<PAGE>
QUARTERLY REPORT FOR SMALL BUSINESS ISSUERS SUBJECT
TO THE 1934 ACT REPORTING REQUIREMENTS
FORM 10-QSB
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(MARK ONE)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ______________ to ______________
Commission file number #0-8463
PISMO COAST VILLAGE, INC.
- -------------------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)
CALIFORNIA 95-2990441
- -------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer I.D. Number)
incorporation or organization)
165 South Dolliver Street, Pismo Beach, California 93449
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices)
(Issuer's telephone number) (805) 773-5649
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the past 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
---- ----
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
Yes X No
----- -----
pAGE 1 OF 14
<PAGE>
FORM 10-QSB
State the number of shares outstanding of each of the issuers classes of
common equity, as of the latest practicable date: -1800-
Page 2 of 14
<PAGE>
PART I
----------
FINANCIAL INFORMATION
---------------------------
ITEM 1 - FINANCIAL STATEMENTS
The following financial statements and related information are included in
this Form 10-QSB, Quarterly Report.
1. Accountants Review Report
2. Balance Sheets
3. Statement of Operations and Retained Earnings (Deficit)
4. Statement of Cash Flows
5. Notes to Financial Statements (Unaudited)
The financial information included in Part 1 of this Form 10-QSB has been
reviewed by Glenn, Burdette, Phillips and Bryson, the Company's Certified
Public Accountants, and all adjustments and disclosures proposed by said firm
have been reflected in the data presented. The information furnished
reflects all adjustments which, in the opinion of management, are necessary
to a fair statement of the results for the interim periods.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Income from Resort Operations for the three-month period ended December 31,
1995, increased $37,262, or 9.8%, above the same period in 1994. These
increases are a result of marketing a reduced discount rate, a change in
pricing concepts and an increase in storage occupancy during the period
January 1, 1995 to December 31, 1995. Paid site usage increased by 3.4%
which can also be attributed to milder weather conditions during the three
month period ending December 1995 compared to the same quarter in 1994. RV
storage revenue grew to 8.6% above the same three-month period last year
ending on December 31, 1994. This growth is attributed to an increase of RV
units in storage inventory.
Income from retail operations increased by $9,378, or 11.8%, for the
three-month period ended December 31, 1995, above the same period in 1994.
This increase is a result of increased occupancy, a change in merchandising
of the store products and increased in-house advertising of the RV Repair
Shop. The Company anticipates continued moderate growth in both income from
resort operations and in the retail operations.
Page 3 of 14
<PAGE>
The Company currently has no plans to increase or decrease its property and
anticipates it will continue to operate the restaurant by lease to an outside
vendor.
Operating expenses for the three month period ending December 31, 1995, were
managed to a reduction of $1,918, or .4%, below the same period ended
December 31, 1994. Operating costs remain consistent with the prior year and
are considered well-managed to create an effective operation. The Company
has a spending plan that is managed by expense item; each expense is assigned
a percent of income earned.
Cost of Goods Sold expenses for the three-month period ended December 31,
1995, are 52.8% compared to 53.4% for the same period in 1994, which is well
within the guidelines established by management.
Interest expense for the three-month period ended December 31, 1995, was
reduced by $1,459, or 15.3%, below the same period in 1994. This reduction
is the result of the Board's decision to continue reducing the principal of
one of its loans by an additional $5,000 each month.
Loss before provisions for taxes on income for the three-month period ended
December 31, 1995, decreased by $43,873, or 52.8%, below the period in 1994.
This decrease of loss is a result of increased Resort Income and managed
expenses. Losses during this period are directly attributed to inclement
weather during the months of October, November and December and are
consistent with seasonal occupancy of a tourist oriented business.
LIQUIDITY
The Company plans capital expenditures of $127,000 in Fiscal Year 1996 to
renovate 48 camping sites, install a new playground, upgrade restroom
buildings, improvements and upgrade of computer information systems. The
company purchased a street sweeper and a utility golf cart during this
period. Further, the Company has funded $65,075 of the estimated $350,000 to
$400,000 required to repair the damaged outfall structure. Funding for these
projects will be by revenue generated from the normal course of business.
