SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended January 31, 1997 Commission File No. 2-48728
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
(exact name of registrant as specified in its charter)
New Jersey 22-1697095
- ------------------------------- -------------------
(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
505 Main Street, P.O. Box 667, Hackensack, New Jersey 07602
-----------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-488-6400
- --------------------------------------------------------------------------------
Former name,former address and former fiscal year, if changed since last report.
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 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 [ ]
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
INDEX
Part I: Financial Information
Item 1: Financial Statements
a.) Balance Sheets for January 31, 1997 and October
31, 1996;
b.) Statements of Income and Undistributed Earnings
for Three Months Ended January 31, 1997 and 1996;
c.) Statements of Cash Flows for Three Months Ended
January 31, 1997 and 1996;
Item 2: Management's Discussion and Analysis of Results of Operations
and Financial Condition
Part II: Other Information
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
<TABLE>
<CAPTION>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
BALANCE SHEETS
JANUARY 31, 1997 AND OCTOBER 31, 1996
(Unaudited)
January October
ASSETS 31, 1997 31, 1996
-------- --------
(In Thousands
of Dollars)
<S> <C> <C>
Real estate, at cost, net of accumulated
depreciation ................................... $46,842 $46,836
Equipment, at cost, net of accumulated
depreciation of $616,000 and $608,000 .......... 183 186
Investment in affiliate ............................ 1,955 1,924
Cash ............................................... 184 189
Tenants' security accounts ......................... 747 754
Sundry receivables ................................. 576 537
Prepaid expenses and other assets .................. 825 1,090
Deferred charges, net .............................. 182 158
------- -------
Totals ................................... $51,494 $51,674
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgages payable .............................. $23,478 $23,609
Note payable - bank ............................ 6,091 5,662
Accounts payable and accrued expenses .......... 259 278
Dividends payable .............................. 546 1,029
Tenants' security deposits ..................... 846 853
Deferred revenue ............................... 126 259
------- -------
Total liabilities ........................ 31,346 31,690
------- -------
Commitments and contingencies
Shareholders' equity:
Shares of beneficial interest without par
value; 1,560,000 shares authorized;
1,559,788 shares issued and outstanding ...... 19,314 19,314
Undistributed earnings ......................... 834 670
------- -------
Total shareholders' equity ............... 20,148 19,984
------- -------
Totals .................................. $51,494 $51,674
======= =======
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
THREE MONTHS ENDED JANUARY 31, 1997 AND 1996
(Unaudited)
INCOME 1997 1996
------- -------
(In Thousands
of Dollars,
Except per
Share Amounts)
<S> <C> <C>
Rental revenue:
Rental income .............................. $ 2,486 $ 2,418
Real estate taxes reimbursed ............... 262 392
Common area maintenance reimbursed ......... 66 185
Sundry income .............................. 40 39
------- -------
Totals ................................. 2,854 3,034
------- -------
Rental expenses:
Operating expenses ......................... 600 642
Management fees ............................ 121 118
Real estate taxes .......................... 430 579
Interest ................................... 542 554
Depreciation ............................... 317 309
------- -------
Totals ................................. 2,010 2,202
------- -------
Income from rental operations .................. 844 832
------- -------
Other income (expense):
Equity in income of affiliate .............. 31 19
Interest income ............................ 1 4
Interest expense ........................... (118) (111)
General and administrative ................. (45) (55)
------- -------
Totals ................................. (131) (143)
------- -------
Income before state income taxes ............... 713 689
Provision for state income taxes ............... 3
------- -------
Net income ..................................... $ 710 $ 689
======= =======
Earnings per share ............................. $ .46 $ .44
======= =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
STATEMENTS OF INCOME AND UNDISTRIBUTED EARNINGS
THREE MONTHS ENDED JANUARY 31, 1997 AND 1996
(Unaudited)
UNDISTRIBUTED EARNINGS 1997 1996
------- -------
(In Thousands
of Dollars,
Except per
Share Amounts)
<S> <C> <C>
Balance, beginning of period ................... $ 670 $ 675
Net income ..................................... 710 689
Less dividends ................................. (546) (546)
------- -------
Balance, end of period ......................... $ 834 $ 818
======= =======
Dividends per share ............................ $ .35 $ .35
======= =======
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JANUARY 31, 1997 AND 1996
