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 quarterly period ended September 30, 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 No. 2-75530A
PARKER & PARSLEY 82-I, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-1825545
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(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 / /
Page 1 of 13 pages.
There are no exhibits.
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including interest
bearing deposits of $85,918 at September 30
and $101,323 at December 31 $ 86,168 $ 101,573
Accounts receivable - oil and gas sales 50,917 67,204
---------- ----------
Total current assets 137,085 168,777
Oil and gas properties - at cost, based on the
successful efforts accounting method 10,410,309 10,496,709
Accumulated depletion (8,923,367) (8,879,212)
---------- ----------
Net oil and gas properties 1,486,942 1,617,497
---------- ----------
$ 1,624,027 $ 1,786,274
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 41,763 $ 21,635
Accounts payable - other 249 -
---------- ----------
Total current liabilities 42,012 21,635
Partners' capital:
Limited partners (4,891 interests) 1,320,335 1,478,510
General partners 261,680 286,129
---------- ----------
1,582,015 1,764,639
---------- ----------
$ 1,624,027 $ 1,786,274
========== ==========
The financial information included as of September 30, 1995 has been
prepared by management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
--------------------- ---------------------
1995 1994 1995 1994
--------- --------- --------- ---------
Revenues:
Oil and gas sales $ 134,422 $ 171,635 $ 472,677 $ 475,854
Interest income 1,769 1,054 4,742 2,219
Salvage income from
equipment disposals - - - 282
-------- -------- -------- --------
Total revenues 136,191 172,689 477,419 478,355
Costs and expenses:
Production costs 106,354 91,981 302,428 305,848
General and administrative
expenses 7,047 5,808 15,623 17,424
Depletion 42,742 28,233 131,651 91,622
Loss on sale of asset - - 249 -
-------- -------- -------- --------
Total costs and expenses 156,143 126,022 449,951 414,894
-------- -------- -------- --------
Net income (loss) $ (19,952) $ 46,667 $ 27,468 $ 63,461
======== ======== ======== ========
Allocation of net income (loss):
General partners $ 1,423 $ 15,900 $ 26,615 $ 29,566
======== ======== ======== ========
Limited partners $ (21,375) $ 30,767 $ 853 $ 33,895
======== ======== ======== ========
Net income (loss) per limited
partnership interest $ (4.37) $ 6.29 $ .17 $ 6.93
======== ======== ======== ========
Distributions per limited
partnership interest $ 9.65 $ 9.17 $ 32.51 $ 22.27
======== ======== ======== ========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
Balance at January 1, 1994 $ 296,609 $1,578,082 $1,874,691
Distributions (38,285) (108,925) (147,210)
Net income 29,566 33,895 63,461
--------- --------- ---------
Balance at September 30, 1994 $ 287,890 $1,503,052 $1,790,942
========= ========= =========
Balance at January 1, 1995 $ 286,129 $1,478,510 $1,764,639
Distributions (51,064) (159,028) (210, 092)
Net income 26,615 853 27,468
--------- --------- ---------
Balance at September 30, 1995 $ 261,680 $1,320,335 $1,582,015
========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1995 1994
Cash flows from operating activities:
Net income $ 27,468 $ 63,461
Adjustments to reconcile net income to net
cash provided by operating activities:
Depletion 131,651 91,622
Salvage income from equipment disposals - (282)
Loss on sale of asset 249 -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 16,287 (5,228)
Increase in accounts payable 20,128 22,197
---------- ---------
Net cash provided by operating activities 195,783 171,770
Cash flows from investing activities:
Additions to oil and gas properties (1,096) -
Cash flows from financing activities:
Cash distributions to partners (210,092) (147,210)
--------- ---------
Net increase (decrease) in cash and cash
equivalents (15,405) 24,560
Cash and cash equivalents at beginning
of period 101,573 75,897
--------- ---------
Cash and cash equivalents at end of period $ 86,168 $ 100,457
========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of September
30, 1995 of Parker & Parsley 82-I, Ltd. (the "Registrant") include all
adjustments and accruals consisting only of normal recurring accrual adjustments
which are necessary for a fair presentation of the results for the interim
period. However, the results of operations for the nine months ended September
30, 1995 are not necessarily indicative of the results for the full year ending
December 31, 1995.
