SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
(Mark One)
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarter period ended May 31, 1997
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OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from To
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Commission file number 0-11023
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NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Missouri 43-1250566
- ------------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7701 Forsyth Boulevard, St. Louis, Missouri 63105
- ------------------------------------------- -------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 863-7700
-----------------------------
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Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or 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 ___.
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12,13, or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes ___ No ___
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable
date _______.
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<PAGE>
PART I
ITEM 1 - FINANCIAL STATEMENTS:
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
May 31, November 30,
1997 1996
(Unaudited)
------------ ------------
ASSETS:
Cash $ 449,259 $ 211,840
Accounts receivable 219,383 199,357
Prepaid expenses and deposits 22,110 56,679
Investment property, at cost:
Land 1,013,858 1,013,858
Buildings and improvements 13,426,871 13,319,137
------------ ------------
14,440,729 14,332,995
Less accumulated depreciation 7,360,467 7,134,674
------------ ------------
7,080,262 7,198,321
Investment property held for sale 3,603,066 3,479,887
Deferred expenses - At amortized cost 61,757 65,549
------------ ------------
$ 11,435,837 $ 11,211,633
============ ============
LIABILITIES AND PARTNERS' DEFICIT
Liabilities:
Accounts payable and accrued expenses $ 276,521 $ 86,951
Mortgage notes payable 12,648,335 12,529,484
Refundable tenant deposits 86,558 89,395
------------ ------------
13,011,414 12,705,830
Partners' Deficit (1,575,577) (1,494,197)
------------ ------------
$ 11,435,837 $ 11,211,633
============ ============
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
<TABLE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS AND PARTNERS' DEFICIT
(UNAUDITED)
<CAPTION>
Three Months Ended Six Months Ended
May 31, May 31, May 31, May 31,
1997 1996 1997 1996
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES:
Rental and other income $ 842,305 $ 862,924 $ 1,696,354 $ 1,717,686
Interest 250 1,909 438 2,204
------------ ----------- ----------- -----------
842,555 864,833 1,696,792 1,719,890
EXPENSES:
Interest 281,766 284,771 560,565 569,173
Depreciation and amortization 117,329 123,185 234,673 250,532
Real estate taxes 109,746 110,618 218,824 209,782
Property management fees paid to
Nooney Krombach Company 44,806 45,892 90,265 91,126
Reimbursement to Nooney Krombach
Company for partnership management
services and indirect expenses 10,000 10,000 20,000 20,000
Repairs & Maintenance expenses 42,817 59,411 87,957 99,203
Payroll expenses 59,654 56,310 107,030 103,440
Insurance expenses 25,999 27,784 52,786 55,426
Cleaning expenses 22,880 14,910 38,467 29,170
Utility expenses 37,288 31,727 72,808 65,079
Professional fee expenses 28,008 19,172 79,197 50,800
Other operating expenses 97,733 102,602 215,600 207,979
------------ ----------- ----------- -----------
878,026 886,382 1,778,172 1,751,710
------------ ----------- ----------- -----------
NET LOSS $ (35,471) $ (21,549) $ (81,380) $ (31,820)
============ =========== =========== ===========
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (2.58) $ ( 1.57) $ (5.91) $ (2.31)
=========== =========== =========== ===========
PARTNERS' DEFICIT:
Beginning of Period $(1,540,106) $(1,485,735) $(1,494,197) $(1,475,464)
Net Loss (35,471) (21,549) (81,380) (31,820)
------------ ----------- ----------- -----------
End of Period $(1,575,577) $(1,507,284) $(1,575,577) $(1,507,284)
============ =========== =========== ===========
</TABLE>
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
May 31, May 31,
1997 1996
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (81,380) $ (31,820)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 234,673 250,532
Changes in assets and liabilities:
(Increase) Decrease in accounts receivable (20,026) 29,860
Decrease in prepaid expenses and deposits 34,569 2,325
Increase in accounts payable and accrued
expenses 189,570 27,550
Increase (Decrease) in refundable tenant
deposits (2,837) 1,819
Increase in deferred expense (3,580) (26,840)
Total Adjustments 432,369 285,246
--------- ---------
Net cash provided by operating
activities 350,989 253,426
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CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to investment property (158,855) (43,085)
Additions using Capital Reserve Escrow (73,566) 0
--------- ---------
Net cash used in investing
activities (232,421) (43,085)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on mortgage notes payable (5,833) (53,260)
Funding on mortgage notes payable 124,684 0
--------- ---------
Net cash from financing
activities 118,851 (53,260)
--------- ---------
NET INCREASE IN CASH 237,419 157,081
CASH, Beginning of period 211,840 275,823
--------- ---------
CASH, End of period $ 449,259 $ 432,904
========= =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS
INFORMATION - Cash paid during the period
for interest $ 608,259 $ 569,173
========= =========
SEE NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
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<PAGE>
NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
(A LIMITED PARTNERSHIP)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
THREE AND SIX MONTHS ENDED MAY 31, 1997 AND 1996
NOTE A:
Refer to the Registrant's financial statements for the year ended November 30,
1996, which are contained in the Registrant's Annual Report on Form 10-K, for a
description of the accounting policies which have been continued without change
except as noted below. Also, refer to the footnotes to those statements for
additional details of the Registrant's financial condition. The details in those
notes have not changed except as a result of normal transactions in the interim
or as noted below.
