U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
SEPTEMBER 30, 1994
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
________ TO _______
Commission file number 0-14339
SYNERGEN, INC.
(Exact name of registrant as specified in charter)
Delaware 84-0868248
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1885 33rd Street
Boulder, Colorado 80301
(Address of principal executive offices) (Zip Code)
(303) 938-6200
(Registrant's telephone number, including area code)
N.A.
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months, and
(2) has been subject to such filing requirements for the past 90
days. Yes X No ___
Applicable only to issuers involved in bankruptcy proceedings
during the preceding five years: N.A.
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13, or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court. Yes
___ No ___
Applicable only to corporate issuers:
As of October 31, 1994, there were outstanding 25,932,798 shares of
Synergen, Inc. Common Stock - par value $.01.
<TABLE>
PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
SYNERGEN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
REVENUES:
Sponsored research and development $ 2,515,400 $ 2,641,000 $ 10,781,200 $ 10,112,200
Interest and other income 1,312,400 2,062,000 4,003,200 7,628,600
----------- ----------- ------------ ------------
TOTAL REVENUES 3,827,800 4,703,000 14,784,400 17,740,800
EXPENSES:
Research and development 14,021,000 19,379,700 53,192,100 66,602,200
General and administrative 3,639,300 3,542,400 13,062,100 13,751,700
Restructuring and asset
impairment charges 33,279,200 -- 39,079,200 2,000,000
Interest 30,700 173,700 132,400 356,800
----------- ----------- ----------- -----------
TOTAL EXPENSES 50,970,200 23,095,800 105,465,800 82,710,700
----------- ----------- ----------- -----------
Loss before cumulative effect of
change in accounting principle (47,142,400) (18,392,800) ( 90,681,400) (64,969,900)
Cumulative effect of change in
accounting principle -- -- -- ( 2,417,800)
---------- ---------- ---------- -----------
NET LOSS $(47,142,400) $(18,392,800) $(90,681,400) $(67,387,700)
========== ========== ========== ==========
LOSS PER SHARE:
Loss before cumulative effect of
change in accounting principle $ (1.83) $ (0.73) $ (3.52) $ (2.58)
Cumulative effect of change in
accounting principle -- -- -- (0.09)
---------- ---------- ---------- ----------
NET LOSS PER SHARE $ (1.83) $ (0.73) $ (3.52) $ (2.67)
========== ========== ========== ==========
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING 25,779,300 25,274,500 25,746,800 25,163,900
========== ========== ========== ==========
<FN>
See notes to consolidated financial statements.
</TABLE>
<TABLE>
SYNERGEN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited)
ASSETS
<CAPTION>
September 30, December 31,
1994 1993
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 6,271,300 $ 51,579,100
Short-term investments 104,979,200 104,637,200
Accounts receivable (No allowance
for doubtful accounts
considered necessary) 9,655,400 13,277,200
Receivable from Synergen Clinical
Partners -- 6,200,000
Accrued interest receivable 609,800 779,200
Restricted short-term investments 8,253,200 --
Prepaid expenses and other 1,735,700 2,975,400
----------- -----------
TOTAL CURRENT ASSETS 131,504,600 179,448,100
PROPERTY AND EQUIPMENT, Net 53,899,700 86,856,100
OTHER ASSETS:
Restricted short-term investments 200,000 4,630,100
Other 2,458,100 5,123,400
----------- -----------
TOTAL OTHER ASSETS 2,658,100 9,753,500
----------- -----------
TOTAL ASSETS $188,062,400 $276,057,700
=========== ===========
<FN>
See notes to consolidated financial statements.
</TABLE>
<TABLE>
SYNERGEN, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
<CAPTION>
September 30, December 31,
1994 1993
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable and accrued expenses $ 11,539,700 $ 11,229,100
Industrial Development Revenue Bonds 6,000,000 --
------------ ------------
TOTAL CURRENT LIABILITIES 17,539,700 11,229,100
INDUSTRIAL DEVELOPMENT REVENUE BONDS -- 6,000,000
STOCKHOLDERS' EQUITY:
Preferred Stock, $.01 par value; authorized,
10,000,000 shares; none issued
Common Stock, $.01 par value; authorized,
120,000,000 shares; issued: 25,921,880
and 25,666,186 shares 259,200 256,700
Additional paid-in capital, net 409,557,400 408,369,500
Deficit (239,503,100) (148,821,700)
Deferred compensation, net 209,200 (975,900)
------------ -----------
TOTAL STOCKHOLDERS' EQUITY 170,522,700 258,828,600
------------ ------------
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 188,062,400 $ 276,057,700
============ ============
<FN>
See notes to consolidated financial statements.
