-----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, TRSIj6U63QC2i8b6PlmZEwiqr1sHVnO1r28lP0glTKTiA07E6CkDE1LT5t/HtL+y j6OzH4R1aj/of5L9GlWphQ== 0000950144-96-008011.txt : 19961115 0000950144-96-008011.hdr.sgml : 19961115 ACCESSION NUMBER: 0000950144-96-008011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: CSX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUERTO RICAN CEMENT CO INC CENTRAL INDEX KEY: 0000081076 STANDARD INDUSTRIAL CLASSIFICATION: CEMENT, HYDRAULIC [3241] IRS NUMBER: 516601895 STATE OF INCORPORATION: PR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04753 FILM NUMBER: 96660940 BUSINESS ADDRESS: STREET 1: P.O.BOX 364487 CITY: SAN JUAN STATE: PR ZIP: 00936-4487 BUSINESS PHONE: 8097833000 MAIL ADDRESS: STREET 2: POST OFFICE BOX 364887 CITY: SAN JUAN STATE: PR ZIP: 09336-4487 10-Q 1 PUERTO RICAN CEMENT COMPANY, INC. 1 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 September 30, 1996 ------------------ 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: 1-4753 ------ PUERTO RICAN CEMENT COMPANY, INC. --------------------------------- (Exact name of registrant as specified in its charter) COMMONWEALTH OF PUERTO RICO 51-A-66-0189525 --------------------------- ----------------------- (State or other jurisdiction of incorporation) (I.R.S. Employer ID No.) PO Box 364487 - San Juan, P.R. 00936-4487 ------------------------------ ------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (787) 783-3000 -------------- NONE ---- Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the Registrant (1) has filed reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO -------- --------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common stock, $1 Par Value; 5,527,074 Shares Outstanding -------------------------------------------------------- 2 PUERTO RICAN CEMENT COMPANY, INC. INDEX PAGE NO. -------- Part I - Financial Information Consolidated Balance Sheet as of September 30, 1996 and December 31, 1995.................................... 1 - 2 Consolidated Statement of Income for the three months and nine months ended on September 30, 1996 and 1995 ..................................................... 3 Consolidated Statement of Cash Flows for the nine months ended on September 30, 1996 and 1995...................... 4 Notes to Consolidated Financial Statements................. 5 Management's Discussion and Analysis of Financial Condition and Results of Operations....................... 6 - 10 Part II - Other Information......................................... 10 Signatures................................................ 11 3 PUERTO RICAN CEMENT COMPANY, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
SEPTEMBER DECEMBER ASSETS 30, 1996 31, 1995 ----------------- ---------------- CURRENT ASSETS Cash and cash equivalents $ 6,139,856 $ 11,599,636 ------------- ------------- Investments available-for-sale 4,403,502 4,473,536 ------------- ------------- Short-term investments 4,593,160 974,073 ------------- ------------- Notes and accounts receivable-net of allowance for doubtful accounts of $1,566,638 in 1996 and $1,539,788 in 1995 27,490,122 24,526,385 ------------- ------------- Inventories: Finished products 1,709,455 2,207,360 Work in process 4,526,461 3,521,451 Raw materials 3,676,385 4,651,699 Maintenance & operating supplies 21,649,685 21,339,303 Land held for sale including development costs 502,602 502,602 ------------- ------------- Total inventories 32,064,588 32,222,415 ------------- ------------- Prepaid expenses 5,992,837 4,752,187 ------------- ------------- TOTAL CURRENT ASSETS 80,684,065 78,548,232 PROPERTY, PLANT & EQUIPMENT - net of accumulated depreciation, depletion and amortization of $64,147,978 in 1996 and $55,980,727 in 1995 142,899,891 142,567,213 LONG-TERM INVESTMENTS 30,112,706 31,228,541 OTHER ASSETS 3,903,652 2,670,882 ------------- ------------- TOTAL $ 257,600,314 $ 255,014,868 ============= =============
See notes to consolidated financial statements. 1 4 PUERTO RICAN CEMENT COMPANY, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
