SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarter Ended December 31, 1994 Commission File No. 0-1857-3
THE BERKSHIRE GAS COMPANY
Massachusetts 04-1731220
115 Cheshire Road, Pittsfield, Massachusetts 01201-1388
Registrant's telephone number, including Area Code 413:442-1511
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 filling requirements for the past 90 days.
Yes [X] No [ ]
At December 31, 1994, the Registrant had issued and outstanding 2,081,515
shares of Common Stock, par value $2.50.
THE BERKSHIRE GAS COMPANY
STATEMENT OF INCOME AND RETAINED EARNINGS - Unaudited
(In Thousands Except Share Amounts)
<TABLE>
<CAPTION>
Three Months Three Months
Ended 12/31/94 Ended 12/31/93
<S> <C> <C>
Operating Revenues $ 12,086 $ 12,951
Cost of Gas Sold 6,375 6,918
Operating Margin 5,711 6,033
Other Operating Expenses 2,924 2,967
Depreciation Expense 912 847
Total 3,836 3,814
Utility Operating Income 1,875 2,219
Other Income - Net 503 662
Operating and Other Income 2,378 2,881
Interest Expense 938 895
Other Taxes 404 375
Pre-Tax Income 1,036 1,611
Income Taxes 380 598
NET INCOME 656 1,013
Retained Earnings at Beginning of Period 5,670 4,250
--------- ---------
Total 6,326 5,263
Dividends Declared
Preferred Stock 173 185
Common Stock 573 472
Total Dividends 746 657
Retained Earnings at End of Period $ 5,580 $ 4,606
Income Available for Common Stock $ 483 $ 828
Average Shares of Common Stock Outstanding 2,081,515 1,749,998
Income Per Share of Common Stock $ 0.23 $ 0.47
--------- ---------
</TABLE>
See Independent Accountants' Report and Notes to Financial Statements.
THE BERKSHIRE GAS COMPANY
STATEMENT OF INCOME AND RETAINED EARNINGS - Unaudited
(In Thousands Except Share Amounts)
<TABLE>
<CAPTION>
Six Months Six Months
Ended 12/31/94 Ended 12/31/93
<S> <C> <C>
Operating Revenues $ 16,918 $ 17,492
Cost of Gas Sold 8,757 9,136
Operating Margin 8,161 8,356
Other Operating Expenses 5,536 5,481
Depreciation Expense 1,222 1,174
Total 6,758 6,655
Utility Operating Income 1,403 1,701
Other Income - Net 851 942
Operating and Other Income 2,254 2,643
Interest Expense 1,860 1,708
Other Taxes 616 573
Pre-Tax Income/(Loss) (222) 362
Income Taxes/(Benefit) (112) 101
NET INCOME/(LOSS) (110) 261
Retained Earnings at Beginning of Period 7,098 5,658
Total 6,988 5,919
Dividends Declared:
Preferred Stock 347 370
Common Stock 1,061 943
Total Dividends 1,408 1,313
Retained Earnings at End of Period $ 5,580 $ 4,606
---------- ----------
Loss Attributable to Common Stock ($457) ($109)
Average Shares of Common Stock Outstanding 1,922,339 1,744,901
Loss Per Share of Common Stock ($0.24) ($0.06)
---------- ----------
</TABLE>
See Independent Accountants' Report and Notes to Financial Statements.
THE BERKSHIRE GAS COMPANY
STATEMENT OF INCOME AND RETAINED EARNINGS - Unaudited
(In Thousands Except Share Amounts)
<TABLE>
<CAPTION>
Twelve Months Twelve Months
Ended 12/31/94 Ended 12/31/93
<S> <C> <C>
Operating Revenues $ 52,455 $ 47,339
Cost of Gas Sold 27,506 24,432
Operating Margin 24,949 22,907
Other Operating Expenses 12,964 11,405
Depreciation Expense 3,468 3,245
Total 16,432 14,650
Utility Operating Income 8,517 8,257
Other Income - Net 2,296 1,776
Operating and Other Income 10,813 10,033
Interest Expense 3,641 3,505
Other Taxes 1,670 1,595
Pre-Tax Income 5,502 4,933
Income Taxes 2,200 1,793
NET INCOME 3,302 3,140
Retained Earnings at Beginning of Period 4,606 4,084
Adjustment to Retained Earnings 390 0
Total 8,298 7,224
Dividends Declared:
Preferred Stock 697 741
Common Stock 2,021 1,877
Total Dividends 2,718 2,618
Retained Earnings at End of Period $ 5,580 $ 4,606
--------- ---------
Income Available for Common Stock $ 2,605 $ 2,399
Average Shares of Common Stock Outstanding 1,835,027 1,735,030
Income Per Share of Common Stock $1.42 $1.38
--------- ---------
</TABLE>
See Independent Accountants' Report and Notes to Financial Statements.
