UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 1999
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 February 18, 1999 MediaOne Group, Inc. released its 1998 earnings results.
The releases and financial statements are attached hereto as Exhibits.
Item 7. Exhibits
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Exhibit Description
7 Financial Data Schedule
99 Press Release issued February 18, 1999 concerning the
earnings results of MediaOne Group, Inc.for the fourth
quarter ending December 31, 1998.
99 Proportionate Results Highlights of MediaOne Group, Inc.
for the three months and the years ended December 31,
1997 and 1998, filed in connection with the Press Release dated
February 18, 1999.
99.1 Pro Forma Consolidated Domestic Cable Highlights of MediaOne
Group, Inc. for the three months and year ended December 31,
1997 and 1998, filed in connection with the Press Release dated
February 18, 1999.
99.2 Pro Forma Key Operating Statistics - Domestic Cable - of
MediaOne Group, Inc. for the quarters ended December 31, 1998,
September 30, 1998, and December 31, 1997, filed in connection
with the Press Release dated February 18, 1999.
99.3 Pro Forma Key Operating Statistics - International - of
MediaOne Group, Inc. for the quarter ended December 31, 1998,
September 30, 1998, and December 31, 1997, filed in
connection with the Press Release dated February 18, 1999.
99.4 Consolidated Statement of Operations of MediaOne Group, Inc.
for the three months and year ended December 31, 1998 and 1997,
filed in connection with the press Release dated February 18,
1999.
99.5 Consolidated Revenues and Operating Cash Flow Highlights - As
Reported - of MediaOne Group, Inc. for the three months and
year ended December 31, 1998 and 1997, as filed in connection
with the Press Release dated February 18, 1999.
99.6 Condensed Consolidated Balance Sheets - As Reported - for
MediaOne Group, Inc. as of December 31, 1998 and December 31,
1997, as filed in connection with the Press Release dated
February 18, 1999.
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Item 7. Exhibits (Continued)
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Exhibit Description
99.7 Pro Forma Supplementary Quarterly Data for Domestic Cable
Operations, as filed in connection with the Press Release dated
February 18, 1999.
99.8 Supplementary Quarterly Data As Reported for Domestic Cable
Operations, as filed in connection with the Press Release dated
February 18, 1999.
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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: February 18, 1998
February 18, 1999
Cathy Fowler (303) 858-3405
Steve Lang, 303-858-3406
MediaOne Group Operating Cash Flow Up 21 Percent in 1998
-- International Operating Cash Flow Increases More than Six-Fold --
-- 84,000 U.S. High-speed Internet Subscribers; More Markets to Come --
ENGLEWOOD, Colo. -- MediaOne Group (NYSE: UMG) today reported year-end
proportionate operating cash flow of $1.9 billion, up 21 percent on a
pro-forma basis over 1997 results. In 1998 in the U.S., the company introduced
a new video packaging concept, launched telephone service in six markets,
digital video service in its first market and high-speed data service in three
new markets. The company's international joint ventures added 2.4 million new
broadband and wireless subscriptions, an increase of 44 percent over 1997.
MediaOne Group reported -- on a proportionate pro-forma basis:
o A quarterly pro-forma 18 percent increase in operating cash flow, to $473
million. For the year, the company reported $1.9 billion in operating cash
flow, a 21 percent pro-forma increase over 1997.
o A quarterly pro-forma 14 percent increase in proportionate revenue, to
$1.9 billion. For the year, the company's revenue was $7.1 billion, up
16 percent pro-forma over 1997.
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 during the past 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.
Operating cash flow, which represents earnings before interest, taxes,
depreciation and amortization, is a key indicator of the company's operating
performance.
"This was a landmark year for MediaOne Group. We completed several significant
strategic moves, including the split from U S WEST Communications, the merger
of our U.S. wireless assets into AirTouch, and the subsequent monetization of a
portion of our AirTouch common stock. We also completed our high-speed Internet
joint venture with Time Warner, Compaq and Microsoft," said Chuck Lillis,
chairman and chief executive officer of MediaOne Group. "On the operations
side, our international businesses continued their explosive growth, while more
U.S. subscribers signed up for digital telephone and high-speed data services."
MediaOne -- the U.S. broadband business
U.S. broadband revenue was $627 million, up 11 percent on a pro-forma basis for
the quarter. Year-end revenue was $2.5 billion, also up 11 percent on a
pro-forma basis. The company serves nearly five million subscribers across the
U.S.
