-----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, SEmLq/venKxFoh20OdbIZER5/GQxigp3Ar4XUdVGQe09caR1GYVaspD3VJMwZWuL BIa+ZHjiSoGlPetXoLFqxQ== 0000912057-97-017944.txt : 19970520 0000912057-97-017944.hdr.sgml : 19970520 ACCESSION NUMBER: 0000912057-97-017944 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXPEDITORS INTERNATIONAL OF WASHINGTON INC CENTRAL INDEX KEY: 0000746515 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 911069248 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13468 FILM NUMBER: 97607623 BUSINESS ADDRESS: STREET 1: 19119 16TH AVE S STREET 2: P.O.BOX 69620 CITY: SEATTLE STATE: WA ZIP: 98188 BUSINESS PHONE: 206-246-3711 MAIL ADDRESS: STREET 1: 19119 16TH AVENUE SOUTH STREET 2: P.O.BOX 69620 CITY: SEATTLE STATE: WA ZIP: 98168-9620 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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: 0-13468 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. (Exact name of registrant as specified in its charter) Washington 91-1069248 (State of other jurisdiction of incorporation or organization) (IRS Employer Identification Number) 999 Third Avenue, Suite 2500, Seattle, Washington 98104 (Address of principal executive offices) (Zip Code) (206) 674-3400 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- At April 30, 1997, the number of shares outstanding of the issuer's Common Stock was 24,293,539. Page 1 of 15 pages. The Exhibit Index appears on page 15. 1 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share data) March 31, December 31, ASSETS 1997 1996 ---------- ------------ (Unaudited) Current assets: Cash and cash equivalents $ 43,677 36,966 Short term investments 348 357 Accounts receivable, less allowance for doubtful accounts of $5,438 at March 31, 1997 and $5,047 at December 31, 1996 165,713 168,763 Deferred Federal and state taxes 5,397 4,854 Other current assets 4,704 4,503 ----------- ------- Total current assets $ 219,839 215,443 Property and equipment, less accumulated depreciation and amortization of $29,827 at March 31, 1997 and $28,368 at December 31, 1996 49,205 46,246 Other assets, net 9,528 10,297 ----------- ------- $ 278,572 271,986 ----------- ------- ----------- ------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short term borrowings 2,881 3,452 Accounts payable 107,155 101,670 Income taxes 7,049 5,659 Other current liabilities 15,435 21,194 ----------- ------- Total current liabilities 132,520 131,975 Shareholders' equity: Preferred stock, par value $.01 per share. Authorized 2,000,000 shares; none issued -- -- Common stock, par value $.01 per share. Authorized 80,000,000 shares; issued and outstanding 24,293,439 shares at March 31, 1997, and 24,212,946 at December 31, 1996 243 242 Additional paid-in capital 14,169 13,179 Retained earnings 128,856 123,258 Equity adjustments from foreign currency translation 2,784 3,332 ----------- ------- Total shareholders' equity 146,052 140,011 ----------- ------- $ 278,572 271,986 ----------- ------- ----------- ------- 2 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except share data) (Unaudited) Three months ended March 31, ------------------------------ 1997 1996 ---------- ---------- Revenues: Airfreight $ 134,928 93,266 Ocean freight 39,810 29,384 Customs brokerage and import services 21,231 15,020 ---------- ---------- Total revenues 195,969 137,670 ---------- ---------- Operating expenses: Airfreight consolidation 109,304 74,454 Ocean freight consolidation 28,947 22,484 Salaries and related costs 32,330 23,075 Selling and promotion 2,880 2,214 Rent 2,411 1,783 Depreciation and amortization 2,382 1,887 Other 9,134 6,223 ---------- ---------- Total operating expenses 187,388 132,120 ---------- ---------- Operating income 8,581 5,550 Other income, net 461 603 ---------- ---------- Earnings before income taxes 9,042 6,153 Income tax expense 3,444 2,364 ---------- ---------- Net earnings $ 5,598 3,789 ---------- ---------- ---------- ---------- Net earnings per share $.22 $.15 ---------- ---------- ---------- ---------- Weighted average number of common shares 25,996,372 25,431,132 ---------- ---------- ---------- ---------- 3 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended March 31, ----------------------------- 1997 1996 ---------- ---------- Operating Activities: Net earnings $ 5,598 3,789 Adjustments to reconcile net earnings to net cash provided by operating activities: Provision for losses on accounts receivable 773 368 Deferred income tax (benefit) expense 111 (461) Depreciation and amortization 2,382 1,887 Other 151 103 Changes in operating assets and liabilities: Decrease (increase) in accounts receivable 2,665 (257) Increase in other current assets (239) (778) Increase in accounts payable and other current liabilities 6,967 2,999 ---------- ---------- Net cash provided by operating activities 18,408 7,650 ---------- ---------- Investing Activities: Decrease in short-term investments 5 260 Purchase of property and equipment (11,556) (1,622) Other 545 130 ---------- ---------- Net cash used in investing activities (11,006) (1,232) ---------- ---------- Financing Activities: Short-term borrowings, net (549) (54) Proceeds from issuance of common stock 507 443 Repurchases of common stock (6) (506) ---------- ---------- Net cash used in financing activities (48) (117) Effect of exchange rate changes on cash (643) 85 ---------- ---------- Increase in cash and cash equivalents 6,711 6,386 Cash and cash equivalents at beginning of period 36,966 36,142 Cash and cash equivalents at end of period $ 43,677 42,528 ---------- ---------- ---------- ---------- 4 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements Note 1. Summary of Significant Accounting Policies 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 made are adequate to make the information presented not misleading. