<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED MARCH 31, 1996
COMMISSION FILE NO. 2-70345-NY.
BUFFS-N-PUFFS, LTD.
-------------------
(Exact name of Registrant as specified in its Charter)
Nevada 88-0182534
------ ----------
(State or other jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification Number)
6500 South State Street
Murray, Utah 84107-7219
------------------------
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code:
(801) 268-9280
Former Address:
n/a
Former Name, Former Address, and Former Fiscal Year,
if changed since last report
Number of Shares Outstanding at the End of the Fiscal Quarter:
8,004,900 shares of common stock
(Indicate Number of Shares Outstanding of Each Class of Common
Stock as of the end of the Quarter)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filled 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.
(1) Yes: X No:
(2) Yes: X No:
Page 1 of 15 consecutively numbered pages.
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q
Buffs-N-Puffs, Ltd. ("Registrant" or "Company") files herewith an unaudited
balance sheet of the Registrant as of March 31, 1996 and the related statements
of income and cash flows for the three month periods ended March 31, 1995 and
March 31, 1994. The unaudited financial statements included in this report on
Form 10-Q have been prepared by the Company and have not been the subject of
independent review. In the opinion of the management of the Company, the
financial statements fairly present the financial condition of the Company.
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<PAGE>
BUFFS-N-PUFFS, LTD.
CONSOLIDATED BALANCE SHEET
(Unaudited)
ASSETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
CURRENT ASSETS 1996 1995
- -------------- --------- ------------
<S> <C> <C>
CASH $167,211 $177,086
RECEIVABLES (NOTE E) 27,910 16,241
MARKETABLE SECURITIES (NOTES) 243,568 220,317
INVENTORY (NOTE A) 18,732 26,525
PREPAID EXPENSES & SUPPLIES 52,871 21,843
------------- -------------
TOTAL CURRENT ASSETS 510,292 462,012
PROPERTY, PLANT AND EQUIPMENT (AT COST)
BUILDING IMPROVEMENTS 194,621 194,621
BUILDING 1,494,000 0
FURNITURE, FIXTURE & EQUIPMENT 857,953 855,952
LAND 891,185 310,185
------------- -------------
3,437,759 1,360,758
LESS ACCUMULATED DEPRECIATION (633,003) (608,943)
------------- -------------
TOTAL PROPERTY, PLANT & EQUIPMENT 2,804,756.00 751,815.00
OTHER ASSETS
STARTUP COSTS 48,260 49,757
DEPOSIT 1,433 4,365
MONTANA PROPERTY 52,590 52,590
DEFERRED TAX ASSET 128,000 128,000
------------- -------------
TOTAL OTHER ASSETS 230,283.00 234,712.00
------------- -------------
TOTAL ASSETS $3,545,331.00 $1,448,539.00
------------- -------------
------------- -------------
</TABLE>
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<PAGE>
BUFFS-N-PUFFS, LTD.
CONSOLIDATED BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
CURRENT LIABILITIES 1996 1995
- ------------------- --------- ------------
<S> <C> <C>
ACCOUNTS PAYABLE, PAYROLL AND SALES TAX $61,426 $48,923
LOAN PAYABLE 55,087 55,087
LOANS PAYABLE - RELATED PARTIES 163 14,149
LOANS PAYABLE - BANK ONE 335,843 0
---------- ----------
TOTAL CURRENT LIABILITIES 452,519 118,159
LONG TERM LIABILITIES
LOAN PAYABLE 111,216 136,612
LOANS PAYABLE - BANK ONE 1,614,159 0
LOANS PAYABLE - RELATED PARTIES 0 0
---------- ----------
TOTAL LONG TERM LIABILITIES 1,725,375 136,612
---------- ----------
TOTAL LIABILITIES 2,177,894 254,771
---------- ----------
---------- ----------
CAPITAL STOCK, COMMON 2,611 611
ADDITIONAL PAID IN CAPITAL 1,243,691 1,120,692
RETAINED EARNINGS (DEFICIT) 170,087 121,417
---------- ----------
1,416,389 1,242,720
LESS TREASURY STOCK (48,952) (48,952)
---------- ----------
1,367,437 1,193,768
TOTAL LIABILITY AND STOCKHOLDERS EQUITY $3,545,331 $1,448,539
---------- ----------
---------- ----------
</TABLE>
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<PAGE>
BUFFS-N-PUFFS, LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unauditied )
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
