PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
- -----------------------------
The condensed financial statements and notes for the second quarter and first
six months of 1996 are presented below with comparative 1995 financial
statements.
CONDENSED STATEMENTS OF INCOME
(In thousands except per share amounts)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
---- ---- ---- ----
(unaudited) (unaudited)
Revenue:
Net sales, revenue from services and
rentals $303,336 $264,581 $557,055 $504,122
Interest, dividends and other 4,656 5,686 9,913 11,867
-------- -------- -------- --------
Total revenue 307,992 270,267 566,968 515,989
-------- -------- -------- --------
Costs and Expenses:
Costs of goods sold, services and
rentals 244,933 221,864 456,462 422,097
Selling, general and administrative 26,707 27,151 54,020 55,963
Plantation closure (Note d) - 8,100 - 8,100
Interest 8,560 8,599 17,670 17,116
Interest capitalized (184) (888) (484) (1,953)
Income taxes 10,206 1,901 14,339 5,172
-------- -------- -------- --------
Total costs and expenses 290,222 266,727 542,007 506,495
-------- -------- -------- --------
Income from Continuing Operations 17,770 3,540 24,961 9,494
Discontinued Operations (Note e):
Income from operations of Matson Leasing
Co. (less applicable income taxes) - 2,730 - 5,336
Gain on sale of Matson Leasing Co.
(less applicable income taxes
of $9,100) - 17,206 - 17,206
-------- -------- -------- --------
Net Income $ 17,770 $ 23,476 $ 24,961 $ 32,036
======== ======== ======== ========
Earnings Per Share:
Continuing operations $ 0.39 $ 0.08 $ 0.55 $ 0.21
Discontinued operations - 0.43 - 0.49
-------- -------- -------- --------
Total $ 0.39 $ 0.51 $ 0.55 $ 0.70
======== ======== ======== ========
Dividends Per Share $ 0.22 $ 0.22 $ 0.44 $ 0.44
Average Number of Shares Outstanding 45,295 45,513 45,300 45,578
INDUSTRY SEGMENT DATA
(In thousands)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
---- ---- ---- ----
(unaudited) (unaudited)
Revenue
Ocean Transportation $173,201 $149,663 $325,423 $294,705
Property Development and Management:
Leasing 9,085 8,441 17,973 16,522
Sales 5,125 2,874 7,286 6,995
Food Products 119,908 108,588 214,948 196,385
Other 673 701 1,338 1,382
-------- -------- -------- --------
Total $307,992 $270,267 $566,968 $515,989
======== ======== ======== ========
Operating Profit: (1)
Ocean Transportation $ 26,648 $ 20,855 $ 44,261 $ 37,957
Property Development and Management:
Leasing 6,243 5,729 12,185 11,203
Sales 2,995 1,524 3,227 3,220
Food Products 2,696 (11,388) 1,808 (15,230)
Other 628 656 1,241 1,269
-------- -------- -------- --------
Total $ 39,210 $ 17,376 $ 62,722 $ 38,419
======== ======== ======== ========
(1) Before interest expense, corporate expenses and income taxes
CONDENSED BALANCE SHEETS
(In thousands)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
June 30 December 31
1996 1995
---- ----
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 22,606 $ 32,150
Accounts and notes receivable, net 160,890 146,767
Inventories 103,072 86,106
Real estate held for sale 24,634 23,550
Deferred income taxes 12,277 11,439
Prepaid expenses and other 18,345 13,413
Accrued deposits to Capital Construction Fund (5,865) (6,233)
---------- ----------
Total current assets 335,959 307,192
---------- ----------
Investments 78,536 82,246
---------- ----------
Real Estate Developments 64,228 56,104
---------- ----------
Property, at cost 1,927,769 1,753,906
Less accumulated depreciation and amortization 826,877 780,392
---------- ----------
Property - net 1,100,892 973,514
---------- ----------
Capital Construction Fund 177,360 317,212
---------- ----------
Other Assets 48,956 46,491
---------- ----------
Total $1,805,931 $1,782,759
========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $ 35,423 $ 35,855
Short-term commercial paper borrowings 85,000 83,000
Accounts payable 37,493 30,916
Other 94,260 73,022
---------- ----------
Total current liabilities 252,176 222,793
---------- ----------
Long-term Liabilities:
Long-term debt 375,516 380,389
Capital lease obligations 19,124 24,186
Post-retirement benefit obligations 118,919 118,472
Other 61,349 56,862
---------- ----------
Total long-term liabilities 574,908 579,909
---------- ----------
Deferred Income Taxes 335,555 330,379
---------- ----------
Shareholders' Equity:
Capital stock 37,107 37,133
