<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1996
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
--------------- ------------------
Commission File No. 0-21435
FLORIDA PANTHERS HOLDINGS, INC.
---------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
FLORIDA 65-0676005
- ------------------------------- --------------------
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
100 NORTHEAST THIRD AVENUE, SECOND FLOOR
FORT LAUDERDALE, FLORIDA 33301
- ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (954) 768-1900
Indicate by check whether the issuer (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 NO X
--- ---
State the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 12,320,678 shares of Class A
Common Stock par value $.01, per share and 255,000 shares of Class B Common
Stock, par value $.01 per share, were outstanding as of December 23, 1996.
Page 1 of __
Exhibit Index at Page __
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
FLORIDA PANTHERS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
<CAPTION>
September 30, 1996
---------------------------------------
ASSETS June 30, Pro-forma
1996 Historical (Note 3)
-------------- ------------------ ----------------
<S> <C> <C> <C>
Current Assets:
Cash and equivalents ........................................ $ 465 $ 11,126 $ 11,126
Accounts receivable ......................................... 3,119 1,357 1,300
Prepaid expenses and other .................................. 172 1,563 1,564
-------- -------- --------
Total current assets ................................. 3,756 14,046 13,990
Property and equipment, net ........................................ 972 1,377 1,377
Franchise cost, net of accumulated amortization of $1,823 and
$1,975 at June 30, 1996 and September 30, 1996, respectively 22,489 22,337 22,337
Player contract acquisition costs, net of accumulated amortization
of $19,180 and $19,746 in June 30, 1996 and September 30,
1996 respectively ........................................... 6,507 5,941 5,941
Investment in Miami Arena operating contract ....................... 8,886 8,790 8,790
Other assets ....................................................... 5,150 6,484 5,984
======== ======== ========
Total assets ................................................ $ 47,760 $ 58,975 $ 58,419
======== ======== ========
LIABILITIES AND SHAREHOLDER EQUITY
Current Liabilities:
Deferred revenue ............................................ $ 988 $ 16,502 $ 16,502
Note payable-related party .................................. 40,172 40,963 0
Related party debt .......................................... 20,000 20,000 20,000
Accounts payable and accrued expenses ....................... 2,313 3,449 2,898
Other current liabilities ................................... 4,313 3,226 3,226
-------- -------- --------
Total current liabilities ............................. 67,786 84,140 42,626
Long-term debt ..................................................... 25,000 25,000 25,000
Other non-current liabilities ...................................... 3,277 3,484 3,484
Shareholders' Equity:
Partners' deficit, net ...................................... (55,443) (60,652) 0
Class A Common Stock, $.01 par value, 100,000,000 shares
authorized and 5,020,678 shares issued and outstanding... 0 0 50
Class B Common Stock, $.01 par value, 10,000,000 shares
authorized and 255,000 shares issued and outstanding.... 0 0 3
Contributed capital ......................................... 7,140 7,003 (12,744)
-------- -------- --------
Total shareholders' equity ........................... (48,303) (53,649) (12,691)
======== ======== ========
Total liabilities and shareholders' equity .................. $ 47,760 $ 58,975 $ 58,419
======== ======== ========
</TABLE>
The accompanying notes to condensed consolidated financial statements are an
integral part of these balance sheets.
2
<PAGE> 3
FLORIDA PANTHERS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
( In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended September 30,
--------------------------------
1995 1996
---------- ----------
<S> <C> <C>
Revenue .......................................... $ 836 $ 1,167
------- -------
Cost of revenue .................................. 4,441 4,160
------- -------
Amortization & depreciation ...................... 1,363 911
------- -------
Net operating loss .......................... (4,968) (3,904)
Interest and other, net ......................... 1,076 1,370
------- -------
Net loss .................................... ($6,044) ($5,274)
======= =======
Pro-forma data (2):
Net loss per share .............................. ($ 1.15) ($ 1.00)
======= =======
Weighted average shares outstanding ............. 5,276 5,276
======= =======
</TABLE>
The accompanying notes to condensed consolidated financial statements are an
integral part of these statements.
