FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-13192
ANGELES INCOME PROPERTIES, LTD. III
(Exact name of small business issuer as specified in its charter)
California 95-3903984
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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)
ANGELES INCOME PROPERTIES, LTD. III
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
Assets
Cash and cash equivalents $ 987
Receivables and deposits 89
Other assets 14
Investment property
Land $ 657
Buildings and related personal property 4,279
4,936
Less accumulated depreciation (3,190) 1,746
$ 2,836
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 5
Tenant security deposit liabilities 20
Accrued property taxes 12
Other liabilities 104
Partners' (Deficit) Capital
General partners $ (6)
Limited partners (86,738 units issued and
outstanding) 2,701 2,695
$ 2,836
See Accompanying Notes to Consolidated Financial Statements
b)
ANGELES INCOME PROPERTIES, LTD. III
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
(restated)
Revenues:
Rental income $ 205 $ 202
Other income 16 17
Total revenues 221 219
Expenses:
Operating 89 91
General and administrative 29 43
Depreciation 68 64
Property taxes 11 9
Total expenses 197 207
Income from continuing operations 24 12
Loss from discontinued operations -- (47)
Net income (loss) $ 24 $ (35)
Net income (loss) allocated to general partners (1%) $ -- $ (1)
Net income (loss) allocated to limited partners (99%) 24 (34)
$ 24 $ (35)
Net income (loss) per limited partnership unit:
Income from continuing operations $ .28 $ .14
Income (loss) from discontinued operations -- (.53)
Net income (loss) per limited partnership unit $ .28 $ (.39)
Distributions per limited partnership unit $ 14.55 $ --
See Accompanying Notes to Consolidated Financial Statements
c)
ANGELES INCOME PROPERTIES, LTD. III
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 86,920 $ 1 $43,460 $43,461
Partners' capital
at December 31, 1999 86,738 $ 7 $ 3,939 $ 3,946
Distributions to partners -- (13) (1,262) (1,275)
Net income for the three months
ended March 31, 2000 -- -- 24 24
Partners' (deficit) capital
at March 31, 2000 86,738 $ (6) $ 2,701 $ 2,695
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
ANGELES INCOME PROPERTIES, LTD. III
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income (loss) $ 24 $ (35)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Bad debt expense -- 50
Depreciation 68 170
Amortization of loan costs and leasing commissions -- 9
Change in accounts:
Receivables and deposits 71 (95)
Other assets (7) 31
Accounts payable (28) 18
Tenant security deposit liabilities -- (1)
Accrued property taxes (27) 9
Other liabilities (76) (29)
Net cash provided by operating activities 25 127
Cash flows from investing activities:
Property improvements and replacements (16) (24)
Net deposits to restricted escrows -- (5)
Net cash used in investing activities (16) (29)
Cash flows from financing activities:
Payments on mortgage note payable -- (12)
Distributions to partners (1,275) --
Net cash used in financing activities (1,275) (12)
Net (decrease) increase in cash and cash equivalents (1,266) 86
Cash and cash equivalents at beginning of period 2,253 1,347
Cash and cash equivalents at end of period $ 987 $ 1,433
Supplemental disclosure of cash flow information:
Cash paid for interest $ -- $ 85
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
ANGELES INCOME PROPERTIES, LTD. III
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements of Angeles Income
Properties, Ltd. III (the "Partnership" or "Registrant") 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 Angeles Realty Corporation II (the
"Managing General Partner"), all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three month period ended March 31, 2000, are not
necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 2000. 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 December 31, 1999.
Principles of Consolidation: The consolidated financial statements of the
Partnership include its 99% limited partnership interests in Poplar Square AIP
III, L.P. and Poplar Square GP LP. Poplar Square GP LP is the general partner of
Poplar Square AIP III and ARC II is the general partner of Poplar Square GP LP.
