<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 March 31, 2000
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 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, 301 North Walnut Street 19801-2919
Suite 1002, Wilmington, Delaware (Zip Code)
(Address of principal executive offices)
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 May 15, 2000
- ----- ---------------------------
Common Stock, $.10 par value 1,504,938 shares
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 months ended March 31,
2000 and 1999 3
Condensed consolidated balance
sheets - March 31, 2000 and
December 31, 1999 4
Condensed consolidated statements
of cash flows - three months ended
March 31, 2000 and 1999 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 11
-2-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
PART I
Item 1. Financial Statements
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND RETAINED EARNINGS
(millions)
(Unaudited)
Three Months
Ended
March 31,
----------------
2000 1999
---- ----
<S> <C> <C>
Revenues
Revenue earned from purchased
accounts receivable $ 551 $ 425
Interest income from affiliates 21 43
Interest income from investments 34 29
Other income 3 2
--- ---
Total 609 499
--- ---
Expenses
Interest expense - affiliates 46 38
Interest expense - other 275 235
Provision for doubtful accounts,
net of recoveries 175 128
Other expenses 6 5
--- ---
Total 502 406
--- ---
Income before taxes 107 93
Income tax provision 37 33
--- ---
Net income 70 60
Retained earnings at beginning of period 1,905 1,832
----- -----
Retained earnings at end of period $1,975 $1,892
====== ======
</TABLE>
See notes to condensed consolidated financial statements.
-3-
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions)
(Unaudited)
March 31, December 31,
2000 1999
---- ----
<S> <C> <C>
Assets
Cash and cash equivalents $ 1,677 $ 1,102
Investments 1,028 947
Accounts receivable 22,841 23,463
Less: reserve for doubtful accounts 716 684
-------- --------
22,125 22,779
Loans and deposits with affiliates 1,251 1,461
Deferred charges and other assets 323 575
-------- --------
Total assets $ 26,404 $ 26,864
======== ========
Liabilities and shareholder's equity
Short-term debt with affiliates $ 1,273 $ 1,494
Short-term debt - other 18,561 18,737
Current portion of long-term debt - other 550 550
Long-term debt with affiliate 910 910
Long-term debt - other 1,451 1,665
-------- --------
Total debt 22,745 23,356
Due to affiliates 1,259 1,061
Accrued interest and other liabilities 108 248
-------- --------
Total liabilities 24,112 24,665
-------- --------
Deferred discount revenue 162 138
-------- --------
Shareholder's equity:
Common stock 1 1
Capital surplus 161 161
Retained earnings 1,975 1,905
Other comprehensive income, net of tax:
Net unrealized securities losses (7) (6)
-------- --------
Total shareholder's equity 2,130 2,061
-------- --------
Total liabilities and shareholder's equity $ 26,404 $ 26,864
======== ========
</TABLE>
See notes to condensed consolidated financial statements.
-4-
<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)
Three Months
Ended
March 31,
-----------------------
2000 1999
---- ----
<S> <C> <C>
Cash Flows from Operating Activities:
Net income $ 70 $ 60
Adjustments to reconcile net income to net cash and
cash equivalents provided by operating activities:
Provision for doubtful accounts,
net of recoveries 175 128
Amortization of deferred underwriting
fees and bond discount/premium - 1
Changes in operating assets and liabilities:
Increase in deferred tax assets (10) (1)
Decrease (increase) in interest receivable
and other operating assets 66 (29)
Increase in due to affiliates 23 31
(Decrease) increase in accrued interest
and other liabilities (20) 72
Increase (decrease) in deferred
discount revenue 24 (15)
--- ---
Net cash and cash equivalents provided by
operating activities 328 247
--- ---
Cash Flows from Investing Activities:
Decrease in accounts receivable 322 611
Recoveries of accounts receivable previously
written off 48 39
Purchase of participation interest in
seller's interest in accounts receivable
from an affiliate - (317)
Sale of participation interest in seller's
interest in accounts receivable to an affiliate 65 -
Sale of net accounts receivable to an affiliate - 325
Purchase of investments (85) -
Maturity of investments 3 -
Net decrease (increase) in loans and deposits
due from affiliates 210 (80)
Increase in due to affiliates 188 240
--- ---
Net cash and cash equivalents provided by
investing activities 751 818
--- ---
Cash Flows from Financing Activities:
Net (decrease) increase in short-term debt
with affiliates with maturities less than
ninety days (221) 45
Net increase (decrease) in short-term
debt - other with maturities less than
ninety days 3,817 (4)
Proceeds from issuance of debt 402 2,382
Redemption of debt (4,502) (2,037)
------ ------
Net cash and cash equivalents (used in)
provided by financing activities (504) 386
---- ---
Net increase in cash and cash equivalents 575 1,451
Cash and cash equivalents at beginning of period 1,102 648
----- ---
Cash and cash equivalents at end of period $ 1,677 $ 2,099
======= =======
</TABLE>
See notes to condensed consolidated financial statements.
