------- --------- --------- --------- Operating profit 48,450 41,351 130,638 100,790 Investment income 4,697 4,274 14,258 13,435 Miscellaneous, net (2,205) (3,461) (6,209) (7,296) Minority interest (859) (2,056) (6,115) (2,966) --------- --------- --------- --------- Income before taxes 50,083 40,108 132,572 103,963 Taxes on income 17,027 13,435 45,093 34,823 --------- --------- --------- --------- Net income $ 33,056 $ 26,673 $ 87,479 $ 69,140 ========= ========= ========= ========= Weighted average number of Common Shares outstanding 68,957 68,803 68,925 68,782 Net income per Common Share $ 0.48 $ 0.39 $ 1.27 1.01 ========= ========= ========= ========= Cash dividends paid per Common Share $ 0.1250 $ 0.1133 $ 0.3750 $ 0.3399 ========= ========= ========= =========
See accompanying notes to condensed consolidated financial statements. -4- 5 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------------- (Unaudited) (Dollars in thousands)
Nine Months Ended September 30, 1997 1996 -------- -------- Cash flow from operating activities: Net income $ 87,479 $ 69,140 Adjustments to reconcile net income to cash provided by operating activities: Minority share of income 6,115 2,966 Depreciation and amortization 13,164 13,051 Other charges and amortization 6,708 10,448 Cash used by changes in certain current assets and liabilities (57,842) (44,091) Changes in deferred income 14,915 6,907 Other 2,536 7,734 -------- -------- Total adjustments (14,404) (2,985) -------- -------- Net cash provided by operating activities 73,075 66,155 Cash flow from investing activities: Proceeds from maturities of investments 43,026 43,274 Payments for purchases of investments (36,369) (54,040) Capital expenditures (56,822) (20,104) Increase in certain other assets (10,426) (3,226) -------- -------- Net cash used by investing activities (60,591) (34,096) Cash flow from financing activities: Dividends paid (25,851) (23,391) Proceeds from issuance of Common Shares 529 1,036 Proceeds from long-term borrowings 20,800 -- Other -- 758 -------- -------- Net cash used by financing activities (4,522) (21,597) -------- -------- Increase in cash and cash equivalents 7,962 10,462 Cash and cash equivalents at the beginning of the period 21,885 15,698 -------- -------- Cash and cash equivalents at the end of the period $ 29,847 $ 26,160 ======== ========
See accompanying notes to condensed consolidated financial statements. -5- 6 0 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ---------------------------------------------------- (Unaudited) (Dollars in thousands) 1. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of Management, necessary for a fair statement of the results for the interim periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto together with management's discussion and analysis of financial condition and results of operations contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. In addition, the Registrant's statements in this Form 10-Q report may be considered forward-looking and involve risks and uncertainties that could significantly impact expected results. A discussion of these risks and uncertainties is contained in the Registrant's Annual Report on Form 10-K for the year ended December 31, 1996. The results of operations for the nine month period ended September 30, 1997 are not necessarily indicative of results to be expected for the full year. 2. The Net income per Common Share computations in the condensed consolidated statements of income are based on the weighted average number of shares outstanding during each period reported. On January 30, 1997, the Board of Directors declared a three-for-two stock split effected in the form of a stock dividend, distributed on February 19, 1997, to shareholders of record on February 7, 1997. Accordingly, all numbers of Common Shares, except authorized shares and treasury shares, and all per share data have been restated to reflect this stock split.