</TABLE>
<TABLE>
SYNERGEN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
<CAPTION>
Nine Months Ended September 30,
1994 1993
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(90,681,400) $ (64,472,700)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization
of assets 8,006,400 6,944,300
Amortization of receivable for
warrants and deferred
compensation 947,200 1,438,400
Impairment of assets and
restructuring 33,991,400 --
Change in operating assets and
liabilities:
Accounts receivable 3,621,800 5,533,400
Accrued interest receivable 169,400 874,200
Prepaid expenses and other (1,683,300) (382,600)
Accounts payable and accrued
expenses 310,700 (1,524,900)
Unearned revenue, net -- (779,900)
----------- -----------
Total Adjustments 45,363,600 12,102,900
----------- -----------
NET CASH USED IN OPERATING
ACTIVITIES (45,317,800) (52,369,800)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,266,700) (15,561,400)
Net (purchase) redemption of
short-term investments (4,165,100) 126,268,300
Payment received on note
receivable from affiliate 5,905,700 --
Other assets (1,254,100) (465,700)
---------- -----------
NET CASH PROVIDED BY INVESTING
ACTIVITIES $ (780,200) $ 110,241,200
(continued)
<FN>
See notes to consolidated financial statements.
</TABLE>
<TABLE>
SYNERGEN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
<CAPTION>
Nine Months Ended September 30,
1994 1993
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of
common stock and other, net $ 790,200 $ 580,500
----------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (45,307,800) 58,451,900
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 51,579,100 2,632,100
----------- ----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 6,271,300 $61,084,000
=========== ==========
<FN>
See notes to consolidated statements.
</TABLE>
SYNERGEN, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting Policies
The consolidated balance sheets as of September 30, 1994, the
related consolidated statements of operations for the three-month
and nine-month periods ended September 30, 1994 and 1993, and the
consolidated statements of cash flows for the nine-month periods
ended September 30, 1994 and 1993, are unaudited, but in
management's opinion, include all adjustments, consisting only of
normal recurring adjustments except as otherwise disclosed,
necessary for a fair presentation of such financial statements.
Interim results are not necessarily indicative of results for a
full year.
The financial statements should be read in conjunction with the
consolidated financial statements for the year ended December 31,
1993. The accounting policies used in the preparation of these
financial statements are the same as those used in the Company's
annual financial statements except as modified for appropriate
interim accounting policies.
Certain reclassifications have been made to the Company's 1993
financial statements to conform them to 1994 classifications. The
consolidated statements of operations for the nine months ended
September 30, 1993, and consolidated statement of cash flows for
the three-month and nine-month periods ending September 30, 1993,
have been restated to reflect the Company's change in its method of
accounting for external patent development costs.
Pursuant to Financial Accounting Standard No. 52, the financial
position and results of the Company's European and Japanese
subsidiaries are measured using the local currency as the
functional currency. The balance sheet has been translated at the
exchange rate in effect at September 30, 1994, while revenues and
expenses have been translated at the average exchange rate on a
monthly basis. The aggregate effect of translation is being
deferred as a component of stockholders' equity. At September 30,
1994, the translation effect was $139,800 and is reported within
additional paid-in capital.
2. Asset Impairment and Restructuring Charges
On July 15, 1994, Synergen learned that an interim analysis of the
follow-up Phase III clinical trial of interleukin-1 receptor
antagonist (IL-1ra) showed a lack of efficacy for severe sepsis.
As a result, certain assets were determined to be impaired and were
written down to estimated net realizable value. In August, Synergen
announced a restructuring which included a termination of 60
percent of the Company's workforce (approximately 375 employees)
and elimination of some operations and development activities.
