Robert Half
RHI
#4322
Rank
A$3.60 B
Marketcap
A$35.63
Share price
-2.87%
Change (1 day)
-57.73%
Change (1 year)

Robert Half - 10-Q quarterly report FY


Text size:
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

------------------------

FORM 10-Q

(MARK ONE)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997

OR

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO
.

------------------------

COMMISSION FILE NUMBER 1-10427

ROBERT HALF INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)

DELAWARE 94-1648752
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)

2884 SAND HILL ROAD
SUITE 200
MENLO PARK, CALIFORNIA
(Address of principal executive 94025
offices) (zip-code)

Registrant's telephone number, including area code: (650) 234-6000

------------------------

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) had 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 June 30, 1997:

60,467,906 shares of $.001 par value Common Stock

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PART I -- FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)

<TABLE>
<CAPTION>
DECEMBER 31,
1996
JUNE 30, ------------
1997
-----------
(UNAUDITED)
<S> <C> <C>
ASSETS:

Cash and cash equivalents............................................................. $ 106,431 $ 80,181
Accounts receivable, less allowances of $5,629 and $4,016............................. 154,579 125,383
Other current assets.................................................................. 15,769 12,184
----------- ------------
Total current assets.............................................................. 276,779 217,748
Intangible assets, less accumulated amortization of $42,713 and $39,461............... 175,114 174,663
Other assets.......................................................................... 37,678 23,601
----------- ------------
Total assets...................................................................... $ 489,571 $ 416,012
----------- ------------
----------- ------------

LIABILITIES AND STOCKHOLDERS' EQUITY:

Accounts payable and accrued expenses................................................. $ 18,585 $ 15,049
Accrued payroll costs................................................................. 80,409 66,087
Income taxes payable.................................................................. 4,470 3,883
Current portion of notes payable and other indebtedness............................... 2,997 1,542
----------- ------------
Total current liabilities......................................................... 106,461 86,561
Notes payable and other indebtedness, less current portion............................ 5,377 5,069
Deferred income taxes................................................................. 15,992 15,937
----------- ------------
Total liabilities................................................................. 127,830 107,567

STOCKHOLDERS' EQUITY:

Common stock, $.001 par value authorized 100,000,000 shares; issued and outstanding
60,471,284 and 59,748,171 shares.................................................... 60 60
Capital surplus....................................................................... 171,623 140,473
Deferred compensation................................................................. (35,164) (26,802)
Accumulated translation adjustments................................................... (833) 23
Retained earnings..................................................................... 226,055 194,691
----------- ------------
Total stockholders' equity........................................................ 361,741 308,445
----------- ------------
Total liabilities and stockholders' equity........................................ $ 489,571 $ 416,012
----------- ------------
----------- ------------
</TABLE>

The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.

1
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------- ----------------------
1997 1996 1997 1996
---------- ---------- ---------- ----------
(UNAUDITED) (UNAUDITED)

<S> <C> <C> <C> <C>
Net service revenues............................................. $ 311,622 $ 210,649 $ 594,645 $ 406,888
Direct costs of services, consisting of payroll, payroll taxes
and insurance costs for temporary employees.................... 187,482 126,728 358,611 246,325
---------- ---------- ---------- ----------
Gross margin..................................................... 124,140 83,921 236,034 160,563
Selling, general and administrative expenses..................... 86,229 58,906 163,870 112,150
Amortization of intangible assets................................ 1,235 1,361 2,460 2,669
Interest income.................................................. (937) (580) (1,686) (968)
---------- ---------- ---------- ----------
Income before income taxes....................................... 37,613 24,234 71,390 46,712
Provision for income taxes....................................... 15,403 10,010 29,260 19,249
---------- ---------- ---------- ----------
Net income....................................................... $ 22,210 $ 14,224 $ 42,130 $ 27,463
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net income per share............................................. $ .35 $ .23 $ .67 $ .45
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>

The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.

