-----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, SOv+XVeEFqTx2TU8fYsS4ecCHXXP3j28FfpCK7pSFB3k1inCjHaGw6nl0gU2uDXm eMkxXthLwhIAjUphWztI0g== 0000950134-98-005890.txt : 19980714 0000950134-98-005890.hdr.sgml : 19980714 ACCESSION NUMBER: 0000950134-98-005890 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980531 FILED AS OF DATE: 19980713 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMERCIAL METALS CO CENTRAL INDEX KEY: 0000022444 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 750725338 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04304 FILM NUMBER: 98665296 BUSINESS ADDRESS: STREET 1: 7800 STEMMONS FRWY STREET 2: P O BOX 1046 CITY: DALLAS STATE: TX ZIP: 75221 BUSINESS PHONE: 2146894300 MAIL ADDRESS: STREET 1: 7800 STEMMONS FRWY STREET 2: PO BOX 1046 CITY: DALLAS STATE: TX ZIP: 75221 10-Q 1 FORM 10-Q FOR QUARTER ENDED MAY 31,1998 1 FORM 1O-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 2O549 ------------------------------------ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------------------------------- For quarter ended May 31, 1998 Commission File Number 1-4304 COMMERCIAL METALS COMPANY ---------------------------------------- (Exact name of registrant as specified in its charter) Delaware 75-0725338 - ------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 7800 Stemmons Freeway P.O. Box 1046 Dallas, Texas 75221 ---------------------------------------- (Address of principal executive offices) (Zip Code) (214) 689-4300 -------------- (Registrant's telephone number, including area code) --------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] As of May 31, 1998 there were 14,976,904 shares of the Company's common stock issued and outstanding excluding 1,155,679 shares held in the Company's treasury. 2 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ INDEX -----
Page No. -------- PART I - Financial Statements: Consolidated Balance Sheets - May 31, 1998 and August 31, 1997 2 - 3 Consolidated Statements of Earnings - Nine months and three months ended May 31, 1998 and 1997 4 Consolidated Statements of Cash Flows - Nine months ended May 31, 1998 and 1997 5 Consolidated Statement of Stockholders' Equity For the nine months ended May 31, 1998 6 Notes to Consolidated Financial Statements 7 Management's Discussion and Analysis of the Consolidated Financial Statements 8 - 13 PART II - Other Information and Signatures 14 - 15
Page 1 3 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ CONSOLIDATED BALANCE SHEETS --------------------------- ASSETS ------ (In thousands except share data)
May 31, August 31, 1998 1997 --------- ---------- CURRENT ASSETS: Cash $ 29,793 $ 32,998 Accounts receivable (less allowance for collection losses of $7,507 and $6,116) 342,378 289,735 Inventories 256,668 220,644 Other 44,211 41,899 --------- --------- TOTAL CURRENT ASSETS 673,050 585,276 OTHER ASSETS 11,857 6,524 PROPERTY, PLANT, AND EQUIPMENT, at cost: Land 21,198 17,844 Buildings 64,130 55,700 Equipment 475,631 447,553 Leasehold improvements 22,906 19,666 Construction in process 70,573 29,841 --------- --------- 654,438 570,604 Less accumulated depreciation and amortization (354,230) (323,343) --------- --------- 300,208 247,261 --------- --------- $ 985,115 $ 839,061 ========= =========
See notes to consolidated financial statements. Page 2 4 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ CONSOLIDATED BALANCE SHEETS --------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ (In thousands except share data)
May 31, August 31, 1998 1997 --------- ---------- CURRENT LIABILITIES: Commercial paper $ 40,000 $ -- Notes payable 58,000 -- Accounts payable 149,904 136,988 Other payables and accrued expenses 148,979 129,036 Income taxes payable 1,058 618 Current maturities of long-term debt 11,487 11,502 --------- --------- TOTAL CURRENT LIABILITIES 409,428 278,144 DEFERRED INCOME TAXES 20,834 20,834 LONG-TERM DEBT 173,798 185,211 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Capital stock: Preferred stock -- -- Common stock, par value $5.00 a share; authorized 40,000,000 shares; issued 16,132,583 shares, outstanding 14,976,904 and 14,760,930 shares 80,663 80,663 Additional paid-in capital 13,691 13,627 Cumulative translation adjustment (455) Retained earnings 315,595 293,600 --------- --------- 409,494 387,890 Less treasury stock, 1,155,679 and 1,371,653 shares at cost (28,439) (33,018) --------- --------- 381,055 354,872 --------- --------- $ 985,115 $ 839,061 ========= =========