Synergen recorded an asset impairment charge of $5.8 million in the
second quarter of 1994 for assets used primarily for the production
of IL-1ra and asset impairment and restructuring charges of $33.3
million in the third quarter of 1994 primarily related to the
discontinuation of the sepsis trial and the Company's decision to
restructure its operations. The third quarter charges of $33.3
million were comprised of restructuring charges of $7.3 million and
asset impairment charges of $26 million. Of the third quarter
asset impairment charges, $22.6 million related to the write-down
of the LakeCentre manufacturing facility, $1.9 million was due to
other assets impaired as a result of the restructuring and the
remaining $1.5 million was a charge against the Company's equity
investment in Selectide Corporation based on their recent rights
offering.
The charge against the LakeCentre facility was based on a
preliminary independent appraisal of the property which estimated
the net realizable value of the property. The Company may take
additional charges against the LakeCentre facility in the future.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Overview
Synergen has focused its resources since inception on research and
development of biotechnology products, principally pharmaceuticals.
After it obtained the results of its initial Phase III clinical
trial of interleukin-1 receptor antagonist (IL-1ra) for the
treatment of sepsis in February of 1993, the Company restructured
its organization and reprioritized its clinical programs, making
the completion of a follow-up Phase III clinical trial of IL-1ra
for the treatment of severe sepsis its first priority. On July 15,
1994, an independent safety and efficacy monitoring committee
(SEMC) conducted an interim analysis of the results of the follow-
up Phase III clinical trial of IL-1ra for severe sepsis. The SEMC
concluded that the data showed a lack of efficacy of IL-1ra for
severe sepsis, and that continuation of the trial would not likely
produce evidence of efficacy. As a result, Synergen stopped the
Phase III trial of IL-1ra for the treatment of severe sepsis. In
addition, the Company has withdrawn marketing approval applications
for IL-1ra for severe sepsis that were previously filed with the
European Union and a number of other countries. In order to
conserve cash and direct its efforts toward its most promising
opportunities, the Company has eliminated significant operations
and reduced personnel by approximately 60 percent. The reductions
occurred in those areas that primarily supported the development of
IL-1ra for severe sepsis, including the Company's clinical and
commercial manufacturing groups. The Company believes the
restructured organization has the capabilities and expertise
required to develop its current portfolio of potential products
through Phase II clinical trials. Due to the results of the
interim analysis of the Phase III clinical trial of IL-1ra for
severe sepsis and the restructuring of the Company's operations,
the Company recognized certain asset impairment and restructuring
charges. See "Three Months Ended September 30, 1994 and 1993."
At this time, the Company plans to continue the ongoing Phase II
trial of IL-1ra for the treatment of rheumatoid arthritis, which is
being conducted in Europe. Development of other indications for IL-
1ra will be evaluated individually. The Company plans to continue
with its clinical development of ciliary neurotrophic factor (CNTF)
for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease)
through a joint venture with Syntex (U.S.A.) Inc. (Syntex);
preclinical and clinical development of tumor necrosis factor
binding protein (TNFbp) for inflammatory diseases; and preclinical
evaluation of glial derived neurotrophic factor (GDNF) for
Parkinson's disease. The Company is also exploring various
strategic alternatives for its business and research and
development operations. See "Liquidity and Capital Resources."
Three Months Ended September 30, 1994 and 1993
Sponsored research and development revenues consisted of funding
from the Syntex-Synergen Neuroscience Joint Venture (Joint Venture)
and were approximately the same for the three months ended
September 30, 1993 compared to the three months ended September 30,
1994.
Interest and other income decreased 36 percent from the third
quarter of 1993 to the third quarter of 1994, primarily due to a
decrease in the average amount of cash available for investment.
Interest income will continue to decrease during 1994 as cash
available for investment is used to fund operating costs.
Total research and development expenses decreased 28 percent for
the three months ended September 30, 1993 compared to the three
months ended September 30, 1994, primarily due to a decrease in
personnel and a reprioritization of the Company's projects as a
result of the August 1994 restructuring.
The Company recorded a $33.3 million charge for asset impairments
and restructuring in the third quarter of 1994 primarily due to the
results of the interim analysis of the Phase III trial of IL-1ra
for severe sepsis and the Company's decision to stop the trial and
restructure its operations. The charge consisted of non-cash asset
impairment charges of $26 million and restructuring charges of $7.3
million. Approximately $5 million of the restructuring charges
represented cash expenditures, primarily related to severance
costs.
The $26 million asset impairment charges included a $22.6 million
charge against the LakeCentre manufacturing plant which previously
had a book value of approximately $40 million. The charge against
the LakeCentre facility was based on a preliminary independent
appraisal which estimated the net realizable value of the property.