Additional capital 41,866 40,138
Unrealized holding gains on securities 38,799 39,830
Retained earnings 538,893 546,394
Cost of treasury stock (13,373) (13,817)
---------- ----------
Total shareholders' equity 643,292 649,678
---------- ----------
Total $1,805,931 $1,782,759
========== ==========
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Six Months Ended
June 30
1996 1995
---- ----
(unaudited)
Cash Flows from Continuing Operating Activities $ 51,495 $ 48,342
-------- --------
Cash Flows from Continuing Investing Activities:
Capital expenditures (173,956) (27,681)
Proceeds from sale of subsidiary 357,471
Proceeds from disposal of property, investments
and other assets 1,417 185
Deposits into Capital Construction Fund (6,016) (5,173)
Withdrawals from Capital Construction Fund 145,500 145
(Increase) reduction in investments 1,184 (1,616)
-------- --------
Net cash provided by (used in) continuing
investing activities (31,871) 323,331
-------- --------
Cash Flows from Continuing Financing Activities:
Proceeds from issuances of long-term debt 26,000 40,000
Payments of long-term debt (36,161) (24,597)
Proceeds from issuances of short-term
commercial paper - net 2,000 18,000
Proceeds from issuances of capital stock 173 -
Repurchases of capital stock (1,250) (5,337)
Dividends paid (19,930) (20,059)
-------- --------
Net cash provided by (used in) continuing
financing activities (29,168) 8,007
-------- --------
Net Increase (Decrease) in Cash and Cash
Equivalents from Continuing Operations $ (9,544) $379,680
======== ========
Net Decrease in Cash and Cash
Equivalents from Discontinued Operations (Note e) $ - $(21,785)
======== ========
Other Cash Flow Information - Continuing Operations:
Interest paid, net of amounts capitalized $ 17,421 $ 21,843
Income taxes paid, net of refunds 4,804 1,191
Other Non-Cash Information - Continuing Operations:
Net accrued deposits (withdrawals) to Capital
Construction Fund (368) 145,961
Depreciation 44,299 42,464
Cash dividends accrued 9,971 10,013
Tax-deferred property exchange 2,825 -
Change in unrealized holding gains 1,031 -
FINANCIAL NOTES
(Unaudited)
(a) The condensed balance sheet as of June 30, 1996 and the condensed
statements of income for the three months and six months ended June 30,
1996 and the condensed statements of cash flows for the six months ended
June 30, 1996 and 1995 are unaudited. Because of the nature of the
Company's operations, the results for interim periods are not necessarily
indicative of results to be expected for the year, but in the opinion of
management, all material adjustments necessary for the fair presentation
of interim period results have been included in the interim financial
statements.
(b) Estimated effective annual income tax rates differ from statutory rates,
primarily due to the dividends-received deductions and various tax
credits.
(c) Certain amounts have been reclassified to conform with the current year
presentation.
(d) In June 1995, the Company announced the closure of sugar production at its
McBryde Sugar Company, Limited subsidiary on Kauai. Closure costs of $8.1
million were recognized in June 1995. Additional discussion of this
matter is included in Item 2 of this current Form 10-Q.
(e) In June 1995, the Company sold the net assets of its container leasing
subsidiary, Matson Leasing Company, Inc., for approximately $361.7 million
in cash, and recognized an after-tax gain of $17.2 million. Specifically
excluded from the sale were long-term debt and U.S. tax obligations of the
business. Accordingly, the consolidated financial statements for 1995
report separately the operating results and cash flows of the container
leasing segment as a discontinued operation.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
- ---------------------------------------------
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- ------------------------------------------------
OPERATING RESULTS
Net income for the second quarter of 1996 was $17,770,000, or $0.39 per
share. Net income for the comparable period of 1995 was $23,476,000, or $0.51
per share. Results for the second quarter of 1995, however, included an after-
tax gain of $17,206,000, or $0.38 per share, from the sale of Matson Leasing
Company, Inc. in June 1995 and $2,730,000, or $0.05 per share, from that
business' operations, net of taxes.
