FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended July 31, 1996
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 0-10884
SHELTER PROPERTIES IV LIMITED PARTNERSHIP
(Exact name of small business issuer as specified in its charter)
South Carolina 57-0721760
1
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (864) 239-1000
Check whether the issuer (1) 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 .
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) SHELTER PROPERTIES IV LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEET
(Unaudited)
July 31, 1996
Assets
Cash and cash equivalents:
Unrestricted $ 1,938,749
Restricted--tenant security deposits 267,920
Accounts receivable 27,258
Escrow for taxes 615,667
Restricted escrows 1,685,968
Other assets 593,303
Investment properties:
Land $ 3,442,097
Buildings and related personal property 55,343,189
58,785,286
Less accumulated depreciation (29,905,475) 28,879,811
$34,008,676
Liabilities and Partners' Capital (Deficit)
Liabilities
Accounts payable $ 59,754
Tenant security deposits 268,946
Accrued taxes 438,539
Other liabilities 362,962
Mortgage notes payable 24,713,737
Partners' Capital (Deficit)
General partners $ (2,717)
Limited partners (50,000 units
issued and outstanding) 8,167,455 8,164,738
$34,008,676
See Accompanying Notes to Consolidated Financial Statements
b) SHELTER PROPERTIES IV LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<captin>
Three Months Ended Nine Months Ended
July 31, July 31,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Rental income $2,575,903 $2,492,118 $7,681,026 $7,323,895
Other income 157,342 163,242 461,245 439,655
Total revenues 2,733,245 2,655,360 8,142,271 7,763,550
Expenses:
Operating 883,635 885,034 2,543,971 2,545,822
General and administrative 83,177 177,795 263,925 331,628
Maintenance 482,597 454,630 1,370,407 1,737,225
Depreciation 464,389 441,731 1,368,266 1,303,432
Interest 563,746 574,394 1,697,672 1,730,314
Property taxes 187,945 164,819 558,871 506,144
Total expenses 2,665,489 2,698,403 7,803,112 8,154,565
Net income (loss) $ 67,756 $ (43,043) $ 339,159 $ (391,015)
Net income (loss) allocated
to general partners (1%) $ 677 $ (430) $ 3,391 $ (3,910)
Net income (loss) allocated
to limited partners (99%) 67,079 (42,613) 335,768 (387,105)
$ 67,756 $ (43,043) $ 339,159 $ (391,015)
Net income (loss) per limited
partnership unit $ 1.34 $ (.85) $ 6.71 $ (7.74)
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
c) SHELTER PROPERTIES IV LIMITED PARTNERSHIP
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 50,000 $ 2,000 $50,000,000 $50,002,000
Partners' capital (deficit)
at October 31, 1995 50,000 $ 3,892 $ 8,821,687 $ 8,825,579
Net income for the nine months
ended July 31, 1996 3,391 335,768 339,159
Distributions (10,000) (990,000) (1,000,000)
Partners' capital (deficit)
at July 31, 1996 50,000 $ (2,717) $ 8,167,455 $ 8,164,738
<FN>
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d) SHELTER PROPERTIES IV LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
July 31,
1996 1995
Cash flows from operating activities:
Net income (loss) $ 339,159 $ (391,015)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation 1,368,266 1,303,432
Amortization of discounts and loan costs 199,707 193,566
Change in accounts:
Restricted cash (30,470) (13,768)
Accounts receivable (4,388) (4,721)
Escrows for taxes 101,467 143,956
Other assets (28,167) 77,585
Accounts payable (408,226) 107,438
Tenant security deposit liabilities 31,048 17,055
Accrued taxes (162,434) (52,768)
Other liabilities 45,540 (70,379)
Net cash provided by operating activities 1,451,502 1,310,381
Cash flows from investing activities:
Property improvements and replacements (734,484) (453,590)
Deposits to restricted escrows (58,736) (51,840)
Receipts from restricted escrows 7,000 93,258
Net cash used in investing activities (786,220) (412,172)
Cash flows from financing activities:
Payments on mortgage notes payable (491,328) (455,480)
Partners' distributions (1,000,000) --
Net cash used in financing activities (1,491,328) (455,480)
Net (decrease) increase in cash and cash equivalents (826,046) 442,729
Cash and cash equivalents at beginning of period 2,764,795 2,254,370
Cash and cash equivalents at end of period $1,938,749 $ 2,697,099
Supplemental disclosure of cash flow information:
Cash paid for interest $1,500,899 $ 1,536,748
See Accompanying Notes to Consolidated Financial Statements
e) SHELTER PROPERTIES IV LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Shelter
Properties IV Limited Partnership (the "Partnership") have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of Shelter Realty IV Corporation
("Corporate General Partner"), all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and nine month periods ended July 31, 1996, are
not necessarily indicative of the results that may be expected for the fiscal
year ending October 31, 1996. For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-KSB for the year ended October 31, 1995.
