<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/x/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 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 No. 2-90417
PARKER & PARSLEY 84-A, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-1974814
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(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
(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 1 of 15 pages.
There are no exhibits.
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PARKER & PARSLEY 84-A, LTD.
(A Texas Limited Partnership)
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BALANCE SHEETS
June 30, December 31,
1995 1994
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including
interest bearing deposits of $83,484 at
June 30 and $68,292 at December 31 $ 83,734 $ 68,542
Accounts receivable - oil and gas sales 182,401 178,618
----------- -----------
Total current assets 266,135 247,160
Oil and gas properties - at cost, based
on the successful efforts accounting
method 18,669,350 18,669,312
Accumulated depletion (12,873,158) (12,560,042)
----------- -----------
Net oil and gas properties 5,796,192 6,109,270
----------- -----------
$ 6,062,327 $ 6,356,430
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 81,457 $ 56,035
Partners' capital:
Limited partners (19,435 interests) 5,353,662 5,639,089
General partners 627,208 661,306
----------- -----------
5,980,870 6,300,395
----------- -----------
$ 6,062,327 $ 6,356,430
=========== ===========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
<PAGE> 3
PARKER & PARSLEY 84-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
---------- ---------- ---------- ----------
Revenues:
Oil and gas sales $ 424,343 $ 421,977 $ 836,966 $ 781,676
Interest income 2,040 1,020 3,656 1,647
Salvage income from
equipment disposal 154 241 154 241
--------- --------- --------- ---------
Total revenues 426,537 423,238 840,776 783,564
Costs and expenses:
Production costs 234,931 269,132 489,897 516,554
General and admin-
istrative expenses 12,730 7,693 26,660 21,192
Depletion 159,997 121,155 313,116 271,563
--------- --------- --------- ---------
Total costs and
expenses 407,658 397,980 829,673 809,309
--------- --------- --------- ---------
Net income (loss) $ 18,879 $ 25,258 $ 11,103 $ (25,745)
========= ========= ========= =========
Allocation of net
income (loss):
General partners $ 28,758 $ 24,453 $ 50,107 $ 34,878
========= ========= ========= =========
Limited partners $ (9,879) $ 805 $ (39,004) $ (60,623)
========= ========= ========= =========
Net income (loss) per
limited partnership
interest $ (.51) $ .04 $ (2.01) $ (3.12)
========= ========= ========= =========
Distributions per
limited partnership
interest $ 6.48 $ 5.20 $ 12.68 $ 9.80
========= ========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
<PAGE> 4
PARKER & PARSLEY 84-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
----------- ----------- -----------
Balance at January 1, 1994 $ 710,620 $ 6,120,544 $ 6,831,164
Distributions (61,760) (190,463) (252,223)
Net income (loss) 34,878 (60,623) (25,745)
---------- ---------- ----------
Balance at June 30, 1994 $ 683,738 $ 5,869,458 $ 6,553,196
========== ========== ==========
Balance at January 1, 1995 $ 661,306 $ 5,639,089 $ 6,300,395
Distributions (84,205) (246,423) (330,628)
Net income (loss) 50,107 (39,004) 11,103
---------- ---------- ----------
Balance at June 30, 1995 $ 627,208 $ 5,353,662 $ 5,980,870
========== ========== ==========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
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PARKER & PARSLEY 84-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
1995 1994
---------- ----------
Cash flows from operating activities:
Net income (loss) $ 11,103 $ (25,745)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion 313,116 271,563
Salvage income from equipment disposal (154) (241)
Changes in assets and liabilities:
Increase in accounts receivable (3,783) (11,491)
Increase in accounts payable 25,422 35,062
--------- ---------
Net cash provided by operating
activities 345,704 269,148
Cash flows from investing activities:
(Additions) disposals of oil and gas
properties (38) 14,525
Proceeds from salvage income on equipment
disposal 154 241
--------- ---------
Net cash provided by investing
activities 116 14,766
Cash flows from financing activities:
Cash distributions to partners (330,628) (252,223)
--------- ---------
Net increase in cash and cash equivalents 15,192 31,691
Cash and cash equivalents at beginning of
period 68,542 31,681
--------- ---------
Cash and cash equivalents at end of period $ 83,734 $ 63,372
========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
<PAGE> 6
PARKER & PARSLEY 84-A, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of
June 30, 1995 of Parker & Parsley 84-A, Ltd. (the "Registrant") include
all adjustments and accruals consisting only of normal recurring accrual
adjustments which are necessary for a fair presentation of the results
for the interim period. However, the results of operations for the six
months ended June 30, 1995 are not necessarily indicative of the results
for the full year ending December 31, 1995.
