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<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 22, 1997
STREAMLOGIC CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 95-3093858
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
COMMISSION FILE NUMBER: 0-12046
8450 CENTRAL AVENUE
NEWARK, CALIFORNIA 94560
(Address of principal executive offices and zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (510) 608-4000
================================================================================
<PAGE> 2
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
On June 26, 1997, StreamLogic Corporation (the "Company") filed a
voluntary petition in the United States Bankruptcy Court for the Northern
District of California, San Francisco Division ("Bankruptcy Court"), seeking
protection under Chapter 11 of the United States Bankruptcy Code. The Company
will continue to operate as a debtor-in-possession, with its existing directors
and officers, subject to the supervision and orders of the Bankruptcy Court.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibits
99.1 Monthly Operating Report for the Month of November 1997, as filed with
the United States Bankruptcy Court for the Northern District of
California, San Francisco Division.
2
<PAGE> 3
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 hereunto duly authorized.
STREAMLOGIC CORPORATION
(Registrant)
Date: January 6, 1998 By /s/ Chapman Stranahan
----------------------
Chapman Stranahan
President
3
<PAGE> 4
Exhibit Index
99.1 Monthly Operating Report for the Month of November 1997, as filed with
the United States Bankruptcy Court for the Northern District of
California, San Francisco Division.
4
<PAGE> 1
EXHIBIT 99.1
Monthly Operating Report for the Month of November 1997,
as filed with the United States Bankruptcy Court
for the Northern District of California, San Francisco Division.
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
IN RE: STREAM LOGIC CORPORATION CASE NO. 97-32984 DM
-----------------
CHAPTER 11
MONTHLY OPERATING REPORT
(GENERAL BUSINESS CASE)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED November 30, 1997
------------------------
1. Debtor in possession (or trustee) hereby submits this Monthly Operating
Report on the Accrual Basis of accounting (or if checked here ___ the
Office of the U.S. Trustee or the Court has approved the Cash Basis of
Accounting for the Debtor). Dollars reported in ($ _____).
<TABLE>
<CAPTION>
END OF END OF AS OF
CURRENT PRIOR PETITION
MONTH MONTH FILING
------- ------ --------
<S> <C> <C> <C> <C>
2. ASSET/LIABILITY SUMMARY
Current Assets (Market Value) $3,626,438 $3,492,487 $18,388,407 *
--------------- ----------------- -----------------
Total Assets (Market Value) $8,611,658 $8,502,707 $22,312,581 *
--------------- ----------------- -----------------
Current Liabilities $639,678 $453,750 $0
--------------- ----------------- -----------------
Total Liabilities $30,976,678 $29,312,987 $28,859,237
--------------- ----------------- -----------------
<CAPTION>
PETITION
CURRENT PRIOR DATE TO
MONTH MONTH MONTH END
----- ----- ---------
<S> <C> <C> <C> <C>
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH
a. Total Receipts $697,453 $1,705,288 $5,105,763
--------------- ----------------- -----------------
b. Total Disbursements $677,000 $676,008 $4,313,788
--------------- ----------------- -----------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $20,453 $1,029,280 $791,975
--------------- ----------------- -----------------
d. Cash Balance Beginning of Month $1,166,239 $136,959
--------------- -----------------
e. Cash Balance End of Month (c + d) $1,186,692 $1,166,239
=============== -----------------
<CAPTION>
RECEIVABLES LIABILITIES
----------- -----------
<S> <C> <C> <C>
4. POST-PETITION LIABILITIES & RECEIVABLES
Balance at End of Previous Month $1,214,421 $453,750
--------------- -----------------
Balance at End of Current Month $1,135,088 $639,678
--------------- -----------------
5. PAST DUE POST-PETITION LIABILITIES
Balance at End of Previous Month (over 30 days) $0
---------------
Balance at End of Current Month (over 30 days) $0
---------------
<CAPTION>
YES NO
--- --
<S> <C> <C> <C>
6. Are all federal, state, and local taxes current? (if no,
attach schedule of unpaid items) Unknown **
----------------- -----------------
7. Have any payments been made to pre-petition creditors, other
than payments in the normal course to secured creditors or lessors?