The Company's current cash position as of December 31, 1995 is $395,517,
which is 216.0% more than the same position in 1994. The Company has taken
steps to establish a $150,000 line of credit to insure funds will be
available if required. All loans are current and portions continue to be
paid in advance as planned.
The Company has consistently demonstrated an ability to optimize revenues
developed from resort and retail operations during the summer season. In
addition, RV storage space and site rentals are paid for in advance and are
on deposit during the winter season.
Expenditures are consistent with prior years' operations and are expected to
provide adequate resources to support the amounts committed to complete the
authorized capital projects during the fiscal year. Fourth quarter site
occupancy and storage fill are expected to be consistent with that of the
past year. Capital projects are designed to enhance the marketability of the
camping sites and support facilities. Renovation of the 48 camping sites is
expected to enhance the marketability of the sites during the summer season.
Capital projects not completed prior to our busy season will be completed
after Labor Day.
Page 4 of 14
<PAGE>
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
Not Applicable
ITEM 2 - CHANGES IN SECURITIES
Not Applicable
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
Not Applicable
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The annual meeting of the shareholders of Pismo Coast Village, Inc.,
was held on Saturday, January 20, 1996, at 10:00 a.m. at the South
County Regional Center, 800 West Branch Street, Arroyo Grande,
California 93420. At that meeting the following Directors were
elected to serve until the 1997 annual meeting, or until successors
are elected and have qualified, and following each elected Director's
name are the total number of votes cast for that Director:
Allard, Howard 904
Barton, Emily 1,078
Bianchi, Donald 960
Brittain, Kurt 860
Brown, Albert 1,052
Buchaklian, Harry 907
Drake, Frank 816
Gould, Norman 707
Greenberg, Maurice 885
Hinds, Jr., Edward 816
Hughes, Terris 807
Keller, Larry 803
Nunlist, Ronald 873
Pettibone, Jerald 740
Shaffer, Danny 763
Valentia, Henry 854
Williams, Jack N. 741
Zahka, Charles 769
Page 5 of 14
<PAGE>
Further, the following additional matters were voted upon at the meeting, and
the number of affirmative votes and negative votes cast with respect to each
such matter is set forth below:
(a) A proposal to approve the selection of Glenn, Burdette, Phillips and
Bryson to serve as independent certified public accountants for the Company
for the fiscal year 1996.
AFFIRMATIVE VOTES NEGATIVE VOTES
845 7
ITEM 5 - OTHER INFORMATION
Not Applicable
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit Index:
<TABLE>
<CAPTION>
Sequential
Exhibit Number Item Description Page Number
-------------- ---------------- -----------
<S> <C> <C>
24 Consent of Accountants *
28 Accountant's Review
Report 8
</TABLE>
---------------------------
* Contained in Accountant's Review
Report, Exhibit 28.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.
PISMO COAST VILLAGE, INC.
Date: 2/13/96
----------------------------------------------
Signature: /s/ RONALD NUNLIST
-----------------------------------------
Ronald Nunlist, President
Date: 2/13/96
----------------------------------------------
Signature: /s/ JERALD PETTIBONE
-----------------------------------------
Jerald Pettibone, Chief Financial Officer
Page 6 of 14
<PAGE>
[GBP&B Letterhead]
ACCOUNTANTS' REVIEW REPORT
Board of Directors
Pismo Coast Village, Inc.
165 South Dolliver Street
Pismo Beach, California 93449
We have made a review of the balance sheets of Pismo Coast Village, Inc. as
of December 31, 1995 and 1994, and the related statements of operations and
retained earnings (deficit) and cash flows for the three months then ended,
in accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants. All
information included in these financial statements is the representation of
the management of Pismo Coast Village, Inc.
A review of interim financial information consists principally of obtaining
an understanding of the system for the preparation of interim financial
information, applying analytical review procedures to financial data, and
making inquiries of persons responsible for financial and accounting matters.
It is substantially less in scope than an examination in accordance with
generally accepted auditing standards which will be performed for the full
year with the objective of expressing an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the accompanying interim financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
We previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of September 30, 1995, (presented herein) and
the related statements of operations and retained earnings (deficit) and cash
flows for the year then ended (not presented herein); and in our report dated
October 26, 1995, we expressed an unqualified opinion on those financial
statements.