3
<PAGE> 4
FLORIDA PANTHERS HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
<TABLE>
<CAPTION>
Three Months Ended September 30,
-----------------------------------------
1995 1996
-------------------- -----------------
<S> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Loss ................................................... ($ 6,044) ($ 5,274)
Adjustments to reconcile net loss to net cash
used for operating activities-
Depreciation and amortization ....................... 1,363 911
Deferred compensation ............................... 25 (163)
Minority interest ................................... (4) (34)
Changes in operating assets and liabilities-
Accounts receivable ................................. 446 1,762
Prepaid expenses and other assets ................... (5,506) (2,731)
Accounts payable and accrued expenses ............... 840 1,195
Deferred revenue and other liabilities .............. 12,303 14,827
-------- --------
Net cash provided by operating activities ...... 3,423 10,493
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ...................................... (51) (494)
-------- --------
Net cash used in investing activities .......... (51) (494)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on note payable-related party ................... (3,500) 0
Increase to note payable-related party ................... 746 791
Payment of dividends-Decoma .............................. (119) (73)
Distribution to minority interests-Decoma ................ (43) (56)
-------- --------
Net cash used in financing activities .......... (2,916) 662
-------- --------
Net increase in cash and equivalents ........... 456 10,661
Cash at beginning of period .................................. 1,237 465
======== ========
Cash at end of period ........................................ $ 1,693 $ 11,126
======== ========
</TABLE>
The accompanying notes to condensed consolidated financial statements are an
integral part of these statements.
4
<PAGE> 5
FLORIDA PANTHERS HOLDINGS, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of dollars)
1. INTERIM FINANCIAL STATEMENTS
The accompanying unaudited condensed consolidated financial statements
of Florida Panthers Holdings, Inc. (the "Company") have been prepared by the
Company without audit pursuant to the rules and regulations of the Securities
and Exchange Commission. All significant intercompany accounts and transactions
have been eliminated. Certain information related to the Company's organization,
significant accounting policies and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. These unaudited condensed
consolidated financial statements reflect, in the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
fairly state the financial position and the results of operations for the
periods presented and the disclosures herein are adequate to make the
information presented not misleading. Operating results for the interim periods
presented are not indicative of the results that can be expected for a full
year. These interim financial statements should be read in conjunction with the
audited consolidated financial statements and notes thereto contained in the
Company's Registration Statement on Form S-1 relating to the initial public
offering ("the Offering") of 7.3 million shares of Class A Common Stock which
was completed November 13, 1996, the Company's Registration Statement on Form
S-1, pertaining to the 5,020,678 shares of Class A Common Stock owned by H.
Wayne Huizenga ("Mr. Huizenga") and the Company's Current Report on Form 8-K
filed on December 23, 1996.
The accompanying statements of operations cover the three month periods
ended September 30, 1996 and 1995. For financial reporting purposes, the Company
recognizes all hockey related revenues and expenses over the course of the
hockey season on a per game basis. With the NHL regular season beginning in
early October, the first quarter ending on September 30 generally includes
limited revenues and reflects a loss attributable to various team operating and
administrative expenses incurred in the quarter. Based on the present NHL
regular season schedule, which extends from early October through mid April,
most of the Company's revenues and expenses will be reported in the second and
third quarters. In the event the Panthers participate in the playoffs, the
Company will realize additional revenue and incur additional expenses during the
fourth quarter.
2. INITIAL PUBLIC OFFERING SUBSEQUENT TO SEPTEMBER 30, 1996
The Company was formed on July 3, 1996 in connection with the Offering.
Pursuant to an agreement, the Company acquired all of the partnership
interests of the Florida Panthers Hockey Club, Ltd. (the "Partnership") in
exchange for 4,149,710 shares of its Class A Common Stock and 255,000 shares of
its Class B Common Stock. Additionally, the Company acquired all of the
outstanding stock of Decoma Investment, Inc. I (formerly BIL Development, Inc.),
and Decoma Investment, Inc. II (formerly Linbeck Miami Corporation),
(collectively, "the Decoma Entities") in exchange for 870,968 shares of its
Class A Common Stock. Collectively, these transactions are referred to as the
Reorganization.
The net proceeds from the sale of such stock totaled approximately
$67.3 million. Shortly after the completion of the Offering, $45.0 million of
the net proceeds of the Offering was used to repay its indebtedness outstanding
under the two term loans (which were used to pay the Company's cost of
acquiring its NHL franchise). The remaining $22.3 million will be used for
general working capital, including funding of net operating losses.
<TABLE>
<CAPTION>
Common Stock Outstanding after the Offering:
--------------------------------------------
<S> <C>
Class A Common Stock 12,320,678 shares
Class B Common Stock 255,000 shares
----------
Total 12,575,678 shares
==========
</TABLE>
5
<PAGE> 6
3. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated statements of
operations present the combined results of operations of the Partnership and the
Decoma Entities for the periods presented. The accompanying unaudited condensed
consolidated balance sheets present the combined financial position of the
Partnership and the Decoma Entities as of June 30 and September 30, 1996. The
Company's unaudited condensed consolidated pro-forma balance sheet as of
September 30, 1996 reflects adjustments to the Company's historical financial
position to give effect to the transactions in connection with the
Reorganization, as if such transactions had been consummated as of September 30,
1996.