Both general partners of the consolidated partnerships may be removed by the
Registrant; therefore, the partnerships are controlled and consolidated by the
Partnership. All significant interpartnership balances have been eliminated.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the Managing General Partner. The Managing General Partner does not believe that
this transaction has had or will have a material effect on the affairs and
operations of the Partnership.
Note C - Discontinued Operations
Poplar Square Shopping Center was the only commercial property of the
Partnership and was one segment of the Partnership's operations. Due to the sale
of this property in December 1999, the operating results of this property have
been shown as loss from discontinued operations for the three months ended March
31, 2000 and 1999 and, accordingly, the 1999 statement of operations has been
restated to reflect this presentation. Revenues of this property were
approximately $216,000 for the three months ended March 31, 1999 and the
Partnership realized a loss from discontinued operations of approximately
$47,000 for the same period.
Note D - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
Partnership activities. The Partnership Agreement provides (i) for certain
payments to affiliates for services and (ii) reimbursement of certain expenses
incurred by affiliates on behalf of the Partnership.
The following payments were made to the Managing General Partner and affiliates
during the three months ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in
operating expenses) $ 10 $ 11
Partnership management fee (included in other
liabilities) 47 --
Reimbursement for services of affiliates
(included in general and administrative
expenses) 13 21
During the three months ended March 31, 2000 and 1999 affiliates of the Managing
General Partner were entitled to receive 5% of gross receipts from the
Registrant's residential property as compensation for providing property
management services. The Registrant paid to such affiliates approximately
$10,000 and $11,000 for the three months ended March 31, 2000 and 1999,
respectively.
The Partnership Agreement provides for a fee equal to 10% of "net cash flow from
operations", as defined in the Partnership Agreement to be paid to the Managing
General Partner for executive and administrative management services. This fee
is calculated and accrued annually. A fee of approximately $47,000 was earned
for the twelve months ended December 31, 1999 and is included in other
liabilities at March 31, 2000.
An affiliate of the Managing General Partner received reimbursement of
accountable administrative expenses amounting to approximately $13,000 and
$21,000 for the three months ended March 31, 2000 and 1999, respectively.
AIMCO and its affiliates currently own 33,632 limited partnership units in the
Partnership representing 38.774% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the Managing General Partner because of their
affiliation with the Managing General Partner.
Note E - Distributions
The Partnership paid a cash distribution from sale proceeds of approximately
$1,205,000 (approximately $1,193,000 to the limited partners, or $13.75 per
limited partnership unit) and from operations of approximately $70,000
(approximately $69,000 to the limited partners, or $.80 per limited partnership
unit), during the three months ended March 31, 2000. No distributions were paid
during the three months ended March 31, 1999.
Note F - Segment Reporting
Description of the types of products and services from which reportable segment
derives its revenues:
The Partnership had two reportable segments: residential properties and
commercial properties. The Partnership's residential property segment consists
of one apartment complex located in Mississippi. The Partnership rents apartment
units to tenants for terms that are typically twelve months or less. The
commercial property segment consisted of a shopping center located in Oregon,
which was sold on December 30, 1999. As a result of the sale of the commercial
property during 1999, the commercial segment is shown as discontinued
operations.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segment are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
Factors management used to identify the enterprise's reportable segment:
The Partnership's reportable segments are investment properties that offer
different products and services. The reportable segments are each managed
separately because they provide distinct services with different types of
products and customers.
Segment information for the three months ended March 31, 2000 and 1999 is shown
in the tables below. The "Other" column includes Partnership administration
related items and income and expense not allocated to the reportable segments
(in thousands).
