FORM 10-Q
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 June 30, 1997
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: 0-14340
Balcor/Colonial Storage Income Fund - 85
(Exact name of registrant as specified in its charter)
Illinois 36-3338930
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
2355 Waukegan Road Suite A200
Bannockburn, Illinois 60015
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (847) 267-1600
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>
Balcor/Colonial Storage Income Fund - 85
(An Illinois Limited Partnership)
Balance Sheets
June 30, 1997 and December 31, 1996
1997
(Unaudited) 1996
Assets
Cash and cash equivalents $ 2,594,428 4,187,645
Accounts receivable, net of allowance for doubtful
accounts of $16,944 at June 30, 1997 and $18,321
at December 31, 1996 142,743 122,698
Other 122,373 124,293
2,859,544 4,434,636
Mini-warehouse facilities:
Land 14,193,743 14,193,743
Buildings 47,852,345 47,634,567
Furniture, fixtures, and equipment 1,141,608 1,127,156
63,187,696 62,955,466
Less accumulated depreciation 22,272,591 21,300,132
Mini-warehouse facilities, net of accumulated
depreciation 40,915,105 41,655,334
$ 43,774,649 46,089,970
Liabilities and Partners' Capital
Due to affiliates 283,330 902,658
Accrued real estate taxes 401,308 302,408
Other accrued liabilities 48,932 48,932
Security deposits 38,879 43,333
Deferred income 407,739 340,078
Total liabilities 1,180,188 1,637,409
Partners' capital:
Limited Partners (276,918 Limited Partnership
Interests issued and outstanding) 42,306,854 44,118,058
General Partners 287,607 334,503
42,594,461 44,452,561
$ 43,774,649 46,089,970
See accompanying notes to financial statements.
{page
Balcor/Colonial Storage Income Fund - 85
(An Illinois Limited Partnership)
Statements of Income
For the Three Months and Six Months Ended June 30, 1997 and 1996
(Unaudited)
Three Months Six Months
1997 1996 1997 1996
Income:
Rental $ 2,602,413 2,656,224 5,168,006 5,220,318
Interest on short-term
investments 23,403 26,068 48,838 60,963
Interest from mortgage
notes receivable - 39,042 - 78,252
2,625,816 2,721,334 5,216,844 5,359,533
Expenses:
Property operating 730,390 716,555 1,406,280 1,436,351
Depreciation 486,229 486,849 972,459 973,699
Property management fees 76,982 77,744 231,830 233,698
General and administrative 220,060 190,004 433,050 365 875
1,513,661 1,471,152 3,043,619 3,009,623
Net income $ 1,112,155 1,250,182 2,173,225 2,349,910
Limited Partners' share of net
income ($3.98 and $4.47 per
Interest for the three months
ended June 30, 1997 and 1996,
respectively, and $7.77 and
$8.40 for the six months ended
June 30, 1997 and 1996,
respectively) $ 1,101,033 1,237,680 2,151,493 2,326,411
General Partners' share of net
income 11,122 12,502 21,732 23,499
$ 1,112,155 1,250,182 2,173,225 2,349,910
Distributions to Limited Partners
($5.72 and $6.25 per Interest
for the three months ended
June 30, 1997 and 1996,
respectively, and $14.31 and
$12.35 for the six months ended
June 30, 1997 and 1996,
respectively) $ 1,583,971 1,730,738 3,962,697 3,419,938
Distribution to General Partners $ - - 68,628 68,146
See accompanying notes to financial statements.
{page
Balcor/Colonial Storage Income Fund - 85
(An Illinois Limited Partnership)
Statements of Cash Flows
For the Six Months Ended June 30, 1997 and 1996
(Unaudited)
1997 1996
Operating activities:
Net income $ 2,173,225 2,349,910
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 972,459 973,699
Net change in:
Net accounts receivable (20,045) 31,545
Other assets 1,920 33,872
Accounts payable - (1,503)
Due to affiliates (619,328) (688,399)
Accrued real estate taxes 98,900 (6,457)
Other accrued liabilities - (32,358)
Security deposits (4,454) (6,980)
Deferred income 67,661 35,663
Net cash provided by operating
activities 2,670,338 2,688,992
Investing activities:
Additions to mini-warehouse facilities, net (232,230) (86,144)
Collection of principal payments on mortgage
notes receivable - 14,032
Net cash used in investing activities (232,230) (72,112)
Financing activities:
Distributions to Limited Partners (3,962,697) (3,419,938)
Distribution to General Partners (68,628) (68,146)
Net cash used in financing activities (4,031,325) (3,488,084)
Net change in cash and cash equivalents (1,593,217) (871,204)
Cash and cash equivalents at beginning of period 4,187,645 3,643,915
Cash and cash equivalents at end of period $ 2,594,428 2,772,711
See accompanying notes to financial statements.