Pro-forma weighted average shares outstanding includes the 5,275,678
shares issued in accordance with the provisions of the Reorganization as if the
Reorganization had occurred at the beginning of the periods presented. Such
Pro-forma weighted average shares outstanding do not include the 7.3
million shares offered and sold to the public.
4. SUBSEQUENT 8-K FILING
On December 22, 1996, the Company entered into two definitive
agreements (the "Exchange Agreements"), relating to the acquisition by the
Company of direct and indirect ownership interests in each of the Hyatt
Regency Pier 66 Resort & Marina and the Bahia Mar Beach Resort, in exchange for
4,450,000 shares and 3,950,000 shares of Panthers Class A Common Stock,
respectively (the "Exchanges"). The consummation of each of the Exchanges
is subject to various conditions, including obtaining the approval of the
holders of a majority of the shares of the Company's Common Stock entitled
to vote thereon. The financial statements included herein do not reflect any
aspects of the Exchanges.
6
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Certain of the data contained herein may include forward-looking
information and actual results could differ from that set forth below. The
following discussion should be read in conjunction with the unaudited condensed
consolidated financial statements and notes thereto included under Item 1. In
addition, reference should be made to the audited consolidated financial
statements and notes thereto and related Management's Discussion and Analysis of
Financial Condition and Results of Operations included in the Company's
Registration Statement on Form S-1 relating to the Offering, and the
Registration Statement on Form S-1 filed by the Company, pertaining to the
5,020,678 shares of Class A Common Stock owned by Mr. Huizenga, and the Form
8-K filed on December 22, 1996.
OVERVIEW
The Company, through the Florida Panthers Hockey Club, Ltd., owns and
operates the Florida Panthers, a professional hockey team (the "Panthers") of
the National Hockey League (the "NHL"). Additionally, the Company owns Arena
Development Company Ltd., a Florida limited partnership formed for the purpose
of developing a new multi-purpose, state-of-the-art sports and entertainment
center (the "Broward County Civic Arena") in Broward County, Florida, and Arena
Operating Company Ltd., a Florida limited partnership formed for the purpose of
managing and operating the Broward County Civic Arena. Through its ownership of
Decoma Investment, Inc. I ("Decoma I") and Decoma Investment, Inc. II ("Decoma
II"), the Company also owns approximately 78% of the partnership interests in
Decoma Miami Associates Ltd., a Florida limited partnership ("Decoma") which
operates the Miami Arena in which the Panthers currently play.
For financial reporting purposes, the Company recognizes all hockey
related revenues and expenses over the course of the hockey season on a per game
basis. With the NHL regular season beginning in early October, the first quarter
ended September 30 generally includes limited revenues and reflects a loss
attributable to various general and administrative expenses incurred in the
quarter. Based on the present NHL regular season schedule, which extends from
early October through mid April, most of the Company's revenues and expenses
will be reported in the second and third quarters. In the event the Panthers
participate in the playoffs, the Company will realize additional revenue and
incur additional expenses during the fourth quarter.
RESULTS OF OPERATIONS
The following discussion compares the results of operations of the
Company and its subsidiaries on a consolidated basis, for the three months, or
quarter, ended September 30, 1996 compared with the three months, or quarter,
ended September 30, 1995.
Revenue. Revenues during the first quarter ended September 30, 1996
consisted primarily of ticket and concession sales earned during the Panthers'
exhibition season. During the exhibition season, the Company retains all
revenues from Panthers' home games and shares the revenue for certain exhibition
games played at neutral sites. Revenues increased 40%, or approximately
$330,000, mainly because the current year's exhibition season consisted of five
games in which the Panthers shared revenues, as compared to four games in the
last year's exhibition season. All broadcasting and advertising revenues are
recognized during the regular season and therefore were zero in the three month
period presented.
Cost of Revenue. Total cost of revenue decreased 6%, or approximately
$280,000. During the quarter ended September 30, 1996, the Panthers terminated
the contract of one player giving rise to a one time $100,000 buyout cost.