<TABLE>
<CAPTION>
2000
Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 205 $ - $ - $ 205
Other income 7 - 9 16
Depreciation 68 - - 68
General and administrative expense - - 29 29
Segment profit (loss) 44 - (20) 24
Total assets 2,319 - 517 2,836
Capital expenditures for investment
property 16 - - 16
</TABLE>
<TABLE>
<CAPTION>
1999
Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 202 $ - $ - $ 202
Other income 5 - 12 17
Depreciation 64 - - 64
General and administrative expense - - 43 43
Loss from discontinued operations - (47) - (47)
Segment profit (loss) 43 (47) (31) (35)
Total assets 2,111 3,429 1,165 6,705
Capital expenditures for investment
properties 24 - - 24
</TABLE>
Note G - Legal Proceedings
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Note B - Transfer of Control"). The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998, the Managing General Partner filed a motion seeking dismissal of the
action. In lieu of responding to the motion, the plaintiffs have filed an
amended complaint. The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999. Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a Stipulation of Settlement, settling claims, subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999. Preliminary approval of the settlement was obtained on
November 3, 1999 from the Superior Court of the State of California, County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999. Prior to the December 10, 1999 hearing the Court received various
objections to the settlement, including a challenge to the Court's preliminary
approval based upon the alleged lack of authority of class plaintiffs' counsel
to enter the settlement. On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to disqualify some of the plaintiffs' counsel in the action. The
Managing General Partner does not anticipate that costs associated with this
case will be material to the Partnership's overall operations.
The Partnership is unaware of any other pending or outstanding litigation that
is not of a routine nature arising in the ordinary course of business.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operation. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment property consists of one apartment complex. The
following table sets forth the average occupancy of the property for the three
months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Lake Forest Apartments 93% 91%
Brandon, Mississippi
Results from Operations
The Registrant's net income for the three month period ended March 31, 2000 was
approximately $24,000 as compared to a net loss of approximately $35,000 for the
three months ended March 31, 1999. The increase in net income is primarily
attributable to the loss from discontinued operations of approximately $47,000
for the three months ended March 31, 1999. The decrease in the loss from
discontinued operations is due to the sale of the property in December of 1999.
Poplar Square was the only commercial property owned by the Partnership and
represented one segment of the Partnership's operations. Due to the sale of this
property, the results of the commercial segment have been shown as loss from
discontinued operations for the three months ended March 31, 1999 and,
accordingly, the 1999 statement of operations has been restated to reflect this
presentation.
The Registrant's income from continuing operations for the three months ended
March 31, 2000 was approximately $24,000 as compared to approximately $12,000
for the three months ended March 31, 1999. The increase in income from
continuing operations is primarily attributable to a decrease in total expenses.
The decrease in total expenses is primarily attributable to a decrease in
general and administrative expense. General and administrative expenses
decreased primarily due to a decrease in legal expenses due to the settlement of
lawsuits in 1999 as disclosed in the Partnership's March 31, 1999 Form 10-QSB
and reduced reimbursements to the Managing General Partner. Included in general
and administrative expenses for the three months ended March 31, 2000 and 1999
are reimbursements to the Managing General Partner allowed under the Partnership
Agreement. In addition, costs associated with the quarterly and annual
communications with investors and regulatory agencies and the annual audit
required by the Partnership Agreement are also included.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of its investment property to
assess the feasibility of increasing rents, maintaining or increasing occupancy
levels and protecting the Partnership from increases in expenses. As part of
this plan, the Managing 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
Managing General Partner will be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Registrant had cash and cash equivalents of approximately
$987,000 as compared to approximately $1,433,000 at March 31, 1999. The net
decrease in cash and cash equivalents was approximately $1,266,000 from the
Registrant's year ended December 31, 1999. The decrease in cash and cash
equivalents was due to approximately $1,275,000 of cash used in financing
activities and approximately $16,000 of cash used in investing activities, which
was partially offset by approximately $25,000 of cash provided by operating
activities. Cash used in financing activities consisted of distributions to
partners. Cash used in investing activities consisted of property improvements
and replacements. The Registrant invests its working capital reserves in a money
market account.
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 Partnership's property to adequately maintain the
physical assets and other operating needs of the Registrant and to comply with
Federal, state, and local legal and regulatory requirements. Capital
improvements planned for the Registrant's property are detailed below.