NOTE B:
The financial statements include only those assets, liabilities, and results of
operations of the partners which relate to the business of Nooney Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses attributable to the partners' individual activities. No provision
has been made for federal and state income taxes since these taxes are the
responsibility of the partners. In the opinion of the general partners, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations and changes in
financial position at May 31, 1997 and for all periods presented have been made.
NOTE C:
The Registrant's properties are managed by Nooney Krombach Company, a
wholly-owned subsidiary of Nooney Company. Certain individual general partners
and a corporate general partner of the Registrant are officers and directors of
Nooney Company. Nooney Four Capital Corp., a general partner, is a 75% owned
subsidiary of Nooney Company.
NOTE D:
The loss per limited partnership unit for the three and six months ended May 31,
1997 and May 31, 1996 was computed based on 13,529 units, the number of units
outstanding during the periods.
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<PAGE>
ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Cash on hand as of May 31, 1997 is $449,259, an increase of $237,419 from year
end November 30, 1996. The increase in cash balances can be attributed to an
increase in the real estate tax escrow balances and an increase in the capital
reserve escrow for Woodhollow Apartments. Net cash provided by operating
activities was $192,724 for the three months ended May 31, 1997 and $37,425 for
the three months ended May 31, 1996. Cash increased because the real estate
taxes at Cobblestone Court Shopping Center were not paid during May 1997. This
caused an increase in the cash balances and a corresponding increase in the
accounts payable and accrued expenses. At Woodhollow Apartments, net cash flow
continues to be deposited into the capital reserve escrow for continuing on the
capital improvement program which includes new siding, parking lot upgrades and
common area renovations. The second phase of these improvements will continue
throughout 1997. At Cobblestone Court Shopping Center, it was determined that
the property needed a new roof before a successful sale could be obtained. The
holder of the first and second mortgage debt on Cobblestone Court agreed to
increase the balance of the second mortgages on Cobblestone Court and Woodhollow
Apartments to fund the new roof. The first funding of this new loan occurred
during the second quarter and was paid to the roofer. Capital expenditures by
property anticipated for the balance of the year are as follows:
Leasing Capital Other Capital Total
--------------- ------------- -----
Cobblestone Court $2,500 $249,368 $251,868
Woodhollow Apartments 0 74,250 74,250
------- -------- ---------
$2,500 $323,618 $326,118
====== ======== ========
At Cobblestone Court Shopping Center, the Leasing Capital is for tenant
improvements anticipated for the renewal of an existing tenant's lease. Other
Capital is the balance of the roof replacement cost anticipated. At Woodhollow
Apartments, Other Capital consists of $74,250 for capital items outside of the
scope of the capital renovation program which is paid for out of the capital
reserve escrow. These items include patio replacements, new signage, new heating
and air conditioning units, concrete replacement and balcony repairs. The second
phase of the capital renovation program at Woodhollow Apartments began during
the second quarter. The total withdrawals from the capital renovation escrow for
the second phase is anticipated to be approximately $252,000. In addition,
$60,788 was paid during the first quarter for renovations completed as part of
the first phase during 1996. During the first six months of 1997, approximately
$74,000 has been withdrawn from the capital renovation escrow as payments for
work completed to date.
