Page 1 of 48
Exhibit Index on Page 12
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For quarter ended February 28, 1998 Commission file number 1-3208
NATIONAL SERVICE INDUSTRIES, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 58-0364900
(State or Other Jurisdiction of (I.R.S. Employer Identification Number)
Incorporation or Organization)
1420 Peachtree Street, N. E., Atlanta, Georgia 30309-3002
(Address of Principal Executive Offices) (Zip Code)
(404) 853-1000
(Registrant's Telephone Number, Including Area Code)
None
(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 -
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock - $1.00 Par Value - 42,438,799 shares as of March 31, 1998.
Page 2
NATIONAL SERVICE INDUSTRIES, INC. AND SUBSIDIARIES
INDEX
Page No.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS -
FEBRUARY 28, 1998 AND AUGUST 31, 1997 3
CONSOLIDATED STATEMENTS OF INCOME -
THREE MONTHS AND SIX MONTHS ENDED
FEBRUARY 28, 1998 AND 1997 5
CONSOLIDATED STATEMENTS OF CASH FLOWS -
SIX MONTHS ENDED FEBRUARY 28, 1998 AND 1997 5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 6-7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8-9
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 10
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 10
SIGNATURES 11
EXHIBIT INDEX 12
Page 3
NATIONAL SERVICE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per-share data)
February 28, August 31,
1998 1997
ASSETS (Unaudited)
Current Assets:
Cash and cash equivalents $ 69,030 $ 57,123
Short-term investments 58 205,302
Receivables, less reserves for doubtful
accounts of $6,054 at February 28, 1998 268,988 258,689
and $4,302 at August 31, 1997
Inventories, at the lower of cost 193,136 179,046
(on a first-in, first-out basis) or market
Linens in service, net of amortization 59,553 60,805
Deferred income taxes 21,684 13,077
Prepayments 9,986 6,716
Total Current Assets 622,435 780,758
Property, Plant, and Equipment, at cost:
Land 20,442 19,911
Buildings and leasehold improvements 143,744 138,933
Machinery and equipment 463,928 434,194
Total Property, Plant, and Equipment 628,114 593,038
Less-Accumulated depreciation and amortization 374,416 356,308
Property, Plant, and Equipment-net 253,698 236,730
Other Assets:
Goodwill and other intangibles 54,024 50,166
Other 38,122 38,698
Total Other Assets 92,146 88,864
Total Assets $ 968,279 $1,106,352
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $ 93 $ 116
Notes payable 6,534 5,773
Accounts payable 85,197 101,512
Accrued salaries, commissions, and bonuses 24,908 34,776
Current portion of self-insurance reserves 12,616 12,540
Accrued taxes payable -- 38,351
Other accrued liabilities 74,514 88,932
Total Current Liabilities 203,862 282,000
Long-Term Debt, less current maturities 26,157 26,197
Deferred Income Taxes 45,759 34,093
Self-Insurance Reserves, less current portion 49,201 57,056
Other Long-Term Liabilities 41,553 35,193
Stockholders' Equity:
Series A participating preferred stock, $.05
stated value, 500,000 shares authorized,
none issued
Preferred stock, no par value, 500,000 shares
authorized, none issued
Common stock, $1 par value, 80,000,000 shares
authorized, 57,918,978 shares issued 57,919 57,919
Paid-in capital 25,934 25,521
Retained earnings 864,209 841,045
948,062 924,485
Less-Treasury stock, at cost (15,645,861 shares
at February 28, 1998 and 13,719,834 shares
at August 31, 1997) 346,315 252,672
Total Stockholders' Equity 601,747 671,813
Total Liabilities and Stockholders' Equity $ 968,279 $1,106,352
The accompanying notes to consolidated financial statements are an integral part
of these balance sheets.
Page 4
NATIONAL SERVICE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts in thousands, except per-share data)
THREE MONTHS ENDED
FEBRUARY 28
(In thousands, except per-share data) 1998 1997
Sales and Service Revenues:
Net sales of products $ 401,867 $ 371,384
Service revenues 77,544 127,852
Total Revenues 479,411 499,236
Costs and Expenses:
Cost of products sold 247,415 235,313
Cost of services 45,947 75,197
Selling and administrative expenses 150,851 155,148
Interest (income) expense, net (402) 950
Other (income) expense, net (1,712) 441
Total Costs and Expenses 442,099 467,049
Income before Provision for Income Taxes 37,312 32,187
Provision for Income Taxes 13,824 11,842
Net Income $ 23,488 $ 20,345
Per Share:
Basic earnings per share $ .55 $ .45
Weighted Average Number of Shares
Outstanding (thousands) 42,765 44,994
Diluted earnings per share $ .54 $ .45
Adjusted Weighted Average Number of Shares
Outstanding (thousands) 43,318 45,296
Cash dividends $ .31 $ .30
The accompanying notes to consolidated financial statements are an integral part
of these statements.
