<PAGE>1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1995
-------------
Commission file number 1-11060
--------------
AMERICAN INSURED MORTGAGE INVESTORS
-----------------------------------------------------------------
(Exact name of registrant as specified in charter)
California 13-3180848
------------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11200 Rockville Pike, Rockville, Maryland 20852
----------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
(301) 816-2300
-----------------------------------------------------------------
(Registrant's telephone number, including area code)
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, and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
As of August 8, 1995, 10,000,000 depositary units of limited partnership
interest were outstanding.
<PAGE>2
AMERICAN INSURED MORTGAGE INVESTORS
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1995
PAGE
----
PART I. Financial Information
Item 1. Financial Statements
Balance Sheets - June 30, 1995 (unaudited)
and December 31, 1994 . . . . . . . . . . . . . 3
Statements of Operations - for the three and
six months ended June 30, 1995 and
1994 (unaudited) . . . . . . . . . . . . . . . 4
Statement of Changes in Partners' Equity -
for the six months ended June 30,
1995 (unaudited) . . . . . . . . . . . . . . 5
Statements of Cash Flows - for the six
months ended June 30, 1995 and 1994
(unaudited) . . . . . . . . . . . . . . . . . 6
Notes to Financial Statements (unaudited) . . . . 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations . . . . . . . . . . . . . . . . 11
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K . . . . . . 14
Signature . . . . . . . . . . . . . . . . . . . . . . . 15
<PAGE>3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
------------ ------------
<S> <C> <C>
ASSETS (Unaudited)
Investment in FHA-Insured Loans,
at amortized cost, net of unamortized
discount:
Acquired insured mortgages $ 9,088,088 $ 9,118,002
Originated insured mortgages 14,562,379 14,590,272
------------ ------------
23,650,467 23,708,274
Investment in FHA-Insured Certificates,
at fair value:
Acquired insured mortgages 14,281,840 13,355,026
Cash and cash equivalents 669,956 722,986
Receivables and other assets 379,015 374,647
------------ ------------
Total assets $ 38,981,278 $ 38,160,933
============ ============
LIABILITIES AND PARTNERS' EQUITY
Distributions payable $ 823,903 $ 823,903
Accounts payable and accrued expenses 69,944 96,483
------------ ------------
Total liabilities 893,847 920,386
------------ ------------
Partners' equity:
Limited partners' equity 40,187,832 40,306,817
General partner's deficit (4,918,576) (4,915,023)
Net unrealized gains on investment in
FHA-Insured Certificates 2,818,175 1,848,753
------------ ------------
Total partners' equity 38,087,431 37,240,547
------------ ------------
Total liabilities and partners'
equity $ 38,981,278 $ 38,160,933
============ ============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
For the three months ended For the six months ended
June 30, June 30,
---------------------------- ----------------------------
1995 1994 1995 1994
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Income:
Mortgage investment income $ 888,144 $ 906,045 $ 1,806,082 $ 1,856,792
Interest and other income 11,459 30,913 20,723 76,189
------------ ------------ ------------ ------------
899,603 936,958 1,826,805 1,932,981
------------ ------------ ------------ ------------
Expenses:
Asset management fee to
related parties 85,773 85,773 171,546 184,334
General and administrative 47,029 72,476 129,991 151,556
------------ ------------ ------------ ------------
132,802 158,249 301,537 335,890
------------ ------------ ------------ ------------
Earnings before mortgage
disposition 766,801 778,709 1,525,268 1,597,091
Gain on mortgage disposition -- -- -- 235,873
------------ ------------ ------------ ------------
Net earnings $ 766,801 $ 778,709 $ 1,525,268 $ 1,832,964
============ ============ ============ ============
Net earnings allocated to:
Limited partners - 97.1% $ 744,564 $ 756,126 $ 1,481,035 $ 1,779,808
General partner - 2.9% 22,237 22,583 44,233 53,156
------------ ------------ ------------ ------------
$ 766,801 $ 778,709 $ 1,525,268 $ 1,832,964
============ ============ ============ ============
Net earnings per Unit of
limited partnership interest $ 0.07 $ 0.08 $ 0.15 $ 0.18
============ ============ ============ ============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>5
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENT OF CHANGES IN PARTNERS' EQUITY
For the six months ended June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Net
Unrealized
Gains on
Investment in
General Limited FHA-Insured
Partner Partners Certificates Total
------------ ------------ -------------- -------------
<S> <C> <C> <C> <C>
Balance, January 1, 1995 $ (4,915,023) $ 40,306,817 $ 1,848,753 $ 37,240,547
Net earnings 44,233 1,481,035 -- 1,525,268
Distributions paid or accrued of
$0.16 per Unit (47,786) (1,600,020) -- (1,647,806)
Adjustment to net unrealized gains
on investment in FHA-Insured
Certificates -- -- 969,422 969,422
------------ ------------- ------------- -------------
Balance, June 30, 1995 $ (4,918,576) $ 40,187,832 $ 2,818,175 $ 38,087,431
============ ============= ============= =============
Limited Partnership Units
outstanding - June 30,
1995 10,000,125
=============
</TABLE>
The accompanying notes are an integral
part of these financial statements.