MediaOne launched digital telephone service in six markets, ending 1998 with
more than 13,000 lines provided to more than 10,000 subscribers. The company
also extended high-speed data service in an additional three markets, ending
the year with 84,000 high-speed data subscribers in 11 markets. By the end of
1998, the company was adding about 2,400 new high-speed data subscribers each
week. MediaOne ended the year with 1.1 million advanced analog video sub-
scribers. In September, MediaOne began offering a new video packaging concept,
which is now available to about half of the company's subscribers, with more to
come in 1999. Also, in the fourth quarter, MediaOne took a $163 million charge
on its PRIMESTAR investment.
Earlier this month, MediaOne announced an agreement with Time Warner Cable to
strengthen key clusters in Boston and Atlanta. This move, plus other swaps
announced earlier in the year, ultimately will mean that more than half of
MediaOne's subscribers will be in systems where the company has more than a 50
percent share of the market area. And more than two-thirds of the company's
subscribers will be in systems with more than 250,000 subscribers.
MediaOne Multimedia Ventures -- the 25.51 percent stake in Time Warner
Entertainment
For the quarter, MediaOne Group's share of Time Warner Entertainment's reported
revenue was $832 million, up 8 percent on a pro-forma basis over fourth quarter
1997. MediaOne Group's share of TWE's reported revenue for the year was $3.1
billion, up 11 percent pro-forma over the prior year.
MediaOne Group's share of TWE's reported earnings before interest, taxes,
depreciation, amortization and other associated costs for fourth quarter were
$196 million, up 15 percent pro-forma over the same period last year. Yearly
figures were up 15 percent pro-forma, to $800 million.
MediaOne International -- the international broadband and wireless joint
ventures
MediaOne International's pro-forma proportionate operating cash flow more than
tripled during fourth quarter compared to the same quarter last year, to $58
million. Operating cash flow increased more than six-fold on a pro-forma basis
for the year, to $205 million on a comparable basis.
International operations now provide eight million broadband and wireless
subscriptions in Europe and Asia. Those businesses added 2.4 million
subscriptions during the year, a 44 percent increase over 1997. Revenue for the
year was up 40 percent pro-forma to $1.5 billion.
The company's international broadband businesses experienced 10 percent video
subscriber growth, with more than two million subscribers in Europe and Asia at
the end of 1998. Telephone line growth was up 20 percent for the year, with 1.6
million lines in service. MediaOne International's broadband businesses now
serve 38,500 Internet access subscribers. During the year, MediaOne
International increased its stake in Telewest to 29.9 percent and is now the
company's largest shareholder. The year also saw the completion of the Telewest
merger with General Cable, making Telewest the United Kingdom's largest
broadband provider, with more than 1.5 million telephone lines, one million
video accounts and 24,000 Internet access subscribers.
International wireless operations continued their explosive growth in 1998. The
company's Central European wireless businesses expanded their subscriber base
by 87 percent to 2.2 million subscribers. Subscriber growth at One 2 One, the
fastest-growing UK wireless company, increased by 89 percent, to 1.9 million
subscribers.
MediaOne Group (NYSE: UMG) is one of the world's largest broadband
communications companies, bringing the power of broadband and the Internet to
subscribers 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. For 1998, the businesses that comprise MediaOne Group produced
$7.1 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.]
-3-
Contents
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Page
Proportionate
Proportionate Results 5
Domestic Cable
Consolidated Pro Forma
Domestic Cable Results 6
Statistics
Pro Forma Key Operating Statistics 7-8
Consolidated
Consolidated Operations 9
Consolidated Revenues and Operating
Cash Flow 10
Condensed Consolidated Balance Sheets 11
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-4-
MediaOne Group, Inc.
Proportionate Results Highlights (1)
(UNAUDITED)
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Three
Months Ended Pro Year Ended Pro
Dollars in December 31, Forma(2) December 31, Forma(2)
millions 1998 1997 % % 1998 1997 % %
- -----------------------------------------------------------------------------
Proportionate Revenue
MediaOne $ 627 $ 602 4.2% 11.0% $ 2,467 $ 2,323 6.2% 10.6%
Multimedia
Ventures (3) 832 800 4.0 7.6 3,124 2,887 8.2 10.8
International 434 343 26.5 33.1 1,456 1,230 18.4 40.3
Corporate
& other(4) 28 26 7.7 12.0 85 131 (35.1) 6.3
----------------- ----------------
$ 1,921 $ 1,771 8.5% 13.7% $ 7,132 $ 6,571 8.5% 15.7%
================== =================
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Proportionate Operating Cash Flow(5)
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MediaOne $ 235 $ 239 (1.7)% (0.4)% $ 941 $ 930 1.2% 2.2%
Multimedia
Ventures (3) 196 206 (4.9) 15.3 800 711 12.5 15.3
International 58 19 205.3 241.2 205 77 166.2 540.6
Corporate
& other(4) (16) (23) 30.4 23.8 (68) (98) 30.6 23.6
---------------- -----------------
$ 473 $ 441 7.3% 17.7% $ 1,878 $ 1,620 15.9% 20.7%
================ =================
</TABLE>
- ----------------------------------------------------------------------------
(1) Excludes results for the domestic wireless operations which were
sold in 1998.