SEPTEMBER DECEMBER LIABILITIES AND STOCKHOLDERS' EQUITY 30, 1996 31, 1995 ---------------- --------------- CURRENT LIABILITIES Notes payable $ - $ 4,100,000 Short-term borrowing 1,550,000 - Current portion of long-term debt 7,545,072 7,649,853 Accounts payable 5,253,183 8,440,255 Accrued liabilities 6,316,056 7,452,614 Income taxes payable 779,250 334,664 ------------- ------------- TOTAL CURRENT LIABILITIES 21,443,561 27,977,386 LONG-TERM LIABILITIES Long-term debt, less current portion 55,798,061 57,549,475 Deferred income taxes 32,686,686 30,808,654 Postretirement benefits liability 2,939,283 2,873,430 ------------- ------------- 112,867,591 119,208,945 ------------- ------------- STOCKHOLDERS' EQUITY Preferred stock, authorized 2,000,000 shares of $5.00 par value each; none issued Common stock, authorized 20,000,000 shares of $1.00 par value each; issued 6,000,000 shares, outstanding 5,527,074 shares as of September 30, 1996, 5,504,722 shares as of December 31, 1995 6,000,000 6,000,000 Additional paid-in capital 14,702,914 14,482,054 Unrealized gain (loss) on investments available-for-sale (32,724) 74,313 Retained earnings 134,501,830 126,216,785 ------------- ------------- 155,172,020 146,773,152 Less: Shares of common stock in treasury, at cost (472,926 shares as of September 30, 1996 and 495,278 shares as of December 31, 1995) 10,439,297 10,967,229 ------------- ------------- STOCKHOLDERS' EQUITY - NET 144,732,723 135,805,923 ------------- ------------- TOTAL $ 257,600,314 $ 255,014,868 ============= =============
See notes to consolidated financial statements. 2 5 PUERTO RICAN CEMENT COMPANY, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Three Months Ended Nine Months Ended September 30, September 30, 1996 1995 1996 1995 -------------- --------------- ------------- ------------- Net sales $ 33,647,796 $ 22,375,156 $ 112,014,716 $ 70,262,920 Revenue from real estate operations 23,223 23,574 69,671 78,773 ------------- -------------- ------------- ------------- 33,671,019 22,398,730 112,084,387 70,341,693 Cost of sales 24,616,137 14,907,359 80,752,865 44,940,955 ------------- -------------- ------------- ------------- Gross margin 9,054,882 7,491,371 31,331,522 25,400,738 Selling, general & administrative expenses 4,450,559 3,161,210 13,905,115 9,498,184 ------------- -------------- ------------- ------------- Income from operations 4,604,323 4,330,161 17,426,407 15,902,554 ------------- -------------- ------------- ------------- Other charges (credits): Interest and financial charges 1,107,643 491,751 3,358,612 1,540,531 Interest income (639,600) (637,133) (1,900,004) (1,848,792) Other income (129,152) (3,379) (469,855) (507,418) ------------- ------------- ------------- ------------- Total other charges (credits) 338,891 (148,761) 988,753 (815,679) ------------- -------------- ------------- ------------- Income before income tax 4,265,432 4,478,922 16,437,654 16,718,233 Provision for income tax 1,370,437 1,591,094 5,344,645 5,809,253 ------------- --------------- ------------- ------------- Net income $ 2,894,995 $ 2,887,828 $ 11,093,009 $ 10,908,980 ============= ============== ============= ============= Income per share: Net income $ 0.52 $ 0.53 $ 2.01 $ 2.00 ============= ============== ============= ============= Common shares outstanding 5,527,074 5,419,200 5,527,074 5,444,200 ============= ============== ============= =============
See notes to consolidated financial statements. 3 6 PUERTO RICAN CEMENT COMPANY, INC. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED (UNAUDITED)
SEPTEMBER 30, 1996 1995 -------------- -------------- Cash flows from operating activities: Net income $ 11,093,009 $ 10,908,980 Adjustments to reconcile net income to ------------- ------------- cash flows from operating activities: Depreciation, depletion and amortization 8,233,079 5,171,504 Accretion of discounts on investments (1,106,361) (2,776,972) Provision for deferred income taxes 1,878,032 2,887,665 Postretirement benefits cost 72,002 232,130 Gain on sale of fixed assets (136,923) (420,635) Changes in assets and liabilities: (Increase) decrease in notes & accounts receivable (2,963,737) 1,942,929 Decrease (increase) in inventories 157,827 (2,746,441) Increase in prepaid expenses (1,240,650) (1,074,165) (Decrease) increase in accounts payable (4,134,275) 125,228 Increase in accrued liabilities 551,837 1,284,318 Increase (decrease) in income taxes payable 444,586 (648,213) Increase in other long-term assets (1,276,035) (1,529) Decrease in other long-term liabilities (6,149) ------------- ------------- Total adjustments 473,233 3,975,819 ------------- ------------- Cash provided by operations 11,566,242 14,884,799 ------------- ------------- Cash