The financial statements should be read in conjunction with the
financial statements and the notes thereto contained in the Registrant's
Report on Form 10-K for the year ended December 31, 1994, as filed with
the Securities and Exchange Commission, a copy of which is available
upon request by writing to Steven L. Beal, Senior Vice President, 303
West Wall, Suite 101, Midland, Texas 79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted
and finally executed, ending litigation which had begun on September 5,
1989, when the Registrant filed suit along with other parties against
Dresser Industries, Inc.; Titan Services, Inc.; BJ-Titan Services
Company; BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes
Production Tools, Inc.; and Baker Hughes Incorporated alleging that the
defendants had intentionally failed to provide the materials and
services ordered and paid for by the Registrant and other parties in
connection with the fracturing and acidizing of 523 wells, and then
fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The
May 25, 1993 settlement agreement called for a payment of $115 million
in cash by the defendants. The managing general partner received the
funds, deducted incurred legal expenses, accrued interest, determined
the general partner's portion of the funds and calculated any
inter-partnership allocations. A distribution of $91,000,000 was made to
the working interest owners, including the Registrant, on July 30, 1993.
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The limited partners received their distribution of $8,512,603, or
$438.00 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G.
"Zeke" Lancaster in the Federal Court lawsuit, filed suit in State Court
in Beaumont against all of the plaintiff partnerships, including the
Registrant and others, alleging his entitlement to 12% of the settlement
proceeds. Price's lawsuit claim for approximately $13.8 million is
predicated on a purported contract entered into with Southmark
Corporation in August 1988, in which he allegedly binds the Registrant
and the other defendants, as well as Southmark. Although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed July 6, 1984. The general partners of the
Registrant at December 31, 1994 were Parker & Parsley Development
Company ("PPDC") and P&P Employees 84-A, Ltd. ("EMPL") (a Texas limited
partnership whose general partner was PPDC) and 1,319 limited partners.
On January 1, 1995, PPDLP, a Texas limited partnership, became the
managing general partner of the Registrant and EMPL, by acquiring the
rights and assuming the obligations of PPDC. PPDC was merged into PPDLP
on January 1, 1995. PPDLP's co-general partner is EMPL. PPDLP acquired
PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc.
and Spraberry Development Corporation into MidPar L.P., which survived
the merger with a change of name to PPDLP. The sole general partner of
PPDLP is Parker & Parsley Petroleum USA, Inc. PPDLP has the power and
authority to manage, control and administer all Registrant affairs. The
limited partners contributed $19,435,000 representing 19,435 interests
($1,000 per interest).
Since its formation, the Registrant invested $19,682,944 in various
prospects that were drilled in Texas. At June 30, 1995, 39 wells were
producing and three wells were plugged and abandoned; one in 1989, one
in 1990 and one in 1992 due to unprofitable operations. The Registrant
received interests in four additional wells in 1993 due to the
Registrant's back-in after payout provisions.