(2) Results reflect pro forma adjustments for acquisitions,
dispositions and other asset transactions.
(3) Includes 25.51% of Time Warner Entertainment's reported results.
(4) Includes a $30 one-time charge for the relocation of MediaOne
operations in full year 1997.
(5) Operating cash flow represents earnings before interest, taxes,
depreciation and amortization.
- ---------------------------------------------------------------------
-5-
MediaOne Group, Inc.
Consolidated Domestic Cable Highlights-Pro Forma (1)
MediaOne
(UNAUDITED)
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Three Months Ended Year Ended
Dollars in December 31, December 31,
millions 1998 1997 Percent 1998 1997 Percent
- ---------------------------------------------------------------------------
Video Revenues
Basic cable $ 428 $ 391 9.5% $ 1,704 $ 1,534 11.1%
Premium 82 81 1.2 322 328 (1.8)
Pay-per-view 12 13 (7.7) 52 55 (5.5)
Advertising 49 38 28.9 157 128 22.7
Equip. & instal. 46 40 15.0 176 154 14.3
Other (6) (5) (20.0) (28) (20) (40.0)
--------------- ---------------
Total Video
Revenues 611 558 9.5 2,383 2,179 9.4
New products 16 7 128.6 50 20 150.0
--------------- ----------------
Total Broadband
Revenue $ 627 $ 565 11.0% $ 2,433 $ 2,199 10.6%
=============== ================
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Operating Cash Flow(2)(3)
Video
(Excluding Y2K) $ 260 $ 245 6.1% $ 1,008 $ 951 6.0%
New Products (19) (9) (111.1) (58) (34) (70.6)
Year 2000 costs (6) - - (13) - -
--------------- ----------------
Total Operating
Cash Flow $ 235 $ 236 (0.4)% $ 937 $ 917 2.2%
=============== ================
</TABLE>
- ---------------------------------------------------------------------
(1) Results reflect pro forma adjustments for acquisitions and
dispositions.
(2) Includes spending initiatives (e.g. systems improvements, call
center consolidations, etc.)
(3) Operating cash flow represents earnings before interest, taxes,
depreciation and amortization.
- ---------------------------------------------------------------------
-6-
MediaOne Group, Inc.
Key Operating Statistics- Pro Forma (1)
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In thousands, except Dec. 31, Sept. 30, Dec. 31,
dollar amounts 1998 1998 1997
- --------------------------------------------------------------------------
OPERATING STATISTICS- DOMESTIC CABLE
- ----------------------------------------
MediaOne Domestic Cable Statistics
- ----------------------------------------
Homes Passed 8,512 8,476 8,373
Basic Video Subscribers 4,965 4,952 4,915
Basic Video Subscriber
Growth (Y/Y) 1.0% 1.3% 1.6%
Basic Video Penetration 58.3% 58.4% 58.7%
Advanced Analog Video
Subscribers 1,062 912 N/A
HSD Subscribers 84 53 21
Telco Subscribers 10 4 -
Telco Lines 13 5 -
Results Per Subscriber
- ----------------------
Video Monthly
Revenue per Subscriber $ 41.17 $ 40.68 $ 38.20
Total Monthly Broadband
Revenue per Subscriber $ 42.27 $ 41.57 $ 38.66
Video EBITDA Margin
(with Year 2000 costs) 41.6% 40.3% 43.9%
Total EBITDA Margin 37.5% 37.0% 41.8%
- ---------------------------------------------------------------------
Time Warner Entertainment (2)
Homes Passed 17,453 15,950 15,443
Basic Video Subscribers 10,794 9,980 9,676
HSD Subscribers 104 73 26
</TABLE>
- ---------------------------------------------------------------------
(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.
TWE numbers are as reported versus normalized numbers.
- ---------------------------------------------------------------------
-7-
MediaOne Group, Inc.
