SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
In the matter of )
)
EASTERN UTILITIES ASSOCIATES )
Boston, Massachusetts )
)
EUA COGENEX CORPORATION ) Certificate of
Lowell, Massachusetts ) Notification
) Pursuant to
) Rule 24
(70-7287) )
)
(Public Utility Holding Company Act of 1935) )
Enclosed herewith for filing by Eastern Utilities Associates and
its wholly-owned subsidiary, EUA Cogenex Corporation, in accordance
with the Order of the Securities and Exchange Commission entered in
the above matter on February 15, 1995 (Release No. 35-26232) and
pursuant to Rule 24 under the Public Utility Holding Company Act of 1935,
are the consolidated and consolidating balance sheet, income statement,
and statement of cash flows of EUA Cogenex for the quarter ended March 31,
1996 and such other information required to be filed by said order.
EASTERN UTILITIES ASSOCIATES
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
EUA COGENEX CORPORATION
By: /s/ Basil G. Pallone
Basil G. Pallone
Executive Vice President
August 15, 1996
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1996
<CAPTION>
ASSETS EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Eliminations (Division) (Division) (Division) Inc Canada
<S> <C> <C> <C> <C> <C> <C> <C>
Ut. Plnt and Other Inv.:
Util. plnt in svc $ $ $ $ $ $ $
Less acc. prov. for
dep. & amort.
Net util. plnt in svc
Constr. work in prog.
Net utility plant
Non-utility prop. 112,741,608 57,087,508 1,277,815 1,919,736 8,697,105
Less acc. prov
for deprec. 31,678,141 20,532,549 785,832 739,566 2,585,756
Net non-ut. prop. 81,063,467 36,554,959 491,983 1,180,170 6,111,349
Investments in subs 76,000 62,126,861 62,202,861
Excess of carrying
values of inv.
in subs.
Notes receivable 37,345,128 33,102,394 4,127,925
Leases receivable 11,369,350 7,830,814
Other 18,443,634 15,294,587 (186,000) 283,342
Total Util. Plant
& Other Inv. 148,297,579 62,126,861 154,985,615 305,983 1,180,170 6,394,691 4,127,925
Current Assets:
Cash & tci 3,022,653 650,201 (20,325) 94,908 134,625 10,669
Notes receivable 17,744,242 6,179,962 21,749,598 92,745 47,601 691,473
Leases receivable 2,117,288 826,834
Acc. rec. - Net:
Customers 18,404,805 6,634,152 2,739,878 1,961,512 526,091 20,180
Accr. unbilled rev
Others 3,693,905 1,171,557 5,022,041 18,736 108,027 (296,578) 101
Accounts rec. 4,120,925 3,465,499 472,387 131,160
Materials and supplies
(at average cost):
Fuel
Plnt mts & op. supp. 2,984,440 84,655 2,290,352 563,825
Oth. current assets 1,995,157 1,492,749 89,304 38,908 21,841
Tot. Curr. Ass. 49,962,490 11,472,444 39,925,729 5,683,077 2,945,941 364,138 744,264
Deferred Debits:
Unam. debt exp 672,162 672,162
Unrec. reg. plnt costs
Oth. def. debits 2,853,144 1,355,781 (53,328) 65,406 1,335,220 20,764
Total Deferred 3,525,306 2,027,943 (53,328) 65,406 1,335,220 20,764
Total Assets $201,785,375 $73,599,305 $196,939,287 $5,935,732 $4,191,517 $8,094,049 $4,892,953
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1996
<CAPTION>
ASSETS (CONTINUED)
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corporation Corporation (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp)
<S> <C> <C> <C> <C> <C> <C> <C>
Ut. Plnt and Other Inv.:
Util. plnt in svc $ $ $ $ $ $ $
Less acc. prov. for
dep. & amort.
Net util. plnt in svc
Constr. work in prog.
Net utility plant
Non-utility prop. 1,499,552 1,747,858 15,093,764 77,490 9,156,619 16,184,161
Less acc. prov
for deprec. 43,422 333,723 1,887,273 71,529 1,024,857 3,673,634
Net non-ut. prop. 1,456,130 1,414,135 13,206,491 5,961 8,131,762 12,510,527
Investments in subs
Excess of carrying
values of inv.
in subs.
