-----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, LJ8pY7aQWW/6EwtBdc1/15ygMddAJyCsMhPHk9/HfyaXObDiPWfO84q4Qe7Q6Bgx NowTV1UmQ5+OkolZB3SIPA== 0000950134-97-003856.txt : 19970515 0000950134-97-003856.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950134-97-003856 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELCOR CORP CENTRAL INDEX KEY: 0000032017 STANDARD INDUSTRIAL CLASSIFICATION: ASPHALT PAVING & ROOFING MATERIALS [2950] IRS NUMBER: 751217920 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05341 FILM NUMBER: 97603666 BUSINESS ADDRESS: STREET 1: 14643 DALLAS PKWY STE 1000 STREET 2: WELLINGTON CTR CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2148510500 MAIL ADDRESS: STREET 1: WELLINGTON CENTRE STE 1000 STREET 2: 14643 DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240-8871 FORMER COMPANY: FORMER CONFORMED NAME: ELCOR CHEMICAL CORP DATE OF NAME CHANGE: 19761119 10-Q 1 FORM 10-Q FOR QUARTER ENDED MARCH 31, 1997 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 1997 Commission File number 1-5341 ------------------ ------ ELCOR CORPORATION (Exact name of Registrant as specified in its charter) DELAWARE 75-1217920 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 14643 DALLAS PARKWAY SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS 75240-8871 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (972) 851-0500 -------------- 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 . --- --- As of close of business on May 5, 1997, Registrant had outstanding 8,791,452 shares of Common Stock, Par Value $1 per Share. 2 PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements ELCOR CORPORATION CONSOLIDATED BALANCE SHEET (Unaudited, $ in thousands)
ASSETS 3-31-97 6-30-96 --------- --------- CURRENT ASSETS Cash and cash equivalents $ 2,802 $ 3,744 Trade receivables, less allowance of $526 and $477 43,469 42,482 Inventories - Finished goods 16,760 20,512 Work-in-process 801 604 Raw materials 6,465 5,632 --------- --------- Total inventories 24,026 26,748 --------- --------- Prepaid expenses and other 3,730 1,956 Deferred income taxes 2,713 2,734 --------- --------- Total current assets 76,740 77,664 --------- --------- PROPERTY, PLANT AND EQUIPMENT, AT COST 177,726 163,053 Less - accumulated depreciation (59,945) (52,846) --------- --------- Property, plant and equipment, net 117,781 110,207 --------- --------- NET ASSETS OF DISCONTINUED OPERATIONS 2,052 2,942 OTHER ASSETS 1,328 1,315 --------- --------- $ 197,901 $ 192,128 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 14,545 $ 15,503 Accrued liabilities 12,128 13,091 --------- --------- Total current liabilities 26,673 28,594 --------- --------- LONG-TERM DEBT 49,900 53,000 DEFERRED INCOME TAXES 12,076 8,336 SHAREHOLDERS' EQUITY - Common stock 8,806 8,802 Paid-in-capital 71,315 71,555 Retained earnings 29,342 22,499 --------- --------- 109,463 102,856 Less - Treasury stock, at cost, 9,100 and 33,949 shares (211) (658) --------- --------- Total shareholders' equity 109,252 102,198 --------- --------- $ 197,901 $ 192,128 ========= =========
See accompanying notes to consolidated financial statements. 2 3 ELCOR CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited, $ in thousands except per share data)
Three Months Ended Nine Months Ended 3-31-97 3-31-96 3-31-97 3-31-96 ------- -------- -------- -------- SALES $57,120 $ 50,048 $172,292 $143,938 ------- -------- -------- -------- COST AND EXPENSES Cost of sales 45,347 38,875 135,113 108,696 Selling, general and administrative 7,609 7,312 23,186 21,417 Reduction in value of assets 0 0 0 558 ------- -------- -------- -------- INCOME FROM OPERATIONS 4,164 3,861 13,993 13,267 ------- -------- -------- -------- OTHER EXPENSE Interest expense, net 34 61 247 105 ------- -------- -------- -------- INCOME BEFORE INCOME TAXES 4,130 3,800 13,746 13,162 Provision for income taxes 1,518 1,479 5,057 5,054 ------- -------- -------- -------- NET INCOME $ 2,612 $ 2,321 $ 8,689 $ 8,108 ======= ======== ======== ======== INCOME PER COMMON AND COMMON EQUIVALENT SHARE $ .29 $ .26 $ .98 $ .92 ======= ======== ======== ======== DIVIDENDS PER COMMON SHARE $ .07 $ .06 $ .21 $ .18 ======= ======== ======== ======== AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 8,908 8,875 8,848 8,852 ======= ======== ======== ========
See accompanying notes to consolidated financial statements. 3 4 ELCOR CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, $ in thousands)
Nine Months Ended 3-31-97 3-31-96 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 8,689 $ 8,108 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 5,937 2,655 Reduction in value of assets 0 558 Deferred income taxes 3,761 3,751 Changes in assets and liabilities: Trade receivables (987) (6,800) Inventories 2,722 (10,515) Prepaid expenses and other (1,774) 192 Accounts payable and accrued liabilities (1,921) 4,442 -------- -------- Net cash provided by operating activities 16,427 2,391 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant & equipment (13,490) (33,233) Other 856 (999) -------- -------- Net cash provided by (used for) investing activities (12,634) (34,232) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Long-term borrowings (reductions), net (3,100) 32,000 Dividends on common stock (1,846) (1,575) Treasury stock transactions and other, net 211 393 -------- -------- Net cash provided by (used for) financing activities (4,735) 30,818 -------- -------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (942) (1,023) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,744 3,731 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,802 $ 2,708 ======== ========