flows from investing activities: Capital expenditures (8,567,169) (8,590,712) Redemption of long-term investments 2,222,196 5,600,367 Purchase of short-term investments (3,619,087) (8,013,495) Purchase of investments available-for-sale (37,003) - Proceeds from sale of fixed assets 181,600 436,545 ------------- ------------- Cash used in investing activities (9,819,463) (10,567,295) ------------- ------------- Cash flows from financing activities: Repayment of long-term debt and notes payable (17,356,195) (7,625,000) Dividends paid (2,800,364) (2,779,730) Proceeds from loans 11,400,000 11,199,507 Purchase of treasury stock - (2,181,000) Increase (decrease) in short-term borrowing 1,550,000 (2,420,000) ------------- ------------- Cash used in financing activities (7,206,559) (3,806,223) ------------- ------------- (Decrease) increase in cash and cash equivalents ($5,459,780) $ 511,281 ============= ============= Cash and cash equivalents - beginning of year $ 11,599,636 $ 114,702 Cash and cash equivalents - end of period 6,139,856 625,983 ------------- ------------- (Decrease) increase in cash and cash equivalents ($5,459,780) $ 511,281 ============= =============
See notes to consolidated financial statements. 4 7 PUERTO RICAN CEMENT COMPANY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In the opinion of the Registrant, the accompanying unaudited financial statements contain all adjustments necessary to present fairly its financial position at September 30, 1996 and December 31, 1995, and the results of operations for the three months and nine months ended September 30, 1996 and 1995, and cash flows for the nine months ended September 30, 1996 and 1995. The results of operations are not necessarily indicative of the results to be expected for the full year. Total cash and cash equivalents plus investments (including short-term, available-for-sale and long-term investments) amounted to $45.2 million at September 30, 1996 compared with $48.2 million at December 31, 1995, a decrease of $3 million. Investments consisted principally of short-term obligations and obligations of the U.S. Government or its agencies with maturities ranging from more than one year to up to seven years. Notes and accounts receivables totaled $27.5 million as of September 30, 1996 compared with $24.5 million as of December 31, 1995, an increase of $3 million. The increase is principally attributable to a $2.5 million receivable from a joint-venture created this year for the purchase and sale of steel bars. Receivables' turnover was maintained at normal levels during the third quarter of 1996, with an average collection period below 60 days. Total consolidated inventories of $32 million as of September 30, 1996 remained at a level comparable to the $32.2 million balance as of December 31, 1995. Work in process inventory increased by approximately $1 million principally due to a higher inventory of clinker. Decreases in limestone inventories because of higher lime sales and in paper inventory because improved control over purchases and production in the paper and bag division were the reason for a decline of $975,000 in raw material inventory. Prepaid expenses as of September 30, 1996 increased to approximately 6 million compared with $4.8 million as of December 31, 1995. The 26% increase resulted mainly from scheduled prepayments of property taxes and municipal license fees during the second and third quarters. These prepayments will be fully amortized by year-end. Total current liabilities decreased $6.7 million from $27.9 million as of December 31, 1995 to $21.4 million as of September 30, 1996. The decrease was principally attributable to (i) the payment of the $4.1 million promissory note outstanding as of December 31, 1995 issued in connection with the acquisition of the ready-mixed concrete companies and (ii) a decrease of $1.7 million in accrued liabilities as a result of the making of the final payment for the shares of Ready Mix Concrete, as reported in the previous quarter. At its September 25, 1996 meeting, the Board of Directors of the Registrant declared a 17 cents per share dividend on its common stock, payable on November 14, 1996 to stockholders of record on October 4, 1996. As of September 30, 1996, the Registrant had 5,527,074 shares of common stock issued and outstanding as compared with 5,419,200 as of September 30, 1995. As