UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1996
Commission File No. 2-57299
FARM FAMILY CASUALTY INSURANCE COMPANY
A New York Corporation IRS No. 14-1415410
344 Route 9W, Glenmont, New York 12077-2910
Registrant's telephone number: (518) 431-5000
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
The number of shares outstanding of the issuer's common stock as
of November 14, 1996 is 2,253,878.
<PAGE>
FARM FAMILY CASUALTY INSURANCE COMPANY
INDEX
Part I. Financial Information
Item 1. Financial Statements of Farm Family Casualty
Insurance Company (unaudited)
Consolidated Balance Sheets
December 31, 1995 and September 30, 1996
Consolidated Statements of Income -
Three months and nine months ended
September 30, 1995 and 1996
Consolidated Statements of Cash Flow -
Nine months ended September 30, 1995 and 1996
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
<TABLE>
ITEM 1. FARM FAMILY CASUALTY INSURANCE COMPANY & SUBSIDIARY
Consolidated Balance Sheets
($ in thousands)
<CAPTION>
(Unaudited)
December 31, September 30,
1995 1996
<S> <C> <C>
ASSETS
Investments
Fixed Maturities
Available for sale, at fair value
(Amortized cost: $171,694 in 1995 and
$195,918 in 1996 ) $181,189 $197,713
Held to maturity, at amortized cost
(Fair value: $13,100 in 1995 and
$10,224 in 1996) 12,386 10,057
Equity securities
Available for sale, at fair value
(Cost: $334 in 1995 and $2,536 in 1996) 4,746 7,154
Mortgage loans 1,822 1,765
Other invested assets 1,246 833
Short-term investments 6,532 9,062
-------- --------
Total investments 207,921 226,584
Cash 2,410 3,934
Insurance receivables:
Reinsurance receivables 13,773 10,314
Premiums receivable 21,791 25,434
Deferred acquisition costs 10,527 11,299
Accrued investment income 4,260 4,161
Federal income taxes recoverable 448 -
Deferred income tax asset, net - 2,592
Prepaid reinsurance premiums 1,864 2,107
Receivable from affiliates, net 13,860 13,291
Other assets 1,434 1,724
-------- --------
Total Assets $278,288 $301,440
======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Reserves for losses and loss
adjustment expenses 137,978 138,090
Unearned premium reserve 52,799 58,451
Reinsurance premiums payable 2,635 975
Accrued expenses and other liabilities 7,788 7,951
Debt 2,707 1,309
Deferred income tax liability, net 217 -
-------- --------
Total liabilities 204,124 206,776
-------- --------
Commitments and contingencies
Stockholder's equity:
Common Stock - 3,606
Additional Paid in Capital - 85,533
Retained earnings 65,284 1,280
Net unrealized investment gains 8,998 4,363
Minimum pension liability adjustment (118) (118)
-------- --------
Total stockholder's equity 74,164 94,664
-------- --------
Total Liabilities and Stockholder's Equity $278,288 $301,440
======== ========
See accompanying notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FARM FAMILY CASUALTY INSURANCE COMPANY & SUBSIDIARY
Consolidated Statements of Income
($ in thousands)
<CAPTION>
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1996 1995 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Premiums $29,958 $33,015 $87,021 $96,881
Net investment income 3,692 3.989 10,701 11,492
Realized investment gains
(losses), net 306 (102) 198 (25)
Other income 189 219 580 689
-------- -------- -------- --------
Total revenues 34,145 37,121 98,500 109,037
-------- -------- -------- --------
Losses and Expenses:
Losses and loss adjustment
expenses 20,826 23,089 61,491 71,842
Underwriting expenses 8,774 9,075 25,184 27,042
Interest expense 54 33 162 141
Dividends to policyholders 43 43 134 156
-------- -------- -------- --------
Total losses and expenses 29,697 32,240 86,971 99,181
-------- -------- -------- --------
Income before federal income tax
expense and extraordinary item 4,448 4,881 11,529 9,856
Federal income tax expense 1,275 1,495 3,328 3,114
-------- -------- -------- --------