See accompanying notes to consolidated financial statements. 4 5 ELCOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. The attached condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. As a result, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The Company believes that the disclosures included herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 1996 Annual Report on Form 10-K. The unaudited financial information contained herein has been prepared in conformity with generally accepted accounting principles on a consistent basis and does reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the three-month and nine-month periods ended March 31, 1997, and 1996, but are, however, subject to year-end audit by the Company's independent auditors. Because of seasonal, weather-related conditions in some of the Company's market areas, sales can vary at times, and results of any one quarter or other interim reporting period should not necessarily be considered as indicative of results for a full fiscal year. 2. Net income per common and common equivalent share is computed based on the average number of common and common equivalent shares outstanding. Common equivalent shares include outstanding stock options. There is no material difference between primary and fully diluted earnings per share. 3. Effective October 31, 1996, the Company increased its unsecured revolving credit facility from $70 million to $80 million, the term was extended by one year to October 31, 1999, and certain financial covenants were adjusted. The amendment to the credit facility did not change the interest rate the Company currently pays for either LIBOR based borrowings or prime rate based borrowings. 5 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS CHANGES IN THE THREE-MONTH PERIOD ENDED MARCH 31, 1997 COMPARED TO THE THREE-MONTH PERIOD ENDED MARCH 31, 1996. During the three-month period ended March 31, 1997, net income increased to $2,612,000 from $2,321,000 for the same three-month period last year. Sales increased 14% compared to the same prior year quarter. Increased growth in demand for the Company's patented Enhanced High Definition(R) and Raised Profile(TM) Prestique(R) premium laminated fiberglass asphalt shingles accounted for most of the increase in sales. The increase in net income was primarily related to significantly increased sales and income by the Company's industrial products businesses. Despite increased shipments of premium laminated fiberglass asphalt shingles, operating income for the Company's roofing products group was lower, primarily due to higher freight rates and raw material costs, together with the costs of implementing a fourth shift operation at Elk Corporation's Tuscaloosa, Alabama roofing plant to increase its production capacity. Overall gross margin, as a percentage of sales, was 20.6% during the quarter ended March 31, 1997 compared to 22.3% during the same prior year quarter. In addition to the higher costs described above, a large percentage of the increased sales were from the new Shafter, California roofing plant, which despite significant improvements in operations and a good contribution to operating income, has higher fixed costs (primarily depreciation and amortization) that reduce the gross margin percentage. Start-up operations at the Company's new nonwoven fiberglass roofing mat plant at Ennis, Texas were underway during the quarter ended March 31, 1997. This new plant is expected to meet its production performance criteria in the fourth quarter of fiscal 1997. The Company's roofing products business is cyclical and is affected by some of the same economic factors that affect the housing industry generally, including interest rates, the availability of financing and general economic conditions. However, reroofing and remodeling, which now constitute about 82% of industry unit sales, are generally less severely affected by economic downturns than product demand for new residential construction. The Company's industrial products businesses achieved significantly increased sales and operating income during the quarter ended March 31, 1997 as compared to the same prior year quarter, primarily as a result of increased fees generated by Ortloff Engineers, Ltd. from licensing the Company's cryogenic technology. Several domestic and international patent licenses and technology agreements were executed during the third quarter, and the outlook appears to be very good for licensing the Company's process technology for construction of both new natural gas processing plants and retrofits to upgrade existing gas processing plants. Additionally, Chromium Corporation achieved higher revenues relating to its Compushield conductive coatings applied to plastic enclosures for electronic equipment. Overall selling, general and administrative (S,G&A) expenses increased 4% during the quarter ended March 31, 1997 compared to the same prior year quarter. However, as a percentage of sales, S,G&A costs were 13.3% of sales in the current year quarter compared to 14.6% of sales in the prior year quarter. 