MARCH 31, MARCH 31, MARCH 31,
REVENUES: 1996 1995 1994
--------- --------- ---------
<S> <C> <C> <C>
CAR WASH $343,277 $343,869 $352,777
BOUTIQUE NET 7,076 6,604 6,511
FUEL SALES - NET 4,846 4,841 5,307
CARPET EXPRESS EQUIPMENT - NET 402 0.00 1,153
DISCOUNTS (2,100) (2,799) (3,635)
--------- --------- ---------
TOTAL REVENUES 353,501 352,515 362,113
COSTS AND EXPENSES
SALARIES, LABOR AND COMMISSIONS 150,285 153,471 157,911
TAXES AND BENEFITS 25,793 25,712 25,239
INTEREST AND CREDIT CARD FEES 18,335 19,366 17,886
TRAVEL, AUTO, PROMOTIONAL AND ADVERTISING 5,311 8,795 3,774
OFFICE, TELEPHONE, PRINTING AND SUPPLIES 35,574 37,531 37,919
UTILITIES, MAINTENANCE, RENT AND INSURANCE 42,357 57,126 61,940
DEPRECIATION AND AMORTIZATION 25,558 29,602 26,410
PROFESSIONAL FEES AND OTHER 22,862 23,051 22,270
--------- --------- ---------
TOTAL COSTS AND EXPENSES 326,075 354,654 353,349
--------- --------- ---------
NET INCOME (LOSS) BEFORE OTHER INCOME 27,426 (2,139) 8,764
CONTRACT SERVICES AND MISCELLANEOUS (899) (4,086) 3,125
INTEREST AND DIVIDENDS 1,555 2,060 805
GAIN (LOSS) ON SALE OF SECURITIES 18,791 17,103 2,251
--------- --------- ---------
21,245 15,077 6,181
INCOME TAXES 0 0 0
NET INCOME $48,671 $12,938 $14,945
--------- --------- ---------
--------- --------- ---------
NET INCOME PER SHARE NIL NIL NIL
--------- --------- ---------
--------- --------- ---------
</TABLE>
-5-
<PAGE>
BUFFS-N-PUFFS, LTD.
CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY
(Unaudited)
STATEMENT OF STOCKHOLDERS EQUITY
<TABLE>
<CAPTION>
COMMON STOCK ADDITIONAL RETAINED TREASURY STOCK
------------- ---------- -------- ---------------
SHARES AMOUNT PAID IN $ EARNINGS SHARES AMOUNT
---------- ------ ---------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
BALANCES 12/31/92 6,113,900 611 $1,120,692 $(403,692) 109,000 $(48,952)
---------- ----- ---------- --------- -------- --------
NET INCOME FOR YEAR
ENDED 12/31/93 281,648
BALANCES 12/31/93 6,113,900 611 1,120,692 (122,044) 109,000 (48,952)
---------- ----- ---------- --------- -------- --------
NET INCOME FOR YEAR
ENDED 12/31/94 109,604
BALANCES 12/31/94 6,113,900 611 1,120,692 (12,440) 109,000 (48,952)
---------- ----- ---------- --------- -------- --------
NET INCOME FOR YEAR
ENDED 12/31/95 133,857
BALANCES 12/31/95 6,113,900 611 1,120,692 121,417 109,000 (48,952)
---------- ----- ---------- --------- -------- --------
NET INCOME FOR 3
MONTHS ENDED 3/31/96 48,670
ISSUE COMMON STOCK 2,000,000 2,000 122,999 0 0 0
---------- ----- ---------- --------- -------- --------
PURSUANT TO PROPERTY
PURCHASE AGREEMENT
BALANCES 3/31/96 8,113,900 2,611 1,243,691 170,087 109,000 (48,952)
---------- ----- ---------- --------- -------- --------
</TABLE>
-6-
<PAGE>
BUFFS-N-PUFFS, LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
CASH FLOW STATEMENT
<TABLE>
<CAPTION>
THREE MONTHS ENDED
OPERATING ACTIVITIES MARCH 31, 1996 MARCH 31, 1995
-------------- --------------
<S> <C> <C>
NET INCOME $48,847 $12,938
ADJUSTMENTS TO RECONCILE NET INCOME
(LOSS) TO NET CASH PROVIDED BY
OPERATING ACTIVITIES:
WRITE OFF OBSOLETE ASSET 0 4,978
DEPRECIATION AND AMORTIZATION 25,558 29,602
(INCREASE) DECREASE IN RECEIVABLES (11,669) 3,121
(INCREASE) DECREASE IN PRE-PAID
EXPENSE, SUPPLIES AND DEPOSITS (31,028) 3,776
(INCREASE) DECREASE IN INVENTORY 7,793 (1,241)
INCREASE (DECREASE) IN ACCOUNTS PAYABLE
AND PAYROLL TAX PAYABLE 12,503 (6,330)
-------------- --------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 52,004 46,844
INVESTING ACTIVITIES
INCREASE IN START UP COSTS 0 (6,500)
DECREASE IN DEPOSITS 2,932 0
COST OF SECURITIES SOLD 99,310 60,534
LAND PURCHASE (581,000) 0
PURCHASE OF SECURITIES (122,561) (99,475)
PURCHASE OF PROPERTY AND EQUIPMENT (1,496,001) (13,437)
-------------- --------------
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (2,097,320) (58,878)
FINANCING ACTIVITIES
REPAYMENT OF LOANS AND LEASES (39,559) (39,649)
INCREASE IN LONG TERM DEBT 1,950,000 0
ISSUE COMMON STOCK 125,000 0
-------------- --------------
2,035,441 (39,649)