(Unaudited)
1997 1996
------- -------
(In Thousands
of Dollars)
<S> <C> <C>
Operating activities:
Net income .......................................... $ 710 $ 689
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization ................... 326 310
Deferred revenue ................................ (133) (45)
Equity in income of affiliate ................... (31) (19)
Changes in operating assets and liabilities:
Tenants' security accounts ................... 7 (4)
Sundry receivables, prepaid expenses and other
assets ..................................... 226 (177)
Deferred charges ............................. (33) 111
Accounts payable and accrued expenses ........ (19) (5)
Tenants' security deposits ................... (7) 4
------- -------
Net cash provided by operating activities 1,046 864
------- -------
Investing activities - capital expenditures ............. (320) (169)
------- -------
Financing activities:
Dividends paid ...................................... (1,029) (1,154)
Proceeds from note payable - bank ................... 429 555
Repayment of mortgages .............................. (131) (121)
------- -------
Net cash used in financing activities .... (731) (720)
------- -------
Net increase (decrease) in cash ......................... (5) (25)
Cash, beginning of period ............................... 189 465
------- -------
Cash, end of period ..................................... $ 184 $ 440
======= =======
Supplemental disclosure of cash flow data:
Interest paid ....................................... $ 660 $ 665
======= =======
Supplemental schedule of noncash financing activities:
Dividends declared but not paid amounted to $546,000 at January 31, 1997 and
1996.
See Notes to Financial Statements.
</TABLE>
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies:
Organization:
First Real Estate Investment Trust of New Jersey (the
"Trust") was organized November 1, 1961 as a New Jersey
Business Trust. The Trust is engaged in owning
residential and commercial income producing properties
located primarily in New Jersey.
The Trust has elected to be taxed as a Real Estate
Investment Trust under the provisions of Sections 856-860
of the Internal Revenue Code, as amended. Accordingly,
the Trust does not pay Federal income tax on income
whenever income distributed to shareholders is equal to
at least 95% of real estate investment trust taxable
income. Further, the Trust pays no Federal income tax on
capital gains distributed to shareholders.
The Trust is subject to Federal income tax on
undistributed taxable income and capital gains. The Trust
may make an annual election under Section 858 of the
Internal Revenue Code to apply part of the regular
dividends paid in each respective subsequent year as a
distribution for the immediately preceding year.
Basis of presentation:
The financial information included herein as at January
31, 1997 and for the three months ended January 31, 1997
and 1996 is unaudited and, in the opinion of the Trust,
reflects all adjustments (which include only normal
recurring accruals) necessary for a fair presentation of
the financial position as of that date and the results of
operations for those periods. The information in the
balance sheet as of October 31, 1996 was derived from the
Trust's audited annual report for 1996.
Use of estimates:
The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that affect
certain reported amounts and disclosures. Accordingly,
actual results could differ from those estimates.
Investment in affiliate:
The Trust's 40% investment in Westwood Hills, LLC (the
"Affiliate") is accounted for using the equity method.
Cash:
The Trust maintains its cash in bank deposit accounts
which, at times, may exceed Federally insured limits. The
Trust considers all highly liquid debt instruments
purchased with a maturity of three months or less to be
cash equivalents. At January 31, 1997 and October 31,
1996, the Trust had no cash equivalents.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies (continued):
Depreciation:
Real estate and equipment are depreciated on the
straight-line method by annual charges to operations
calculated to absorb costs of assets over their estimated
useful lives.
Revenue recognition:
Income from leases is recognized on a straight-line basis
regardless of when payment is due. Lease agreements
between the Trust and commercial tenants generally
provide for additional rentals based on such factors as
percentage of tenants' sales in excess of specified
volumes, increases in real estate taxes, Consumer Price
Indices and common area maintenance charges. These
additional rentals are generally included in income when
reported to the Trust, when billed to tenants or ratably
over the appropriate period.
Deferred charges:
Deferred charges consist of mortgage costs and leasing
commissions. Deferred mortgage costs are amortized on the
straight-line method by annual charges to operations over
the terms of the mortgages. Deferred leasing commissions
are amortized on the straight-line method over the terms
of the applicable leases.
Advertising:
The Trust expenses the cost of advertising and promotions
as incurred. Advertising costs charged to operations
amounted to approximately $5,000 and $12,000 for the
three months ended January 31, 1997 and 1996,
respectively.
