<PAGE> 1
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 APRIL 1, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
------- -------
---------------------------
COMMISSION FILE NUMBER 1-6461
---------------------------
GENERAL ELECTRIC CAPITAL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C>
NEW YORK 13-1500700
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
260 LONG RIDGE ROAD, STAMFORD, 06927
CONNECTICUT
(Address of principal executive offices) (Zip Code)
(203) 357-4000
(Registrant's telephone number, including area code)
</TABLE>
---------------------------
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
--- ---
At April 28, 1995, 3,837,825 shares of common stock with a par value of
$200 were outstanding.
REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A)
AND (B) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED
DISCLOSURE FORMAT.
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
PART I -- FINANCIAL INFORMATION.
Item 1. Financial Statements. 1
Item 2. Management's Discussion and Analysis of Results of Operations. 5
Exhibit 12. Computation of Ratio of Earnings to Fixed Charges and
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends. 7
PART II -- OTHER INFORMATION.
Item 6. Exhibits and Reports on Form 8-K. 8
Signatures. 9
Index to Exhibits. 10
</TABLE>
<PAGE> 3
PART I--FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF CURRENT AND RETAINED EARNINGS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
-------------------------------
(In millions) APRIL 1, 1995 APRIL 2, 1994
------------- -------------
<S> <C> <C>
EARNED INCOME $ 4,790 $ 3,808
------------- -------------
EXPENSES
Interest 1,502 985
Operating and administrative 1,432 1,265
Insurance losses and policyholder and annuity benefits 516 351
Provision for losses on financing receivables 79 170
Depreciation and amortization of buildings and equipment
and equipment on operating leases 450 384
Minority interest in net earnings of consolidated affiliates 17 18
------------- -------------
3,996 3,173
------------- -------------
EARNINGS
Earnings before income taxes 794 635
Provision for income taxes (266) (191)
------------- -------------
NET EARNINGS 528 444
Dividends (203) (193)
Retained earnings at beginning of period 8,321 7,008
------------- -------------
RETAINED EARNINGS AT END OF PERIOD $ 8,646 $ 7,259
========= =========
</TABLE>
See Notes to Condensed, Consolidated Financial Statements.
1
<PAGE> 4
ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF FINANCIAL POSITION
<TABLE>
<CAPTION>
APRIL 1, 1995
(In millions) ------------- DECEMBER 31, 1994
(UNAUDITED) -----------------
<S> <C> <C>
ASSETS
Cash and equivalents $ 1,061 $ 712
Investment securities 22,834 22,208
Financing receivables
Time sales and loans, net of deferred income 53,817 50,021
Investment in financing leases, net of deferred income 29,832 28,398
------------- -----------------
83,649 78,419
Allowance for losses on financing receivables (2,199) (2,062)
------------- -----------------
Financing receivables -- net 81,450 76,357
Other receivables -- net 3,811 3,624
Equipment on operating leases (at cost), less accumulated
amortization of $4,281 and $4,029 13,077 12,851
Other assets 15,763 15,152
------------- -----------------
TOTAL ASSETS $ 137,996 $ 130,904
========= =============
LIABILITIES AND EQUITY
Notes payable within one year $ 52,206 $ 54,579
Senior notes payable after one year 42,151 33,615
Subordinated notes payable after one year 697 697
Insurance liabilities, reserves and annuity benefits 18,713 18,593
Other liabilities 6,622 6,998
Deferred income taxes 5,654 5,267
------------- -----------------
Total liabilities 126,043 119,749
------------- -----------------
Minority interest in equity of consolidated affiliates 625 615
------------- -----------------
Capital stock 769 769
Additional paid-in capital 2,172 2,172
Retained earnings 8,646 8,321
Unrealized losses on investment securities (187) (655)
Currency translation adjustments (72) (67)
------------- -----------------
Total equity 11,328 10,540
------------- -----------------
TOTAL LIABILITIES AND EQUITY $ 137,996 $ 130,904
========= =============
</TABLE>
See Notes to Condensed, Consolidated Financial Statements.