Key Operating Statistics- Pro Forma (1)
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Dec. 31, Sept. 30, Dec. 31,
In thousands 1998 1998 1997
- -------------------------------------------------------------------------
OPERATING STATISTICS (Venture Level)-
INTERNATIONAL BROADBAND
- -------------------------------------
U.K. and European Cable/Telco (2)
Homes Passed 5,369 5,316 5,185
Video Subscribers 1,896 1,831 1,787
Telephone Lines 1,600 1,525 1,342
Asian Cable/Telco
Homes Passed 1,756 1,579 1,268
Video Subscribers 245 218 153
Telephone Lines 5 3 -
</TABLE>
- ------------------------------------------------------------------------
OPERATING STATISTICS (Venture Level)-
INTERNATIONAL WIRELESS
- -------------------------------------
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One 2 One
POPs 58,000 58,000 58,000
Subscribers 1,921 1,482 1,014
Subscriber Growth (Y/Y) 89.4% 83.4% 86.1%
Central European Wireless
POPs 63,900 63,900 63,900
Subscribers 2,205 1,913 1,178
Subscriber Growth (Y/Y) 87.2% 78.5% 120.6%
Asian and Other Wireless
POPs 74,000 74,000 74,000
Subscribers 152 138 104
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- ------------------------------------------------------------------------
OPERATING STATISTICS (Venture Level)-
TOTAL INTERNATIONAL SERVICES
- -------------------------------------
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Video Subscribers 2,141 2,049 1,940
Wireless Subscribers 4,278 3,533 2,296
Telephone Lines 1,605 1,528 1,342
--------- --------- ---------
Total International
Subscriptions 8,024 7,110 5,578
Growth (Y/Y) 43.9% 37.8% N/A
</TABLE>
- -------------------------------------------------------------------
(1) Results reflect pro forma adjustments for acquisitions,
dispositions and other asset transactions.
(2) MediaOne International increased its ownership in Telewest from
26.8% throughout the second quarter to 21.6% in the third
quarter and 29.9% in the fourth quarter.
- -------------------------------------------------------------------
-8-
MediaOne Group, Inc.
Consolidated Operations Highlights- As Reported
(UNAUDITED)
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Three Months Ended Year Ended
Dollars in millions, except December 31, December 31,
per share data 1998 1997 1998 1997
- ---------------------------------------------------------------------
REVENUES $ 643 $ 972 $ 2,882 $ 3,847
Cost of sales 230 310 1,013 1,255
Selling, general and admin. 216 377 926 1,305
------------------ ------------------
OPERATING CASH FLOW (1) 197 285 943 1,287
Depreciation & amortization (288) (378) (1,182) (1,257)
Interest expense, minority
guarantee, other (137) (181) (569) (765)
Equity losses in
unconsolidated ventures (144) (414) (417) (909)
Gains on sales of investments(2) 28 313 3,939 421
Other income(expense) (162) 32 (76) 16
Income tax benefit(expense) 168 113 (1,208) 380
------------------- ------------------
INCOME (LOSS) FROM
CONTINUING OPERATIONS (338) (230) 1,430 (827)
Discontinued operations income,
net of tax (3) - 268 25,208 1,524
Extraordinary item, net of tax - - (333) -
------------------- -----------------
NET INCOME (LOSS) (338) 38 26,305 697
Preferred dividends (12) (13) (51) (52)
Accretion of discount on
preferred securities (4) - (4) -
Loss on redemption of
preferred securities - - (53) -
------------------- -----------------
EARNINGS (LOSS) AVAILABLE
FOR COMMON STOCK $ (354) $ 25 $ 26,197 $ 645
=================== =================
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AVERAGE SHARES OUTSTANDING (4)
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Basic 604.4 607.3 607.6 606.7
Diluted 604.4 607.3 653.0 606.7
BASIC EARNINGS (LOSS) PER COMMON SHARE
Earnings(loss)from continuing
operations $ (0.58) $ (0.40) $ 2.18(5)$ (1.45)
Total earnings (loss) $ (0.58) $ (0.24) $ 42.14 $ (0.88)
DILUTED EARNINGS (LOSS) PER COMMON SHARE
Earnings(loss) from continuing
operations $ (0.58) $ (0.40) $ 2.10 $ (1.45)
Total earnings(loss) $ (0.58) $ (0.24) $ 39.29 $ (0.88)
</TABLE>
- ---------------------------------------------------------------------
(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 year ended December 31, 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 year ended December 31, 1998,
and $170 and $1,177 for the three months and year ended
December 31, 1997, respectively.
(4) Actual shares outstanding as of December 31, 1998 and 1997 were
603.5 million and 607.8 million, respectively.
(5) Adjusting for one time unusual transactions ($3.75 for domestic
wireless operations, ($.16)Primestar investment loss and ($.01)
other) EPS was ($1.40) for 1998. 1997 adjusted EPS was ($1.99).