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Certain 1996 amounts have been reclassified to conform to the 1997 presentation. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes included in the Company's 10-K as filed with the Securities and Exchange Commission on or about March 31, 1997. In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, Earnings Per Share (Statement 128). The statement establishes standards for the computation, presentation, and disclosure of earnings per share (EPS), replacing the presentation of currently required Primary EPS with a presentation of Basic EPS. It also requires dual presentation of Basic EPS and Diluted EPS on the face of the income statement for entities with complex capital structures. Basic EPS, unlike Primary EPS, excludes all dilution while Diluted EPS, like the current Fully Diluted EPS, reflects the potential dilution that could occur from the exercise or conversion of securities into common stock or from other contracts to issue common stock. Statement 128 is effective for financial statements for periods ending after December 15, 1997 and earlier application is not permitted. The Company does not expect the impact of the adoption of this statement to be material to previously reported EPS amounts. 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Expeditors International of Washington, Inc. is engaged in the business of global logistics management, including international freight forwarding and consolidation, for both air and ocean freight. The Company also acts as a customs broker in all domestic offices, and in many of its overseas offices. The Company also provides additional services for its customers including value added distribution, purchase order management, vendor consolidation and other logistics solutions. The Company offers domestic forwarding services only in conjunction with international shipments. The Company does not compete for overnight courier or small parcel business. The Company does not own or operate aircraft or steamships. International trade is influenced by many factors, including economic and political conditions in the United States and abroad, currency exchange rates, and United States and foreign laws and policies relating to tariffs, trade restrictions, foreign investments and taxation. Periodically, governments consider a variety of changes to current tariffs and trade restrictions. The Company cannot predict which, if any, of these proposals may be adopted. Nor can the Company predict the effects adoption of any such proposal will have on the Company's business. Doing business in foreign locations also subjects the Company to a variety of risks and considerations not normally encountered by domestic enterprises. In addition to being affected by governmental policies concerning international trade, the Company's business may also be affected by political developments and changes in government personnel or policies in the nations in which it does business. The Company's ability to provide services to its customers is highly dependant on good working relationships with a variety of entities including airlines, ocean steamship lines, and governmental agencies. The Company considers its current working relationships with these entities to be satisfactory. However, changes in space allotments available from carriers, governmental deregulation efforts, "modernization" of the regulations governing customs brokerage, and/or changes in governmental quota restrictions could affect the Company's business in unpredictable ways. Historically, the Company's operating results have been subject to a seasonal trend when measured on a quarterly basis. The first quarter has traditionally been the weakest and the third quarter has traditionally been the strongest. This pattern is the result of, or is influenced by, numerous factors including climate, national holidays, consumer demand, economic conditions and a myriad of other similar and subtle forces. In addition, this historical quarterly trend has been influenced by the growth and diversification of the Company's international network and service offerings. The Company cannot accurately forecast many of these factors nor can the Company estimate accurately the relative influence of any particular factor and, as a result, there can be no assurance that historical patterns, if any, will continue in future periods. A significant portion of the Company's revenues are derived from customers in industries whose shipping patterns are tied closely to consumer demand, and from customers in industries whose shipping patterns are dependent upon just-in-time production schedules. Therefore, the timing of the Company's revenues are, 6 to a large degree, impacted by factors out of the Company's control, such as a sudden change in consumer demand for retail goods and/or manufacturing production delays. Additionally, many customers ship a significant portion of their goods at or near the end of a quarter, and therefore, the Company may not learn of a shortfall in revenues until late in a quarter. To the extent that a shortfall in revenues or earnings was not expected by securities analysts, any such shortfall from levels predicted by securities analysts could have an immediate and adverse effect on the trading price of the Company's stock. