<PAGE> 1
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, 1995
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 0-13333
Enstar Income Program 1984-1, L.P.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Georgia 58-1581136
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
10900 Wilshire Boulevard, 15th Floor, Los Angeles, CA 90024
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (310) 824-9990
FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
IF CHANGED SINCE LAST REPORT.
Indicate by check X 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 (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
----- -----
<PAGE> 2
PART I - FINANCIAL INFORMATION
ENSTAR INCOME PROGRAM 1984-1, L.P.
CONDENSED BALANCE SHEETS
==================================
<TABLE>
<CAPTION>
December 31, September 30,
1994* 1995
----------- -----------
(unaudited)
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 1,169,700 $ 1,473,700
Receivables, less allowance of $6,000
and $13,100 for possible losses 76,400 100,400
Prepaid expenses and other 35,300 76,000
Cable materials, equipment and supplies 65,900 70,600
Property, plant and equipment, less
accumulated depreciation
and amortization of $8,537,200
and $9,364,600 2,745,000 2,811,200
Franchise cost, net of accumulated
amortization of $171,600 and $189,300 82,600 79,900
Deferred loan costs and deferred charges, net 21,800 48,600
----------- -----------
$ 4,196,700 $ 4,660,400
=========== ===========
LIABILITIES AND PARTNERSHIP CAPITAL (DEFICIT)
LIABILITIES:
Note payable $ 3,011,000 $ 2,392,800
Accounts payable 424,400 763,200
Due to affiliates 915,800 1,276,300
----------- -----------
TOTAL LIABILITIES 4,351,200 4,432,300
----------- -----------
COMMITMENTS AND CONTINGENCIES
PARTNERSHIP CAPITAL (DEFICIT)
General partner (74,200) (70,400)
Limited partners (80,300) 298,500
----------- -----------
TOTAL PARTNERSHIP CAPITAL (DEFICIT) (154,500) 228,100
----------- -----------
$ 4,196,700 $ 4,660,400
=========== ===========
</TABLE>
*As presented in the audited financial statements.
See accompanying notes to condensed financial statements
-2-
<PAGE> 3
ENSTAR INCOME PROGRAM 1984-1, L.P.
CONDENSED STATEMENTS OF OPERATIONS
==================================
<TABLE>
<CAPTION>
Unaudited
----------------------------
Three months ended
September 30,
----------------------------
1994 1995
----------- -----------
<S> <C> <C>
REVENUES $ 1,141,600 $ 1,252,400
----------- -----------
OPERATING EXPENSES:
Service costs 439,600 443,400
General and administrative expenses 158,200 159,600
General Partner management fees
and reimbursed expenses 135,400 154,800
Depreciation and amortization 325,100 284,700
----------- -----------
1,058,300 1,042,500
----------- -----------
OPERATING INCOME 83,300 209,900
----------- -----------
OTHER INCOME (EXPENSE):
Interest income 8,100 14,400
Interest expense (69,900) (66,700)
----------- -----------
(61,800) (52,300)
----------- -----------
NET INCOME $ 21,500 $ 157,600
=========== ===========
NET INCOME PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ 0.71 $ 5.21
=========== ===========
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 29,940 29,940
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
-3-
<PAGE> 4
ENSTAR INCOME PROGRAM 1984-1, L.P.
CONDENSED STATEMENTS OF OPERATIONS
==================================
<TABLE>
<CAPTION>
Unaudited
----------------------------
Nine months ended
September 30,
----------------------------
1994 1995
----------- -----------
<S> <C> <C>
REVENUES $ 3,398,000 $ 3,662,400
----------- -----------
OPERATING EXPENSES:
Service costs 1,292,500 1,338,700
General and administrative expenses 470,400 444,900
General Partner management fees
and reimbursed expenses 429,300 435,900
Depreciation and amortization 920,200 891,700
----------- -----------
3,112,400 3,111,200
----------- -----------
OPERATING INCOME 285,600 551,200
----------- -----------
OTHER INCOME (EXPENSE):
Interest income 18,800 39,600
Interest expense (202,500) (208,200)
----------- -----------
(183,700) (168,600)
----------- -----------
NET INCOME $ 101,900 $ 382,600
=========== ===========
NET INCOME PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ 3.37 $ 12.65
=========== ===========
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 29,940 29,940
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
-4-
<PAGE> 5
ENSTAR INCOME PROGRAM 1984-1, L.P.