(if yes, attach listing including date of payment, amount of payment
and name of payee) x ***
----------------- -----------------
8. Have any payments been made to officers, insiders, shareholders,
relatives? (if yes, attach listing including date of payment,
amount and reason for payment, and name of payee) [Excludes
salaries to officers] x
----------------- -----------------
9. Have any payments been made to professionals? (if yes, attach listing
including date of payment, amount of payment and name of payee) x
----------------- -----------------
10. If you answered yes to line 7,8, or 9, were all such payments
approved by the court? x
----------------- -----------------
11. Is the estate insured for replacement cost of assets and for general
liability? x
----------------- -----------------
12. Are U.S. Trustee quarterly fees current? x
----------------- -----------------
</TABLE>
I declare under penalty of perjury that I have reviewed the above summary
and attached financial statements, and after making reasonable inquiry
believe that these documents are correct.
Date: December 18, 1997 /s/ GEORGE OLIVA
------------------- ----------------------------------
George Oliva
Responsible person
* Valuation in Bankruptcy schedules based on historical book values as
maintained by prior management.
** Post petition payroll related taxes paid currently. Federal, State and
local prior period tax returns were not filed; related tax liabilities are
unknown.
*** Approximately $20K in misc prepetition checks cleared post petition.
Effective 1/1/95
<PAGE> 3
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED November 30,1997
($_________)
ASSETS
<TABLE>
<CAPTION>
FROM SCHEDULES MARKET VALUE
-------------- ------------
<S> <C> <C> <C>
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $1,186,692
-------------
2 Cash and cash equivalents - restricted $523,936
-------------
3 Accounts receivable (net) A $1,135,088
-------------
4 Inventory (net) B $493,672
-------------
5 Prepaid expenses $116,167
-------------
6 Other: Receivable (estimated net) from estate auction $85,000
-------------
7 Receivable balance from PTG for Radion inventory $85,883
-------------
8 TOTAL CURRENT ASSETS $3,626,438
-------------
PROPERTY AND EQUIPMENT (MARKET VALUE)
9 Real property C $3,500,000
-------------
10 Machinery and equipment D $125,000
-------------
11 Furniture and fixtures D $25,000
-------------
12 Office equipment D $50,000
-------------
13 Leasehold improvements D $0
-------------
14 Vehicles D $2,500
-------------
15 Other: D
---------------------------------------------------- -------------
16 D
------------------------------------------------------------- -------------
17 D
------------------------------------------------------------- -------------
18 D
------------------------------------------------------------- -------------
19 D
------------------------------------------------------------- -------------
20 TOTAL PROPERTY AND EQUIPMENT $3,702,500
-------------
OTHER ASSETS
21 Concentric Stock 128,272 shares $1,282,720
------------------------------------------------------------- -------------
22
------------------------------------------------------------- -------------
23
------------------------------------------------------------- -------------
24
------------------------------------------------------------- -------------
25 TOTAL OTHER ASSETS $1,282,720
-------------
26 TOTAL ASSETS $8,611,658
=============
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets (e.g.,
appraisals; familiarity with comparable market prices, etc.) and the date
the value was determined.
Inventory valued at historical cost less a $1.2 million reserve for
decreased market value, pending further review of actual market value.
Market Value of equipment based on management estimate pending outside
appraisal/auctions. Accounts receivable are net of a substantial reserve due
to managements experience with the collections.
