CONSOLIDATED BALANCE SHEETS
Thousands of dollars august 31
	97	96
assets
current assets
Cash and cash equivalents	$       176
Trade accounts receivable	27,181	$   26,766
Inventories	21,835	20,531
Prepaid expenses and other	5,179	5,354
Total current assets	54,371	52,651
property, plant and equipment
Land	4,834	4,014
Plant and equipment	210,037	185,499
Construction in progress	8,492	12,791
Less accumulated depreciation	(92,989)	(81,131)
Net property, plant and equipment	130,374	121,173
Deferred income taxes	11,007	9,940
Restricted cash value of life insurance	12,691	11,432
Other assets	7,486	7,322
	$215,929	$202,518
liabilities and shareholders' equity
current liabilities
Bank overdraft, net		$         847
Accounts payable	$   10,089	10,344
Accrued liabilities	8,157	7,943
Current portion of long-term debt	5,955	4,127
Total current liabilities	24,201	23,261
Long-term debt	61,791	62,636
Other postretirement benefits	10,294	10,306
Deferred income taxes	22,136	20,980
Other liabilities	8,406	7,197
Commitments and contingencies
shareholders' equity
Common stock, par value $1.00 per share,
authorized 29,000,000 shares, issued
9,093,251 shares in 1997 and 8,677,165
in 1996, including treasury shares	9,093	8,677
Additional paid-in capital	18,466	13,633
Retained earnings	93,854	88,640
Treasury stock, at cost, 1,830,735
shares in 1997 and 1,832,752 in 1996	(30,604)	(30,637)
Note receivable from Savings
and Stock Ownership Plan	(639)	(1,742)
Cumulative translation adjustment	(1,069)	(433)
Total shareholders' equity	89,101	78,138
	$215,929	$202,518