<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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, 1998
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File No. 1-6908
AMERICAN EXPRESS CREDIT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 11-1988350
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One Christina Centre, Wilmington, Delaware 19801-2919
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 594-3350
- -----------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.
THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1) (a)
AND (b) OF FORM 10-Q AND HAS THEREFORE OMITTED CERTAIN ITEMS FROM THIS REPORT IN
ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER GENERAL
INSTRUCTIONS H(2).
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
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at August 13, 1998
- ---------------------------- ---------------------------------------
Common Stock, $.10 par value 1,504,938 shares
<PAGE>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
FORM 10-Q
INDEX
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed consolidated statements
of income and retained earnings -
three and six months ended June 30,
1998 and 1997 3
Condensed consolidated balance
sheets - June 30, 1998 and
December 31, 1997 4
Condensed consolidated statements
of cash flows - six months ended
June 30, 1998 and 1997 5
Notes to condensed consolidated
financial statements 6
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 7
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 10
2
<PAGE>
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
PART I
Item 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND RETAINED EARNINGS
(millions)
(Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
------------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues
Revenue earned from purchased
accounts receivable $ 497 $ 441 $ 964 $ 844
Interest income from affiliates 45 41 90 81
Interest income from investments 37 33 64 59
Other income 2 1 3 3
----- ----- ----- -----
Total 581 516 1,121 987
----- ----- ----- -----
Expenses
Interest expense - affiliates 40 39 94 81
Interest expense - other 262 233 501 445
Provision for doubtful accounts,
net of recoveries 178 150 332 274
Other expenses 7 13 14 15
----- ----- ----- -----
Total 487 435 941 815
----- ----- ----- -----
Income before taxes 94 81 180 172
Income tax provision 33 28 63 60
----- ----- ----- -----
Net income 61 53 117 112
Retained earnings at beginning of period 1,801 1,742 1,745 1,683
------ ------ ------ ------
Retained earnings at end of period $1,862 $1,795 $1,862 $1,795
====== ====== ====== ======
</TABLE>
See notes to condensed consolidated financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
(Unaudited)
June 30, December 31,
1998 1997
---- ----
<S> <C> <C>
Assets
Cash and cash equivalents $ 510 $ 374
Investments 371 218
Accounts receivable 17,730 19,609
Less: reserve for doubtful accounts 605 633
------- -------
17,125 18,976
Loans and deposits with affiliates 3,245 3,150
Deferred charges and other assets 386 335
------- -------
Total assets $21,637 $23,053
======= =======
Liabilities and shareholder's equity
Short-term debt with affiliates $ 1,810 $ 1,770
Short-term debt - other 13,993 14,812
Current portion of long-term debt - other 353 4
Long-term debt with affiliate 910 910
Long-term debt - other 2,142 2,354
------- -------
Total debt 19,208 19,850
Due to affiliates 119 1,027
Accrued interest and other liabilities 183 152
------- -------
Total liabilities 19,510 21,029
------- -------
Deferred discount revenue 103 117
------- -------
Shareholder's equity:
Common stock 1 1
Capital surplus 161 161
Retained earnings 1,862 1,745
------- -------
Total shareholder's equity 2,024 1,907
------- -------
Total liabilities and shareholder's equity $21,637 $23,053
======= =======
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(Unaudited)
Six Months Ended
June 30,
-------------------
1998 1997
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net income $ 117 $ 112
Adjustments to reconcile net income to net cash
and cash equivalents provided by operating
activities:
Provision for doubtful accounts, net of recoveries 332 274
Amortization of deferred underwriting fees and
bond discount/premium 2 _
Changes in operating assets and liabilities:
Decrease (increase) in deferred tax assets 7 (26)
(Increase) decrease in interest receivable
and other operating assets (53) 119
Increase (decrease) in accrued interest and
other liabilities 37 (1)
Decrease in deferred discount revenue (14) (2)
------ ------
Net cash provided by operating activities 428 476
------ ------
Cash Flows from Investing Activities:
Decrease (increase) in accounts receivable 294 (334)
Recoveries of accounts receivable previously
written off 84 92
Purchase of investments (153) (247)