See notes to consolidated financial statements. Page 3 5 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ CONSOLIDATED STATEMENTS OF EARNINGS ----------------------------------- (In thousands except share data)
Three months ended Nine months ended May 31, May 31, ------------------------- ------------------------- 1998 1997 1998 1997 ----------- ----------- ----------- ----------- REVENUES: Net sales $ 603,798 $ 586,141 $ 1,714,847 $ 1,636,463 Other revenues 2,301 3,505 9,931 9,899 ----------- ----------- ----------- ----------- 606,099 589,646 1,724,778 1,646,362 COSTS AND EXPENSES: Cost of goods sold 532,263 523,637 1,520,857 1,460,288 Selling, general and administrative expenses 46,213 42,944 132,585 123,499 Interest expense 4,720 3,898 13,117 11,055 Employees' pension and profit sharing plans 4,908 4,247 14,314 10,645 ----------- ----------- ----------- ----------- 588,104 574,726 1,680,873 1,605,487 EARNINGS BEFORE INCOME TAXES 17,995 14,920 43,905 40,875 INCOME TAXES 6,604 5,410 16,113 14,987 ----------- ----------- ----------- ----------- NET EARNINGS $ 11,391 $ 9,510 $ 27,792 $ 25,888 =========== =========== =========== =========== Net earnings per share basic $ 0.77 $ 0.64 $ 1.88 $ 1.73 Net earnings per share diluted $ 0.75 $ 0.63 $ 1.84 $ 1.69 Cash dividends per share $ 0.13 $ 0.13 $ 0.39 $ 0.39 Average shares outstanding basic 14,870,346 14,862,929 14,786,736 15,001,292 Average shares outstanding diluted 15,254,211 15,100,609 15,112,299 15,291,667
See notes to consolidated financial statements. Page 4 6 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- (In thousands)
Nine months ended May 31, ----------------------- 1998 1997 - --------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 27,792 $ 25,888 Adjustments to earnings not requiring cash: Depreciation and amortization 34,722 32,634 Provision for losses on receivables 1,957 1,087 Deferred income taxes Other (95) (182) --------- --------- Cash flows from operations before changes in operating assets and liabilities 64,376 59,427 Changes in operating assets and liabilities: Decrease (increase) in receivables (54,600) (10,692) Decrease (increase) in inventories (36,024) (25,402) Decrease (increase) in other assets (8,100) (14,493) Increase (decrease) in accounts payable, accrued expenses and income taxes 33,299 2,252 --------- --------- Net Cash Provided (Used) by Operating Activities (1,049) 11,092 - --------------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (87,669) (51,225) Sales of property, plant and equipment 95 182 --------- --------- Net Cash Used by Investing Activities (87,574) (51,043) - --------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper - net change 40,000 30,000 Notes payable - net change 58,000 30,300 Payments on long-term debt (11,428) (11,270) Stock issued under stock option/purchase plans 7,500 4,698 Treasury stock acquired (2,857) (17,727) Dividends paid (5,797) (5,863) --------- --------- Net Cash Provided by Financing Activities 85,418 30,138 - --------------------------------------------------------------------------------------- Decrease in Cash and Cash Equivalents (3,205) (9,813) Cash and Cash Equivalents at Beginning of Year 32,998 24,260 --------- --------- Cash and Cash Equivalents at End of Period $ 29,793 $ 14,447 ========= =========
See notes to consolidated financial statements. Page 5 7 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY ---------------------------------------------- (In thousands except share data)
Common Stock Treasury Stock ----------------------- Cumulative Add'l ----------------------- Number of Translation Paid-In Retained Number of Shares Amount Adjustment Capital Earnings Shares Amount ----------- -------- ----------- --------- --------- ----------- -------- Balance September 1, 1997 16,132,583 $ 80,663 $ 13,627 $ 293,600 (1,371,653) $(33,018) Net earnings for nine months ended May 31, 1998 27,792 Cash dividends - $.39 a share (5,797) Treasury stock acquired (95,000) (2,857) Translation adjustment $ (455) Stock issued under stock option, purchase and bonus plans 64 310,974 7,436 ----------- -------- -------- --------- --------- ----------- -------- Balance, May 31, 1998 16,132,583 $ 80,663 $ (455) $ 13,691 $ 315,595 (1,155,679) $(28,439) =========== ======== ======== ========= ========= =========== ========