Effective 1/1/95
<PAGE> 4
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
($________)
<TABLE>
<CAPTION>
LIABILITIES FROM SCHEDULES
--------------
<S> <C> <C> <C>
POST-PETITION
CURRENT LIABILITIES
27 Salaries and wages
------------
28 Payroll taxes
------------
29 Real and personal property taxes unknown
------------
30 Income taxes unknown
------------
31 Notes payable (short term)
------------
32 Accounts payable (trade) A $ 50,000
------------
33 Real property lease arrearage
------------
34 Personal property lease arrearage $ 90,000
------------
35 Accrued professional fees
(estimated amount before December payments) $ 457,971
------------
36 Current portion of long-term debt (due within 12 months) $ 0
------------
37 Other: Warranty Post Petition $ 41,707
------------------------------------- ------------
38
------------------------------------------------------- ------------
39
------------------------------------------------------- ------------
40 TOTAL CURRENT LIABILITIES $ 639,678
------------
41 LONG-TERM DEBT, NET OF CURRENT PORTION
------------
42 TOTAL POST-PETITION LIABILITIES $ 639,678
------------
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
43 Secured claims (excludes equipment lessors claims) E $ 252,000
------------
44 Priority unsecured claims (includes priority tax claims) E $ 85,000
------------
45 General unsecured claims E $30,000,000
------------
46 TOTAL PRE-PETITION LIABILITIES $30,337,000
------------
47 TOTAL LIABILITIES $30,976,678
------------
EQUITY (DEFICIT)
48
------------------------------------------------------- ------------
49
------------------------------------------------------- ------------
50
------------------------------------------------------- ------------
51
------------------------------------------------------- ------------
52 Market value adjustment ($22,365,020)
------------
53 TOTAL EQUITY (DEFICIT) ($22,365,020)
------------
54 TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 8,611,658
============
</TABLE>
Effective 1/1/95
<PAGE> 5
SCHEDULES
(GENERAL BUSINESS CASE)
($__________)
SCHEDULE A
ACCOUNTS RECEIVABLE(NET)/PAYABLE
<TABLE>
<CAPTION>
ACCOUNTS ACCOUNTS PAYABLE PAST DUE
RECEIVABLE [POST PETITION] POST PETITION DEBT
---------- --------------- ------------------
<S> <C> <C> <C>
Receivables and Payables Ageings
0 -30 Days $ 783,518 $50,000
---------- --------
31-60 Days $ 529,872 $ 0
---------- --------
61-90 Days $ 126,330 $0
---------- -------- ---------------
91+ Days $ 0
---------- --------
Total accounts receivable/payable $1,439,720 $50,000
---------- ========
Allowance for doubtful accounts $ 304,632
----------
Accounts receivable (net) $1,135,088
==========
</TABLE>
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
<TABLE>
<CAPTION>
TYPES AND AMOUNT OF INVENTORY(IES) COST OF GOODS SOLD
- ---------------------------------- ------------------
<S> <C> <C> <C>
INVENTORY(IES) Inventory Beginning of Month $6,953,672
BALANCE AT ----------
END OF MONTH
-------------- Add -
Retail/Restaurants - Net purchases $ 250,000
----------
Product for resale --------- Direct labor $ 7,812
----------
Manufacturing overhead $ 25,000
----------
Distribution - Freight in
----------
Product for resale --------- Other:
---------------------- ----------
Manufacturer -
$514,412 ---------------------- ----------
Raw materials ---------
$193,581
Work-in-progress --------- Less -
$231,442
Finished goods --------- Inventory End of Month $ 939,435
----------
Shrinkage/writedowns $5,870,188
($445,763) ----------
Other - --------- Personal Use
----------
Explain Provision for lower
--------------------------------
market value than cost Cost of Goods Sold $ 426,861
-------------------------------- ==========
TOTAL $493,672
==========
</TABLE>
METHOD OF INVENTORY CONTROL
Do you have a functioning perpetual inventory system?
Yes No x
---- ----
How often do you take a complete physical inventory?
Weekly
----
Monthly
----
Quarterly
----
Semi-annually
----
Annually x
----
Date of last physical inventory was April 1997
------------------------
Date of next physical inventory is unknown
------------------------
INVENTORY VALUATION METHODS
Indicate by a checkmark method of inventory valuation used.