Net increase in loans and deposits due from affiliates (95) -
Sale of participation interest in seller's interest
in accounts receivable from an affiliate 1,120 -
Decrease in due to affiliates (911) (580)
------ -------
Net cash provided by (used in) investing activities 339 (1,069)
------ -------
Cash Flows from Financing Activities:
Net increase in short-term debt with affiliates with
maturity less than ninety days 40 1,175
Net (decrease) increase in short-term debt -
other with maturity less than ninety days (1,120) 2,340
Proceeds from issuance of debt 2,522 2,020
Repayment of debt (2,073) (4,481)
------- -------
Net cash (used in) provided by financing activities (631) 1,054
------- -------
Net increase in cash and cash equivalents 136 461
Cash and cash equivalents at beginning of period 374 267
------- -------
Cash and cash equivalents at end of period $ 510 $ 728
======= =======
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. The condensed consolidated financial statements should be read in conjunction
with the Annual Report on Form 10-K of American Express Credit Corporation,
including its subsidiaries where appropriate, ("Credco") for the year ended
December 31, 1997. Significant accounting policies disclosed therein have not
changed.
The condensed consolidated financial statements are unaudited; however, in
the opinion of management, they include all adjustments (consisting of normal
recurring adjustments) necessary for a fair presentation of the consolidated
financial position of Credco at June 30, 1998 and the consolidated results of
its operations and changes in its retained earnings for the six-month periods
ended June 30, 1998 and 1997 and cash flows for the six-month periods ended
June 30, 1998 and 1997. Results of operations reported for interim periods
are not necessarily indicative of results for the entire year.
2. For the six-month periods ended June 30, 1998 and 1997, Credco paid $589
million and $533 million of interest, respectively. Income taxes paid for
each of the six-month periods ended June 30, 1998 and 1997 were $47 million
and $2 million, respectively.
3. Management determines the appropriate classification of debt securities at
the time of purchase. Debt securities are classified as held to maturity when
Credco has the positive intent and ability to hold the securities to
maturity. Held to maturity securities are stated at amortized cost. At June
30, 1998, Credco held $276 million of American Express Master Trust Class B
Certificates which were classified as held to maturity. The fair value of the
held to maturity securities at June 30, 1998 were $283 million.
Available for sale securities are stated at fair value, with the unrealized
gains and losses included in shareholder's equity. At June 30, 1998, Credco
held American Express Credit Account Master Trust Class C Certificates which
were classified as available for sale. The cost and fair value of these
available for sale securities at June 30, 1998 were 95 million. The available
for sale classification does not mean that Credco necessarily expects to sell
these securities. They are available to meet possible liquidity needs should
there be significant changes in market interest rates, customer demand or
funding source and terms.
4. In early 1998, Credco purchased interest rate caps to limit the adverse
effect of an interest rate increase on substantially all charge Cardmember
receivables funding costs. The majority of the caps will mature by the end of
1998.
5. In February 1998, Credco issued $150 million 1 1/8% Cash Exchangeable Notes
due February 19, 2003. Holders of these notes may exchange them for an amount
in cash which is linked to the price of the common shares of American Express
Company. Credco has entered into hedging agreements designed to fully hedge
its obligations under these notes.
6
<PAGE>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
At June 30, 1998, American Express Credit Corporation, including its
subsidiaries where appropriate, ("Credco") had the ability to issue $1.9 billion
of debt under the Euro Medium Term Note program for the issuance of debt outside
the United States to non-U.S. persons. This program was established during 1996
by Credco, American Express Travel Related Services Company, Inc. ("TRS"), a
wholly-owned subsidiary of American Express Company ("American Express"),
American Express Overseas Credit Corporation Limited ("AEOCC"), a wholly-owned
subsidiary of Credco, and American Express Bank Ltd. (a wholly-owned subsidiary
of American Express). In 1997, American Express Centurion Bank ("Centurion
Bank") a wholly-owned subsidiary of TRS, was added to this program. The maximum
aggregate principal amount of debt instruments outstanding at any one time under
the program will not exceed $3 billion.
