UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 1998
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MEDIAONE GROUP, INC.
Exact name of registrant as specified in its charter)
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A Delaware Corporation Commission File Number IRS Employer Identification No.
(State of incorporation) 1-8611 84-0926774
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188 Inverness Drive West
Englewood, Colorado 80112
(Address of principal executive offices)
(303) 858-3000
(Registrant's telephone number, including area code)
Item 5. Other Events
On November 3, 1998, MediaOne Group, Inc. released its third quarter
earnings results. The releases and financial statements are attached hereto as
Exhibits.
Item 7. Exhibits
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Exhibit Description
27 Financial Data Schedule.
99 Press Release dated November 3, 1998 concerning the earnings results of MediaOne Group, Inc.
for the third quarter of 1998.
99.1 Pro-Forma Proportionate Results Highlights of MediaOne Group, Inc. for the three and nine months ended
September 30, 1998 and 1997, filed in connection with the Press Release dated November 3, 1998.
99.2 Consolidated Domestic Cable Highlights of MediaOne Group, Inc. for the three and nine months ended
September 30, 1998 and 1997, filed in connection with the Press Release dated November 3, 1998.
99.3 Pro-Forma Key Operating Statistics - Domestic Cable - of MediaOne Group, Inc. for the quarters ended
September 30, 1998, June 30, 1998 and September 30, 1997, filed in connection with the Press Release dated
November 3, 1998.
99.4 Pro-Forma Key Operating Statistics - International - of MediaOne Group, Inc. for the quarters
ended September 30, 1998, June 30, 1998 and September 30, 1997, filed in connection with the Press Release
dated November 3 1998.
99.5 Consolidated Statement of Operations of MediaOne Group, Inc. for the three and nine months ended
September 30, 1998 and 1997, filed in connection with the Press Release dated November 3, 1998.
99.6 Consolidated Revenues and Operating Cash Flow Highlights - as Reported - of MediaOne Group, Inc. for the
three and nine months ended September 30, 1998 and 1997, as filed in connection with the Press Release
dated November 3, 1998.
99.7 Condensed Consolidated Balance Sheets - As Reported - for MediaOne Group, Inc. as of September 30, 1998 and
December 31, 1997, as filed in connection with the Press Release dated November 3, 1998.
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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 hereunto duly authorized.
MediaOne Group, Inc.
/s/ STEPHEN E. BRILZ
By:_________________________________
Stephen E. Brilz
Assistant Secretary
Dated November 4, 1998
November 3, 1998
Cathy Fowler, 303-858-3405
Steve Lang, 303-858-3406
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MediaOne Group Operating Cash Flow Increases 32 Percent
-- International growth continues at a remarkable pace --
-- High-speed Internet and digital telephone service launched in five new U.S. cities --
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ENGLEWOOD, Colo. -- MediaOne Group (NYSE: UMG) today reported 32 percent growth
in proportionate operating cash flow. Since the end of the second quarter, the
company has launched new services in five U.S. cities, offered a new video
packaging concept, added more than 14,000 new high-speed Internet customers, and
continued to enjoy phenomenal customer growth in its international businesses.
For the third quarter, MediaOne Group reported - on a proportionate
pro-forma basis:
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o A 32 percent increase in operating cash flow, to $500 million. That compares to
$380 million for the same operations in the third quarter of 1997.
o A 16 percent increase in revenue, to $1.8 billion. MediaOne Group's equivalent revenue for 1997 was $1.6 billion.
</TABLE>
Because MediaOne Group operates numerous joint ventures, the company uses
proportionate accounting to reflect its share of operating revenues and expenses
associated with these operations.
Pro-forma numbers are used to provide direct "apples to apples" comparisons
of operations quarter over quarter, as the company has streamlined the business
significantly in the last year. Streamlining included the completion of the
split from U S WEST Communications; the $4.75 billion transfer of U.S. directory
assets to the new U S WEST; and the $6 billion merger of U.S. wireless interests
into AirTouch.
-more-
MediaOne Group Third Quarter Earnings
Page 2
Operating cash flow, which represents earnings before interest, taxes,
depreciation and amortization, is a key indicator of the company's operating
performance.
"This has been another terrific quarter for MediaOne Group. From an
operations perspective, our international businesses continue to grow at a
remarkable pace as we introduce more new broadband and wireless services. And in
the U.S., we're rolling out high-speed Internet, telephone, advanced analog and
digital video services," Chairman and CEO Chuck Lillis said. "Financially, our
operating cash flow and revenue figures are strong, and we continue to maintain
a solid balance sheet."