2
<PAGE> 5
ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
---------------------------------
(In millions) APRIL 1, 1995 APRIL 2, 1994
------------- -------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 528 $ 444
Adjustments to reconcile net earnings to cash provided from
operating activities:
Provision for losses on financing receivables 79 170
Depreciation and amortization of buildings and equipment
and equipment on operating leases 450 384
Other -- net (198) (395)
------------- -------------
Cash provided from operating activities 859 603
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in loans to customers (11,718) (6,387)
Principal collections from customers 9,870 5,412
Investment in assets on financing leases (2,351) (1,348)
Principal collections on financing leases 1,551 1,176
Net decrease in credit card receivables 459 247
Buildings and equipment and equipment on operating leases:
-- additions (1,303) (887)
-- dispositions 549 41
Payments for principal businesses purchased, net of cash acquired (1,627) (565)
Purchases of investment securities by insurance affiliates and
annuity businesses (1,534) (1,410)
Dispositions and maturities of investment securities by insurance
affiliates and annuity businesses 1,541 1,701
Other -- net (95) 939
------------- -------------
Cash used for investing activities (4,658) (1,081)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings (maturities 90 days or less) (4,180) (526)
Newly issued debt -- short-term (maturities 91-365 days) 563 762
-- long-term senior 11,965 3,429
Repayments and other reductions -- short-term (maturities 91-365
days) (3,712) (3,194)
-- long-term senior -- (273)
Principal payments -- non-recourse, leveraged lease debt (99) (99)
Proceeds from sales of investment and annuity contracts 387 146
Redemption of investment and annuity contracts (573) (234)
Dividends paid (203) (193)
Issuance of variable cumulative preferred stock by consolidated
affiliate -- 240
------------- -------------
Cash provided from financing activities 4,148 58
------------- -------------
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 349 (420)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 712 1,049
------------- -------------
CASH AND EQUIVALENTS AT END OF PERIOD $ 1,061 $ 629
========= =========
</TABLE>
See Notes to Condensed, Consolidated Financial Statements.
3
<PAGE> 6
ITEM 1. FINANCIAL STATEMENTS (Continued).
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
NOTES TO CONDENSED, CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. The condensed, consolidated financial statements represent a consolidation of
General Electric Capital Corporation ("Corporation") and all majority-owned
and controlled affiliates ("consolidated affiliates"). All significant
transactions among the parent and consolidated affiliates have been
eliminated. In the opinion of management, all adjustments of a normal
recurring nature necessary to present a fair statement of financial position
as of April 1, 1995, the statement of cash flows for the three-month interim
periods ended April 1, 1995, and April 2, 1994, and the results of operations
for the three-month interim periods ended April 1, 1995, and April 2, 1994,
have been included. The condensed, consolidated financial statements have
been prepared in accordance with the instructions for Form 10-Q and therefore
do not include some information and notes necessary to constitute a complete
and detailed presentation in conformity with annual reporting requirements.
2. The results of operations for the three months ended April 1, 1995, should
not be regarded as necessarily indicative of the results that may be expected
for the entire year.
3. The ratio of earnings to fixed charges was 1.52 for the three months ended
April 1, 1995. For purposes of computing the ratio, earnings consist of net
earnings adjusted for provision for income taxes, minority interest and fixed
charges. Fixed charges consist of interest on all indebtedness and one-third
of annual rentals, which the Corporation believes is a reasonable
approximation of the interest factor of such rentals. The ratio of earnings
to combined fixed charges and preferred stock dividends was 1.51 for the
three months ended April 1, 1995.
4. The Corporation adopted Statement of Financial Accounting Standards (SFAS)
No. 114, Accounting by Creditors for Impairment of a Loan, and the related
SFAS No. 118, Accounting by Creditors for Impairment of a Loan -- Income
Recognition and Disclosures, on January 1, 1995 (together, the Statements).
