Circuit City Stores, Inc. Releases Record Fiscal Year 2000 Results
6 April 2000
Circuit City Stores, Inc. Releases Record Fiscal Year 2000 Results And Record March Sales for the Circuit City Group and the CarMax Group
Announces Earnings Expectations for Fiscal 2001
RICHMOND, Va., April 6 Circuit City Stores, Inc. today
released record sales for March 2000 and record sales and earnings for fiscal
year 2000 and fourth quarter 2000 for the company, the Circuit City Group
and the CarMax Group and released earnings expectations
for both Groups.
March Sales
For Circuit City Stores, Inc., total sales rose 18 percent to
$1.05 billion in March 2000 from $893.8 million in March 1999. For the
Circuit City Group, total sales were $850.8 million, a 14 percent increase
from March 1999 sales of $744.2 million. Comparable store sales for the
Circuit City Group rose 9 percent. Total sales for the CarMax Group were
$202.9 million, a 36 percent increase from March 1999 sales of $149.6 million.
Comparable store sales for the CarMax Group rose 18 percent.
Fiscal Year 2000 and Fourth Quarter Results
Circuit City Stores, Inc.: For the year ended February 29, 2000, Circuit
City Stores, Inc. total sales increased 17 percent to $12.61 billion from
$10.81 billion. Earnings from continuing operations rose 55 percent to
$327.8 million in fiscal 2000 from $211.5 million in fiscal 1999.
For the fourth quarter ended February 29, 2000, total sales for Circuit
City Stores, Inc. increased 17 percent to $3.98 billion in fiscal year 2000
from $3.40 billion in fiscal year 1999. Earnings from continuing operations
rose 37 percent to $159.7 million in fiscal 2000 from $116.8 million in fiscal
1999.
Circuit City Group: Total sales for the Circuit City Group rose 13 percent
in fiscal year 2000 to $10.60 billion from $9.34 billion in fiscal year 1999.
Comparable store sales increased 8 percent. Excluding the retained interest
in the CarMax business, the Circuit City Group's earnings from continuing
operations rose 39 percent to $326.7 million, or $1.60 per share, this year
from $235.0 million, or $1.17 per share, last year. Including the Inter-Group
Interest in CarMax, earnings from continuing operations for the fiscal year
ended February 29, 2000, rose 51 percent to $327.6 million, or $1.60 per
share, compared with $216.9 million, or $1.08 per share, last year.
For the fourth quarter ended February 29, 2000, total sales for the
Circuit City Group increased 15 percent to $3.48 billion from $3.03 billion in
the fourth quarter of fiscal 1999. Comparable store sales increased
10 percent. Excluding the retained interest in the CarMax business, the
Circuit City Group's earnings from continuing operations rose 27 percent to
$161.5 million, or 79 cents per share, in this year's fourth quarter from
$126.8 million, or 63 cents per share, in the same period last year.
Including the Inter-Group Interest in CarMax, earnings from continuing
operations for the Circuit City Group increased 34 percent to $160.1 million,
or 78 cents per share, this year from $119.1 million, or 59 cents per share,
last year.
Discontinued Operations: In June 1999, the company's Digital Video Express
business ceased operations. The operating results of Divx and the loss on
disposal of the Divx business have been segregated from continuing operations
and reported as separate line items, after tax, on the company and the Circuit
City Group statements of earnings. Divx had no impact on earnings after the
first quarter of fiscal 2000.
For the fiscal year ended February 29, 2000, the after-tax loss from the
discontinued Divx operations totaled $16.2 million, or 8 cents per Circuit
City Group share, compared with $68.5 million, or 34 cents per Circuit City
Group share, for the fiscal year ended February 28, 1999. The after-tax loss
on the disposal of the Divx business totaled $114.0 million, or 56 cents per
Circuit City Group share, for the fiscal year ended February 29, 2000.
The discontinued Divx operations had no impact on earnings in the fourth
quarter ended February 29, 2000. In the fourth quarter ended February 28,
1999, the after-tax loss from the discontinued Divx operations totaled
$32.1 million, or 16 cents per Circuit City Group share.
The net earnings for Circuit City Stores, Inc., including the discontinued
operations, were $197.6 million for the fiscal year ended February 29, 2000,
compared with $142.9 million for the fiscal year ended February 28, 1999. For
the fourth quarter, net earnings for Circuit City Stores, Inc. were
$159.7 million this year compared with $84.7 million, including discontinued
operations, last year.