Page 4
NATIONAL SERVICE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts in thousands, except per-share data)
SIX MONTHS ENDED
FEBRUARY 28
(In thousands, except per-share data) 1998 1997
Sales and Service Revenues:
Net sales of products $ 811,385 $ 753,147
Service revenues 155,610 257,982
Total Revenues 966,995 1,011,129
Costs and Expenses:
Cost of products sold 496,506 471,917
Cost of services 91,095 150,775
Selling and administrative expenses 303,479 313,530
Interest (income) expense, net (2,404) 1,600
Other (income)expense, net (1,348) 1,780
Total Costs and Expenses 887,328 939,602
Income before Provision for Income Taxes 79,667 71,527
Provision for Income Taxes 29,511 26,348
Net Income $ 50,156 $ 45,179
Per Share:
Basic earnings per share $ 1.16 $ .99
Weighted Average Number of Shares
Outstanding (thousands) 43,260 45,468
Diluted earnings per share $ 1.15 $ .99
Adjusted Weighted Average Number of Shares
Outstanding (thousands) 43,752 45,749
Cash dividends $ .61 $ .59
The accompanying notes to consolidated financial statements are an integral part
of these statements.
Page 5
NATIONAL SERVICE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands)
SIX MONTHS ENDED
FEBRUARY 28
1998 1997
Cash Provided by (Used for) Operating Activities
Net income $ 50,156 $ 45,179
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 23,817 29,507
Provision for losses on accounts receivable 1,904 2,283
Gain on the sale of property, plant, and equipment (2,691) (243)
Gain on the sale of businesses (1,961) (924)
Change in noncurrent deferred income taxes 11,666 1,383
Change in assets and liabilities net of effect of
acquisitions and divestitures-
Receivables (11,292) 12,220
Inventories and linens in service, net (13,103) 321
Deferred income taxes (8,525) (7,879)
Prepayments and other (3,215) (5,370)
Accounts payable and accrued liabilities (79,154) (17,426)
Self-insurance reserves and other
long-term liabilities (1,495) (2,280)
Net Cash Provided by (Used for)
Operating Activities (33,893) 56,771
Cash Provided by (Used for) Investing Activities
Change in short-term investments 205,244 --
Purchases of property, plant, and equipment (38,418) (20,190)
Sale of property, plant, and equipment 1,907 2,833
Sale of businesses 2,464 31,259
Acquisitions (6,077) (3,609)
Change in other assets 1,755 729
Net Cash Provided by Investing Activities 166,875 11,022
Cash Provided by (Used for) Financing Activities
Change in notes payable (544) (1,039)
Change in long-term debt (309) 6,862
Recovery of investment in tax benefits -- 661
Deferred income taxes from investment in tax benefits -- (1,972)
Purchase of treasury stock, net (93,230) (71,090)
Cash dividends paid (26,684) (27,079)
Net Cash Used for Financing Activities (120,767) (93,657)
Effect of Exchange Rate Changes on Cash (308) (2,150)
Net Change in Cash and Cash Equivalents 11,907 (28,014)
Cash and Cash Equivalents at Beginning of Period 57,123 58,662
Cash and Cash Equivalents at End of Period $ 69,030 $ 30,648
Supplemental Cash Flow Information:
Income taxes paid during the period $ 62,762 $ 38,296
Interest paid during the period 3,502 2,862
Noncash Investing and Financing Activities:
Noncash aspects of sale of businesses--
Receivables incurred $ -- $ 347
Liabilities assumed 178 507
Noncash aspects of acquisitions--
Liabilities assumed or incurred $ 2,061 $ 886
The accompanying notes to consolidated financial statements are an integral part
of these statements.
Page 6
NATIONAL SERVICE INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. BASIS OF PRESENTATION:
The interim consolidated financial statements included herein have been prepared
by the company without audit and the condensed consolidated balance sheet as of
August 31, 1997 has been derived from audited statements. These statements
reflect all adjustments, all of which are of a normal, recurring nature, which
are, in the opinion of management, necessary to present fairly the consolidated
financial position as of February 28, 1998, the consolidated results of
operations for the three months and six months ended February 28, 1998 and 1997,
and the consolidated cash flows for the six months ended February 28, 1998 and
1997. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. The company believes that the
disclosures are adequate to make the information presented not misleading. It is
suggested that these financial statements be read in conjunction with the
financial statements and notes thereto included in the company's Annual Report
on Form 10-K for the fiscal year ended August 31, 1997. The results of
operations for the three months and six months ended February 28, 1998 are not
necessarily indicative of the results to be expected for the full fiscal year
because the company's revenues and income are generally higher in the second
half of its fiscal year and because of the uncertainty of general business
conditions.