Cash and Cash Equivalents:
Unrestricted - Unrestricted cash includes cash on hand and in banks, money
market funds and Certificates of Deposit with original maturities less than 90
days. At certain times, the amount of cash deposited at a bank may exceed the
limit on insured deposits.
Restricted cash - tenant security deposits - The Partnership requires security
deposits from lessees for the duration of the lease and such deposits are
considered restricted cash. Deposits are refunded when the tenant vacates,
provided the tenant has not damaged its space and is current on its rental
payments.
Certain reclassifications have been made to the 1995 information to conform to
the 1996 presentation.
Note B - Reconciliation of Cash Flows
The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations", as defined in the partnership agreement. However, "net
cash used in operations" should not be considered an alternative to net income
as an indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.
Nine Months Ended
July 31,
1996 1995
Net cash provided by operating activities $1,451,503 $1,310,381
Payments on mortgage notes payable (491,329) (455,480)
Property improvements and replacements (734,484) (453,590)
Change in restricted escrows, net (51,736) 41,418
Changes in reserves for net operating
liabilities 455,629 (204,398)
Additional reserves (630,000) (250,000)
Net cash used in operations $ (417) $ (11,669)
In 1996 and 1995 the Corporate General Partner believed it to be in the best
interest of the Partnership to reserve an additional $630,000 and $250,000
respectively to fund continuing maintenance and capital improvements at the
three properties.
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Corporate General
Partner and its affiliates for the management and administration of all
partnership activities. The partnership agreement provides for payments to
affiliates for services and the reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. Property management fees paid to
affiliates of Insignia Financial Group, Inc., during the nine months ended July
31, 1996 and 1995, are included in operating expenses on the consolidated
statement of operations and are reflected in the following table. The Corporate
General Partner and its affiliates received reimbursements and fees as reflected
in the following table:
For the Nine Months Ended
July 31,
1996 1995
Property management fees $403,012 $381,121
Reimbursement for services of affiliates 147,421 133,083
Included in "reimbursements for services of affiliates" for 1996 is $6,480 in
reimbursements for construction oversight costs.
Note C - Transactions with Affiliated Parties - continued
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Corporate General Partner. An affiliate of
the Corporate General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy. The current agent
assumed the financial obligations to the affiliate of the Corporate General
Partner who receives payments on these obligations from the agent. The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Corporate General Partner by virtue of the agent's obligations is not
significant.
Note D - Contingencies
The Secretary of Housing and Urban Development ("HUD") issued an administrative
Reasonable Cause Determination which found that a former tenant of Baymeadows
Apartments in Jacksonville, Florida, had been discriminated against on the basis
of race in violation of the Fair Housing Act. Specifically, HUD found that the
tenant was discriminated against because of her race when she did not get new
carpet, a new oven and new dishwasher and when her lease was not renewed. HUD's
administrative investigation and Reasonable Cause Determination names Insignia
Management Corporation and Shelter Realty IV Corporation, along with several
current and former employees of each, as respondents. The case proceeded to a
civil complaint filed by the Department of Justice in the United States District
Court for the Middle District of Florida. At this time, the outcome of this
case is uncertain. Management believes that this claim is not meritorious and
intends to defend this claim vigorously. There can be no assurance, however,
that this claim will not have a material adverse effect upon the business,
financial condition or operations of the Partnership.