See notes to consolidated financial statements. Page 6 8 COMMERCIAL METALS COMPANY AND SUBSIDIARIES ------------------------------------------ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ NOTE A - LONG-TERM DEBT AND EQUITY (in thousands):
Long-Term Current Amount Debt Maturities Outstanding ---------------------------------------------- 7.20% notes due 2005 $100,000 $ -- $100,000 6.80% notes due 2007 50,000 -- 50,000 8.49% notes due 2001 21,428 7,143 28,571 8.75% note due 1999 2,141 4,286 6,427 Other 229 58 287 -------- -------- -------- $173,798 $ 11,487 $185,285 ======== ======== ========
NOTE B - TAXES ON INCOME: Provision for taxes on income includes estimated United States taxes on undistributed earnings of subsidiaries outside the United States. NOTE C - QUARTERLY FINANCIAL DATA In the opinion of Management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accurals) necessary to present fairly the financial position as of May 31, 1998, the results of operations for the three months and nine months then ended and cash flows for the nine months. The results of operations for the nine month periods are not necessarily indicative of the results to be expected for a full year. NOTE D - EARNINGS PER SHARE Statement of Financial Accounting Standards No. 128, EARNINGS PER SHARE, requires a reconciliation of both the numerator and denominator of the earnings per share calculations. There are no adjustments to net earnings to arrive at income for either per share calculation. Reconciliation of share amounts is as follows:
Three months ended Nine months ended May 31, May 31, 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Shares outstanding for basic earnings per share 14,870,346 14,862,929 14,786,736 15,001,292 Effect of dilutive securities: Stock options/purchase plans 383,865 237,680 325,563 290,375 Shares outstanding for dilutive earnings per share 15,254,211 15,100,609 15,112,299 15,291,667
There were no securities that have anti-dilutive effects. There was no effect of the restated diluted per share amount for the third quarter or nine months of last year compared to earnings per share as originally reported. Page 7 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED RESULTS OF OPERATIONS
(in millions) 3RD QTR 3RD QTR FY 1998 FY 1997 ------- ------- Revenues $ 606 $ 590 Net earnings 11.4 9.5 Cash flow 24.0 20.9 LIFO reserve 28.5 31.3
NINE MONTHS NINE MONTHS FY 1998 FY 1997 ----------- ----------- Revenues $ 1,725 $ 1,646 Net earnings 27.8 25.9 Cash flow 64.4 59.4
SIGNIFICANT EVENTS AFFECTING THE COMPANY THIS QUARTER: - - 20% increase in earnings; second best third quarter ever - - Cash flow from operations; second best quarter in history - - Best quarter in history for CMC Steel Group - - Sharply reduced sales prices led to modest Recycling loss - - Consistent performance from Marketing and Trading in spite of Far East market collapse CONSOLIDATED DATA The Lifo method of inventory valuation increased net earnings for the quarter $280 thousand (2 cents per share) compared to a decrease of $803 thousand (5 cents per share) last year. For the nine months net earnings were $1.1 million higher Page 8 10 (7 cents per share) compared to a decrease of $952 thousand (6 cents per share) last year. SEGMENT OPERATING DATA Revenues and operating profit by business segment are shown in the following table:
Three months ended Nine months ended May 31 May 31 May 31 May 31 1998 1997 1998 1997 ----------- ----------- ----------- ----------- REVENUES: Manufacturing $ 313,719 $ 277,871 $ 883,757 $ 780,920 Recycling 109,087 129,414 318,107 340,695 Marketing and Trading 199,866 198,669 570,755 572,938 Corporate and Eliminations (16,573) (16,308) (47,841) (48,191) ----------- ----------- ----------- ----------- $ 606,099 $ 589,646 $ 1,724,778 $ 1,646,362 OPERATING PROFIT: Manufacturing $ 19,683 $ 13,421 $ 48,339 $ 38,125 Recycling (420) 1,255 (410) 3,562 Marketing and Trading 4,962 4,745 12,638 13,754 Corporate and Eliminations (1,510) (603) (3,545) (3,511) ----------- ----------- ----------- ----------- $ 22,715 $ 18,818 $ 57,022 $ 51,930
MANUFACTURING - Revenues and operating profit for the segment were significantly ahead of last year's comparable quarter. The quarter was the best in history for the Steel Group with record sales for any quarter and record shipments for a third quarter. The Copper Tube Division operating profit also was well above last year.