-9-
MediaOne Group, Inc.
Consolidated Revenues and Operating Cash Flow Highlights- As Reported
(Unaudited)
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Three
Months Ended Year Ended
December 31, December 31,
Dollars in millions 1998 1997 Percent 1998 1997 Percent
- -----------------------------------------------------------------------------
Consolidated Revenues
MediaOne $ 627 $ 602 4.2% $ 2,467 $ 2,323 6.2%
International 7 4 75.0 24 18 33.3
Corporate & other(1) 9 9 - 30 78 (61.5)
---------------- -----------------
Current Operations 643 615 4.6% 2,521 2,419 4.2%
Domestic wireless - 357 N/M 361 1,428 N/M
---------------- -----------------
Total $ 643 $ 972 N/M $ 2,882 $ 3,847 N/M
================ =================
Consolidated Operating
Cash Flow (2)
MediaOne $ 235 $ 239 (1.7)% $ 941 $ 930 1.2%
International (2) (5) 60.0 (6) (17) 64.7
Corporate & other(1) (36) (47) 23.4 (140) (159) 11.9
---------------- ------------------
Current Operations 197 187 5.3% 795 754 5.4%
Domestic wireless - 98 N/M 148 533 N/M
---------------- ------------------
Total $ 197 $ 285 N/M $ 943 $ 1,287 N/M
================ ==================
</TABLE>
- ---------------------------------------------------------------------
(1) 1997 results include Thomson and Polska international
directories, which have since 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.
- ---------------------------------------------------------------------
-10-
MediaOne Group, Inc.
Condensed Consolidated Balance Sheets- As Reported
(UNAUDITED)
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December 31, December 31,
Dollars in millions 1998 1997
- ----------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 415 $ 184
Accounts and notes receivable, and other 785 783
Net investment in assets of USWC and Dex - 4,367
------------------------------
1,200 5,334
------------------------------
Property and equipment - net 4,069 4,272
Investments:
Time Warner Entertainment 2,442 2,486
AirTouch Communications 5,919 -
International ventures 1,344 742
------------------------------
9,705 3,228
------------------------------
Intangible and other assets - net 13,218 13,949
------------------------------
Total $ 28,192 $ 26,783
==============================
</TABLE>
- ---------------------------------------------------------------------------
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LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 569 $ 735
Other current liabilities 1,045 1,453
------------------------------
1,614 2,188
------------------------------
Long-term debt:
Exchangeable Notes (PIES) 1,702 -
Other 3,151 8,228
------------------------------
4,853 8,228
------------------------------
Deferred income taxes, credits and other 6,676 3,863
Minority interest in Centaur Funding 1,099 -
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely Company-guaranteed debentures 1,061 1,080
Preferred stock subject to
mandatory redemption (Series C and E) 100 100
Shareholders' equity:
Preferred shares (Series D) 927 923
Common shares 10,324 10,876
Retained earnings (deficit) 669 (359)
LESOP guarantee - (46)
Accumulated other comprehensive income (loss) 869 (70)
------------------------------
12,789 11,324
------------------------------
Total $ 28,192 $ 26,783
==============================
</TABLE>
- ---------------------------------------------------------------------------
-11-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Data Schedule
</LEGEND>
<CIK> 0000732718
<NAME> MediaOne Group, Inc.
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-START> SEP-30-1998 JAN-01-1998
<PERIOD-END> DEC-31-1998 DEC-31-1998
<CASH> 415 415
<SECURITIES> 48 48
<RECEIVABLES> 255 255
<ALLOWANCES> 0 0
<INVENTORY> 4 4
<CURRENT-ASSETS> 1,200 1,200
<PP&E> 4,937 4,937
<DEPRECIATION> 868 868
<TOTAL-ASSETS> 28,192 28,192
<CURRENT-LIABILITIES> 1,614 1,614
<BONDS> 4,853 4,853
1,161 1,161
927 927
<COMMON> 10,324 10,324
<OTHER-SE> 1,538 1,538
<TOTAL-LIABILITY-AND-EQUITY> 28,192 28,192
<SALES> 643 2,882
<TOTAL-REVENUES> 643 2,882
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 734 3,121
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 112 491
<INCOME-PRETAX> (506) 2,638
<INCOME-TAX> (168) 1,208
<INCOME-CONTINUING> (338) 1,430
<DISCONTINUED> 0 25,208
<EXTRAORDINARY> 0 (333)
<CHANGES> 0 0
<NET-INCOME> (338) 26,305
<EPS-PRIMARY> (0.58) 42.14
<EPS-DILUTED> (0.58) 39.29
</TABLE>