During the quarter ended September 30, 1995, the Panthers terminated the
contract of three players giving rise to buyout costs that totaled approximately
$800,000. There were no other player salary costs during the three months ended
September 30, 1996 and 1995 since such costs are expensed during the regular
hockey season. Offsetting this $700,000 decrease in cost of revenue was an
increase of approximately $210,000 in the cost of the current season's
exhibition and training camps and an increase of approximately $190,000
in various selling, general and administrative expenses.
7
<PAGE> 8
Depreciation and Amortization. Depreciation and amortization decreased
by 33%, or approximately $450,000. The Company was required to pay a $50.0
million franchise fee to the NHL when the expansion franchise was granted, of
which approximately $25.7 million was allocated to the contracts of players
selected in the 1993 expansion draft and is being amortized over the estimated
useful lives of such contracts, which have been determined to be approximately
six years. The remaining portion of the franchise fee is being amortized over 40
years. Amortization of player contracts decreased by approximately $480,000 in
the three months ended September 30, 1996 as compared with the three months
ended September 30, 1995 because the unamortized base of players contracts was
reduced by approximately $3.1 million during the quarter ended June 30, 1996 to
better reflect current values of remaining player contracts. As of September 30,
1996, the remaining unamortized portion of player contracts (which will be
amortized through the remaining useful lives of such player contracts), was
approximately $5.9 million and will be completely amortized by May, 1999.
Interest and Other, Net. Net interest and other costs increased by 27%,
or approximately $295,000, primarily as a result of the increase in net interest
costs relating to the accumulated borrowings from Mr. Huizenga which were used
to fund operating losses.
LIQUIDITY AND CAPITAL RESOURCES
All net operating losses of the Partnership have been financed
primarily with loans from Mr. Huizenga since the formation of the franchise in
December of 1992. Such loans, including interest thereon accrued through
September 30, 1996 totaled approximately $41.0 million. This entire cumulative
advance has subsequently been exchanged to shares of Class A Common Stock as
part of the reorganization and formation of the Company (See Footnote 2 within
Notes to Unaudited Condensed Consolidated Financial Statements).
Net cash provided by operating activities during the three months ended
September 30, 1996 and 1995 were approximately $10.5 million and $3.4 million,
respectively. Cash flow from financing activities primarily consisted of
borrowings and repayments of the loans from Mr. Huizenga. The Company does not
anticipate borrowing any additional funds from Mr. Huizenga following the
consummation of the Offerings. Capital expenditures of approximately $494,000
and $51,000 were made during the three month periods ended September 30, 1996
and 1995, respectively.
Additionally, as of September 30, 1996, the Company had two term loans
outstanding, totaling approximately $45.0 million. The funds from these loans
were used to finance a portion of the $50.0 million NHL expansion franchise fee
paid in June 1993. The loan agreements contain certain financial covenants
regarding the financial performance of the Company, certain reporting
requirements, a limitation on the amount of annual capital expenditures and
limitations on the assumption of additional debt. The loan agreements also
provide for repayment of all debt in the event of a material adverse change in
the business or a change in control. Substantially, all of the Company's assets
are pledged as collateral for amounts borrowed under the loan agreements. As of
September 30, 1996, the Company was in compliance with all of the requirements
of the term loans.
Net proceeds from the Offering totaled approximately $67.3 million.
Subsequent to the Offering, $45.0 million of the net proceeds was used to repay
the Company's indebtedness outstanding under the two term loans. The Company
plans on utilizing the remaining $22.3 million for general working capital
purposes which includes funding of net operating losses. Such remaining net
proceeds have been invested in short-term, investment grade, interest bearing
investments.
The Company is in the process of negotiating a new credit facility. It
is anticipated that the new credit facility will provide for a line of credit up
to $50.0 million and will be secured by all tangible and intangible assets of
the Company. The new credit facility is expected to limit the Company's ability
to pay cash dividends. In addition, the NHL's Bylaws preclude any one of its
members from paying cash dividends, unless paying such cash dividends will not
impair the member's ability to (i) meet its projected expenses for the ensuing
12 month period without the use of borrowed funds, other than short-term
borrowings, and (ii) maintain adequate reserves to fund the future payment of
all deferred player compensation and other deferred obligations for past
services.
8
<PAGE> 9
The grant of a security interest in any of the assets of the Panthers,
or any direct or indirect ownership interest in the Company, of 5% or more,
shall require the prior approval of the NHL, which may be withheld in the NHL's
sole discretion and, in that connection, the NHL will require a consent
agreement satisfactory to the NHL. NHL rules limit the amount of debt that may
be secured by the assets of, or ownership interests in, an NHL club and require
that the parties to any secured loan that is approved execute an agreement
limiting the rights of the lenders and the club (or shareholder) under certain
circumstances, including upon an event of default or foreclosure. These
limitations may adversely affect the rights of the club (or shareholder) under
certain circumstances.
