<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 September 30, 1998
------------------
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 September 30, 1998, 10,000,000 depository units of limited
partnership interest were outstanding.
<PAGE>2
AMERICAN INSURED MORTGAGE INVESTORS
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1998
PAGE
----
PART I. Financial Information (Unaudited)
Item 1. Financial Statements
Balance Sheets - September 30, 1998 (unaudited)
and December 31, 1997.................... 3
Statements of Operations - for the three and
nine months ended September 30, 1998 and 1997
(unaudited).............................. 4
Statement of Changes in Partners' Equity -
for the nine months ended September 30, 1998
(unaudited)......................... 5
Statements of Cash Flows - for the nine
months ended September 30, 1998 and 1997
(unaudited).............................. 6
Notes to Financial Statements.............. 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........... 13
Signature............................................ 14
<PAGE>3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
------------- ------------
<S> <C> <C>
(Unaudited)
ASSETS
Investment in FHA-Insured Loans,
at amortized cost, net of unamortized
discount:
Acquired Insured Mortgages $ 7,916,093 $ 8,912,223
Originated Insured Mortgages 5,007,894 14,184,505
------------ ------------
12,923,987 23,096,728
Investment in FHA-Insured Certificates,
at fair value 13,916,811 14,178,168
Cash and cash equivalents 11,260,113 878,867
Receivables and other assets 1,419,827 397,201
------------ ------------
Total assets $ 39,520,738 $ 38,550,964
============ ============
LIABILITIES AND PARTNERS' EQUITY
Distributions payable $ 10,916,718 $ 823,903
Accounts payable and accrued expenses 64,969 66,482
------------ ------------
Total liabilities 10,981,687 890,385
------------ ------------
Partners' equity:
Limited partners' equity 30,946,628 39,633,683
General partner's deficit (5,194,577) (4,935,128)
Unrealized gains on investment
in FHA-Insured Certificates 2,787,000 2,962,024
------------ ------------
Total partners' equity 28,539,051 37,660,579
------------ ------------
Total liabilities and partners'
equity $ 39,520,738 $ 38,550,964
============ ============
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 nine months ended
September 30, September 30,
-------------------------- -------------------------------
1998 1997 1998 1997
---------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
Income:
Mortgage investment income $ 727,642 $ 827,825 $ 2,401,140 $ 2,550,308
Interest and other income 75,160 8,263 125,841 26,356
---------- ---------- ------------ ------------
802,802 836,088 2,526,981 2,576,664
---------- ---------- ------------ ------------
Expenses:
Asset management fee to
related parties 85,773 85,773 257,319 257,319
General and administrative 44,223 42,671 147,970 152,591
---------- ---------- ------------ ------------
129,996 128,444 405,289 409,910
---------- ---------- ------------ ------------
Earnings before gain on
Mortgage dispositions 672,806 707,644 2,121,692 2,166,754
Gain on mortgage dispositions 1,090,277 -- 1,290,352 --
---------- ---------- ------------ ------------
Net earnings $1,763,083 $ 707,644 $ 3,412,044 $ 2,166,754
========== ========== ============ ============
Net earnings allocated to:
Limited partners - 97.1% $1,711,954 $ 687,122 $ 3,313,095 $ 2,103,918
General partner - 2.9% 51,129 20,522 98,949 62,836
---------- ---------- ------------ ------------
$1,763,083 $ 707,644 $ 3,412,044 $ 2,166,754
========== ========== ============ ============
Net earnings per Unit of limited
partnership interest - Basic $ 0.17 $ 0.07 $ 0.33 $ 0.21
========== ========== =========== ============
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 nine months ended September 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
Unrealized
Gains on
Investment in
General Limited FHA-Insured
Partner Partners Certificates Total
---------------- ---------------- ------------------ ---------------
<S> <C> <C> <C> <C>
Balance, December 31, 1997 $ (4,935,128) $ 39,633,683 $ 2,962,024 $ 37,660,579
Net earnings 98,949 3,313,095 -- 3,412,044
Distributions paid or accrued of
$1.20 per Unit, including $0.87
return of capital (358,398) (12,000,150) -- (12,358,548)
Adjustment to unrealized gains
on investment in FHA-Insured
Certificates -- -- (175,024) (175,024)
----------------- ---------------- ------------------ ---------------