/s/ Glenn, Burdette, Phillips & Bryson
Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation
San Luis Obispo, California
January 16, 1996
2
<PAGE>
PISMO COAST VILLAGE, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS DECEMBER 31, 1995 SEPTEMBER 30, 1995 DECEMBER 31, 1994
----------------- ------------------ -----------------
(UNAUDITED) (AUDITED) (UNAUDITED)
<S> <C> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 395,517 $ 529,066 $ 183,132
Certificates of deposit 50,718
Accounts receivable 14,251 10,960 9,214
Inventory 68,166 65,826 71,615
Current deferred taxes 37,966 22,624 56,089
Prepaid income taxes 100 74,079 625
Prepaid expenses 47,945 60,779
---------- ---------- ----------
Total current assets 563,945 702,555 432,172
PISMO COAST VILLAGE
RECREATIONAL VEHICLE RESORT
AND RELATED ASSETS
Net of accumulated depreciation 5,434,677 5,423,666 5,509,801
OTHER ASSETS 7,924 8,255 9,250
---------- ---------- ----------
Total Assets $6,006,546 $6,134,476 $5,951,223
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 40,929 $ 37,796 $ 58,187
Salaries payable 2,928 9,200 9,625
Vacation payable 28,456 28,456 27,577
Other accrued expenses 12,163 32,155 11,397
Rental deposits 125,517 179,300 125,957
Income tax payable 6,498
Current portion of long-term debt 25,733 22,712 20,298
---------- ---------- ----------
Total current liabilities 235,726 316,117 253,041
LONG-TERM LIABILITIES
Long-term deferred taxes 27,790 23,331 3,301
Notes payable, net of current portion 263,828 287,451 351,519
---------- ---------- ----------
Total liabilities 527,344 626,899 607,861
---------- ---------- ----------
STOCKHOLDERS' EQUITY
Common stock - no par value, issued
and outstanding 1,800 shares 5,647,708 5,647,708 5,647,708
Retained earnings (deficit) (168,506) (140,131) (304,346)
---------- ---------- ----------
Total stockholders' equity 5,479,202 5,507,577 5,343,362
---------- ---------- ----------
Total Liabilities and
Stockholders' Equity $6,006,546 $6,134,476 $5,951,223
========== ========== ==========
</TABLE>
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
PISMO COAST VILLAGE, INC.
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (DEFICIT)
(UNAUDITED)
FOR THE THREE MONTHS ENDED DECEMBER 31, 1995 AND 1994
INCOME 1995 1994
--------- ---------
Resort operations $ 417,649 $ 380,387
Retail operations 89,075 79,697
--------- ---------
Total income 506,724 460,084
--------- ---------
COSTS AND EXPENSES
Operating expenses 426,470 428,388
Cost of goods sold 46,989 42,591
Depreciation 64,141 62,395
Amortization 331 331
Interest 8,051 9,510
--------- ---------
545,982 543,215
--------- ---------
INCOME (LOSS) BEFORE PROVISION FOR
TAXES ON INCOME (39,258) (83,131)
PROVISION FOR TAXES ON INCOME (10,883) (24,776)
--------- ---------
NET LOSS (28,375) (58,355)
RETAINED EARNINGS (DEFICIT)
BEGINNING OF PERIOD (140,131) (245,991)
--------- ---------
END OF PERIOD $(168,506) $(304,346)
========= =========
NET LOSS PER SHARE $ (15.76) $ (32.42)
========= =========
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
PISMO COAST VILLAGE, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED DECEMBER 31, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
---------------------- -----------------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (28,375) $ (58,355)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation $ 64,141 $ 62,395
Amortization 331 331
Increase in certificate of deposit (718)
(Increase) decrease in accounts
receivable and prepaid expenses (51,236) 30,903
Increase in deferred taxes (15,342) (28,107)
Increase (decrease) in prepaid
income taxes 73,979 (625)
(Increase) decrease in inventory (2,340) 1,368
Decrease in other assets 1,800
Increase in accounts payable 3,133 35,919
Decrease in salaries payable (6,272) (16,560)
Decrease in other accrued expenses (19,992) (19,325)
Decrease in income taxes payable (6,498)
Increase in deferred income tax 4,459 3,301
Decrease in rental deposits (53,783) (46,001)
-------- --------
Total adjustments (9,520) 24,681
--------- ----------
Net cash used in operating
activities (37,795) (33,674)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (75,152) (108,623)
Net cash used in investing
activities (75,152) (108,623)
CASH FLOWS FROM FINANCING ACTIVITIES
Retirement of debt (20,602) (26,641)
-------- --------
Net cash used in financing
activities (20,602) (26,641)
--------- ---------
Net decrease in cash and
cash equivalents (133,549) (168,938)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 529,066 352,070
--------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 395,517 $ 183,132
========= =========
SCHEDULE OF PAYMENTS OF INTEREST
AND TAXES
Payments for interest $8,051 $9,510
Payments for income tax $6,598 $ --
</TABLE>
See accountants' review report.