2. BUSINESS SEGMENT INFORMATION:
Three Months Ended February 28
Sales and Service
Revenues Operating Profit
1998 1997 1998 1997
(In thousands)
Lighting Equipment $ 260,079 $ 223,721 $ 22,889 $ 20,645
Chemical 107,085 87,695 8,531 6,624
Textile Rental 77,544 127,852 6,687 7,301
Envelope 34,703 33,410 1,935 2,638
Other -- 26,558 -- (632)
$ 479,411 $ 499,236 40,042 36,576
Corporate (3,132) (3,439)
Interest income (expense), net 402 (950)
Total $ 37,312 $ 32,187
Six Months Ended February 28
Sales and Service
Revenues Operating Profit
1998 1997 1998 1997
(In thousands)
Lighting Equipment $ 528,737 $ 451,168 $ 50,526 $ 42,017
Chemical 212,944 183,177 17,145 17,547
Textile Rental 155,610 257,982 12,818 15,438
Envelope 69,704 64,761 4,469 4,751
Other -- 54,041 -- 947
$ 966,995 $ 1,011,129 84,958 80,700
Corporate (7,695) (7,573)
Interest income (expense), net 2,404 (1,600)
Total $ 79,667 $ 71,527
Page 7
3. INVENTORIES:
Major classes of inventory as of February 28, 1998 and August 31, 1997 were as
follows:
February 28, August 31,
1998 1997
(In thousands)
Raw Materials and Supplies $ 73,875 $ 71,266
Work-in-Process 10,542 10,572
Finished Goods 108,719 97,208
Total $ 193,136 $ 179,046
4. NEW ACCOUNTING STANDARD
During the quarter ending February 28, 1998, the company adopted Statement of
Financial Accounting Standards (SFAS) No. 128, "Earnings per Share." SFAS No.
128 supersedes Accounting Principles Board Opinion No. 15, "Earnings per Share,"
and promulgates new accounting standards for the computation and manner of
presentation of the company's earnings per share. The adoption of SFAS No. 128
did not have a material impact on the computation or manner of presentation of
the company's earnings per share as previously presented under APB 15. Exhibit
11 represents a reconciliation of basic and diluted weighted average shares and
a calculation of earnings per share using the guidelines of SFAS No. 128.
Page 8
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the consolidated
financial statements and related notes.
Financial Condition
National Service Industries maintained a strong financial position at February
28, 1998. Net working capital was $418.6 million, compared with $498.8 million
at August 31, 1997, and the current ratio was 3.1 versus 2.8 as of year end.
Cash and short-term investments were $69.1 million, compared with $262.4 million
at August 31. For the six months ended February 28, the company invested $44.5
million in capital expenditures and acquisitions. The company also spent $93.2
to repurchase 2.0 million shares of its common stock. Operating activities used
$33.9 million in cash due largely to investment in inventories to support
increased sales, the payment of taxes associated with the gain on the 1997
disposal of linen plants, and funding of restructuring activities. Cash provided
by operating activities was $56.8 million for the first half last year. The
percent of debt to total capitalization was 5.2 percent, up from 4.6 percent at
August 31.
Capital expenditures, exclusive of acquisition spending, were $38.4 million for
the first half this year and $20.2 million for the same period a year ago.
Current-year spending consisted primarily of facility expansions and
manufacturing process improvements in the lighting equipment segment, efficiency
improvements and replacements of processing equipment and information systems in
the textile rental segment, and facility and machinery replacements in the
envelope segment. In the prior-year first half, the lighting equipment segment
invested in facilities improvements, equipment replacements, process
improvements, and tooling for new products while textile rental segment spending
consisted primarily of improvement of facilities and replacement of equipment.
Current year acquisition spending of $6.1 million was due to the chemical
segment's purchase of Pure Corporation, a specialty chemical company with its
core businesses in Indiana, Pennsylvania, and New York. Acquisition spending of
$3.6 million in the prior year was primarily the result of the chemical
segment's purchase of chemical products companies in Ohio and Canada and the
lighting equipment segment's acquisition of Lumaid, Inc., a small emergency
lighting products manufacturer in Canada.
