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 June
30, 1998 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/ Edward T. Liston
Edward T. Liston
President
November 16, 1998
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1998
<CAPTION>
ASSETS
EUA EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I NEM Cogenex
Consolidated Elimination (Division) (Division) (Divis.) (Divis.) Inc. Canada
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $ $ $ $ $ $
Less acc. provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property 109,427,667 58,760,853 2,352,924 1,150,027 8,493,365
Less accumulated provision for deprec. 45,681,050 25,507,859 911,701 558,915 3,816,817
Net non-utility property 63,746,617 33,252,994 1,441,224 591,113 4,676,548
Investments in subsidiaries (at equity) 317,005 44,310,364 44,627,369
Excess of carrying values of investments
in subsidiaries
Notes receivable 26,872,902 24,798,844 3,553
Leases receivable 16,427,798 10,620,902
Other 11,953,629 6,523,503 58,351
Total Utility Plant and Other Invest. 119,317,951 44,310,364 119,823,612 1,441,224 591,113 4,734,899 3,553
Current Assets:
Cash and temporary cash investment 6,756,130 4,227,939 (229,217) 946,598 193,000
Notes receivable 16,269,717 16,888,982 30,972,260 1,732,917 28,398
Leases receivable 2,208,610 1,136,160
Accounts receivable - Net:
Customers 15,197,458 6,525,289 2,032,908 (777,828) 480,923
Accrued unbilled revenue
Others 7,306,651 3,980,994 8,310 (293) 382,367 95
Accounts receivable - associated comp. 3,792,907 4,154,473 7,219,786 570,093
Materials and supplies (at average
cost):
Plant materials and operating supplies 828,776 15,354 253,346 432,700
Other current assets 2,452,605 1,317,578 3,681,287 56,335 (92) 1,062
Total Current Assets 54,812,856 22,361,034 57,759,069 4,424,692 432,407 551,046 703,477
Deferred Debits:
Unamortized debt expense 340,980 340,980
Unrecovered regulatory plant costs
Other deferred debits 4,810,795 3,323,269 1,118 1,114,524 112,833
Total Deferred Debits 5,151,775 3,664,249 1,118 1,114,524 112,833
Total Assets $179,282,581 $66,671,398 $181,246,930 $ $5,867,033 $1,023,520 $6,400,469 $819,864
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1998
<CAPTION>
ASSETS (Continued)
EUA Cogenex EUA EUA EUA EUA EUA
Citizens West MUPA WestCoast FRC II EC&S I EC&S II
Corp. Corp. (Partn.) (Partn.) (Partn.) (Partn.) (Partn.)
<S> <C> <C> <C> <C> <C> <C> <C>
Utility Plant and Other Investments:
Utility plant in service $ $ $ $ $ $ $
Less accumulated provision for depreciation
and amortization
Net utility plant in service
Construction work in progress
Net utility plant
Non-utility property 3,935,206 1,845,238 2,596,864 77,490 11,972,480 18,243,219
Less accumulated provision for depreciation 769,375 656,731 2,068,921 77,490 2,812,735 8,500,507
Net non-utility property 3,165,832 1,188,507 527,944 9,159,744 9,742,712
Investments in subsidiaries (at equity)
Excess of carrying values of investments
in subsidiaries
Notes receivable 2,070,505
Leases receivable 1,749,358 1,431,389 2,626,148
Other 109,791 5,084,003 46,571 59,395 72,015
Total Utility Plant and Other Investments 3,275,622 10,092,374 574,515 10,650,528 12,440,876
Current Assets:
Cash and temporary cash investments 132,818 283,780 134 58,968 50,975 283,280 807,855
Notes receivable 276,442 148,683
Leases receivable 596,722 136,628 339,100
Accounts receivable - Net:
Customers 4,429,241 1,302,830 23,750 19,413 588,761 495,337 76,835
Accrued unbilled revenue
Others (2,099,026) 1,380,127 85,869 746,158 2,822,050
Accounts receivable - associated companies 66,223 91,278
Materials and supplies (at average cost):
Plant materials and operating supplies 127,377
Other current assets 10,437 21,155
Total Current Assets 2,539,692 4,079,712 23,883 312,933 639,736 1,661,402 4,045,840
Deferred Debits:
Unamortized debt expense
Unrecovered regulatory plant costs
Other deferred debits 170,497 87,772 781
Total Deferred Debits 170,497 87,772 781
Total Assets $5,985,811 $14,259,858 $23,883 $887,448 $639,736 $12,311,930 $16,487,497
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1998
<CAPTION>
LIABILITIES
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consolidated Elimination Corporation (Division) (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $49,296,318 $15,797,012 $49,295,572 $ $1,645,272 ($1,555,825) $9,805,702
Non-redeemable preferred stock of Sub. $
Redeemable preferred stock of $
subsidiaries - net 75
Preferred stock redemption cost $
Partnerships' capital ($) 28,523,352
Long-term debt - net $79,000,000 79,000,000
Total Capitalization 128,296,393 44,320,364 128,295,572 1,645,272 (1,555,825) 9,805,702
Current Liabilities:
Preferred stock sinking fund requir.