Valuation methods -
FIFO cost x
---------------
LIFO cost
---------------
Lower of cost or
market
---------------
Retail method
---------------
Other -
---------------
Explain
--------------------------------------
--------------------------------------
Effective 1/1/95
<PAGE> 6
SCHEDULE C
REAL PROPERTY
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET VALUE
- ----------- ---- ------------
<S> <C> <C>
Land, Building and Improvements $7,560,000 $3,500,000
- ------------------------------------------- ------------- ------------
- ------------------------------------------- ------------- ------------
- ------------------------------------------- ------------- ------------
- ------------------------------------------- ------------- ------------
TOTAL $7,560,000 $3,500,000
============= ============
</TABLE>
SCHEDULE D
OTHER DEPRECIABLE ASSETS
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET VALUE
- ----------- ---- ------------
<S> <C> <C>
MACHINERY & EQUIPMENT -
Manufacturing Equipment $ 9,016,000 $100,000
- ------------------------------------------- ------------- -----------
Tooling $ 2,248,000 $ 0
- ------------------------------------------- ------------- -----------
Leased Equipment $ 884,000 $ 25,000
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
TOTAL $12,148,000 $125,000
============= ===========
FURNITURE & FIXTURES -
Miscelleneous items $ 789,000 $ 25,000
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
TOTAL $ 789,000 $ 25,000
============= ===========
OFFICE EQUIPMENT -
Equipment $ 39,000 $ 0
- ------------------------------------------- ------------- -----------
Software $ 422,000 $ 0
- ------------------------------------------- ------------- -----------
Computer Hardware $ 5,889,000 $ 50,000
- ------------------------------------------- ------------- -----------
TOTAL $ 6,350,000 $ 50,000
============= ===========
LEASEHOLD IMPROVEMENTS -
$ 0 $ 0
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
TOTAL $ 0 $ 0
============= ===========
VEHICLES -
1988 Chevrolet Van $ 15,000 $ 2,500
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
- ------------------------------------------- ------------- -----------
TOTAL $ 15,000 $ 2,500
============= ===========
</TABLE>
SCHEDULE E
PRE-PETITION LIABILITIES
<TABLE>
<CAPTION> CLAIMED ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION - AMOUNT AMOUNT (B)
- ------------------------------------------- ------ ----------
<S> <C> <C>
Secured claims (a) $ 670,000 $ 252,000
------------ -------------
Priority claims other than taxes $ 150,000 $ 35,000
------------ -------------
Priority tax claims $ 470,000 $ 90,000
------------ -------------
General unsecured claims $40,000,000 $30,000,000
------------ -------------
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or litigation. As
an example, you are a defendant in a lawsuit alleging damage of
$10,000,000 and a proof of claim is filed in that amount. You believe that
you can settle the case for a claim of $3,000,000. For Schedule E
reporting purposes you should list $10,000,000 as the Claimed Amount and
$3,000,000 as the Allowed Amount.
SCHEDULE F
RENTAL INCOME INFORMATION
Not Applicable to General Business Cases.
Effective 1/1/95
<PAGE> 7
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED 11/30/97
$__________
<TABLE>
<CAPTION>
CURRENT MONTH
- ------------------------------------------------------- CUMULATIVE NEXT MONTH
ACTUAL FORECAST VARIANCE (CASE TO DATE) FORECAST
------ -------- -------- -------------- --------
<S> <C> <C> <C> <C> <C>
REVENUES
$ 597,008 $ 600,000 $ (2,992) 1 Gross Sales $ 4,170,650 $ 485,000
- ---------------- ------------ -------- --------------- ------------
$ 0 $ 0 $ 0 2 less: Sales Returns & Allowances $ (160,000) $ 0
- ---------------- ------------ -------- --------------- ------------
$ 597,008 $ 600,000 $ (2,992) 3 Net Sales $ 4,010,650 $ 485,000
- ---------------- ------------ -------- --------------- ------------
$ 426,861 $ 429,000 $ (2,139) 4 less: Cost of Goods Sold (Schedule 'B') $ 2,986,882 $ 346,775
- ---------------- ------------ -------- --------------- ------------
$ 170,147 $ 171,000 $ (853) 5 Gross Profit $ 1,023,768 $ 138,225
- ---------------- ------------ -------- --------------- ------------
$ 0 6 Interest
- ---------------- ------------ -------- --------------- ------------
7 Other Income:
$ 0 8
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 9
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 170,147 $ 171,000 $ (853) 10 TOTAL REVENUES $ 1,023,768 $ 138,225
- ---------------- ------------ -------- --------------- ------------
EXPENSES
$ 32,308 $ 32,276 $ (32) 11 Compensation to Owner(s)/Officer(s) $ 224,303 $ 32,308
- ---------------- ------------ -------- --------------- ------------
$ 146,164 $ 146,224 $ 60 12 Salaries/Commissions $ 903,001 $ 146,224
- ---------------- ------------ -------- --------------- ------------
$ 0 13 Management Fees
- ---------------- ------------ -------- --------------- ------------
$ 5,000 $ 5,000 $ 0 14 Depreciation $ 105,000 $ 5,000
- ---------------- ------------ -------- --------------- ------------