During the first half of fiscal 1998, year-end restructuring reserves were
reduced by $4.3 million primarily for exit costs associated with the disposal of
facilities and consolidation of operations and severance-related costs.
Dividend payments for the six months totaled $26.7 million, or 61 cents per
share, compared with $27.1 million, or 59 cents per share, for the prior-year
period. Effective January, 1998, the regular quarterly dividend rate was
increased 3.3 percent to 31 cents per share, or an annual calendar year rate of
$1.24 per share. During the first half of fiscal 1998, the company repurchased
2.0 million of its common shares.
For the periods presented, capital expenditures, working capital needs,
dividends, acquisitions, and share repurchases were financed primarily with
internally generated funds. European operations were supplemented by short-term
borrowings in the European market. Contractual commitments for capital and
acquisition spending during the coming twelve months total $25 million. The
company expects actual capital expenditures in 1998 to be somewhat higher than
the 1997 level. Capital expenditures, excluding acquisition spending, were $49
million in 1997, $66 million in 1996, and $59 million in 1995. Late in fiscal
1996, the company negotiated a $250 million multi-currency committed credit
facility with eleven domestic and international banks. The company has
complimentary lines of credit totaling $62 million, of which $40 million is
available domestically and $22 million is available on a multi-currency basis
primarily from a European bank. Current liquid assets, internally generated
funds, and credit, either through the existing facility or the capital debt
markets, are expected to meet anticipated general operating cash requirements
for the next twelve months.
Over the past year, the company has devoted significant internal resources in
addressing the expected impact of the Year 2000 issue on its information
technology infrastructure. At this point in time, the company does not believe
that its expenditures relating to the Year 2000 issue will have a material
impact on its financial position, results of operations, liquidity, or future
business strategy.
Results of Operations
National Service Industries' basic earnings per share for the second quarter
ended February 28, 1998 increased 22.2 percent to .55 cents compared with the
second quarter a year ago. Diluted earnings per share of .54 cents increased 20
percent over the prior year period. Second quarter sales, excluding divested
businesses, increased 10.8 percent while reported sales of $479.4 million
decreased 4.0 percent from the second quarter a year ago. Net income of $23.5
million was 15.4 percent higher than last year's reported earnings of $20.3
Page 9
million. Included in net income were pretax gains from the sale of uniform
rental contracts of $1.8 million in 1998 and assets of $0.5 million in 1997.
Higher net income and a 2.2 million reduction in average shares outstanding
increased earnings per share 22.2 percent over the prior year's second quarter.
For the first half of fiscal year 1998, sales grew by 11.0 percent excluding
divested operations. Reported sales decreased 4.4 percent to $967.0 million. Net
income increased $5.0 million, or 11.0 percent, to $50.2 million. The 1998 first
half pretax earnings included gains of $1.8 million from the sale of additional
uniform rental contracts compared with $1.0 million from asset sales during the
first half of 1997. Basic earnings per share for the first six months increased
17.2 percent to $1.16 per share, while diluted earnings per share increased 16.2
percent to $1.15.
The lighting equipment segment once again led the company in performance with
reported sales of $260.1 million for the second quarter and $528.7 million for
the first half, increases of 16.3 percent and 17.2 percent, respectively.
Operating income advanced 10.9 percent to $22.9 million for the quarter and 20.3
percent to $50.5 million for the first half. Sales growth continued to reflect
strong demand in nonresidential construction and market acceptance of new
products. Margins as a percent of sales decreased as a result of increased
product development spending, marketing program expenses, and the ramping up of
manufacturing resources necessary to meet anticipated summer shipment
requirements. It is expected that margin rates will improve in the second half
of the year.
Chemical segment sales increased 22.1 percent to $107.1 million for the second
quarter and 16.3 percent to $212.9 million for the first half due largely to the
Enforcer acquisition in last year's third quarter. As a result of increased
retail channel volume, operating income increased to $8.5 million from last
year's $6.6 million for the second quarter, in spite of lower margin rates in
the remaining operations; and operating income decreased to $17.1 million from
$17.5 for the first half. This decline in margins resulted from higher
manufacturing costs and continued initiatives underway to increase the
effectiveness of the direct sales force. During the quarter, Enforcer
successfully introduced Zep maintenance products to 600 home center stores
throughout the United States.
