FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1997
or
[ ] TRANSITION REPORT UNDER 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period.........to.........
(Amended by Exch Act Rel No. 312905. eff 4/26/93.)
Commission file number 0-11002
CONSOLIDATED CAPITAL PROPERTIES IV
(Exact name of registrant as specified in its charter)
California 94-2768742
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza
Greenville, South Carolina 29602
(Address of principal executive offices)
Registrant's telephone number (864) 239-1000
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 filing
requirements for the past 90 days. Yes X No
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED BALANCE SHEET
(in thousands, except unit data)
June 30, December 31,
1997 1996
(Unaudited) (Note)
Assets
Cash and cash equivalents:
Unrestricted $ 10,670 $ 9,239
Restricted - tenant security deposits 627 648
Investments -- 492
Accounts receivable 72 81
Note and interest receivable 1,103 1,124
Escrows for taxes and insurance 1,073 1,016
Restricted escrows 2,727 2,910
Other assets 2,038 2,140
Investment Properties:
Land 12,491 12,491
Buildings and personal property 116,683 115,637
129,174 128,128
Less accumulated depreciation (95,168) (91,934)
34,006 36,194
$ 52,316 $ 53,844
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 353 $ 644
Tenant security deposits 627 659
Accrued taxes 1,004 1,105
Other liabilities 858 915
Mortgage notes payable 71,561 71,763
74,403 75,086
Partners' Deficit
General partner (6,123) (6,089)
Limited partners (342,783 units
outstanding in 1997 and 1996) (15,964) (15,153)
(22,087) (21,242)
$ 52,316 $ 53,844
Note: The balance sheet at December 31, 1996, has been derived from the audited
financial statements at that date, but does not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements.
See Accompanying Notes to Consolidated Financial Statements
b) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 6,764 $ 6,456 $13,423 $12,862
Other income 466 509 908 1,002
Total revenues 7,230 6,965 14,331 13,864
Expenses:
Operating 2,349 2,233 4,604 4,338
General and administrative 227 298 457 825
Maintenance 906 880 1,654 1,752
Depreciation 1,624 1,740 3,237 3,457
Interest 1,472 1,505 2,947 3,032
Property taxes 439 453 824 877
Total expenses 7,017 7,109 13,723 14,281
Income (loss) before gain on foreclosure
of investment property and
extraordinary item 213 (144) 608 (417)
Gain on foreclosure of investment property -- -- -- 2,999
Income (loss) before extraordinary item 213 (144) 608 2,582
Extraordinary loss on retirement of debt -- -- -- (5)
Net income (loss) $ 213 $ (144) $ 608 $ 2,577
Net income (loss) allocated to general
partner (4%) $ 9 $ (6) $ 24 $ 103
Net income (loss) allocated to limited
partners (96%) 204 (138) 584 2,474
Net income (loss) $ 213 $ (144) $ 608 $ 2,577
Net income (loss) per weighted average
limited partnership unit:
Income (loss) before extraordinary
item $ .60 $ (.40) $ 1.70 $ 7.23
Extraordinary loss on retirement of debt -- -- -- (.01)
Net income per weighted average limited
partnership unit: $ .60 $ (.40) $ 1.70 $ 7.22
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
For the Six Months Ended June 30, 1997 and 1996
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited Total
Partnership General Limited Partners'
Units Partner Partners Deficit
<S> <C> <C> <C> <C>
Original capital contributions 343,106 $ 1 $171,553 $ 171,554
Partners' deficit at
December 31, 1995 342,783 $ (5,951) $ (12,682) $ (18,633)
Net income for the six months
ended June 30, 1996 -- 103 2,474 2,577
Distribution to partners -- (182) (3,541) (3,723)
Partners' deficit at
June 30, 1996 342,783 $ (6,030) $(13,749) $(19,779)
Partners' deficit at
December 31, 1996 342,783 $ (6,089) $(15,153) $(21,242)
Net income for the six months
ended June 30, 1997 -- 24 584 608
Distribution to partners -- (58) (1,395) (1,453)
Partners' deficit at
June 30, 1997 342,783 $ (6,123) $(15,964) $(22,087)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 608 $ 2,577
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 3,237 3,457
Amortization of loan costs and lease commissions 144 141
Casualty loss 9 --
Loss on disposition of investment property -- 37
Extraordinary gain on foreclosure of
investment property -- (2,999)
Extraordinary loss on retirement of debt -- 5
Change in accounts:
Tenant security deposits 21 (14)