The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On
or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated
with the Partnership commenced tender offers for limited partner interests in
six limited partnerships, including the Partnership (collectively, the "Shelter
Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired
11,050 units of the Partnership pursuant to the tender offer. On or about May
12, 1995, in the United States District Court for the District of South
Carolina, certain limited partners of the Shelter Properties Partnerships
commenced a lawsuit, on behalf of themselves, on behalf of a putative class of
plaintiffs, and derivatively on behalf of the partnerships, challenging the
actions taken by defendants (including Insignia, the acquiring entities and
certain officers of Insignia) in the management of the Shelter Properties
Partnerships and in connection with the tender offers and certain other matters.
The plaintiffs alleged that, among other things: (i) the defendants
intentionally mismanaged the partnerships and acted contrary to the limited
partners' best interests by prolonging the existence of the partnerships in
order to perpetuate the revenues derived by Insignia (an affiliate of the
Corporate General Partner) and its affiliates from the partnerships; (ii) the
defendants' actions reduced the demand for the partnerships' limited partner
interests in the limited resale market by artificially depressing the trading
prices for limited partners interests in order to create a favorable environment
for the tender offers; (iii) through the tender offers, the acquiring entities
sought to acquire effective voting control over the partnerships while paying
highly inadequate prices; and (iv) the documents disseminated to the class in
connection with the tender offers contained false and misleading statements and
omissions of material facts concerning such issues as the advantages to limited
partners of tendering pursuant to the tender offers, the true value of the
interest, the true financial condition of the partnerships, the factors
affecting the likelihood that properties owned by the partnerships will be sold
or liquidated in the near future, the liquidity and true value of the limited
partner interests, the reasons for the limited secondary market for limited
partner interests, and the true nature of the market for the underlying real
estate assets owned by the Shelter Properties Partnerships, all in violation of
the federal securities laws.
On September 27, 1995, the parties entered into a stipulation to settle the
matter. The principal terms of the stipulation require supplemental payments to
tendering limited partners aggregating approximately $6 million to be paid by
the Affiliated Purchaser of which approximately $1,254,175 is the Partnership's
portion; waiver by the Shelter Properties Partnerships' general partners of any
right to certain proceeds from a sale or refinancing of the Shelter Properties
Partnerships' properties; some restrictions on Insignia's ability to vote the
limited partner interests it acquired; payment of $1.25 million (which amount is
divided among the various partnerships and acquiring entities) for plaintiffs'
attorney fees and expenses in the litigation; and general releases of all the
defendants.
On June 24, 1996, after notice to the class and a hearing on the fairness and
adequacy of the notice and the terms of settlement, the court orally approved
the settlement. The court signed the formal order on July 30, 1996. No appeal
was filed within thirty days after the court entered the formal order, and the
settlement became effective on August 30, 1996. The Shelter Properties
Partnerships made payments to investors pursuant to the settlement in early
September 1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for the
nine months ended July 31, 1996 and 1995:
Average
Occupancy
1996 1995
Baymeadows Apartments
Jacksonville, Florida 97% 96%
Countrywood Village Apartments
Raleigh, North Carolina 95% 95%
Quail Run Apartments
Columbia, South Carolina 95% 95%
Results of Operations
The Partnership's net income for the nine months ended July 31, 1996, was
$339,159 as compared to a net loss of $391,015 for the corresponding period in
1995. The Partnership realized net income of $67,756 for the three months ended
July 31, 1996, as compared to a net loss of $43,043 for the corresponding period
in 1995. The increase in net income for the nine month period ended July 31,
1996, is attributable to an increase in rental income, a decrease in general and
administrative expense and a decrease in maintenance expense. Rental income
increased due to an increase in occupancy and an increase in rental rates.
General and administrative expense decreased due to decreased legal costs.