2
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(IN THOUSANDS)

<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
----------------------
1997 1996
---------- ----------
(UNAUDITED)
<S> <C> <C>
COMMON STOCK--SHARES:
Balance at beginning of period.......................................................... 59,748 57,784
Issuance of restricted stock............................................................ 323 635
Repurchases of common stock............................................................. (272) (90)
Exercise of stock options............................................................... 663 425
Issuance of common stock for acquisition................................................ 9 --
---------- ----------
Balance at end of period.............................................................. 60,471 58,754
---------- ----------
---------- ----------
COMMON STOCK--PAR VALUE:
Balance at beginning of period.......................................................... $ 60 $ 58
Exercises of stock options.............................................................. 0 1
---------- ----------
Balance at end of period.............................................................. $ 60 $ 59
---------- ----------
---------- ----------
CAPITAL SURPLUS:
Balance at beginning of period.......................................................... $ 140,473 $ 99,768
Issuance of common stock for acquisition................................................ 400 --
Issuance of restricted stock--excess over par value..................................... 14,014 18,899
Exercises of stock options--excess over par value....................................... 3,928 1,805
Tax benefits from exercises of stock options and restricted stock vesting............... 12,808 4,885
---------- ----------
Balance at end of period.............................................................. $ 171,623 $ 125,357
---------- ----------
---------- ----------
DEFERRED COMPENSATION:
Balance at beginning of period.......................................................... $ (26,802) $ (9,642)
Issuance of restricted stock............................................................ (14,014) (18,899)
Amortization of deferred compensation................................................... 5,652 2,721
---------- ----------
Balance at end of period.............................................................. $ (35,164) $ (25,820)
---------- ----------
---------- ----------
ACCUMULATED TRANSLATION ADJUSTMENTS:
Balance at beginning of period.......................................................... $ 23 $ 51
Translation adjustments................................................................. (856) (276)
---------- ----------
Balance at end of period.............................................................. $ (833) $ (225)
---------- ----------
---------- ----------
RETAINED EARNINGS:
Balance at beginning of period.......................................................... $ 194,691 $ 137,695
Repurchases of common stock--excess over par value...................................... (10,766) (2,485)
Net income.............................................................................. 42,130 27,463
---------- ----------
Balance at end of period.............................................................. $ 226,055 $ 162,673
---------- ----------
---------- ----------
</TABLE>

The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.

3
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
----------------------
1997 1996
---------- ----------
(UNAUDITED)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income................................................................................ $ 42,130 $ 27,463
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets....................................................... 2,460 2,669
Depreciation expense.................................................................... 5,643 2,540
Deferred income taxes................................................................... (2,015) (1,513)
Changes in assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable....................................................... (28,708) (17,033)
Increase in accounts payable, accrued expenses and accrued payroll costs.............. 16,968 11,821
Increase (decrease) in income taxes payable........................................... 587 (2,090)
Change in other assets, net of change in other liabilities............................ 4,672 (734)
---------- ----------
Total adjustments..................................................................... (393) (4,340)
---------- ----------
Net cash and cash equivalents provided by operating activities............................ 41,737 23,123
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisitions, net of cash acquired...................................................... (3,338) (1,725)
Capital expenditures.................................................................... (16,616) (6,791)
---------- ----------
Cash and cash equivalents used in investing activities.................................... (19,954) (8,516)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repurchases of common stock or common stock equivalents................................. (10,766) (2,485)
Principal payments on notes payable and other indebtedness.............................. (1,503) (3,632)
Proceeds and tax benefits from exercise of stock options and restricted stock vesting... 16,736 6,691
---------- ----------
Net cash and cash equivalents provided by financing activities............................ 4,467 574
---------- ----------
Net increase in cash and cash equivalents................................................. 26,250 15,181
Cash and cash equivalents at beginning of period.......................................... 80,181 41,346
---------- ----------
Cash and cash equivalents at end of period................................................ $ 106,431 $ 56,527
---------- ----------
---------- ----------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest................................................................................ $ 223 $ 332
Income taxes............................................................................ 17,910 17,055
Acquisitions:
Fair value of assets acquired--
Intangible assets..................................................................... $ 4,079 $ 4,155
Other................................................................................. 499 445
Liabilities incurred--
Notes payable and contracts........................................................... (536) (2,625)
Other................................................................................. (304) (250)
Common stock issued..................................................................... (400) --
---------- ----------
Cash paid, net of cash acquired......................................................... $ 3,338 $ 1,725
---------- ----------
---------- ----------
</TABLE>

The accompanying Notes to Consolidated Financial Statements are
an integral part of these financial statements.