Earnings per share:
Earnings per share are computed based on the weighted
average number of shares outstanding. The weighted
average number of shares outstanding was 1,559,788 for
each of the three month periods ended January 31, 1997
and 1996.
Change in accounting policy:
The Trust has changed its method of accounting for its
investment in Affiliate. Previously, the accounts of the
Affiliate were combined with those of the Trust on the
basis of common control. However, in as much as the Trust
does not maintain unilateral control over the Affiliate,
the equity method of accounting for the investment is
deemed to be more appropriate. Accordingly, the
accompanying financial statements have been restated. The
effect of the restatement was to reduce both total assets
and total liabilities by $13,560,000 and $13,548,000 at
January 31, 1997 and October 31, 1996, respectively, and
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 1 - Organization and significant accounting policies (concluded):
reduce income from rental operations by $78,000 and
$48,000 for the three months ended January 31, 1997 and
1996, respectively. The restatement had no effect on
shareholders' equity, net income or earnings per share.
Note 2 - Investment in affiliate:
During May 1994, the Trust became a 40% member of the
Affiliate, a newly formed limited liability company that
is managed by Hekemian & Co., Inc. ("Hekemian"), a
company which manages all of the Trust's properties and
in which one of the trustees of the Trust is the chairman
of the board. Certain other members of the Affiliate are
either trustees of the Trust or their families or
officers of Hekemian.
On June 2, 1994, the Affiliate consummated the purchase
of Westwood Properties, a residential apartment complex
located in Westwood, New Jersey.
Summarized financial information of the Affiliate as of
January 31, 1997 and October 31, 1996 and for the three
months ended January 31, 1997 and 1996 is as follows:
<TABLE>
<CAPTION>
January October
31, 1997 31, 1996
(In Thousands
of Dollars)
<S> <C> <C>
Balance sheet data:
Assets:
Real estate and equipment, net ............ $14,864 $14,928
Other ..................................... 651 544
------- -------
Total assets ........................ $15,515 $15,472
======= =======
Liabilities and equity:
Liabilities:
Mortgage payable ........................ $10,308 $10,346
Other ................................... 318 314
------- -------
Totals .............................. 10,626 10,660
------- -------
Members' equity:
Trust ................................... 1,955 1,924
Others .................................. 2,934 2,888
------- -------
Totals .............................. 4,889 4,812
------- -------
Total liabilities and equity ........ $15,515 $15,472
======= =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 2 - Investment in affiliate:(concluded):
Three Months
Ended
January 31,
1997 1996
---- ----
(In Thousands
of Dollars)
<S> <C> <C>
Income statement data:
Rental revenue ........................... $619 $575
Rental expenses .......................... 541 527
---- ----
Net income ............................... $ 78 $ 48
==== ====
</TABLE>
Note 3 - Real estate:
Real estate consists of the following:
<TABLE>
<CAPTION>
Range of
Estimated January October
Useful Lives 31, 1997 31, 1996
------------ -------- --------
(In Thousands
of Dollars)
<S> <C> <C> <C>
Land ........................... $17,782 $17,263
Unimproved land ................ 2,240 2,472
Apartment buildings ............ 7-40 years 10,414 10,170
Commercial buildings ........... 25-31.5 years 58 58
Shopping centers ............... 15-50 years 26,323 26,947
Construction in
progress ..................... 1,042 969
------- -------
57,859 57,879
Less accumulated de-
preciation ................... 11,017 11,043
------- -------
Totals ..................... $46,842 $46,836
======= =======
</TABLE>
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 4 - Mortgages payable:
Mortgages payable consist of the following:
<TABLE>
<CAPTION>
January October
31, 1997 31, 1996
(In Thousands
of Dollars)
<S> <C> <C>
State Mutual Life Insurance Co. (A) ............ $17,991 $18,068
Travelers Insurance (B) ........................ 5,286 5,319
Summit Bank (C) ................................ 201 222
------- -------
Totals ..................................... $23,478 $23,609
======= =======
</TABLE>
(A) Payable in monthly installments of $160,925
including interest at 9% through August 1997 at
which time the outstanding balance is due. The
mortgage is secured by a shopping center in
Frederick, Maryland having a net book value of
approximately $25,601,000.
(B) Payable in monthly installments of $55,287
including interest at 10% through September 2001
at which time the outstanding balance is due. The
mortgage is secured by a shopping center in
Westwood, New Jersey having a net book value of
approximately $11,832,000.