Income before extraordinary item $3,173 $3,386 $8,201 $6,742
Extraordinary item
- demutualization expense - 126 - 1,543
-------- -------- -------- --------
Net Income $3,173 $3,260 $8,201 $5,199
======== ======== ======== ========
See accompanying notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FARM FAMILY CASUALTY INSURANCE COMPANY & SUBSIDIARY
Consolidated Statements of Cash Flows
($ in thousands)
<CAPTION>
For the Nine Month Period
Ended September 30,
1995 1996
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $8,201 $5,199
Adjustments to reconcile net income
to net cash provided by operating activities:
Realized investment (gains) losses (198) 25
Amortization of bond discount 41 99
Deferred income taxes (665) (313)
Extraordinary item - demutualization expense - 1,543
Changes in:
Reinsurance receivables 1,442 3,459
Premiums receivable (6,097) (3,643)
Deferred acquisition costs (2,375) (772)
Accrued investment income 501 99
Federal income taxes recoverable 899 448
Prepaid reinsurance premiums (247) (243)
Receivable from affiliates (2,997) 569
Other assets 463 (289)
Reserves for losses and loss adjustment expenses 6,490 112
Unearned premium reserve 6,789 5,652
Reinsurance premiums payable (796) (1,660)
Accrued expenses and other liabilities 516 164
Capital Contribution -
1995 Demutualization Expenses - 394
-------- --------
Total adjustments 3,766 5,644
Net cash provided by operating activities
before extraordinary item $11,967 $10,843
Extraordinary item - demutualization expense - (1,543)
-------- --------
Net cash provided by operating activities $11,967 $9,300
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales:
Fixed maturities available for sale 21,983 5,450
Equity securities - 144
Investment collections:
Fixed maturities available for sale 10,283 7,238
Fixed maturities held to maturity 292 2,289
Mortgage loans 50 57
Investment purchases:
Fixed maturities available for sale (43,825) (36,924)
Equity securities - (1,903)
Change in short-term investments, net (2,239) (2,531)
Change in other invested assets 405 259
-------- --------
Net cash used in investing activities ($13,051) ($25,921)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution - 18,171
Principal payments on debt (39) (26)
-------- --------
Net cash used in financing activities ($39) $18,145
-------- --------
Net increase (decrease) in cash (1,123) 1,524
Cash, beginning of period 4,507 2,410
-------- --------
Cash, end of period $3,384 $3,934
======== ========
See accompanying notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
Notes to Consolidated Financial Statements
- ------------------------------------------
1. Summary of Significant Accounting Policies
The accompanying consolidated financial statements include the
accounts of Farm Family Casualty Insurance Company and its
wholly owned subsidiary, Rural Agency & Brokerage, Inc.
(collectively referred to as the "Company"). On July 26, 1996,
Farm Family Mutual Insurance Company converted from a mutual
property and casualty insurance company to a stockholder owned
property and casualty insurance company and became a wholly
owned subsidiary of Farm Family Holdings, Inc. pursuant to a
Plan of Reorganization and Conversion. In addition, Farm Family
Mutual Insurance Company was renamed Farm Family Casualty
Insurance Company.
The accompanying unaudited consolidated financial statements
have been prepared in accordance with the instructions to Form
10-Q. In the opinion of management, these statements contain
all adjustments including normal recurring accruals, which are
necessary for a fair presentation of the consolidated financial
position at September 30, 1996, and the consolidated results of
operations for the periods ended September 30, 1995 and 1996.
The results of the Company's operations for any interim period
are not necessarily indicative of the results of the Company's
operations for a full fiscal year.