4
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 1997

(UNAUDITED)

NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS. Robert Half International Inc. (the "Company")
provides specialized staffing services through such divisions as
ACCOUNTEMPS-REGISTERED TRADEMARK-, ROBERT HALF-REGISTERED TRADEMARK-,
OFFICETEAM-REGISTERED TRADEMARK- and RHI CONSULTING-REGISTERED TRADEMARK-. The
Company, through its Accountemps and Robert Half divisions, is the world's
largest specialized provider of temporary and permanent personnel in the fields
of accounting and finance. OfficeTeam specializes in skilled temporary
administrative personnel and RHI Consulting provides contract information
technology professionals. Revenues are predominantly from temporary services.
The Company operates in the United States, Canada and Europe. The Company is a
Delaware corporation.

PRINCIPLES OF CONSOLIDATION. The Consolidated Financial Statements include
the accounts of the Company and its subsidiaries, all of which are wholly-owned.
All significant intercompany balances have been eliminated. Certain
reclassifications have been made to the 1996 financial statements to conform to
the 1997 presentation.

INTERIM FINANCIAL INFORMATION. The Consolidated Financial Statements have
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission ("SEC") and, in management's opinion, include all
adjustments necessary for a fair statement of results for such interim periods.
Certain information and note disclosures normally included in annual financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to SEC rules or regulations; however,
the Company believes that the disclosures made are adequate to make the
information presented not misleading.

The interim results for the three and six months ended June 30, 1997, and
1996 are not necessarily indicative of results for the full year. It is
suggested that these financial statements be read in conjunction with the
financial statements and the notes thereto included in the Company's Annual
Report on Form 10-K for the year ended December 31, 1996.

REVENUE RECOGNITION. Temporary service revenues are recognized when the
services are rendered by the Company's temporary employees. Permanent placement
revenues are recognized when employment candidates accept offers of permanent
employment. Reserves are established to estimate losses due to placed candidates
not remaining in employment for the Company's guarantee period, typically 90
days.

CASH AND CASH EQUIVALENTS. For purposes of the Consolidated Statements of
Cash Flows, the Company classifies all highly-liquid investments with a maturity
of three months or less as cash equivalents.

INTANGIBLE ASSETS. Intangible assets represent the cost of acquired
companies in excess of the fair market value of their net tangible assets at the
acquisition date, and are being amortized on a straight-line basis over a period
of 40 years. The carrying value of intangible assets is periodically reviewed by
the Company and impairments are recognized when the expected future operating
cash flows derived from such intangible assets are less than their carrying
value. Based upon its most recent analysis, the Company believes that no
material impairment of intangible assets exist at June 30, 1997.

INCOME TAXES. Deferred taxes are computed based on the difference between
the financial statement and income tax bases of assets and liabilities using the
enacted marginal tax rate.

5
ROBERT HALF INTERNATIONAL INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

JUNE 30, 1997

(UNAUDITED)

NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FOREIGN CURRENCY TRANSLATION. Foreign income statement items are translated
at the monthly average exchange rates prevailing during the period. Foreign
balance sheets are translated at the current exchange rates at the end of the
period, and the related translation adjustments are recorded as part of
Stockholders' Equity. Gains and losses resulting from foreign currency
transactions are included in the Consolidated Statements of Income.

USE OF ESTIMATES. The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period.

NOTE B--NEW ACCOUNTING PRONOUNCEMENTS

In March 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting No. 128 (SFAS No. 128), Earnings Per Share. SFAS No. 128
requires the disclosure of basic net income per share and modifies existing
guidance for computing fully diluted net income per share. Under the new
standard, basic net income per share is computed as net income divided by
weighted average shares, excluding the dilutive effects of stock options and
other potentially dilutive securities. The effective date of SFAS No. 128 is
December 15, 1997 and early adoption is not permitted. The Company intends to
adopt SFAS No. 128 during the quarter and year ended December 31, 1997. The
Company does not expect this pronouncement to have a material impact on net
income per share.

