FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File Number
March 31, 1996 2-65391
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
(Exact Name of Registrant as specified in its Charter)
Delaware 16-1173249
- -------------------- ---------------------------------
(State of Formation) (IRS Employer Identification No.)
2350 North Forest Road
Suite 12-A
Getzville, New York 14068
(Address of Principal Executive Office)
Registrant's Telephone Number: (716) 636-0280
Indicate by a 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
--- ---
Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-Q or any
amendment to this Form 10-Q. (X)
As of March 31, 1996, the issuer had 3,100 units of limited partnership interest
outstanding.
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
-----------------------------------------------
INDEX
-----
PAGE NO.
--------
PART I: FINANCIAL INFORMATION
- ------- ---------------------
Balance Sheets -
March 31, 1996 and December 31, 1995 3
Statements of Operations -
Three Months Ended March 31, 1996 and 1995 4
Statements of Cash Flows -
Three Months Ended March 31, 1996 and 1995 5
Statements of Partners' (Deficit) -
Three Months Ended March 31, 1996 and 1995 6
Notes to Financial Statements 7 - 13
PART II: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
- -------- FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14 - 15
---------------------------------------------
-2-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
BALANCE SHEETS
March 31, 1996 and December 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
----------- -----------
<S> <C> <C>
ASSETS
Property, at cost:
Land $ 182,500 $ 182,500
Land improvements 185,000 185,000
Buildings 2,404,785 2,404,785
Furniture and fixtures 164,141 164,141
----------- -----------
2,936,426 2,936,426
Less accumulated depreciation 1,713,777 1,683,705
----------- -----------
Property, net 1,222,649 1,252,721
Cash -- --
Cash - security deposits 28,025 27,851
Escrow deposits 309,438 277,523
Mortgage costs, net of accumulated
amortization of $22,488 and $21,052 178,463 179,899
Other assets 10,139 19,451
----------- -----------
Total Assets $ 1,748,714 $ 1,757,445
=========== ===========
LIABILITIES AND PARTNERS' (DEFICIT)
Liabilities:
Cash overdraft $ 164,085 $ 82,399
Mortgages payable 2,943,495 2,947,711
Accounts payable and accrued expenses 225,452 178,445
Accounts payable - affiliates 820,696 874,484
Accrued interest 22,097 22,108
Security deposits and prepaid rent 46,012 42,710
----------- -----------
Total Liabilities 4,221,837 4,147,857
----------- -----------
Minority interest in consolidated
joint venture 375,542 393,817
----------- -----------
Partners' (Deficit):
General partners (790,980) (790,336)
Limited partners (2,057,684) (1,993,893)
----------- -----------
Total Partners' (Deficit) (2,848,665) (2,784,229)
----------- -----------
Total Liabilities and Partners' (Deficit) $ 1,748,714 $ 1,757,445
=========== ===========
</TABLE>
See notes to financial statements
-3-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
Three Months Ended March 31, 1996 and 1995
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
--------- ---------
Income:
Rental $ 177,317 $ 175,558
Interest and other income 7,943 10,026
--------- ---------
Total income 185,260 185,584
--------- ---------
Expenses:
Property operations 84,995 96,058
Interest:
Paid to affiliates 22,993 19,660
Other 66,282 66,653
Depreciation and amortization 31,507 30,808
Administrative:
Paid to affiliates 10,065 7,812
Other 52,129 21,781
--------- ---------
Total expenses 267,971 242,772
--------- ---------
Loss before allocation
to minority interest (82,711) (57,188)
Loss allocated to minority interest 18,275 16,074
--------- ---------
Net loss $ (64,436) $ (41,114)
========= =========
Loss per limited partnership unit $ (20.58) $ (13.13)
========= =========
Distributions per limited partnership unit $ -- $ --
========= =========
Weighted average number of
limited partnership units
outstanding 3,100 3,100
========= =========
See notes to financial statements
-4-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1996 and 1995
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1996 1995
-------- --------
Cash flow from operating activities:
Net loss $(64,436) $(41,114)
Adjustments to reconcile net loss to net cash
(used in) operating activities:
Depreciation and amortization 31,507 29,373
Minority interest share of net loss (18,275) (16,074)
Changes in operating assets and liabilities:
Cash - security deposits (174) (170)
Escrow deposits (31,915) 35,413