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Results of Operations
Six months ended June 30, 1995 compared with six months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues increased to $836,966 from
$781,676 for the six months ended June 30, 1995 and 1994, respectively,
an increase of 7%. The increase in revenues resulted from a 7% increase
in mcf of gas produced and sold and a 17% increase in the average price
received per barrel of oil, offset by a 6% decrease in barrels of oil
produced and sold and a 4% decrease in the average price received per
mcf of gas. For the six months ended June 30, 1995, 34,452 barrels of
oil were sold compared to 36,806 for the same period in 1994, a decrease
of 2,354 barrels. For the six months ended June 30, 1995, 138,472 mcf
of gas were sold compared to 129,900 for the same period in 1994, an
increase of 8,572 mcf. The decrease in oil volumes was primarily due to
the decline characteristics of the Registrant's oil and gas properties,
while the increase in gas volumes was due to operational changes on
several wells. Management expects a certain amount of decline in
production in the future until the Registrant's economically recoverable
reserves are fully depleted.
The average price received per barrel of oil increased $2.50 from $15.12
for the six months ended June 30, 1994 to $17.62 for the same period in
1995, while the average price received per mcf of gas decreased from
$1.73 during the six months ended June 30, 1994 to $1.66 in 1995. The
market price for oil and gas has been extremely volatile in the past
decade, and management expects a certain amount of volatility to
continue in the foreseeable future. The Registrant may therefore sell
its future oil and gas production at average prices lower or higher than
that received during the six months ended June 30, 1995.
Salvage income from equipment disposal during the six months ended June
30, 1995 consisted of equipment credits received of $154 on one well
abandoned in a prior year. There was salvage income of $241 during the
same period ended June 30, 1994 from equipment credits received on one
well abandoned in a prior year.
Costs and Expenses:
Total costs and expenses increased to $829,673 for the six months ended
June 30, 1995 as compared to $809,309 for the same period in 1994, an
increase of $20,364, or 3%. This increase was due to increases in
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depletion and general and administrative expenses ("G&A"), offset by a
decrease in production costs.
Production costs were $489,897 for the six months ended June 30, 1995
and $516,554 for the same period in 1994 resulting in a $26,657
decrease, or 5%. The decrease was primarily due to less well repair and
maintenance costs and a decline in ad valorem taxes.
G&A's components are independent accounting and engineering fees,
computer services, postage and managing general partner personnel costs.
During this period, G&A increased, in aggregate, 26% from $21,192 for
the six months ended June 30, 1994 to $26,660 for the same period in
1995.
Depletion was $313,116 for the six months ended June 30, 1995 compared
to $271,563 for the same period in 1994. This represented an increase
in depletion of $41,553, or 15%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production
decreased 2,354 barrels for the six months ended June 30, 1995 from the
same period in 1994. Depletion expense for the six months ended June
30, 1995 was calculated based on reserves computed utilizing an oil
price of $16.35 per barrel. Comparatively, depletion expense for the
three months ended June 30, 1994 was calculated based on reserves
computed utilizing an oil price of $18.27 per barrel while depletion
expense for the three months ended March 31, 1994 was calculated based
on reserves computed utilizing an oil price of $12.76 per barrel.
On May 25, 1993, a final settlement agreement was negotiated, drafted
and finally executed, ending litigation which had begun on September 5,
1989, when the Registrant filed suit along with other parties against
Dresser Industries, Inc.; Titan Services, Inc.; BJ-Titan Services
Company; BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes
Production Tools, Inc.; and Baker Hughes Incorporated alleging that the
defendants had intentionally failed to provide the materials and
services ordered and paid for by the Registrant and other parties in
connection with the fracturing and acidizing of 523 wells, and then
fraudulently concealed the shorting practice from the managing general
partner. The May 25, 1993 settlement agreement called for a payment of
$115 million in cash by the defendants. The managing general partner
received the funds, deducted incurred legal expenses, accrued interest,
determined the general partner's portion of the funds and calculated any
9
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inter-partnership allocations. A distribution of $91,000,000 was made
to the working interest owners, including the Registrant, on July 30,
1993. The limited partners received their distribution of $8,512,603,
or $438.00 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G.