The net earnings for the Circuit City Group, including the discontinued
operations, were $197.3 million for the fiscal year ended February 29, 2000,
compared with $148.4 million for the fiscal year ended February 28, 1999. For
the fourth quarter, net earnings for the Circuit City Group were
$160.1 million this year compared with $87.0 million, including discontinued
operations, last year.
CarMax Group: Total sales for the CarMax Group rose 37 percent for the
fiscal year ended February 29, 2000, to $2.01 billion from $1.47 billion in
the fiscal year ended February 28, 1999. Comparable store sales increased
2 percent. For fiscal year 2000, the CarMax Group reported net earnings of
$1.1 million compared with a net loss of $23.5 million in fiscal 1999. The
fiscal 2000 earnings include lease termination costs on undeveloped property
and a write-down of assets associated with excess property for sale, which
reduced net earnings by $3.0 million. Net earnings attributed to the CarMax
Group stock were $256,000, or 1 cent per share, versus a net loss of
$5.5 million, or 24 cents per share, attributed to the CarMax Group stock in
fiscal 1999.
For the fourth quarter ended February 29, 2000, total sales for the CarMax
Group rose 35 percent to $504.2 million from $374.0 million in the fourth
quarter of fiscal 1999. Comparable store sales rose 12 percent. The CarMax
Group reported a net loss of $1.7 million in the fourth quarter of fiscal
2000, compared with a net loss of $10.0 million in the fourth quarter of the
prior year. The fiscal 2000 net loss includes the $3 million reduction
resulting from the lease termination costs and the write-down of assets
discussed above. The net loss attributed to the CarMax Group stock was
$408,000, or 2 cents per share, versus a net loss of $2.3 million, or 10 cents
per share, attributed to the CarMax Group stock in the fourth quarter of
fiscal 1999.
Circuit City Group Review
"In fiscal 2000, we began to see the strength of a digital product cycle
that we believe can last well into the new decade," said Richard L. Sharp,
chairman and chief executive officer of Circuit City Stores, Inc. "While home
office was our fastest growing product category, sales of new video
technologies such as DIRECTV, DVD and digital camcorders rose rapidly.
Wireless communications and higher-end products such as big-screen televisions
also were strong sales drivers. At year-end, we introduced digital
televisions, and sales were limited by industry supply constraints. These
same product category trends continued into the new fiscal year.
"We continued our geographic expansion during fiscal year 2000, opening a
net of 34 Superstores," Sharp said. "Stores opened during the latter half of
the year feature merchandising initiatives such as expanded selections of
video games, computer software, peripherals, accessories and entertainment
software; larger assortments of self-service products; wider aisles and
brighter lighting. We are expanding on those initiatives in the new fiscal
year with expanded assortments in some stores and new technology displays and
demonstrations in all our stores nationwide.
"The strength of the product mix in fiscal 2000 contributed to an
improvement in the gross profit margin," said Sharp. "Stronger sales of new
technologies and better-featured products, which carry higher margins, in the
video and audio categories offset the margin impact from the sales growth in
personal computers. Expense leverage from the comparable store sales growth
was the primary contributor to the improvement in the expense ratio." The
gross profit margin for the Circuit City Group rose to 24.7 percent of sales
in fiscal 2000 from 24.4 percent of sales in fiscal 1999. Selling, general
and administrative expenses decreased to 19.6 percent of sales from
20.1 percent in fiscal 1999.
Interest expense for the Circuit City Group was 0.1 percent of sales in
fiscal 2000 compared with 0.2 percent in fiscal 1999. In fiscal 2000, the
pretax profit margin produced by the Circuit City business rose to 5.0 percent
before taxes and the Inter-Group Interest in CarMax compared with 4.1 percent
in the prior year. The effective income tax rate was 38.0 percent in fiscal
2000 and 38.1 percent in fiscal 1999. The Circuit City Group's profit margin
from continuing operations before the Inter-Group Interest in the CarMax Group
was 3.1 percent in fiscal 2000 compared with 2.5 percent in fiscal 1999.