of September 30, 1996, $46.7 million or 18% of the Company's total consolidated assets were attributable to the ready-mixed concrete subsidiaries. -5- 8 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES Working capital at September 30, 1996 improved to $59.2 million compared with $50.6 million at December 31, 1995, with the current ratio increasing to 3.8 to 1 as of September 30, 1996 from 2.8 to 1 as of December 31, 1995. The improvement in both items resulted from a decrease in current liabilities caused by the payment of the $4.1 million note, the decrease in accrued liabilities, and a higher balance in receivables, as explained above. During the nine-month period ended on September 30, 1996, net cash provided by operating activities totaled $11.6 million. This amount was principally used to finance additions to property, plant and equipment aggregating $8.6 million and to pay the $4.1 million note. Included in the total of capital expenditures incurred during the nine-month period ended on September 30, 1996 are approximately $4.8 million of expenditures by the Company's ready-mixed concrete subsidiaries, principally for the acquisition of new trucks. Depreciation expense for this nine-month period was $8.2 million, including $2.4 million related to the ready-mixed concrete subsidiaries. The approximate aggregate maturities of long-term debt for the remainder of 1996 and thereafter are as follows: 1996 $ 5,699,853 1997 13,600,423 1998 10,205,357 1999 7,819,357 2000 and thereafter 26,018,143 ------------ Total $ 63,343,133 ============ Loan agreements with term lenders impose certain restrictions on the Company concerning working capital, indebtedness, dividends, investments and certain advances, among other restrictions. The Company has available credit facilities in the aggregate amount of $20,600,000 with commercial banks for short-term financing and discount of trade paper from customers. The maximum aggregate amount of short-term borrowing outstanding at any month-end during this nine-month period was $1,550,000, the same balance outstanding as of September 30, 1996. These short-term facilities are renewable annually at the discretion of the banks, which at this time do not require any commitment fees for these credit facilities. -6- 9 RESULTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED WITH THREE MONTHS ENDED SEPTEMBER 30, 1995 Consolidated net sales for the third quarter of 1996 increased to $33.7 million from $22.4 million in the same quarter of 1995. Revenue for this quarter, as well as the first two quarters of 1996, has benefited from additional sales contributed by the ready-mixed concrete subsidiaries compared with none in the comparable periods of 1995. Third quarter sales also benefited from increases of (i) 7% or 356,000 in total bags of cement sold and (ii) 21% or 2,100 tons of lime sales made principally to export markets. Consolidated cost of sales amounted to $24.6 million for the third quarter of 1996 compared with $14.9 million for the third quarter of 1995, an increase of $9.7 million. Included in cost of sales for the third quarter of 1996 were the costs related to the ready-mixed concrete subsidiaries. These costs were not reflected in the third quarter of 1995. Revenues and cost of sales for the third quarter were impacted by a truckers strike affecting the ready-mixed concrete subsidiaries. Both item, revenues and cost of sales for the third quarter, were also affected by Hurricane Hortense which passed south of Puerto Rico in mid-September. The adverse weather conditions associated with this hurricane caused a disruption in the construction activity on the Island, causing a decline in cement consumption for the latter part of the month of September as well as an interruption of the production at the Company's cement plant during various days. Despite the negative effects of the bad weather and truckers strike mentioned above, the Company reported for the third quarter of 1996 a net income per share of $0.52 compared with $0.53 for the third quarter of 1995 because of a strong demand for cement and increasing export sales in the Company's lime subsidiary. Selling, general and administrative expenses increased $1.3 million to $4.5 million in the third quarter of 1996 compared with $3.2 million in the third quarter of 1995. This increase was principally attributable to selling, general