MediaOne -- the U.S. broadband business
In the U.S., pro-forma broadband revenue was up 11.6 percent for the
quarter and 10.5 percent for the first nine months of the year. Pro-forma for
system swaps and sales, customer growth year over year was 1.3 percent.
Pro-forma core cable operating cash flow was $263 million, an increase of 6.5
percent over the same quarter last year.
MediaOne launched high-speed Internet service in one new city and digital
telephone service in four new cities since the end of the second quarter.
High-speed Internet customers increased 34 percent to nearly 55,000 since
June 30. Digital telephone service now is available to more than a quarter
million homes in Atlanta; Los Angeles; Boston; Richmond, Va.; and Jacksonville
and Pompano, Florida.
MediaOne launched NexTV service in September. NexTV is the company's new
multichannel video packaging plan designed to give customers greater
entertainment choices.
MediaOne Multimedia Ventures - the 25.51 percent stake in Time Warner
Entertainment
For the quarter, MediaOne Group's share of Time Warner Entertainment
revenues was $822 million, up 12.9 percent over third quarter 1997. MediaOne
Group's share of TWE's earnings before interest, taxes, depreciation,
amortization and other associated costs for third quarter was $210 million, 19.3
percent higher than the same quarter last year.
MediaOne owns a nearly 35 percent proportionate interest in a high-speed
Internet joint venture with Time Warner, Microsoft and Compaq. With Time
Warner's 73,000 Road Runner customers and MediaOne's nearly 55,000 MediaOne
Express customers, the joint venture is a leader in high-speed Internet
services.
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MediaOne Group Third Quarter Earnings
Page 3
MediaOne International - the international broadband and wireless joint ventures
MediaOne International's pro-forma proportionate operating cash flow grew
nearly two and a half times over third quarter 1997, from $23 million for third
quarter 1997 to $79 million for the same period this year. Pro-forma
proportionate revenues were $363 million for the quarter, up more than 35
percent over the same quarter last year.
MediaOne International continues to be a significant force in European and
Asian telecommunications. This quarter included the completion of the Telewest
merger with General Cable, as well as impressive year-over-year growth in the
wireless arena, including an 83 percent increase in wireless customers at One 2
One in the United Kingdom and a 79 percent increase in Central European wireless
customers. Overall, the international ventures are providing 7.1 million cable
television, telephone and wireless services to customers in Europe and Asia.
MediaOne Group (NYSE: UMG) is one of the world's largest broadband
communications companies, bringing the power of broadband and the Internet to
more than seven million customers in the United States, Europe and Asia. The
company also has interests in some of the fastest-growing wireless
communications businesses outside the U.S., serving more than three million
customers. For 1997, the businesses now part of MediaOne Group produced $6.6
billion in proportionate revenue.
[Safe Harbor statement: This document contains statements about expected future
events and financial results that are forward-looking and subject to risk and
uncertainties. For those statements, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995. Discussion of factors that may affect future results is
contained in our recent filings with the Securities and Exchange Commission.]
- -------------------------------------------------------------------------------
Note: This release and the financial statements will be available on our website
after 7:30 a.m. (MST): www.mediaonegroup.com
- -------------------------------------------------------------------------------
Pro Forma Results
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Page
Proportionate
Proportionate Results ..................................... 5
Consolidated
Consolidated Domestic Cable Results
(with reported amounts) .................................. 6
Statistics
Key Operating Statistics .................................. 7-8
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Reported Results
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Consolidated
Consolidated Operations .................................. 10
Consolidated Revenues and Operating
Cash Flow ............................................ 11
Condensed Consolidated Balance Sheets .................... 12
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MediaOne Group, Inc.
Proportionate Results Highlights- Pro Forma (1)
(UNAUDITED)
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Pro Forma Pro Forma
Three Nine
Months Ended Months Ended
September 30, September 30,
Dollars in millions 1998 1997 Percent 1998 1997 Percent
- --------------------------------------------------------------------
Proportionate Revenue
MediaOne $ 614 $ 550 11.6% $1,806 $1,634 10.5%
Multimedia Ventures(2) 822 728 12.9 2,292 2,087 9.8
International 363 268 35.4 1,022 712 43.5
Corporate and other(3) 15 17 (11.8) 57 56 1.8
---------------- -----------------
Current Operations $ 1,814 $1,563 16.1% $5,177 $4,489 15.3%
================ =================
Proportionate Operating Cash Flow(4)
MediaOne $ 233 $ 223 4.5% $ 709 $ 681 4.1%
Multimedia Ventures(2) 210 176 19.3 604 505 19.6
International 79 23 243.5 147 15 880.0
Corporate and other(3) (22) (42) 47.6 (52) (71) 26.8
---------------- -----------------
Current Operations $ 500 $ 380 31.6% $1,408 $1,130 24.6%
================ =================
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(1) Results reflect pro forma adjustments for acquisitions,
dispositions, other asset transactions and Year 2000 costs.