The CarMax Group produced a profit in fiscal 2000 compared with a net loss
in fiscal 1999. Net earnings related to the Circuit City Group's Inter-Group
Interest in the CarMax Group increased net earnings for the Circuit City Group
by $862,000 in fiscal 2000 compared with a reduction in net earnings of
$18.1 million in fiscal 1999.
In the fourth quarter, the Circuit City business produced a gross profit
margin of 24.7 percent in fiscal 2000 versus 24.4 percent in fiscal 1999,
reflecting the strength of the product sales mix. The comparable store store
sales growth helped generate an improved expense ratio of 17.1 percent in the
fourth quarter of fiscal 2000 compared with 17.5 percent in the fourth quarter
of fiscal 1999. Interest expense was 0.1 percent of sales in the fourth
quarter of fiscal 2000 and fiscal 1999. The profit margin from continuing
operations before taxes and the Inter-Group Interest in the CarMax Group rose
to 7.5 percent in the fourth quarter of fiscal 2000 from 6.8 percent in the
same period of fiscal 1999. The effective tax rate was 38.0 percent in the
fourth quarter of fiscal 2000 and 38.1 percent in the fourth quarter of fiscal
1999. For the quarter, the Circuit City Group's profit margin from continuing
operations before the Inter-Group Interest was 4.6 percent in fiscal 2000, up
from 4.2 percent in fiscal 1999. The net loss related to the Inter-Group
Interest in the CarMax Group reduced the Circuit City Group's fourth quarter
earnings by $1.3 million compared with $7.7 million in the same period last
year.
"Circuit City has a long-standing commitment to customer service, which
includes an ability to explain and demonstrate new products and services. The
training we provide for our sales counselors and our in-store displays help
consumers learn about and understand new technologies and multi-featured
products," said Sharp. "In fiscal 2000, we will introduce powerful technology
displays in all stores, helping to ensure that Circuit City is the premier
retailer of products that will drive industry growth in the new decade. In
addition, we will further strengthen our sales training programs with
materials delivered via the Internet.
Internet-based training is more user-friendly for today's workforce and
will allow for faster, more flexible and more cost-effective training.
"Our primary objective in fiscal 2001 is to maximize sales in our existing
stores by taking advantage of the industry's growth opportunities and creating
more flexible shopping environments, including expanded selections and more
self-service products in many stores. We also continue to expand our use of
the Internet for e-commerce. Earlier this week, our Web site,
circuitcity.com, began receiving premier placement on key Shop@ online
shopping destinations across several America Online, Inc. brands. We began
rolling out in-store access to our Web inventory, a process that should be
complete by month-end," Sharp said. "We believe the strong product cycle, our
dedication to customer service and product information, and our fiscal 2001
initiatives will help produce earnings growth for the Circuit City business in
the 20 percent to 25 percent range this fiscal year. In addition to the
growth in the Circuit City business, we expect profits generated by the CarMax
business to contribute to Circuit City Group earnings in fiscal year 2001.
CarMax Group Review
"In fiscal 2000, we limited CarMax's geographic expansion so we could
focus on building sales and profits in existing CarMax markets," Sharp said.
"Our results exceeded expectations, as we produced a profit for the year and
comparable store sales growth for the last two fiscal quarters. We were
especially pleased that the improvements came from our used-car superstore
business, which is CarMax's primary focus. We also are pleased that this
trend has continued into the new fiscal year, as reflected in the strong March
comparable store sales growth."
CarMax produced a gross profit margin of 11.9 percent of sales in fiscal
year 2000 compared with 11.7 percent in fiscal 1999. "The increased gross
margin reflects the stronger used-car sales growth at year-end and the
continued positive impact of the profit improvement plan instituted at the end
of fiscal 1998, partly offset by the increased sales of new cars, which carry
lower gross profit margins," Sharp said.
"A substantial improvement in the expense ratio to 11.3 percent of sales
in fiscal 2000 from 13.9 percent of sales in fiscal 1999 reflects the expense
leverage produced by the total and comparable store sales growth and
productivity improvements resulting from the slower expansion rate,
implementation of the hub and satellite operating strategy and operating
expense controls," said Sharp. The improvements were partly offset by
$4.8 million in charges related to lease termination costs on undeveloped
property and a write-down of assets associated with excess property for sale.
Excluding these costs, the expense ratio would have been 11.1 percent of
sales.