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF DECEMBER 31, 1995 AND 1994 AND SEPTEMBER 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF BUSINESS
Pismo Coast Village, Inc. (Company) is a recreational vehicle camping resort.
Its business is seasonal in nature with the fourth quarter, the summer,
being its busiest and most profitable.
INVENTORY
Inventory has been valued at the lower of cost or market on a first-in,
first-out basis.
DEPRECIATION AND AMORTIZATION
Depreciation of property and equipment is computed using an accelerated
method based on the cost of the assets, less allowance for salvage value,
where appropriate. Depreciation rates are based upon the following estimated
useful lives:
Building and park improvements 5 to 40 years
Furniture, fixtures, equipment and
leasehold improvements 5 to 31.5 years
Transportation equipment 5 to 10 years
Loan fees of $9,292 net of accumulated amortization of $2,984 at December 31,
1995, $1,685 at December 31, 1994 and $2,653 at September 30, 1995, are
included in other assets. Amortization is computed using the straight-line
method over seven years. The balance of other assets represents deposits on
hand of $1,616.
INVESTMENT TAX CREDITS
Investment tax credits are accounted for by the flow-through method.
EARNINGS (LOSS) PER SHARE
The earnings (loss) per share is based on the 1,800 shares issued and
outstanding.
RECLASSIFICATION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Reclassification of certain accounts reported in previously issued financial
statements have been made to enhance comparability with current financial
statements.
CASH AND CASH EQUIVALENTS
For purposes of the statement of cash flows, the Corporation considers all
highly liquid investments including certificates of deposit with a maturity
of three months or less when purchased, to be cash equivalents.
6
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF DECEMBER 31, 1995 AND 1994 AND SEPTEMBER 30, 1995
PAGE 2
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
DEFERRED INCOME TAX
Deferred income taxes resulted from a timing difference in recognizing
depreciation expense and net operating loss carryforwards.
NOTE 2 - PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETs
At December 31, 1995, September 30, 1995 and December 31, 1994, property and
equipment included the following:
<TABLE>
<CAPTION>
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
1995 1995 1994
------------- ------------- ------------
<S> <C> <C> <C>
Land $2,680,850 $2,680,850 $2,680,850
Building and park improvements 5,021,690 5,020,613 4,971,076
Furniture, fixtures, equipment
and leasehold improvements 1,197 457 1,197,457 1,182,259
Transportation equipment 148,227 139,227 139,227
Construction in progress 82,211 17,136 8,623
---------- ---------- ----------
9,130,435 9,055,283 8,982,035
Less accumulated depreciation 3,695,758 3,631,617 3,472,234
---------- ---------- ----------
$5,434,677 $5,423,666 $5,509,801
========== ========== ==========
</TABLE>
NOTE 3 - LONG-TERM DEBT
Long-term debt at December 31, 1995, September 30, 1995 and December 31,
1994, is summarized as follows:
<TABLE>
<CAPTION>
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
1995 1995 1994
------------- ------------- ------------
<S> <C> <C> <C>
8% Installment note payable, due in
monthly installments of $125
through April 13, 2010, secured
by deed of trust on the storage
lot at 2050 22nd Street, Oceano. $12,754 $12,872 $13,213
</TABLE>
7
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF DECEMBER 31, 1995 AND 1994 AND SEPTEMBER 30, 1995
PAGE 3
NOTE 3 - LONG-TERM DEBT (CONTINUED)
<TABLE>
<CAPTION>
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
1995 1995 1994
------------- ------------- ------------
<S> <C> <C> <C>
8% Installment note payable, due in monthly
installments of $2,500 through February 1,
1995, secured by deed of trust on 300
South Dolliver, Pismo Beach. $ $ $ 3,326
10.5% Installment note payable, due in monthly
installments of $4,426 through August 1, 2000,
unpaid balance due in full September 1, 2000.