The Company may take additional charges against the LakeCentre
facility in the future.
In addition to LakeCentre, certain property and equipment in United
States and the European and Japanese operations were written down
by $1.9 million due to the Company's decision to restructure. These
assets consist primarily of property and equipment that have been
or are being sold. The remainder of the third quarter asset
impairment charge was a write-down of the Company's equity
investment in Selectide Corporation from $3 million to $1.5 million
based on their recent rights offering.
Capital expenditures were $0.5 million and $2.3 million for the
three months ended September 30, 1994 and 1993, respectively. The
decrease was primarily due to a reduction in personnel and a
reprioritization of the Company's projects as a result of the
August 1994 restructuring.
Nine Months Ended September 30, 1994 and 1993
Sponsored research and development revenues increased 7 percent for
the nine months ended September 30, 1993 compared to the nine
months ended September 30, 1994, primarily due to funding from the
Joint Venture for increased patient enrollment in the Joint
Venture's Phase II/III trial of CNTF during the first half of 1994
and the full recognition of revenue attributable to Clinical
Partners by the first quarter of 1993. These increased revenues
were offset by approximately the same amount of increased
expenditures incurred on behalf of the Joint Venture.
Interest and other income decreased 48 percent for the first nine
months of 1993 compared to the first nine months of 1994, primarily
due to a decrease in the average amount of cash available for
investment. Interest income will continue to decrease during 1994
as cash available for investment is used to fund operating costs.
Total research and development expenses decreased 20 percent for
the nine months ended September 30, 1993 compared to the nine
months ended September 30, 1994, primarily due to a decrease in
personnel and a reprioritization of the Company's projects as a
result of the restructuring that took place during the third
quarter of 1994.
The Company recorded a $39.1 million charge for restructuring and
asset impairment in the first nine months of 1994. In the second
quarter of 1994, $5.8 million was charged against assets impaired
by the results of the interim analysis and which were used
primarily for the production of IL-1ra. In the third quarter of
1994, $33.3 million was charged against restructuring and asset
impairment. See "Three Months Ended September 30, 1994 and 1993."
Capital expenditures were $1.5 million and $15.6 million for the
nine months ended September 30, 1994 and 1993, respectively. The
decrease was primarily due to a reduction in personnel and a
reprioritization of the Company's projects as a result of the
restructuring that took place during the second quarter of 1993.
LIQUIDITY AND CAPITAL RESOURCES
The Company has financed its operations since inception primarily
from payments from joint development agreements, research and
development limited partnerships, interest earned on short-term
investments, and proceeds from the sale of equity securities. The
Syntex-Synergen Neuroscience Joint Venture to develop certain
neurotrophic factors is the Company's only existing third-party
joint development arrangement that provides funding to the Company.
Funding available from Syntex under that agreement is expected to
be fully utilized in the first half of 1995. At that time,
Synergen may incur funding obligations to the Joint Venture and
revenues recognized from the Joint Venture may decline.
The Company's use of joint development arrangements and limited
partnerships to fund research and development programs and the sale
of equity securities have permitted the Company to maintain
significant levels of cash and other liquid investments. Cash,
short-term investments, and restricted short-term investments at
September 30, 1994, and December 31, 1993, were $120 million and
$161 million, respectively. The decrease is attributable primarily
to cash used in operations. At September 30, 1994, there was no
material difference between the net book value and fair market
value of short-term investments.
The Company has taken steps to significantly reduce the amount of
cash used to fund ongoing operations. These steps include
reduction of Synergen's and its subsidiaries' staffs by
approximately 60 percent and elimination of certain programs and
operations, including its Japanese operations and most of its
European operations. In addition, the Company may sell or lease
certain of its real property holdings.
As a result of the restructuring, the Company recognized a
restructuring charge of $7.3 million in the third quarter of 1994
(see "Three Months Ended September 30, 1994 and 1993").
Approximately $5 million of this amount were cash charges, of which
approximately $2 million will be expended after September 30, 1994.
The Company has $6 million of Industrial Development Revenue Bonds
outstanding. The Company intends to redeem all of the outstanding
bonds in the fourth quarter of 1994. The bonds are collateralized
with approximately $8.3 million of restricted short-term
investments which appears under current assets in the Consolidated
Balance Sheet.