<PAGE>6
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For the six months ended
June 30,
1995 1994
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 1,525,268 $ 1,832,964
Adjustments to reconcile net
earnings to net cash provided by
operating activities:
Gain on mortgage disposition -- (235,873)
Changes in assets and liabilities:
(Increase) decrease in receivables
and other assets (4,368) 61,502
(Decrease) increase in accounts
payable and accrued expenses (26,539) 14,858
------------ ------------
Net cash provided by operating
activities 1,494,361 1,673,451
------------ ------------
Cash flows from investing activities:
Proceeds from disposition of insured
mortgage -- 8,177,380
Receipt of mortgage principal from
scheduled payments 100,415 90,758
------------ ------------
Net cash provided by investing
activities 100,415 8,268,138
------------ ------------
Cash flows from financing activities:
Distributions paid to partners (1,647,806) (12,976,475)
------------ ------------
Net decrease in cash and cash
equivalents (53,030) (3,034,886)
Cash and cash equivalents, beginning
of period 722,986 3,778,696
------------ ------------
Cash and cash equivalents, end of
period $ 669,956 $ 743,810
============ ============
The accompanying notes are an integral part
of these financial statements.
</TABLE>
<PAGE>7
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
American Insured Mortgage Investors (the Partnership) was formed under the
Uniform Limited Partnership Act in the state of California on July 12, 1983.
From inception through September 6, 1991, affiliates of Integrated Resources,
Inc. served as managing general partner (with a partnership interest of 2.8%),
corporate general partner (with a partnership interest of 0.1%) and associate
general partner (with a partnership interest of 0.1%). All of the foregoing
general partners are sometimes collectively referred to as former general
partners. The Partnership Agreement states that the Partnership will terminate
on December 31, 2008, unless previously terminated under the provisions of the
Partnership Agreement.
Effective September 6, 1991, CRIIMI, Inc. (the General Partner) succeeded
the former general partners to become the sole general partner of the
Partnership. CRIIMI, Inc. is a wholly owned subsidiary of CRIIMI MAE Inc.
(CRIIMI MAE), formerly CRI Insured Mortgage Association, Inc. From inception
through June 30, 1995, CRIIMI MAE was managed by an adviser whose general
partner is C.R.I., Inc. (CRI). However, effective June 30, 1995, CRIIMI MAE
became a self-managed and self-administered real estate investment trust (REIT)
and, as a result, the adviser no longer advises CRIIMI MAE.
AIM Acquisition Partners L.P. (the Advisor) serves as the advisor of the
Partnership. The general partner of the Advisor is AIM Acquisition Corporation
and the limited partners include an affiliate of CRIIMI MAE (and through June
30, 1995, an affiliate of CRI). Effective September 6, 1991 and through June
30, 1995, a sub-advisory agreement(the Sub-advisory Agreement) existed whereby
CRI/AIM Management, Inc. (the Sub-advisor), an affiliate of CRI, managed the
Partnership's portfolio. In connection with the transaction in which CRIIMI MAE
became a self-managed and self-administered REIT, an affiliate of CRIIMI MAE
acquired the Sub-advisory Agreement. As a consequence of this transaction,
effective June 30, 1995, CRIIMI MAE Services Limited Partnership, an affiliate
of CRIIMI MAE, manages the Partnership's portfolio. These transactions had no
effect on the Partnership's financial statements.