(2) Includes 25.51% of Time Warner Entertainment's reported results.
(3) Includes results from Listel, our international directory
business.
(4) Operating cash flow represents earnings before interest, taxes,
depreciation and amortization.
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MediaOne Group, Inc.
Consolidated Domestic Cable Highlights
(UNAUDITED)
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Three Months Ended Nine Months Ended
Dollars in September 30, September 30,
millions 1998 1997 Percent 1998 1997 Percent
- --------------------------------------------------------------------
MediaOne- Reported
- --------------------------------------------------------------------
Revenues
Basic cable $ 429 $ 388 10.6% $ 1,276 $ 1,140 11.9%
Premium 81 82 (1.2) 240 245 (2.0)
Pay-per-view 16 12 33.3 40 42 (4.8)
Advertising 37 33 12.1 108 91 18.7
Equip. & instal. 46 40 15.0 130 113 15.0
Other (8) (3) (166.7) (22) (1) -
--------------- ----------------
Total Core Cable
Revenues 601 552 8.9 1,772 1,630 8.7
New products 13 3 333.3 34 13 161.5
Primestar - 29 - 34 78 (56.4)
--------------- ----------------
Total Sales and
Other Revenue $ 614 $ 584 5.1% $ 1,840 $ 1,721 6.9%
=============== ================
Operating Cash Flow(1)
Core cable $ 263 $ 248 6.5% $ 800 $ 740 8.1%
Primestar - 4 - 4 12 (66.7)
Year 2000 costs (6) - - (7) - -
Other (30) (24) (25.0) (91) (61) (49.2)
--------------- ----------------
Total Operating
Cash Flow(1) $ 227 $ 228 (0.4)% $ 706 $ 691 2.2%
=============== ================
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MediaOne- Pro forma (2)
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Total Core Cable
Revenues $ 601 $ 545 10.3% $ 1,772 $ 1,620 9.4%
--------------- ----------------
Total Revenues $ 614 $ 550 11.6% $ 1,806 $ 1,634 10.5%
=============== ================
Operating Cash Flow(1)
Core cable $ 263 $ 248 6.5% $ 800 $ 744 7.7%
Other (30) (25) (20.0) (91) (63) (44.4)
--------------- ----------------
Total Operating
Cash Flow(1) $ 233 $ 223 4.5% $ 709 $ 681 4.1%
=============== ================
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(1) Operating cash flow represents earnings before interest, taxes,
depreciation and amortization.
(2) Results reflect pro forma adjusments for acquisitions,
dispositions and Year 2000 costs.
(3) Percentages may reflect the effects of rounding.
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MediaOne Group, Inc.
Key Operating Statistics- Pro Forma (1)
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In thousands, except Sept. 30, June 30, Sept. 30,
dollar amounts 1998 1998 1997
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OPERATING STATISTICS- DOMESTIC CABLE
- ----------------------------------------
MediaOne Domestic Cable
Homes Passed 8,438 8,420 8,296
Basic Subscribers 4,926 4,926 4,861
Subscriber Growth (Y/Y) 1.3% 1.5% 1.8%
Basic Penetration 58.4% 58.5% 58.6%
For the Quarter Ended:
- ----------------------
Core Cable Monthly
Revenue per Subscriber $ 40.68 $ 40.41 $ 37.40
Total Monthly Revenue
per Subscriber $ 41.57 $ 41.15 $ 37.77
Core Cable EBITDA
Margin 43.8% 46.2% 45.4%
Total EBITDA Margin 37.9% 39.7% 40.6%
- --------------------------------------------------------------------
High Speed Data
- -----------------
Time Warner Entertainment (2)
Subscribers 73 56 13
MediaOne
Subscribers 55 41 13
</TABLE>
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(1) Results reflect pro forma adjustments for acquisitions,
dispositions and other asset transactions.
(2) MediaOne Group has 50% management control of TWE
domestic broadband business and a 25.51% equity ownership.
- --------------------------------------------------------------------
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MediaOne Group, Inc.