"Zeke" Lancaster in the Federal Court lawsuit, filed suit in State Court
in Beaumont against all of the plaintiff partnerships, including the
Registrant and others, alleging his entitlement to 12% of the settlement
proceeds. Price's lawsuit claim for approximately $13.8 million is
predicated on a purported contract entered into with Southmark
Corporation in August 1988, in which he allegedly binds the Registrant
and the other defendants, as well as Southmark. Although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
Three months ended June 30, 1995 compared with three months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues increased to $424,343 from
$421,977 for the three months ended June 30, 1995 and 1994,
respectively. The increase in revenues resulted from a 10% increase in
mcf of gas produced and sold and an 8% increase in the average price
received per barrel of oil, offset by an 8% decrease in barrels of oil
produced and sold and a 5% decrease in the average price received per
mcf of gas. For the three months ended June 30, 1995, 16,894 barrels of
oil were sold compared to 18,349 for the same period in 1994, a decrease
of 1,455 barrels. For the three months ended June 30, 1995, 75,074 mcf
of gas were sold compared to 68,158 for the same period in 1994, an
increase of 6,916 mcf. The decrease in oil production volumes was
primarily due to the decline characteristics of the Registrant's oil and
gas properties, while the increase in gas production volumes was due to
operational changes on several wells.
The average price received per barrel of oil increased $1.28 from $16.81
for the three months ended June 30, 1994 to $18.09 for the three months
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ended June 30, 1995, while the average price received per mcf of gas
decreased to $1.58 for the three months ended June 30, 1995 from $1.67
in 1994.
Costs and Expenses:
Total costs and expenses increased to $407,658 for the three months
ended June 30, 1995 as compared to $397,980 for the same period in 1994,
an increase of $9,678, or 2%. This increase was due to increases in
depletion and G&A, offset by a decrease in production costs.
Production costs were $234,931 for the three months ended June 30, 1995
and $269,132 for the same period in 1994 resulting in a $34,201
decrease, or 13%. The decrease was due to a decline in well repair and
maintenance costs and a decline in ad valorem taxes.
G&A's components are independent accounting and engineering fees,
computer services, postage and managing general partner personnel costs.
During this period, G&A increased, in aggregate, 65% from $7,693 for the
three months ended June 30, 1994 to $12,730 for the same period in 1995.
Depletion was $159,997 for the three months ended June 30, 1995 compared
to $121,155 for the same period in 1994. This represented an increase
in depletion of $38,842, or 32%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production
decreased 1,455 barrels for the three months ended June 30, 1995 from
the same period in 1994. Depletion expense for the three months ended
June 30, 1995 was calculated based on reserves computed utilizing an oil
price of $16.35 per barrel. Comparatively, depletion expense for the
three months ended June 30, 1994 was calculated based on reserves
computed utilizing an oil price of $18.27 per barrel.
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased to $345,704 during
the six months ended June 30, 1995, a 28% increase from the same period
ended June 30, 1994. This increase resulted from an increase in oil and
gas sales and a decrease in production costs, offset by an increase in
G&A. The increase in oil and gas sales was due to an increase in the mcf
of gas produced and sold and an increase in the average price received
11
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per barrel of oil, offset by a decrease in the barrels of oil produced
and sold and a decline in the price received per mcf of gas. The decline
in production costs was due to less well repair and maintenance costs.
The increase in G&A was due to additional allocated expenses by the
managing general partner.
Net Cash Provided by Investing Activities
The Registrant's principal investing activity during the six months
ended June 30, 1995 was for repair and maintenance on various oil and
gas properties.
Proceeds from salvage income of $154 from the sale of oil and gas
equipment on properties abandoned in prior years were received during
the six months ended June 30, 1995, compared to $241 received during the
same period in 1994.
Net Cash Used in Financing Activities
Cash was sufficient for the six months ended June 30, 1995 to cover
distributions to the partners of $330,628 of which $246,423 was
distributed to the limited partners and $84,205 to the general partners.