On November 15, 1996, construction began on the new Broward County
Civic Arena. All construction costs are being fully funded by Broward County.
Pursuant to the Development Agreement with Broward County, the Company will bear
all costs related to the development of the Broward County Civic Arena in excess
of $184.7 million. To date, all construction efforts are on schedule and within
budget, and it is not anticipated that the Company's cash flow will be affected
by the project.
FINANCIAL CONDITION
The reduction of indebtedness with the net proceeds of the subsequent
Offering has improved the Company's liquidity by reducing both the Company's
interest expense and the principal amount of the indebtedness required to be
repaid in the future. The Company expects negative cash flows and net losses to
continue until the Panthers begin playing at the new Broward County Civic Arena
which is expected to be completed in time for the 1998-99 hockey season. The
Company believes that the remaining net proceeds from the Offering, together
with its existing cash and cash equivalents, revenues from its future operations
and available borrowings under the new credit facility, will be sufficient to
enable it to maintain its current and planned operations until the opening of
the Broward County Civic Arena.
Cash and cash equivalents at September 30, 1996 were approximately
$11.1 million as compared to approximately $500,000 at June 30, 1996. The
increase was attributable primarily to the collection of season ticket revenues
in August and September of 1996.
Accounts receivables at September 30, 1996 were approximately $1.3
million as compared to $3.1 million at June 30, 1996. This decrease was mainly
caused by the receipt of year-end broadcasting receivable balances from the
NHL and the Company's local broadcaster.
Prepaid expenses and other assets at September 30, 1996 were
approximately $1.5 million compared to approximately $200,000 at June 30, 1996.
This increase was mainly attributable to the pre-payment of team air charter
costs in September of 1996.
Deferred revenues at September 30, 1996 were approximately $16.5
million, as compared to approximately $1 million at June 30, 1996. This increase
was caused by season ticket collections which occurred in August and September
of 1996 which will be recognized on a per game basis over the regular 1996-97
season. The $1 million deferred revenue balance at June 30, 1996 represented
playoff ticket dollars collected but not earned in the prior year Stanley Cup
Finals because the final round of playoffs ended after four games.
EARNINGS BEFORE INTEREST EXPENSE, INCOME TAXES, DEPRECIATION, AND AMORTIZATION
("EBITDA")
EBITDA is a widely accepted financial indicator used by certain
investors and analysts to analyze and compare companies on the basis of
operating performance. This measurement of operating performance is particularly
useful in analyzing the Company's results of operations mainly due to the fact
that the original franchise fees attributable to the player contracts acquired
are currently being amortized over approximately six years and based on the
current remaining unamortized balance of player contracts, is being amortized at
approximately $2.2 million per year. EBITDA for the three months ended
September 30, 1996 amounted to a $3.0 million loss as compared to a loss of
$3.6 million in the three months ended September 30, 1995.
9
<PAGE> 10
PART II. OTHER INFORMATION
Item 1. LITIGATION
None
Item 2. CHANGES IN SECURITIES
Not applicable.
Item 3. DEFAULTS UPON SENIOR SECURITIES
None.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
None.
Item 5. OTHER INFORMATION
Not applicable.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - The Company filed a Current
Report on Form 8-K (Item 5) with the Securities
and Exchange Commission on December 23, 1996.
10
<PAGE> 11
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FLORIDA PANTHERS HOLDINGS, INC.
By: /s/ Richard H. Evans
-----------------------------------------
Richard H. Evans, President
By: /s/ Steven M. Dauria
-----------------------------------------
Steven M. Dauria, Vice President and
Chief Financial Officer
11
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<CASH> 11,126
<SECURITIES> 0
<RECEIVABLES> 1,357
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 14,046
<PP&E> 1,377
<DEPRECIATION> 0
<TOTAL-ASSETS> 58,975
<CURRENT-LIABILITIES> 84,140
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> (53,649)
<TOTAL-LIABILITY-AND-EQUITY> 58,975
<SALES> 0
<TOTAL-REVENUES> 1,167
<CGS> 0
<TOTAL-COSTS> 4,160
<OTHER-EXPENSES> 911
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,370
<INCOME-PRETAX> (5,274)
<INCOME-TAX> 0
<INCOME-CONTINUING> (5,274)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,274)
<EPS-PRIMARY> (1.00)
<EPS-DILUTED> 0
</TABLE>