THE BERKSHIRE GAS COMPANY
BALANCE SHEETS
(In Thousands)
<TABLE>
<CAPTION>
December 31, June 30,
1994 1994
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
Utility Plant:
Utility Plant - at original cost $89,485 $86,098
Less: Accumulated Depreciation 20,461 19,907
Utility Plant - Net 69,024 66,191
Other Property:
Other Property - at original cost 10,372 9,957
Less: Accumulated Depreciation 4,527 4,242
Other Property - Net 5,845 5,715
Current Assets:
Cash 120 65
Accounts Receivable:
Utility Service (less allowance for doubtful accounts: 7,511 8,133
Dec. 1994-$703; June 1994-$727)
Merchandise & Liquefied Petroleum 766 554
(less allowance for doubtful accounts:
Dec 1994-$84; June 1994-$89)
Other Receivables 209 133
Inventories (at the lower of average
cost or market):
Natural Gas 2,616 2,088
Liquefied Petroleum 298 184
Materials and Supplies 1,259 1,357
Prepayments 260 146
Recoverable Gas Costs 1,113 (502)
Total Current Assets 14,152 12,158
Deferred Debits:
Unamortized Debt Expense 601 624
Capital Stock Expense 715 340
Environmental Cleanup Costs 1,197 1,030
Other 812 1,537
Total Deferred Debits 3,325 3,531
Recoverable Environmental Cleanup Costs 2,894 2,894
TOTAL ASSETS $95,240 $90,489
------- -------
</TABLE>
See Independent Accountants' Report and Notes to Financial Statements.
THE BERKSHIRE GAS COMPANY
BALANCE SHEETS
(In Thousands)
<TABLE>
<CAPTION>
December 31, 1994 June 30, 1994
(Unaudited) (Audited)
<S> <C> <C>
LIABILITIES AND OTHER CREDITS
Common Shareholders' Equity:
Common Stock $ 5,204 $ 4,417
Premium on Common Stock 15,448 11,431
Retained Earnings 5,580 7,098
Total Common Shareholders' Equity 26,232 22,946
Redeemable Cumulative Preferred Stock 8,448 8,491
Long-Term Debt (less current maturities) 31,003 31,083
Current Liabilities:
Notes Payable to Banks 8,270 6,580
Current Maturities of Long-Term Debt 900 900
Accounts Payable 3,746 2,776
Taxes Accrued (1,134) (155)
Other Current Liabilities 4,441 5,261
Total Current Liabilities 16,223 15,362
Unamortized Investment Tax Credit 1,393 1,430
Deferred Income Taxes 9,047 8,283
Reserve for Recoverable Environmental Cleanup Costs 2,894 2,894
TOTAL LIABILITIES AND OTHER CREDITS $95,240 $90,489
======= =======
</TABLE>
See Independent Accountants' Report and Notes to Financial Statements.
THE BERKSHIRE GAS COMPANY
STATEMENT OF CASH FLOWS - Unaudited
(In Thousands)
<TABLE>
<CAPTION>
Six Months Six Months
Ended 12/31/94 Ended 12/31/93
<S> <C> <C>
Cash flows from Operating Activities:
Net Income/(Loss) $ (110) $ 261
Adjustments to Reconcile Net Income/(Loss) to Net
Cash Used in Operating Activities:
Depreciation and Amortization 1,642 1,499
Provision for Losses on Accounts Receivable 255 293
Deferred Gas Costs (1,615) (2,695)
Deferred Income Taxes 764 416
Changes in Assets and Liabilities Which
Provided (Used) Cash:
Accounts Receivable 155 (2,322)
Other Receivables (76) 65
Inventories (544) (1,186)
Capital Stock Expense (440) 0
Accounts Payable 970 1,107
Taxes Accrued (979) (1,222)
Other Assets and Current Liabilities (376) 120
Total Adjustments (244) (3,925)
Net Cash Used in Operating Activities (354) (3,664)
Cash Flows from Investing Activities:
Construction Expenditures (4,554) (3,311)
Net Cash Used in Investing Activities (4,554) (3,311)
Cash Flows from Financing Activities:
Dividends Paid (1,408) (1,313)
Current Maturities of Long-Term Debt 0 (40)
Principal Payments on Long-Term Debt (80) (310)
Proceeds from Note Payable Borrowings - Net 1,690 8,430
Proceeds from Sale of Common Stock 4,499 0
Proceeds from Other Stock Transactions - Net 262 212
Net Cash Provided by Financing Activities 4,963 6,979
Net Increase in Cash 55 4
Cash at Beginning of Period 65 59
Cash at End of Period $ 120 $ 63
========= ========
</TABLE>
See Independent Accountants' Report and Notes to Financial Statements.