(C) Payable in monthly installments of $8,555
including interest at 7.625% through March 1999 at
which time the outstanding balance is due. The
mortgage is secured by an apartment building in
Spring Lake, New Jersey having a net book value of
approximately $618,000. One of the directors of
the bank is a trustee of the Trust.
Principal amounts (in thousands of dollars) due under the
above obligations in each of the five years subsequent to
January 31, 1997 are as follows:
Year Ending
January 31, Amount
----------- ------
1998 $18,222
1999 252
2000 182
2001 189
2002 4,633
Based on borrowing rates currently available to the Trust,
the carrying amount of mortgages payable approximates fair
value at January 31, 1997.
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 5 - Note payable - bank:
Note payable - bank consists of borrowings under a
$20,000,000 revolving line of credit agreement with Summit
Bank which expires on June 30, 1997. The first $10,000,000
of borrowings under the line of credit bear interest at
either the prime rate or the LIBOR rate plus 200 basis
points. Any excess borrowings bear interest at either the
prime rate plus 1/2% or the LIBOR rate plus 250 basis
points. Outstanding borrowings are secured by all of the
Trust's properties except the shopping centers located in
Frederick, Maryland and Westwood, New Jersey and any vacant
land owned by the Trust.
Note 6 - Commitments and contingencies:
Leases:
Commercial tenants:
The Trust leases commercial space having a net book
value of approximately $39,023,000 at January 31,
1997 to tenants for periods of up to twenty years.
Most of the leases contain clauses for reimbursement
of real estate taxes, maintenance, insurance and
certain other operating expenses of the properties.
Minimum rental income (in thousands of dollars) to be
received from noncancelable operating leases in years
subsequent to January 31, 1997 are as follows:
Year Ending
January 31, Amount
----------- ------
1998 $ 3,696
1999 3,438
2000 3,015
2001 2,588
2002 2,340
Thereafter 9,624
-------
Total $24,701
=======
The above amounts assume that all leases which expire
are not renewed and, accordingly, neither minimal
rentals nor rentals from replacement tenants are
included. In addition, the above amounts do not
include any future minimum rentals to be received for
the shopping center in Franklin Lakes, New Jersey
having a net book value of approximately $1,590,000
<PAGE>
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
Note 6 - Commitments and contingencies (concluded):
Leases (concluded):
Commercial tenants (concluded):
at January 31, 1997. Management closed the shopping
center on September 1, 1995 except for one tenant who
vacated the premises on November 1, 1996.
Commencement of a complete refurbishing of the
premises is currently in progress and it is expected
to be open for operations in the Fall of 1997. The
cost of refurbishing is currently anticipated to
approximate $10,000,000.
Minimum future rentals do not include contingent
rentals which may be received under certain leases on
the basis of percentage of reported tenants' sales
volume or increases in Consumer Price Indices.
Contingent rentals included in income for each of the
three months ended January 31, 1997 and 1996 were not
material.
Residential tenants:
Lease terms for residential tenants are usually one
year or less.
Acquisition:
The Trust has entered into a contract to purchase a
64,000 square foot shopping center to be constructed in
Patchogue, New York for approximately $11,400,000
including commissions and estimated professional fees.
The contract to purchase the Patchogue center is
contingent upon the construction being completed during
the Spring of 1997.
Standby letters of credit:
At January 31, 1997, the Trust is obligated under
irrevocable standby letters of credit of approximately
$1,550,000 in connection with certain required land
improvements at the Franklin Lakes shopping center.
Note 7 - Management agreement:
The properties owned by the Trust are currently managed by
Hekemian. The management agreement requires fees equal to a
percentage of rents collected. Such fees were approximately
$121,000 and $118,000 for the three months ended January 31,
1997 and 1996, respectively.
Note 8 - Earnings per share:
Earnings per share, based on the weighted average number of
shares outstanding during each period, are comprised of
ordinary income.
* * *
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
The following discussion should be read in conjunction with the
attached financial statements and notes thereto, and the Registrant's audited
financial statements and notes thereto for Fiscal Year ended October 31, 1996.
Results of Operations
The earnings per share were $0.46 for the First Quarter 1997 as
compared to $0.44 per share for the First Quarter, 1996.