6 7 CHANGES IN THE NINE-MONTH PERIOD ENDED MARCH 31, 1997, AS COMPARED TO THE NINE-MONTH PERIOD ENDED MARCH 31, 1996. During the nine-month period ended March 31, 1997, net income increased to $8,689,000 from $8,108,000 in the same period last year. Sales increased 20% compared to the comparable prior year period. The increase in sales was primarily attributable to increased shipments of premium laminated fiberglass asphalt shingles during the nine-month period ended March 31, 1997. The Company's industrial products businesses also achieved significantly higher revenues in the current year period as compared to the same nine-month period in the prior fiscal year. The increase in net income is primarily attributable to increased fees generated from patent licenses and technology agreements relating to the Company's cryogenic technology for processing of natural gas and refinery gas streams. Despite the increase in shipments by the Company's roofing products group, operating income in this business segment declined in the current fiscal year as compared to the same prior year period. The Company's new roofing plant at Shafter, California has made significant progress in operating results since completion of changes in the production line during the first quarter of fiscal 1997. However, the significant reduction in the operating loss at this plant achieved in the nine-month period ended March 31, 1997 has been offset by lower operating profit at the other roofing facilities, primarily in the seasonally slower quarter ended March 31, 1997 primarily as a result of higher freight rates, higher raw material costs and costs of implementing a fourth shift operation at Elk Corporation's Tuscaloosa, Alabama roofing plant to increase its production capacity. The Company's industrial products business segment achieved higher sales and operating income during the nine-month period ended March 31, 1997 compared to the comparable prior year period, primarily as a result of higher patent licensing fees and technology agreements by Ortloff Engineers, Ltd. Overall selling, general and administrative expenses increased 8% during the first nine months of fiscal 1997 compared to the same prior year period. However, S,G&A costs were only 13.5% of sales in the current year period compared to 14.9% of sales in the prior year period. The Company has established a larger sales organization to better serve growing market areas. This larger organization has been able to serve the significant increase in sales orders without a proportionate increase in overall selling costs. During the nine-month period ended March 31, 1997, approximately $1,450,000 of deferred start-up costs at the new Ennis facility were capitalized and included in capital expenditures. FINANCIAL CONDITION The Company's financial condition at March 31, 1997 continued to be very strong. The current ratio was 2.9 to 1 at March 31, 1997. Total invested capital was $159,152,000. Long-term debt represented 31% of total capitalization. At March 31, 1997, $28,510,000 was available under the Company's unsecured revolving line of credit. Cash generated by operations for the nine months ended March 31, 1997 was $16,427,000. Working capital requirements (excluding cash and cash equivalents) increased $1,939,000. The increase in working capital primarily related to a reduction in current liabilities. However, trade receivables 7 8 increased $987,000 from June 30, 1996, primarily due to the higher level of sales and seasonal marketing programs to certain customers that provided deferred payment terms. The deferred receivables are primarily due in the May 1997 through July 1997 timeframe. Inventory levels at March 31, 1997 were below the June 30, 1996 levels due to a high level of product shipments in March 1997. Inventory levels are expected to increase during the spring and early summer months in anticipation of continuing strong demand for the Company's premium laminated fiberglass asphalt roofing products during the seasonally stronger period of mid-March through about mid-November. Historically, working capital requirements fluctuate during the year because of seasonality in some market areas. Generally, working capital requirements and related borrowings are higher in the spring and summer months, and lower in the fall and winter months. The Company used $12,634,000 for investing activities in the first nine months of fiscal 1997. The majority of these expenditures were for capital expenditures and related deferred preoperating expenses incurred in connection with the new nonwoven fiberglass mat plant at the Ennis, Texas facility, which was in start-up during the period ended March 31, 1997, and changes in the production line at the Shafter, California plant in the early part of fiscal 1997 to enhance the plant's overall performance. Total capital expenditures are expected to be less in fiscal 1997 than in recent years, which included significant capital expenditures relating to the construction of the