<PAGE>
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
General
- -------
On July 26, 1996, Farm Family Mutual Insurance Company converted
from a mutual property and casualty insurance company to a
stockholder owned property and casualty insurance company and
became a wholly owned subsidiary of Farm Family Holdings, Inc.
pursuant to a Plan of Reorganization and Conversion (the
"Plan"). In addition, Farm Family Mutual Insurance Company was
renamed Farm Family Casualty Insurance Company. Farm Family
Casualty Insurance Company (the "Casualty Company") is a
specialized property and casualty insurer of farms, other
generally related businesses and residents of rural and suburban
communities principally in the Northeastern United States. The
Casualty Company provides property and casualty insurance
coverages to members of the state Farm Bureau organizations in
New York, New Jersey, Delaware, West Virginia and all of the New
England states. In addition, the Company's wholly owned
subsidiary, Rural Agency and Brokerage, Inc. ("Rural Agency"),
places insurance coverages not underwritten by the Casualty
Company for the Casualty Company's policyholders. The Casualty
Company and Rural Agency are collectively referred to herein as
"the Company". The operations of the Casualty Company are also
closely related with those of its affiliates, Farm Family Life
Insurance Company (the "Life Company") and the Life Company's
wholly owned subsidiary, United Farm Family Insurance Company.
On July 26, 1996, pursuant to the Plan the Casualty Company
issued 2,253,878 shares of its common stock, representing all of
its issued and outstanding common stock, to Farm Family Holdings, Inc.
The Company's premium revenue is a function of changes in
average premium per policy and the growth in the number of
policies. Premium rates are regulated by the state insurance
departments in the states in which the Company operates.
Membership in the Farm Bureau organizations is a prerequisite
for voluntary insurance coverage (except for employees of the
Company and its affiliates). Associate Farm Bureau memberships
are generally available for an annual fee to persons not engaged
in agricultural businesses.
The Company's operating results are subject to significant
fluctuations from period to period depending upon, among other
factors, the frequency and severity of losses from weather
related and other catastrophic events, the effect of competition
and regulation on the pricing of products, changes in interest
rates, general economic conditions, tax laws and the regulatory
environment. As a condition of its license to do business in
various states, the Company is required to participate in a
variety of mandatory residual market mechanisms (including
mandatary pools) which provide certain insurance (most notably
automobile insurance) to consumers who are otherwise unable to
obtain such coverages from private insurers. In all such
states, residual market premium rates are subject to the
approval of the state insurance department and have generally
been inadequate. The amount of future losses or assessments
from residual market mechanisms cannot be predicted with
certainty and could have a material adverse effect on the
Company's results of operations.
For the nine month periods ended September 30, 1996 and 1995,
38.7% and 39.1%, respectively, of the Company's direct written
premiums were derived from policies written in New York and, for
the same periods, 22.4% and 20.7%, respectively, were derived
from policies written in New Jersey. For these same periods, no
other state accounted for more than 10.0% of the Company's
direct written premiums. As a result, the Company's results of
operations may be significantly affected by weather conditions,
catastrophic events and regulatory developments in these two
states and in the Northeastern United States generally.
<PAGE>
The Special Farm Package is a flexible, multi-line package of
insurance coverage which the Company regards as its "flagship"
product. For the nine month periods ended September 30, 1996
and 1995, 24.5% and 24.9%, respectively, of the Company's direct
written premiums were derived from the Special Farm Package
product. The Company concentrates on the Special Farm Package
and its other established major product lines and, increasingly,
on its businessowners and homeowners products. It generally
does not pursue the development of products with risk profiles
with which it is not familiar, nor does it, typically, actively
market its automobile, workers' compensation or general
liability policies except to policyholders who may also purchase
its Special Farm Package, businessowners or homeowners products.
The following Results of Operations include the operations of
the Casualty Company and Rural Agency.