Other assets 9,312 11,279
Accounts payable and accrued expenses 47,008 (25,507)
Accrued interest (11) --
Security deposits and prepaid rent 3,302 540
-------- --------
Net cash (used in) operating activities (23,682) (6,260)
-------- --------
Cash flow from investing activities:
Property additions and net cash
provided by investing activities -- --
-------- --------
Cash flows from financing activities:
Cash overdraft 81,686 --
Accounts payable - affiliates (53,788) 7,871
Principal payments on mortgage(s) (4,216) (3,854)
Mortgage costs -- 1,435
-------- --------
Net cash provided by financing activities 23,682 5,452
-------- --------
Increase (decrease) in cash -- (808)
Cash - beginning of period -- 1,074
-------- --------
Cash - end of period $ -- $ 266
======== ========
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest $ 66,271 $ 66,653
======== ========
See notes to financial statements
-5-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
STATEMENTS OF PARTNERS' (DEFICIT)
Three Months Ended March 31, 1996 and 1995
(Unaudited)
General Limited Partners
Partners
Amount Units Amount
------ ----- ------
Balance, January 1, 1995 $ (788,062) 3,100 $(1,768,771)
Net loss (411) -- (40,703)
----------- ----------- -----------
Balance, March 31, 1995 $ (788,473) 3,100 $(1,809,474)
=========== =========== ===========
Balance, January 1, 1996 $ (790,336) 3,100 $(1,993,893)
Net loss (644) -- (63,791)
----------- ----------- -----------
Balance, March 31, 1996 $ (790,980) 3,100 $(2,057,684)
=========== =========== ===========
See notes to financial statements
-6-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
Three Months Ended March 31, 1996 and 1995
(Unaudited)
1. GENERAL PARTNER'S DISCLOSURE
In the opinion of the General Partners of Realmark Property Investors
Limited Partnership, all adjustments necessary for the fair presentation of
the Partnership's financial position, results of operations, and changes in
cash flows for the three months ended March 31, 1996 and 1995 have been
made in the financial statements. The financial statements are unaudited
and subject to any year-end adjustments which may be necessary.
2. FORMATION AND OPERATION OF PARTNERSHIP
Realmark Property Investors Limited Partnership (the "Partnership"), a
Delaware Limited Partnership, was formed August 28, 1979, to invest in a
diversified portfolio of income-producing real estate.
In March 1981, the Partnership commenced the public offering of units of
limited partnership interest. On December 31, 1981 the offering was
concluded, at which time 3,100 units of limited partnership interest were
outstanding. The General Partners are Realmark Properties, Inc., a Delaware
corporation, the corporate General Partner, and Mr. Joseph M. Jayson, the
individual General Partner. Joseph M. Jayson is the sole shareholder of
J.M. Jayson & Company, Inc. Realmark Properties, Inc. is a wholly-owned
subsidiary of J.M. Jayson & Company, Inc.
Under the Partnership agreement, the General Partners and affiliates can
receive compensation for services rendered and reimbursement for expenses
incurred on behalf of the Partnership. The Partnership agreement provides
for taxable income or loss of the Partnership to be allocated 99% to the
limited partners and 1% to the general partners. Through December 31, 1986,
and for 1991, taxable income or loss was allocated in accordance with this
provision. For the years 1987 through 1990, 1992, 1993, 1994 and 1995, the
Partnership was required to allocate losses in accordance with Internal
Revenue Section 704(b). In general, Section 704(b) may be applicable when
Partnership capital is negative and limited partners are not required to
restore negative capital accounts. In such instances, the IRS code requires
that the general partners bear a greater portion of the economic loss than
that which would be allocated pursuant to the partnership agreement and,
therefore, the loss must be reallocated. For the three month period ended
March 31, 1996, Section 704(b) was applicable.
-7-
<PAGE>
FORMATION AND OPERATION OF PARTNERSHIP (CONTINUED)
Losses arising from the sale of properties shall be allocated 99% to the
Limited Partners and 1% to the General Partners subject to the revisions
made in the Internal Revenue Code, pursuant to the Tax Reform Act of 1986.
Net proceeds arising from a sale or refinancing shall be distributed first
to the Limited Partners in an amount equivalent to a 7% return on their
average adjusted capital balances, plus an amount equal to their respective
positive capital account balances.