Net income for the first half of 1996 was $24,961,000, or $0.55 per share,
versus $32,036,000, or $0.70 per share, in 1995. Results for the first half of
1995, however, also included the after-tax gain of $17,206,000, or $0.38 per
share, from the sale of Matson Leasing and $5,336,000, or $0.11 per share, from
its operations, net of taxes.
FINANCIAL CONDITION AND LIQUIDITY
The Company's principal liquid resources, comprising cash and cash
equivalents, trade receivables, sugar inventories and unused lines of credit,
less accrued deposits to the Capital Construction Fund totaled $412.0 million
at June 30, 1996, an increase of $8.7 million from December 31, 1995. The
increase was due primarily to an increase in trade receivables and sugar
inventories, partially offset by lower cash balances and lower amounts availa-
ble under lines of credit. Accounts receivable increased $14.1 million, due
primarily to the commencement of Matson's Guam/Alliance service and increased
revenues at the Company's California and Hawaiian Sugar Company, Inc. (C&H)
refinery. Sugar inventories increased $11.7 million, due to seasonal produc-
tion at the Company's Maui plantation and an increase in refined sugar tonnage
carried in inventory at C&H. The $9.5 million decrease in cash and cash equi-
valents was primarily the result of second quarter capital expenditures and
payments of long-term debt and dividends.
Working capital was $83.8 million at June 30, 1996, compared to $84.4
million at the end of 1995. Inventories were $17 million higher than 1995
year-end, due to seasonal increases in sugar production. Accounts and notes
receivable were $14.1 million higher than at year-end 1995 due to Matson's
Guam/Alliance service and C&H's increased sales volume in the second quarter.
Nearly offsetting these current asset increases were increases of $21.2 million
in other liabilities and $6.6 million in accounts payable. The increase in
other liabilities was mainly due to advances owed by C&H to the Hawaii sugar
growers under supply contracts, self-insurance reserves, accrued payroll and
taxes, all of which were within the normal course of business.
RESULTS OF SEGMENT OPERATIONS -
SECOND QUARTER 1996 COMPARED WITH THE SECOND QUARTER 1995
OCEAN TRANSPORTATION revenue of $173.2 million for the second quarter of 1996
was 16 percent higher than the 1995 second quarter revenue. Operating profit
of $26.6 million was 28 percent higher than in the second quarter of 1995.
These increases were primarily the result of the new Guam/Alliance service, and
secondarily a 3.8 percent rate increase for the Hawaii service and additional
cargo carriage in the Pacific Coast service. These increases were partially
offset by lower Hawaii cargo volume. Total Hawaii service container volume was
five-percent lower than the container volume in second quarter of 1995,
reflecting the continued weaknesses in certain sectors of Hawaii's economy and
the start of an eastbound service by a competitor in the second half of 1995.
Total shipments of automobiles were 12-percent lower than in the second quarter
of 1995. Weakness in the Hawaii construction industry continues to affect
container volume adversely. An additional rate increase of 1.1 percent for the
Hawaii service went into effect in mid-June, but did not contribute materially
to the quarter's results. This rate increase is intended to offset partially
Matson's increased fuel costs.
PROPERTY DEVELOPMENT AND MANAGEMENT - LEASING revenue of $9.1 million for the
second quarter of 1996 was eight-percent higher than the second quarter 1995
revenue, and operating profit of $6.2 million was nine-percent higher than the
1995 second quarter amount. These increases were due primarily to the
contributions of real estate added to the leased property portfolio during the
second half of 1995. The additional leased property included two retail
centers on the Mainland (Greeley, Colorado and Reno, Nevada) and a PriceCostco
ground lease in Kahului, Maui.
PROPERTY DEVELOPMENT AND MANAGEMENT - SALES revenue was $5.1 million, versus
$2.9 million for the second quarter of 1995. Operating profit nearly doubled
compared with the prior year second quarter. Sales in the second quarter of
1996 included one developed business lot and seven residential properties.
Sales in the second quarter of 1995 included several small, developed business
lots, an unimproved parcel and four residential lots.
The mix of property sales in any quarter can be diverse. These sales can
include property sold under threat of condemnation, developed residential real
estate, commercial properties, developable subdivision lots and undeveloped
land. The sales of undeveloped land and subdivision lots generally provide
greater contribution margins than do the sales of developed and commercial
property, due to the low historical-cost basis of the Company's Hawaii land.