3. Inventory detail at: September 30, 1997 December 31, 1996 ------------------ ----------------- Finished goods and service parts $ 45,588 $ 40,348 Work in process 81,084 68,967 Raw materials 179 117 -------- -------- Total inventory $126,851 $109,432 ======== ========
4. The Registrant has reclassified the presentation of certain prior-year information to conform with the current presentation format. 5. The Registrant announced on June 27, 1997, that InterBold would discontinue its international marketing and distribution agreement with IBM. On July 2, 1997, IBM informed the Registrant that it was exercising its option pursuant to the InterBold contractual arrangements to sell its 30 percent minority ownership in InterBold to the Registrant. The Registrant and IBM have been in discussions and following a procedure established by the contractual arrangements to determine the purchase price of the minority stake. Until the discussions and procedure are completed, the Registrant cannot determine the impact, if any, on its financial statements. -6- 7 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS As of September 30, 1997 (Unaudited) (Dollars in thousands except for per share data) Changes in Financial Condition - ------------------------------ The balance sheet of the Registrant continued to reflect a strong financial position at September 30, 1997. Cash, cash equivalents and short-term investments decreased slightly to $63,833 at September 30, 1997 compared to $65,134 at December 31, 1996. These assets along with securities and other investments accounted for 21% and 24% of total assets at September 30, 1997 and December 31, 1996, respectively. Securities and other investments consist principally of tax-free municipal bonds, preferred stock, and other investments. Future capital expenditures and increases in working capital are expected to be financed primarily through internally generated funds. The Registrant's investment portfolio is available for any funding needs if required. External financing is also available if needed through the Registrant's lines of credit. At September 30, 1997, the Registrant had unused lines of credit approximating $130,000 and the Registrant is not restricted as to the use of funds borrowed under these credit agreements. Therefore, the lines of credit represent an additional and immediate source of liquidity. During the first three quarters of 1997, the Registrant issued Industrial Development Revenue Bonds to finance the construction of its Danville and Staunton, Virginia and Lexington, North Carolina manufacturing facilities. The Company's strong financial position enhances its ability to obtain additional funds if required. Shareholders' equity per Common Share at September 30, 1997 improved to $9.24 from $8.36 at December 31, 1996. The third quarter cash dividend of $0.125 per share was paid on September 5, 1997 to shareholders of record on August 15, 1997. On October 14, 1997 the fourth quarter cash dividend of $0.125 per share was declared payable on December 5, 1997 to shareholders of record on November 14, 1997. Diebold, Incorporated shares are listed on the New York Stock Exchange under the symbol of DBD. The market price during the first nine months of 1997 fluctuated within the range of $28.00 and $50.625. On April 24, 1997, the Registrant announced that its Board of Directors authorized the repurchase of up to two million common shares of the Registrant's stock in the open market. The timing and actual amount repurchased will depend on prevailing share market prices and trading volume. The shares that are acquired will be held as treasury shares and will be available for general corporate purposes. Results of Operations - --------------------- Third Quarter 1997 Comparison to Third Quarter 1996 - --------------------------------------------------- Net sales for the third quarter of 1997 increased from the same period in 1996 by $45,982 or 17%. Total gross profit increased $14,243 or 15% over the third quarter's performance in 1996. Product gross profit accounted for the majority of this increase as the result of increased sales volume of self-service terminals both domestically and internationally. During the third quarter of 1997, the Registrant realized a higher percentage increase in international sales, which have slightly lower gross margins than domestic sales, resulting in a lower increase in gross profit as compared to the increase in net sales. Operating expenses increased $7,144 or 14% over the same period in 1996 largely due to higher selling expenses resulting from the increases in