In early 1998, Credco purchased interest rate caps to limit the adverse effect
of an interest rate increase on substantially all charge Cardmember receivables
funding costs. The majority of the caps will mature by the end of 1998.
In February 1998, Credco issued $150 million 1 1/8% Cash Exchangeable Notes due
February 19, 2003. Holders of these notes may exchange them for an amount in
cash which is linked to the price of the common shares of American Express.
Credco has entered into hedging agreements designed to fully hedge its
obligations under these notes.
At June 30, 1998, Credco had the ability to issue $2.4 billion of medium- and
long-term debt securities under shelf registrations filed with the Securities
and Exchange Commission.
In May 1998, Credco renegotiated its credit facilities, increasing available
credit lines by $350 million to $7.2 billion.
Results of Operations
Credco purchases Cardmember receivables without recourse from TRS or its
subsidiaries. Non-interest-bearing charge Cardmember receivables are purchased
at face amount less a specified discount agreed upon from time to time, and
interest-bearing revolving credit Cardmember receivables are generally purchased
at face amount. Non-interest-bearing receivables are purchased under Receivables
Agreements that generally provide that the discount rate shall not be lower than
a rate that yields earnings of at least 1.25 times fixed charges on an annual
basis. The ratio of earnings to fixed charges for the six-month periods ended
June 30, 1998 and 1997 was 1.30 and 1.33, respectively. The ratio of earnings to
fixed charges for American Express, the parent of TRS, for the six-month periods
ended June 30, 1998 and 1997 was 2.23 and 2.24, respectively. The Receivables
Agreements also provide that consideration will be given from time to time to
revising the discount rate applicable to purchases of new receivables to reflect
changes in money market interest rates or significant changes in the
collectibility of receivables. Pretax income depends primarily on the volume of
Cardmember receivables purchased, the discount rates applicable thereto, the
relationship of total discount to Credco's interest expense and the
collectibility of the receivables purchased.
7
<PAGE>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
Credco purchased $75 billion and $68 billion of Cardmember receivables during
the six-month periods ended June 30, 1998 and 1997, respectively. At June 30,
1998 and December 31, 1997, Credco owned $15.7 billion and $17.8 billion,
respectively, of charge card receivables of which $1.5 billion and $3.8 billion,
respectively, were participation interests owned by Credco Receivables Corp.
("CRC"), a wholly-owned subsidiary of Credco. CRC owns a participation in the
seller's interest in charge Cardmember receivables that have been conveyed to
the American Express Master Trust (the "Trust"). This Trust was formed in 1992
by TRS to securitize U.S. consumer charge Cardmember receivables.
In addition, at June 30, 1998 and December 31, 1997, Credco owned extended
payment plan receivables totaling $2.0 billion and $1.8 billion respectively,
including revolving credit loans purchased directly from Centurion Bank. The
extended payment plan receivables owned at June 30, 1998 and December 31, 1997
include $137 million and $229 million, respectively, of participation interest
owned by CRC. This represents a participation in the seller's interest in
revolving credit receivables that have been conveyed to the American Express
Credit Account Master Trust (the "Master Trust"). This Master Trust was formed
by Centurion Bank in 1996 to securitize revolving credit loans.
For the six-month periods ended June 30, 1998 and 1997, the average life of
Cardmember receivables owned by Credco was 43 and 44 days, respectively.
Credco's write-offs, net of recoveries, as a percentage of the volume of
Cardmember receivables purchased for the six-month periods ended June 30, 1998
and 1997 was .43 percent and .40 percent, respectively.
