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 period ended March 31, 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 0-7162
MCNEIL PACIFIC INVESTORS FUND 1972
-----------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 94-6279375
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
13760 Noel Road, Suite 700, LB70, Dallas Texas 75240
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (214) 448-5800
--------------------
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 and (2) has been subject to such filing
requirements for the past 90 days. Yes X No___
<PAGE>
MCNEIL PACIFIC INVESTORS FUND 1972
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
---------- ------------
<S> <C> <C>
ASSETS
Real estate investment:
Land..................................................... $2,336,000 $2,336,000
Buildings and improvements............................... 4,756,157 4,569,577
--------- ---------
7,092,157 6,905,577
Less: Accumulated depreciation.......................... (744,340) (666,496)
--------- ---------
6,347,817 6,239,081
Cash and cash equivalents................................... 845,738 1,062,361
Cash segregated for security deposits....................... 46,787 36,309
Accounts receivable......................................... 32,942 3,741
Prepaid expenses and other assets........................... 21,541 24,594
Escrow deposits............................................. 120,164 125,181
Deferred borrowing costs, net of accumulated amorti-
zation of $29,430 and $26,833 at March 31, 1995
and December 31, 1994, respectively...................... 22,504 25,101
--------- ---------
$7,437,493 $7,516,368
========= =========
LIABILITIES AND PARTNERS' EQUITY
Mortgage note payable....................................... $2,246,511 $2,287,341
Accounts payable............................................ 103,053 31,328
Accrued interest............................................ - 16,679
Accrued property taxes...................................... 29,469 -
Other accrued expenses...................................... 9,017 38,685
Payable to affiliates - General Partner..................... 16,062 93,329
Security deposits and deferred rental revenue............... 46,206 48,138
--------- ---------
2,450,318 2,515,500
--------- ---------
Partners' equity:
Limited partners - 15,000 limited partnership units
authorized; 13,752.5 and 13,757.5 limited partnership
units issued and outstanding at March 31, 1995
and December 31, 1994, respectively.................... 4,677,231 4,690,924
General Partner.......................................... 309,944 309,944
--------- ---------
4,987,175 5,000,868
--------- ---------
$7,437,493 $7,516,368
========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL PACIFIC INVESTORS FUND 1972
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------------
1995 1994
--------- ----------
<S> <C> <C>
Revenue:
Rental revenue................................... $ 374,979 $ 477,214
Interest......................................... 8,969 1,811
Gain on disposition of real estate............... - 574,701
--------- ---------
Total revenue.................................. 383,948 1,053,726
--------- ---------
Expenses:
Interest......................................... 52,188 89,343
Depreciation..................................... 77,844 80,226
Property taxes................................... 29,475 54,564
Personnel expenses............................... 56,458 99,866
Utilities........................................ 21,551 19,963
Repair and maintenance........................... 65,878 79,560
Property management fees - affiliates............ 21,372 23,204
Other property operating expenses................ 44,023 28,997
General and administrative....................... 8,122 6,632
General and administrative - affiliates.......... 20,730 18,974
--------- --------
Total expenses................................. 397,641 501,329
--------- --------
Net income (loss)................................... $ (13,693) $ 552,397
========= ========
Net income (loss) allocated to limited partners..... $ (13,693) $ 786,411
Net loss allocated to General Partner............... - (234,014)
--------- --------
Net income (loss)................................... $ (13,693) $ 552,397
========= ========
Net income (loss) per Limited Partnership Unit...... $ (1.00) $ 57.16
========= ========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL PACIFIC INVESTORS FUND 1972
STATEMENTS OF PARTNERS' EQUITY
(Unaudited)
For the Three Months Ended March 31, 1995 and 1994
<TABLE>
<CAPTION>
Total
General Limited Partners'
Partner Partners Equity
--------- ---------- ----------
<S> <C> <C> <C>
Balance at December 31, 1993.............. $ 543,958 $4,023,366 $4,567,324
Net income................................ (234,014) 786,411 552,397
-------- --------- ---------
Balance at March 31, 1994................. $ 309,944 $4,809,777 $5,119,721
======== ========= ==========
Balance at December 31, 1994.............. $ 309,944 $4,690,924 $5,000,868
Net income (loss)......................... - (13,693) (13,693)
-------- --------- ---------
Balance at March 31, 1995................. $ 309,944 $4,677,231 $4,987,175