Consequently, property sales revenue trends and the amount of real estate
available for sale are not necessarily indicators of future profitability for
this segment.
FOOD PRODUCTS revenue of $119.9 million for the second quarter of 1996 was ten-
percent higher than the revenue reported for the comparable period of 1995.
The second quarter operating profit of $2.7 million represented a significant
improvement from the $11.4 million operating loss recorded during the second
quarter of 1995. That figure, however, included an $8.1 million pre-tax charge
for phasing out sugar operations at the Company's plantation on Kauai. Sugar
refining results improved considerably, due primarily to increased sales volume
and prices for refined sugar products, as well as lower costs at C&H's
refinery, following the 1995 restructuring (as discussed in the "Other Matters"
section of this report). In spite of increased import quotas for foreign
sugar, raw sugar prices remained at relatively high levels.
RESULTS OF SEGMENT OPERATIONS -
FIRST SIX MONTHS OF 1996 COMPARED WITH THE FIRST SIX MONTHS OF 1995
OCEAN TRANSPORTATION revenue of $325.4 million, for the first half of 1996,
rose ten percent and operating profit of $44.3 million rose 17 percent,
primarily due to the new Guam/Alliance service and secondarily, due to a 3.8
percent rate increase for the Hawaii service and additional cargo carriage in
the Pacific Coast service. These increases were partially offset by lower
Hawaii cargo volume. For the first half, Matson's total Hawaii container
volume was down six percent and its total automobile volume was down 26
percent.
PROPERTY DEVELOPMENT AND MANAGEMENT - LEASING revenue, for the first half of
1996, of $18.0 million, was nine-percent greater than the results in the
comparable 1995 period. Operating profit of $12.2 million was nine-percent
higher than the first half of 1995. These increases were due primarily to the
contributions of properties added to the leased property portfolio in the
second half of 1995. The additional leased properties included two retail
centers on the Mainland (Greeley, Colorado and Reno, Nevada) and a PriceCostco
ground lease in Kahului, Maui. Occupancy rates for the Company's leased
property portfolio on the U.S. mainland averaged 98 percent for the first six
months of 1996, versus 97 percent for the first six months of 1995. The
Company's Hawaii occupancy rates averaged 88 percent, versus 89 percent in the
first six months of 1995.
PROPERTY DEVELOPMENT AND MANAGEMENT - SALES revenue of $7.3 million in the
first half of 1996 was nearly the same as the $7.0 million in sales recorded
in the first half of 1995. Operating profit from property sales for the first
half of $3.2 million also was virtually the same as in the first half of 1995.
Sales in the first half of 1996 included one developed business lot and 19
residential properties. Sales in the comparable period of 1995 included
several small, developed business lots, an unimproved parcel and 14 residential
lots.
FOOD PRODUCTS revenue of $214.9 million for the first half of 1996 was nine-
percent higher than the revenue reported for the comparable period of 1995.
Operating profit of $1.8 million for the first half of 1996 represented a
significant improvement from the $15.2 million operating loss recorded during
the comparable period of 1995. That figure, however, included the $8.1 million
pre-tax charge for phasing out sugar operations at the Company's plantation on
Kauai (as discussed in the "Other Matters" section of this report).
OTHER MATTERS
INTEREST EXPENSE: Reported interest expense, before capitalized interest, for
the first half of 1996 was $17.7 million, compared to $17.1 million for the
first half of 1995. Current and non-current portions of funded debt and
capital lease obligations totaled $515.1 million at June 30, 1996, compared
with $681.5 million a year earlier.
Following the sale of Matson Leasing Company, Inc.'s net assets in 1995, a
significant amount of debt was retired, using the proceeds received from the
sale. For the first half of 1995, approximately $7 million of interest was
included as an operating expense of the container leasing business. This 1995
amount is included, net of taxes, as part of income from discontinued opera-
tions in the current financial presentation. Consequently, the total interest
expense of the Company actually declined by approximately 25 percent for the
first half of 1996, compared with the comparable 1995 period, an amount which
closely correlates to the 24 percent reduction in debt levels from June 30,
1995. Average borrowing rates were approximately 6.5 percent for the first
half of 1996, compared with 6.9 percent for the first half of 1995.