As previously indicated, the Registrant decided to list Cobblestone Court
Shopping Center with a new Minneapolis brokerage firm to handle leasing of the
property and then the ultimate sale of the property during 1997. The approach
taken has been to find a new mini-anchor for the east end of the mall. Once a
new mini-anchor has been identified, the intent is to put the property on the
market for sale with this tenant in place. The Registrant believes this strategy
will bring the maximum dollars upon a sale. To date, no mini-anchor has been
located, although there are several prospective tenants which the brokerage firm
has contacted. It is anticipated that it will take until fall 1997 to identify
and negotiate a lease with such a mini-anchor. The Registrant's goal is still to
sell the property by the end of calendar 1997.
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<PAGE>
The holder of the first and second mortgage debt on Cobblestone Court and the
second mortgage debt on Woodhollow Apartments extended these loans through
October 31, 1997. The interest rate on Cobblestone Court's first mortgage,
second mortgage and the additional borrowing on Woodhollow's second mortgage are
at an interest rate calculated as LIBOR plus 2.75%. As of May 31, 1997, the rate
was 8.5%. The interest rate on the original Woodhollow second mortgage is at
9.5%. The balance of the second mortgages is being increased to pay for the roof
replacement at Cobblestone Court. As of May 31, 1997, the balance of the first
mortgage debt on Cobblestone Court was $2,603,049. As of May 31, 1997, the
balance on the Cobblestone Court second mortgage was $1,438,039 and the balance
on the second mortgage at Woodhollow Apartments was $330,286. Of this balance,
$124,684 had been borrowed to use to pay for the first installment of the roof
replacement at Cobblestone Court. The partnership's properties are cross
collateralized and both properties secure the debt with this lender. The first
mortgage on Woodhollow Apartments had a balance of $8,276,961 as of May 31, 1997
with an interest rate of 9.125%. This loan matures in July 2001.
The long term liquidity of the Registrant is dependent on its ability to fund
future capital expenditures and mortgage payments, maintain high occupancy and
negotiate with lenders the renewal and/or refinancing of certain mortgage debt
as it matures. Until such time as real estate market conditions recover and a
profitable sale of Woodhollow Apartments is feasible, the Registrant will
continue to manage the property to achieve its investment objectives.
Results of Property Operations
The results of operations for the Registrant's properties for the three months
ended May 31 are detailed in the schedule below. Revenues and expenses of the
Registrant are excluded.
Woodhollow Apartments Cobblestone Court
--------------------- -----------------
1997
----
Revenues $576,669 $266,210
Expenses 597,459 280,507
--------- ---------
Net Loss $(20,790) $(14,297)
========= =========
1996
----
Revenues $588,583 $274,389
Expenses 602,216 268,296
--------- ---------
Net (Loss) Income $(13,633) $ 6,093
========= =========
Revenues at Woodhollow Apartments for the second quarter 1997, decreased
approximately $11,900 from the prior year. This decrease is due to a decrease in
the average occupancy throughout the quarter. Early in fiscal year 1997, there
was a fire in one of the buildings of the property. The building had to be
vacated and all units renovated. Tenants began moving back into these units in
mid-April. The income lost from these renovated units is the main reason for the
decrease in rental income comparing the current year to the prior year. Much of
the loss of rents will be recovered from the insurance company in the third
quarter. Expenses decreased by $4,757 as a result of a combination of a decrease
in depreciation expense and an increase in operating expenses when comparing the
two periods. Operating expenses increased by $14,194 due mainly to an increase
in costs associated with the fire as well as an increase in landscaping costs
connected to the renovation partially offset by a decrease in repairs and
maintenance expense for the buildings.