======== ========= =========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL PACIFIC INVESTORS FUND 1972
STATEMENTS OF CASH FLOWS
(Unaudited)
Increase (Decrease) in Cash and Cash Equivalents
<TABLE>
<CAPTION>
Three Months Ended
March 31,
---------------------------------
1995 1994
--------- -----------
<S> <C> <C>
Cash flows from operating activities:
Cash received from tenants........................ $ 351,291 $ 468,097
Cash paid to suppliers............................ (168,845) (327,120)
Cash paid to affiliates........................... (119,369) (96,847)
Interest received................................. 8,969 1,811
Interest paid..................................... (66,270) (101,972)
Property taxes paid and escrowed.................. 5,011 (54,183)
--------- ----------
Net cash provided by (used in) operating
activities........................................ 10,787 (110,214)
--------- ----------
Cash flows from investing activities:
Additions to real estate investments.............. (186,580) (19,661)
Proceeds from sale of real estate investment...... - 3,830,308
--------- ----------
Net cash provided by (used in) investing
activities........................................ (186,580) 3,810,647
--------- ----------
Cash flows from financing activities:
Principal payments on mortgage notes
payable......................................... (40,830) (64,053)
Retirement of mortgage note payable............... - (2,094,135)
--------- ----------
Net cash used in financing activities................ (40,830) (2,158,188)
--------- ----------
Net increase (decrease) in cash and
cash equivalents.................................. (216,623) 1,542,245
Cash and cash equivalents at beginning of
period............................................ 1,062,361 85,057
--------- ----------
Cash and cash equivalents at end of period........... $ 845,738 $ 1,627,302
========= ==========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL PACIFIC INVESTORS FUND 1972
STATEMENTS OF CASH FLOWS
(Unaudited)
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used in)
Operating Activities
<TABLE>
<CAPTION>
Three Months Ended
March 30,
--------------------------------
1995 1994
--------- ---------
<S> <C> <C>
Net income (loss).................................... $(13,693) $ 552,397
------- --------
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Depreciation...................................... 77,844 80,226
Amortization of deferred borrowing costs.......... 2,597 2,597
Gain on sale of real estate investment............ - (574,702)
Changes in assets and liabilities:
Cash segregated for security deposits........... (10,478) 20,193
Accounts receivable............................. (29,201) (6,805)
Prepaid expenses and other assets............... 3,053 11,095
Escrow deposits................................. 5,017 (30,531)
Accounts payable................................ 71,725 (81,618)
Accrued interest................................ (16,679) (15,226)
Accrued property taxes.......................... 29,469 30,912
Other accrued expenses.......................... (29,668) (26,458)
Payable to affiliates - General Partner......... (77,267) (54,669)
Security deposits and deferred rental
revenue....................................... (1,932) (17,625)
------- --------
Total adjustments............................. 24,480 (662,611)
------- --------
Net cash provided by (used in) operating
activities........................................ $ 10,787 $(110,214)
======= ========
</TABLE>
The financial information included herein has been prepared by management
without audit by independent public accountants.
See accompanying notes to financial statements.
<PAGE>
MCNEIL PACIFIC INVESTORS FUND 1972
Notes To Financial Statements
(Unaudited)
March 31, 1995
NOTE 1.
- -------
McNeil Pacific Investors Fund 1972 (the "Partnership") is a limited partnership
organized under the laws of the State of California to invest in real property.
The general partner of the Partnership is McNeil Partners, L.P. (the "General
Partner"), a Delaware limited partnership affiliated with Robert A. McNeil. The
principal place of business for the Partnership and the General Partner is 13760
Noel Road, Suite 700, LB70, Dallas, Texas 75240.
In the opinion of management, the financial statements reflect all adjustments
necessary for a fair presentation of the Partnership's financial position and
results of operations. All adjustments were of a normal recurring nature.
However, the results of operations for the three months ended March 31, 1995,
are not necessarily indicative of the results to be expected for the year ending
December 31, 1995.
NOTE 2.
- -------
The financial statements should be read in conjunction with the financial
statements contained in the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1994, and the notes thereto, as filed with the
Securities and Exchange Commission, which is available upon request by writing
to McNeil Pacific Investors Fund 1972, c/o McNeil Real Estate Management, Inc.,
Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.
NOTE 3.
- -------
Certain prior period amounts within the accompanying financial statements have
been reclassified to conform with current year presentation.
NOTE 4.