Notes receivable 114,809
Leases receivable 1,000,598 246,603 2,291,335
Other 64,924 2,710,417 587 125,052 41,623 109,102
Total Util. Plant
& Other Inv. 1,521,054 5,239,959 587 13,331,543 5,961 8,419,988 14,910,964
Current Assets:
Cash & tci (73,578) (166,978) 1,146 846,946 1,483 36,959 1,506,597
Notes receivable 9,067 894,638 439,082
Leases receivable 109,538 51,247 1,129,669
Acc. rec. - Net:
Customers 403,126 1,193,049 304,500 887,742 1,044,920 462,156 2,227,499
Accr. unbilled rev
Others 4,034 2,701 6,400
Accounts rec. 45,957 5,922
Materials and supplies
(at average cost):
Fuel
Plnt mts & op. supp. 45,608
Oth. current assets 7,088 7,883 250 9,386 327,748
Tot. Curr. Ass. 386,627 1,206,790 1,200,284 2,180,420 1,046,403 559,748 5,191,513
Deferred Debits:
Unam. debt exp
Unrec. reg. plnt costs
Oth. def. debits 122,849 6,452
Total Deferred 122,849 6,452
Total Assets $2,030,530 $6,453,201 $1,200,871 $15,511,963 $1,052,364 $8,979,736 $20,102,477
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1996
<CAPTION>
LIABILITIES EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Elimin. Corporation (Division) (Division) Inc Canada
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $52,249,072 $16,577,355 $49,710,386 $1,598,793 $1,028,594 $11,790,513 $150,089
Non-red. pref.
stock of subs
Redeemable pref.
subs. - net 75
Pref. stck red. cost
Partnerships' capit. 13,024,397
LT debt - net $111,700,000 24,214,589 111,700,000
Total Capital. 163,949,147 53,816,341 161,410,386 1,598,793 1,028,594 11,790,513 150,089
Current Liabilities:
Pref. stock sink
Long-term debt due 6,700,000 6,700,000
Notes payable 20,796,459 11,243,958 15,225,000 1,786,446 1,867,073 4,634,721
Accounts payable 4,892,895 3,710,919 3,570,830 331,207 756,163
Acc. payable-ass co. 601,444 2,625,228 1,234,273 668,588 146,909 12,470
Customer deposits 529,899 (4,359)
Taxes accrued 250,105 18,465 53,352 57,307 20,968 108,143
Interest accrued 1,677,583 1,495,697 1,677,583 1,293,758 201,939
Dividends declared
Other cur. liab. 6,611,879 (28,465) 6,202,601 (2,198) 5
Tot. Current Liab. 42,060,264 19,065,802 34,663,639 4,130,749 2,993,057 12,470 4,742,864
Deferred Credits:
Unam. invest. credit
Other def. credits 1,772,449 717,162 1,561,057 206,190 169,866 548,638
Tot. Def. Cr. 1,772,449 717,162 1,561,057 206,190 169,866 548,638
Acc. def. Taxes (5,996,485) (695,795) (4,257,572)
Commit. & cont.
Tot. Liab. & Cap. $201,785,375 $73,599,305 $196,939,287 $5,935,732 $4,191,517 $8,094,049 $4,892,953
</TABLE>
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
MARCH 31, 1996
<CAPTION>
LIABILITIES (CONTINUED)
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corporation Corporation (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp)
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity ($1,746) $4,549,798
Non-red. pref.
stock of subs
Redeemable pref.
subs. - net 75
Pref. stck red. cost
Partnerships' capit. (584,139) 3,714,295 330,570 3,166,597 6,397,074
LT debt - net 1,046,304 10,808,167 3,012,921 9,347,197
Total Capital. (1,671) 4,549,798 462,165 14,522,462 330,570 6,179,518 15,744,271
Current Liabilities:
Pref. stock sink
Long-term debt due
Notes payable 1,632,765 1,830,415 2,536,320 2,527,677
Accounts payable 166,843 67,853 729,547 591,264 696,237 225,379 1,468,491
Acc. payable-ass co. 158,046 1,006,386
Customer deposits 360,717 173,541
Taxes accrued 3,953 6,381 18,466
Interest accrued
Dividends declared
Other cur. liab. 66,734 35,486 9,159 19,054 25,557 38,519 188,497
Tot. Current Liab. 2,028,341 2,946,521 738,706 989,501 721,794 2,800,218 4,358,206
Deferred Credits:
Unam. invest. credit
Other def. credits 3,860
Tot. Def. Cr. 3,860
Acc. def. Taxes (1,043,118)
Commit. & cont.