The balance sheet as of December 31, 1994, the related statements of
income and retained earnings for the three six and twelve month periods ended
December 31, 1994 and 1993, and the statements of cash flows for the six month
period ended December 31, 1994 and 1993 have been reviewed, prior to filing,
by the Registrants independent public accountants, Deloitte & Touche LLP,
whose report covering their review of the financial statements is presented
below.
Deloitte &
Touche LLP
- - - - ------------------------------------------------------------------------------
City Place Telephone: (203) 280-3000
185 Asylum Street Facsimile: (203) 280-3051
Hartford, Connecticut 06103-3402
INDEPENDENT ACCOUNTANTS' REPORT
The Berkshire Gas Company:
We have reviewed the accompanying balance sheet of The Berkshire Gas Company
as of December 31, 1994, the related statements of income and retained
earnings for the three month, six month and twelve month periods ended
December 31, 1994 and 1993, and the statements of cash flows for the six month
periods ended December 31, 1994 and 1993. These financial statements are the
responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements 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 such financial statements for them to be in conformity with
generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet of The Berkshire Gas Company as of June 30, 1994,
and the related statements of income and retained earnings and of cash flows
for the year then ended (not presented herein); and in our report dated August
16, 1994, we expressed an unqualified opinion on those financial statements.
In our opinion, the information set forth in the accompanying balance sheet as
of June 30, 1994 is fairly stated, in all material respects, in relation to
the balance sheet from which it has been derived.
Deloitte & Touche LLP
February 9, 1995
The Berkshire Gas Company
Notes to Financial Statements
December 31, 1994
- - - - ------------------------------------------------------------------------------
(Dollars in Thousands Except Share Amounts)
NOTES:
OTHER FINANCIAL INFORMATION:
The accompanying unaudited financial statements have been prepared with
the instructions to Form 10-Q and do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. All adjustments, which in the opinion of management are
necessary to a fair presentation of the operations for the interim periods
presented, have been made. These adjustments are of a normal recurring
nature. The results of operations for such interim periods are not necessary
indicative of results of operations for a full year. These financial
statements should be read in conjunction with the summary of accounting
policies and notes to financial statements included in the Company's Annual
Report on Form 10-K for the year ended June 30, 1994.
CONTINGENCIES:
ENVIRONMENTAL:
Federal, state and local laws and regulations establishing standards and
requirements for protection of the environment have increased in number and
scope in recent years. The Berkshire Gas Company (the "Company") cannot
predict the future impact of such standards and requirements, which are
subject to change and can have retroactive effects.
During fiscal 1990, the Massachusetts Department of Public Utilities
(MDPU) issued a generic ruling on cost recovery for environmental cleanup with
respect to former gas manufacturing sites. Under the ruling, the Company may
recover annual cleanup costs, excluding carrying costs, over a seven year
period through the Cost of Gas Adjustment Clause (CGAC). This ruling also
provides for the sharing of any proceeds received from insurance carriers
equally between the Company and its ratepayers, and establishes maximum
amounts that can be recovered from customers in any one year.