The Statements modify the accounting and disclosures that apply to impaired
loans, which are loans for which management believes it is probable the
Corporation will be unable to collect all amounts due under original contract
terms based on insufficient cash flows and collateral values. The Statements
do not apply to large groups of smaller-balance homogeneous loans. The
Corporation's impaired loans are primarily commercial real estate loans,
originated prior to the severe market downturn in the early 1990's, which
have been restructured from their original terms. This accounting change had
no effect on the Corporation's earnings or financial position because the
Corporation's existing allowance for losses was appropriate under both the
Corporation's previous accounting policy as well as the newly-adopted policy.
At April 1, 1995, the recorded investment in impaired loans requiring an
allowance for losses in accordance with these standards was $625 million, on
which the portion of the Corporation's previously recorded allowance required
by the Statements was $282 million. The Statements also require disclosure of
loans for which the recorded investment is recoverable but meet the technical
definition of "impaired" because the net investment has been reduced through
previous charge-offs or deferral of income recognition. The amount of such
loans, which do not require any specific allowance for losses because of
their recoverability, was $452 million at April 1, 1995. Interest income on
impaired loans is recognized either as cash is collected or on a cost
recovery basis as conditions warrant.
4
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS.
OVERVIEW
Net earnings for the first quarter of 1995 were $528 million, an $84
million (19%) increase over the first quarter of 1994. The Corporation's
contribution to its parent, General Electric Capital Services, Inc. (GECS),
after payment of dividends on its variable cumulative preferred stock, was $518
million, an $80 million (18%) increase over the comparable 1994 period.
Earnings of the Corporation's lending, leasing and equipment management
businesses are significantly influenced by the level of invested assets, the
related financing spreads (the excess of rates earned -- yields -- over rates on
borrowings) and the quality of those assets. The Corporation's increase in net
earnings principally resulted from a higher average level of invested assets and
lower provisions for losses on financing receivables, partially offset by a
decrease in spreads, as the increase in interest rates paid on borrowings
exceeded the increase in yields.
OPERATING RESULTS
EARNED INCOME from all sources increased $982 million (26%) to $4,790
million for the first quarter of 1995 over the first quarter of 1994.
Earned income from the Corporation's specialized financing, mid-market
financing, consumer services and equipment management businesses increased $956
million (28%) over the comparable prior-year period principally reflecting a
higher average level of invested assets, resulting from both origination volume
and acquisitions of portfolios and businesses, and increased yields. Earned
income from the Corporation's specialty insurance businesses increased slightly
during the first quarter of 1995 compared with the first quarter of 1994
primarily reflecting growth in premium and investment income in the property and
casualty business, due to acquisition growth in the prior year.
INTEREST EXPENSE for the first quarter of 1995 increased $517 million (52%)
from the first quarter of the prior year. The increase reflected the effects of
significantly higher interest rates and additional borrowings required to
finance the higher level of invested assets. The Corporation's composite
interest rate for the first quarter of 1995 was 6.66%, compared with 4.88% for
the first quarter of 1994.
OPERATING AND ADMINISTRATIVE EXPENSES were $1,432 million in the first
quarter of 1995, up 13% over the first quarter of 1994. This increase reflected
operating costs associated with the higher level of assets, largely the result
of businesses and portfolios acquired over the past year.
INSURANCE LOSSES AND POLICYHOLDER AND ANNUITY BENEFITS were $516 million
for the first quarter of 1995, compared with $351 million during the first
quarter of 1994, principally as a result of growth in annuity benefits credited
to customers of the annuity business, resulting from a 1994 acquisition, and
continued adverse loss development in private mortgage pool insurance.
PROVISION FOR LOSSES ON FINANCING RECEIVABLES during the first quarter of
1995 was $79 million, compared with $170 million during the comparable
prior-year period, principally reflecting improved credit quality of the
portfolio.
DEPRECIATION AND AMORTIZATION OF BUILDINGS AND EQUIPMENT AND EQUIPMENT ON
OPERATING LEASES was $450 million in the first quarter of 1995, $66 million
higher than in the first quarter of 1994, reflecting higher levels of equipment
on operating leases as a result of portfolio growth and acquisitions.