TAX-DEFERRED EXCHANGES: In June 1996, the Company sold a parcel of land on
Maui for approximately $2.8 million. The proceeds from this sale are expected
to be reinvested on a tax-deferred basis and are reflected in the Statements of
Cash Flows under the caption of "Other Non-Cash Information."
STOCK REPURCHASES: During the second quarter, 50,000 shares of Alexander &
Baldwin, Inc. (A&B) stock were repurchased at market prices. A total of
1,283,934 shares have been repurchased at an average cost of $23.79 per share
since the current two-million share repurchase program initially was approved
by the Company in December 1993.
ENVIRONMENTAL MATTERS: As with most industrial and land-development companies'
operations of its size, A&B's operations have certain risks which could result
in expenditures for environmental remediation. The Company believes that it is
in compliance, or is in the process of taking actions to be in compliance, in
all material respects, with applicable environmental laws and regulations, and
takes a proactive role in identifying potential environmental concerns.
Management believes that appropriate liabilities have been accrued for poten-
tial environmental costs.
FOOD PRODUCTS CONCERNS: Cost control initiatives that began during the second
half of 1995 coupled with a higher sales volume and prices for refined sugar
products have made a positive contribution to the second quarter and first-half
1996 results. Both periods benefited from lower costs at the Company's C&H
California refinery, resulting from a significant restructuring at year-end
1995. In spite of increased import quotas for foreign sugar, raw sugar prices
remained at relatively high levels, although the raw sugar prices for the
second quarter and first half of 1996 were slightly lower than the comparable
prior year periods.
In June 1995, the Company began the process of winding down the
unprofitable sugar-growing operations at its Kauai plantation. The final
sugarcane harvest has begun and is expected to be completed, as scheduled, in
September 1996. A closure cost of $8.1 million was recognized in the second
quarter of 1995. The principal components of this amount were the write-off of
the sugar factory leasehold improvements and other sugar-related fixed assets,
the write-off of materials and supplies inventories, severance costs, and
increases in self-insured medical and workers' compensation accruals. These
charges were partially offset by pension and post-retirement plan curtailment
gains. Approximately 200 employees will be laid off during the closure
process. Approximately 70 employees are being retained as employees of the
Company's coffee growing and marketing business, Island Coffee Company, Inc.
Efforts are continuing to improve the profitability of the Company's
sugar-growing operations on Maui. The 1995 yield decline, which is believed
to have resulted primarily from water and plant nutrient deficiencies, is
continuing to impact the 1996 sugarcane harvest. These matters are being
corrected to the extent possible, but the impacts will continue to be felt
through the current year's production.
LEGISLATION: In April 1996, the President of the United States signed the
Federal Agricultural Improvement and Reform Act. Along with provisions
affecting many crops for the next seven years, the new law made changes to the
sugar price-support mechanisms. These changes included eliminating market
allocation mechanisms, lowering the sugar price support level by providing for
government recourse loans when imports of raw sugar are below a defined
threshold and establishing a minimum level of raw sugar imports. Although some
of these changes are beneficial to the operating results of the Company's food
products segment, they fall short of the relief sought by the Company and the
cane sugar refining industry.
The administration of sugar legislation is a critical factor affecting raw
sugar costs for C&H. Since November 1995, the U.S. Department of Agriculture
has raised the sugar import quota four times. The most recent change, on June
12, 1996, added 150,000 metric tons, increasing the quota to 2,167,195 metric
tons. Actual deliveries will depend on the ability of foreign producers to
supply the tonnage. These increases have, however, resulted in modestly
reduced domestic raw sugar prices, as measured by the No. 14 futures price.
Although lower raw sugar prices negatively impact sugar growers, the potential
for improved sugar refinery margins is very important to the Company's results.
PROFIT IMPROVEMENT INITIATIVES: Also contributing to the second quarter and
first-half 1996 results were the late-1995 staff reductions at the Company's
headquarters and its real estate business, the freezing of executive salaries
for 1996, the elimination of Company-owned executive automobiles and the 1995
relocation of Matson's customer service operations to Phoenix, Arizona.
Additionally, in July 1996, the Company sold its corporate airplane. The
Company is continuing to seek ways to reduce costs, and improve operating and
administrative efficiencies.