The financial statements should be read in conjunction with the financial
statements and the notes thereto contained in the Registrant's Report on Form
10-K for the year ended December 31, 1994, as filed with the Securities and
Exchange Commission, a copy of which is available upon request by writing to
Steven L. Beal, Senior Vice President, 303 West Wall, Suite 101, Midland, Texas
79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The May 25,
1993 settlement agreement called for a payment of $115 million in cash by the
defendants. PPDLP received the funds, deducted incurred legal expenses, accrued
interest, determined the general partner's portion of the funds and calculated
any inter-partnership allocations. A distribution of $91,000,000 was made to the
working interest owners, including the Registrant, on July 30, 1993. The limited
partners received their distribution of $359,173, or $73.44 per limited
partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds
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<PAGE>
the Registrant and the other defendants, as well as Southmark. On September 20,
1995, the Beaumont trial judge entered a summary judgment against Southmark for
the $13,790,000 contingent fee sought by Price, together with prejudgment
interest, and also awarded Price an additional $5,498,525 in attorneys' fees.
Southmark intends to vigorously pursue appeal of the judgment. The summary
judgment did not give Price any relief against the Registrant, and although
PPDLP believes the lawsuit is without merit and intends to vigorously defend it,
PPDLP is holding in reserve approximately 12.5% of the total settlement pending
final resolution of the litigation by the court. Trial against the Registrant is
currently scheduled for April 1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed June 1, 1982. The Registrant consisted of two general
partners at December 31, 1994, Parker & Parsley Development Company ("PPDC") and
P&P Employees 82-I, Ltd. ("EMPL"), a Texas limited partnership whose general
partner was PPDC, and 630 limited partners. On January 1, 1995, PPDLP, a Texas
limited partnership, became the managing general partner of the Registrant and
EMPL, by acquiring the rights and assuming the obligations of PPDC. PPDC was
merged into PPDLP on January 1, 1995. PPDLP's co-general partner is EMPL. PPDLP
acquired PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc. and
Spraberry Development Corporation into MidPar L.P., which survived the merger
with a change of name to PPDLP. The sole general partner of PPDLP is Parker &
Parsley Petroleum USA, Inc. PPDLP has the power and authority to manage, control
and administer all Registrant affairs. The limited partners contributed
$9,782,000 representing 4,891 interests ($2,000 per interest).
Since its formation, the Registrant invested $11,925,590 in various prospects
that were drilled in Texas and New Mexico. At September 30, 1995, the Registrant
had 26 producing oil and gas wells, six wells were dry holes from previous
periods and one well was plugged and abandoned in 1993 due to unprofitable
operations and one well was sold in 1995.
RESULTS OF OPERATIONS
Nine months ended September 30, 1995 compared with nine months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $472,677 from $475,854 for
the nine months ended September 30, 1995 and 1994, respectively. The decrease in
revenues resulted from a 5% decline in barrels of oil produced and sold and a
14% decline in mcf of gas produced and sold, offset by a 9% and a 3% increase in
the average price received per barrel of oil and mcf of gas, respectively. For
the nine months ended September 30, 1995, 19,765 barrels of oil were sold
compared to 20,792 for the same period in 1994, a decrease of 1,027 barrels. For
the nine
7
<PAGE>
months ended September 30, 1995, 73,035 mcf of gas were sold compared to 84,617
for the same period in 1994, a decrease of 11,582 mcf. The volume decreases were
primarily due to the decline characteristics of the Registrant's oil and gas
properties. Because of these characteristics, management expects a certain
amount of decline in production to continue in the future until the Registrant's
economically recoverable reserves are fully depleted.