Additional proceeds after property disposition fees shall be allocated to
the Limited Partners in an amount equivalent to 5% of their average
adjusted capital balances and the remainder, if any, in the ratio of 90% to
the Limited Partners and 10% to the General Partners. Income arising from
the sale or refinancing shall be allocated in the same manner as the
proceeds are to be distributed, except that the General Partners are to be
allocated at least 1% of the income.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash
----
For purposes of reporting cash flows, cash includes the following items:
cash on hand; cash in checking; and money market savings.
Cash - security deposits
------------------------
Cash - security deposits represents cash on deposit in accordance with the
HUD regulatory agreement for the one property with a HUD mortgage.
Escrow deposits
---------------
Escrow deposits represent cash which is restricted for the payment of
property taxes or for repairs and replacements in accordance with the
mortgage agreement.
Property and depreciation
-------------------------
Depreciation is provided using the straight-line method over the estimated
useful lives of the respective assets. Expenditures for maintenance and
repairs are expensed as incurred, and major renewals and betterments are
capitalized. The Accelerated Cost Recovery System is used to calculate
depreciation expense for tax purposes.
-8-
<PAGE>
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Minority interest in consolidated joint venture
-----------------------------------------------
The minority interest in a consolidated joint venture is stated at the
amount of capital contributed by the minority investor adjusted for its
share of joint venture losses.
Rental income
-------------
Rental income is recognized under the operating method. The outstanding
leases with respect to rental properties owned are for terms of no more
than one year.
Income (loss) per limited partnership unit
------------------------------------------
The income or loss per limited partnership unit is based on the weighted
average number of limited partnership units outstanding during the period
then ended.
4. ACQUISITION AND DISPOSITION OF RENTAL PROPERTY
In November 1981, the Partnership acquired a 144 unit apartment complex
(Gold Key I) located in Englewood, Ohio, for a purchase price of
$2,860,754, which included $191,872 in acquisition fees.
In July 1982 , the Partnership acquired a 99 unit apartment complex
(Clarewood) located in Lafayette, Louisiana, for a purchase price of
$2,428,834, which included $134,992 in acquisition fees.
In July 1982, the Partnership acquired a 155 unit apartment complex
(Gallery) located in Lafayette, Louisiana, for a purchase price of
$3,546,653, which included $197,987 in acquisition fees.
In October 1989, the Partnership sold the Clarewood and Gallery apartments
for a combined price of $4,647,516, which generated a total net gain for
financial statement purposes of $1,209,164.
-9-
<PAGE>
5. MORTGAGES PAYABLE
Gold Key Apartments
-------------------
On May 5, 1992, the Partnership's first and second mortgages on the Gold
Key apartment complex were refinanced with a 9% U.S. Department of Housing
and Urban Development (HUD) guaranteed mortgage in the amount of $2,997,800
due June 1, 2027. The mortgage provides for monthly principal and interest
payments of $23,503, plus monthly escrow deposits for real estate taxes,
insurance and repairs and maintenance totaling $11,346. The balance of the
mortgage at March 31, 1996 and 1995 was $2,943,495 and $2,959,805,
respectively. The mortgage is secured by all of the assets of the Gold Key
apartment complex.
The mortgage is subject to a HUD regulatory agreement which, among other
things, places restrictions on the uses and handling of cash and restricts
distributions to the property owner to amounts that are considered to be
surplus cash as defined in the agreement.
The maturity of the mortgage payable for each of the next five years and
thereafter is as follows:
Year Amount
---- ------
1996 $ 17,444
1997 19,080
1998 20,871
1999 22,829
2000 24,970
Thereafter 2,842,517
---------
TOTAL $ 2,947,711
6. MINORITY INTEREST OF RELATED PARTY IN GOLD KEY JOINT VENTURE
On May 5, 1992, the Partnership entered into an agreement to form a joint
venture with Realmark Property Investors Limited Partnership VI-A (RPILP
VI-A). The joint venture was formed for the purpose of operating the Gold
Key Apartment complex owned by the Partnership. Under the terms of the
original agreement, RPILP VI-A contributed $497,911 with the Partnership
contributing the property net of the first mortgage. On March 1, 1993,
RPILP VI-A contributed an additional $125,239, amending the original joint
venture agreement in the process.
-10-
<PAGE>
MINORITY INTEREST OF RELATED PARTY IN GOLD KEY JOINT VENTURE (CONTINUED)
The amended agreement now provides that any income, loss, gain, cash flow,
or sale proceeds be allocated 60.0% to the Partnership and 40.0% to RPILP
VI-A. The net loss from the date of inception has been allocated to the
minority interest in accordance with the terms of the agreement and has
been recorded as a reduction of the capital contribution.