ECONOMIC CONDITIONS: The outlook for Hawaii's economy remains modestly
encouraging, amid forecasts of slow steady, growth. Hawaii's visitor industry
continues to improve, with visitor arrivals rising and higher hotel room
rates. The construction industry, however, continues to be at or near a
cyclical low point, slowing the pace of the overall economic recovery.
Although projections of per-capita personal income anticipate small increases
for 1996, the Company does not expect the Hawaii economy to provide a signi-
ficant boost to earnings for 1996.
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The Company from time to time may make or may have made certain forward-
looking statements, whether orally or in writing, such as forecasts and
projections of the Company's future performance or statements of management's
plans and objectives. These forward-looking statements may be contained in,
among other things, SEC filings such as this Form 10-Q, press releases made by
the Company and oral statements made by the officers of the Company. Except
for historical information contained in this Form 10-Q or other written or oral
communications, such communications contain forward-looking statements. These
forward-looking statements involve a number of risks and uncertainties that
could cause actual results to differ materially from those projected in the
statements, including, but not limited to: (1) economic conditions in Hawaii
and elsewhere; (2) market demand; (3) competitive factors and pricing pressures
in the Company's primary markets; (4) legislative and regulatory environment at
the federal, state and local levels; (5) changes in, and manner of
administration of, the federal sugar program; (6) dependence on raw sugar
suppliers and other third-party suppliers; and (7) other risk factors described
elsewhere in this Form 10-Q and from time to time in the Company's filings with
the Securities and Exchange Commission.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------------------------------------------
(a) Exhibits
--------
11. Statement re computation of per share earnings.
27. Financial Data Schedule.
(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ALEXANDER & BALDWIN, INC.
---------------------------------
(Registrant)
Date: August 13, 1996 /s/ Glenn R. Rogers
---------------------------------
Glenn R. Rogers
Vice President and Chief
Financial Officer
Date: August 13, 1996 /s/ Thomas A. Wellman
---------------------------------
Thomas A. Wellman
Controller
EXHIBIT INDEX
-------------
11. Statement re computation of per share earnings.
27. Financial Data Schedule.
EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
---- ---- ---- ----
- -------------------------------------------------------------------------------
Primary Earnings Per Share (a)
- -------------------------------------
Income from continuing operations $ 17,770 $ 3,540 $ 24,961 $ 9,494
Income from discontinued operations - 19,936 - 22,542
-------- -------- -------- --------
Net income $ 17,770 $ 23,476 $ 24,961 $ 32,036
======== ======== ======== ========
Average number of shares outstanding 45,295 45,513 45,300 45,578
======== ======== ======== ========
Primary earnings per share from
continuing operations $ 0.39 $ 0.08 $ 0.55 $ 0.21
Primary earnings per share from
discontinued operations - 0.43 - 0.49
-------- -------- -------- --------
Primary earnings per share $ 0.39 $ 0.51 $ 0.55 $ 0.70
======== ======== ======== ========
Fully Diluted Earnings Per Share
- -------------------------------------
Income from continuing operations $ 17,770 $ 3,540 $ 24,961 $ 9,494
Income from discontinued operations - 19,936 - 22,542
-------- -------- -------- --------
Net income $ 17,770 $ 23,476 $ 24,961 $ 32,036
======== ======== ======== ========
Average number of shares outstanding 45,295 45,513 45,300 45,578
Effect of assumed exercise of
outstanding stock options 38 9 48 9
-------- -------- -------- --------
Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,333 45,522 45,348 45,587
======== ======== ======== ========
Fully diluted earnings per share from
continuing operations $ 0.39 $ 0.08 $ 0.55 $ 0.21
Fully diluted earnings per share from
discontinued operations - 0.43 - 0.49
-------- -------- -------- --------
Fully diluted earnings per share $ 0.39 $ 0.51 $ 0.55 $ 0.70
======== ======== ======== ========
(a) The computations of primary earnings per share do not include the effects
of assumed exercises of employee stock options because such effects were
immaterial for both years.
5
1,000
6-MOS
DEC-31-1996
JUN-30-1996
724
21,882
169,703
8,813
103,072
335,959
1,927,769
826,877
1,805,931
252,176
375,516
0
0
37,107
606,185
1,805,931
557,055
566,968
456,462
456,462
0
0
17,186
39,300
14,339
24,961
0
0
0
24,961
.55
.55