Until the Company's operations generate significant revenues, cash
reserves will continue to fund operations. The Company currently
expects that its existing cash will fund operations for the next
several years based on its current estimates of the cash
requirements of its restructured operations and assuming no
extraordinary cash requirements. The Company may pursue
opportunities to obtain additional financings in the future. Such
financing may be sought through various sources, including bank
borrowings, lease arrangements relating to fixed assets, or other
financing methods. There can be no assurances that such financing
can be obtained or can be obtained on favorable terms. In addition,
the Company's ability to raise additional capital through equity
financings in the near future may be negatively impacted because of
the termination of the follow-up Phase III trial of IL-1ra for
severe sepsis, the withdrawal of the marketing approval application
for IL-1ra for severe sepsis in the European Union and other
countries, and the reduction of Synergen's operations. The Company
is currently exploring various strategic alternatives for its
business and research and development operations.
The market price of the Company's common stock is volatile, and the
price of the stock could be dramatically affected one way or
another depending on numerous factors. Following the Company's
announcement on July 18, 1994, of the Company's decision to stop
the follow-up Phase III clinical trial of IL-1ra for severe sepsis,
the price of the Company's common stock dropped by approximately 50
percent. The market price of the Company's common stock could be
materially affected by the results of the Phase II trial of IL-1ra
for the treatment of rheumatoid arthritis, the progress of the
Joint Venture's CNTF development program, the results of the Phase
II/III clinical trial of CNTF for the treatment of ALS (which is
expected to be completed in the last quarter of 1994), and the
results of the Company's other development programs and the results
of the Company's investigation of strategic alternatives. Results
of the CNTF trial are expected to be available during the first
half of 1995. The Company's stock price could also be affected by
the outcome of the Company's investigation of strategic
alternatives.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
Following a drop in the price of Synergen's stock on February 22,
1993, a number of class action complaints were filed against
Synergen and certain of its officers and directors in the United
States District Court for the District of Colorado on behalf of
various classes of the Company's investors. The complaints were
consolidated by a consolidated class action complaint that was
filed on April 15, 1993, and amended on May 2, 1994. In addition
to Synergen, Larry Soll, chairman of the Board of Directors of
Synergen and the former chief executive officer, and Kenneth J.
Collins, executive vice president of finance and administration,
were named as defendants in the amended consolidated complaint,
together with Jon S. Saxe, the former president and chief executive
officer and a former director, and Michael A. Catalano, the former
vice president of clinical research. The original consolidated
complaint alleged violations of federal securities laws and state
law. The Court dismissed the state law claims on April 8, 1994.
On May 30, 1994, the defendants in the suit filed a motion to
dismiss or in the alternative for summary judgment which was heard
on September 2, 1994 and was denied on September 15, 1994.
Synergen filed a motion for reconsideration or in the alternative
for an interlocutory appeal which was denied on October 28, 1994.
Trial has been set for May 22, 1995.
Also see Part II, Item 1 of the Company's Quarterly Reports on Form
10-Q for the quarters ended June 30, 1994 and March 31, 1994.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit
27 Financial Data Schedule.
(b) Reports on Form 8-K
The Company filed a report on Form 8-K dated July 20, 1994,
disclosing the termination of the Company's follow-up Phase III
clinical trial of IL-1ra for the treatment of severe sepsis.
The Company filed a report on Form 8-K dated August 10, 1994,
disclosing overall staff reductions made following the
termination of the Company's follow-up Phase III clinical trial
of IL-1ra for the treatment of severe sepsis.
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 thereunto duly authorized.
SYNERGEN, INC.
(Registrant)
Date: November 11, 1994 By: Kenneth J. Collins
Kenneth J. Collins
Executive Vice President,
Finance and Administration and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> 6,271,000
<SECURITIES> 104,979,000
<RECEIVABLES> 10,625,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 131,505,000
<PP&E> 53,900,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 188,062,000
<CURRENT-LIABILITIES> 17,540,000
<BONDS> 0
<COMMON> 259,000,000
0
0
<OTHER-SE> 209,000,000
<TOTAL-LIABILITY-AND-EQUITY> 188,062,000
<SALES> 0
<TOTAL-REVENUES> 14,784,000
<CGS> 0
<TOTAL-COSTS> 105,333,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 132,000,000
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 90,681,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 90,681,000
<EPS-PRIMARY> 3.52
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</TABLE>
