-----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, ELga9OEKZYkd3Gw/A9PvGGYiFpNz1wvypwvtZkjpjR3uRV0xBgFkZOICzzErI/4P 7Z/8GhsGN0Iduh55hyoOJg== 0000923120-97-000005.txt : 19970414 0000923120-97-000005.hdr.sgml : 19970414 ACCESSION NUMBER: 0000923120-97-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970411 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENBRIER COMPANIES INC CENTRAL INDEX KEY: 0000923120 STANDARD INDUSTRIAL CLASSIFICATION: RAILROAD EQUIPMENT [3743] IRS NUMBER: 930816972 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13146 FILM NUMBER: 97579041 BUSINESS ADDRESS: STREET 1: ONE CENTERPOINT DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5036847000 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 10-Q 1 THE GREENBRIER COMPANIES, INC. FORM 10-Q 02/28/97 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended February 28, 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 No. 1-13146 THE GREENBRIER COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware 93-0816972 (State of Incorporation)(I.R.S. Employer Identification No.) One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035 (Address of principal executive offices) (Zip Code) (503) 684-7000 (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 The number of shares of the registrant's common stock, $0.001 par value per share, outstanding on March 31, 1997 was 14,160,000 shares. THE GREENBRIER COMPANIES, INC. PART I. FINANCIAL INFORMATION Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts, unaudited) February 28, August 31, 1997 1996 Assets Manufacturing Current assets: Cash and cash equivalents $ 1,436 $ 2,303 Accounts receivable 40,026 63,009 Inventories 58,734 75,989 Prepaid expenses 2,324 1,512 -------- -------- 102,520 142,813 Property, plant and equipment 38,356 35,893 Other 4,386 3,720 -------- -------- 145,262 182,426 Leasing and services Cash and cash equivalents 3,732 3,780 Restricted cash and investments 6,459 6,400 Accounts and notes receivable 16,673 20,353 Railcars held for refurbishment or sale 9,663 14,459 Investment in direct finance leases 188,292 190,307 Equipment on operating leases 203,681 174,394 Prepaid expenses and other 26,618 23,369 -------- -------- 455,118 433,062 -------- -------- $600,380 $615,488 ======== ======== Liabilities and Stockholders' Equity Manufacturing Current liabilities: Revolving notes $ 20,792 $ 13,314 Accounts payable and accrued liabilities 41,323 49,924 Current portion of notes payable 1,237 1,053 -------- -------- 63,352 64,291 Notes payable 13,591 13,014 -------- -------- 76,943 77,305 Leasing and Services Revolving notes 23,246 14,500 Accounts payable and accrued liabilities 63,020 68,209 Deferred revenue 1,483 4,377 Deferred participation 36,104 32,316 Deferred income taxes 20,044 22,126 Notes payable 204,653 202,211 -------- -------- 348,550 343,739 Subordinated debt 41,794 44,554 Minority interest 17,936 38,154 Commitments and contingencies (Note 3) Stockholders' equity Preferred stock - $0.001 par value, 25,000 shares authorized, none issued - - Common stock - $0.001 par value, 50,000 shares authorized, 14,160 outstanding 14 14 Additional paid-in capital 49,109 49,079 Retained earnings 65,657 62,259 Foreign currency translation adjustment 377 384 -------- -------- 115,157 111,736 -------- -------- $600,380 $615,488 ======== ======== The accompanying notes are an integral part of these statements. THE GREENBRIER COMPANIES, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share amounts, unaudited) Three Months Ended Six Months Ended February 28, February 29, February 28, February 29, 1997 1996 1997 1996 Revenues Manufacturing $ 74,558 $117,394 $176,437 $212,503 Leasing and services 39,698 24,697 78,714 46,353 -------- -------- -------- -------- Total revenues 114,256 142,091 255,151 258,856 Costs and expenses Cost of manufacturing sales 68,282 104,862 162,403 190,932 Leasing and services 22,389 10,872 46,068 20,922 Selling and administrative expense: Manufacturing 3,982 3,848 7,769 7,024 Leasing and services 7,129 3,817 12,544 7,018 Corporate 1,908 1,914 3,535 3,468 -------- -------- -------- -------- 13,019 9,579 23,848 17,510 Interest expense: Manufacturing 660 874 1,242 1,832 Leasing and services 5,957 5,590 11,832 10,953 -------- -------- -------- -------- 6,617 6,464 13,074 12,785 Minority interest: Manufacturing 251 77 750 (529) Leasing and services 116 678 743 1,421 -------- -------- -------- -------- 367 755 1,493 892 -------- -------- -------- -------- Total costs and expenses 110,674 132,532 246,886 243,041 Earnings before income tax expense Manufacturing 1,383 7,733 4,273 13,244 Leasing and services 4,107 3,740 7,527 6,039 Corporate (1,908) (1,914) (3,535) (3,468) -------- -------- -------- -------- 3,582 9,559 8,265 15,815 Income tax expense (1,405) (3,980) (3,168) (6,873) -------- -------- -------- -------- Net earnings $ 2,177 $ 5,579 $ 5,097 $ 8,942 ======== ======== ======== ======== Net earnings per share $ 0.15 $ 0.39 $ 0.36 $ 0.63 ======== ======== ======== ======== Weighted average shares outstanding 14,160 14,160 14,160 14,160 ======== ======== ======== ======== Dividends declared per share $ 0.06 $ 0.06 $ 0.12 $ 0.12 ======== ======== ======== ======== The accompanying notes are an integral part of these statements. THE GREENBRIER COMPANIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) Six Months Ended February 28, February 29, 1997 1996 Cash flows from operating activities Net earnings $ 5,097 $ 8,942 Adjustments to reconcile net earnings to net cash provided by operating activities: Deferred income taxes (2,082) 1,413 Deferred participation 3,788 3,613 Depreciation and amortization 14,061 11,670 Gain on sales of equipment (4,372) (2,239) Other (2,512) (765) Decrease (increase) in assets: Accounts and notes receivable 27,369 (11,965) Inventories 17,255 19,023 Prepaid expenses and other (5,714) 647 Increase (decrease) in liabilities: Accounts payable and accrued liabilities (13,790) (4,749) Deferred revenue (2,894) (3,440) -------- -------- Net cash provided by operating activities 36,206 22,150 -------- -------- Cash flows from investing activities Principal payments received under direct finance leases 6,174 5,333 Investment in direct finance leases (7,816) (10,782) Proceeds from sales of equipment 14,120 49,086 Purchase of property and equipment (52,019) (58,437) Investment in restricted cash and investments (59) (8,789) -------- -------- Net cash used in investing activities (39,600) (23,589) -------- -------- Cash flows from financing activities Proceeds from borrowings 33,227 23,455 Repayments of borrowings (12,716) (21,309) Purchase of minority interest (16,333) - Dividends (1,699) (1,699) -------- -------- Net cash provided by financing activities 2,479 447 -------- -------- Decrease in cash and cash equivalents (915) (992) Cash and cash equivalents Beginning of period 6,083 10,350 -------- -------- End of period $ 5,168 $ 9,358 ======== ======== Supplemental disclosures of cash flow information Cash paid during the period for: Interest $ 13,138 $ 11,983 Income taxes 1,962 5,179 Supplemental schedule of noncash investing and financing activities Equipment obtained through borrowings $ 3,577 $ 5,115 Repayment of borrowings through return of railcars held for refurbishment or sale 7,423 1,534 The accompanying notes are an integral part of these statements. THE GREENBRIER COMPANIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, unaudited) Note 1 - INTERIM FINANCIAL STATEMENTS The consolidated financial statements of The Greenbrier Companies, Inc. and Subsidiaries ("Greenbrier" or the "company") as of February 28, 1997 and for the three and six months ended February 28, 1997 and February 29, 1996, have been prepared without audit and reflect all adjustments (consisting of normal recurring accruals) which in the opinion of management are necessary for a fair presentation of the financial position and operating results for the periods indicated. The results of operations for the six months ended February 28, 1997 are not necessarily indicative of the results to be expected for the entire year ending August 31, 1997. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the consolidated financial statements contained in Greenbrier's 1996 Annual Report incorporated by reference into the company's 1996 Annual Report on Form 10-K. Note 2 - INVENTORIES February 28, August 31, 1997 1996 Manufacturing supplies and raw materials $ 6,044 $ 5,856 Work-in-process 41,937 60,474 Assets held for sale 10,753 9,659 -------- -------- $ 58,734 $ 75,989 ======== ======== Note 3 - COMMITMENTS AND CONTINGENCIES Purchase commitments of approximately $1,600 for leasing and services operating equipment were outstanding as of February 28, 1997. Note 4 - EARNINGS PER SHARE In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 ("SFAS 128"), "Earnings per Share" which requires presentation of basic and diluted earnings per share upon adoption in 1998. If SFAS 128 had been adopted on September 1, 1996, basic and diluted earnings per share would have been the same as reported earnings per share. THE GREENBRIER COMPANIES, INC. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The Greenbrier Companies, Inc. and Subsidiaries ("Greenbrier") currently operates in two primary business segments: the manufacture of railcars and marine vessels and the refurbishment of railcars; and the leasing and management of surface transportation equipment and related services, including third- party transportation logistics. The two business segments are operationally integrated. The manufacturing operations produce double-stack intermodal railcars, conventional railcars and marine vessels and perform refurbishment and maintenance activities, a portion of which is for railcar leasing operations. The leasing and services operation undertakes most of the sales and marketing activities for the manufacturing operations. New product development is also conducted on an integrated basis. The following table sets forth information regarding costs and expenses, expressed as a percentage of the associated manufacturing or leasing and services revenue. Three Months Ended Six Months Ended February 28, February 29, February 28, February 29, 1997 1996 1997 1996 Manufacturing: Sales 100.0% 100.0% 100.0% 100.0% Cost of sales 91.6 89.3 92.0 89.8 Selling and administrative expense 5.3 3.3 4.4 