$ 0 15 Taxes:
- ---------------- ------------ -------- --------------- ------------
$ 10,697 $ 16,500 $ 5,803 16 Employer Payroll Taxes $ 72,726 $ 12,000
- ---------------- ------------ -------- --------------- ------------
$ 0 17 Real Property Taxes
- ---------------- ------------ -------- --------------- ------------
$ 0 18 Other Taxes
- ---------------- ------------ -------- --------------- ------------
$ 13,885 $(13,885) 19 Other Selling $ 25,000
- ---------------- ------------ -------- --------------- ------------
$ 136,517 $ 100,000 $(36,517) 20 Other Administrative $ 668,353 $ 125,000
- ---------------- ------------ -------- --------------- ------------
$ 0 $ 0 $ 0 21 Interest $ 0 $ 0
- ---------------- ------------ -------- --------------- ------------
22 Other Expenses:
23 Misc
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 24
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 25
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 26
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 27
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 28
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 29
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 30
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 344,571 $ 300,000 $(44,571) 31 TOTAL EXPENSES $ 1,973,383 $ 345,532
- ---------------- ------------ -------- --------------- ------------
$(174,424) $(129,000) $(45,424) 32 SUBTOTAL $ (949,615) $(207,307)
- ---------------- ------------ -------- --------------- ------------
REORGANIZATION ITEMS
$ 0 $ 0 $ 0 33 Professional Fees $ 0 $ 0
- ---------------- ------------ -------- --------------- ------------
$ 0 34 Provisions for Rejected Executory Contracts
- ---------------- ------------ -------- --------------- ------------
Interest Earned on Accumulated Cash
$ 3,453 $ 2,250 $ (1,203) 35 Resulting from Chp 11 Case $ 5,667 $ 3,450
- ---------------- ------------ -------- --------------- ------------
$ 0 36 Gain or (Loss) from Sale of Equipment
- ---------------- ------------ -------- --------------- ------------
$ 0 37
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ 0 38
- ---------------- ------------ -------- --------------------------------------- --------------- ------------
$ (3,453) $ (2,250) $ 1,203 39 TOTAL REORGANIZATION ITEMS $ (5,667) $ (3,450)
- ---------------- ------------ -------- --------------- ------------
$(170,971) $(126,750) $(44,221) 40 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES $ (943,948) $(203,857)
- ---------------- ------------ -------- --------------- ------------
$ 0 41 Federal & State Income Taxes
- ---------------- ------------ -------- --------------- ------------
$(170,971) $(126,750) $(44,221) 42 NET PROFIT (LOSS) $ (943,948) $(203,857)
================ ============ ======== =============== ============
</TABLE>
EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)
Line 16 Employer Taxes Employer Taxes were lower than forecast due to
limits being reached by the employees late in
the tax year.
Line 19 Other Selling The company incurred some advertising and other
marketing related cost that wasn't considered
in the forecast
Line 20 Other Administrative Expenses were higher than forecast due to higher
than anticipated spending for travel and other
misc items.
Line 20 Professional Fees Professional fees not reflected in Statement
of Operations.
Effective 1/1/95
<PAGE> 8
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED November 30, 1997
<TABLE>
<S> <C>
CASH BALANCE BEGINNING OF MONTH $1,166,239
-----------
CASH RECEIPTS (1) $697,453
-----------
CASH DISBURSEMENTS (1) $677,000
-----------
EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS $20,453
-----------
CASH BALANCE END OF MONTH $1,186,692
===========
</TABLE>
RECAPITULATION OF FUNDS HELD AT END OF MONTH
<TABLE>
<CAPTION>
ACCOUNT 1 ACCOUNT 2 ACCOUNT 3 ACCOUNT 4
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
BANK Wells Fargo Bank of America Bank of America Bank of America
---------------------- ---------------------- ---------------------- --------------------
ACCOUNT TYPE Checking Investment #1 Investment #2 Checking
---------------------- ---------------------- ---------------------- --------------------
---------------------- ---------------------- ---------------------- --------------------
ACCOUNT NO. 4091-390302 15810-21069 15810-21073 15814-14194
---------------------- ---------------------- ---------------------- --------------------
ACCOUNT PURPOSE Main operating Estate Proceeds (2) Estate Proceeds (2) operating account
---------------------- ---------------------- ---------------------- --------------------
BALANCE, END OF MONTH $59,000 $1,021,539 $50,191 $55,443
---------------------- ---------------------- ---------------------- --------------------
TOTAL FUNDS ON HAND FOR ALL
ACCOUNTS $1,186,173
======================
</TABLE>
(1) Excluding bank transfers between your accounts.
(2) Includes proceeds from sale of assets. Investment acct #1 for Farrington Ltd
and investment acct #2 for PTG deposit.
Effective 1/1/95
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