For the fiscal year, the CarMax Group produced a pretax profit of
$1.8 million in fiscal 2000 compared with a pretax loss of $38.5 million in
fiscal 1999. The effective income tax rate was 38.0 percent in fiscal 2000
versus 39.0 percent in fiscal 1999.
In the fourth quarter, the CarMax Group produced a gross profit margin of
12.3 percent in fiscal 2000 compared with 12.4 percent in fiscal 1999. The
expense ratio was 12.2 percent compared with 16.0 percent. Excluding the
lease termination costs and write-down of assets discussed above, the fiscal
2000 fourth quarter expense ratio was 11.2 percent. The pretax loss was
$2.8 million in the fourth quarter of fiscal 2000 versus $16.4 million in the
same period of fiscal 1999. The effective tax rate was 38.0 percent in the
fourth quarter of fiscal 2000 compared with 39.0 percent in same period of
fiscal 1999.
"We believe that the foundation we established in fiscal 2000, the success
of the hub and satellite operating strategy and the exit of our most
significant competitor in the used-car superstore business leave CarMax
well-positioned as we enter fiscal 2001," Sharp said. "In the new fiscal
year, we will maintain our focus on the existing markets, opening a limited
number of satellite stores or integrating new or existing new-car franchises
with our used-car superstores. We believe this focus will enable CarMax to
generate sales growth of 12 percent to 15 percent and pretax earnings in the
$20 million to $25 million range. This performance would equate to net
earnings per CarMax Group share in the 12-cent to 15-cent range, with higher
profits in the seasonally stronger first half of the year and third quarter
results that range from break-even to a slight loss.
Circuit City is a leading national retailer of brand-name consumer
electronics, personal computers, major appliances and entertainment software.
CarMax is the nation's leading specialty retailer of used cars and a rapidly
growing new-car retailer. With headquarters in Richmond, Va., Circuit City
Stores, Inc. operated at March 31, 2000, 573 Superstores, 45 mall-based
Circuit City Express stores and 40 CarMax locations, including 34 used-car
superstores and 20 new-car franchises.
This release contains forward-looking statements, including management's
projections for fiscal 2001 and beyond, which are subject to risks and
uncertainties, including but not limited to, risks associated with the
development of new business concepts. Additional discussion of factors that
could cause actual results to differ materially from management's projections,
forecasts, estimates and expectations is contained in the company's SEC
filings.
CIRCUIT CITY STORES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
PERIODS ENDED FEBRUARY 29 or 28
(Amounts in thousands except per share data)
Three Months Twelve Months
2000 1999 2000 1999
NET SALES AND
OPERATING REVENUES $ 3,980,407 $ 3,403,382 $12,614,390 $10,810,468
Cost of sales,
buying and
warehousing 3,059,770 2,618,024 9,751,833 8,354,230
GROSS PROFIT 920,637 785,358 2,862,557 2,456,238
Selling, general and
administrative
expenses 655,883 590,061 2,309,593 2,086,838
Interest expense 7,108 6,960 24,206 28,319
EARNINGS FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES 257,646 188,337 528,758 341,081
Provision for
income taxes 97,905 71,567 200,928 129,611
EARNINGS FROM
CONTINUING OPERATIONS 159,741 116,770 327,830 211,470
Discontinued operations:
Loss from discontinued
operations of Divx,
less income
tax benefit -- 32,085 16,215 68,546
Loss on disposal of
Divx, including provision
for losses during
phase-out period,