6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

RESULTS OF OPERATIONS FOR EACH OF THE THREE MONTHS AND SIX MONTHS ENDED JUNE
30, 1997 AND 1996

Temporary services revenues were $288 million and $194 million for the three
months ended June 30, 1997 and 1996, respectively, increasing by 49% during the
three months ended June 30, 1997 compared to the same period in 1996. Temporary
services revenues were $549 million and $374 million for the six months ended
June 30, 1997 and 1996, respectively, increasing by 47% during the six months
ended June 30, 1997 compared to the same period in 1996. Permanent placement
revenues were $24 million and $17 million for the three months ended June 30,
1997 and 1996, respectively, increasing by 41% during the three months ended
June 30, 1997 compared to the same period in 1996. Permanent placement revenues
were $46 million and $33 million for the six months ended June 30, 1997 and
1996, respectively, increasing by 39% during the six months ended June 30, 1997
compared to the same period in 1996. Overall revenue increases reflect continued
improvement in demand for the Company's services, which the Company believes is
a result of increased acceptance in the use of professional staffing services.
Revenues from companies acquired during the six months ended June 30, 1997 were
not material.

The Company currently has more than 200 offices in 39 states and five
foreign countries. Domestic operations represented 90% of revenues for both the
three and six months ended June 30, 1997 and 91% and 90% of revenues for the
three and six months ended June 30, 1996, respectively. Foreign operations
represented 10% of revenues for both the three and six months ended June 30,
1997 and 9% and 10% of revenues for the three and six months ended June 30,
1996, respectively.

Gross margin dollars from the Company's temporary services represent
revenues less direct costs of services, which consists of payroll, payroll taxes
and insurance costs for temporary employees. Gross margin dollars from permanent
placement services are equal to revenues, as there are no direct costs
associated with such revenues. Gross margin dollars for the Company's temporary
services were $100 million and $190 million for the three and six months ended
June 30, 1997, respectively, compared to $67 million and $128 million for the
comparable periods in 1996, increasing by 49% and 48% for the three and six
months ended June 30, 1997, respectively. Gross margin amounts equaled 35% of
revenues for temporary services for both the three and six months ended June 30,
1997, compared to 35% and 34% of temporary service revenues for the three and
six months ended June 30, 1996, respectively, which the Company believes
reflects its ability to adjust billing rates and wage rates to underlying market
conditions. Gross margin dollars for the Company's permanent placement division
were $24 million and $46 million for the three and six months ended June 30,
1997, respectively, compared to $17 million and $33 million for the comparable
periods in 1996, increasing by 41% and 39% for the three and six months ended
June 30, 1997, respectively.

Selling, general and administrative expenses were $86 million and $164
million for the three and six months ended June 30, 1997, respectively, compared
to $59 million and $112 million during the three and six months ended June 30,
1996, respectively. Selling, general and administrative expenses as a percentage
of revenues were 28% in both the three and six months ended June 30, 1997
compared to 28% for both the three and six months ended June 30, 1996. Selling,
general and administrative expenses consist primarily of staff compensation,
advertising and occupancy costs, most of which generally follow changes in
revenues.

7
The Company allocates the excess of cost over the fair market value of the
net tangible assets first to identifiable intangible assets, if any, and then to
goodwill. Although management believes that goodwill has an unlimited life, the
Company amortizes these costs over 40 years. Management believes that its
strategy of making acquisitions of established companies in established markets
and maintaining its presence in these markets preserves the goodwill for an
indeterminate period. The carrying value of intangible assets is periodically
reviewed by the Company and impairments are recognized when the expected future
operating cash flows derived from such intangible assets is less than their
carrying value. Based upon its most recent analysis, the Company believes that
no material impairment of intangible assets existed at June 30, 1997. Intangible
assets represented 36% of total assets and 48% of total stockholders' equity at
June 30, 1997.

Interest income for the three months ended June 30, 1997 and 1996 was
$1,148,000 and $679,000, respectively, while interest expense for the three
months ended June 30, 1997 and 1996 was $211,000 and $99,000, respectively.
Interest income for the six months ended June 30, 1997 and 1996 was $2,097,000
and $1,223,000, respectively, while interest expense for the six months ended
June 30, 1997 and 1996 was $411,000 and $255,000, respectively. These changes
primarily reflect an increase in cash and cash equivalents.

The provision for income taxes for both the three and six months ended June
30, 1997 was 41% compared to 41% of income before taxes for the same periods in
1996.