Lake Forest Apartments: The Partnership budgeted approximately $59,000 for
capital improvements at Lake Forest Apartments for the year 2000 consisting
primarily of appliance replacements, air conditioning unit replacements, floor
covering replacements and structural improvements. As of March 31, 2000 the
property has spent approximately $16,000 on capital expenditures, consisting
primarily of appliance replacements, major landscaping and roof improvements.
These improvements were funded from operating cash flow. Additional improvements
may be considered and will depend on the physical condition of the property as
well as replacement reserves and anticipated cash flow generated by the
property.
The additional capital expenditures will be incurred only if cash is available
from operations or Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.
The Registrant's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant.
The Partnership paid a cash distribution from sale proceeds of approximately
$1,205,000 (approximately $1,193,000 to the limited partners, or $13.75 per
limited partnership unit) and from operations of approximately $70,000
(approximately $69,000 to the limited partners, or $.80 per limited partnership
unit), during the three months ended March 31, 2000. No distributions were paid
during the three months ended March 31, 1999. Future cash distributions will
depend on the levels of net cash generated from operations, the availability of
cash reserves, mortgage financing, and/or the sale of the property. The
Partnership's distribution policy is reviewed on a semi-annual basis. There can
be no assurance, however, that the Partnership will generate sufficient funds
from operations, after required capital expenditures, to permit additional
distributions to its partners during the remainder of 2000 or subsequent
periods.
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In March 1998, several putative unit holders of limited partnership units of the
Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs named as defendants, among others,
the Partnership, the Managing General Partner and several of their affiliated
partnerships and corporate entities. The action purports to assert claims on
behalf of a class of limited partners and derivatively on behalf of a number of
limited partnerships (including the Partnership) which are named as nominal
defendants, challenging the acquisition by Insignia Financial Group, Inc.
("Insignia") and entities which were, at one time, affiliates of Insignia
("Insignia Affiliates") of interests in certain general partner entities, past
tender offers by Insignia Affiliates to acquire limited partnership units, the
management of partnerships by Insignia Affiliates and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of Control"). The plaintiffs seek monetary damages and equitable relief,
including judicial dissolution of the Partnership. On June 25, 1998, the
Managing General Partner filed a motion seeking dismissal of the action. In lieu
of responding to the motion, the plaintiffs have filed an amended complaint. The
Managing General Partner filed demurrers to the amended complaint which were
heard February 1999. Pending the ruling on such demurrers, settlement
negotiations commenced. On November 2, 1999, the parties executed and filed a
Stipulation of Settlement, settling claims, subject to final court approval, on
behalf of the Partnership and all limited partners who own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the Superior Court of the State of California, County of San Mateo, at
which time the Court set a final approval hearing for December 10, 1999. Prior
to the December 10, 1999 hearing the Court received various objections to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of class plaintiffs' counsel to enter the
settlement. On December 14, 1999, the Managing General Partner and its
affiliates terminated the proposed settlement. Certain plaintiffs have filed a
motion to disqualify some of the plaintiffs' counsel in the action. The Managing
General Partner does not anticipate that costs associated with this case will be
material to the Partnership's overall operations.
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:
A Form 8-K dated December 30, 1999 was filed with the
Securities and Exchange Commission on January 13, 2000
disclosing the sale of Poplar Square Shopping Center.
<PAGE>
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.
ANGELES INCOME PROPERTIES, LTD. III
By: Angeles Realty Corporation II
Managing General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: May 15, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Angeles
Income Properties, Ltd. III 2000 First Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000720460
<NAME> Angeles Income Properties, Ltd. III
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 987
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 4,936
<DEPRECIATION> 3,190
<TOTAL-ASSETS> 2,836
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,695
<TOTAL-LIABILITY-AND-EQUITY> 2,836
<SALES> 0
<TOTAL-REVENUES> 221
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 197
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24
<EPS-BASIC> 128<F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet.
<F2> Multiplier is 1.
</FN>
</TABLE>