Accounts receivable 9 (7)
Escrows for taxes and insurance (57) 308
Other assets (10) 488
Accounts payable (291) 140
Security deposit liabilities (32) 15
Accrued taxes (101) 44
Other liabilities (57) (179)
Net cash provided by operating activities 3,480 4,013
Cash flows from investing activities:
Property improvements and replacements (1,081) (2,378)
Proceeds from sale of investments 492 25
Deposits to restricted escrows (524) (547)
Receipts from restricted escrows 707 531
Collections on note receivable 21 19
Casualty loss, net of insurance proceeds (9) --
Net cash used in investing activities (394) (2,350)
Cash flows from financing activities:
Payments on notes payable (202) (256)
Repayment of notes payable -- (484)
Distributions to partners (1,453) (3,723)
Prepayment penalties -- (5)
Loan costs -- (61)
Net cash used in financing activities (1,655) (4,529)
Net increase (decrease) in unrestricted cash and
cash equivalents 1,431 (2,866)
Unrestricted cash and cash equivalents at beginning
of period 9,239 10,865
Unrestricted cash and cash equivalents at end
of period $10,670 $ 7,999
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
CONSOLIDATED CAPITAL PROPERTIES IV
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
Supplemental Disclosures of Cash Flow Information and Non-Cash Activities:
Cash paid for interest was approximately $2,803,000 and $2,865,000 for the six
months ended June 30, 1997 and 1996, respectively.
Foreclosure
In February 1996, Metro Centre Office Building was foreclosed upon by the
lender. In connection with this foreclosure, the following accounts were
adjusted by the amounts noted below (in thousands).
June 30, 1996
Tenant security deposits remitted to the lender $ (12)
Other assets (5)
Buildings and personal property (1,605)
Accumulated depreciation 1,079
Tenant security deposit liability 9
Accrued taxes 15
Interest payable 1,021
Notes payable 2,497
Extraordinary gain on foreclosure of investment property (2,999)
The net book value of the property approximated its fair value at the date of
foreclosure.
See Accompanying Notes to Consolidated Financial Statements
e) CONSOLIDATED CAPITAL PROPERTIES IV
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Consolidated
Capital Properties IV (the "Partnership" or the "Registrant") have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of ConCap Equities, Inc. (the "General
Partner"), all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the
three and six months ended June 30, 1997, are not necessarily indicative of the
results that may be expected for the fiscal year ending December 31, 1997. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Partnership's annual report on Form 10-K for
the fiscal year ended December 31, 1996.
Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.
Consolidation
The consolidated financial statements include the Partnership's equity interest
in a joint-venture which owns South Port Apartments. No minority interest has
been reflected for the joint venture because minority interests are limited to
the extent of their equity capital, and losses in excess of the minority
interest equity capital are charged against the Partnership's interest.
The Partnership's consolidated financial statements include the accounts of
certain majority-owned limited partnerships and the Partnership's majority
interest in a joint venture. All intercompany transactions have been
eliminated.
NOTE B - TRANSACTIONS WITH AFFILIATED PARTIES
The Partnership has no employees and is dependent on the General Partner and
affiliates for the management and administration of all of the partnership
activities.
Property management fees of approximately $688,000 and $646,000 were paid to
affiliates of the General Partner for the six months ended June 30, 1997, and
1996, respectively. These fees are included in operating expenses.
The Partnership Agreement provides for a special management fee equal to 9% of
the total distributions made to the limited partners from cash flow provided by
operations to be paid to the General Partner for executive and administrative
management services. The Partnership paid approximately $48,000 and $313,000
under this provision of the Partnership Agreement to affiliates of the General
Partner for the six months ended June 30, 1997 and 1996, respectively. These
fees are included in general and administrative expenses.