3.3 Interest expense 0.9 0.7 0.7 0.9 Minority interest 0.3 0.1 0.5 (0.2) Earnings before income tax expense 1.9 6.6 2.4 6.2 Leasing and services: Revenues 100.0% 100.0% 100.0% 100.0% Operating expense 56.4 44.0 58.5 45.1 Selling and administrative expense 18.0 15.5 15.9 15.2 Interest expense 15.0 22.6 15.0 23.6 Minority interest 0.3 2.8 1.0 3.1 Earnings before income tax expense 10.3 15.1 9.6 13.0 Corporate expense as a percentage of total revenues 1.7 1.3 1.4 1.3 Income tax expense as a percentage of pre-tax earnings 39.2 41.6 38.3 43.5 Net earnings as a percentage of total revenues 1.9 3.9 2.0 3.5 Three Months Ended February 28, 1997 Compared to Three Months Ended February 29, 1996 Revenues. Manufacturing revenue for the three-month period ended February 28, 1997 amounted to $75 million on deliveries of 873 railcars compared to $117 million on 1,854 deliveries in the corresponding prior period, a decrease of $42 million, or 36%. The effect on revenue of the reduced deliveries was partially offset by the higher per unit sales value in the current period. The current period deliveries consisted exclusively of conventional railcars consistent with the trend noted in the November 30, 1996 Form 10-Q. The manufacturing backlog of railcars for sale and lease was approximately 1,400 railcars with an estimated value of $82 million as of February 28, 1997, up slightly from the backlog reported at November 30, 1996. Due to an industry-wide softening in demand for freightcars, the manufacturing facilities are operating at reduced production and workforce levels, impacting operating results for the foreseeable future. Leasing and services revenue increased $15 million, or 61%, to $40 million for the quarter ended February 28, 1997 compared to $25 million for the quarter ended February 29, 1996. The increase is primarily a result of the recently expanded third-party transportation logistics operations and, to a lesser extent, additional railcars placed in lease service and increased sales of leased equipment. THE GREENBRIER COMPANIES, INC. Pre-tax earnings realized on the disposition of leased equipment during the quarter amounted to $3.3 million compared to $1.6 million for the corresponding prior period. Cost of Manufacturing Sales. Cost of sales as a percentage of manufacturing revenue increased in the quarter ended February 28, 1997 to 91.6% from 89.3% in the quarter ended February 29, 1996. The lower margins achieved in the current quarter result from a less favorable product mix at U.S. operations partially offset by continued improvement in manufacturing efficiencies at the Canadian operation. The prior period margin benefited from a more favorable product mix and the efficiencies of long production runs at U.S. operations. Leasing and Services Expense. Leasing and services expense as a percentage of revenue was 56.4% for the three-month period ended February 28, 1997. The primary factor in the increased ratio compared to prior periods is the logistics operation, which is typically a high-volume business with lower margins than the leasing operation. The current period ratio is consistent with expectations for the foreseeable future. Expense as a percentage of revenue for the corresponding prior period was 44% as it did not include the logistics operation. Selling and Administrative Expense. Total selling and administrative expense increased $3 million, or 36%, to $13 million for the three months ended February 28, 1997 compared to $10 million for the comparable prior period. This increase is primarily due to the logistics operation which contributed $2 million and a $700,000 increase in provision for potential loss associated with receivables from a lessee of marine equipment that recently filed for protection under Chapter 11 of the Bankruptcy Code. Interest Expense. Manufacturing interest expense declined due to lower working capital borrowings as a result of reduced production levels in the current period. The increase in leasing and services interest expense is due to borrowings offset by normal paydowns of term debt. Minority Interest. Manufacturing minority interest increased as a result of improved earnings of the Canadian operation. Leasing and services minority interest decreased primarily due to the current period acquisition of a minority investor's interest in a consolidated leasing and services subsidiary. Income Tax Expense. The income tax provision for the quarter ended February 28, 1997 represents an effective tax rate of 42% on U.S. operations which is consistent with the corresponding prior period. Consolidated income taxes as a percentage of pre-tax earnings are less than 42% as the Canadian operation, which is not included in the consolidated tax return, previously generated operating loss carryforwards which offset current period taxable earnings. Six Months Ended February 28, 1997 Compared to Six Months Ended February 29, 1996 Revenues. Manufacturing revenue for the six-month period ended February 28, 1997 decreased $37 million, or 17%, to $176 million compared to $213 million in the corresponding prior period. Total railcar deliveries were 2,472 in the current six-month period, compared to 3,327 in