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER SECURITIES LITIGATION REFORM ACT OF 1995; CERTAIN CAUTIONARY STATEMENTS Certain portions of this report of Form 10-Q contain forward-looking statements which must be considered in connection with the discussion of the important factors that could cause actual results to differ materially from the forward-looking statements. In addition to risk factors identified elsewhere in this report, attention should be given to the factors identified and discussed in the report on Form 10-K filed on or about March 31, 1997. 7 RESULTS OF OPERATIONS The following table shows the consolidated net revenues (revenues less consolidation expenses) attributable to the Company's principal services and the Company's expenses for the three-month periods ended March 31, 1997 and 1996, expressed as percentages of net revenues. With respect to the Company's services other than consolidation, net revenues are identical to revenues. Management believes that net revenues are a better measure than total revenues of the relative importance of the Company's principal services since total revenues earned by the Company as a freight consolidator include the carriers' charges to the Company for carrying the shipment whereas revenues earned by the Company in its other capacities include only the commissions and fees actually earned by the Company. The table and the accompanying discussion and analysis should be read in conjunction with the condensed consolidated financial statements and related notes thereto which appear elsewhere in this Quarterly Report.
Three months ended March 31, Year ended 1997 1996 December 31, 1996 --------------------- ---------------- ----------------- Percent Percent Percent of net of net of net Amount revenues Amount revenues Amount revenues ------ -------- ------ -------- ------ -------- (Amounts in thousands) Net Revenues: Airfreight $25,624 44% $18,812 46% $ 94,954 47% Ocean freight 10,863 19 6,900 17 38,304 19 Customs brokerage and import services 21,231 37 15,020 37 69,077 34 ------- --- ------- --- -------- --- Net revenues 57,718 100 40,732 100 202,335 100 ------- --- ------- --- -------- --- Operating expenses: Salaries and related costs 32,330 56 23,075 56 108,797 54 Other 16,807 29 12,107 30 56,113 27 ------- --- ------- --- -------- --- Total operating expenses 49,137 85 35,182 86 164,910 81 ------- --- ------- --- -------- --- Operating income 8,581 15 5,550 14 37,425 19 Other income, net 461 1 603 1 2,159 1 ------- --- ------- --- -------- --- Earnings before income taxes 9,042 16 6,153 15 39,584 20 Income tax expense 3,444 6 2,364 6 15,321 8 ------- --- ------- --- -------- --- Net earnings $ 5,598 10% $ 3,789 9% $ 24,263 12% ------- --- ------- --- -------- --- ------- --- ------- --- -------- ---
Air freight net revenues increased 36% for the three-month period ended March 31, 1997 as compared with the same period for 1996. This increase was primarily due to increased airfreight tonnage handled by the Company's expanding global network. Ocean freight net revenues increased 57% for the three-month period ended March 31, 1997 as compared with the same period for 1996. The Company continued to aggressively market competitive ocean freight rates primarily on freight moving eastbound from the Far East. During the first quarter of 1997, there continued to be pricing pressures on this lane. Despite the falling prices, the Company was able to maintain margins and expand market share, a development management believes to be significant in assessing its strength in the 8 transpacific market. The ocean forwarding business and ECMS (Expeditors Cargo Management Systems), the Company's ocean freight consolidation management and purchase order tracking service, were instrumental in helping the Company to expand its market share. Customs brokerage and import services increased 41% for the three-month period ended March 31, 1997 as compared with the same period for 1996. This increase is the result of 1) the Company's entry into the truck and rail border brokerage business in the United States, 2) the Company's growing reputation for providing high quality service, 3)consolidation within the customs brokerage market as customers seek out brokers with sophisticated computerized capabilities critical to an overall logistics management program, and 4) the growing importance of distribution services as a separate and distinct service which is included in this category. Salaries and related costs increased during the three-month period ended March 31, 1997 compared with the same period in 1996 as a result of 1) the Company's increased hiring of sales, operations, and administrative personnel in existing and new offices to accommodate increases in business activity and 2) increased compensation levels. Salaries and related costs have, however, remained constant as a percentage of net revenue--a measure that management believes is significant in assessing the effectiveness of corporate cost containment objectives. The relatively consistent relationship between salaries and net revenues