sales volumes and expenditures from various new marketing programs. Operating profit increased $7,099 or 17% over third quarter 1996's performance. -7- 8 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) As of September 30, 1997 (Unaudited / Dollars in thousands except for per share data) Nine Month 1997 Comparison to Nine Month 1996 - --------------------------------------------- Consolidated net sales for nine months ended 1997 exceeded the same period in 1996 by $149,569 or 20%. Total gross profit increased $51,460 or 20% over 1996's performance. Product gross profit continued to account for the majority of this increase in total gross profit. This was the result of increased domestic and international sales volumes. Operating expenses increased $21,612 or 14% over the same period in 1996 due to the higher selling and administrative expenses associated with the increase in sales activity. Operating profit for the nine months ended 1997 exceeded the same period 1996 by $29,848 or 30%. The Company's backlog of unfilled orders was $281,446 at September 30, 1997, compared to $238,158 at September 30, 1996, an increase of $43,288 or 18%. The Company believes, however, that order backlog information is not, by itself, a meaningful indicator of future revenue streams. There are numerous factors which influence the amount and timing of revenue recognized in future periods. PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits 3.1(i) Amended and Restated Articles of Incorporation of Diebold, Incorporated -- incorporated by reference to Exhibit 3.1(i) of Registrant's Annual Report on Form 10-K for the year ended December 31, 1994. 3.1(ii) Code of Regulations -- incorporated by reference to Exhibit 4(c) to Registrant's Post-Effective Amendment No. 1 to Form S-8 Registration Statement No. 33-32960. 3.2 Certificate of Amendment by Shareholders to Amended Articles of Incorporation of Diebold, Incorporated -- incorporated by reference to Exhibit 3.2 to Registrant's Form 10-Q for the quarter ended March 31, 1996. 4. Rights Agreement dated as of February 10, 1989 between Diebold, Incorporated and Bank of New York -- incorporated by reference to Exhibit 2.1 to Registrant's Registration Statement on Form 8-A dated February 10, 1989. *10.1 Form of Employment Agreement as amended and restated as of September 13, 1990 -- incorporated by reference to Exhibit 10.1 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1990. *10.2 Schedule of Certain Officers who are Parties to Employment Agreements in the form of Exhibit 10.1 -- incorporated by reference to Exhibit 10.2 to Registrant's Form 10-Q for the quarter ended June 30, 1997. *10.3(i) Supplemental Retirement Benefit Agreement with William T. Blair -- incorporated by reference to Exhibit 10.3 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1995. *10.3(ii) Consulting Agreement with William T. Blair -- incorporated by reference to Exhibit 10.3(ii) to Registrant's Annual Report on Form 10-K for the year ended December 31, 1996. -8- 9 *10.5 Supplemental Employee Retirement Plan (as amended January 1, 1994) -- incorporated by reference to Exhibit 10.5 of Registrant's Annual Report on Form 10-K for the year ended December 31, 1994. 10.6 Amended and Restated Partnership Agreement dated as of September 12, 1990 -- incorporated by reference to Exhibit 10 to Registrant's Form 8-K dated September 26, 1990. *10.7 1985 Deferred Compensation Plan for Directors of Diebold, Incorporated -- incorporated by reference to Exhibit 10.7 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1992. *10.8 1991 Equity and Performance Incentive Plan as Amended and Restated - incorporated by reference to Exhibit 10.8 to Registrant's Form 10-Q for the quarter ended March 31, 1997. *10.9 Long-Term Executive Incentive Plan -- incorporated by reference to Exhibit 10.9 of Registrant's Annual Report on Form 10-K for the year ended December 31, 1993. *10.10 1992 Deferred Incentive Compensation Plan (as amended and restated as of July 1, 1993) -- incorporated by reference to Exhibit 10.10 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1993. *10.11 Annual Incentive Plan -- incorporated by reference to Exhibit 10.11 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1992. *10.12 Employment Agreement with Robert P. Barone -- incorporated by reference to Exhibit 10.12 to Registrant's Form 10-Q for the quarter ended September 30, 1994. *10.13 Forms of Deferred Compensation Agreement and Amendment No. 1 to Deferred Compensation Agreement - incorporated by reference to Exhibit 10.13 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1996. 