STATEMENTS OF CASH FLOWS
========================
<TABLE>
<CAPTION>
Unaudited
---------------------------
Nine months ended
September 30,
--------------------------
1994 1995
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 101,900 $ 382,600
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 920,200 891,700
Amortization of deferred loan costs 2,100 2,000
Increase (decrease) from changes in:
Accounts receivable, prepaid expenses
and other assets (30,600) (64,700)
Cable materials, equipment and supplies - (4,700)
Deferred loan costs (600) (31,400)
Accounts payable and due to affiliates 175,000 699,300
----------- -----------
Net cash provided by operating activities 1,168,000 1,874,800
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (395,800) (925,300)
Increase in intangible assets (17,300) (27,300)
----------- -----------
Net cash used in investing activities (413,100) (952,600)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (525,000) (618,200)
----------- -----------
INCREASE IN CASH AND CASH EQUIVALENTS 229,900 304,000
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 734,500 1,169,700
----------- -----------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 964,400 $ 1,473,700
=========== ===========
</TABLE>
See accompanying notes to condensed financial statements.
-5-
<PAGE> 6
ENSTAR INCOME PROGRAM 1984-1, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
=======================================
1. INTERIM FINANCIAL STATEMENTS
The accompanying condensed interim financial statements for the three
and nine months ended September 30, 1995 and 1994 are unaudited. These condensed
interim financial statements should be read in conjunction with the audited
financial statements and notes thereto included in the Partnership's latest
Annual Report on Form 10-K. In the opinion of management, such statements
reflect all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of the results of such periods. The results of
operations for the three and nine months ended September 30, 1995 are not
necessarily indicative of results for the entire year.
2. TRANSACTIONS WITH THE GENERAL PARTNER AND AFFILIATES
The Partnership has a management and service agreement with a wholly
owned subsidiary of the General Partner (the "Manager") for a monthly management
fee of 5% of revenues, excluding revenues from the sale of cable television
systems or franchises. Management fees approximated $62,600 and $183,100 for the
three and nine months ended September 30, 1995, respectively.
In addition to the monthly management fee described above, the
Partnership reimburses the Manager for direct expenses incurred on behalf of the
Partnership and for the Partnership's allocable share of operational costs
associated with services provided by the Manager. All cable television
properties managed by the General Partner and its subsidiary are charged a
proportionate share of these expenses. Corporate office allocations and district
office expenses are charged to the properties served based primarily on the
respective percentage of basic subscribers or homes passed (dwelling units
within a system) within the designated service areas. The total amount charged
to the Partnership for these services approximated $92,200 and $252,800 for the
three and nine months ended September 30, 1995, respectively. Management fees
and reimbursed expenses due the General Partner are non-interest bearing.
Certain programming services have been purchased through an affiliate
of the Partnership. In turn, the affiliate charges the Partnership for these
costs based on an estimate of what the Partnership could negotiate for such
programming services on a stand-alone basis. The Partnership paid the affiliate
$283,800 and $839,200 for programming services for the three and nine months
ended September 30, 1995, respectively. Programming fees are included in service
costs in the statements of operations for the three and nine months ended
September 30, 1995 and 1994.
-6-
<PAGE> 7
ENSTAR INCOME PROGRAM 1984-1, L.P.
3. EARNINGS PER UNIT OF LIMITED PARTNERSHIP INTEREST
Earnings and losses per unit of limited partnership interest is based
on the average number of units outstanding during the periods presented. For
this purpose, earnings and losses are allocated 99% to the limited partners and
1% to the general partner.
4. RECLASSIFICATIONS
Certain 1994 amounts have been reclassified to conform to the 1995
presentation.
-7-
<PAGE> 8
ENSTAR INCOME PROGRAM 1984-1, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
INTRODUCTION
Compliance with the rules adopted by the Federal Communications
Commission (the "FCC") to implement the rate regulation provisions of the 1992
Cable Act has had a significant negative impact on the Partnership's revenues
and cash flow. Based on certain FCC decisions that have been released, however,
the Partnership's management presently believes that revenues for the first nine
months of 1995 reflect the impact of the 1992 Cable Act in all material
respects. Moreover, recent policy decisions by the FCC make it more likely that
in the future the Partnership will be permitted to increase regulated service
rates in response to specified cost increases, although certain costs may
continue to rise at a rate in excess of that which the Partnership will be
permitted to pass on to its customers. The FCC has recently adopted a procedure
under which cable operators may file abbreviated cost of service showings for
system rebuilds and upgrades, the result of which would be a permitted increase
in regulated rates to allow recovery of a portion of those costs. The FCC has
also proposed a new procedure for the pass-through of increases in inflation and
certain external costs, such as programming costs, under which cable operators
could increase rates based on actual and anticipated cost increases for the
coming year. In addition to these FCC actions, Congress is presently considering
legislation that could significantly revise, among other things, the rate
regulation provisions of the 1992 Cable Act, although there can be no certainty
as to the final provisions of such legislation, or whether it will become law.