Tot. Liab. & Cap. $2,030,530 $6,453,201 $1,200,871 $15,511,963 $1,052,364 $8,979,736 $20,102,477
</TABLE>
( ) Denotes Contra
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Eliminations Corporation (Division) (Division) Inc Canada
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $12,591,008 $1,208,105 $5,252,112 $1,617,766 $1,970,862 $903,494 $
Operating Expenses:
Operation 11,416,744 (682,894) 4,401,403 2,023,124 1,761,079 19,973 370
Maintenance 34,509 166,091 114,406 8,195 4,519
Dep. & and amort 438,273 1,770,482 1,265,143 42,795 18,245 194,391 246
Taxes-Oth. thn inc. 230,729 92,407 61,811 58,315 23
- Income (crdt) (1,002,521) (1,275,492) 161,783 43,763
- Deferred 238,286 165,311 72,975
Total Operating Exp 11,356,020 1,253,679 4,763,178 2,135,925 1,837,639 453,664 44,379
Operating Income 1,234,988 (45,574) 488,934 (518,159) 133,223 449,830 (44,379)
Other Inc and Ded.:
Int. & div. inc. 1,375,554 721,010 1,915,123 2,983 159,813
Equ. in earn. of
jointly-owned cos. 699,846 699,846
All. for oth. funds
used dur. constr.
Oth. (deds) inc. (net) (565,377) 139,571 (464,076) 31,187 6,168
Tot. Oth. Income 810,177 1,560,427 2,150,893 34,170 165,981
Inc. (Loss) Before
Int Chgs. 2,045,165 1,514,853 2,639,827 (483,989) 133,223 449,830 121,602
Interest Charges:
Int. on LTD 2,517,751 390,526 2,517,751
Amt. of debt exp/prem 37,920 37,920
Oth. int. exp.
(princ. st notes) 301,513 103,183 210,650 35,294 26,430 68,132
All. for borr. fnds used
dur. contsr.-(crdt) (476,129) 229,366 (203,094)
Tot. Int. chgs 2,381,055 723,075 2,563,227 35,294 26,430 68,132
Net Inc. (Loss)
before pref. ret. (335,890) 791,778 76,600 (519,283) 106,793 449,830 53,470
Pref. Return Req.
Net Inc (Loss) ($335,890) $791,778 $76,600 ($519,283) $106,793 $449,830 $53,470
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corporation Corporation (Prtnrshp) (Prtnrshp) (Prtnshp) (Prtnrshp) (Prtnrshp)
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $569,899 $1,492,278 $622,986 $7,473 $373,661 $988,582
Operating Expenses:
Operation 505,375 1,304,926 964 640,122 800 26,563 49,151
Maintenance 182 983 729 12,318 314 17,869 41,085
Dep. & and amort 20,544 80,622 587 49,491 5,344 100,491 430,856
Taxes-Oth. thn inc. 5,938 12,235
- Income (crdt) 10,867 56,558
- Deferred
Total Operating Exp 542,906 1,455,324 2,280 701,931 6,458 144,923 521,092
Operating Income 26,993 36,954 (2,280) (78,945) 1,015 228,738 467,490
Other Inc and Ded.:
Int. & div. inc. 954 15,410 2,281
Equ. in earn. of
jointly-owned cos.
All. for oth. funds
used dur. constr.
Oth. (deds) inc. (net) 915
Tot. Oth. Income 1,869 15,410 2,281
Inc. (Loss) Before
Int Chgs. 28,862 52,364 (2,280) (76,664) 1,015 228,738 467,490
Interest Charges:
Int. on LTD 32,355 30,822 79,872 247,477
Amt. of debt exp/prem
Oth. int. exp.