Legal costs increased in 1995 as the result of legal positioning in the face of
lawsuits related to the tender offers. Legal costs incurred due to the lawsuits
related to the tender offers have substantially decreased in 1996. This
decrease has been slightly offset by an increase in the legal costs related to
an ongoing discrimination case as disclosed in the 10-KSB for the year ended
October 31, 1995. Maintenance expense decreased as a result of painting,
exterior renovations, and interior building improvements at Baymeadows and
Countrywood Village which were performed throughout 1995 and completed in the
fourth quarter of 1995. Partially offsetting these items was an increase in
property tax expense resulting from an increase in the assessed property value
of Baymeadows in late 1995.
As part of the ongoing business plan of the Partnership, the Corporate General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense. As part of this plan, the Corporate General Partner attempts to
protect the Partnership from the burden of inflation-related increases in
expenses by increasing rents and maintaining a high overall occupancy level.
However, due to changing market conditions, which can result in the use of
rental concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.
Liquidity and Capital Resources
At July 31, 1996, the Partnership had unrestricted cash of $1,938,749 as
compared to $2,697,099 at July 31, 1995. Net cash provided by operating
activities increased primarily due to the increase in net income described
above. Offsetting this increase was the decrease in accounts payable and accrued
taxes. The decrease in accounts payable resulted from the payment of property
improvements in 1996 for services rendered during the fiscal year 1995. The
decrease in accrued taxes resulted from the timing of payments to the taxing
authorities. Net cash used in investing activities increased primarily due to an
increase in property improvements and replacements during the nine months ended
July 31, 1996, over the same period in 1995. Finally, the statement of cash
flows includes an increase in net cash used in financing activities resulting
primarily from a $1,000,000 distribution from operations paid to the partners in
the first quarter of 1996.
Capital improvement projects for the next quarter include exterior renovations
and painting at Baymeadows and roof replacements at Quail Run which will be
funded from property operations. The Partnership has no other material capital
programs scheduled to be performed in 1996, although certain routine capital
expenditures and maintenance expenses have been budgeted. These capital
expenditures and maintenance expenses will be incurred only if cash is available
from operations or from partnership reserves.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership. Such assets are currently thought
to be sufficient for any near-term needs of the Partnership. The mortgage
indebtedness of $24,713,737, net of discount, is amortized over 257 months with
balloon payments of $20,669,395 due on November 15, 2002, at which time the
properties will either be refinanced or sold. Cash distributions of $1,000,000
were made during the nine months ended July 31, 1996. These distributions
were made from net cash from operations as defined by the Partnership Agreement.
No distributions were made during the nine months ended July 31, 1995. Future
cash distributions will depend on the levels of net cash generated from
operations, property sales, and the availability of cash reserves.
PART II - OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
The Secretary of Housing and Urban Development ("HUD") issued an administrative
Reasonable Cause Determination which found that a former tenant of Baymeadows
Apartments in Jacksonville, Florida, had been discriminated against on the basis
of race in violation of the Fair Housing Act. Specifically, HUD found that the
tenant was discriminated against because of her race when she did not get new
carpet, a new oven and new dishwasher and when her lease was not renewed. HUD's
administrative investigation and Reasonable Cause Determination names Insignia
Management Corporation and Shelter Realty IV Corporation, along with several
current and former employees of each, as respondents. The case proceeded to a
civil complaint filed by the Department of Justice in the United States District
Court for the Middle District of Florida. At this time, the outcome of this
case is uncertain. Management believes that this claim is not meritorious and
intends to defend this claim vigorously. There can be no assurance, however,
that this claim will not have a material adverse effect upon the business,
financial condition or operations of the Partnership.