is the result of a compensation philosophy that has been maintained since the inception of the Company: offer a modest base salary and the opportunity to share in a fixed and determinable percentage of the operating profit of the business unit controlled by each key employee. Using this compensation model, changes in individual compensation will occur in proportion to changes in Company profits. Management believes that the strong growth in revenues, net revenue and net income for the three month periods ended March 31, 1997 and 1996 are a direct result of the incentives inherent in the Company's incentive compensation program. Other operating expenses increased for the three-month period ended March 31, 1997 as compared with the same period in 1996 as rent expense, communications expense, quality and training expenses, and other costs expanded to accommodate the Company's growing operations. Other operating expenses as a percentage of net revenues decreased approximately 1% in the three-month period ended March 31, 1997, as compared with the same period in 1996. This decrease is primarily due to economies of scale realized as the Company's semi-variable other operating expenses were spread over increased net revenues. Other income, net, decreased for the three-month period ended March 31, 1997 as compared with the same period in 1996, principally due to lower interest income on a smaller average cash balance during the period. Two factors which reduced cash available for investment were 1) the Company's real estate commitments and 2) additional cash advances for duty payments in the newly established border brokerage business. By the end of the period, and as the company gained experience with border operations, cash flow returned to historical levels. The Company pays income taxes in the United States and other jurisdictions. In addition the Company pays various other taxes, which are typically included in costs of operations. Effective income tax rates per financial statements during the three-month period ended March 31, 1997 remained virtually constant as compared with the same period in 1996. 9 CURRENCY AND OTHER RISK FACTORS International air/ocean freight forwarding and customs brokerage are intensively competitive and are expected to remain so for the foreseeable future. There are a large number of entities competing in the international logistics industry, however, the Company's primary competition is confined to a relatively small number of companies within this group. While there is currently a marked trend within the industry toward consolidation into large firms with multinational office and agency networks, regional and local broker/forwarders remain a competitive force. Historically, the primary competitive factors in the international logistics industry have been price and quality of service, including reliability, responsiveness, expertise, convenience, and scope of operations. The Company emphasizes quality service and believes that its prices are competitive with those of others in the industry. Recently customers have exhibited a trend toward the more sophisticated and efficient procedures for the management of the logistics supply chain by embracing strategies such as just-in-time inventory management. Accordingly, sophisticated computerized customer service capabilities and a stable worldwide network have become significant factors in attracting and retaining customers. Developing these systems and a worldwide network has added a considerable indirect cost to the services provided to customers. Smaller and middle-tier competitors, in general, do not have the resources available to develop customized systems and worldwide network. As a result, there is a significant amount of consolidation currently taking place in the industry. Management expects that this trend toward consolidation will continue for the short to medium term. The nature of the Company's worldwide operations necessitates the Company dealing with a multitude of currencies other than the U.S. dollar. This results in the Company being exposed to the inherent risks of the international currency markets and governmental interference. Many of the countries where the Company maintains offices and/or agency relationships have strict currency control regulations which influence the Company's ability to hedge foreign currency exposure. The Company tries to compensate for these exposures by accelerating international currency settlements among these offices or agents. Foreign currency gains and losses recognized during the first quarter of 1997 and 1996 were immaterial. The Company has traditionally generated revenues from air freight, ocean freight and customs brokerage and import services. In light of the customer-driven trend to provide customer rates on a door-to-door basis, management foresees the potential, in the medium to long-term, for fees normally associated with customs house brokerage to be de-emphasized and included as a component of other services offered by the Company. SOURCES OF GROWTH Acquisitions - Historically, growth through aggressive acquisition has proven to be a challenge for may of the Company's competitors and typically involves the purchase of significant "goodwill", the value of which can be realized in large measure only by retaining the customers and profit margins of the acquired business. As a result, the Company has pursued a strategy