Balance, September 30, 1998 $ (5,194,577) $ 30,946,628 $ 2,787,000 $ 28,539,051
================= ================ ================== ===============
Limited Partnership Units
outstanding - Basic,
September 30, 1998 10,000,125
===========
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>6
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN INSURED MORTGAGE INVESTORS
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
For the nine months ended
September 30,
1998 1997
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 3,412,044 $ 2,166,754
Adjustments to reconcile net
earnings to net cash provided by
operating activities:
Gain on disposition of insured mortgages (1,290,352) --
Changes in assets and liabilities:
Decrease (increase) in receivables and other assets 125,423 (9,781)
Decrease in accounts payable and accrued expenses (1,513) (10,094)
----------- -----------
Net cash provided by operating activities 2,245,602 2,146,879
----------- -----------
Cash flows from investing activities:
Receipt of mortgage principal from scheduled payments 199,615 201,230
Proceeds from mortgage disposition 10,201,762 --
----------- -----------
Net cash provided by investing activities 10,401,377 201,230
----------- -----------
Cash flows from financing activities:
Distributions paid to partners (2,265,733) (2,162,748)
----------- -----------
Net cash used in financing activities (2,265,733) (2,162,748)
----------- -----------
Net increase in cash and cash equivalents 10,381,246 185,361
----------- -----------
Cash and cash equivalents, beginning of period 878,867 656,051
----------- -----------
Cash and cash equivalents, end of period $11,260,113 $ 841,412
=========== ===========
Non cash investing activity:
50% share of debenture received from HUD
in exchange for the mortgage on Portervillage I
Apartments (Debenture is held by an affiliate,
AIM 85) $ 1,148,049 --
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.
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).
The Partnership's investment in mortgages consists of participation
certificates evidencing a 100% undivided beneficial interest in government
insured multifamily mortgages issued or sold pursuant to Federal Housing
Administration (FHA) programs (FHA-Insured Certificates) and FHA-insured
mortgage loans (FHA-Insured Loans, and together with FHA-Insured Certificates
referred to herein as Insured Mortgages). The mortgages underlying the
FHA-Insured Certificates and FHA-Insured Loans are non-recourse first liens on
multifamily residential developments.
On October 5, 1998, CRIIMI MAE Inc., the parent of the General Partner,
and CRIIMI MAE Management, Inc, an affiliate of CRIIMI MAE Inc. and provider
of personnel and administrative services to the Partnership, filed voluntary
petitions for reorganization under Chapter 11 of the Bankruptcy Code. Such
bankruptcy filings could result in certain adverse effects to the Parntership
including, without limitation, the potential loss of CRIIMI MAE Inc. as a
potential source of capital and the potential need to replace CRIIMI MAE
Management, Inc. as a provider of personnel and administrative services to the
Partnership.
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
September 30, 1998 and December 31, 1997, the results of its operations for the
three and nine months ended September 30, 1998 and 1997 and its cash flows for
the nine months ended September 30, 1998 and 1997.
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, these financial
statements should 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, 1997.
New Accounting Standards
------------------------
During 1997 FASB issued SFAS No. 130 "Reporting Comprehensive Income"
(FAS 130). FAS 130 states that all items that are required to be recognized
under accounting standards as components of comprehensive income are to be
reported in a separate statement of income. This would include net income as
<PAGE>8
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
2. BASIS OF PRESENTATION - Continued
currently reported by the Partnership adjusted for unrealized gains and
losses related to the Partnership's mortgages accounted for as
"available for sale". FAS 130 was adopted by the Partnership January 1, 1998.
For the three and nine months ended September 30, 1998, comprehensive income was
$1,738,627 and $3,237,020, respectively. For the three and nine months
ended September 30, 1997, comprehensive income was $685,750 and $1,854,419,
respectively.