<PAGE>
Balcor/Colonial Storage Income Fund - 85
(An Illinois Limited Partnership)
Notes to Financial Statements
1) Summary of Significant Accounting Policies
In the opinion of management, all adjustments necessary for a fair
presentation have been made to the accompanying statements for the
six months and quarter ended June 30, 1997, and all such adjustments are
of a normal and recurring nature.
2) Transactions With Affiliates
The Partnership has an agreement with Colonial Storage Management 85,
Inc., an affiliate of Colonial Storage 85, Inc., a General Partner, to
supervise and direct the business and affairs associated with the
mini-warehouse facilities for a fee of 6% of the gross revenues of the
facilities. One-half of this property management fee is subordinated
to receipt by the Limited Partners of a Special Distribution of 8%
during the first twelve-month period after termination of the offering,
9% during the second twelve-month period, and 10% during each 12-month
period thereafter. Any deferred portion of the property management fee
will be paid only from distributed Net Cash Proceeds. As of
June 30, 1997, property management fees of $2,068,872 were deferred.
Fees and expenses paid and payable by the Partnership to affiliates
for the six months ended June 30, 1997 are:
Paid Payable
Property management fees (A) $ 464,140 27,645
General and administrative expenses 185,813 181,775
Incentive management fees (B) 480,398 -
Property sales commissions (C) - 73,910
(A) Includes payment of the subordinated 3% property management
fee since Limited Partners received distributions equal to
10% of Adjusted Original Capital for the twelve month period
ending March 31, 1997.
(B) Represents fees paid to the General Partners due to the
receipt by Limited Partners of the Special Distribution of
10% referred to above.
(C) These commissions payable to the General
Partners have been subordinated in accordance
with the Partnership Agreement.
3) Subsequent Event
In July 1997, the Partnership paid $1,542,433 to the Limited Partners
representing the quarterly distribution for the second quarter of 1997.
<PAGE>
Balcor/Colonial Storage Income Fund - 85
(An Illinois Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS
Balcor/Colonial Storage Income Fund - 85 (the "Partnership") is a limited
partnership formed in September 1983. The principal purpose of the Partnership
is to acquire, own, maintain, operate, lease, and hold for capital appreciation
and current income existing mini-warehouse facilities offering storage space
for business and personal use. The Partnership raised $69,229,500 through the
sale of Limited Partnership Interests and utilized these proceeds to acquire 69
mini-warehouse facilities from affiliates in 1985 and 4 mini-warehouse
facilities from non-affiliated entities in 1986. The Partnership sold one
mini-warehouse facility in 1989, one facility in 1990 and two facilities in
1993. As of June 30, 1997 the Partnership continues to operate 69 mini-
warehouse facilities.
Inasmuch as the management's discussion and analysis below relates primarily
to the time period since the end of the last fiscal year, investors are
encouraged to review the financial statements and the management's discussion
and analysis contained in the annual report for 1996 for a more complete
understanding of the Partnership's financial position.
Operations
Summary of Operations
Cessation of interest income from mortgage notes receivable, an increase in
administrative expenses, a decrease in rental revenues and a decline in
interest income from short-term investments were partially offset by a decrease
in property operating expenses resulting in a decrease in net income during the
quarter and six months ended June 30, 1997 as compared to the same periods in
1996. No material events occurred during these periods which significantly
impacted the net income of the Partnership. Further discussion of the
Partnership's operations is summarized below.
1997 Compared to 1996
Rental revenues decreased slightly during the second quarter of 1997 as
compared to the second quarter of 1996. Rental income increased slightly in the
Carolina and East Texas Regions (three and one percent, respectively),
decreased slightly in the Dallas/Fort Worth and Georgia regions (two percent,
respectively), and remained relatively unchanged in the Western region.