27. Financial Data Schedule. (b) Reports on Form 8-K. No reports have been filed by the Registrant on Form 8-K during the period covered by this report. * Reflects management contract or other compensatory arrangement. -9- 10 DIEBOLD, INCORPORATED AND SUBSIDIARIES FORM 10-Q 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. DIEBOLD, INCORPORATED --------------------- (Registrant) Date: October 29, 1997 By: /s/Robert W. Mahoney ----------------- -------------------- Robert W. Mahoney Chairman of the Board, President and Chief Executive Officer Date: October 29, 1997 By: /s/Gerald F. Morris ----------------- ------------------- Gerald F. Morris Executive Vice President and Chief Financial Officer (Principal Accounting and Financial Officer) -10- 11 DIEBOLD, INCORPORATED FORM 10-Q INDEX TO EXHIBITS
EXHIBIT NO. PAGE NO. - ----------- -------- 3.1(i) Amended and Restated Articles of Incorporation of Diebold, Incorporated -- incorporated by reference to Exhibit 3.1(i) of Registrant's Annual Report on Form 10-K for the year ended December 31, 1994. -- 3.1(ii) Code of Regulations -- incorporated by reference to Exhibit 4(c) to Registrant's Post-Effective Amendment No. 1 to Form S-8 Registration Statement No. 33-32960. -- 3.2 Certificate of Amendment by Shareholders to Amended Articles of Incorporation of Diebold, Incorporated -- incorporated by reference to Exhibit 3.2 to Registrant's Form 10-Q for the quarter ended March 31, 1996. -- 4. Rights Agreement dated as of February 10, 1989 between Diebold, Incorporated and Bank of New York - incorporated by reference to Exhibit 2.1 to Registrant's Registration Statement on Form 8-A dated February 10, 1989. -- 10.1 Form of Employment Agreement as amended and restated as of September 13, 1990 -- incorporated by reference to Exhibit 10.1 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1990. -- 10.2 Schedule of Certain Officers who are Parties to Employment Agreements in the form of Exhibit 10.1 -- incorporated by reference to Exhibit 10.2 to Registrant's Form 10-Q for the quarter ended June 30, 1997. -- 10.3(i) Supplemental Retirement Benefit Agreement with William T. Blair -- incorporated by reference to Exhibit 10.3 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1995. -- 10.3(ii) Consulting Agreement with William T. Blair -- incorporated by reference to Exhibit 10.3(ii) to Registrant's Annual Report on Form 10-K for the year ended December 31, 1996. --
-11- 12
EXHIBIT NO. PAGE NO. - ----------- -------- 10.5 Supplemental Employee Retirement Plan (as amended January 1, 1994) -- incorporated by reference to Exhibit 10.5 of Registrant's Annual Report on Form 10-K for the year ended December 31, 1994. -- 10.6 Amended and Restated Partnership Agreement dated as of September 12, 1990 -- incorporated by reference to Exhibit 10 to Registrant's Form 8-K dated September 26, 1990. -- 10.7 1985 Deferred Compensation Plan for Directors of Diebold, Incorporated -- incorporated by reference to Exhibit 10.7 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1992. -- 10.8 1991 Equity and Performance Incentive Plan as Amended and Restated - incorporated by reference to Exhibit 10.8 to Registrant's Form 10-Q for the quarter ended March 31, 1997. -- 10.9 Long-Term Executive Incentive Plan -- incorporated by reference to Exhibit 10.9 of Registrant's Annual Report on Form 10-K for the year ended December 31, 1993. -- 10.10 1992 Deferred Incentive Compensation Plan (as amended and restated as of July 1, 1993) -- incorporated by reference to Exhibit 10.10 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1993. -- 10.11 Annual Incentive Plan -- incorporated by reference to Exhibit 10.11 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1992. -- 10.12 Employment Agreement with Robert P. Barone -- incorporated by reference to Exhibit 10.12 to Registrant's Form 10-Q for the quarter ended September 30, 1994. -- 10.13 Forms of Deferred Compensation Agreement and Amendment No. 1 to Deferred Compensation Agreement - incorporated by reference to Exhibit 10.13 to Registrant's Annual Report on Form 10-K for the year ended December 31, 1996. -- 27. Financial Data Schedule. 13
-12- EX-27 2 EXHIBIT 27
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONDENSED CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30, 1997 AND CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 29,847 33,986 302,683 0 126,851 552,881 254,461 115,249 977,127 257,208 20,800 0 0 86,548 550,827 977,127 588,643 885,588 364,038 578,504 176,446 0 0 132,572 45,093 87,479 0 0 0 87,479 1.27 1.27
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