During the period ended December 31, 1994, the Company continued the
analysis and field review of two parcels of real estate formerly used for gas
manufacturing operations, which had been found to contain coal tar deposits
and other substances associated with by-products of the gas manufacturing
process. The review and assessment process began in 1985 with respect to the
first site which is owned by the Company, and in 1989 with respect to the
second site, which was formerly owned by the Company. With the review and
approval of the Massachusetts Department of Environmental Protection ("MDEP"),
at the first site, the investigative work is near completion and remedial
alternatives are being examined. At the second site, investigative activities
are commencing. It is difficult to predict the potential financial impact of
the sites until first, the nature and risk is fully characterized and second,
the remedial strategies and related technologies are determined. The general
philosophy of the Company is one of source removal and/or reduction coupled
with risk minimization. Assuming successful implementation, it is anticipated
that through 2009 the level of expenditures for the site will range from
$2,894 to $8,777. The Company has recorded the lesser amount of the range in
accordance with SFAS No. 5. Ultimate expenditures cannot be determined until
a remedial action plan can be developed and approved by the MDEP.
The Company's unamortized costs at December 31, 1994 were $1,197 and should be
recovered using the formula discussed above.
TRANSPORTATION PIPELINE:
Claims against the Company have been asserted by a general contractor
and certain subcontractors involved in the construction of a transportation
pipeline for which the Company served as developer, and are in the early
stages of proceedings. Although the Company cannot predict the ultimate
outcome of the claims, which the Company believes are without merit, it
intends to contest the claims vigorously and believes that the outcome will
not have a material adverse impact on the overall financial condition or
results of operations of the Company.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
- - - - ------------------------------------------------------------------------------
Results of Operations - Second Quarter Ended December 31, 1994 versus Second
Quarter Ended December 31, 1993
- - - - ------------------------------------------------------------------------------
Berkshire Gas Company considers Operating Margin (Operating Margin or
Gross Profit = Operating Revenues Net of Cost of Gas Sold) to be a more
pertinent measure of operating results than operating revenues because income
is not significantly affected by changes in revenue due to similar
fluctuations in gas costs.
Operating Margin decreased $322,000 or 5.3% as compared with the three
months ended December 31, 1993. Operating Margin is primarily affected by the
change in the level of firm gas sold and transported. Interruptible gas sold
and transported has no affect on Operating Margin since those margins are
flowed back to the customer. The decrease from 1993 is primarily due to lower
volumes of firm gas sold due to 9.9% warmer weather than 1993, partially
offset by higher volumes of gas sold and transported at slightly lower
margins from increased firm transportation volumes to industrial customers.
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
3 Month Firm MCF Sold & Transported 1,436,772 1,504,466
3 Month Operating Margin $5,711,000 $6,033,000
3 Month Average Operating Margin Per Firm MCF $3.97 $4.01
</TABLE>
Depreciation Expense increased $65,000 or 7.7% due to an increase in
the level of depreciable assets.
Other Income decreased $159,000 or 24% primarily due to lower income
from propane and jobbing operations. Propane volumes were lower due to warmer
weather and higher expenses for maintenance and depreciation, partially offset
by a 6% increase in the number of customers. Jobbing revenues were less than
1993 due to lower levels of activity.
Interest Expense increased $43,000 or 4.8% due primarily to a gas
supplier refund being returned to the ratepayers through CGAC, and, to a
lesser extent, increased borrowing rate.
Other Taxes increased $29,000 or 7.7% due to higher personal property
valuations and rates.
The decrease in Income Taxes of $218,000 resulted from lower net income.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
- - - - ------------------------------------------------------------------------------
Results of Operations - Six Months Ended December 31, 1994 versus Six Months
Ended December 31, 1993
- - - - ------------------------------------------------------------------------------
Operating Margin decreased $195,000 or 2.3% as compared with the six
months ended December 31, 1993. The decrease from 1993 resulted from warmer
weather causing lower volumes of firm gas sold, partially offset by increased
volumes and margins on transportation revenues to industrial customers.
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
6 Month Firm MCF Sold & Transported 2,188,640 2,187,807
6 Month Operating Margin $8,161,000 $8,356,000
6 Month Average Operating Margin Per Firm MCF $3.73 $3.82
</TABLE>
Depreciation Expense increased $48,000 or 4.1% due to an increase in
the level of depreciable assets.
Other Income decreased $91,000 or 9.7%; Interest Expense was higher by
$152,000 or 8.9%; Other Taxes increased $43,000 or 7.5%; and Income Taxes
decreased $213,000 all for the same reasons as noted in the three month
explanation above.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
- - - - ------------------------------------------------------------------------------
Results of Operations - Twelve Months Ended December 31, 1994 versus Twelve
Months Ended December 31, 1993
- - - - ------------------------------------------------------------------------------
Operating Margin increased $2,042,000 or 8.9% over the twelve months
ended December 31, 1994. The increase over 1993 is primarily due to higher
volumes of firm transportation gas used by industrial customers. During this
period, firm volumes of gas sold and transported increased 8.0%.