The average price received per barrel of oil increased $1.45 from $15.88 for the
nine months ended September 30, 1994 to $17.33 for the same period in 1995 while
the average price received per mcf of gas increased from $1.72 during the nine
months ended September 30, 1994 to $1.78 for the same period in 1995. The market
price for oil and gas has been extremely volatile in the past decade, and
management expects a certain amount of volatility to continue in the foreseeable
future. The Registrant may therefore sell its future oil and gas production at
average prices lower or higher than that received during the nine months ended
September 30, 1995.
COSTS AND EXPENSES:
Total costs and expenses increased to $449,951 for the nine months ended
September 30, 1995 as compared to $414,894 for the same period in 1994, an
increase of $35,057, or 8%. This increase was due to increases in depletion and
loss on sale of asset, offset by decreases in production costs and general and
administrative expenses ("G&A").
Production costs were $302,428 for the nine months ended September 30, 1995 and
$305,848 for the same period in 1994 resulting in a $3,420 decrease. The
decrease was primarily due to a reduction in well repair and maintenance costs.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 10% from $17,424 for the nine months ended
September 30, 1994 to $15,623 for the same period in 1995.
Depletion was $131,651 for the nine months ended September 30, 1995 compared to
$91,622 for the same period in 1994. This represented an increase in depletion
of $40,029, or 44%. Depletion was computed quarterly on a property-by-property
basis utilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 1,027 barrels for the nine
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the nine months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.30 per barrel. Comparatively, depletion
expense for the three months ended September 30, 1994 and June 30, 1994 was
calculated based on reserves computed utilizing an oil price of $18.22 per
barrel while depletion expense for the three months ended March 31, 1994 was
calculated based on reserves computed utilizing an oil price of $12.73 per
barrel.
8
<PAGE>
A loss of $249 from the sale of one fully depleted property was recognized
during the nine months ended September 30, 1995, reflecting reimbursement of
revenues received after the effective date of sale.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. PPDLP received the funds, deducted incurred legal expenses, accrued
interest, determined the general partner's portion of the funds and calculated
any inter-partnership allocations. A distribution of $91,000,000 was made to the
working interest owners, including the Registrant, on July 30, 1993. The limited
partners received their distribution of $359,173, or $73.44 per limited
partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
Three months ended September 30, 1995 compared with three months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $134,422 from $171,635 for
the three months ended September 30, 1995 and 1994, respectively, a decrease of
22%. The decrease in revenues resulted from an 11% decline in barrels of oil
produced and sold, a 25% decline in mcf of gas produced and sold and a 5% and a
17% decrease in the average prices received per barrel of oil and mcf of gas,
respectively. For the three months ended September 30, 1995, 6,235 barrels of
oil were sold compared to 6,982 for the same period in 1994, a decrease of 747
barrels. For the
9
<PAGE>
three months ended September 30, 1995, 21,690 mcf of gas were sold compared to
28,732 for the same period in 1994, a decrease of 7,042 mcf. The decreases were
due to the decline characteristics of the Registrant's oil and gas properties.
The average price received per barrel of oil decreased $.84 or 5%, from $17.40
for the three months ended September 30, 1994 to $16.56 for the three months
ended September 30, 1995 while the average price received per mcf of gas
decreased 17% from $1.74 during the three months ended September 30, 1994 to
$1.44 for the same period in 1995.
COSTS AND EXPENSES:
Total costs and expenses increased to $156,143 for the three months ended
September 30, 1995 as compared to $126,022 for the same period in 1994, an
increase of $30,121 or 24%. This increase was due to increases in production
costs, G&A and depletion.
Production costs were $106,354 for the three months ended September 30, 1995 and
$91,981 for the same period in 1994 resulting in a $14,373 increase, or 16%. The
increase was due to an increase in well repair and maintenance costs incurred in
an effort to stimulate well production and higher ad valorem taxes, offset by a
decrease in production taxes.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A increased, in aggregate, 21% from $5,808 for the three months ended
September 30, 1994 to $7,047 for the same period in 1995.
Depletion was $42,742 for the three months ended September 30, 1995 compared to
$28,233 for the same period in 1994. This represented an increase in depletion
of $14,509, or 51%. Depletion was computed quarterly on a property-by-property
basis untilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 747 barrels for the three
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the three months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.30 per barrel while depletion expense for
the three months ended September 30, 1994 was calculated based on reserves
computed utilizing an oil price of $18.22 per barrel.