The Partnership Agreement also provides for reimbursement to the General Partner
and its affiliates for costs incurred in connection with the administration of
Partnership activities. Reimbursements for services of affiliates of
approximately $268,000 and $309,000 were paid to the General Partner and
affiliates for the six months ended June 30, 1997, and 1996, respectively.
These reimbursements are included in general and administrative expenses.
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the General Partner. An affiliate of the General
Partner acquired, in the acquisition of a business, certain financial
obligations from an insurance agency which was later acquired by the agent who
placed the current year's master policy. The current agent assumed the
financial obligations to the affiliate of the General Partner, who receives
payment on these obligations from the agent. The amount of the Partnership's
insurance premiums accruing to the benefit of the affiliate of the General
Partner by virtue of the agent's obligations is not significant.
NOTE C - COMMITMENT
The Partnership is required by the Partnership Agreement to maintain working
capital reserves for contingencies. The capital reserve requirement amounts to
$500 per apartment unit or approximately $2,100,000. In the event expenditures
are made from these reserves, operating revenue shall be allocated to such
reserves to the extent necessary to maintain the foregoing level. Reserves,
including unrestricted cash and cash equivalents, tenant security deposits and
investments, totaling approximately $11,300,000 at June 30, 1997, exceeded the
Partnership's reserve requirements of approximately $2,100,000.
NOTE D - DISTRIBUTIONS
In March 1997, the General Partner declared and paid distributions attributable
to cash flow from operations totaling approximately $550,000 and approximately
$903,000 representing a return of capital.
In March 1996, the General Partner declared and paid distributions attributable
to cash flow from operations totaling approximately $3,617,000 and approximately
$71,000 representing a return of capital. In conjunction with the transfer of
funds from certain majority-owned sub-tier limited partnerships to the
Partnership, approximately $35,000 was distributed to the general partners of
the majority-owned sub-tier limited partnerships.
NOTE E - NOTE PAYOFF
In February 1996, the $484,000 balance of the first-lien note secured by the
Point West Apartments, with an original maturity of May 2001, was paid off to
retire debt with interest rates higher than the current market rate. As a
result of the note pay-off, the Partnership paid approximately $5,000 in
prepayment penalties, which resulted in an extraordinary loss on retirement of
debt.
NOTE F - NOTE AND INTEREST RECEIVABLE
When the Denbigh Village Apartments was sold in August 1994, the Partnership
accepted a 9% interest-bearing promissory note which matured in March 1996. The
Partnership negotiated with the purchaser to extend the note until April 1997.
The note matured and the principal outstanding was not repaid. The Partnership
is currently negotiating with the borrower to extend the terms of the note.
A "Notice of Default" has been filed and the Partnership has reserved the right
to foreclose on the note.
NOTE G - CASUALTY LOSSES
On January 12, 1997, a severe storm caused extensive wind and flood damage to
Foothill Place. The strong winds damaged plumbing and exterior fencing, ripped
siding from buildings, blew chimney covers off, downed trees and created leaks
in approximately 65 units. In February 1997, a fire occurred on one of Foothill
Places balconies. Damage occurred to the balcony, railing, siding, roof,
windows and interior hallway.
The insurance proceeds received less the costs to repair Foothill Place
Apartments and the write-off of assets that were replaced, resulted in a net
casualty loss for these events of $9,000, which is included in operating expense
at June 30, 1997.
NOTE H - FORECLOSURE OF METRO CENTRE OFFICE BUILDING
Approximately $2,500,000 of nonrecourse mortgage debt secured by the Metro
Centre Office Building, located in Southern California, matured July 1, 1995.