Similarly, given events since the enactment of the 1992 Cable Act, there can
also be no assurance as to what, if any, future action may be taken by the FCC,
Congress or any other regulatory authority or court, or the effect thereof on
the Partnership's business.
In addition to the information set forth in this report, reference is
made to the Partnership's Annual Report on Form 10-K for the year ended December
31, 1994 for additional information regarding regulatory matters and the effect
thereof on the Partnership's business.
RESULTS OF OPERATIONS
The Partnership's revenues increased by $110,800, or by 9.7%, and by
$264,400, or by 7.8%, for the three and nine months ended September 30, 1995 as
compared to the corresponding periods in 1994. Of the three months' increase,
$73,400 was due to increases in the number of subscriptions for service, $29,900
was due to increases in regulated service rates permitted under the 1992 Cable
Act that were implemented by the Partnership in April 1995, $20,700 was due to
increases in unregulated rates charged to customers for premium services
implemented during the fourth quarter of 1994 and $4,700 resulted from other
revenue producing items. These increases were partially offset by rate decreases
implemented in September 1994 to comply with the 1992 Cable Act, estimated by
the Partnership to be approximately $17,900. Of the nine months' increase,
$200,300 was due to increases in the number of subscriptions for
-8-
<PAGE> 9
ENSTAR INCOME PROGRAM 1984-1, L.P.
RESULT OF OPERATIONS (CONTINUED)
service, $56,800 was due to increases in unregulated rates charged to customers
for premium services, $41,900 was due to increases in regulated service rates
permitted under the 1992 Cable Act that were implemented by the Partnership in
April 1995 and $19,100 resulted from other revenue producing items. These
increases were partially offset by rate decreases implemented in September 1994
to comply with the 1992 Cable Act, estimated by the Partnership to be
approximately $53,700.
Service costs increased by $3,800 (less than one percent) and by
$46,200, or by 3.6%, for the three and nine months ended September 30, 1995 as
compared to the corresponding periods in 1994. Service costs represent costs
directly attributable to providing cable services to customers. Of the three
months' increase, $22,900 was related to increased programming fees charged by
program suppliers and $11,500 was related to higher pole rent expense, partially
offset by decreases of $11,400 in repair and maintenance expense and $8,100 in
personnel costs. Of the nine months' increase, $80,400 was related to increased
programming fees charged by program suppliers and $20,400 was related to higher
pole rent expense, partially offset by decreases of $36,200 in repair and
maintenance expense and $11,200 in personnel costs. The increases in programming
expense were also due to expanded programming usage relating to retransmission
consent arrangements implemented to comply with the 1992 Cable Act.
General and administrative expenses increased by $1,400 (less than one
percent) and decreased by $25,500, or by 5.4%, for the three and nine months
ended September 30, 1995 as compared to the corresponding periods in 1994. Of
the three months' increase, $22,700 was due to an increase in costs associated
with the potential sale of the Snow Hill, North Carolina system (see "Liquidity
and Capital Resources"), and $8,900 was due to an increase in bad debt expense.
These increases were substantially offset by a $12,400 decrease in costs
resulting from reregulation of the cable industry, an $8,000 decrease in
personnel costs and a $6,300 decrease in insurance premiums. Of the nine months'
decrease, $18,200 was due to lower marketing expense, $13,100 was due to a
decrease in personnel costs, $11,800 was due to a decrease in reregulation
costs, $11,600 was due to an increase in capitalization of labor and overhead
expense and $6,500 was due to lower insurance premiums. These decreases were
partially offset by an increase of $41,500 in expenses associated with the
potential sale of the Snow Hill, North Carolina system.