PROVISION FOR INCOME TAXES for the first quarter of 1995 was $266 million
(an effective tax rate of 33%) compared with $191 million (30%) for the
comparable prior-year period. The higher provision for income taxes was
primarily due to increased pre-tax earnings subject to regular tax rates. The
increase in the effective tax rate was primarily attributable to proportionately
lower tax-exempt income on investment securities, lower amortized tax credits
and reduced earnings on leveraged leases with effective tax rates lower than
statutory rates. These increases were partially offset by increased dividends
that are not fully taxable.
5
<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
(Continued).
PORTFOLIO QUALITY
Financing revenues are directly related to the largest financing asset, the
portfolio of financing receivables. The portfolio, net of the allowance for
losses, aggregated $81.4 billion at April 1, 1995, an increase of $5.1 billion
(7%) from year-end 1994. The related allowance for losses was $2.2 billion
(2.63% of receivables -- the same level as at the end of 1994) and is, in
management's judgment, appropriate given the risk profile of the portfolio. A
discussion of the portfolio quality of certain elements of financing receivables
and investments follows. "Non-earning" receivables are those that are 90 days
or more delinquent and "reduced earnings" receivables are those that have been
restructured such that the interest rate is below market.
CONSUMER loans receivable, primarily retailer and auto, were $24.5 billion
at April 1, 1995, an increase of $1.4 billion from the end of 1994. In addition,
the Corporation's investment in consumer auto finance lease receivables was $8.3
billion at April 1, 1995, an increase of $0.8 billion from the end of 1994.
Nonearning receivables increased to $557 million at April 1, 1995, from $422
million at December 31, 1994, primarily related to acquisitions. Write-offs of
retailer and auto financing receivables were $143 million for the first quarter
of 1995, compared with $131 million for the first quarter of 1994.
COMMERCIAL REAL ESTATE LOANS classified as financing receivables by the
Commercial Real Estate business were $12.3 billion at April 1, 1995, compared
with $11.9 billion at December 31, 1994. In addition, the investment portfolio
of the Corporation's annuity business included approximately $1.4 billion of
commercial property loans at April 1, 1995, which remained unchanged from
December 31, 1994. The April 1, 1995, commercial real estate portfolio also
included, in other assets, $2.4 billion of assets acquired for resale from
various institutions compared with $2.1 billion at December 31, 1994. In
addition, at April 1, 1995, investments in real estate ventures amounting to
$1.4 billion were included in other assets (unchanged from year-end 1994).
Nonearning and reduced earning receivables were $182 million at April 1, 1995,
essentially the same as at the prior year end. Write-offs of Commercial Real
Estate loans were $57 million for the first three months of 1995, compared with
$29 million for the comparable prior-year period.
OTHER FINANCING RECEIVABLES relate primarily to a diverse commercial,
industrial and equipment loan and lease portfolio. Nonearning and reduced
earning receivables increased to $191 million at April 1, 1995, from $165
million at the prior year end. This portfolio included approximately $2.4
billion of financings provided for highly leveraged management buyouts and
corporate recapitalizations at April 1, 1995, essentially unchanged from
December 31, 1994.
The Corporation's aggregate loans and leases to commercial airlines at
April 1, 1995, approximated $7.6 billion, essentially unchanged from December
31, 1994.
OTHER MATTERS
As 1995 progresses, management continues to believe that the diversity and
strength of the Corporation's assets, along with vigilant attention to risk
management, positions it to deal effectively with a changing global economic
environment.