The property historically had difficulty making its scheduled debt service
payments, and since 1985, the property had made quarterly cash flow payments
pursuant to a modified and restructured loan agreement, however, no payments
were made in 1996. Given the economic conditions in Southern California,
property operations were not expected to improve sufficiently to enable the
Partnership to refinance the existing indebtedness under prevailing market
conditions. In September 1995, a "Notice of Default and Election to Sell
Under Deed of Trust" was filed by the lender. The Partnership did not
contest this foreclosure action and the property was foreclosed upon on
February 7, 1996, resulting in a gain on foreclosure of approximately $2,999,000
to the Partnership.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The Partnership's investment properties consist of seventeen apartment
complexes. The following table sets forth the average occupancy of the
properties for the six months ended June 30, 1997 and 1996:
Average Occupancy
1997 1996
The Apartments
Omaha, NE 95% 92%
Arbor East Apartments
Nashville, TN 96% 94%
Briar Bay Racquet Club Apartments
Miami, FL 94% 96%
Chimney Hills Apartments
Marietta, GA 90% 95%
Citadel Apartments
El Paso, TX 92% 88%
Citadel Village Apartments
Colorado Springs, CO 97% 98%
Foothill Place Apartments
Salt Lake City, UT 93% 98%
Knollwood Apartments
Nashville, TN 95% 98%
Lake Forest Apartments
Omaha, NE 94% 95%
Nob Hill Villa Apartments
Nashville, TN 96% 96%
Overlook Apartments
Memphis, TN 89% 83%
Point West Apartments
Charleston, SC 97% 82%
Post Ridge Apartments
Nashville, TN 97% 98%
Rivers Edge Apartments
Auburn, WA 98% 96%
South Port Apartments
Tulsa, OK 92% 95%
Stratford Place Apartments
Austin, TX 88% 93%
Village East Apartments
Cimarron Hills, CO 99% 99%
The decrease in occupancy at Chimney Hills Apartments is attributable to a
significant decline in the job market after the completion of the 1996 Olympic
summer games and the construction of new multi-family units, which increased
competition in the Atlanta market. Additional troops were assigned to the
military base in El Paso, resulting in increased occupancy at Citadel
Apartments. The decrease in occupancy at Foothill Place Apartments is a result
of the property suffering extensive storm damage during 1997. The property
currently has an excellent marketing plan and is optimistic about its efforts
to increase occupancy. The increase in occupancy at Overlook Apartments is due
to quality customer service and marketing, combined with the availability of
attractive, well maintained units. The increased occupancy at Point West
Apartments is due to interior and exterior building improvements that increased
unit appeal and an overall improvement in the economic strength of the local
market. The decreased occupancy at Stratford Place Apartments is due to
increased competition in the Austin market, resulting from the construction of
two new apartment complexes in the area.
The Partnership realized income before the gain on foreclosure and extraordinary
item of approximately $213,000 and $608,000 for the three and six months ended
June 30, 1997, versus losses before the gain on foreclosure and extraordinary
item of approximately $144,000 and $417,000, respectively, for the same period
in 1996. This increase in income is due primarily to increases in rental income
and a decrease in general and administrative expenses, partially offset by an
increase in operating expenses. The Partnership realized net income of $213,000
and $608,000 for the three and six months ended June 30, 1997, respectively,
versus a net loss of $144,000 and net income of $2,577,000 for the three and six
months ended June 30, 1996, respectively.
Rental income increased for the three and six months ended June 30, 1997,
compared to the three and six months ended June 30, 1996, due to an increase in
rents at most of the Partnership's properties. The Partnership also experienced
an overall increase in occupancy for the six months ended June 30, 1997, as
compared to the six months ended June 30, 1996, despite occupancy decreases at
several of the Partnership's properties, as discussed above.
The increase in operating expense is primarily due to increased utility costs at
several properties due to the severity of the winter. Also, contributing to
increased operating costs were higher concessions resulting from efforts to
increase occupancy. Administrative expenses decreased for the six months ended
June 30, 1997, compared to the six months ended June 30, 1996, due primarily to
a decrease in the special 9% management fees on distributions from operating
cash flows. The Partnership distributed approximately $550,000 and $3,617,000,
respectively, from operating cash flow for the six month periods ended June 30,
1997 and 1996.
The $2,999,000 extraordinary gain on foreclosure of investment property realized
during the six months ended June 30, 1996, is due to the foreclosure of the
Metro Centre Office Building in February 1996 (See "Note H").
Also in February 1996, the $484,000 balance of the first-lien note secured by
the Point West Apartments, with an original maturity of May 2001, was repaid so
that the Partnership could retire debt with interest rates higher than the
current market rate. As a result of the note pay-off, the Partnership paid
approximately $5,000 in prepayment penalties, which resulted in an extraordinary
loss on retirement of debt.