3. INVESTMENT IN FHA-INSURED LOANS
Listed below is the Partnership's aggregate investment in FHA-Insured
Loans as of September 30, 1998 and December 31, 1997:
<TABLE>
<CAPTION> September 30, December 31,
1998 1997
------------- ------------
<S> <C> <C>
Number of
Acquired Insured Mortgages (1) 3 4
Originated Insured Mortgages(2) 1 2
Amortized Cost $ 12,923,987 $ 23,096,728
Face Value 15,224,896 26,077,186
Fair Value 15,599,907 26,840,133
(1) In March 1998, HUD issued assignment proceeds in the form of a 9.5%
debenture for the mortgage on Portervillage I Apartments. This mortgage was
owned 50% by AIM 84 and 50% by an affiliate of the partnership, American
Insured Mortgage Investors - Series 85, L.P. (AIM 85). The debenture, with
a face value of $2,296,098, was issued to AIM 85, with interest payable
semi-annually on January 1 and July 1. The Partnership expects to receive
net proceeds of approximately $1.1 million and has recognized a gain of
approximately $200,000 for the nine months ended September 30, 1998. The
net proceeds and accrued interest are included on the Balance Sheet in
Receivables and other assets. A distribution will be declared in the
quarter in which cash is received for the debenture.
(2) In September 1998, the mortgage on Waters Edge Apartments was prepaid. The
Partnership received net proceeds of approximately $10.2 million and
recognized a gain of approximately $1.1 million for the nine months ended
September 30, 1998. A distribution of approximately $0.99 per Unit related
to the prepayment of this mortgage was declared in September 1998 and was
paid to Unitholders in November 1998.
</TABLE>
All of the FHA-Insured Loans are current with respect to payment of
principal and interest as of November 1, 1998.
In addition to base interest payments from 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 three and nine months
ended September 30, 1998, the Partnership received $0 and $52,526, respectively,
from the Participations. For the three and nine months ended September 30, 1997,
the Partnership received $0 and $61,988, respectively from the Participations.
These amounts are included in mortgage investment income on the accompanying
statements of operations.
<PAGE>9
AMERICAN INSURED MORTGAGE INVESTORS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
4. INVESTMENT IN FHA-INSURED CERTIFICATES
Listed below is the Partnership's aggregate investment in FHA-Insured
Certificates as of September 30, 1998 and December 31, 1997:
<TABLE>
<CAPTION> September 30, December 31,
1998 1997
------------- ------------
<S> <C> <C>
Number of mortgages 9 9
Amortized Cost $ 11,129,811 $ 11,216,144
Face Value 13,493,787 13,648,992
Fair Value 13,916,811 14,178,168
</TABLE>
All of the FHA-Insured Certificates were current with respect to the
payment of principal and interest as of November 1, 1998.
5. DISTRIBUTIONS TO UNITHOLDERS
The distributions paid or accrued to Unitholders on a per Unit basis
for the nine months ended September 30, 1998 and 1997 are as follows:
<TABLE><CAPTION>
Quarter Ended 1998 1997
- ------------- -------- --------
<S> <C> <C>
March 30, 0.07 0.07
June 30, $ 0.07 $ 0.07
September 30, 1.06(1) 0.07
-------- --------
$ 1.20 $ 0.21
======== ========
(1) This amount includes approximately $0.99 per Unit return of capital and gain
from the disposition of the mortgage on Waters Edge Apartments.
</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
payment receipts are temporarily invested prior to the payment of quarterly
distributions, (2) the reduction in the asset base resulting from 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
nine months ended September 30, 1998 and 1997, 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 nine months
Capacity in Which ended September 30, ended September 30,
Name of Recipient Served/Item 1998 1997 1998 1997
- ----------------- ------------------ -------- -------- --------- ---------
<S> <C> <C> <C> <C> <C>
CRIIMI, Inc. General Partner/Distribution $ 316,585 $ 20,907 $ 358,398 $ 62,721
AIM Acquisition Advisor/Asset Management Fee 85,773 85,773 257,319 257,319
Partners, L.P.(1)
CRIIMI MAE Management, Affiliate of General Partner/ 7,069 6,282 25,638 29,562
Inc. Expense Reimbursement
<FN>
(1) The Advisor, pursuant to the Partnership Agreement is entitled to
an Asset Management Fee equal to 0.95% of Total Invested Assets (as defined in
the Partnership Agreement). CRIIMI MAE Services Limited Partnership, the
sub-advisor to the Partnership (the Sub-advisor) is entitled to a fee of 0.28%
of Total Invested Assets. Of the amounts paid to the Advisor, the Sub-advisor
earned a fee equal to $25,278 and $75,834 for the three and nine months ended
September 30, 1998, respectively, and a fee equal to $25,278 and $75,834 for the
three and nine months ended September 30, 1997, respectively.