2. BASIS OF PRESENTATION
In the opinion of the General Partner, the accompanying unaudited financial
statements contain all adjustments of a normal recurring nature necessary to
present fairly the financial position of the Partnership as of June 30, 1995 and
December 31, 1994 and the results of its operations for the three and six months
ended June 30, 1995 and 1994, and its cash flows for the six months ended June
30, 1995 and 1994.
These unaudited financial statements have been prepared pursuant to the
rules and regulations of the Securities and Exchange Commission. Certain
information and note disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted. While the General Partner believes that the disclosures
presented are adequate to make the information not misleading, it is suggested
that these financial statements be read in conjunction with the financial
statements and the notes to the financial statements included in the
Partnership's Annual Report filed on Form 10-K for the year ended December 31,
1994.
<PAGE>8
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
3. INVESTMENT IN FHA-INSURED LOANS
As of June 30, 1995 and December 31, 1994, the Partnership's investment in
FHA-Insured Loans consisted of four Acquired Insured Mortgages and two
Originated Insured Mortgages. As of June 30, 1995 and December 31, 1994, these
investments had an aggregate amortized cost of $23,650,467 and $23,708,274,
respectively, face value of $26,676,832 and $26,776,001, respectively, and fair
value of $27,141,903 and $26,065,185, respectively.
In addition to base interest payments under Originated Insured Mortgages,
the Partnership is entitled to additional interest based on a percentage of the
net cash flow from the underlying development and of the net proceeds from the
refinancing, sale or other disposition of the underlying development (referred
to as Participations). During the six months ended June 30, 1995 and 1994, the
Partnership received $28,524 and $13,010, respectively, from the Participations.
During the three months ended June 30, 1995 and 1994, the Partnership received
$0 and $13,010, respectively, from the Participations. These amounts, if any,
are included in mortgage investment income in the accompanying statements of
operations.
4. INVESTMENT IN FHA-INSURED CERTIFICATES
As of June 30, 1995 and December 31, 1994, the Partnership's investment in
FHA-Insured Certificates consisted of nine Acquired Insured Mortgages with an
aggregate amortized cost of $11,463,665 and $11,506,273, respectively, face
value of $14,108,399 and $14,190,281, respectively, and fair value of
$14,281,840 and $13,355,026, respectively.
<PAGE>9
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
5. DISTRIBUTIONS TO UNITHOLDERS
The distributions paid or accrued to Unitholders on a per Unit basis for
the six months ended June 30, 1995 and 1994 are as follows:
<TABLE>
<CAPTION>
Quarter Ended 1995 1994
------------- -------- --------
<S> <C> <C>
March 31, $ 0.08 $ 0.89(1)
June 30, 0.08 0.08
-------- --------
Total $ 0.16 $ 0.97
======== ========
<FN>
(1) This includes a special distribution of $0.81 per Unit comprised of: (i)
$0.80 per Unit return of capital and capital gain from the disposition of
the insured mortgage on Hidden Oaks Apartments and (ii) $0.01 per Unit of
previously accrued but undistributed interest received from the insured
mortgage on Creekside Village.
</FN>
</TABLE>
The basis for paying distributions to Unitholders is net proceeds from
mortgage dispositions, if any, and cash flow from operations, which includes
regular interest income and principal from Insured Mortgages. Although Insured
Mortgages yield a fixed monthly mortgage payment once purchased, the cash
distributions paid to the Unitholders will vary during each period due to (1)
the fluctuating yields in the short-term money market where the monthly mortgage
payments received are temporarily invested prior to the payment of quarterly
distributions, (2) the reduction in the asset base due to monthly mortgage
payments received or mortgage dispositions, (3) variations in the cash flow
attributable to the delinquency or default of Insured Mortgages and (4) changes
in the Partnership's operating expenses.