Management fees and reimbursed expenses increased by $19,400, or by
14.3%, and by $6,600, or by 1.5%, for the three and nine months ended September
30, 1995 as compared to the corresponding periods in 1994. The three months'
increase was primarily due to an increase in reimbursable expenses allocated by
the General Partner including higher personnel costs and marketing expense,
partially offset by lower repair and maintenance expense, property taxes,
postage costs and telephone expense. Management fees for the three month period
increased in direct relation to increased revenues as described above. The nine
months' increase was primarily due to an increase in management fees in direct
relation to increased revenues, partially offset by decreased reimbursable
expenses. Reimbursable expenses for the nine months period decreased due to
lower allocated personnel costs, property taxes, postage costs and telephone
expense.
-9-
<PAGE> 10
ENSTAR INCOME PROGRAM 1984-1, L.P.
RESULTS OF OPERATIONS (CONCLUDED)
Depreciation and amortization expense decreased by $40,400, or by
12.4%, and by $28,500, or by 3.1%, for the three and nine months ended September
30, 1995 as compared to the corresponding periods in 1994 due to the effect of
certain tangible assets becoming fully depreciated and intangible assets
becoming fully amortized.
Operating income increased by $126,600 and by $265,600 for the three
and nine months ended September 30, 1995 as compared to the corresponding
periods in 1994, primarily due to increased revenues and decreases in
depreciation and amortization expense as described above.
Interest income increased by $6,300 and by $20,800 for the three and
nine months ended September 30, 1995 as compared to the corresponding periods in
1994, due to higher cash balances available for investment and higher interest
rates earned on invested funds.
Interest expense decreased by $3,200, or by 4.6%, and increased by
$5,700, or by 2.8%, for the three and nine months ended September 30, 1995
compared to the corresponding periods in 1994. The three months' decrease was
primarily due to lower average borrowings in the third quarter of 1995 compared
with the equivalent 1994 period, partially offset by higher average interest
rates (9.8% for the three month period in 1995 versus 8.3% for the corresponding
period in 1994). The nine months' increase was due to higher average interest
rates paid on borrowings (9.8% for the nine month period in 1995 versus 7.6% for
the corresponding period in 1994).
Due to the factors described above, the Partnership's net income
increased by $136,100 and $280,700 for the three and nine months ended September
30, 1995 compared to the equivalent periods in 1994.
LIQUIDITY AND CAPITAL RESOURCES
The FCC's amended rate regulation rules were implemented during the
quarter ended September 30, 1994. Compliance with these rules has had a negative
impact on the Partnership's revenues and cash flow. However, as discussed above,
recent policy decisions of the FCC and pending legislation may make it more
likely that the Partnership will be permitted to increase regulated service
rates in response to certain cost increases.
The Partnership's primary objective, having invested its net offering
proceeds in cable systems, is to distribute to its partners all available cash
flow from operations and proceeds from the sale of cable systems, if any, after
providing for expenses, debt service and capital requirements relating to the
expansion, improvement and upgrade of its cable systems. The Partnership
currently relies exclusively on the availability of cash generated from
operations to fund its ongoing expenses, debt service and capital requirements.
In general, these requirements involve expansion, improvement and upgrade of the
Partnership's existing cable systems. As of the date of this Report,
substantially all of the available channel capacity in the Partnership's systems
is being utilized and each of such systems requires rebuilding. The rebuild
program is presently estimated to require aggregate capital expenditures of
approximately $7.5 million, although the majority of the total is not planned to
be spent until 1997 and 1998. Due to the fact that the Partnership is currently
not able to incur additional
-10-
<PAGE> 11
ENSTAR INCOME PROGRAM 1984-1, L.P.
LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)
borrowings under its note payable, there can be no assurance that the
Partnership's cash flow will be adequate to meet its liquidity requirements,
including necessary capital expenditures. As a result, the Partnership may need
to seek additional sources of borrowed funds in the future, if such borrowings
are available on terms acceptable to the Partnership, of which there can be no
assurance.
In March 1995, the Partnership reached an agreement with its lender to
extend the maturity of its existing note payable for an additional year to March
31, 1996. The terms and conditions of the new note agreement are substantially
the same as the previous agreement. The Partnership is required to continue to
make quarterly payments of interest together with principal payments of $175,000
through September 30, 1995, and $225,000 through December 31, 1995, with a final
installment due March 31, 1996. In addition, the Partnership is limited in the
amount it can pay in cash to the General Partner for management fees and
reimbursed expenses. Any excess amounts will be deferred and paid as soon as
this restriction is removed. As of September 30, 1995, an aggregate of
$1,024,300 due the General Partner had been deferred.