and administrative expenses of the ready-mixed concrete subsidiaries not present in the prior year operations. Interest expenses were $1.1 million during the third quarter of 1996 compared with $492,000 in the same quarter of 1995, an increase of $612,000. During 1995, interest on loans related to the mills' conversion project was capitalized as part of the cost of the project. The conversion was completed during that year; therefore, the capitalized interest has been charged to operations in the current year thus increasing interest expense for the period. Also, interest from additional financing agreements has increased interest expenses for the first three quarters of 1996. NINE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED WITH NINE MONTHS ENDED SEPTEMBER 30, 1995 Consolidated net sales for the nine-month period ended September 30, 1996 were $112 million compared with consolidated net sales of $70.3 million for the nine-month period ended September 30, 1995, an increase of $41.7 million. The highlights for the improvements in sales were: -7- 10 - A strong demand for cement that resulted in 16,741,000 bags of cement sold during this nine-month period compared with 15,286,000 bags sold during the same period of 1995, an increase of 10%. - A 95% increase in lime sales from 20,000 tons for the 1995 nine-month period to 39,000 tons in the comparable 1996 period, principally the result of a marked effort to expand the export market for this product. - Additional sales contributed by the ready-mixed concrete subsidiaries acquired in the fourth quarter of 1995. Consolidated cost of sales increased $35.8 million from $44.9 million as of September 30, 1995 to $80.7 million as of September 30, 1996. The ready-mixed concrete operations accounted for mostly of the increase as a result of the addition of new charges to cost of sales in 1996 compared with none in 1995. Other increases, principally in the cement and lime operations, were caused by the increased sales volume experienced throughout the first nine months of 1996. Gross margin for the period decreased from 36% as of September 30, 1995 to 28% in 1996, principally the result of a lower margin in the ready-mixed concrete operations, which is normal for the ready-mix industry. Excluding the ready-mixed concrete operations, gross margin for the nine-month period ended September 30, 1996 was 34%. The decrease in the comparative gross margin figure for 1995 resulted from an increase in the average cost of cement attributable to the Company's purchase of clinker (work-in-process) at a cost higher than that at which the Company can produce it. The Company purchased clinker in order to maintain proper amounts of inventories to meet the increased demand for cement. Selling, general and administrative expenses increased $4.4 million to $13.9 million as of September 30, 1996 as compared with total expenses of $9.5 million as of September 30, 1995 as the result of new charges attributable to the ready-mixed concrete operations. Despite the dollar increase in selling, general and administrative expenses, such expenses as a percentage of total sales, decreased from 13.5% for the first nine months of 1995 to 12.4% for the first nine months of 1996. Interest and financial charges were $1.8 million higher for the nine-month period ended September 30, 1996 when compared with total expenses of $1.5 million for the nine-month period ended September 30, 1995. The increase was principally due to (i) interest charges resulting from the $16.0 million financing facilities of the ready-mixed concrete subsidiaries, (ii) interest expense on the loans related to the mills' conversion project the capitalization of which ended in the third quarter of 1995 and (iii) additional interest expense resulting from the notes payable to the former owners of the ready-mixed concrete companies. -8- 11 LEGAL PROCEEDING INVOLVING SAN JUAN CEMENT The Registrant and its two ready-mixed concrete subsidiaries, Concreto Mixto, Inc. and Ready Mix Concrete, Inc., are currently defendants in a lawsuit brought by San Juan Cement Company, Inc. in the United States District Court for the District of Puerto Rico seeking rescission of the acquisition by the Registrant of the ready-mixed concrete subsidiaries or divestiture of such companies. The suit alleges that the acquisition violates the federal antitrust laws. The