less income tax benefit -- -- 114,025 --
LOSS FROM DISCONTINUED
OPERATIONS -- 32,085 130,240 68,546
NET EARNINGS $ 159,741 $ 84,685 $ 197,590 $ 142,924
Net earnings (loss) attributed to:
Circuit City Group Common stock:
Continuing
Operations $ 160,149 $ 119,105 $ 327,574 $ 216,927
Discontinued
Operations $ -- $ (32,085) $ (130,240) $ (68,546)
CarMax Group
common stock $ (408) $ (2,335) $ 256 $ (5,457)
Weighted average common shares:
Circuit City Group:
Basic 201,999 199,050 201,345 198,304
Diluted 204,749 201,808 204,321 200,812
CarMax Group:
Basic 24,611 22,809 23,778 22,604
Diluted 26,181 22,809 25,788 22,604
NET EARNINGS (LOSS) PER SHARE:
Circuit City Group:
Basic:
Continuing
operations $ 0.79 $ 0.60 $ 1.63 $ 1.09
Discontinued
operations $ -- $ (0.16) $ (0.65) $ (0.34)
Net earnings $ 0.79 $ 0.44 $ 0.98 $ 0.75
Diluted:
Continuing
operations $ 0.78 $ 0.59 $ 1.60 $ 1.08
Discontinued
operations $ -- $ (0.16) $ (0.64) $ (0.34)
Net earnings $ 0.78 $ 0.43 $ 0.96 $ 0.74
CarMax Group:
Basic $ (0.02) $ (0.10) $ 0.01 $ (0.24)
Diluted $ (0.02) $ (0.10) $ 0.01 $ (0.24)
CIRCUIT CITY STORES, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
February 29 or 28
2000 1999
ASSETS
Current Assets:
Cash and cash equivalents $ 643,933 $ 265,880
Net accounts receivable 593,276 574,316
Inventory 1,689,209 1,517,675
Prepaid expenses and
other current assets 16,197 36,644
Total Current Assets 2,942,615 2,394,515
Property and equipment, net 965,181 1,005,773
Other assets 47,552 44,978
TOTAL ASSETS $3,955,348 $3,445,266
LIABILITIES
AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current installments of
long-term debt $ 177,344 $ 2,707
Accounts payable 960,131 799,733
Short-term debt 3,005 8,016
Accrued expenses and other
current liabilities 204,561 143,585
Deferred income taxes 61,118 9,764
Total Current Liabilities 1,406,159 963,805
Long-term debt, excluding
current installments 249,241 426,585
Deferred revenue and other
liabilities 130,020 112,085
Deferred income taxes 27,754 37,661
TOTAL LIABILITIES 1,813,174 1,540,136
STOCKHOLDERS' EQUITY 2,142,174 1,905,130
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $3,955,348 $3,445,266
CIRCUIT CITY GROUP
STATEMENTS OF EARNINGS -- PERIODS ENDED FEBRUARY 29 or 28
(Amounts in thousands except per share data)
Three Months Twelve Months
2000 1999 2000 1999
NET SALES AND
OPERATING REVENUES $ 3,476,171 $ 3,029,418 $10,599,406 $ 9,344,170
Cost of sales,
buying and
warehousing 2,617,395 2,290,468 7,977,214 7,060,198
GROSS PROFIT 858,776 738,950 2,622,192 2,283,972
Selling, general and
administrative
expenses 594,484 530,292 2,081,393 1,882,416
Interest expense 3,884 3,921 13,844 21,926
EARNINGS FROM CONTINUING
OPERATIONS BEFORE
INCOME TAXES AND
INTER-GROUP INTEREST
IN THE CARMAX GROUP 260,408 204,737 526,955 379,630
Provision for
income taxes 98,955 77,964 200,243 144,646
EARNINGS FROM CONTINUING
OPERATIONS BEFORE
INTER-GROUP INTEREST
IN THE CARMAX GROUP 161,453 126,773 326,712 234,984
Net (loss) earnings
related to the
Inter-Group Interest
in the Carmax Group (1,304) (7,668) 862 (18,057)
EARNINGS FROM
CONTINUING
OPERATIONS 160,149 119,105 327,574 216,927
Discontinued operations:
Loss from discontinued
operations of Divx,
less income
tax benefit -- 32,085 16,215 68,546
Loss on disposal of Divx,
including provision
for losses during
phase-out period, less
income tax benefit -- -- 114,025 --
LOSS FROM DISCONTINUED
OPERATIONS -- 32,085 130,240 68,546
NET EARNINGS $ 160,149 $ 87,020 $ 197,334 $ 148,381
Weighted average common shares:
Basic 201,999 199,050 201,345 198,304
Diluted 204,749 201,808 204,321 200,812
NET EARNINGS (LOSS) PER SHARE:
Basic:
Continuing