-5-
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, 1999. 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 March 31, 2000 and the
consolidated results of its operations and changes in its retained earnings
for the three-month periods ended March 31, 2000 and 1999 and cash flows
for the three-month periods ended March 31, 2000 and 1999. Results of
operations reported for interim periods are not necessarily indicative of
results for the entire year. Certain prior year amounts have been
reclassified to conform to the current year presentation.
2. For the three-month periods ended March 31, 2000 and 1999, Credco
paid $307 million and $260 million of interest, respectively.
Income taxes paid for each of the three-month periods ended March
31, 2000 and 1999 were $22 million and $1 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 March 31,
2000 and 1999, Credco held $229 million and $258 million,
respectively, 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 March 31, 2000 and 1999
was $225 million and $265 million, respectively.
Available for sale securities are stated at fair value, with the
unrealized gains and losses included in shareholder's equity. At
March 31, 2000 and 1999, Credco held American Express Credit
Account Master Trust Class C Certificates which were classified
as available for sale. The cost approximates the fair value of
these available for sale securities which were valued at $530
million and $95 million at March 31, 2000 and 1999, respectively.
In addition, Credco has a portfolio of corporate and government
securities which is managed by American Express Financial
Advisors, a wholly-owned subsidiary of American Express Company
("American Express"). The book value and fair value of these
available for sale securities as of March 31, 2000 was $278
million and $269 million, respectively.
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 sources and terms.
-6-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
4. In February 2000, the American Express Credit Account Master
Trust (the "Master Trust") securitized $1 billion of loans
through the public issuance of two classes of investor
certificates and a privately placed collateral interest in the
assets of the Master Trust. At the time of such issuance, Credco
Receivables Corp. ("CRC"), a wholly-owned subsidiary of Credco,
sold $66 million of gross seller's interest ($65 million, net of
reserves) to American Express Receivables Financing Corporation
II ("RFCII"), a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc., a wholly-owned subsidiary
of American Express. In addition, CRC purchased $85 million of
Class C Certificates.
In May 2000, the Master Trust securitized an additional $1 billion
of loans. At the time of this issuance, CRC sold $50 million of
gross seller's interest ($49 million, net of reserves) to RFCII.
In addition, CRC purchased $95 million of Class C Certificates.
5. In the first quarter of 2000, Credco called $150 million 1 1/8%
Cash Exchangeable Notes due 2003. These notes were exchangeable
for an amount in cash which was linked to the price of the common
shares of American Express. Credco had entered into agreements to
fully hedge its obligations. Accordingly, the related hedging
agreements were called at the same time.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
At March 31, 2000, American Express Credit Corporation, including its
subsidiaries where appropriate ("Credco"), had the ability to issue
$1.4 billion of debt under a Euro Medium-Term Note program for the
issuance of debt outside the United States to non-U.S. persons. This
program was established by Credco, American Express Travel Related
Services Company, Inc. ("TRS"), a wholly-owned subsidiary of American
Express Company ("American Express"), American Express Centurion Bank
("Centurion Bank"), a wholly-owned subsidiary of TRS, American Express
Overseas Credit Corporation Limited ("AEOCC"), a wholly-owned
subsidiary of Credco, and American Express Bank, Ltd., a wholly-owned
indirect subsidiary of American Express. The maximum authorized
aggregate principal amount of debt instruments outstanding at any one
time under the program will not exceed $3.0 billion.