(princ. st notes) 29,725 34,465
All. for borr. fnds used
dur. contsr.-(crdt) (16,797) (26,872)
Tot. Int. chgs 12,928 7,593 32,355 30,822 79,872 247,477
Net Inc. (Loss)
before pref. ret. 15,934 44,771 (34,635) (107,486) 1,015 148,866 220,013
Pref. Return Req.
Net Inc (Loss) $15,934 $44,771 ($34,635) ($107,486) $1,015 $148,866 $220,013
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day NEM Cogenex
Consolidated Eliminations Corporation (Division) (Division) Inc Canada
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OP. ACT.:
Net Income (Loss) ($335,889) $791,779 $76,600 ($519,282) $106,793 $449,830 $53,471
Adj. to Rec. Net Inc.(Loss)
to Net Cash Prov. by Op. Act.:
Dep. and amort. 2,524,796 1,556,334 38,375 18,245 219,421
Deferred taxes 367,923 238,390 72,975
Gains on sales of inv.
in energy svg.
proj. paid for with
notes & lease rec. (93,023) (77,296)
Non-cash costs of
energy svg costs 1,020,795 1,020,795
Pension liability 105,603 79,002 26,601
Amort. of def. rev. (60,579) (60,579)
Collections & sales
of proj. notes &
lease rec. 1,586,694 1,459,183
Equity earnings (699,846) (699,846)
Other - net (562,956) 509,071 60,874 1,742 (47,151) (25,030) (20,077)
Net Chgs to Working Cap:
Acc. receivable 162,719 (593,174) (456,741) 1,374,753 (526,005) 281,286 (6,279)
Matls and supplies 361,524 302,587 8,406
Accounts payable (1,280,353) 1,652,684 (1,154,249) (331,661) 455,847 7,729
Accrued taxes 127,879 18,466 39,018 21,542 8,517 44,256
Other - net (112,327) 43,204 (988,253) (73,849) 15,902 1,729
Net Cash Provided from
(Used In) Op. Act 3,812,806 1,722,184 1,153,811 840,808 40,554 945,632 73,100
CASH FLOW FROM INV. ACT.:
Exp. for Inv in en.
svgs projects (8,379,293) 244,225 (5,874,255) (3,994) (11,214) (553,161)
Coll. on notes &
leases rec. 551,629 477,292 3,021 71,316
Inv. in subs. (75,000) (401,215) (476,215)
Net Cash Prov. from
(Used in) Inv. Act (7,902,664) (156,990) (5,873,178) (973) (11,214) (481,845)
CASH FLOW FROM FIN. ACT.:
Issuances:
Common shares/cap contr.
Long-term deb 953,350
Redemptions:
Long-term debt (800,000) (365,674) (800,000)
Prem. on reaq. & fin.
Dividends dec (812,000) (812,000)
Cap. contrib.-EUA
Partner's cont. (w/d) (1,471,620)
Net inc. (dec) in std 6,409,080 130,748 5,661,000 (645,000) 457,077
Net Cash Prov. fr (Used In)
Fin Act 5,609,080 (1,565,196) 4,861,000 (645,000) (812,000) 457,077
NET INC (DEC) IN CASH 1,519,220 141,633 194,835 29,340 133,632 48,332
Cash & tci-Beg. of per. 1,503,436 508,570 (215,160) 65,568 993 (37,663)
Cash & tci-end of per. $3,022,656 $650,203 ($20,325) $94,908 $134,625 $10,669
Cash paid during the year for:
Int (net of amts cap) $1,877,984 $1,856,182
Income taxes ($104,558) $10,597 ($121,319)
Conv. of inv. in en. svgs proj.
to notes and leases rec. $712,212 $614,206
( ) Denotes contra
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31, 1996
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA
Citizens Highland MUPA WestCoast FRC II EC&S I EC&S II
Corporation Corporation (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp) (Prtnshp)
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OP. ACT.:
Net Income (Loss) $15,934 $44,770 ($34,635) ($107,486) $1,015 $148,867 $220,013
Adj. to Rec. Net Inc.(Loss)
to Net Cash Prov. by Op. Act.:
Dep. and amort. 20,544 80,622 588 49,490 5,344 101,119 434,714
Deferred taxes 56,558
Gains on sales of inv.
in energy svg.
proj. paid for with
notes & lease rec. (15,727)
Non-cash costs of
energy svg costs
Pension liability
Amort. of def. rev.