6
<PAGE> 9
EXHIBIT 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
THREE MONTHS ENDED APRIL 1, 1995
(Unaudited)
<TABLE>
<CAPTION>
RATIO OF
EARNINGS TO
RATIO OF COMBINED
EARNINGS FIXED CHARGES
TO FIXED AND PREFERRED
(Dollar amounts in millions) CHARGES STOCK DIVIDENDS
--------- ----------------
<S> <C> <C>
Net earnings $ 528 $ 528
Provision for income taxes 266 266
Minority interest in net earnings of consolidated affiliates 17 17
--------- -------
Earnings before provision for income taxes and minority interest 811 811
--------- -------
Fixed charges:
Interest 1,520 1,520
One-third of rentals 36 36
--------- -------
Total fixed charges 1,556 1,556
--------- -------
Less capitalized interest, net of amortization 3 3
--------- -------
Earnings before provision for income taxes and minority interest
plus fixed charges $ 2,364 $2,364
======= ============
Ratio of earnings to fixed charges 1.52
=======
Preferred stock dividend requirements $ 10
Ratio of earnings before provision for income taxes to net earnings 1.50
Preferred stock dividend factor on pre-tax basis 15
Fixed charges 1,556
-------
Total fixed charges and preferred stock dividend requirements $1,571
============
Ratio of earnings to combined fixed charges and preferred stock
dividends 1.51
============
</TABLE>
7
<PAGE> 10
PART II--OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
a.EXHIBITS.
Exhibit 12. Computation of ratio of earnings to fixed charges and
computation of ratio of earnings to combined fixed charges and preferred
stock dividends.
Exhibit 27. Financial Data Schedule (filed electronically only).
b.REPORTS ON FORM 8-K.
None.
8
<PAGE> 11
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.
GENERAL ELECTRIC CAPITAL CORPORATION
(Registrant)
<TABLE>
<S> <C>
Date: May 15, 1995 By: /s/ J. A. PARKE
-----------------------------------------------------
J. A. Parke, Senior Vice President, Finance
(Principal Financial Officer)
Date: May 15, 1995 By: /s/ J. C. AMBLE
-----------------------------------------------------
J. C. Amble, Vice President and Controller
(Principal Accounting Officer)
</TABLE>
9
<PAGE> 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NO. PAGE NO.
- ----------- --------
<S> <C> <C>
12 Computation of ratio of earnings to fixed charges and
computation of ratio of earnings to combined fixed charges and
preferred stock dividends 7
27 Financial Data Schedule (filed electronically only)
</TABLE>
10
<PAGE> 1
EXHIBIT 12
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
THREE MONTHS ENDED APRIL 1, 1995
(Unaudited)
<TABLE>
<CAPTION>
RATIO OF
EARNINGS TO
RATIO OF COMBINED
EARNINGS FIXED CHARGES
TO FIXED AND PREFERRED
(Dollar amounts in millions) CHARGES STOCK DIVIDENDS
--------- ----------------
<S> <C> <C>
Net earnings $ 528 $ 528
Provision for income taxes 266 266
Minority interest in net earnings of consolidated affiliates 17 17
--------- -------
Earnings before provision for income taxes and minority interest 811 811
--------- -------
Fixed charges:
Interest 1,520 1,520
One-third of rentals 36 36
--------- -------
Total fixed charges 1,556 1,556
--------- -------
Less capitalized interest, net of amortization 3 3
--------- -------
Earnings before provision for income taxes and minority interest
plus fixed charges $ 2,364 $2,364
======= ============
Ratio of earnings to fixed charges 1.52
=======
Preferred stock dividend requirements $ 10
Ratio of earnings before provision for income taxes to net earnings 1.50
Preferred stock dividend factor on pre-tax basis 15
Fixed charges 1,556
-------
Total fixed charges and preferred stock dividend requirements $1,571
============
Ratio of earnings to combined fixed charges and preferred stock
dividends 1.51
============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 1995, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000040554
<NAME> GENERAL ELECTRIC CAPITAL CORPORATION
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> APR-01-1995
<CASH> 1,061
<SECURITIES> 22,834
<RECEIVABLES> 83,649
<ALLOWANCES> 2,199
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 19,274
<DEPRECIATION> 5,119
<TOTAL-ASSETS> 137,996
<CURRENT-LIABILITIES> 0
<BONDS> 42,848
<COMMON> 768
0
1
<OTHER-SE> 10,559
<TOTAL-LIABILITY-AND-EQUITY> 137,996
<SALES> 0
<TOTAL-REVENUES> 4,790
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,432
<LOSS-PROVISION> 79
<INTEREST-EXPENSE> 1,502
<INCOME-PRETAX> 794
<INCOME-TAX> 266
<INCOME-CONTINUING> 528
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 528
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