<PAGE>10
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
6. TRANSACTIONS WITH RELATED PARTIES
The General Partner and certain affiliated entities have, during the three
and six months ended June 30, 1995 and 1994, earned or received compensation or
payments for services from the Partnership as follows:
<TABLE>
<CAPTION>
COMPENSATION PAID OR ACCRUED TO RELATED PARTIES
----------------------------------------------
For the three months For the six months
Capacity in Which ended June 30, ended June 30,
Name of Recipient Served/Item 1995 1994 1995 1994
----------------- ---------------------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
CRIIMI, Inc. General Partner/Distribution $ 23,893 $ 23,893 $ 47,786 $289,705(3)
AIM Acquisition Advisor/Asset Management Fee 85,773 85,773 171,546 184,334
Partners, L.P.(1)
CRI(2) Affiliate of General Partner/
Expense Reimbursement 17,375 19,709 32,910 38,005
<FN>
(1) Of the amounts paid to the Advisor, the Sub-advisor, CRI/AIM Management, Inc., earned a fee equal to $25,278 and $25,278,
or .28% of Total Invested Assets, for the three months ended June 30, 1995 and 1994, respectively. The Sub-advisor earned a fee
equal to $50,556 and $54,324, or .28% of Total Invested Assets, for the six months ended June 30, 1995 and 1994, respectively. As
discussed in Note 1, above, effective June 30, 1995, CRIIMI MAE Services Limited Partnership will serve as the Sub-advisor. No
amounts were paid to CRIIMI MAE Services Limited Partnership during the six months ended June 30, 1995.
(2) Prior to June 30, 1995, these amounts were paid to CRI as reimbursement for expenses incurred on behalf of the General
Partner and the Partnership. The transaction in which CRIIMI MAE became a self-managed and self-administered REIT, discussed in
Note 1, has no impact on the payments required to be made by the Partnership, other than the expense reimbursement previously paid
by the Partnership to CRI in connection with the provision of services by the Sub-advisor will be paid to a wholly-owned subsidiary
of CRIIMI MAE, which is the General Partner of CRIIMI MAE Services Limited Partnership, effective June 30, 1995. No amounts were
paid to CRIIMI MAE or its affiliates during the six months ended June 30, 1995.
(3) This amount includes a special distribution as described above in Note 5.
</FN>
</TABLE>
<PAGE>11
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
General
-------
As of June 30, 1995, the Partnership had invested in 15 Insured Mortgages,
as discussed further below, with an aggregate amortized cost of approximately
$35 million, face value of approximately $41 million and fair value of
approximately $41 million.
Investment in FHA-Insured Loans
--------------------------------
As of June 30, 1995 and December 31, 1994, the Partnership's investment in
FHA-Insured Loans consisted of four Acquired Insured Mortgages and two
Originated Insured Mortgages. As of June 30, 1995 and December 31, 1994, these
investments had an aggregate amortized cost of $23,650,467 and $23,708,274,
respectively, face value of $26,676,832 and $26,776,001, respectively, and fair
value of $27,141,903 and $26,065,185, respectively.
In addition to base interest payments under Originated Insured Mortgages,
the Partnership is entitled to additional interest based on a percentage of the
net cash flow from the underlying development and of the net proceeds from the
refinancing, sale or other disposition of the underlying development (referred
to as Participations). During the six months ended June 30, 1995 and 1994, the
Partnership received $28,524 and $13,010, respectively, from the Participations.
During the three months ended June 30, 1995 and 1994, the Partnership received
$0 and $13,010, respectively, from the Participations. These amounts, if any,
are included in mortgage investment income in the accompanying statements of
operations.
Investment in FHA-Insured Certificates
--------------------------------------
As of June 30, 1995 and December 31, 1994, the Partnership's investment in
FHA-Insured Certificates consisted of nine Acquired Insured Mortgages with an
aggregate amortized cost of $11,463,665 and $11,506,273, respectively, face
value of $14,108,399 and $14,190,281, respectively, and fair value of
$14,281,840 and $13,355,026, respectively.
Results of Operations
---------------------
Net earnings decreased for the six months ended June 30, 1995 as compared
to the corresponding period in 1994 primarily due to the gain recognized on the
disposition of the mortgage on Hidden Oaks in February 1994. Also contributing
to this decrease in net earnings was the decrease in mortgage investment income
as a result of this mortgage disposition. Net earnings did not change
significantly for the three months ended June 30, 1995 as compared to the
corresponding period in 1994.