two new major manufacturing facilities. Capital expenditures are presently expected to be about $16,000,000 during the current fiscal year. The Company utilized $4,735,000 for financing activities in the first nine months of fiscal 1997, primarily as a result of a reduction in long-term debt and payment of dividends on common stock. In September 1994, the Company's Board of Directors authorized the purchase of up to $10 million of the Company's common shares from time to time on the open market to be used for general corporate purposes. As of March 31, 1997, 127,900 shares with a cumulative cost of $2,059,000 had been repurchased under this program. In September 1995, the Board of Directors reinstated the Company's regular quarterly cash dividend. In September 1996, the Board of Directors increased the regular quarterly cash dividend by 17% to seven cents per common share. The Company's operations are subject to extensive federal, state and local laws and regulations relating to environmental matters. Although the Company does not believe it will be required to expend amounts which will have a material adverse effect on the Company's consolidated financial position or results of operations by reason of environmental laws and regulations, such laws and regulations are frequently changed and could result in significantly increased cost of compliance. Further, certain of the Company's industrial products operations utilize hazardous materials in their production processes. As a result, the Company incurs costs for remediation activities off-site and at its facilities from time to time. The Company establishes and maintains reserves for such remediation activities, when appropriate, in accordance with Statement of Financial Accounting Standards No. 5, "Accounting for Contingencies." Current reserves established for known or probable remediation activities are not material to the Company's financial position or results of operations. Management believes that cash and cash equivalents, cash flows from operations and its revolving credit facility should be sufficient during fiscal 1997 and beyond to fund its currently projected capital expenditure requirements, working capital needs, dividends, stock repurchases and other cash requirements. 8 9 OUTLOOK We expect that continuing strong demand for the Company's patented Enhanced High Definition and Raised Profile Prestique shingles will increase shipments and sales to record levels for fiscal 1997. In addition, we expect continuing increases in earnings for the Company's industrial products group during the fourth quarter of fiscal 1997. At present, we expect that fourth quarter earnings will be well above last year's level and enable the Company to achieve its prior forecast calling for fiscal 1997 earnings per share in the range of $1.30 to $1.50 per share, up from $1.16 per share in fiscal 1996. FORWARD-LOOKING STATEMENTS In an effort to give investors a well-rounded view of the Company's current condition and future opportunities, this Form 10-Q contains "forward-looking statements" about the Company's prospects for the future. Because they are forward-looking, such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the following: 1. The Company's roofing products business is cyclical and is affected by weather and some of the same economic factors that affect the housing and home improvement industries generally, including interest rates, the availability of financing and general economic conditions. In addition, the asphalt roofing products manufacturing business is highly competitive. Actions of competitors, including changes in pricing, or slowing demand for asphalt roofing products due to general or industry economic conditions or the amount of inclement weather could result in decreased demand for the Company's products, lower prices received or reduced utilization of plant facilities. 2. In the asphalt roofing products business, the significant raw materials are ceramic coated granules, asphalt, glass fibers, resins and mineral filler. Increased costs of raw materials can result in reduced margins, as can higher trucking and rail costs. Historically, the Company has been able to pass some of the higher raw material and transportation costs through to the customer. Should the Company be unable to recover higher raw material and transportation costs from price increases of its products, operating results could be lower than projected. 3. The Company has completed a $100 million expansion program which included a new roofing plant in Shafter, California and the construction of a new plant at the Company's Ennis, Texas facility to manufacture nonwoven fiberglass roofing mat and industrial facer products for the construction industry. As new facilities, their progress in achieving anticipated operating efficiencies and financial results is difficult to predict. If such progress is slower than anticipated, or if demand for products produced at either of these new plants does not meet current expectations, operating results could be adversely affected. 9 10 4. Certain facilities of the Company's industrial products subsidiaries must utilize hazardous materials in their production process. As a result, the Company could incur costs for remediation activities at its facilities or off-site, and other related exposures from time to time in excess of established reserves for such activities. 