Long-term debt due within one year 6,700,000 6,700,000
Notes payable 34,953,760 16,888,982 35,000,000 1,801,059 2,409,452
Accounts payable 1,932,868 250,810 1,080,225 1,020
Accounts payable - associated comp. 1,579,943 4,154,473 2,264,071 639,585 121,990 198,041
Customer deposits
Taxes accrued 185,332 44,282 33,624
Interest accrued 1,363,278 1,317,578 1,363,278 430,571 47,903
Dividends declared
Other current liabilities 5,334,262 4,154,903 30,491
Total Current Liabilities 52,049,444 22,361,034 49,777,343 4,015,556 2,579,344 199,061
Deferred Credits:
Unamortized investment credit
Other deferred credits 2,302,944 (10,000) 2,139,185 206,205 (4)
Total Deferred Credits 2,302,944 (10,000) 2,139,185 206,205 (4)
Accumulated deferred taxes (3,366,200) 1,034,830 (3,604,290)
Commitments and contingencies
Total Liabilities and Capitalization $179,282,581 $66,671,398 $181,246,930 $ $5,867,033 $1,023,520 $6,400,469
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
JUNE 30, 1998
<CAPTION>
LIABILITIES (continued) EUA
EUA EUA Cogenex EUA EUA EUA EUA EUA
Cogenex Citizens West MUPA WestCoast FRC II EC&S I EC&S II
Canada Corporation Corpor. (Partn.) (Partn.) (Partn.) (Partn.) (Partn.)
<S> <C> <C> <C> <C> <C> <C> <C>
Capitalization:
Common equity $770,025 $260,723 $4,871,861 $ $ $ $ $
Non-redeemable preferred stock of
subsidiaries
Redeemable preferred stock of
subsidiaries - net 75
Preferred stock redemption cost
Partnerships' capital 23,883 859,701 639,736 11,928,776 15,071,255
Long-term debt - net
Total Capitalization 770,025 260,798 4,871,861 23,883 859,701 639,736 11,928,776 15,071,255
Current Liabilities:
Preferred stock sinking fund requir.