emphasizing organic growth supplemented by certain strategic acquisitions, where future economic benefit significantly exceeds the "goodwill" recorded in the transaction. On April 7, 1997, the Company completed the acquisition of SeaSky Express, Ltd. This entity had served as the Company's exclusive agent in Ireland. The Company paid approximately $8.5 million dollars for all of the outstanding shares 10 of Seasky Express, Ltd. and its wholly-owned subsidiaries. In connection with this transaction, the Company recorded approximately $5 million in "Goodwill" which the Company intends to amortize over 40 years. The strategic motivations for this acquisition included 1) obtaining expertise in European road freight, 2) establishing a clear identity and presence in this key market and 3) a reluctance to risk the loss of customers inherent in starting a new venture which would compete with an established and motivated "former agent." Office Openings - The Company opened twelve start-up offices during the first quarter of 1997. North Indian America Europe Africa Sub-continent - ------- ------ ------ ------------- Buffalo, NY Paris, France Capetown, RSA Bombay (Mumbai),India Dearborn, MI Epinal, France Nogales, AZ Lyon, France Laredo, TX Lille, France El Paso, TX Swindon, U.K. Internal Growth - Management believes that a comparison of "same store" growth is critical in the evaluation of the quality and extent of the Company's internally generated growth. This "same store" analysis isolates the financial contributions from offices that have been included in the Company's operating results for at least one full year. The table below presents same store comparisons for the first quarter of 1997 (which is the measure of any increase from the same quarter of 1996) and for the first quarter of 1996 (which measures growth over 1995). For the three months ended March 31, 1997 1996 ---- ---- Net revenue 30% 18% Operating income 50% 20% LIQUIDITY AND CAPITAL RESOURCES The Company's principal source of liquidity is cash generated from operations. At March 31, 1997, working capital was $87.3 million, including cash and short-term investments of $44 million. The Company had no long-term debt at March 31, 1997. While the nature of its business does not require an extensive investment in property and equipment, the Company is actively looking for suitable facilities and/or property to acquire at or near airports in certain cities in North America and overseas. The Company expects to spend approximately $30 million on property and equipment in 1997, which is expected to be financed with cash, short-term floating rate and/or long-term fixed-rate borrowings. The Company maintains foreign and domestic borrowings under unsecured bank lines of credit totaling $30 million. At March 31, 1997, the Company was directly liable for $2.9 million drawn on these lines of credit and was contingently liable for an additional $14.2 million from standby letters of credit. In addition, the Company maintains a bank facility with its U.K. bank for $8.2 million. Management believes that the Company's current cash position, bank financing arrangements, and operating cash flows will be sufficient to meet its capital and liquidity requirements for the foreseeable future. In some cases, the Company's ability to repatriate funds from foreign operations may be subject to foreign exchange controls. In addition, certain undistributed earnings of the Company's subsidiaries accumulated through December 11 31, 1992 would, under most circumstances, be subject to some additional United States income tax if distributed to the Company. The Company has not provided for this additional tax because the Company intends to reinvest such earnings to fund the expansion of its foreign activities, or to distribute them in a manner in which no significant additional taxes would be incurred. 12 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company is ordinarily involved in claims and lawsuits which arise in the normal course of business, none of which currently, in management's opinion, will have a significant effect on the Company's financial condition. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits required by Item 601 of Regulation S-K. Exhibit Number Description ------- ----------- Exhibit 27 Financial Data Schedule, EDGAR filing only. (b) Reports on Form 8-K No reports on Form 8-K were filed in the quarter ended March 31, 1997. 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. EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. May 9, 1997 /S/ PETER J. ROSE -------------------------------------------- Peter J. Rose, Chairman and Chief Executive Officer (Principal Executive Officer) May 9, 1997 /S/ R. JORDAN GATES -------------------------------------------- R. Jordan Gates, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) 14 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Form 10-Q Index and Exhibits March 31, 1997 Exhibit Number Description Page Number - ------- ----------- ----------- 27. Financial Data Schedule (Fiiled Electronically Only). EX-27 2 FDS
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SET FORTH AS ITEM 1 OF FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 43,677 348 165,713 0 0 219,839 49,205 0 278,572 132,520 0 0 0 243 145,809 278,572 0 195,969 0 138,251 49,137 0 0 9,042 3,444 0 0 0 0 5,598 .22 .22
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