For the same period ended June 30, 1994, cash was sufficient for
distributions to the partners of $252,223 of which $190,463 was
distributed to the limited partners and $61,760 to the general partners.
It is expected that future net cash provided by operating activities
will be sufficient for any capital expenditures and any distributions.
As the production from the properties declines, distributions are also
expected to decrease.
Accounting Standard on Impairment of Long-Lived Assets
In March 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121 - Accounting for Impairment of
Long-lived Assets and for Long-lived Assets to Be Disposed Of ("FAS
121") regarding the impairment of long-lived assets, identifiable
intangibles and goodwill related to those assets. FAS 121 is effective
for financial statements for fiscal years beginning after December 15,
1995, although earlier adoption is encouraged. The application of FAS
121 to oil and gas companies utilizing the successful efforts method
(such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows
12
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expected to result from the use of such assets and, if so, will require
reduction of the carrying amount of the "impaired" assets to their
estimated fair values. There is currently a great deal of uncertainty
as to how FAS 121 will apply to oil and gas companies using the
successful efforts method, including uncertainty regarding the
determination of expected future cash flows from the relevant assets
and, if an impairment is determined to exist, their estimated fair
value. There is also uncertainty regarding the level at which the test
might be applied. Given this uncertainty, the Registrant is currently
unable to estimate the effect that FAS 121 will have on the Registrant's
results of operations for the period in which it is adopted.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted
and finally executed, ending litigation which had begun on September 5,
1989, when the Registrant filed suit along with other parties against
Dresser Industries, Inc.; Titan Services, Inc.; BJ-Titan Services
Company; BJ-Hughes Holding Company; Hughes Tool Company; Baker Hughes
Production Tools, Inc.; and Baker Hughes Incorporated alleging that the
defendants had intentionally failed to provide the materials and
services ordered and paid for by the Registrant and other parties in
connection with the fracturing and acidizing of 523 wells, and then
fraudulently concealed the shorting practice from the managing general
partner. The May 25, 1993 settlement agreement called for a payment of
$115 million in cash by the defendants. The managing general partner
received the funds, deducted incurred legal expenses, accrued interest,
determined the general partner's portion of the funds and calculated any
inter-partnership allocations. A distribution of $91,000,000 was made
to the working interest owners, including the Registrant, on July 30,
1993. The limited partners received their distribution of $8,512,603,
or $438.00 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G.
"Zeke" Lancaster in the Federal Court lawsuit, filed suit in State Court
in Beaumont against all of the plaintiff partnerships, including the
Registrant and others, alleging his entitlement to 12% of the settlement
proceeds. Price's lawsuit claim for approximately $13.8 million is
predicated on a purported contract entered into with Southmark
Corporation in August 1988, in which he allegedly binds the Registrant
and the other defendants, as well as Southmark. Although PPDLP believes
13
<PAGE> 14
the lawsuit is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
14
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PARKER & PARSLEY 84-A, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
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.
PARKER & PARSLEY 84-A, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: August 8, 1995 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice
President and Chief Financial
Officer of PPUSA
15
<PAGE> 16
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000757545
<NAME> 84A.FDS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 83,734
<SECURITIES> 0
<RECEIVABLES> 182,401
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 266,135
<PP&E> 18,669,350
<DEPRECIATION> 12,873,158
<TOTAL-ASSETS> 6,062,327
<CURRENT-LIABILITIES> 81,457
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 5,980,870
<TOTAL-LIABILITY-AND-EQUITY> 6,062,327
<SALES> 836,966
<TOTAL-REVENUES> 840,776
<CGS> 0
<TOTAL-COSTS> 829,673
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 11,103
<INCOME-TAX> 0
<INCOME-CONTINUING> 11,103
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,103
<EPS-PRIMARY> (2.01)
<EPS-DILUTED> 0
</TABLE>