3rd Qtr 1998 3rd Qtr 1997 ------------ ------------ Average mill selling price $325.80 $311.91 Average fab selling price 648.67 626.30 Average scrap purchase price 112.87 113.60
With higher prices and record shipments, the Steel Group's operating profit was 41% higher than last year's third quarter. Third quarter records were set for steel mill Page 9 11 production. Mill tonnage shipped at 490,000 tons was 5% below last year's third quarter but included lower billet shipments. The four mills showed a 7% increase in operating profit led by SMI Alabama and SMI Arkansas both with 24% increases. SMI Texas and SMI South Carolina had particularly strong production increases. Construction of the new rolling mill and ancillary equipment at SMI South Carolina is on schedule. Operating profit in the Company's steel fabrication businesses rose over three hundred percent with strong results in virtually all product areas. The Company's structural fabrication units as well as the joist plants and concrete related products warehouses had especially good results. Fabricated shipments of 222,000 tons were a record for any quarter and compare favorably with 175,000 tons in the prior year. The Steel Group computer migration project tax effected expense was $1.6 million compared with $1.2 million in the same period last year. The increase was due mainly to higher consulting costs. The project is scheduled to be completed in mid-1999; quarterly costs are anticipated to drop to $1 million net after taxes in future quarters. Pension settlement costs of $650 thousand net were incurred during the quarter and will conclude with a lesser amount in the fiscal fourth quarter. Strong residential construction markets have maintained demand for plumbing tube. Margins were better than the second quarter of this year. Copper tube shipments increased 19% over the third quarter last year. Production is 4% ahead of last year's rate. RECYCLING - The Recycling segment's revenues and gross margins declined significantly because of a sharply reduced average sales price. This resulted in a modest loss compared with a profit in the year ago quarter. Nonferrous markets were notably weaker. Average copper and brass scrap prices fell 28% with shipments down 23%. Aluminum scrap prices fell 11% with shipments down 11%. Ferrous prices held against last year's third quarter but fell during the quarter due to the very weak Asian markets. Ferrous scrap shipped increased 8% to 323,000 tons but nonferrous shipments declined 16% to 42,000 tons. Total volume of scrap processed including the Steel Group processing plants reached 483,000 tons. During the quarter the Company acquired the assets of Page 10 12 several scrap processing facilities in Missouri, Oklahoma, and Kansas. The operations are neither individually nor combined significant to the financial position of the Company. The new shredder in Jacksonville, Florida and a new shear in Odessa, Texas will come online next quarter. During the quarter the Division restructured its management into five regions to improve the effectiveness in scrap sourcing, asset utilization and processing operations. MARKETING AND TRADING - Operating income for the Marketing and Trading segment was 5% higher than last year's third quarter, remarkable considering the collapse of traditional Far East markets. Purchases from the Far East increased significantly and resulted in steel trading incurring only a marginal decrease in operating profits. Business in Europe increased but sales to customary Asian markets continued at a sharply reduced rate. Profitability in steel marketing and distribution increased. Nonferrous metal product tonnage increased particularly in aluminum. At quarter end the Company acquired the assets of a ferro alloys trading unit in Australia; the acquisition was not significant in size to the segment. OTHER - The Marketing and Trading segment in conjunction with the Corporate office has begun the implementation of updated financial and management information systems. Among other system improvements year 2000 considerations are being addressed. Project completion is anticipated in the summer of 1999. Current estimates of total costs range between $3.5 to $4 million pretax which will be amortized over five years. ENVIRONMENTAL ACTIVITIES The Company is subject to federal, state and local pollution control laws and regulations in all locations where it has operating facilities. It anticipates that compliance