Long-term debt due within one year
Notes payable (52,320) 4,599,000 8,085,552
Accounts payable (95,985) 125,134 71,042 1,917 36,081 462,624
Accounts payable - associated comp. (184,352) 545,274 1,407,301 23,709 100,483 618,315
Customer deposits
Taxes accrued 76,000 182 31,244
Interest accrued 335,506 503,598
Dividends declared
Other current liabilities 240,980 32,187 171,923 22,121 267,590 414,068
Total Current Liabilities (15,677) 5,637,282 10,270,660 47,746 404,154 1,495,007
Deferred Credits:
Unamortized investment credit
Other deferred credits 65,515 21,287 (19,478) (20,000) (21,000) (78,765)
Total Deferred Credits 65,515 21,287 (19,478) (20,000) (21,000) (78,765)
Accumulated deferred taxes 66,445 (863,186)
Commitments and contingencies
Total Liabilities and Capitalization $819,864 $5,985,811 $14,259,858 $23,883 $887,448 $639,736 $12,311,930 $16,487,497
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 1998
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consolidated Elimination Corporation (Division) (Division) (Division) Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $27,912,160 $ $11,266,975 $1,331,498 $3,993,665 $5,055 $1,885,010
Operating Expenses:
Operation 19,725,881 8,214,702 1,851,988 3,539,795 532,125 4,361
Maintenance 443,126 186,186 10,517
Depreciation and amortization 6,176,482 3,501,017 44,121 34,843 115,004 391,626
Taxes - Other than income 475,111 190,113 56,251 112,540 6,747 55
- Income (credit) (217,872) (564,262) (387) 369,471
- Deferred 207,029 78,146 145,950
Total Operating Expenses 26,809,757 11,605,901 1,951,974 3,687,178 653,876 921,980
Operating Income 1,102,403 (338,926) (620,475) 306,487 (648,821) 963,030
Other Income and Deductions:
Interest and dividend income 3,302,894 512,768 3,222,075 (41)
Equity in earnings of jointly-
owned companies (9,798) 2,476,359 2,466,561
Allowance for other funds used during
construction
Other (deductions) income - net 264,208 327,414 22,063 (1,236) (1,344)
Total Other Income 3,557,305 2,989,127 6,016,051 22,022 (1,236) (1,344)
Income (Loss) Before Interest
Charges 4,659,708 2,989,127 5,677,125 (598,453) 305,251 (648,821) 961,686
Interest Charges:
Interest on long-term debt 3,880,574 3,880,574
Amortization of debt expense and
premium
Other interest expense (principally
short-term notes) 1,238,126 512,768 1,158,979 37,978 49,693 20,271
Allowance for borrowed funds used
during
construction - (credit) (95,400) (48,800)
Total Interest Charges 5,023,300 512,768 4,990,753 37,978 49,693 20,271
Net Income (Loss) before
preferred return (363,592) 2,476,359 686,372 (636,431) 255,558 (669,091) 961,686
Preferred Return Requirement
Net (Loss) Income ($363,592) $2,476,359 $686,372 ($636,431) $255,558 ($669,091) $961,686
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING INCOME STATEMENTS (continued)
FOR THE SIX MONTHS ENDED JUNE 30, 1998
<CAPTION>
EUA
EUA EUA COGENEX EUA EUA EUA EUA EUA
Cogenex Citizens WEST MUPA WestCoast FRC II EC&S I EC&S II
Canada Corporation Corporation (Partn.) (Partn.) (Partn.) (Partn.) (Partn.)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating Revenues $126,352 $3,204,215 $1,406,201 $ $104,500 $ $1,198,014 $3,390,674
Operating Expenses:
Operation 119,838 2,704,327 1,368,143 50 3,231 38,098 1,349,224
Maintenance (806) 58,746 20,709 23,562 144,214
Depreciation and amortization 262,296 294,374 101,852 401,642 1,029,708
Taxes - Other than income 52,329 57,075
- Income (credit) 52,435 26,166 (101,295)
- Deferred (17,067)
Total Operating Expenses 172,273 3,044,312 1,659,976 50 125,791 463,302 2,523,145
Operating Income (45,921) 159,904 (253,775) (50) (21,291) 734,712 867,529
Other Income and Deductions:
Interest and dividend income 194,256 186,446 30,807 62,935 119,184
Equity in earnings of jointly-
owned companies
Allowance for other funds used during
construction
Other (deductions) income - net (82,047) (9) 508 (570) (570)
Total Other Income 112,208 186,437 31,315 62,365 118,614
Income (Loss) Before Interest
charges 66,287 159,904 (67,338) (50) 10,024 797,077 986,143
Interest Charges:
Interest on long-term debt
Amortization of debt expense and premium
Other interest expense (principally
short-term notes) 78,642 159,534 240,710 5,088
Allowance for borrowed funds used during
construction - (credit) (36,800) (9,800)