A reconciliation of the minority interest share in the Gold Key Joint
Venture is as follows:
Balance, January 1 $ 393,817
Capital contribution -
Allocated loss (18,275)
---------
Balance, March 31 $ 375,542
7. RELATED PARTY TRANSACTIONS
Management fees for the Gold Key complex are paid or accrued to an
affiliate of the General Partners. The management agreement provides for 5%
of gross monthly rental receipts of the complex to be paid as fees for
administering the operations of the property. These fees totaled $8,700 for
both the three months ended March 31, 1996 and 1995.
The general partner is also entitled to receive a Partnership management
fee equal to 9% of net cash flow (as defined in the partnership agreement),
2% of which is subordinated to the limited partners having received an
annual cash return equal to 7% of their adjusted capital contributions. No
such fee has been paid or accrued by the Partnership for the three months
ended March 31, 1996 and 1995.
Accounts payable - affiliates amounted to $820,696 and $801,938 at March
31, 1996 and 1995, respectively. The payable represents fees due and
advances from the General Partner. Interest charged on accounts payable -
affiliates totaled $22,993 for the three month period ended March 31, 1996.
Pursuant to the terms of the Partnership agreement, the corporate general
partner charged the Partnership for reimbursement of certain costs and
expenses incurred by the corporate general partner and its affiliates.
These charges were for the Partnership's allocated share of costs and
expenses such as payroll, travel and communication, costs related to
partnership accounting, and partner's communication and relations.
-11-
<PAGE>
RELATED PARTY TRANSACTIONS (CONTINUED)
Computer service charges for the Partnership are paid or accrued to an
affiliate of the General Partners. The fee is based upon the number of
apartment units and totaled $758 for the three month periods ended March
31, 1996 and 1995.
The corporate general partner is allowed to collect property disposition
fees upon the sale of acquired properties. This fee is not to exceed the
lesser of 9% of the gross proceeds of the offering applicable to the
property or 50% of normal rates, subordinated to: (1) the payment to the
limited partners of a cumulative annual return (not compounded) equal to 7%
of their average adjusted capital balances; (2) the repayment to the
limited partners of a cumulative amount equal to their capital
contributions; and (3) the payment to all partners of an amount equal to
their respective positive capital account balances to the extent such
balances exceed the amounts provided for in the preceding clauses (1) and
(2).
8. INCOME TAXES
No provision has been made for income taxes since the income or loss of
the Partnership is to be included in the tax returns of the individual
partners.
The tax returns of the Partnership are subject to examination by federal
and state taxing authorities. Under federal and state income tax laws,
regulations and rulings, certain types of transactions may be accorded
varying interpretations and, accordingly, reported Partnership amounts
could be changed as a result of any such examination.
The reconciliation of net loss for the three month periods ended March 31,
1996 and 1995 as reported in the statements of operations, and as would be
reported for tax purposes respectively, is as follows:
March 31, March 31,
1996 1995
---- ----
Net loss -
Statement of operations $ (64,436) $ (41,114)
(Add to) deduct from:
Difference in depreciation 9,774 ( 3,625)
Difference in amortization - -
Difference in bad debt reserve 5,380 ( 126)
Tax adjustment - Joint Venture ( 1,499) 350
--------- ---------
Net loss for tax purposes $ (50,781) $ (44,515)
-12-
<PAGE>
INCOME TAXES (CONTINUED)
The reconciliation of partners' (deficit) at March 31, 1996 and December
31, 1995 as reported in the balance sheets, and as reported for tax
purposes, is as follows:
March 31, December 31,
1996 1995
---- ----
Partners' (Deficit) - balance sheet $ (2,848,665) $ (2,784,229)
Add to (deduct from):
Accumulated difference in
depreciation ( 985,896) ( 995,670)
Accumulated amortization 240,000 240,000
Syndication fees 248,000 248,000
Reserve for bad debts 45,412 40,032
Tax Basis Adjustment
- Joint Venture (18,584) (17,085)
Other (14,080) (14,080)
------------ -----------
Partners' (Deficit) - tax return $ (3,333,813) $ (3,283,032)
-13-
<PAGE>
PART II: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
- -------------------------------
Unable to regain the momentum it had in previous years, the Partnership
encountered another disappointing quarter. The partnership is still operating
with cash flow shortages even though the total revenue for the quarter has
remained consistent between the two years. There was an increase in total
operating expenses. The General Partner meanwhile, continues to advance funds to
the Partnership, although under no obligation to do so. There is no assurance
that the General Partner will continue to do so. The General Partner has
advanced $820,696, as of March 31, 1996, and these funds are payable on demand.