<TABLE>
<CAPTION>
1994 1993
<S> <C> <C>
12 Month Firm MCF Sold & Transported 6,338,020 5,867,502
12 Month Operating Margin $24,949,000 $22,907,000
12 Month Average Operating Margin Per Firm MCF $3.94 $3.90
</TABLE>
Other Operating Expenses increased $1,559,000 or 13.7% over the twelve
months ended December 31,1993. The increase is primarily due to a $752,000
increase in costs associated with maintaining customer records due to higher
level of uncollectible accounts, higher payroll and collection costs.
Administrative and General Costs increased $594,000 primarily due to higher
legal expense of $187,000, regulatory costs of $171,000, injuries and
damages costs of $143,000, and salaries and related benefits of $62,000.
Expenses for transmission and distribution increased $261,000 due to
additional maintenance of mains and services. Production expenses decreased
$63,000 due to less costs associated with restructuring supply contracts
brought about by the Federal Energy Regulatory Commission ("FERC") Order 636
during 1993.
Depreciation Expense increased $223,000 due to an increase in the level
of depreciable assets.
Interest Expense increased $136,000 primarily due to less interest
capitalized than 1993 and, to a lesser extent, an increased borrowing rate.
Other Income increased $520,000 over the twelve months ended December
31,1993. The increase resulted primarily from the settlement of an insurance
claim relating to a line of business that was discontinued in the 1970's in
the amount of $403,000 (net of taxes and amounts previously recorded). The
increase in Other Income was partially offset by lower rental income of
$102,000 due to higher depreciation expense reflecting an adjustment for the
change in the lives of rental assets during 1993, and lower propane income of
$45,000.
Other Taxes increased $75,000 or 4.7% due to higher personal
property tax as well as increased payroll taxes.
Income Taxes increased due to higher net income.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
- - - - ------------------------------------------------------------------------------
Liquidity and Capital Resources - December 31, 1994
- - - - ------------------------------------------------------------------------------
The Company added approximately $4,554,000 to Plant assets during the
six months ended December 31, 1994. These construction expenditures primarily
represent investments in new and replacement mains and services.
The Company initially finances construction expenditures and other
funding needs primarily with short-term bank borrowings, and to a lesser
extent with the reinvestment of dividends. The Company continually evaluates
its short-term borrowing position and based on prevailing interest rates,
market conditions, etc., makes determinations regarding conversion of short-
term borrowings to long-term debt or equity. As part of the continuing
financing, the Company sold 295,000 shares of Common Stock during the second
quarter of fiscal 1995, netting proceeds of $4,212,600 to repay short-term
obligations.
Funds for environmental clean-up costs are initially financed through
short-term borrowings and all such costs will be recovered over a seven year
period under a ruling issued by the MDPU.
The capital structure of the Company at December 31, 1994 was 39.9%
Common Equity, 12.9% Preferred Stock and 47.2% Long-Term Debt.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
- - - - ----------------------------
No developments during the quarter.
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
- - - - --------------------------------------------------------------
On November 15, 1994, the Annual Meeting of the Shareholders of
the Berkshire Gas Company was held at the Berkshire Hilton Inn, Pittsfield,
Massachusetts at 10:00 a.m.
Proxies for said annual meeting were solicited pursuant to
Regulation 14A. There was no solicitation in opposition to Management's
nominees, as listed in the Proxy statement, for the election of Directors.
All nominees were duly elected.
Item 5. Other Information
- - - - ----------------------------
During the second quarter of fiscal 1995, the Company sold
295,000 shares of Common Stock in a public offering, netting proceeds of
$4,212,600.
Item 6. Exhibits and Reports on Form 8 - K
- - - - ---------------------------------------------
None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE BERKSHIRE GAS COMPANY
Registrant
/s/ SCOTT S. ROBINSON
Scott S. Robinson
President & Chief Executive Officer
/s/ MICHAEL J. MARRONE
Michael J. Marrone
Vice President, Treasurer & Chief
Financial Officer
Dated: February 9, 1995
<TABLE> <S> <C>
<ARTICLE> UT
<CIK> 0000317406
<NAME> BERKSHIRE GAS CO /MA/
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> DEC-31-1994
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