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<PAGE>
Cobblestone Court Shopping Center's revenues decreased by $8,179 when comparing
the quarter ended 1997 to the quarter ended 1996. Gross rental income increased
due to increases in common area maintenance and tax reimbursement income which
was offset by a $26,462 write-off of rental revenues to bad debt at the time one
of the tenants vacated their space as of May 30, 1997. Expenses at Cobblestone
Court increased $12,211 when comparing the quarter ended May 31, 1997 to the
quarter ended May 31, 1996. This increase in expenses is due to an increase in
operating expenses of $30,568 which includes an increase in cleaning ($8,529),
professional services-legal ($6,521) and professional services-other ($14,283).
The legal expenses were incurred due to lawsuits and non-payment of rent from
tenants due to the roof leaking. These professional services were incurred in
negotiating settlements with the tenants as the roof replacement proceeded.
Partially offsetting the increase in operating expenses was a decrease in
amortization expense ($15,512).
The occupancy levels at the Registrant's properties during the second quarter
decreased at both Cobblestone Court and Woodhollow Apartments. The occupancy
levels at May 31, 1997, 1996 and 1995 are as follows:
Occupancy levels as of May 31,
Property 1997 1996 1995
-------- ---- ---- ----
Cobblestone Court Shopping Center 74% 84% 98%
Woodhollow Apartments 93% 94% 96%
At Cobblestone Court Shopping Center, leasing activity during the second quarter
consisted of one of the major tenants occupying 10,000 square feet vacating
their lease. The property has one major tenant that occupies 26% of the
available space with a lease that expires in December 2000.
At Woodhollow Apartments, the occupancy decreased by 1% when comparing the
quarter ended May 31, 1997 to May 31, 1996. The Registrant anticipates occupancy
increasing to above 95% during the third quarter of 1997 as demand for
apartments in the West St. Louis County area continues to be strong and the
renovation program continues at the property.
1997 Comparisons
For the three and six months ended May 31, 1997, the Registrant's consolidated
revenues were $842,555 and $1,696,792, respectively. Revenues decreased $22,278
and $23,098 for the three and six month periods ended May 31, 1997 as compared
to the same periods ended May 31, 1996. The decrease in revenues can be
attributable to the write-off to bad debt of rental revenues from the major
tenant who vacated at Cobblestone Court Shopping Center. Consolidated expenses
for the three months ended May 31, 1997 and three months ended May 31, 1996,
were $878,026 and $886,382, respectively. The decrease in consolidated expenses
for the three months ended 1997 was $8,356 when compared to May 31, 1996.
Expenses that decreased were interest ($3,005), depreciation and amortization
($5,856), repairs and maintenance expenses ($16,594), and other operating
expenses ($4,869), partially offset by increases in cleaning expenses ($7,970)
and professional fee expenses ($8,836). When comparing the six months ended May
31, 1997 and May 31, 1996, consolidated expenses were $1,778,172 and $1,751,710,
respectively, an increase of $26,462. This increase in expenses can be
attributed to an increase in real estate taxes ($9,042), cleaning expenses
($9,297), utility expenses ($7,729), professional fee expenses ($28,397) and
other operating expenses ($5,954), partially offset by decreases in interest
($8,608), depreciation and amortization ($15,859), and repairs and maintenance
expenses ($11,246).
-8-
<PAGE>
1996 Comparisons
For the three and six month periods ended May 31, 1996, the Registrant's
consolidated revenues are $864,833 and $1,719,890, respectively. Revenues
increased $11,616 and $56,806 for the three and six month periods ended May 31,
1996 when compared to the same periods ended May 31, 1995.
On a consolidated basis when comparing revenues for the second quarter ended May
31, 1996 to 1995 revenues increased less than 1.4%. However, for the six month
period ended May 31, 1996 revenues increased by approximately 3.4% when compared
to the six month period ended May 31, 1995. The increase in revenues for the six
month period can be attributed to Woodhollow Apartments where the Registrant saw
an increase in revenues of $122,791. The increase in revenues was offset by a
decrease at Cobblestone Court of $61,983. The increase in revenues, as
previously stated, at Woodhollow Apartments is a result of an improving
multi-family market in the west St. Louis County area. The decrease at
Cobblestone Court is a function of a decrease in average occupancy and the
resulting decline in rental revenues. In addition, tax participation income
decreased as a result of tenant occupancy changes. Through tenant move-ins,
move-outs and renewals, their real estate tax base year is adjusted thus either
reducing or eliminating income derived from real estate tax reimbursements.