The Corporate General Partner owns 100 Limited Partnership Units ("Units"). On
or about April 26 and 27, 1995, six entities ("Affiliated Purchaser") affiliated
with the Partnership commenced tender offers for limited partner interests in
six limited partnerships, including the Partnership (collectively, the "Shelter
Properties Partnerships"). On May 27, 1995, the Affiliated Purchaser acquired
11,050 units of the Partnership pursuant to the tender offer. On or about May
12, 1995, in the United States District Court for the District of South
Carolina, certain limited partners of the Shelter Properties Partnerships
commenced a lawsuit, on behalf of themselves, on behalf of a putative class of
plaintiffs, and derivatively on behalf of the partnerships, challenging the
actions taken by defendants (including Insignia, the acquiring entities and
certain officers of Insignia) in the management of the Shelter Properties
Partnerships and in connection with the tender offers and certain other matters.
The plaintiffs alleged that, among other things: (i) the defendants
intentionally mismanaged the partnerships and acted contrary to the limited
partners' best interests by prolonging the existence of the partnerships in
order to perpetuate the revenues derived by Insignia (an affiliate of the
Corporate General Partner) and its affiliates from the partnerships; (ii) the
defendants' actions reduced the demand for the partnerships' limited partner
interests in the limited resale market by artificially depressing the trading
prices for limited partners interests in order to create a favorable environment
for the tender offers; (iii) through the tender offers, the acquiring entities
sought to acquire effective voting control over the partnerships while paying
highly inadequate prices; and (iv) the documents disseminated to the class in
connection with the tender offers contained false and misleading statements and
omissions of material facts concerning such issues as the advantages to limited
partners of tendering pursuant to the tender offers, the true value of the
interest, the true financial condition of the partnerships, the factors
affecting the likelihood that properties owned by the partnerships will be sold
or liquidated in the near future, the liquidity and true value of the limited
partner interests, the reasons for the limited secondary market for limited
partner interests, and the true nature of the market for the underlying real
estate assets owned by the Shelter Properties Partnerships, all in violation of
the federal securities laws.
On September 27, 1995, the parties entered into a stipulation to settle the
matter. The principal terms of the stipulation require supplemental payments to
tendering limited partners aggregating approximately $6 million to be paid by
the Affiliated Purchaser of which approximately $1,254,175 is the Partnership's
portion; waiver by the Shelter Properties Partnerships' general partners of any
right to certain proceeds from a sale or refinancing of the Shelter Properties
Partnerships' properties; some restrictions on Insignia's ability to vote the
limited partner interests it acquired; payment of $1.25 million (which amount is
divided among the various partnerships and acquiring entities) for plaintiffs'
attorney fees and expenses in the litigation; and general releases of all the
defendants.
On June 24, 1996, after notice to the class and a hearing on the fairness and
adequacy of the notice and the terms of settlement, the court orally approved
the settlement. The court signed the formal order on July 30, 1996. No appeal
was filed within thirty days after the court entered the formal order, and the
settlement became effective on August 30, 1996. The Shelter Properties
Partnerships made payments to investors pursuant to the settlement in early
September 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
report.
b) Reports on Form 8-K filed during the quarter ended July 31, 1996:
None.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
SHELTER PROPERTIES IV LIMITED PARTNERSHIP
By: Shelter Realty IV Corporation
Corporate General Partner
By:/s/ William H. Jarrard, Jr.
William H. Jarrard, Jr.
President and Director
By:/s/ Ronald Uretta
Ronald Uretta
Principal Financial Officer
and Principal Accounting Officer
Date: September 11, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Shelter
Properties IV 1996 Third Quarter 10-QSB and is qualified in its entirety by
reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000702174
<NAME> SHELTER PROPERTIES IV LIMITED PARTNERSHIP
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> JUL-31-1996
<CASH> 1,938,749
<SECURITIES> 0
<RECEIVABLES> 27,258
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 58,785,286
<DEPRECIATION> (29,905,475)
<TOTAL-ASSETS> 34,008,676
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 24,713,737
0
0
<COMMON> 0
<OTHER-SE> 8,164,738
<TOTAL-LIABILITY-AND-EQUITY> 34,008,676
<SALES> 0
<TOTAL-REVENUES> 8,142,271
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 7,803,112
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 339,159
<EPS-PRIMARY> 6.71
<EPS-DILUTED> 0
<FN>
<F1>Registrant has an unclassified balance sheet.
</FN>
</TABLE>