Credco's increase in revenue for the six-month period ended June 30, 1998, is
due to an increase in the volume of receivables purchased and an increase in
discount and interest rates earned on purchased accounts receivable. Increased
interest income for the six-month period ended June 30, 1998 is attributable to
higher volume of average investments outstanding. Interest expense increased for
the six-month period ended June 30, 1998 due to an increase in volume and
interest rates. Provision for doubtful accounts for the six-month period also
increased reflecting volume growth, as well as higher provision rates and a
lower volume of recoveries.
8
<PAGE>
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
The following is an analysis of the increase in key revenue and expense accounts
for the six-month period ended June 30, 1998, compared with the six-month period
ended June 30, 1997 ($ in millions):
Six
Month
Period
------
<S> <C>
Revenue earned from purchased accounts receivable-
changes attributable to:
Volume of receivables purchased 80
Discount and interest rates 40
----
Total 120
====
Interest income from affiliates - changes attributable to:
Volume of average investments outstanding 9
Interest rates -
----
Total 9
====
Interest income from investments - changes attributable to:
Volume of average investments outstanding 4
Interest rates 1
----
Total 5
====
Interest expense (affiliates) - changes attributable to:
Volume of average debt outstanding 11
Interest rates 2
----
Total 13
====
Interest expense (other) - changes attributable to:
Volume of average debt outstanding 40
Interest rates 16
----
Total 56
====
Provision for doubtful accounts - changes attributable to:
Volume of receivables purchased 40
Provision rates and volume of recoveries 18
----
Total 58
====
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
The following is an analysis of Cardmember reserve for doubtful accounts:
1998 1997
---- ----
<S> <C> <C>
Balance, January 1 $ 633 $ 638
Provision for losses 416 366
Accounts written off (409) (366)
Other (35) (5)
------ ------
Balance, June 30 $ 605 $ 633
====== ======
The following table shows the aging of charge card receivables:
June 30,
----------------
1998 1997
---- ----
Current 79.0% 78.5%
30 to 59 days 15.6 15.7
60 to 89 days 2.2 2.3
90 days and over 3.2 3.5
</TABLE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
12.1 Computation in support of ratio of earnings to fixed
charges of American Express Credit Corporation.
12.2 Computation in support of ratio of earnings to fixed
charges of American Express Company.
27. Financial data schedule.
(b) Reports on Form 8-K
None.
10
<PAGE>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
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.
AMERICAN EXPRESS CREDIT CORPORATION
(REGISTRANT)
DATE August 14, 1998 /s/Vincent P. Lisanke
--------------------------------------------
Vincent P. Lisanke
(President, Chief Executive Officer
and Chief Accounting Officer)
EXHIBIT INDEX
Pursuant to Item 601 of Regulation S-K
Description How Filed
----------- ---------
Exhibit 12.1 Computation in support of Electronically
ratio of earnings to fixed charges filed herewith.
of American Express Credit
Corporation.
Exhibit 12.2 Computation in support of Electronically
ratio of earnings to fixed charges filed herewith.
of American Express Company.
Exhibit 27 Financial data schedule. Electronically
filed herewith.
11
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
EXHIBIT 12.1
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
OF AMERICAN EXPRESS CREDIT CORPORATION
(millions)
Six Months Ended
June 30,
(Unaudited) Year Ended December 31,
----------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Income before
extraordinary
charge $ 117 $ 112 $ 212 $ 215 $ 197 $ 139 $ 137
Income tax provision 63 60 114 115 105 75 64
Interest expense 595 526 1,125 1,117 1,054 736 599
----- ----- ------ ------ ------ ----- -----
Total earnings $ 775 $ 698 $1,451 $1,447 $1,356 $ 950 $ 800
===== ===== ====== ====== ====== ===== =====
Fixed charges -
interest expense $ 595 $ 526 $1,125 $1,117 $1,054 $ 736 $ 599
===== ===== ====== ====== ====== ===== =====
Ratio of earnings
to fixed charges 1.30 1.33 1.29 1.30 1.29 1.29 1.34*
</TABLE>
Note: Gross rentals on long-term leases were minimal in each of
the periods shown.