At March 31, 2000, Credco had the ability to issue approximately $2.4
billion of medium- and long-term debt and warrants under shelf
registrations filed with the Securities and Exchange Commission.
Committed credit line facilities at March 31, 2000 and 1999 totaled
$8.5 billion and $7.2 billion, respectively. In April 2000, Credco
renegotiated its credit facilities, increasing available credit lines
by $950 million. As of April 30, 2000, committed credit line facilities
totaled $9.2 billion.
In April and May 2000, Credco entered into additional interest rate swaps.
The effect of these additional swaps was to increase the amount of fixed
rate funding.
-7-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
Results of Operations
Credco purchases Cardmember receivables without recourse from TRS.
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 three-month periods ended March 31,
2000 and 1999 was 1.33 and 1.34, respectively. The ratio of earnings
to fixed charges for American Express, the parent of TRS, for the
three-month periods ended March 31, 2000 and 1999 was 2.30 and 2.45,
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 the 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 receivables purchased.
Credco purchased $47 billion and $38 billion of Cardmember receivables
during the three-month periods ended March 31, 2000 and 1999,
respectively. At March 31, 2000 and December 31, 1999, Credco owned
$20.1 billion and $20.8 billion, respectively, of Charge Card
receivables of which $2.7 billion and $4.0 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"). The Trust
was formed in 1992 by TRS to securitize U.S. charge Cardmember
receivables.
In addition, at both March 31, 2000 and December 31, 1999, Credco
owned extended payment plan receivables totaling $2.7 billion,
including revolving credit loans purchased directly from Centurion
Bank. The extended payment plan receivables owned at March 31, 2000
and December 31, 1999 include $362 million and $465 million,
respectively, of participation interest owned by CRC. This represents
a participation interest in the seller's interest in revolving credit
receivables that have been conveyed to the American Express Credit
Account Master Trust (the "Master Trust"), formed by Centurion Bank in
1996 to securitize revolving credit loans.
For the three-month periods ended March 31, 2000 and 1999, the average
life of Cardmember receivables owned by Credco was 42 days and 43
days, respectively.
Credco's write-offs, net of recoveries, as a percentage of the volume
of Cardmember receivables purchased for the three-month periods ended
March 31, 2000 and 1999 was .29 percent and .38 percent, respectively.
Credco's increase in revenue for the three-month period ended March
31, 2000, is mainly attributable to an increase in the volume of
receivables purchased. Interest income decreased for the three-month
period ended March 31, 2000 primarily due to a lower volume of average
investments outstanding. Interest expense increased for the three
months ended March 31, 2000 due to an increase in the volume of
average debt outstanding and interest rates. Provision for doubtful
accounts for the three-month period also increased reflecting a higher
volume of receivables purchased.
-8-
<TABLE>
<CAPTION>
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
The following is an analysis of the increase (decrease) in key revenue
and expense accounts for the three-month period ended March 31, 2000,
compared with the three-month period ended March 31, 1999
($ in millions):
Three
Month
Period
------
<S> <C>
Revenue earned from purchased accounts receivable-
changes attributable to:
Volume of receivables purchased 108
Discount and interest rates 18
---
Total 126
===
Interest income from affiliates - changes attributable to:
Volume of average investments outstanding (27)
Interest rates 5
---
Total (22)
===
Interest income from investments - changes attributable to:
Volume of average investments outstanding (1)
Interest rates 6
---
Total 5
===
Interest expense affiliates - changes attributable to:
Volume of average debt outstanding 1
Interest rates 7
---
Total 8
===
Interest expense other - changes attributable to:
Volume of average debt outstanding 15
Interest rates 25
---
Total 40
===
Provision for doubtful accounts - changes attributable to:
Volume of receivables purchased 44
Provision rates and volume of recoveries 3
---
Total 47
===
</TABLE>
-9-
<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
($ in millions):
2000 1999
---- ----
<S> <C> <C>
Balance, January 1 $684 $597
Provision for losses 223 167
Accounts written off (188) (182)
Other (3) -
---- ----
Balance, March 31 $716 $582
==== ====
</TABLE>
<TABLE>
<CAPTION>
The following table shows the aging of Charge Card receivables:
March 31,
------------------------
2000 1999
---- ----
<S> <C> <C>
Current 84.4% 82.2%
30 to 59 days 10.6 12.4
60 to 89 days 1.9 2.0
90 days and over 3.1 3.4
</TABLE>
-10-
AMERICAN EXPRESS CREDIT CORPORATION
(a wholly-owned subsidiary of American Express
Travel Related Services Company, Inc.)