Interest and other income decreased for the three and six months ended June
30, 1995 as compared to the corresponding periods in 1994 primarily due to the
short-term investment of disposition proceeds received during February 1994
prior to the distribution to Unitholders in May 1994.
Asset management fees decreased for the six months ended June 30, 1995 as
compared to the corresponding period in 1994 as a result of the reduction in
the mortgage base, as discussed above.
General and administrative expenses decreased for the three and six months
ended June 30, 1995, as compared to the corresponding periods in 1994. These
decreases were due primarily to decreases in investor services expenses and
annual and quarterly reporting expenses resulting primarily from a reduction in
the number of Unitholders.
<PAGE>12
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Gain on mortgage disposition decreased for the six months ended June 30,
1995 as compared to the corresponding period in 1994. Gains and losses on
mortgage dispositions are based on the number, carrying amounts and proceeds of
mortgage investments disposed of during the period. During the six months ended
June 30, 1994, the mortgage on Hidden Oaks was prepaid, resulting in a gain of
$235,873. The Partnership did not dispose of any mortgage investments during
the six months ended June 30, 1995.
Liquidity and Capital Resources
-------------------------------
The Partnership's operating cash receipts, derived from payments of
principal and interest on Insured Mortgages, plus cash receipts from interest on
short-term investments, were sufficient for the six months ended June 30, 1995
to meet operating requirements.
The basis for paying distributions to Unitholders is net proceeds from
insured mortgage dispositions, if any, and cash flow from operations, which
includes regular interest income and principal from Insured Mortgages. Although
Insured Mortgages yield a fixed monthly mortgage payment once purchased, the
cash distributions paid to the Unitholders will vary during each period due to
(1) the fluctuating yields in the short-term money market where the monthly
mortgage payments received are temporarily invested prior to the payment of
quarterly distributions, (2) the reduction in the asset base due to monthly
mortgage payments received or mortgage dispositions, (3) variations in the cash
flow attributable to the delinquency or default of Insured Mortgages and (4)
changes in the Partnership's operating expenses.
Net cash provided by operating activities decreased for the six months
ended June 30, 1995 as compared to the corresponding period in 1994 primarily
due to a decrease in mortgage investment income and interest and other income,
as discussed above. Also contributing to the decrease in net cash provided by
operations was a decrease in receivables and other assets in 1994 as a result
of the prepayment of the mortgage on Hidden Oaks during the first quarter of
1994.
Net cash provided by investing activities decreased for the six months
ended June 30, 1995 as compared to the corresponding period in 1994 primarily
due to the receipt in February 1994 of net proceeds of approximately $8.2
million from the prepayment of the insured mortgage on Hidden Oaks Apartments.
Net cash used in financing activities decreased for the six months ended
June 30, 1995 as compared to the corresponding period in 1994 primarily due to
the special distributions paid to Unitholders during the first and second
quarters of 1994 of net proceeds received in 1994 from the prepayment of the
mortgage on Hidden Oaks Apartments and of net proceeds received in 1993 from the
sale of the defaulted mortgages on Chapelgate Apartments and Cumberland Village.
This compares to the distribution to Unitholders during the first two quarters
of 1995 of regular cash flow from the fourth quarter of 1994 and the first
quarter of 1995.
<PAGE>13
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K were filed with the Securities and Exchange
Commission during the quarter ended June 30, 1995.
The exhibits filed as part of this report are listed below:
Exhibit No. Description
------------- -----------------------
27 Financial Data Schedule
<PAGE>14
SIGNATURE
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.
AMERICAN INSURED MORTGAGE
INVESTORS (Registrant)
By: CRIIMI, Inc.
General Partner
August 8, 1995 By: /s/ Cynthia O. Azzara
-------------- ------------------------
Date Cynthia O. Azzara
Principal Financial
and Accounting Officer <PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE SECOND QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 670
<SECURITIES> 14,282
<RECEIVABLES> 24,029
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 38,981
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 38,087
<TOTAL-LIABILITY-AND-EQUITY> 38,981
<SALES> 0
<TOTAL-REVENUES> 1,827
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 302
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,525
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,525
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,525
<EPS-PRIMARY> .15
<EPS-DILUTED> 0
</TABLE>