* The ratio of earnings to fixed charges calculated in accordance with
the Receivables Agreements after the impact of the extraordinary charge
of $34 million (pretax) was 1.28.
12
<PAGE>
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
EXHIBIT 12.2
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
OF AMERICAN EXPRESS COMPANY
(Dollars in millions)
Six Months
Ended
June 30, Years Ended December 31,
1998 -----------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
---------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Earnings:
Pretax income from
continuing operations $ 1,413 $ 2,750 $ 2,664 $ 2,183 $ 1,891 $ 2,326
Interest expense 1,094 2,122 2,160 2,343 1,925 1,776
Other adjustments 63 127 139 95 103 88
------- ------- ------- ------- ------- -------
Total earnings (a) $ 2,570 $ 4,999 $ 4,963 $ 4,621 $ 3,919 $ 4,190
------- ------- ------- ------- ------- -------
Fixed charges:
Interest expense $ 1,094 $ 2,122 $ 2,160 $ 2,343 $ 1,925 $ 1,776
Other adjustments 58 129 130 135 142 130
------- ------- ------- ------- ------- -------
Total fixed charges (b) $ 1,152 $ 2,251 $ 2,290 $ 2,478 $ 2,067 $ 1,906
------- ------- ------- ------- ------- -------
Ratio of earnings
to fixed charges (a/b) 2.23 2.22 2.17 1.86 1.90 2.20
</TABLE>
Included in interest expense in the above computation is interest expense
related to the international banking operations of American Express Company (the
Company) and Travel Related Services' Cardmember lending activities, which is
netted against interest and dividends and Cardmember lending net finance charge
revenue, respectively, in the Consolidated Statements of Income of American
Express Company.
For purposes of the "earnings" computation, other adjustments include adding the
amortization of capitalized interest, the net loss of affiliates accounted for
at equity whose debt is not guaranteed by the Company, the minority interest in
the earnings of majority-owned subsidiaries with fixed charges, and the interest
component of rental expense and subtracting undistributed net income of
affiliates accounted for at equity.
For purposes of the "fixed charges" computation, other adjustments include
capitalized interest costs and the interest component of rental expense.
On May 31, 1994, the Company completed the spin-off of Lehman Brothers through a
dividend to American Express common shareholders. Accordingly, Lehman Brothers'
results are reported as a discontinued operation and are excluded from the above
computation for all periods presented. In March 1993, the Company reduced its
ownership in First Data Corporation (FDC) to approximately 22 percent through
a public offering. As a result, beginning in 1993, FDC was reported as an equity
investment in the above computation. In the fourth quarter of 1995, the
Company's ownership was further reduced to approximately 10 percent as a result
of shares issued by FDC in connection with a merger transaction. Accordingly, as
of December 31, 1995, the Company's investment in FDC is accounted for as
Investments - Available for Sale.
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Credco's
Condensed Consolidated Balance Sheet at June 30, 1998 and Condensed Consolidated
Statement of Income for the six months ended June 30, 1998 and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000,000,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 510
<SECURITIES> 371
<RECEIVABLES> 17,730
<ALLOWANCES> 605
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 21,637
<CURRENT-LIABILITIES> 0
<BONDS> 19,208
0
0
<COMMON> 1
<OTHER-SE> 2,023
<TOTAL-LIABILITY-AND-EQUITY> 21,637
<SALES> 0
<TOTAL-REVENUES> 1,121
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 332
<INTEREST-EXPENSE> 595
<INCOME-PRETAX> 180
<INCOME-TAX> 63
<INCOME-CONTINUING> 117
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 117
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