the prior comparable period. Decreased revenue primarily resulted from fewer railcar deliveries. Leasing and services revenue increased approximately $33 million, or 70%, to $79 million for the six months ended February 28, 1997 compared to $46 million in the six months ended February 29, 1996. This increase is largely due to the recently expanded third-party transportation logistics operation and, to a lesser extent, additional railcars placed in lease service and increased sales of lease equipment. Pre-tax earnings realized on the disposition of leased equipment during the six-month period amounted to $3.8 million compared to $1.9 million realized in the corresponding prior period. Cost of Manufacturing Sales. Cost of sales as a percentage of manufacturing revenue increased for the six-month period ended February 28, 1997 to 92.0% from 89.8% in the comparable prior period. The margins achieved in the current period result from a less favorable product mix at U.S. operations partially offset by continued improvement in manufacturing efficiencies at the Canadian operation. The prior period margin benefited from a more favorable product mix and the efficiencies of longer production runs at U.S. operations. THE GREENBRIER COMPANIES, INC. Leasing and Services Expense. Leasing and services expense as a percentage of revenue was 58.5% for the period ended February 28, 1997 which includes the high-volume, lower margin logistics operation. Expense as a percentage of revenue for the corresponding prior period was 45.1% as it did not include significant logistics operations. Selling and Administrative Expense. Total selling and administrative expense increased $6 million, or 33%, to $24 million for the six months ended February 28, 1997 compared to $18 million for the comparable prior period. This increase is primarily due to the logistics operation which contributed $5 million and a $700,000 increase in provision for potential loss associated with receivables from a lessee of marine equipment that recently filed for protection under Chapter 11 of the Bankruptcy Code. Interest Expense. Manufacturing interest expense declined due to lower working capital borrowings in the current period. The increase in leasing and services interest expense resulted from borrowings offset somewhat by normal paydowns of term debt. Minority Interest. Manufacturing minority interest increased as a result of improved earnings of the Canadian operation. Leasing and services minority interest decreased primarily due to the current period acquisition of a minority investor's interest in a consolidated leasing and services subsidiary. Income Tax Expense. The income tax provision for the six-month period ended February 28, 1997 represents an effective tax rate of 42% on U.S. operations which is consistent with the corresponding prior period. Consolidated income taxes as a percentage of pre- tax earnings are less than 42% as the Canadian operation, which is not included in the U.S. consolidated tax return, previously generated operating loss carryforwards which offset current period taxable earnings. In the prior period, no tax benefit was recognized for the losses incurred by Canadian operations. Liquidity and Capital Resources Cash provided by operations totaled $36 million for the six-month period ended February 28, 1997 compared to $22 million for the corresponding prior period. The fluctuation in cash from operations is primarily due to an improved receivables position combined with reduced inventory and payables resulting from lower levels of railcar production. Existing credit facilities aggregate approximately $102 million at February 28, 1997. A $43 million revolving line of credit, bearing interest primarily at the bank's Money Market Rate plus 1.5%, is available through June 1997 to provide working capital and interim financing of equipment for the leasing and services operations. Borrowings outstanding under this revolving line of credit were $23 million as of February 28, 1997. A $30 million operating line of credit, bearing interest at prime, for working capital and a $10 million term loan facility for certain manufacturing capital expenditures are available through February 1999 and December 1997 for U.S. manufacturing operations. Borrowings outstanding under the operating line were $19.9 million as of February 28, 1997 and there were no borrowings outstanding under the term facility. An $18 million (at the February 28, 1997 exchange rate) operating line of credit, bearing interest at prime plus 1.125%, is available through March 1998 for working capital and certain capital expenditures for the Canadian operations. Borrowings outstanding under the Canadian operating line of credit were $900,000 as of February 28, 1997. Capital expenditures totaled $63 million for the six months ended February 28, 1997 compared to $74 million for the six months ended February 29, 1996. Of these capital expenditures, approximately $58 million and $70 million, respectively, were attributable to leasing and services operations. Significant leasing and services capital expenditure programs included additions to the leased railcar fleet under refurbishment programs