operations $ 0.79 $ 0.60 $ 1.63 $ 1.09
Discontinued
operations $ -- $ (0.16) $ (0.65) $ (0.34)
Net earnings $ 0.79 $ 0.44 $ 0.98 $ 0.75
Diluted:
Continuing
operations $ 0.78 $ 0.59 $ 1.60 $ 1.08
Discontinued
operations $ -- $ (0.16) $ (0.64) $ (0.34)
Net earnings $ 0.78 $ 0.43 $ 0.96 $ 0.74
CIRCUIT CITY GROUP
BALANCE SHEETS
(Amounts in thousands)
February 29 or 28
2000 1999
ASSETS
Current Assets:
Cash and cash equivalents $ 633,952 $ 248,201
Net accounts receivable 464,023 476,952
Merchandise inventory 1,405,617 1,292,215
Prepaid expenses and
other current assets 13,353 36,024
Total Current Assets 2,516,945 2,053,392
Property and equipment, net 753,325 801,827
Inter-Group Interest in
the CarMax Group 257,535 260,758
Other assets 9,583 18,849
TOTAL ASSETS $3,537,388 $3,134,826
LIABILITIES AND GROUP EQUITY
Current Liabilities:
Current installments of
long-term debt $ 85,735 $ 1,457
Accounts payable 884,172 739,895
Short-term debt 1,453 3,411
Accrued expenses and other
current liabilities 184,705 135,029
Deferred income taxes 53,971 2,090
Total Current Liabilities 1,210,036 881,882
Long-term debt, excluding
current installments 127,984 286,865
Deferred revenue and other
liabilities 122,771 107,070
Deferred income taxes 21,877 33,536
TOTAL LIABILITIES 1,482,668 1,309,353
GROUP EQUITY 2,054,720 1,825,473
TOTAL LIABILITIES AND
GROUP EQUITY $3,537,388 $3,134,826
CARMAX GROUP
STATEMENTS OF OPERATIONS -- PERIODS ENDED FEBRUARY 29 or 28
(Amounts in thousands except per share data)
Three Months Twelve Months
2000 1999 2000 1999
NET SALES AND
OPERATING REVENUES $ 504,236 $ 373,964 $2,014,984 $1,466,298
Cost of sales 442,375 327,556 1,774,619 1,294,032
GROSS PROFIT 61,861 46,408 240,365 172,266
Selling, general and
administrative
expenses* 61,399 59,769 228,200 204,422
Interest expense 3,224 3,039 10,362 6,393
(LOSS) EARNINGS BEFORE
INCOME TAXES (2,762) (16,400) 1,803 (38,549)
Income tax (benefit)
provision (1,050) (6,397) 685 (15,035)
NET (LOSS) EARNINGS $ (1,712) $ (10,003) $ 1,118 $ (23,514)
Net (loss) earnings
attributable to:
Circuit City Group
common stock $ (1,304) $ (7,668) $ 862 $ (18,057)
CarMax Group
common stock $ (408) $ (2,335) $ 256 $ (5,457)
Weighted average common shares:
Basic 24,611 22,809 23,778 22,604
Diluted 26,181 22,809 25,788 22,604
NET (LOSS) EARNINGS PER SHARE:
Basic $ (0.02) $ (0.10) $ 0.01 $ (0.24)
Diluted $ (0.02) $ (0.10) $ 0.01 $ (0.24)
* For the three- and twelve-month periods ended February 29, 2000,
selling, general and administrative expenses include $4.8 million in
charges related to lease termination costs on undeveloped property and
a write-down of assets associated with excess property for sale.
CARMAX GROUP
BALANCE SHEETS
(Amounts in thousands)
February 29 or 28
2000 1999
ASSETS
Current Assets:
Cash and cash equivalents $ 9,981 $ 17,679
Net accounts receivable 129,253 97,364
Inventory 283,592 225,460
Prepaid expenses and
other current assets 2,844 620
Total Current Assets 425,670 341,123
Property and equipment, net 211,856 203,946
Other assets 37,969 26,129
TOTAL ASSETS $675,495 $571,198
LIABILITIES AND GROUP EQUITY
Current Liabilities:
Current installments of
long-term debt $ 91,609 $ 1,250
Accounts payable 75,959 59,838
Short-term debt 1,552 4,605
Accrued expenses and other
current liabilities 19,856 8,556
Deferred income taxes 7,147 7,674
Total Current Liabilities 196,123 81,923
Long-term debt, excluding
current installments 121,257 139,720
Deferred revenue and other
liabilities 7,249 5,015
Deferred income taxes 5,877 4,125
TOTAL LIABILITIES 330,506 230,783
GROUP EQUITY 344,989 340,415
TOTAL LIABILITIES
AND GROUP EQUITY $675,495 $571,198