Sales of the textile rental segment declined 39.3 percent from $127.9 million
for the second quarter and 39.7 percent from $451.2 million for the six months
as a result of the divestiture of the segment's uniform plants late in fiscal
1997. Excluding the divested units, sales were slightly above last year.
Operating income declined to $6.7 million from last year's $7.3 million for the
second quarter and to $12.8 million from $15.4 million for the first half.
Included in operating income were gains on additional sales of uniform rental
contracts of $1.8 million in 1998 and asset sales of $0.5 million in 1997.
Excluding the divested plants, year-to-year operating margins improved due to a
number of cost reduction, sales, and pricing initiatives. Since the 1997
divestiture, the segment is operating more efficiently and is delivering
positive economic profit.
Envelope segment sales increased 3.9 percent to $34.7 million for the second
quarter and 7.6 percent to $69.7 million for the six months. Operating profits
decreased 26.6 percent to $1.9 million for the quarter and 5.9 percent to $4.5
million for the first half. The decline in profits was due partially to
increased manufacturing costs resulting form the relocation of Atlanta
operations into a new facility and costs of increasing production to meet
forecasted sales demand. Margin rates are anticipated to recover in the last
half of the year. Early in March, the company completed the purchase of
Pennsylvania-based Allen Envelope Corporation, an action that increased
geographical coverage and accelerated growth of the segment.
Proceeds of approximately $300 million derived from the 1997 sale of the textile
rental and insulation assets contributed to higher interest income and funded
the repurchase of 2.0 million shares of company stock during the first half of
the fiscal year.
The provision for income taxes was 37.0 percent of pretax income for the quarter
and the half, compared with 36.8 percent for each of the prior-year periods.
From time to time, the company may publish forward-looking statements relating
to such matters as anticipated financial performance, business prospects,
technological developments, new products, research and development activities
and similar matters. The Private Securities Litigation Reform Act of 1995
provides a safe harbor for forward-looking statements. In order to comply with
the terms of the safe harbor, the company notes that a variety of factors could
cause the company's actual results and experience to differ materially from the
anticipated results or other expectations expressed in the company's
forward-looking statements. The risks and uncertainties that may affect the
operations, performance, development and results of the compan's business
include without limitation the following: (a) the uncertainty of general
business and economic conditions, particularly the potential for a slow down in
nonresidential construction awards; (b) the ability to achieve strategic
initiatives, including but not limited to the ability to achieve sales growth
across the business segments through a combination of increased pricing,
enhanced sales force, new products, and improved customer service; (c) share
repurchases; and (d) acquisitions.
Page 10
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
At the annual meeting of stockholders held January 7, 1998, all nominees for
director were elected to the board without opposition and Arthur Andersen LLP
was appointed as independent auditor for the current fiscal year. In addition,
stockholders voted on the following:
Votes Cast
Affirmative Negative Abstentions
Proposal to approve the National Service
Industries, Inc. Employee Stock Purchase Plan 35,425,815 1,006,827 467,912
There were 1,500,000 treasury shares reserved for issuance under the plan.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits are listed on the Index to Exhibits (page 13).
(b) There were no reports on Form 8-K for the three months ended February 28,
1998.
Page 11
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.
NATIONAL SERVICE INDUSTRIES, INC.
REGISTRANT
DATE April 14, 1998 /s/David Levy
DAVID LEVY
EXECUTIVE VICE PRESIDENT, ADMINISTRATION
AND COUNSEL
DATE April 14, 1998 /s/Brock Hattox
BROCK HATTOX
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Page 12
INDEX TO EXHIBITS
Page No.
EXHIBIT 3 Certification of Amendment and
Restated Certificate of Incorporation 13
EXHIBIT 11 Computation of Net Income per Share of Common Stock 37
EXHIBIT 27 Financial Data Schedules
(1) Financial Data Schedule for the Quarter Ended
February 28, 1998 38
(2) Restated Financial Data Schedule
for the Quarter Ended November 30, 1997 39
(3) Restated Financial Data Schedule
for the Year Ended August 31, 1997 40
(4) Restated Financial Data Schedule
for the Quarter Ended May 31, 1997 41
(5) Restated Financial Data Schedule
for the Quarter Ended February 28, 1997 42
(6) Restated Financial Data Schedule
for the Quarter Ended November 30, 1996 43
(7) Restated Financial Data Schedule
for the Year Ended August 31, 1996 44
(8) Restated Financial Data Schedule
for the Quarter Ended May 31, 1996 45
(9) Restated Financial Data Schedule
for the Quarter Ended February 29, 1996 46
(10) Restated Financial Data Schedule
for the Quarter Ended November 30, 1995 47
(11) Restated Financial Data Schedule
for the Year Ended August 31, 1995 48