Collections & sales
of proj. notes &
lease rec. 25,157 26,286 19,959 56,109
Equity earnings
Other - net (44,997) 20,754
Net Chgs to Working Cap.:
Acc. receivable (96,074) (701,437) (855) (126,818) 300,404 (95,659) (377,030)
Matls and supplies 50,531
Accounts payable (8,774) 19,901 113,318 13,978 51,960 73,306 1,130,976
Accrued taxes 3,571 10,975 18,466
Other - net (41,287) 819 82,410 38,784 (39,054) (15,320) 948,996
Net Cash Provided from
(Used In) Op. Act (151,083) (407,077) 160,826 (87,300) 319,669 232,272 2,413,778
CASH FLOW FROM INV. ACT.:
Exp. for Inv in en.
svgs projects (324,216) (189,796) (447,165) (504,869) (226,398)
Coll. on notes &
leases rec.
Inv. in subs.
Net Cash Prov. from
(Used in) Inv. Act (324,216) (189,796) (447,165) (504,869) (226,398)
CASH FLOW FROM FIN. ACT.:
Issuances:
Common shares/cap contr.
Long-term deb 953,350
Redemptions:
Long-term debt (72,381) (74,932) (218,361)
Prem. on reaq. & fin.
Dividends dec
Cap. contrib.-EUA
Partner's cont. (w/d) (88,299) (50,892) (332,429) (1,000,000)
Net inc. (dec) in std 412,002 279,608 265,141 110,000
Net Cash Prov. fr (Used In)
Fin Act 412,002 279,608 (160,680) 902,458 (332,429) 190,209 (1,108,361)
NET INC (DEC) IN CASH (63,297) (317,265) 146 367,993 (12,760) (82,388) 1,079,019
Cash & tci-Beg. of per. (10,281) 150,287 1,000 478,954 14,243 119,347 427,579
Cash & tci-end of per. ($73,578) ($166,978) $1,146 $846,947 $1,483 $36,959 $1,506,598
Cash paid during the year for:
Int (net of amts cap) $21,802
Income taxes $5,032 $1,132
Conv. of inv. in en. svgs proj.
to notes and leases rec. $98,006
( ) Denotes contra
</TABLE>
Business Line Project Equipment
in Service Revenues
as of 3/31/96 as of 3/31/96
Demand Side Mgmt./Energy Mgmt. Ser $86,142,577 $8,546,201
Manufacturing and Fabrication $3,588,628
Consulting $456,179
TOTAL $86,142,577 $12,591,008
Geographic Location Project Equipment
in Service Revenues
as of 3/31/96 as of 3/31/96
New England / New York Region $50,276,809 $8,635,692
U.S. excluding New England $35,865,768 $3,955,316
and New York
Canada
All areas of the world excluding
U.S. and Canada
TOTAL $86,142,577 $12,591,008
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 148298
<TOTAL-CURRENT-ASSETS> 49962
<TOTAL-DEFERRED-CHARGES> 3525
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 201785
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 45788
<RETAINED-EARNINGS> 6461
<TOTAL-COMMON-STOCKHOLDERS-EQ> 52249
0
0
<LONG-TERM-DEBT-NET> 111700
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 20796
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 6700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 10340
<TOT-CAPITALIZATION-AND-LIAB> 201785
<GROSS-OPERATING-REVENUE> 12591
<INCOME-TAX-EXPENSE> (763)
<OTHER-OPERATING-EXPENSES> 12119
<TOTAL-OPERATING-EXPENSES> 11356
<OPERATING-INCOME-LOSS> 1235
<OTHER-INCOME-NET> 810
<INCOME-BEFORE-INTEREST-EXPEN> 2045
<TOTAL-INTEREST-EXPENSE> 2381
<NET-INCOME> (336)
0
<EARNINGS-AVAILABLE-FOR-COMM> (336)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 2518
<CASH-FLOW-OPERATIONS> 3813
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