The Partnership did not make any distributions during the three month periods
ending March 31, 1996 and 1995, nor does it anticipate making any distributions
until the remaining property is sold and all Partnership obligations are
satisfied. The General Partner believes that unless there is a significant
increase in income and a major reduction in expenses, the property could be in
default concerning their mortgages. If the General Partner ceases to advance
funds to the Partnership to cover any negative cash flow, the partnership could
lose the property in a foreclosure. At this time it is highly unlikely that the
Limited Partners will receive any proceeds from the sale. The General Partner is
continuing to investigate the possibility of selling Gold Key.
Results of Operations:
- ----------------------
For the quarter ended March 31, 1996, the Partnership's net loss was $64,436 or
$20.58 per limited partnership unit. Net loss for the quarter ended March 31,
1995, amounted to $41,114 or $13.13 per unit.
Partnership revenue for the quarter ended March 31, 1996 totaled $185,260, which
is only a decrease of $324 from the quarter ended March 31, 1995. The net change
between the two years appears minor but it is a direct result of a decrease in
occupancy and an increase in rental rates at Gold Key. Partnership revenues for
the period ended March 31, 1995 were $185,260. Rental income decreased $46,892.
-14-
<PAGE>
Results of Operations (continued):
- -----------------------------------
For the three month period ended March 31, 1996, Partnership expenses totaled
$267,971, an increase of $25,199 from the quarter ended March 31, 1995.
Decreases in payroll, repairs, maintenance, contracted services and an increase
in property improvements throughout the partnership accounted for the change in
operating expenses, while substantially higher advertising, legal fees and
portfolio management and accounting charges resulted in higher administrative
expenses. The increase in administrative expenses was primarily due to
activities undertaken to stabilize occupancies.
The Partnership is expecting the property operation expenses to remain stable in
the immediate future and as the condition of the property improves. Management
is continuing to make every effort to reduce and/or control expenses in coming
quarters. Administrative charges are also expected to level off since
advertising and legal fees will decline as the property's performance improves.
For the three month period March 31, 1996, the tax basis loss was $50,781 or
$16.22 per limited partnership unit compared to a tax loss of $44,515 or $14.22
per unit for the three month period ended March 31, 1995
-15-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP
-----------------------------------------------
PART II
-------
OTHER INFORMATION
-----------------
Item 1 - Legal Proceedings
- --------------------------
The Partnership is not a party to, nor are any of the Partnership's properties
subject to any material pending legal proceedings other than ordinary, routine
litigation incidental to the Partnership's business.
Items 2, 3, 4 and 5
- -------------------
Not applicable.
Item 6 - Exhibits and reports on Form 8-K
- -----------------------------------------
Exhibit 27 - Financial Data Schedule (Electronic filing only)
-16-
<PAGE>
SIGNATURES
----------
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.
REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP
By: /s/Joseph M. Jayson July 12, 1996
------------------------------ ------------------------
Joseph M. Jayson, Date
Individual General Partner
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: REALMARK PROPERTIES, INC.
Corporate General Partner
/s/Joseph M. Jayson July 12, 1996
------------------------------ ------------------------
Joseph M. Jayson, Date
President and Director
/s/Michael J. Colmerauer July 12, 1996
------------------------------ ------------------------
Michael J. Colmerauer Date
Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP FOR THE
QUARTER ENDED MARCH 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 28,025
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 347,602
<PP&E> 2,936,426
<DEPRECIATION> 1,713,777
<TOTAL-ASSETS> 1,748,714
<CURRENT-LIABILITIES> 1,278,342
<BONDS> 2,943,495
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,748,714
<SALES> 0
<TOTAL-REVENUES> 185,260
<CGS> 0
<TOTAL-COSTS> 269,971
<OTHER-EXPENSES> 18,275
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 89,275
<INCOME-PRETAX> (64,436)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (64,436)
<EPS-PRIMARY> (20.58)
<EPS-DILUTED> 0
</TABLE>