Consolidated expenses for the three and six month periods ended May 31, 1996 are
$886,382 and $1,751,710, respectively. For the same periods ended May 31, 1995
consolidated expenses were $890,411 and $1,795,491, respectively. For the
quarter ended May 31, 1996 consolidated expenses decreased less than 1% or
$4,029. However, though the consolidated expenses only slightly decreased,
significant fluctuations occurred within individual expenses. Other operating
expenses increased $65,663 for the three months ended May 31, 1996 compared to
the similar period in 1995. The increase can be attributed to the following
expense categories: repairs and maintenance ($17,494), professional fees
($15,655), snow removal ($12,292), furniture rental ($10,029), swimming pool
costs ($8,761), administrative costs ($6,322) and cleaning ($4,911). Partially
offsetting the aforementioned increases was a significant decrease in parking
lot expenditures ($11,717), depreciation and amortization ($39,606) and real
estate taxes ($24,511). Under generally accepted accounting principles when a
property is held for sale it may no longer be depreciated. The decrease in real
estate taxes resulted from a law change in the State of Missouri. During the
third quarter of 1995, the State of Missouri passed a law that reduced
Woodhollow Apartment's assessment rate from 32% to 19%.
For the six month period ended May 31, 1996 compared to the same period ended
May 31, 1995 consolidated expenses decreased $43,781.The decrease in operating
expenses for the six month period can be attributed to decreases in depreciation
and real estate taxes partially offset by increases in other operating expenses.
The decrease in depreciation and real estate taxes were caused by the factors
previously discussed when analyzing the quarterly results. The increase in other
operating expenses can be attributed to increases in snow removal ($23,927),
furniture rental ($22,466), repairs and maintenance ($18,120), cleaning
($9,740), professional fees ($8,751), swimming pool costs ($8,552), insurance
($6,576) and vacancy expense ($5,858). Offsetting the increases in the
aforementioned expenses categories was a decrease in parking lot expenditures
($9,623).
Inflation
The effects of inflation did not have a material impact upon the Registrant's
operation in fiscal 1996 and are not expected to materially affect the
Registrant's operations in 1997.
-9-
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
See Exhibit Index
(b) Reports on Form 8-K
None
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.
Dated: July 15, 1997 NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
---------------------------
By: /S/ Gregory J. Nooney, Jr.
--------------------------------------
Gregory J. Nooney, Jr.
General Partner
PAN, INC.
By: /S/ Patricia A. Nooney
--------------------------------------
Patricia A. Nooney
President
NOONEY CAPITAL CORPORATION
By: /S/ Gregory J. Nooney, Jr.
--------------------------------------
Gregory J. Nooney, Jr.
Chairman
By: /S/ Patricia A. Nooney
--------------------------------------
Patricia A. Nooney
Senior Vice President and Secretary
BEING A MAJORITY OF DIRECTORS
-10-
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
3.1 Amended and Restated Agreement and Certificate of
Limited Partnership dated April 7, 1982, is incorporated
by reference to the Prospectus contained in the
Registration Statement on Form S-11 under the Securitie
Act of 1933 (File No. 2-76046).
27 Financial Data Schedule (provided for the information of
U.S. Securities and Exchange Commission only)
-11-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FOR NOONEY REAL PROPERTY INVESTORS-FOUR, L.P. AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000700720
<NAME> NOONEY REAL PROPERTY INVESTORS-FOUR, L.P.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> MAY-31-1997
<CASH> 449,259
<SECURITIES> 0
<RECEIVABLES> 219,383
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 690,752
<PP&E> 14,440,729
<DEPRECIATION> 7,360,467
<TOTAL-ASSETS> 11,435,837
<CURRENT-LIABILITIES> 276,521
<BONDS> 12,648,335
<COMMON> 0
0
0
<OTHER-SE> (1,575,577)
<TOTAL-LIABILITY-AND-EQUITY> 11,435,837
<SALES> 1,696,354
<TOTAL-REVENUES> 1,696,792
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,217,607
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 560,565
<INCOME-PRETAX> (81,380)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (81,380)
<EPS-PRIMARY> (5.91)
<EPS-DILUTED> 0
</TABLE>