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (9,875) (51,683)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 177,086 183,741
-------------- --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $167,211 $132,058
-------------- --------------
-------------- --------------
</TABLE>
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<PAGE>
BUFFS-N-PUFFS, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements for 1991 included the accounts of the
Company and its wholly owned subsidiary, P.P.M., Inc. All significant
intercompany balances and transactions have been eliminated in consolidation.
During 1992, P.P.M., Inc. went out of existence.
REVENUE RECOGNITION
Interest income is accrued as earned. Gains or losses on the sale of securities
are recorded as of the trade date.
DEPRECIATION
Depreciation on office equipment and furniture is provided over the estimated
useful life of five to ten years using an accelerated method and depreciation on
the office building is being provided over the estimated useful life of 30 to
31.5 years using the straight line method.
MARKETABLE SECURITIES
Marketable securities, as a group, are carried at market value in accordance
with FAS #115. Prior to January 1, 1994, the securities were carried at the
lower of cost or market. At December 31, 1995, an increase of $10,207 was made
to adjust to market ($9,666 decrease was made for 1994 and $1,789 decrease was
made for 1993).
INCOME TAXES
No federal income taxes were due for the year ended December 31, 1995. At
December 31, 1995, the Company had unused general business credits of $7,844
which expire in 1996 thru 2000, and contributions carryover of $23,218, expiring
in 1998 through 2000. The Company has a capital loss carryover of $14,340 which
expires in 1997. The Company also has a net operating loss carryover which if
not used will expire as follows:
Amount Expiration Date
----------------------- -------------------------
Year Ended Federal Utah Federal Utah
- ---------- ----------- -------- ---------- ----------
December 31, 1990 $299,501 $ -0- 12/31/2005
December 31, 1991 123,837 123,637 12/31/2006 12/31/96
- ---------- ----------- -------- ---------- ----------
$423,338 $123,637
----------- --------
----------- --------
INVENTORY
Inventory consists of items for sale and use in the operations of the carwash.
Inventory is recorded at lower of cost or market, on a first-in, first-out
basis.
-8-
<PAGE>
NOTE B - COMMITMENTS
The Company is occupying space in a building owned by a related party, (see note
H). The lease is with an entity controlled by the major shareholder of the
Company. The lease is five years in length. The lease also has escalating
provisions and is based on percentages of gross m monthly sales excluding fuel
sales. During 1995 $112,643 was paid as rent ($118,437 for 1994). On
March 25, 1996 the Company purchased the building and land the carwash is
located on from Mr. Pentelute for $ 2,075,000.
The company is also obligated under a maintenance contract on its signs.
The contract was signed to be effective in January of 1991 and is three years in
length with monthly payments of $789. The contract was renewed in 1993 for an
additional three years, through December 31, 1996. During 1994, the Company
paid $5,000 for a 24 month lease on an automobile. The $5,000 is being charged
to expense at a rate of $208 per month.
NOTE C - LOANS PAYABLE
On March 26, 1996 the Company entered into an agreement with Daniel F.
Pentelute, to purchase the carwash buildings and land. The company took out a
mortgage of $1,800,000 and a line of credit of $150,000. In addition 2,000,000
shares of stock were issued to Mr. Pentelute at a price of 1/8 or $125,000. The
total purchase price was $2,075,000. The purchase price was below the appraised
value of 2,400,000 actual and $3,600,000 replacement cost. The loan agreements
were signed with Bank One, Utah. The 1,800,000 loan is a 20 year amortization
with a 5 year call at 8.26% interest. The line of credit is a 1 year renewable
term at 8.25% interest.