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.
-11-
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: May 15, 2000 By /s/Walker C. Tompkins, Jr.
--------------------------
Walker C. Tompkins, Jr.
President and Chief Executive Officer
/s/Erich Komdat
-------------------------
Erich Komdat
Vice President, Chief Accounting
Officer
EXHIBIT INDEX
Pursuant to Item 601 of Regulation S-K
Description How Filed
----------- ---------
Exhibit 12.1 Computation in Support Electronically filed herewith.
of Ratio of Earnings to Fixed
Charges of American Express
Credit Corporation.
Exhibit 12.2 Computation in Support of Electronically filed herewith.
Ratio of Earnings to Fixed
Charges of American Express
Company.
Exhibit 27. Financial Data Schedule. Electronically filed herewith.
-12-
<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)
Three Months
Ended
March 31,
(Unaudited) Years Ended December 31,
----------- ------------------------------------
2000 1999 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Net income $ 70 $ 60 $ 223 $ 237 $ 212 $ 215 $ 197
Income tax provision 37 33 120 128 114 115 105
Interest expense 321 273 1,130 1,190 1,125 1,117 1,054
--- --- ----- ----- ----- ----- -----
Total earnings $428 $366 $1,473 $1,555 $1,451 $1,447 $1,356
==== ==== ====== ====== ====== ====== ======
Fixed charges -
interest expense $321 $273 $1,130 $1,190 $1,125 $1,117 $1,054
==== ==== ====== ====== ====== ====== ======
Ratio of earnings
to fixed charges 1.33 1.34 1.30 1.31 1.29 1.30 1.29
</TABLE>
Note: Gross rentals on long-term leases were minimal in amount in each of
the periods shown.
<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)
Three Months
Ended
March 31, Years Ended December 31,
2000 -----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Earnings:
Pretax income from
continuing operations $ 920 $3,438 $2,925 $2,750 $2,664 $2,183
Interest expense 664 2,178 2,224 2,122 2,160 2,343
Other adjustments 38 151 124 127 139 95
------ ------ ------ ------ ------ ------
Total earnings (a) $1,622 $5,767 $5,273 $4,999 $4,963 $4,621
------ ------ ------ ------ ------ ------
Fixed charges:
Interest expense $ 664 $2,178 $2,224 $2,122 $2,160 $2,343
Other adjustments 40 152 129 129 130 135
----- ------ ------ ------ ------ ------
Total fixed charges (b) $ 704 $2,330 $2,353 $2,251 $2,290 $2,478
----- ------ ------ ------ ------ ------
Ratio of earnings
to fixed charges (a/b) 2.30 2.48 2.24 2.22 2.17 1.86
</TABLE>
Included in interest expense in the above computation is interest
expense related to the international banking operations of American
Express Company ("American Express") 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.
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
American Express, 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.
In the fourth quarter of 1995, American Express' ownership in First
Data Corporation ("FDC") was 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, American Express'
investment in FDC is accounted for as Investments - Available for
Sale.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Credco's Condensed Consolidated Balance Sheet at March 31, 2000 and
Condensed Consolidated Statement of Income for the three months ended
March 31, 2000 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 1,677
<SECURITIES> 1,028
<RECEIVABLES> 22,841
<ALLOWANCES> 716
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 26,404
<CURRENT-LIABILITIES> 0
<BONDS> 22,745
0
0
<COMMON> 1
<OTHER-SE> 2,129
<TOTAL-LIABILITY-AND-EQUITY> 26,404
<SALES> 0
<TOTAL-REVENUES> 609
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6
<LOSS-PROVISION> 175
<INTEREST-EXPENSE> 321
<INCOME-PRETAX> 107
<INCOME-TAX> 37
<INCOME-CONTINUING> 70
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 70
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