- -------
The General Partner is entitled to receive a partnership management fee equal to
9.5% of distributions of cash from operations when distributable cash from
operations is distributed to the limited partners. No partnership management
fees were incurred during the three month periods ended March 31, 1995 and 1994.
The Partnership pays property management fees equal to 6% of the gross rental
receipts of the Partnership's property to McNeil Real Estate Management, Inc.
("McREMI"), an affiliate of the General Partner, for providing property
management and leasing services for the Partnership's property. Prior to
December 31, 1994, the Partnership paid property management fees equal to 5% of
the gross rental receipts of the Partnership's properties.
The Partnership reimburses McREMI for its costs, including overhead, of
administering the Partnership's affairs.
<PAGE>
Compensation and reimbursements paid to or accrued for the benefit of the
General Partner and its affiliates are as follows:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------
1995 1994
------- -------
<S> <C> <C>
Property management fees - affiliates................ $21,372 $23,204
Charged to general and administrative -
affiliates:
Partnership administration........................ 20,730 18,974
------ ------
$42,102 $42,178
====== ======
</TABLE>
NOTE 5.
- -------
On March 17, 1994, the Partnership sold its investment in Pacesetter Apartments
to an unaffiliated buyer for a cash sales price of $4,050,000. Cash proceeds
from the transaction, as well as the gain on sale, are detailed below.
<TABLE>
<CAPTION>
Proceeds
Gain on Sale from Sale
------------ ----------
<S> <C> <C>
Sales price.......................................... $ 4,050,000 $ 4,050,000
Selling costs........................................ (300,692) (300,692)
Basis of real estate sold............................ (3,174,607)
----------
Gain on sale of real estate investment............... $ 574,701
========== ----------
Proceeds from sale of real
estate investment................................. 3,749,308
Retirement of mortgage note payable.................. (2,094,135)
----------
Net cash proceeds.................................... $ 1,655,173
==========
</TABLE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ------- ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
Since the sale of Pacesetter Apartments on March 17, 1994, the focus of the
Partnership's efforts have been directed to the renovation program at Palm Bay
Apartments (formerly known as Greentree Apartments). From the beginning of 1994
through the first quarter of 1995, the Partnership has completed capital
renovation projects totaling $834,350. To date, occupancy at Palm Bay Apartments
has not recovered as much as was hoped. At March 31, 1995, occupancy at Palm Bay
Apartments stood at 78.9%. As the capital renovation program winds down, the
focus of the Partnership will turn to leasing the restored units and increasing
operating efficiencies at the property.
RESULTS OF OPERATIONS
- ---------------------
The Partnership reported a loss of $13,693 for the first quarter of 1995
compared to net income of $552,397 for the first quarter of 1994. The results
for 1994's first quarter included a one-time gain of $574,701 from the sale of
Pacesetter Apartments. Rental revenues and operating expenses were both lower
for the first quarter of 1995 because the 1995 figures do not include rental
revenues or expenses of Pacesetter Apartments as do the 1994 figures.
Revenues:
Rental revenues decreased $102,235 or 21% for the first quarter of 1995 compared
to the first quarter of 1994. The decrease is entirely attributable to the sale
of Pacesetter Apartments in March 1994. Rental revenue from Palm Bay Apartments
increased $54,247 or 17.4%. The Partnership was able to increase both occupancy
and base rental rates due to the major capital improvements undertaken at Palm
Bay Apartments.
Interest revenues increased nearly five times to $8,969 for the first quarter of
1995. The Partnership had substantially more funds invested in interest-bearing
accounts due to the sale of Pacesetter Apartments in the first quarter of 1994.
Revenues for 1994 also include the one-time gain on sale of Pacesetter
Apartments.
Expenses:
Partnership expenses decreased $74,016 or 14.8% for the first quarter of 1995.
However, after excluding expenses pertaining to Pacesetter Apartments, expenses
increased $79,646 or 23% in the first quarter of 1995. The increases were
concentrated in depreciation, personnel expenses, repairs and maintenance, and
property management fees.
Depreciation expense at Palm Bay Apartments increased $32,280 or 71% in the
first quarter of 1995 compared to the first quarter of 1994. The increase in
depreciation expense is due to the continuing investment of Partnership
resources into capital improvements. In the year since March 31, 1994, the
Partnership has invested $814,689 in capital improvements. These capital
improvements are generally being depreciated over lives ranging from five to ten
years.