Included in maintenance expense is approximately $382,000 of major repairs and
maintenance comprised primarily of major landscaping and exterior building
improvements during the six months ended June 30, 1997. During the six months
ended June 30, 1996, approximately $383,000 of major repairs and maintenance
comprised primarily of exterior building improvements, parking lot repairs and
major landscaping were included in maintenance expense.
When the Denbigh Village Apartments was sold in August 1994, the Partnership
accepted a 9% interest-bearing promissory note which matured in March 1996. The
Partnership negotiated with the purchaser to extend the note until April 1997.
The Partnership's note has matured and the principal outstanding was not repaid.
The Partnership is currently negotiating with the borrower to extend the terms
of the note. A "Notice of Default" has been filed, and the Partnership has
reserved the right to foreclose on the note.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of each of its investment properties to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the General Partner attempts to protect the Partnership from the
burden of inflation-related increases in expenses by increasing rents and
maintaining a high overall occupancy level. However, due to changing market
conditions, which can result in the use of rental concessions and rental
reductions to offset softening market conditions, there is no guarantee that the
General Partner will be able to sustain such a plan.
At June 30, 1997, the Partnership held unrestricted cash and cash equivalents of
$10,670,000 compared to $7,999,000 at June 30, 1996. Net cash provided by
operating activities decreased primarily due to the timing of tax payments, the
receipt in 1996 of an insurance refund from a fire at the Overlook Apartments in
December 1995, and an escrow receipt in 1996 from the refinancing of the debt
secured by the Knollwood Apartments in December 1995. Also, accounts payable
decreased for the six months ended June 30, 1997, compared to the corresponding
period of 1996 due to the timing of payments. Net cash used in investing
activities decreased primarily due to the increase in proceeds received from the
sale of Treasury Bills during 1997 and lesser property improvements and
replacements during 1997. Net cash used in financing activities decreased as a
result of decreased distributions to partners during the six months ended June
30, 1997, compared to the corresponding period of 1996. Also, during the six
months ended June 30, 1996, the mortgage debt secured by Point West Apartments
was repaid. There has been no repayment of mortgage notes during the six months
ended June 30, 1997.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and meet other operating needs of the Partnership. Such assets are
currently thought to be sufficient for any near-term needs of the Partnership.
The mortgage indebtedness of approximately $71,561,000 matures from December
1998 to December 2005 with balloon payments due at maturity, at which time the
properties will either be refinanced or sold. Future cash distributions will
depend on the levels of net cash generated from operations, capital expenditure
requirements, property sales and the availability of cash reserves. The General
Partner is evaluating the economic position of the Partnership and the
Partnership's ability to make a distribution. During the six months ended June
30, 1997 and 1996, cash distributions of approximately $1,453,000 and
$3,723,000, respectively, were declared and paid.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
(b) Reports on Form 8-K:
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Partnership
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
CONSOLIDATED CAPITAL PROPERTIES IV
By: CONCAP EQUITIES, INC.
General Partner
By: /s/ William H. Jarrard, Jr.
William H. Jarrard, Jr.
President
By: /s/ Ronald Uretta
Ronald Uretta
Vice President/Treasurer
Date: July 30, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Consolidated
Capital Properties IV 1997 Second Quarter 10-Q and is qualified in its entirety
by reference to such 10-Q filing.
</LEGEND>
<CIK> 0000355804
<NAME> CONSOLIDATED CAPITAL PROPERTIES IV
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 10,670
<SECURITIES> 0
<RECEIVABLES> 72
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 129,174
<DEPRECIATION> 95,168
<TOTAL-ASSETS> 52,316
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 71,561
0
0
<COMMON> 0
<OTHER-SE> (22,087)
<TOTAL-LIABILITY-AND-EQUITY> 52,316
<SALES> 0
<TOTAL-REVENUES> 14,331
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 13,723
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,947
<INCOME-PRETAX> 608
<INCOME-TAX> 0
<INCOME-CONTINUING> 608
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 608
<EPS-PRIMARY> 1.70<F2>
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
<F2>Multiplier is 1.
</FN>
</TABLE>