Results of Operations
- ---------------------
The Three Month Period Ended September 30, 1996 Compared to the
Three Month Period Ended September 30, 1995
Premiums
- --------
Premium revenue increased $3.1 million or 10.2%, during the
three month period ended September 30, 1996 to $33.0 million
from $29.9 million for the same period in 1995. The increase in
premium revenue in 1996 resulted from an increase of $2.5
million in earned premiums on additional business directly
written by the Company, a decrease of $0.5 million in earned
premiums retained by the Company and not ceded to reinsurers and
an increase of $0.1 million in earned premiums assumed. The
$2.5 million increase in earned premiums on additional business
directly written by the Company was primarily attributable to
an increase of $2.5 million, or 8.9%, in earned premiums from
the Company's primary products (personal and commercial
automobile products other than assigned risk business, the
Special Farm Package, businessowners products, homeowners
products, and Special Home Package) which was partially offset
by a decrease of $0.3 million in earned premiums from the
Company's assigned risk business. The number of policies in
force related to the Company's primary products increased by
7.4% to approximately 111,400 as of September 30, 1996 from
approximately 103,700 as of September 30, 1995 and the average
premium earned for each such policy increased by 1.4% during the
three month period ended September 30, 1996 compared to the same
period in 1995.
Net Investment Income
- ---------------------
Net investment income increased $0.3 million or 8.0% to $4.0
million for the three month period ended September 30, 1996 from
$3.7 million for the same period in 1995. The increase in net
investment income was primarily the result of an increase in
average cash and invested assets (at amortized cost) of
approximately $32.8 million, or 17.1% from September 30,
1996 compared to September 30, 1995. The increase in average
cash and invested assets was primarily attributable to the
capital contribution of $18.2 million received in July 1996 from
the Casualty Company's parent, Farm Family Holdings, Inc. The
return realized on the Company's cash and investments was 7.5%
for the three month period ended September 30, 1996 and 7.6% for
the same period in 1995.
Net Realized Investment Gains (Losses)
- --------------------------------------
Net realized investment losses were $102,000 for the three month
period ended September 30, 1996 compared to a gain of $306,000
for the same period in 1995.
<PAGE>
Losses and Loss Adjustment Expenses
- -----------------------------------
Losses and loss adjustment expenses increased $2.2 million, or
10.9%, to $23.0 million for the three month period ended
September 30, 1996 from $20.8 million for the same period in
1995. Loss and loss adjustment expenses were 69.9% of premium
revenue for the three month period ended September 30, 1996
compared to 69.5% of premium revenue for the same period in
1995. Losses believed to be storm and weather related
aggregated $0.7 million in the three month period ended
September 30, 1996 compared to $1.3 million for the same period
in 1995.
Underwriting Expenses
- ---------------------
Underwriting expenses increased $0.3 million, or 3.4%, to $9.1
million for the three month period ended September 30, 1996 from
$8.8 million for the same period in 1995. For the three month
period ended September 30, 1996, underwriting expenses were
27.5% of premium revenue compared to 29.3% in 1995. The
reduction in the underwriting expense ratio was primarily
attributable to a smaller relative increase in overhead expenses
than in premium revenue for the period.
Federal Income Tax Expense
- --------------------------
Federal income tax expense increased $0.2 million to $1.5
million in 1996 from $1.3 million in 1995. Federal income tax
expense was 30.6% of income before federal income tax expense
for the three month period ended September 30, 1996 compared to
28.7% for the same period in 1995.
Income Before Extraordinary Item
- --------------------------------
Income before extraordinary item increased $0.2 million or 6.7%
to $3.4 million for the three month period ended September 30,
1996 compared to $3.2 million for the same period in 1995
primarily as a result of the foregoing factors.
Net Income
- ----------
Net income increased $0.1 million to $3.3 million for the three
month period ended September 30, 1996 from $3.2 million for the
same period in 1995 primarily as a result of foregoing factors
despite the impact of $0.1 million of expenses related to the
demutualization of the Company which the Company has identified
as an extraordinary item.