Personnel expenses decreased $43,408 for the Partnership, but most of the
decrease was due to the elimination of expenses from Pacesetter Apartments.
Personnel expenses decreased $7,453 or 11.7% at Palm Bay Apartments in the first
quarter compared to the first quarter of 1994. Personnel expenses were unusually
high during the first quarter of 1994 at the commencement of the major
renovation program at Palm Bay Apartments. Over the long term, the Partnership
expects personnel expenses at Palm Bay Apartments to increase due to the
Partnership's effort to increase occupancy rates by the continuous refurbishment
of residential units and upgrade of services offered to tenants. Such
improvements are partially achieved through higher maintenance standards that
require additional personnel to implement.
Property management fees incurred at Palm Bay Apartments increased $5,849 or 38%
for the first quarter of 1995 compared to the first quarter of 1994. An increase
in rental receipts, upon which such fees are based, and an increase in the
management fee percentage to 6% from 5% (effective January 1, 1995) were the
reasons for the increase.
Other property operating expenses increased substantially at Palm Bay
Apartments. Efforts to refurbish down units and intensive leasing activity have
increased a number of expenses to unusually high levels. The General Partner
anticipates that these expenses will moderate after the restoration plan is
complete and the restored units have been leased. The increase in other property
operating expenses at Palm Bay Apartments totaled $17,669 or 67%.
Property tax expense decreased $25,089 in the first quarter. Most of the
decrease was due to the elimination of property taxes at Pacesetter Apartments.
However, property taxes also decreased $5,001 or 14.5% at Palm Bay Apartments
due to lower assessments from local taxing jurisdictions.
The Partnership incurred reduced interest expense for the first quarter of 1995
compared to the first quarter of 1994. Again, the reason was the elimination of
interest charges pertaining to the Pacesetter mortgage note.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnership's cash flows from operating activities improved substantially to
$10,787 during the first quarter of 1995, compared to $110,214 used in operating
activities during the first quarter of 1994. Elimination of operations at
Pacesetter Apartments immediately improved the operating cash flow of the
Partnership. The Partnership anticipates that the capital renovation projects at
Palm Bay Apartments will begin to yield improved cash flow from operations as
the restored and refurbished units are leased to new tenants. Cash flow from
Palm Bay Apartments is anticipated to be sufficient to fund both operating
expenses and debt service requirements for the balance of 1995.
The sale of Pacesetter Apartments in March 1994, provided the largest change in
the cash flows of the Partnership. Cash generated from the sale, after repayment
of the Pacesetter mortgage note, totaled $1,655,173. The Partnership used these
proceeds to fund capital improvements at Palm Bay Apartments and to improve the
Partnership's cash reserves. Cash expended for capital improvements at Palm Bay
Apartments increased to $186,580 for the first quarter of 1995 from $19,661 for
the first quarter of 1994.
The financing activities of the Partnership, aside from the March 1994
retirement of the Pacesetter mortgage note, consist of the repayment of the Palm
Bay mortgage note through monthly debt service payments. These payments are
scheduled to gradually increase until June 1997, when the Palm Bay mortgage note
matures.
Short Term Liquidity:
Due to the sale of Pacesetter Apartments on March 17, 1994, the Partnership
began 1995 with adequate cash reserves. A substantial portion of the proceeds
from the sale of Pacesetter Apartments have been invested in capital
improvements at Palm Bay Apartments. The Partnership has budgeted $302,000 of
capital improvements for 1995 in addition to the $678,720 of capital
improvements made during 1994 and 1993. The capital improvements at Palm Bay
Apartments are necessary to allow the property to increase its rental revenues
and become competitive in the Orlando sub-market where the property is located.
At March 31, 1995, the Partnership held $845,738 of cash and cash equivalents,
down $216,623 from the balance at the end of 1994. The General Partner
anticipates that cash generated from operations for the remainder of 1995 will
be sufficient to fund the Partnership's operating expenses and debt service
requirements and to partially pay for budgeted capital improvements. The
Partnership will use its cash reserves, if necessary to complete the capital
renovation projects at Palm Bay Apartments. The General Partner considers the
Partnership's cash reserves adequate for such uses for the balance of 1995.
Long Term Liquidity:
For the long term, property operations will remain the primary source of funds.