Total Interest Charges 78,642 122,734 230,910 5,088
Net Income (Loss) before
preferred return (12,356) 37,170 (298,248) (50) 10,024 791,989 986,143
Preferred Return Requirement
Net (Loss) Income ($12,356) $37,170 ($298,248) ($50) $10,024 $ $791,989 $986,143
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1998
<CAPTION>
EUA EUA EUA EUA EUA EUA
Cogenex Cogenex Nova Day Day I & II NEM
Consolidated Elimination Corporation (Division) (Division) (Division) Inc
<S> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($363,592) $2,476,359 $686,372 ($636,431) $255,558 ($669,091) $961,686
Adjustments to Reconcile Net Income (Loss)
to Net Cash Provided by Operating Activ.:
Depreciation and amortization 6,254,205 46,249 3,624,987 44,121 34,843 115,004 391,625
Deferred taxes 207,029 78,146 145,950
Gains on sales of investments in
energy savings
projects paid for with notes
and leases receivable (537,726) (274,083)
Non - cash costs of energy saving
projects sales 5,998,428 3,963,019
Pension liability 11,524 9,211 2,313
Amortization of deferred revenues (184,782) (23,182) (124,587)
Collections and sales of project 5,416,185 4,775,066
Undistributed Equity earnings of sub. 3,819,005 3,819,005
Other - net (2,319,676) 48,077 (1,892,068) (49,619) (474,776) (141)
Net Changes to Working Capital:
Accounts receivable 4,273,710 2,088,599 2,459,989 3,160,155 (967,181) 292 1,140,723
Materials and supplies 964,354 (1,048,902) 48,215 2,418 (27,806) (21,506)
Accounts payable (892,515) (2,011,626) (95,385) (1,268,951) 1,125,640 106,990 245,105
Accrued taxes (69,502) (667) (12,853) 7,089
Accrued interest 96,397 (943,473) 96,397 (1,413,187) 49,624 20,271
Other - net (1,588,943) 1,916,506 220,855 (5,450) 3,156 92
Net Cash Provided from (Used in)
Operating Activities 17,265,096 6,390,794 17,495,877 (177,484) 6,147 (448,040) 2,760,453
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in
energy savings projects (15,177,713) (12,162,449) (11,462) (516,218)
Collections on notes and leases
receivable 7,182,770 1,966,241 2,138
Proceeds from sale of Assets 3,853,374 1,989,650 3,860,138 1,982,886
Investments in subsidiaries
Net Cash Provided from (Used in)
investing activities (4,141,569) 1,989,650 (6,336,070) 1,971,424 (514,080)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt (5,100,000) (5,100,000)
Premium on reacquisition
Dividends declared (1,850,000) (1,850,000)
Capital contribution - EUA
Partner's contribution (withdrawal) (4,450,000)
Net increase (decrease) in short-
term debt (5,739,761) (2,080,444) (2,550,000) (1,752,150) 128,987 448,040 (348,222)
Net Cash Provided from (Used in)
Financing Activities (10,839,761) (8,380,444) (7,650,000) (1,752,150) 128,987 448,040 (2,198,222)
NET (DECREASE) INCREASE IN CASH 2,283,766 (0) 3,509,807 41,790 (378,946) (0) 562,231
Cash and temporary cash investments
at beginning of year 4,472,365 718,132 (41,790) 149,729 384,367
Cash and temporary cash investments
at end of year $6,756,131 ($0) $4,227,939 $ ($229,217) ($0) $946,598
Cash paid during the year for:
Interest (net amounts capitalized) $5,119,697 $5,119,697 $
Income Taxes $378,647 $43,085 $310,456
Conversion of investments in energy
savings projects
to notes and leases receivable $965,984 $714,532
() Denotes contra
</TABLE>
<TABLE>
EUA COGENEX CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF CASH FLOWS (continued)
FOR THE SIX MONTHS ENDED JUNE 30, 1998
<CAPTION>
EUA EUA EUA EUA EUA EUA EUA EUA
Cogenex Citizens Cogenex West MUPA WestCoast FRC II EC&S I EC&S II
Canada Corpor. Corpor. (Partn.) (Partn.) (Partn) (Partn.) (Partn.)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income (Loss) ($12,356) $37,170 ($298,248) ($50) $10,024 $ $791,989 $986,143
Adjustments to Reconcile Net Income
(Loss)
to Net Cash Provided by Operating Act.
Depreciation and amortization 262,296 294,375 101,852 401,643 1,029,708
Deferred taxes (17,067)
Gains on sales of investments in
energy savings
projects paid for with notes and
leases receivable (96,777) (151,614) (15,252)
Non - cash costs of energy saving sales 357,023 689,144 989,242
Pension liability
Amortization of deferred revenues 3,987 (20,000) (21,000)
Collections and sales of project
notes and leases receivable 300,385 29,939 71,405 239,390
Undistributed Equity earnings of sub.