LIQUIDITY AND CAPITAL RESOURCES
NET CASH PROVIDED BY OPERATING ACTIVITES
Net cash provided by operating activities increased to $195,783 during the nine
months ended September 30, 1995, a 14% increase from the same period ended
September 30, 1994. The increase was due to an increase in oil and gas sales,
offset by a decrease in G&A. The increase in oil and gas sales was due to
increases in the average prices received per barrel of oil and mcf of gas,
offset by a decrease in barrels of oil and mcf of gas produced and sold. The
decrease in G&A was due to less allocated expenses by the managing general
partner.
10
<PAGE>
NET CASH USED IN INVESTING ACTIVITIES
The Registrant's principal investing activities during the nine months ended
Septsember 30, 1995 was for repair and maintenance activity on various oil and
gas properties.
NET CASH USED IN FINANCING ACTIVITIES
Cash was sufficient for the nine months ended September 30, 1995 to cover
distributions to the partners of $210,092 of which $159,028 was distributed to
the limited partners and $51,064 to the general partners. For the same period
ended September 30, 1994, cash was sufficient for distributions to the partners
of $147,210 of which $108,925 was distributed to the limited partners and
$38,285 to the general partners.
It is expected that future net cash provided by operating activities will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.
ACCOUNTING STANDARD ON IMPAIRMENT OF LONG-LIVED ASSETS
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121 - Accounting for Impairment of Long-lived
Assets and for Long- lived Assets to Be Disposed Of ("FAS 121") regarding the
impairment of long-lived assets, identifiable intangibles and goodwill related
to those assets. FAS 121 is effective for financial statements for fiscal years
beginning after December 15, 1995, although earlier adoption is encouraged. The
application of FAS 121 to oil and gas companies utilizing the successful efforts
method (such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows expected to
result from the use of such assets and, if so, will require reduction of the
carrying amount of the "impaired" assets to their estimated fair values. There
is currently a great deal of uncertainty as to how FAS 121 will apply to oil and
gas companies using the successful efforts method, including uncertainty
regarding the determination of expected future cash flows from the relevant
assets and, if an impairment is determined to exist, their estimated fair value.
There is also uncertainty regarding the level at which the test might be
applied. Given this uncertainty, the Registrant is currently unable to estimate
the effect that FAS 121 will have on the Registrant's results of operations for
the period in which it is adopted.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company;
11
<PAGE>
BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes Production Tools,
Inc.; and Baker Hughes Incorporated alleging that the defendants had
intentionally failed to provide the materials and services ordered and paid for
by the Registrant and other parties in connection with the fracturing and
acidizing of 523 wells, and then fraudulently concealed the shorting practice
from PPDLP. The May 25, 1993 settlement agreement called for a payment of $115
million in cash by the defendants. PPDLP received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribution of $359,173,
or $73.44 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
12
<PAGE>
PARKER & PARSLEY 82-1, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
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.
PARKER & PARSLEY 82-1, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: November 9, 1995 By: /s/ Steven L. Beal
--------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer of PPUSA
13
<PAGE>
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<ARTICLE> 5
<CIK> 0000714909
<NAME> 82I.TXT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 86,168
<SECURITIES> 0
<RECEIVABLES> 50,917
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 137,085
<PP&E> 10,410,309
<DEPRECIATION> 8,923,367
<TOTAL-ASSETS> 1,624,027
<CURRENT-LIABILITIES> 42,012
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,582,015
<TOTAL-LIABILITY-AND-EQUITY> 1,624,027
<SALES> 472,677
<TOTAL-REVENUES> 477,419
<CGS> 0
<TOTAL-COSTS> 449,951
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 27,468
<INCOME-TAX> 0
<INCOME-CONTINUING> 27,468
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,468
<EPS-PRIMARY> 0.17
<EPS-DILUTED> 0
</TABLE>