Interest income on short term investments decreased during the quarter and six
months ended June 30, 1997 as compared to the same periods in 1996 as a result
of a decrease in amounts available for investment.
The Partnership received a repayment of the mortgage notes receivable during
1996; consequently, interest income from mortgage notes receivable ceased
during the quarter and six months ended June 30, 1997.
Higher payroll and professional fees resulted in an increase in general and
administrative expenses for the quarter and six months ended June 30, 1997 as
compared to the same periods in 1996.
A reduction in maintenance and supplies expenses resulted in a decrease in
property operating expenses for the quarter and six months ended June 30,
1997 as compared to the same periods in 1996.
<PAGE>
Liquidity and Capital Resources
The cash position of the Partnership decreased approximately $1,593,000 from
December 31, 1996, to June 30, 1997 primarily due to distributions of Net Cash
Proceeds to Limited Partners and the payment of additional property management
fees and Partnership incentive management fees as discussed below. The
Partnership's cash flow provided by operating activities of approximately
$2,670,000 in the first half of 1997 was generated primarily by the operations
of the mini-warehouse properties and interest income received on the
Partnership's short term investments, which were partially offset by
administrative expenses and the payment of additional property management fees
and Partnership incentive management fees for 1996, as discussed below. Cash
flow of approximately $232,000 was used in investing activities to make capital
improvements to the properties, which included security and roofing
expenditures. In addition, cash of approximately $4,031,000 was used in
financing activities to provide distributions to the Limited and General
Partners.
Pursuant to the Partnership Agreement, the General Partners are entitled to 8%
of Net Cash Receipts available for distribution, which is subordinated to the
receipt by Limited Partners of specified distribution levels. The General
Partners received $549,026 in January, 1997 ($480,398 as an incentive
management fee and $68,628 as their distributive share of Net Cash Receipts).
From the inception of the offering through June 30, 1997, the General Partner's
share of Net Cash Receipts totaled approximately $5,101,000 of which $4,007,000
is subordinated. The General Partners are entitled to receive subordinated
amounts only from distributed Net Cash Proceeds.
Accounts receivable net of the related allowance for doubtful accounts
increased from December 31, 1996 to June 30, 1997 due to the level and timing
of collection efforts. The timing of collection efforts are determined by
individual state law. There have been no changes in the credit terms extended
to the Partnership's customers nor in the method used to allow for doubtful
accounts.
The General Partners' current strategy is to continue to operate the
Partnership's properties in a manner to maximize cash flow and to provide the
Limited Partners with regular quarterly distributions. A further objective is
to maximize the price at which the properties may ultimately be sold. During
the second half of 1996, the Partnership solicited and received bids from major
institutional owners of mini-warehouse facilities for a sale of all of the
Partnership's assets. One of the General Partners has accepted an offer from
Acquiport/Amsdell I Limited Partnership for all 69 properties for a sale price
of $56 million. The other General Partner does not approve of the offer. It
is anticipated that the offer will be presented to the Limited Partners for a
vote in late summer 1997. Limited Partner approval will be required to
complete any sale of two-thirds or more of the Partnership's remaining real
property assets. The General Partners cannot presently predict whether any
sale of the Partnership's assets will be consummated in the foreseeable future.
In July 1997, the Partnership paid $1,542,433 ($5.57 per Interest) to the
Limited Partners representing the quarterly distribution for the second quarter
of 1997. Including the July 1997 distribution, the Partnership has distributed
$227.00 per $250 Interest. The General Partners believe the cash flow
generated from property operations should enable the Partnership to continue
making quarterly distributions to Limited Partners. However, the level of
future cash distributions to Limited Partners will be dependent upon the amount
of cash flow generated by the Partnership's properties, as to which there can
be no assurance. Quarterly distributions decreased for the second quarter of
1997 as compared to the first quarter of 1997. Distributions were reduced in
order to maintain cash reserves. The General Partners intend to retain on
behalf of the Partnership cash reserves deemed adequate to meet working capital
requirements as they may arise.
Inflation has several types of potentially conflicting impacts on real estate
investments. Short-term inflation can increase real estate operating costs
which may or may not be recovered through increased rents and/or sales prices,
depending on general or local economic conditions. In the long-term, inflation
can be expected to increase operating costs and replacement costs and may lead
to increased rental revenues and real estate values.