with these laws and regulations will involve continuing capital expenditures and operating costs. In the ordinary course of conducting its business, the Company becomes involved in environmental litigation, administrative proceedings, and governmental investigations. Certain of these environmental matters or other proceedings may result in fines, penalties or judgments against the Company which may have a material impact on earnings for a particular quarter. While the Company is unable to estimate precisely the ultimate dollar amount of exposure to losses in Page 11 13 connection with such matters, it makes timely accruals as warranted. It is the opinion of the Company's management that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on the business or consolidated financial position of the Company. OUTLOOK Domestic steel markets are firm and manufacturing margins should remain at a good level despite the effects of the turmoil in Asia. The outlook for fabricated steel also is favorable. Construction in the United States including private nonresidential, public and residential is strong. Manufacturing sector and distributor demand continue to be firm. Relatively low priced steel is being shipped into North America, but it is likely that in long products, which are the Company's product lines, the market will absorb the quantities that will be imported and the main effect will be to limit price increases. Some improvement in recycling profits is anticipated, although scrap prices will remain weak. Global demand and prices for steel and nonferrous metals have fallen considerably, and it appears that any recovery in Asia will be slow, especially if the Japanese Yen continues to weaken because it will exert additional pressure on Asia. Nevertheless, it is probable that additional new marketing opportunities will arise as a result of the dislocations in the Far East. During the quarter, the US Congress passed a six year transportation bill to help restore the nation's infrastructure which will substantially boost highway spending and includes especially large increases for the states of Texas and South Carolina. It is anticipated that the Company will benefit from this program. This report contains forward-looking statements regarding the outlook for the Company's short-term financial results including shipments, pricing, demand and general market conditions. There is inherent risk and uncertainty in any forward-looking statements. Variances will occur and some could be materially different from management's current opinion. Developments that could impact the Company's expectations include interest rate changes, construction activity, metals pricing over which the Company exerts little influence, new capacity and product availability from competing steel minimills and other steel suppliers, currency fluctuations, implementation of information systems, and decisions by governments impacting the pace of overall economic growth. Page 12 14 LIQUIDITY Cash flow from operations before changes in operating assets and liabilities for the nine months was $64 million compared to $59 million last year. The increase was due equally to higher earnings and depreciation. Accounts receivable increased $55 million since August 31 principally due to increases in structural steel activity and the Marketing and Trading segment. Inventories have increased $36 million since year end due to seasonal buildups in the Manufacturing segment. Accounts payable and accrued expenses have increased $33 million in conjunction with the Manufacturing segment's inventory increase. The Company financed these working capital needs as well as $11 million of payments on long-term debt through internal cash flow and an increase in short term borrowings of $98 million. The Company invested $88 million in capital expenditures as part of its anticipated $125 million annual capital program. At May 31,1998, there were 14,976,904 common shares issued and outstanding with 1,155,679 shares held in the Company's treasury. Stockholders' equity was $381 million or $25.44 per share. Net working capital was $264 million at May 31,1998 compared to $307 million at August 31,1997. The current ratio was 1.6 compared to 2.1 at August 31,1997. The Company's effective tax rate for the nine months was 36.7%, comparable to the prior period. Long-term debt as a percent of total capitalization was 30.2% at May 31,1998 compared to 33% at August 31,1997. The ratio