-9-
<PAGE>
<TABLE>
<CAPTION>
Interest 1996 1995
--------------------- --------------------
Rate % Current Long-Term Current Long-Term
-------------------------------- --------------------
<S> <C> <C> <C> <C> <C>
G. Phillip Condie* 7.50 $50,000 $95,000 $50,000 $145,000
Copelco 6.00 0 0 1,043 0
Escrow Services 9.50 4,631 16,675 4,631 21,184
Dan Pentelute 8.75-10.5 163 0 53,701 0
Bank One 8.26 185,843 1,614,157 0 0
Bank One 8.25 150,000 0 0 0
-------------------- --------------------
390,637 1,725,832 109,375 166,184
-------------------- --------------------
-------------------- --------------------
</TABLE>
*Monthly payments of interest are only $1,888 with principal payments
of $25,000 due March 1 and September 1 of 1994, 1995 and 1996 and the balance
due by 9/1/1998. This loan is secured by land with a cost of $310,185.
Scheduled principal reductions for the next five years are as follows:
12/31/96 $ 242,106
12/31/97 92,106
12/31/98 87,106
12/31/99 42,106
Thereafter 1,653,045
----------
$ 2,116,469
----------
----------
NOTE D - DEFERRED TAX ASSET
In February, 1992, the Financial Account Standards board adopted Statement
of Financial Accounting Standards No. 109 ACCOUNTING FOR INCOME TAXES, which
supersedes substantially all existing authoritive literature for accounting for
income taxes and requires deferred tax balances to be adjusted to reflect the
tax rates in effect when those amounts are expected to become payable or
refundable. The Statement is require to be applied in the Company's financial
statements for the calendar year commencing January 1, 1993 (earlier application
is permitted) either by restating prior-period financial statements or by
recognizing the cumulative effect of the change in the year of adoption. The
Company has decided to recognize the cumulative effect of the change during
1993. The following pro forma information reflects what the statements of
operations would have looked like if the deferred tax asset had been recognized
in 1991 and 1992.
-10-
<PAGE>
1992 1991
-------- ----------
Income (loss) before cumulative effect of
recognizing a deferred tax asset. $ 39,534 $(111,786)
Cumulative effect on prior years of
recognizing a deferred tax asset. 15,000) 169,000
-------- ----------
Adjusted net income $ 24,534 $ 57,214
-------- ----------
Earnings (loss) per share - originally .01 (.02)
Adjusted earnings per share .00 .01
If the above adjustments had been reflected in 1991 and 1992, the Company would
have recorded an income tax benefit of $44,000 in 1993 rather than $198,000. Net
income would have been $87,648 rather than $241,648 and earnings per share would
have been $.01 rather than $.05.
NOTE E - RECEIVABLES
Receivables at March 31, 1996 and 1995 consisted of the following:
March 31, March 31,
1996 1995
---------- ----------
Trade accounts receivable $ 27,910 $ 22,997
---------- ----------
NOTE F - START-UP COSTS
These are costs associated with development of the carwash. The costs are being
amortized, depreciated or expensed. The costs include travel to view other
carwashes, equipment, inventory, legal fees for patents and trademarks, etc.
During 1994 and 1995 the Company spent $23,700 associated with property being
held for development into a second carwash operation. The cost will be
amortized when carwash operations begin.
NOTE G - STOCK OPTIONS
During 1991, options to purchase the Company's common stock were granted to
eight individuals who are or were officers, directors, employees and consultants
for the Company. A total of 610,000 share of stock may be purchased at a price
of $.09375 per share. The options must be exercised by July 9, 1996.
NOTE H - RELATED PARTY TRANSACTIONS
During 1990 Donna Anderson and Daniel Pentelute arranged for three loans by
pledging their personal assets. Some of the proceeds from these loans were made
available to the Company. The Company has been making the payments for these
loans and the interest and principal have been amortized according to the
proceeds each party received.
On April 19, 1991, the Company entered into a five year lease with Daniel
Pentelute, the major
-11-
<PAGE>
shareholder of the Company. Under the lease Mr. Pentelute received as rent four
percent of the gross proceeds excluding gasoline sales commencing on July 1,
1991, and continuing until April 1, 1992. At that time and thereafter Mr.