<PAGE>
The Nine Month Period Ended September 30, 1996 Compared to the
Nine Month Period Ended September 30, 1995
Premiums
- --------
Premium revenue increased $9.9 million or 11.3%, during the nine
month period ended September 30, 1996 to $96.9 million from
$87.0 million for the same period in 1995. The increase in
premium revenue in 1996 resulted from an increase of $8.2
million in earned premiums on additional business directly
written by the Company and an increase of $1.8 million in
earned premiums retained by the Company and not ceded to
reinsurers, which was partially offset by a decrease of $0.1
million in earned premiums assumed. The $8.2 million increase
in earned premiums on additional business directly written by
the Company was primarily attributable to an increase of $7.1
million, or 8.9%, in earned premiums from the Company's primary
products (personal and commercial automobile products other than
assigned risk business, the Special Farm Package, businessowners
products, homeowners products, and Special Home Package) and to
an increase of $0.6 million in earned premiums on the Company's
workers compensation business. The number of policies in force
related to the Company's primary products increased by 7.4% to
approximately 111,400 as of September 30, 1996 from
approximately 103,700 as of September 30, 1995 and the average
premium earned for each such policy increased by 1.4% during the
nine month period ended September 30, 1996 compared to the same
period in 1995. The $1.8 million increase in earned premiums
retained by the Company was primarily the result of a change in
the terms of certain of the Company's reinsurance agreements
pursuant to which earned premiums ceded by the Company was
slightly reduced.
Net Investment Income
- ---------------------
Net investment income increased $0.8 million or 7.4% to $11.5
million for the nine month period ended September 30, 1996 from
$10.7 million for the same period in 1995. The increase in net
investment income was primarily the result of an increase in
cash and investments of approximately $32.8 million, or 17.1%
primarily as a result of a capital contribution of $18.2 million
received in July 1996 from the Casualty Company's parent, Farm
Family Holdings, Inc. The return realized on the Company's cash
and invested assets was 7.3% for the nine month period ended
September 30, 1996 and 7.5% for the same period in 1995.
Net Realized Investment Gains (Losses)
- --------------------------------------
Net realized investment losses were $25,000 for the nine month
period ended September 30, 1996 compared to a gain of $198,000
for the same period in 1995.
Losses and Loss Adjustment Expenses
- -----------------------------------
Losses and loss adjustment expenses increased $10.4 million, or
16.8%, to $71.8 million for the nine month period ended
September 30, 1996 from $60.5 million for the same period in
1995. Loss and loss adjustment expenses were 74.2% of premium
revenue for the nine month period ended September 30, 1996
compared to 70.7% of premium revenue for the same period in
1995. The increase in the loss and loss adjustment expense
ratio was primarily attributable to the frequency of weather
related losses in the Northeastern United States during the
three months ended March 31, 1996. Losses believed to be storm
and weather related aggregated $9.4 million in nine month period
ended September 30, 1996 compared to $3.4 million for the same
period in 1995.
Underwriting Expenses
- ---------------------
Underwriting expenses increased $1.8 million, or 7.4%, to $27.0
million for the nine month period ended September 30, 1996 from
$25.2 million for the same period in 1995. For the nine month
period ended September 30, 1996, underwriting expenses were
27.9% of premium revenue compared to 28.9% in 1995. The
reduction in the Company's underwriting expense ratio was
primarily attributable to a smaller relative increase in
overhead expenses than in premium revenue for the period.
<PAGE>
Federal Income Tax Expense
- --------------------------
Federal income tax expense decreased $0.2 million to $3.1
million in 1996 from $3.3 million in 1995. Federal income tax
expense was 31.6% of income before federal income tax expense
for the nine month period ended September 30, 1996 compared to
28.9% for the same period in 1995.
Income Before Extraordinary Item
- --------------------------------
Income before extraordinary item decreased $1.5 million to $6.7
million for the nine month period ended September 30, 1996
compared to $8.2 million for the same period in 1995 primarily
as a result of the foregoing factors.
Net Income
- ----------
Net income decreased $3.0 million to $5.2 million for the nine
month period ended September 30, 1996 from $8.2 million for the
same period in 1995 primarily as a result of the foregoing
factors and the impact of $1.5 million of expenses related to
the demutualization of the Company which the Company has
identified as an extraordinary item.