5. The Company's litigation, including its patent infringement suits against GAF Building Materials Corporation and certain affiliates, is subject to inherent and case-specific uncertainty. The outcome of such litigation depends on numerous interrelated factors, many of which cannot be predicted. Parties are cautioned not to rely on any such forward-looking beliefs or judgments in making investment decisions. 10 11 PART II. OTHER INFORMATION ITEM 1: Legal Proceedings GAF Patent Litigation In December 1996, the District Court for the Northern District of Texas conducted a hearing to interpret the claims of Elk's design and utility patents, but has yet to issue a ruling in that matter, which essentially will determine the scope of the patents. The court also conducted a bench trial on the inequitable conduct defenses alleged by GAF in the design patent case in February 1997. A decision in that matter is pending. Trial for the remaining issues in the design patent case, which was scheduled for April 21. 1997, has been continued to a date not yet determined, and trial in the utility patent case has not been scheduled as yet. Frontier Chemical Site In February 1997, a court hearing was conducted on the motion for summary judgement of certain PRP's, including Chromium, in the suit seeking recovery of $1.2 million of proceeds from a closure bond for the Frontier Chemical Royal Avenue Site. A ruling on the motion is pending. In March 1997, the USEPA issued its demand for future costs pursuant to the Administrative Order on Consent for the Frontier Chemical Royal Avenue Site. The PRPs have objected to this cost demand and have demanded an accounting. Resolution of this dispute still is pending, but even if the USEPA demand remains at the current amount, no further assessments from Chromium will be necessary to meet it. Gibraltar Tort Litigation The court in Daniels recently vacated its June 2, 1997 trial date, and no new trial date has been set. No trial date has been set in the Williams or Adams cases. The three Gibraltar cases naming Chromium remain in the early stages. For information and background on the GAF Patent Litigation, Frontier Chemical Site, Gibraltar Tact Litigation, and other legal proceedings involving the Company, see "Part I, Item 3. Legal Proceedings" in the Company's Annual Report on Form 10-K for the year ended June 30, 1996, and "Part II, Item 1. Legal Proceedings" in the Company's Quarterly Report on 10-Q for the quarters ended September 30, 1996 and December 31, 1996. 11 12 ITEM 6: Exhibits and Reports of Form 8-K (a) Exhibits: Exhibit (11): Computation of Income Per Common and Common Equivalent Share Exhibit (27): Financial Data Schedule (EDGAR submission only) (b) The Registrant filed a Form 8-K on January 16, 1997 relating to a press release containing an announcement of quarterly results including "forward-looking statements" about its prospects for the future. 12 13 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ELCOR CORPORATION DATE: May 14, 1997 /s/ Richard J. Rosebery -------------------- ------------------------------------ Richard J. Rosebery Executive Vice President, Chief Administrative & Financial Officer, and Treasurer /s/ Leonard R. Harral ------------------------------------ Leonard R. Harral Vice President and Chief Accounting Officer 13 14 EXHIBIT INDEX Exhibit (11): Computation of Income Per Common and Common Equivalent Share Exhibit (27): Financial Data Schedule (EDGAR submission only) EX-11 2 COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11 COMPUTATION OF INCOME PER COMMON AND COMMON EQUIVALENT SHARE 2 EXHIBIT (11) Elcor Corporation and Subsidiaries Computation of Income Per Common and Common Equivalent Share
(In thousands, except per share amounts) 1. Three Months Ended March 31, 1997 Three Months Ended and March 31, 1996 --------------- 3-31-97 3-31-96 ------ ------ Net Income $2,612 $2,321 ====== ====== Shares: Weighted average common shares 8,801 8,764 outstanding Adjustments: (a)Assumed issuance of shares purchased under incentive stock option plan using the treasury stock method 107 111 ------ ------ Total Common and Common Equivalent Shares 8,908 8,875 ====== ====== Income per Common and Common Equivalent Share $ .29 $ .26 ====== ======
2. Nine Months Ended March 31, 1997 Nine Months Ended and March 31, 1996 ----------------- 3-31-97 3-31-96 ------- ------ Net Income $8,689 $8,108 ====== ====== Shares: Total Common and Common Equivalent Shares Three months ended 9/30/96 and 9/30/95 8,793 8,843 Three months ended 12/31/96 and 12/31/95 8,843 8,838 Three months ended 3/31/97 and 3/31/96 8,908 8,875 ------ ------ Average nine months ended 3/31/97 and 3/31/96 8,848 8,852 ====== ====== Income per Common and Common Equivalent Share $ .98 $ .92 ====== ======
EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS JUN-30-1997 JUL-01-1996 MAR-31-1997 2,802 0 43,995 526 24,026 76,740 177,726 59,945 197,901 26,673 49,900 0 0 8,806 100,446 197,901 172,292 172,292 135,113 158,299 0 0 247 13,746 5,057 8,689 0 0 0 8,689 .98 .98
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