The increase in earnings was realized despite the fact that the
Franklin Lakes Shopping Center, as discussed in Part II, Item 5 hereinafter, was
closed for operations in the Fall of 1996.
Rental income increased from $2,418,000 for the First Quarter of 1996
to $2,486,000 for the First Quarter of 1997. Income from rental operations was
$844,000 for the First Quarter 1997 as compared to $832,000 for the same period
in 1996. The increase in rental operations was primarily due to a decrease in
operating expenses and real estate taxes. The decrease in operating expenses was
due, in large part, to a mild winter in 1996-1997 as compared with the prior
fiscal year resulting in decreased heating and snow removal costs.
As discussed in Note 1 of the Financial Statements attached, the
Registrant has changed its method of accounting for its investment in the
Westwood Hills, L.L.C. Prior to the date of this 10Q/A, the Registrant prepared
its Financial Statements on a consolidated basis. Since the Registrant does not,
however, maintain unilateral control over the Westwood Hills, L.L.C., it has
been determined that the equity method of accounting would be more appropriate.
The equity method was adopted retroactively. As a result, the 1996 financial
statements have been restated to reflect the foregoing accounting change.
In addition, the Registrant will use the equity method of accounting
with respect to Westwood Hills, L.L.C. as of fiscal year 1997.
Financial Condition
The Registrant continues to generate cash sufficient to meet all of its
operational needs. Registrant does not anticipate that it will be required to
borrow funds to sustain the current dividend payment schedule of $0.35 per share
for each of the first three quarters of Fiscal Year 1997.
<PAGE>
PART II. Item 5. OTHER INFORMATION
A) Franklin Lakes, New Jersey Shopping Center (the
"Franklin Lakes Center" or the "Center")
The Registrant closed the Franklin Lakes Center in
December 1996. Demolition of the Center was
completed during January, 1997.
The Registrant is in the process of negotiating
contracts with third party contractors for the
construction of the Center containing approximately
88,000 square feet of leasable space. The Registrant
anticipates that construction will begin prior to
March 1, 1997 and that the Center will be operational
before January 1, 1998.
The Registrant authorized the payment of the
following fees to Hekemian & Co., Inc., its managing
agents:
a) $125,000 in consideration for all work
completed in securing governmental approvals
in connection with the Center.
b) $150,000 in consideration for the planning,
coordination and oversight in connection with
the construction of the Center.
In addition, Registrant has agreed to negotiate an
agreement pursuant to which Hekemian & Co., Inc. will
be paid a fee for negotiating all leases for the
Center.
B) Patchogue, New York Shopping Center (the "Patchogue
Center")
The Registrant anticipates that the Patchogue Center
will be completed by May, 1997. As a result, it
expects to close title for the center on or about
June 1, 1997.
The Registrant authorized the payment of a fee in the
amount of $390,000 to Hekemian & Co., Inc. for all
work which it performed in the acquisition and the
monitoring of construction of the Patchogue Center.
C) Line of Credit with Summit Bank
The Line of Credit with Summit Bank was extended for
six month interim period. The Registrant expects that
the Line of Credit will be extended for a period of
one or two years based at the end of the interim
period.
ITEM 6. Exhibits and Reports on Form 8-K
The Registrant did not file any 8-K Reports during
the First Quarter 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
First Real Estate Investment
Trust of New Jersey
----------------------------
(Registrant)
DATED: July 3, 1997
/s/William R. DeLorenzo, Jr.
----------------------------
(Signature)*
William R. DeLorenzo, Jr.
Executive Secretary and Treasurer
- --------------------------------------------------------------------------------
*Print name and title of the signing officer under his signature
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> JAN-31-1997
<CASH> 184,000
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 58,658,000
<DEPRECIATION> (11,633,000)
<TOTAL-ASSETS> 51,494,000
<CURRENT-LIABILITIES> 0
<BONDS> 23,478,000
0
0
<COMMON> 19,314,000
<OTHER-SE> 834,000
<TOTAL-LIABILITY-AND-EQUITY> 51,494,000
<SALES> 0
<TOTAL-REVENUES> 2,886,000
<CGS> 0
<TOTAL-COSTS> (2,010,000)
<OTHER-EXPENSES> (163,000)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 713,000
<INCOME-TAX> (3,000)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 710,000
<EPS-PRIMARY> .46
<EPS-DILUTED> .46
</TABLE>