and various additions to the lease fleet related to other equipment purchases, some of which may be syndicated. Leasing and services capital expenditures for the remainder of 1997 are expected to be approximately $37 million. In December 1996, the minority investor's interest in a consolidated subsidiary was acquired for $16 million, utilizing operating cash flow and available lines of credit. Approximately $5 million and $4 million of the total capital expenditures for the six months ended February 28, 1997 and February 29, 1996 were attributable to manufacturing operations. Manufacturing capital expenditures for the remainder of 1997 are expected to be approximately $5 million. Capital expenditure programs include new and upgraded manufacturing plant and equipment to improve efficiencies and increase capacity. THE GREENBRIER COMPANIES, INC. Operations in Canada give rise to market risks from changes in foreign currency exchange rates. To minimize these risks, forward exchange contracts are utilized. As of February 28, 1997 forward exchange contracts outstanding for the purchase of Canadian dollars were $13.5 million and for the purchase of U.S. dollars were $2 million, maturing at various dates through May 1997. Realized and unrealized gains and losses from such off-balance sheet contracts are deferred and recognized in income concurrent with the hedged transaction. Dividends of $.06 per share have been paid quarterly beginning in 1995. The most recent quarterly dividend of $.06 per share was declared in April 1997 to be paid in May 1997. Management expects existing funds and cash generated from operations, together with borrowings under existing or future credit facilities, will be sufficient to fund dividends, working capital needs, planned capital expenditures and expected debt repayments. Management anticipates long-term financing will be required and will continue to be available for the purchase of equipment to expand Greenbrier's lease fleet. Forward-Looking Statements Statements contained in Management's Discussion and Analysis of Financial Condition and Results of Operations that are not statements of historical fact may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to expectations, beliefs and strategies regarding the future. It is important to note that actual results or outcomes could differ materially from such forward-looking statements due to a number of factors, including, among others, economic conditions; competitive factors and pricing pressures; shifts in market demand; actual future costs and availability of materials and a trained workforce; changes in interest rates; the financial condition of principal customers; or failure of logistics acquisitions to compete successfully. The forward-looking statements should be considered in light of these factors. THE GREENBRIER COMPANIES, INC. PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders (a) The annual meeting of stockholders of the registrant was held on January 14, 1997. (b) The meeting involved the election of directors. Proxies for the meeting were solicited pursuant to Regulation 14 under the Securities Exchange Act of 1934. There was no solicitation in opposition to management's nominees as listed in the proxy statement. All of management's nominees were elected. The following table sets forth information with respect to votes cast for and against each nominee: Votes Votes For Against Votes Broker Nominee Election Election Abstaining Non-Votes Alan James 12,225,371 12,320 -- -- William A. Furman 12,225,413 12,278 -- -- C. Bruce Ward 12,225,371 12,320 -- -- The term of office for the following directors continued after the meeting: Victor G. Atiyeh, Peter K. Nevitt, A. Daniel O'Neal, Jr. and Benjamin R. Whiteley. (c) Stockholders ratified appointment of Deloitte & Touche LLP as independent auditors for fiscal 1997. The appointment was approved by the vote of 12,227,347 shares in favor, 5,217 shares against, and 5,127 shares abstained from voting. There were no broker non-votes. Stockholders approved the Restated 1995 Employee Stock Purchase Plan. The Plan was approved by the vote of 12,189,365 shares in favor, 19,244 shares against, and 9,776 shares abstained from voting. There were no broker non-votes. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27. Financial Data Schedule (b) Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. THE GREENBRIER COMPANIES, INC. 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. THE GREENBRIER COMPANIES, INC. Date: April 11, 1997 By: /s/ Larry G. Brady -------------------- -------------------------- Larry G. Brady Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) EX-27 2
5 The schedule contains summary financial information extracted from the company's consolidated financial statements for the quarter ended February 28, 1997 and is qualified in its entirety by reference to such financial statements. 1,000 6-MOS AUG-31-1997 FEB-28-1997 11,627 0 56,699 0 58,734 102,520 38,356 0 600,380 63,352 0 0 0 14 115,143 600,380 0 255,151 208,471 246,886 0 0 13,074 8,265 3,168 5,097 0 0 0 5,097 .36 .36 Of this amount, $6,459 is restricted.
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