Pentelute will receive seven percent of the gross proceeds from the carwash
facility. On May 21, 1991, an addendum to the lease was entered into providing
for a five year option term at the end of the initial five year term. The terms
require a rent payment equal to 7% of monthly gross sales, excluding gasoline
sales with a minimum rent of $5,000 per month. In addition the Company has an
option to purchase the land and buildings at 6500 South State Street, Salt Lake
City, Utah, commencing at he end of the initial term and exercisable at the
anniversary date of the lease in each of the five years under the option term.
The purchase price of the property shall be determined by the sum of $2,330,000
capitalized from April 1, 1990 to the date of closing at the rate of four
percent per annum. On March 25, 1996 a second addendum to the lease was
entered into by the parties, waiving the notice and earnest money provisions of
the lease. This addendum also modified the purchase price of the property to
$2,075,000.
NOTE I - MONTANA LAND
During 1994, Daniel Pentelute, the major shareholder of the Company, purchased
21 acres of land in Montana and three (3) days later sold a one-half interest to
the Company at his cost. The other one-half interest is owned by Desert Land
Enterprises, whose sole shareholder is Daniel Pentelute. It is anticipated
that the Company will be able to sell the land during 1996 at a substantial
profit.
-12-
<PAGE>
PART I
FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
OPERATING RESULTS.
CHANGES IN FINANCIAL CONDITION
At March 31, 1996 the Company had current assets of $510,292 compared to
$462,012 as of December 31, 1995. Cash decreased $9,875 from $177,086 to
$167,211 for the three month period ended March 31, 1996. The decrease is due to
costs incurred in the purchase of the carwash property. Current liabilities
increased $307,360 from $118,159 as of December 31, 1995 to $452,519 as of March
31, 1996. This increase is due to loans for the purchase of the carwash
property.
Inventory decreased $7,793 from $26,525 as of December 31, 1995 to $18,732 as of
March 31, 1996.
CHANGES IN RESULTS OF OPERATIONS
Carwash volume decreased 1,807 cars from 26,241 for the 3 month period ended
March 31, 1995 to 24,434 for the same period ended March 31, 1996.
Revenue for the 3 month period ended March 31, 1996 was $353,501 compared to
$352,515 for the same 3 month period ended March 31, 1995, an increase of $986,
or less than 1%.
During the 3 months ended March 31, 1996 costs and expenses were $326,075
compared to $354,654 for the same period ended March 31, 1995, a decrease of
$28,579 or 8%. The decrease is due to reduced salaries, travel expenses and
lower maintenance costs.
At March 31, 1996 the Company posted a net profit of $48,671 compared to a net
profit of $12,938 for the same period ended March 31, 1995. Net earnings per
share for the period were negligible.
As of March 31, 1996 cash and equivalents were $167,211 compared to $132,058
for the same period ended March 31, 1995.
The current ratio as of March 31, 1996 was 1.12 compared to 2.25 as of March 31,
1995. Long term liabilities were $1,725,375 as of March 31, 1996 compared to
$166,184 as of March 31, 1995. This increase is due to the loans for the
purchase of the Murray, Utah carwash property. Management believes that
sufficient working capital exists for continuing its operations.
-13-
<PAGE>
PART II.
ITEM 1. LEGAL PROCEEDINGS
During the reporting period the Company was not party to any legal proceedings.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
The Registrant has no securities which are reportable under this item.
ITEM 4. MATTERS SUBMITTED TO A VOTE OF THE COMPANY'S SHAREHOLDERS
No matters were submitted to a vote of the Company's shareholders during this
quarter.
-14-
<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.
Buffs-N-Puffs, Ltd.
By: /s/Alan R. Theis
-----------------------------------------------
Alan R. Theis
On Behalf of the Registrant
and as Secretary/Treasurer
and Chief Financial Officer
Dated May 9, 1996.
-15-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 167,211
<SECURITIES> 243,568
<RECEIVABLES> 27,910
<ALLOWANCES> 0
<INVENTORY> 18,732
<CURRENT-ASSETS> 510,292
<PP&E> 3,437,759
<DEPRECIATION> 633,003
<TOTAL-ASSETS> 3,545,331
<CURRENT-LIABILITIES> 452,519
<BONDS> 1,725,375
0
0
<COMMON> 2,611
<OTHER-SE> 1,243,691
<TOTAL-LIABILITY-AND-EQUITY> 3,545,331
<SALES> 0
<TOTAL-REVENUES> 353,501
<CGS> 0
<TOTAL-COSTS> 226,075
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,959
<INCOME-PRETAX> 48,671
<INCOME-TAX> 0
<INCOME-CONTINUING> 48,671
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 48,671
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