Key Operating Statistics- Pro Forma (1)
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Sept. 30, June 30, Sept. 30,
In thousands 1998 1998 1997
- --------------------------------------------------------------------
OPERATING STATISTICS (Venture Level)-
INTERNATIONAL BROADBAND
- -------------------------------------
U.K. and European Cable/Telco
Homes Passed 5,250 5,228 4,946
Cable Subscribers 1,833 1,801 1,749
Telephone Lines 1,481 1,415 1,236
Asian Cable/Telco
Homes Passed 1,579 1,465 1,227
Cable Subscribers 218 204 134
Telephone Lines 3 2 -
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OPERATING STATISTICS (Venture Level)-
INTERNATIONAL WIRELESS
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One 2 One
POPs 58,000 58,000 58,000
Subscribers 1,482 1,358 808
Subscriber Growth (Y/Y) 83.4% 93.7% 75.3%
Central European Wireless
POPs 63,900 63,900 63,900
Subscribers 1,913 1,622 1,072
Subscriber Growth (Y/Y) 78.5% 79.2% 172.8%
Asian and Other Wireless
POPs 74,000 74,000 74,000
Subscribers 138 132 90
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OPERATING STATISTICS (Venture Level)-
TOTAL INTERNATIONAL SERVICES
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Cable Subscribers 2,051 2,005 1,883
Wireless Subscribers 3,533 3,112 1,970
Telephone Lines 1,484 1,417 1,236
--------- --------- ---------
Total International
Services 7,068 6,534 5,089
Growth (Y/Y) 38.9% 40.5% N/A
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(1) Results reflect pro forma adjustments for acquisitions,
dispositions and other asset transactions.
N/A- Not available.
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Reported Results
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Consolidated
Consolidated Operations .......................................... 10
Consolidated Revenues and Operating
Cash Flow .................................................... 11
Condensed Consolidated Balance Sheets ............................ 12
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MediaOne Group, Inc.
Consolidated Operations Highlights- As Reported
(UNAUDITED)
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Three Months Ended Nine Months Ended
Dollars in millions, except September 30, September 30,
per share data 1998 1997 1998 1997
- ---------------------------------------------------------------------
REVENUES $ 626 $ 974 $ 2,239 $ 2,875
Cost of sales 225 314 783 945
Selling, general and admin. 202 338 703 928
Year 2000 costs 6 - 7 -
-------- ------- -------- --------
OPERATING CASH FLOW (1) 193 322 746 1,002
Depreciation & amortization (288) (295) (894) (879)
Interest expense, including
minority guarantee (97) (200) (432) (584)
Equity losses in
unconsolidated ventures (68) (177) (273) (495)
Gains on sales of investments(2) 3 13 3,911 108
Other income(expense) 13 (5) 86 (16)
Income tax benefit(expense) 60 116 (1,376) 267
-------- ------- -------- --------
INCOME (LOSS) FROM
CONTINUING OPERATIONS (184) (226) 1,768 (597)
Discontinued operations income,
net of tax (3) - 420 25,208 1,256
Extraordinary item, net of tax - (3) (333) -
-------- ------- -------- --------
NET INCOME (LOSS) (184) 191 26,643 659
Preferred dividends (13) (14) (39) (39)
Loss on redemption of
preferred securities - - (53) -
-------- ------- -------- --------
EARNINGS (LOSS) AVAILABLE
FOR COMMON STOCK $ (197)$ 177 $ 26,551 $ 620
======== ======= ======== ========
- ---------------------------------------------------------------------
AVERAGE SHARES OUTSTANDING
Basic 608.8 606.7 608.7 606.6
Diluted 608.8 606.7 653.8 606.6
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BASIC EARNINGS (LOSS) PER COMMON SHARE
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Earnings(loss)from continuing
operations $ (0.32)$ (0.40)$ 2.75 $ (1.05)
Total earnings (loss) $ (0.32)$ (0.26)$ 42.65 $ (0.64)
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DILUTED EARNINGS (LOSS) PER COMMON SHARE
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Earnings(loss) from continuing
operations $ (0.32)$ (0.40)$ 2.62 $ (1.05)
Total earnings(loss) $ (0.32)$ (0.26)$ 39.77 $ (0.64)
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(1) Operating cash flow represents earnings before interest, taxes,
depreciation and amortization.
(2) Includes gain on sale of domestic wireless operations of $3,869
for the nine months ended September 30, 1998.
(3) Includes gain on separation from U S WEST Communications (USWC).
This also includes income attributable to USW stock of zero for
the three months and $589 for the nine months ended September 30,
1998, and $336 and $1,007 for the three and nine months ended
September 30, 1997, respectively.
(4) As of September 30, 1998 there were 606.8 shares outstanding.