case is in its initial stages with the parties currently engaged in the discovery phase with two deposition sessions taken as of the date of this document. While there can be no certainty, the Registrant believes that an adverse final ruling in the lawsuit brought by San Juan Cement Company, Inc. is not reasonably likely to have a material adverse effect on the Registrant's financial condition or results of operations. In addition, the Registrant believes that the cost of the defense of such litigation will not have a material adverse effect on the Registrant's financial condition or results of operations. CLAIM BY INDEPENDENT TRUCKERS Concreto Mixto, Inc. and Ready Mix Concrete, Inc., the two wholly owned ready-mixed concrete subsidiaries of the Registrant are the defendants in a complaint filed before the Public Service Commission, a regulatory quasi-legal body of the government (the "Commission"). The complaint was filed in October 1995 by an independent trucker association (the "Association") requesting the prospective payment of freight tariffs for the handling of aggregates approved in 1988 by the Commission. Immediately after their approval, the tariffs were disputed in court by the General Contractors Association. Since then, truckers and ready-mixed concrete operators had been individually negotiating the rates for transporting aggregates and it was not until early 1996, that the Commission ordered Concreto Mixto and Ready Mix to pay the Commission's tariff. The Association amended their complaint before the Commission in August 1996 to include back charges for the difference between the 1988 tariff and the amount actually paid by the Registrant's subsidiaries. -9- 12 On August 12, 1996, the Association declared a strike and refused to deliver aggregates (principally sand and gravel) to the ready-mixed concrete subsidiaries of the Registrant, unless the tariffs approved by the Commission were paid. On August 20, 1996, the Registrant's ready-mixed concrete subsidiaries filed a motion for an injunction in the San Juan Superior Court, requesting the court to stop the strike, annul the 1988 tariff and, order the payment of an undetermined amount for the losses resulting from the strike. On September 6, 1996, the San Juan Superior Court entered a partial decision ordering the truckers back to work and upholding the validity of the 1988 tariffs. Immediately, an appeal was presented in the Circuit Court of Appeals by the Registrant's subsidiaries, as to the validity of these tariffs. Currently both subsidiaries are paying the 1988 tariff and charging the increase in cost to their customers pending the decision on their appeal. The case is continuing in Superior Court with respect to damages sought by the Registrant's subsidiaries. The Association's complaint before the Commission with respect to the retroactive payment for the difference between the amount paid by the Company's ready-mixed concrete subsidiaries and the tariffs approved by the Commission is still pending a resolution. The Registrant is unable to make a meaningful estimate of the liability for the backcharges, if any, that could result from an unfavorable outcome in connection with the proceeding before the Commission. The Registrant believes, however, that the ultimate outcome of such proceeding should not have a material adverse effect on the Registrant's financial position. Part II. OTHER INFORMATION. Item 2. NONE Item 5. NONE Item 6. Exhibits and Reports on Form 8-K 27. Financial Data Schedule (for SEC use only). -10- 13 SIGNATURES Pursuant to the requirement 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. PUERTO RICAN CEMENT COMPANY, INC. - --------------------------------- Registrant Date: 11/13/96 By: /s/ Angel Amaral -------- -------------------------------------- Angel Amaral Vice President and Controller Date: 11/13/96 By: /s/ Jose O. Torres -------- -------------------------------------- Jose O. Torres Vice President of Finance and Treasurer -11- EX-27 2 FINANCIAL DATA SCHEDULE
5 U.S. DOLLARS 9-MOS DEC-31-1996 SEP-30-1996 1 6,139,856 8,996,662 29,056,760 1,566,638 32,064,588 80,684,065 207,047,869 64,147,978 257,600,314 21,443,561 55,798,061 0 0 6,000,000 138,732,723 257,600,314 112,014,716 112,084,387 80,752,865 94,657,980 988,753 0 0 16,437,654 5,344,645 11,093,009 0 0 0 11,093,009 2.01 0
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