While the present outlook for the Partnership's liquidity is favorable, market
conditions may change and property operations may deteriorate. The General
Partner expects that the capital improvements at Palm Bay Apartments will yield
improved cash flow from operations in 1995. The Partnership has budgeted an
additional $115,000 of capital improvements for the balance of 1995. If the
Partnership's cash position deteriorates, the General Partner may elect to defer
certain of the capital improvements, except where such improvements are expected
to increase the competitiveness or marketability of the Partnership's property.
The General Partner has established a revolving credit facility not to exceed
$5,000,000 in the aggregate which is available on a "first-come, first-served"
basis to the Partnership and other affiliated partnerships if certain conditions
are met. However, there is no assurance that the Partnership will receive
additional funds under the facility because no amounts will be reserved for any
particular partnership. As of March 31, 1995, $2,102,530 remained available for
borrowing under the facility; however, additional funds could become available
as other partnerships repay borrowings.
As a additional source of liquidity, the General Partner may attempt to
refinance the Palm Bay mortgage note. The General Partner estimates that such a
refinancing could yield proceeds to the Partnership in excess of the amount
needed to retire the current mortgage note. However, there can be no guarantee
that the Partnership will be able to obtain such mortgage refinancing on terms
or in amounts favorable to the Partnership, or that the cash proceeds from such
refinancing could be timed to coincide with the liquidity needs of the
Partnership.
Distributions:
Distributions to partners have been suspended as part of the General Partner's
policy of maintaining adequate cash reserves. Distributions to Unit holders will
remain suspended for the foreseeable future. The General Partner will continue
to monitor the cash reserves and working capital needs of the Partnership to
determine when cash flows will support distributions to the Unit holders.
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
<TABLE>
<CAPTION>
(a) Exhibits.
Exhibit
Number Description
------- -----------
<S> <C>
3. Restated Certificate and Agreement of
Limited Partnership dated of March 8,
1972. (1)
4. Amendment to Restated Certificate and
Agreement of Limited Partnership dated
March 30, 1992. (2)
11. Statement regarding computation of net
income per limited partnership unit: Net
income per limited partnership unit is
computed by dividing net income allocated to
the limited partners by the number of
limited partnership units outstanding. Per
unit information has been computed based on
13,752.5 and 13,757.5 limited partnership
units outstanding in 1995 and 1994,
respectively.
27. Financial Data Schedule for the year ended
December 31, 1994 and quarter ended
March 31, 1995.
</TABLE>
(1) Incorporated by reference to the Annual Report of Registrant on Form
10-K for the period ended December 31, 1990, as filed on March 29,
1991.
(2) Incorporated by reference to the Current Report on Form 8-K filed by
the Registrant with the Securities and Exchange Commission on April
10, 1992.
(b) Reports on Form 8-K. There were no reports on Form 8-K filed during the
quarter ended March 31, 1995.
<PAGE>
McNEIL PACIFIC INVESTORS FUND 1972
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:
<TABLE>
<CAPTION>
McNEIL PACIFIC INVESTORS FUND 1972
By: McNeil Partners, L.P., General Partner
By: McNeil Investors, Inc., General Partner
<S> <C>
May 12, 1995 By: /s/ Donald K. Reed
- ------------------------- ---------------------------------------------------------
Date Donald K. Reed
President and Chief Executive Officer
May 12, 1995 By: /s/ Robert C. Irvine
- ------------------------- ---------------------------------------------------------
Date Robert C. Irvine
Chief Financial Officer of McNeil Investors, Inc.
Principal Financial Officer
May 12, 1995 By: /s/ Brandon K. Flaming
- -------------------------- ---------------------------------------------------------
Date Brandon K. Flaming
Chief Accounting Officer of McNeil Real Estate
Management, Inc.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 12-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1995
<PERIOD-END> DEC-31-1994 MAR-31-1995
<CASH> 1,062,361 845,738
<SECURITIES> 0 0
<RECEIVABLES> 3,741 32,942
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 0
<PP&E> 6,905,577 7,092,157
<DEPRECIATION> (666,496) (744,340)
<TOTAL-ASSETS> 7,516,368 7,437,493
<CURRENT-LIABILITIES> 0 0
<BONDS> 2,287,341 2,246,511
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 5,000,868 4,987,175
<TOTAL-LIABILITY-AND-EQUITY> 7,516,368 7,437,493
<SALES> 1,475,264 374,979
<TOTAL-REVENUES> 2,095,660 383,948
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 1,412,289 345,453
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 249,827 52,188
<INCOME-PRETAX> 433,544 (13,693)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 433,544 (13,693)
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 433,544 (13,693)
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