of total debt to total capitalization plus short-term debt stood at 41.3%. Page 13 15 PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Reference is made to the information incorporated by reference from Item 3. Legal Proceedings in the Company's Annual Report on Form 10-K for the year ending August 31, 1997, filed November 25, 1997, with the Securities and Exchange Commission. ITEM 2. CHANGES IN SECURITIES Not Applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not Applicable. ITEM 5. OTHER INFORMATION Not Applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K A. Exhibits required by Item 601 of Regulation S-K. Page 14 16 27.1 Restated Financial Data Schedule for year ended August 31, 1996 27.2 Restated Financial Data Schedule for year ended August 31, 1997 27.3 Restated Financial Data Schedule for periods ended November 30, 1997 and February 28, 1998 27.4 Financial Data Schedule for period ended May 31, 1998. B. No reports on Form 8-K have been filed during the quarter for which this report is filed. 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. COMMERCIAL METALS COMPANY July 13, 1998 Lawrence A. Engels Vice President, Treasurer & Chief Financial Officer July 13, 1998 William B. Larson Controller Page 15 17 EXHIBIT INDEX Exhibit Description 27.1 Restated Financial Data Schedule for year ended August 31, 1996 27.2 Restated Financial Data Schedule for year ended August 31, 1997 27.3 Restated Financial Data Schedule for periods ended November 30, 1997 and February 28, 1998 27.4 Financial Data Schedule for period ended May 31, 1998. EX-27.1 2 RESTATED FINANCIAL DATA SCHEDULE
5 1,000 3-MOS 6-MOS 9-MOS YEAR AUG-31-1996 AUG-31-1996 AUG-31-1996 AUG-31-1996 SEP-1-1995 SEP-1-1995 SEP-1-1995 SEP-1-1995 NOV-30-1995 FEB-29-1996 MAY-31-1996 AUG-31-1996 10,872 10,978 19,055 24,260 0 0 0 0 289,307 299,329 316,234 300,112 4,965 5,221 5,395 5,501 200,813 215,539 192,584 186,201 529,836 552,491 554,418 539,483 474,144 483,991 494,925 506,969 257,124 265,974 275,773 284,259 751,073 775,386 778,381 766,756 273,036 293,444 287,557 264,073 155,840 148,676 146,519 146,506 0 0 0 0 0 0 0 0 80,663 80,663 80,663 80,663 220,141 231,210 242,249 254,470 751,073 775,386 778,381 766,756 588,238 1,103,093 1,737,662 2,310,213 590,219 1,108,400 1,747,544 2,322,363 530,282 987,509 1,560,415 2,068,534 530,282 987,509 1,560,415 2,068,534 0 0 0 0 256 882 1,414 2,535 3,697 7,857 12,072 15,822 17,126 32,951 51,734 72,921 6,294 12,109 18,880 26,897 10,832 20,842 32,854 46,024 0 0 0 0 0 0 0 0 0 0 0 0 10,832 20,842 32,854 46,024 .71 1.38 2.18 3.06 .70 1.37 2.15 3.01
EX-27.2 3 RESTATED FINANCIAL DATA SCHEDULE
5 1,000 3-MOS 6-MOS 9-MOS YEAR AUG-31-1997 AUG-31-1997 AUG-31-1997 AUG-31-1997 SEP-1-1996 SEP-1-1996 SEP-1-1996 SEP-1-1996 NOV-30-1996 FEB-28-1997 MAY-31-1997 AUG-31-1997 11,986 15,331 14,447 32,998 0 0 0 0 308,256 313,831 310,256 295,851 5,803 5,786 6,040 6,116 191,194 205,229 211,603 220,644 540,606 571,876 577,130 585,276 523,641 540,871 556,683 570,604 294,641 304,830 315,382 323,343 776,084 814,773 825,034 839,061 267,951 304,386 326,633 278,144 144,415 137,389 135,228 185,211 0 0 0 0 0 0 0 0 80,663 80,663 80,663 80,663 262,011 271,291 261,466 274,209 776,084 814,773 825,034 839,061 526,859 1,050,322 1,636,463 2,248,267 530,961 1,056,716 1,646,362 2,258,388 469,307 936,651 1,460,288 2,004,155 469,307 936,651 1,460,288 2,004,155 0 0 0 0 268 616 1,087 1,433 3,471 7,157 11,055 14,637 14,509 25,955 40,875 60,955 5,332 9,577 14,987 22,350 9,177 16,378 25,888 38,605 0 0 0 0 0 0 0 0 0 0 0 0 9,177 16,378 25,888 38,605 .61 1.09 1.71 2.58 .60 1.07 1.68 2.53
EX-27.3 4 RESTATED FINANCIAL DATA SCHEDULE
5 1,000 6-MOS 3-MOS AUG-31-1998 AUG-31-1998 SEP-1-1997 SEP-1-1997 FEB-28-1998 NOV-30-1997 25,856 19,603 0 0 309,291 284,234 6,730 6,534 240,509 208,383 616,437 547,503 613,918 592,236 343,021 334,045 894,298 812,229 327,197 246,374 175,960 183,123 80,663 80,663 0 0 0 0 289,644 281,235 894,298 812,229 1,111,049 547,099 1,118,679 550,501 988,594 486,700 988,594 486,700 0 0 1,011 507 8,397 4,179 25,910 12,722 9,509 4,669 16,401 8,053 0 0 0 0 0 0 16,401 8,053 1.11 .55 1.09 .54
EX-27.4 5 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS AUG-31-1998 SEP-1-1997 MAY-31-1998 29,793 0 349,885 7,507 256,668 673,050 654,438 354,230 985,115 409,428 173,798 0 0 80,663 300,392 985,115 1,714,847 1,724,778 1,520,857 1,520,857 0 1,957 13,117 43,905 16,113 27,792 0 0 0 27,792 1.88 1.84
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