Interest is variable, secured by deed of trust on
300 South Dolliver and 180 South Dolliver,
Pismo Beach. 276,807 297,291 355,278
-------- -------- --------
289,561 310,163 371,817
-------- -------- --------
Less current portion of long-term debt 25,733 22,712 20,298
-------- -------- --------
$263,828 $287,451 $351,519
======== ======== ========
</TABLE>
Maturities of long-term debt are as follows:
YEAR ENDED DECEMBER 31, AMOUNT
------------------------ ----------
1996 $25,733
1997 28,609
1998 31,747
1999 35,230
2000 157,940
Thereafter 10,302
NOTE 4 - COMMON STOCK
Each share of stock is intended to provide the shareholder with a minimum
free use of the park for 45 days per year. If the Company is unable to
generate sufficient funds from the public, the Company may be required to
charge shareholders for services.
A shareholder is entitled to a pro rata share of any dividends as well as a
pro rata share of the assets of the Company in the event of its liquidation
or sale. The shares are personal property and do not constitute an interest
in real property. The ownership of a share does not entitle the owner to any
interest in any particular site or camping period.
8
<PAGE>
PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
AS OF DECEMBER 31, 1995 AND 1994 AND SEPTEMBER 30, 1995
PAGE 4
NOTE 5 - CARRYFORWARDS RELATING TO FEDERAL INCOME TAXES
The Company files its income tax returns as of September 30, the end of its
fiscal year. At September 30, 1995, the Company had net operating loss
carryforwards which expire as follows:
Federal
---------
September 30, 2002 $ 36,000
September 30, 2003 23,000
September 30, 2004 61,000
--------
Total Net Operating Loss Carryforwards $120,000
========
In addition, the Company has the following tax credits available to offset
future federal tax liabilities:
Approximate investment tax credits expiring as follows:
September 30, 1996 $ 693
September 30, 1997 2,472
September 30, 1998 3,320
September 30, 1999 2,267
September 30, 2000 2,907
September 30, 2001 356
NOTE 6 - INCOME TAXES
The provision for income taxes is as follows:
December 31, December 31,
1995 1994
------------ -----------
Income tax expense (benefit) $(10,883) $(24,776)
Effective September 30, 1993, the Company adopted Statement of Financial
Accounting Standard No. 109, "Accounting for Income Taxes" (SFAS 109). SFAS
109 requires, among other things, a change from the deferred to the
asset-liability method of computing deferred income taxes. SFAS 109 also
requires that if income is expected for the entire year, but there is a net
loss to date, a tax benefit is recognized based on the annual effective tax
rate.
The difference between the effective tax rate and the statutory tax rates is
due primarily to the effects of the graduated tax rates and state taxes net
of the federal tax benefit.
NOTE 7 - SUBSEQUENT EVENT
Subsequent to December 31, 1995, the Company obtained a revolving a line of
credit for $150,000. The interest rate is variable at two percent over
prime, with an initial rate of 10.50 percent for a period of one year. The
purpose of the loan is to augment operating cash needs in off season months.
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 395,517
<SECURITIES> 0
<RECEIVABLES> 14,251
<ALLOWANCES> 0
<INVENTORY> 68,166
<CURRENT-ASSETS> 563,945
<PP&E> 9,130,435
<DEPRECIATION> 3,695,758
<TOTAL-ASSETS> 6,006,546
<CURRENT-LIABILITIES> 235,726
<BONDS> 0
0
0
<COMMON> 5,647,708
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,006,546
<SALES> 89,075
<TOTAL-REVENUES> 506,724
<CGS> 46,989
<TOTAL-COSTS> 426,470
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,051
<INCOME-PRETAX> (39,258)
<INCOME-TAX> 10,883
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (28,375)
<EPS-PRIMARY> (15.76)
<EPS-DILUTED> 0
</TABLE>