LIQUIDITY AND CAPITAL RESOURCES

The change in the Company's liquidity during six months ended June 30, 1997
is the net effect of funds generated by operations and the funds used for the
personnel services acquisitions, capital expenditures and principal payments on
outstanding notes payable. For the six months ended June 30, 1997, the Company
generated $41.7 million from operations, used $20 million in investing
activities and provided $4.5 million by financing activities.

The Company's working capital at June 30, 1997 included $106.4 million in
cash and cash equivalents. In addition at June 30, 1997, the Company had
available $72.5 million of its $80 million bank revolving line of credit. The
Company's working capital requirements consist primarily of the financing of
accounts receivable. While there can be no assurances in this regard, the
Company expects that internally generated cash plus the bank revolving line of
credit will be sufficient to support the working capital needs of the Company,
the Company's fixed payments and other obligations on both a short and long term
basis. As of June 30, 1997, the Company had no material capital commitments.

In March 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard ("SFAS") No. 128, Earnings Per Share. SFAS No. 128
requires the disclosure of basic net income per share and modifies existing
guidance for computing fully diluted net income per share. Under the new
standard, basic net income per share is computed as net income divided by
weighted average shares, excluding the dilutive effects of stock options and
other potentially dilutive securities. The effective date of SFAS No. 128 is
December 15, 1997 and early adoption is not permitted. The Company intends to
adopt SFAS No. 128 during the quarter and year ended December 31, 1997 and does
not expect this pronouncement to have a material impact on net income per share.

8
PART II--OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. CHANGES IN SECURITIES

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On May 7, 1997, registrant held its annual meeting of stockholders. The two
matters presented to stockholders at the annual meeting were the election of two
directors to Class I and the approval of an amendment to the registrant's
Restated Certificate of Incorporation increasing the number of authorized shares
of Common Stock. The vote for director was as follows:

<TABLE>
<CAPTION>
NOMINEE SHARES FOR SHARES WITHHELD
- --------------------------------------------------------------- ------------ ---------------
<S> <C> <C>
Andrew S. Berwick, Jr.......................................... 50,148,416 153,741
Frederick P. Furth............................................. 49,963,136 339,021
</TABLE>

The continuing directors, whose terms of office did not expire at the
meeting, are Edward W. Gibbons, Harold M. Messmer, Jr., Frederick A. Richman,
Thomas J. Ryan and J. Stephen Schaub.

The amendment to the Restated Certificate of Incorporation was approved by
the following vote:

<TABLE>
<S> <C>
For: 48,315,850
Against: 1,874,155
Abstain: 112,152
</TABLE>

No other matters were voted upon at the annual meeting.

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits.

<TABLE>
<CAPTION>
EXHIBIT NO. EXHIBIT
- ------------- -------------------------------------------------------------------------------------------
<C> <S>
3.1 Restated Certificate of Incorporation.
4.1 Restated Certificate of Incorporation (filed as Exhibit 3.1)
10.1 Third Amendment to Credit Agreement among the Registrant, NationsBank, N.A. and Bank of
America National Trust and Savings Association.
10.2 1993 Incentive Plan.
11 Computation of Per Share Earnings.
27 Financial Data Schedule.
</TABLE>

(b) The registrant filed no current report on Form 8-K during the
quarter covered by this report.

9
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.

ROBERT HALF INTERNATIONAL INC.
(Registrant)

By /s/ M. KEITH WADDELL

------------------------------------

M. Keith Waddell,
SENIOR VICE PRESIDENT, CHIEF
FINANCIAL
OFFICER AND TREASURER
(PRINCIPAL FINANCIAL OFFICER
AND DULY AUTHORIZED SIGNATORY)

Date: August 7, 1997

10
EXHIBIT INDEX

<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBITS DESCRIPTION NUMBERED PAGE
- ----------- ------------------------------------------------------------------------------------------- ---------------
<C> <S> <C>
3.1 Restated Certificate of Incorporation.
4.1 Restated Certificate of Incorporation (filed as Exhibit 3.1)
10.1 Third Amendment to Credit Agreement among the Registrant, NationsBank, N.A. and Bank of
America National Trust and Savings Association.
10.2 1993 Incentive Plan.
11 Computation of Per Share Earnings.
27 Financial Data Schedule.
</TABLE>