The Sub-advisor is an affiliate of CRIIMI MAE.
</FN>
</TABLE>
<PAGE>11
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Introduction
- ------------
The Partnership's Management's Discussion and Analysis of Financial
Condition and Results of Operations contains statements that may be considered
forward looking. These statements contain a number of risks and uncertainties as
discussed herein and in the Partnership's other reports filed with the
Securities and Exchange Commission that could cause actual results to differ
materially. See Item 1, "Forward-Looking Statements" in the Partnership's Annual
Report for 1997 on Form 10-K for a more detailed discussion of such risks and
uncertainties.
On October 5, 1998, CRIIMI MAE Inc., the parent of the General Partner,
and CRIIMI MAE Management, Inc, an affiliate of CRIIMI MAE Inc. and provider
of personnel and administrative services to the Partnership, filed voluntary
petitions for reorganization under Chapter 11 of the Bankruptcy Code. Such
bankruptcy filings could result in certain adverse effects to the Parntership
including, without limitation, the potential loss of CRIIMI MAE Inc. as a
potential source of capital, as discussed under "Liquidity and Capital
Resources", and the potential need to replace CRIIMI MAE Management, Inc. as a
provider of personnel and administrative services to the Partnership.
General
- -------
As of September 30, 1998, the Partnership had invested in 13 Insured
Mortgage Investments, with an aggregate amortized cost of approximately $24.1
million, face value of approximately $28.7 million and fair value of
approximately $29.5 million.
All of the mortgage investments are current with respect to payment of
principal and interest as of November 1, 1998.
Results of Operations
- ---------------------
Net earnings increased for the three and nine months ended September 30,
1998, as compared to the corresponding periods in 1997, primarily due to
the gain recognized on the disposition of the mortgages on Waters Edge
Apartments and Portervillage I Apartments. Net earnings before gain on mortgage
dispositions did not change significantly for the three and nine months ended
September 30, 1998, as compared to the corresponding periods in 1997.
Mortgage investment income decreased for the three and nine months
ended September 30, 1998, as compared to the corresponding periods in 1997,
primarily due to the disposition of mortgages on Waters Edge Apartments and
Portervillage I Apartments.
Interest and other income increased for the three and nine months ended
September 30, 1998, as compared to the corresponding periods in 1997, primarily
due to interest income earned on the 9.5% debenture received from HUD in March
1998 in exchange for the mortgage on Portervillage I Apartments.
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 nine months ended September 30,
1998 to meet operating requirements.
<PAGE>12
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS - Continued
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 payment receipts are temporarily invested prior to the payment of
quarterly distributions, (2) the reduction in the asset base resulting from
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 increased slightly for the
nine months ended September 30, 1998, as compared to the corresponding period in
1997, primarily due to an increase in interest income received from the 9.5%
debenture, as previously discussed.
Net cash provided by investing activities increased for the nine months
ended September 30, 1998, as compared to the corresponding period in 1997,
primarily due to an increase in proceeds from mortgage dispositions, as
previously discussed.
Other
- -----
On October 5, 1998, CRIIMI MAE Inc. the parent of the General Partner,
filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy
Code. As a debtor-in-possession, CRIIMI MAE Inc. will not be permitted to
provide any available capital to the General Partner without approval from the
bankruptcy court. This restriction or potential loss of the availability of a
potential capital resource could adversely affect the General Partner and the
Partnership; however, CRIIMI MAE Inc. has not historically represented a
significant source of capital for the General Partner or the the Partnership.
<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 September 30, 1998.
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
/s/ November 16, 1998 /s/ Cynthia O. Azzara
- --------------------- ------------------------
Date Cynthia O. Azzara
Principal Financial and
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM
THE QUARTERLY REPORT ON FORM 10-Q FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FORM 10-Q
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 11,260
<SECURITIES> 13,917
<RECEIVABLES> 14,344
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 39,521
<CURRENT-LIABILITIES> 10,982
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 28,539
<TOTAL-LIABILITY-AND-EQUITY> 39,521
<SALES> 0
<TOTAL-REVENUES> 3,817
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 405
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,412
<INCOME-TAX> 0
<INCOME-CONTINUING> 3,412
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,412
<EPS-PRIMARY> .33
<EPS-DILUTED> 0
</TABLE>