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MediaOne Group, Inc.
Consolidated Revenues and Operating Cash Flow Highlights- As Reported
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(Unaudited) Three Nine
Months Ended Months Ended
September 30, September 30,
Dollars in millions 1998 1997 Percent 1998 1997 Percent
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Consolidated Revenues
MediaOne $ 614 $ 584 5.1% $ 1,840 $ 1,721 6.9%
International 6 6 - 17 14 21.4
Corporate & other(1) 6 11 (45.5) 21 69 (69.6)
------- ------- ------- -------
Current Operations 626 601 4.2% 1,878 1,804 4.1%
Domestic wireless - 373 N/M 361 1,071 N/M
------- ------- ------- -------
Total $ 626 $ 974 N/M $ 2,239 $ 2,875 N/M
======= ======= ======= =======
Consolidated Operating
Cash Flow (2)
MediaOne $ 227 $ 228 (0.4)% $ 706 $ 691 2.2%
International (1) (1) - (4) (12) 66.7
Corporate & other(1) (33) (58) 43.1 (104) (112) 7.1
------- ------- ------- -------
Current Operations 193 169 14.2% 598 567 5.5%
Domestic wireless - 153 N/M 148 435 N/M
------- ------- ------- -------
Total $ 193 $ 322 N/M $ 746 $ 1,002 N/M
======= ======= ======= =======
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(1) 1997 includes results from two international directories
businesses (Thomson and Polska) which have been sold.
(2) Operating cash flow represents earnings before interest, taxes,
depreciation and amortization.
N/M-Not meaningful due to the sale of the domestic wireless
businesses.
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MediaOne Group, Inc.
Condensed Consolidated Balance Sheets- As Reported
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(UNAUDITED) September 30, December 31,
Dollars in millions 1998 1997
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ASSETS
Current assets:
Cash and cash equivalents $ 52 $ 184
Net investment in assets of USWC and Dex - 4,367
Accounts and notes receivable, and other 538 783
------------ ------------
590 5,334
------------ ------------
Property and equipment - net 3,595 4,272
Investments:
Time Warner Entertainment 2,447 2,486
AirTouch Communications 5,025 -
International ventures 913 742
------------ ------------
8,385 3,228
------------ ------------
Intangible and other assets - net 12,741 13,949
------------ ------------
Total $ 25,311 $ 26,783
============ ============
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LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 567 $ 735
Other current liabilities 1,159 1,453
------------ ------------
1,726 2,188
------------ ------------
Long-term debt:
Exchangeable Notes 1,653 -
Other 2,984 8,228
------------ ------------
4,637 8,228
------------ ------------
Deferred income taxes, credits and other 5,584 3,863
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely Company-guaranteed
debentures 561 1,080
Preferred stock subject to
mandatory redemption (Series C and E) 100 100
Shareholders' equity:
Preferred shares (Series D) 925 923
Common shares 10,455 10,876
Retained earnings (deficit) 1,021 (359)
LESOP guarantee - (46)
Accumulated other comprehensive
income (loss) 302 (70)
------------ ------------
12,703 11,324
------------ ------------
Total $ 25,311 $ 26,783
============ ============
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<LEGEND>
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</LEGEND>
<CIK> 0000732718
<NAME> MediaOne Group, Inc.
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<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-START> JUL-01-1998 JAN-01-1998
<PERIOD-END> SEP-30-1998 SEP-30-1998
<CASH> 52 52
<SECURITIES> 0 0
<RECEIVABLES> 310 310
<ALLOWANCES> 0 0
<INVENTORY> 49 49
<CURRENT-ASSETS> 590 590
<PP&E> 4,468 4,468
<DEPRECIATION> 873 873
<TOTAL-ASSETS> 25,311 25,311
<CURRENT-LIABILITIES> 1,726 1,726
<BONDS> 4,637 4,637
661 661
925 925
<COMMON> 10,455 10,455
<OTHER-SE> 1,323 1,323
<TOTAL-LIABILITY-AND-EQUITY> 25,311 25,311
<SALES> 626 2,239
<TOTAL-REVENUES> 626 2,239
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 721 2,387
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 86 379
<INCOME-PRETAX> (244) 3,144
<INCOME-TAX> (60) 1,376
<INCOME-CONTINUING> (184) 1,768
<DISCONTINUED> 0 25,208
<EXTRAORDINARY> 0 (333)
<CHANGES> 0 0
<NET-INCOME> (184) 26,643
<EPS-PRIMARY> (0.32) 42.65
<EPS-DILUTED> (0.32) 39.77
</TABLE>