Liquidity and Capital Resources
- -------------------------------
Net cash provided by operating activities was $9.3 million and
$12.0 million during the nine month periods ended September 30,
1996 and 1995, respectively. The decrease in net cash provided
by operating activities during the nine month period ended
September 30, 1996 was primarily attributable to the decrease in
net income and an increase in payments for losses and loss
adjustment expenses.
Net cash used in investing activities was $25.9 million and
$13.1 million during the nine month periods ended September 30,
1996 and 1995, respectively primarily as a result of a reduction
in the proceeds on the maturities and sales of fixed maturities.
Net cash provided by financing activities increased $18.1
million for the nine month period ended September 30, 1996
compared to the same period in 1995 primarily as a result of a
capital contribution from the Casualty Company's parent, Farm
Family Holdings, Inc. of $18.2 million.
The Casualty Company has in place an unsecured line of credit
with Key Bank of New York under which it may borrow up to $2.0
million. At September 30, 1996, no amounts were outstanding on
this line of credit, which has an annual interest rate equal to
the bank's prime rate. In addition, at September 30, 1996, the
Casualty Company had $1.3 million of surplus notes outstanding.
The surplus notes bear interest at the rate of eight percent
per annum and have no maturity date. The principal and interest
on the surplus notes are repayable only with the approval of the
Superintendent of Insurance of New York State.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
A report on Form 8-K was filed on July 22, 1996 reporting a
press release issued by Farm Family Holdings, Inc. announcing an
initial public offering of 2.47 million shares of its common
stock at a price of $16.00 per share.
No financial statements were filed with the Form 8-K.
<PAGE>
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.
FARM FAMILY CASUALTY INSURANCE COMPANY
(Registrant)
November 14, 1996 /s/ Philip P. Weber
- ------------------------- ----------------------------------------------------
(Date) Philip P. Weber, President & Chief Executive Officer
(Principal Administrative Officer)
November 14, 1996 /s/ Timothy A. Walsh
- ------------------------- ----------------------------------------------------
(Date) Timothy A. Walsh, Senior Vice President - Finance
(Principal Financial Officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 7
<CIK> 0000277269
<NAME> FARM FAMILY CASUALTY INSURANCE COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<DEBT-HELD-FOR-SALE> 197,713
<DEBT-CARRYING-VALUE> 10,057
<DEBT-MARKET-VALUE> 10,224
<EQUITIES> 7,154
<MORTGAGE> 1,765
<REAL-ESTATE> 0
<TOTAL-INVEST> 226,584
<CASH> 3,934
<RECOVER-REINSURE> 10,314
<DEFERRED-ACQUISITION> 11,299
<TOTAL-ASSETS> 301,440
<POLICY-LOSSES> 138,090
<UNEARNED-PREMIUMS> 58,451
<POLICY-OTHER> 7,951
<POLICY-HOLDER-FUNDS> 86,813
<NOTES-PAYABLE> 1,309
<COMMON> 3,606
0
0
<OTHER-SE> 4,245
<TOTAL-LIABILITY-AND-EQUITY> 301,440
96,881
<INVESTMENT-INCOME> 11,492
<INVESTMENT-GAINS> (25)
<OTHER-INCOME> 689
<BENEFITS> 71,842
<UNDERWRITING-AMORTIZATION> 27,042
<UNDERWRITING-OTHER> 0
<INCOME-PRETAX> 9,856
<INCOME-TAX> 3,114
<INCOME-CONTINUING> 6,742
<DISCONTINUED> 0
<EXTRAORDINARY> 1,543
<CHANGES> 0
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<EPS-PRIMARY> 0
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<RESERVE-OPEN> 109,326
<PROVISION-CURRENT> 71,685
<PROVISION-PRIOR> 153
<PAYMENTS-CURRENT> 33,167
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</TABLE>