Other - net (63,553) (57,816) 253,372 100,000 (86,998)
Net Changes to Working Capital:
Accounts receivable 805,104 821,951 381,743 133,647 (201,977) (1,372,137)
Materials and supplies (85,869)
Accounts payable (3,520,160) 22,707 (153,685) 23,709 47,164 562,725
Accrued taxes (72,167) 123 8,973
Accrued interest 159,531 240,288
Other - net 253,397 (13,340) 189,875 (395,289) 143,410 (69,143)
Net Cash Provided from (Used in)
Operating Activities (2,605,748) 1,589,645 1,792,378 (50) (201,987) 1,181,020 2,263,678
CASH FLOW FROM INVESTING ACTIVITIES:
Expenditures for investments in
energy savings projects (206,996) (2,045,737) (25,342) (209,509)
Collections on notes and leases
receivable 5,214,391
Proceeds from sale of Assets
Investments in subsidiaries
Net Cash Provided from (Used in)
Investing Activities 5,214,391 (206,996) (2,045,737) (25,342) (209,509)
CASH FLOW FROM FINANCING ACTIVITIES:
Redemption:
Long-term debt
Premium on reacquisition
and financing expenses
Dividends declared
Capital contribution - EUA
Partner's contribution (withdrawal) (400,000) (300,000) (1,500,000) (2,250,000)
Net increase (decrease) in short-
term debt (3,198,495) (829,000) 297,734 (17,099)
Net Cash Provided from (Used in)
Financing Activities (3,198,495) (829,000) 297,734 (400,000) (300,000) (1,517,099) (2,250,000)
NET (DECREASE) INCREASE IN CASH (589,852) 553,649 44,375 (50) (601,987) (300,000) (361,421) (195,831)
Cash and temporary cash investments
at beginning of year 782,852 (420,831) 239,405 184 660,955 350,975 644,701 1,003,686
Cash and temporary cash investments
at end of year $193,000 $132,818 $283,780 $134 $58,968 $50,975 $283,280 $807,855
Cash paid during the year for:
Interest (net of amounts capitalized) $ $ $ $
Income $18,525 $6,581
Conversion of investments in energy savings
projects to notes and leases receivable $ $205,694 $ $45,758
() Denotes contra
</TABLE>
<TABLE>
Business Line
<CAPTION>
Project Equipment
in Service Revenues
as of 6/30/98 as of 6/30/98
<S> <C> <C>
Demand Side Mgmt./Energy Mgmt. Services $90,286,725 $20,338,990
Manufacturing and Fabrication $5,330,219
Consulting $2,242,951
TOTAL $90,286,725 $27,912,160
Geographic Location
Project Equipment
in Service Revenues
as of 6/30/98 as of 6/30/98
New England / New York Region $58,663,405 $20,807,053
United States excluding New England $31,623,320 $6,978,756
and New York
Canada $126,351
All areas of the world excluding the
U.S. and Canada
TOTAL $90,286,725 $27,912,160
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 119318
<TOTAL-CURRENT-ASSETS> 54813
<TOTAL-DEFERRED-CHARGES> 5152
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 179283
<COMMON> 0
<CAPITAL-SURPLUS-PAID-IN> 47047
<RETAINED-EARNINGS> 2249
<TOTAL-COMMON-STOCKHOLDERS-EQ> 49296
0
0
<LONG-TERM-DEBT-NET> 79000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 34954
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 6700
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 9333
<TOT-CAPITALIZATION-AND-LIAB> 179283
<GROSS-OPERATING-REVENUE> 27912
<INCOME-TAX-EXPENSE> (11)
<OTHER-OPERATING-EXPENSES> 26821
<TOTAL-OPERATING-EXPENSES> 26810
<OPERATING-INCOME-LOSS> 1102
<OTHER-INCOME-NET> 3557
<INCOME-BEFORE-INTEREST-EXPEN> 4660
<TOTAL-INTEREST-EXPENSE> 5023
<NET-INCOME> (364)
0
<EARNINGS-AVAILABLE-FOR-COMM> (364)
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 3881
<CASH-FLOW-OPERATIONS> 17265
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