The sale of the Snow Hill North Carolina system mentioned in previous
filings was not completed and the term of the tentative agreement to sell the
system has expired. The General Partner will continue to seek a buyer for the
Snow Hill, North Carolina system as well as for the Kershaw, South Carolina
system. The sale of these systems would allow the Partnership to reduce its bank
debt. Upon the sale of either or both of these systems, the General Partner
believes that the Partnership may be able to obtain financing to rebuild and
upgrade its remaining systems, and management would evaluate the feasibility at
that time of resuming the payment of distributions. There can be no assurance
that these systems can be sold at an acceptable price.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
Operating activities provided $706,800 more cash in the nine months
ended September 30, 1995 than in the prior year period. Changes in accounts
payable and due to affiliates provided $524,300 more cash due to an increase in
the amounts owed to the General Partner and third party creditors. Partnership
operations generated $252,100 more cash in the 1995 period than in the 1994
period after adding back non-cash depreciation and amortization charges.
Increases in accounts receivable, prepaid and cable material balances used
$38,800 more cash in the first nine months of 1995 than in the comparable 1994
period. The Partnership used $30,800 more cash in the nine months ended
September 30, 1995 to pay loan costs related to its loan amendment.
The Partnership used $539,500 more cash in investing activities during
the nine months ended September 30, 1995 than in the corresponding nine months
of 1994 due to a $529,500 increase in capital expenditures and a $10,000
increase in expenditures for intangible assets.
Operating income before depreciation and amortization (EBITDA) as a
percentage of revenues increased from 35.8% in the third quarter of 1994 to
39.5% in the third quarter of 1995. EBITDA as a percentage of revenues increased
from 35.5% during the first nine months of 1994 to 39.4% in the comparable 1995
period. The three and nine months' increases were caused by higher revenues and
lower repair and maintenance
-11-
<PAGE> 12
ENSTAR INCOME PROGRAM 1984-1, L.P.
LIQUIDITY AND CAPITAL RESOURCES (CONCLUDED)
expense and personnel costs as described above. EBITDA increased from $408,400
to $494,600, or by 21.1%, during the three months ended September 30, 1995
compared to the corresponding period in 1994. EBITDA increased from $1,205,800
to $1,442,900, or by 19.7 %, during the first nine months of 1995 compared to
the first nine months of 1994.
INFLATION
Certain of the Partnership's expenses, such as those for wages and
benefits, equipment repair and replacement and billing and marketing generally
increase with inflation. The Partnership does not believe that its financial
results have been, or will be, adversely affected by inflation, provided that it
is able to increase its service rates periodically, of which there can be no
assurance due to the re-regulation of rates charged for certain cable services.
-12-
<PAGE> 13
ENSTAR INCOME PROGRAM 1984-1, L.P.
PART II. OTHER INFORMATION
ITEMS 1-5. Not applicable.
ITEM 6. Exhibits and Reports on Form 8-K
(a) None
(b) No reports on Form 8-K were filed during the
quarter for which this report was filed.
-13-
<PAGE> 14
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.
ENSTAR INCOME PROGRAM 1984-1, L.P.
a GEORGIA LIMITED PARTNERSHIP
(Registrant)
By: ENSTAR COMMUNICATIONS CORPORATION
General Partner
Date: November 6, 1995 By: /s/ Michael K. Menerey
----------------------------------
Michael K. Menerey,
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AT SEPTEMBER 30, 1995, AND THE STATEMENTS OF OPERATIONS FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 1,473,700
<SECURITIES> 0
<RECEIVABLES> 113,500
<ALLOWANCES> 13,100
<INVENTORY> 70,600
<CURRENT-ASSETS> 0
<PP&E> 12,175,800
<DEPRECIATION> 9,364,600
<TOTAL-ASSETS> 4,660,400
<CURRENT-LIABILITIES> 2,039,500
<BONDS> 2,392,800
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,660,400
<SALES> 0
<TOTAL-REVENUES> 3,662,400
<CGS> 0
<TOTAL-COSTS> 3,111,200
<OTHER-EXPENSES> (39,700)
<LOSS-PROVISION> 36,700
<INTEREST-EXPENSE> 208,200
<INCOME-PRETAX> 382,600
<INCOME-TAX> 0
<INCOME-CONTINUING> 382,600
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 382,600
<EPS-PRIMARY> 12.65
<EPS-DILUTED> 0
</TABLE>