<PAGE>
Balcor/Colonial Storage Income Fund - 85
(An Illinois Limited Partnership)
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
(4) Form of Subscription Agreement previously filed as
Exhibit 4.1 to Amendment No. 1 to the Registrant's
Registration Statement on Form S-11 dated May 14, 1985
and to the Registrant's Registration Statement on Form
S-11 dated January 29, 1985 (Registration No. 2-95752,
and No. 33-2977, respectively) and Form of Confirmation
regarding Interests in the Registrant set forth as
Exhibit 4.2 to the Registrant's Report on Form 10-Q for
the quarter ended June 30, 1992 (Commission File No.
0-14340) are incorporated herein by reference.
(10) (a) The agreement between one of the General Partners
and Acquiport/Amsdell I Limited Partnership to
sell all 69 of the remaining real proproperty
assets is incorporated herein by reference.
(b) First Amendment to Agreement of Sale and Escrow
Agreement detailing amendments to the sale
agreement between one of the General Partners and
Acquiport/Amsdell I Limited Partnership are
attached as exhibits hereto.
(27) Financial Data Schedule of the Registrant for the
six months ended June 30, 1997 is attached hereto.
(b) Reports on Form 8-K:
Report on Form 8-K was filed on June 30, 1997 detailing the
agreement between one of the General Partners and
Acquiport/Amsdell I Limited Partnership to sell all 69 of the
remaining real property assets.
<PAGE>
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.
Balcor/Colonial Storage Income Fund - 85
By: /s/ Thomas E. Meador
Thomas E. Meador,
President and Chief Executive Officer
(Principal Executive Officer) of Balcor
Storage Partners-85, a General Partner
By: /s/ Jayne A. Kosik
Jayne A. Kosik,
Managing Director and Chief Accounting
and Financial Officer (Principal Accounting
Officer) of Balcor Storage Partners-85, a
General Partner
By: /s/ James R. Pruett
James R. Pruett
President and Director of Colonial
Storage 85, Inc., a General Partner
By: /s/ James N. Danford
James N. Danford,
Secretary/Treasurer (Principal Financial
and Accounting Officer) of Colonial
Storage 85, Inc., a General Partner
Date: August 14, 1997
FIRST AMENDMENT TO
AGREEMENT OF SALE AND ESCROW AGREEMENT
THIS FIRST AMENDMENT TO AGREEMENT OF SALE AND ESCROW
AGREEMENT (this "Amendment") is made and entered into as of this 6th day of
August, 1997, by and between BALCOR/COLONIAL STORAGE INCOME FUND - 85, an
Illinois limited partnership ("Seller"), ACQUIPORT/AMSDELL I LIMITED
PARTNERSHIP, a Delaware limited partnership ("Purchaser"), and NEAR NORTH
NATIONAL TITLE CORPORATION ("Escrow Agent").
RECITALS:
Seller and Purchaser are parties to that certain Agreement of Sale,
dated June 16, 1997 (the "Agreement"), pursuant to which Purchaser has agreed
to purchase and Seller has agreed to sell certain Property (as defined in the
Agreement) legally described and depicted on Exhibit A attached to the
Agreement.
Seller, Purchaser and Escrow Agent are parties to that certain Escrow
Agreement, dated June 16, 1997 (the "Escrow Agreement"), pursuant to which
Purchaser has agreed to deposit funds in escrow to be held by Escrow Agent in
accordance with the terms of the Escrow Agreement.
Seller and Purchaser desire to amend the Agreement and the Escrow
Agreement in accordance with the terms of this Amendment.
Seller and Purchaser desire to amend the Agreement and the Escrow
Agreement in accordance with the terms of this Amendment.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:
1. All terms not otherwise defined herein shall have the meanings ascribed
to each in the Agreement.
2. Paragraph 2.1 of the Agreement is deleted in its entirety and replaced
with the following:
"2.1 On or before August 26, 1997, Purchaser shall deliver to Escrow
Agent funds in the amount of Five Hundred Thousand Dollars and No/100 Dollars
($500,000.00) (the "Original Earnest Money"). On or before September 25, 1997,
Purchaser shall deliver to Escrow Agent additional funds in the amount of Five
Hundred Thousand Dollars and No/100 Dollars ($500,000.00) (the "Additional
Earnest Money"; the Original Earnest Money, together with the Additional
Earnest Money, if any, shall be hereinafter referred to as the "Earnest
Money")."
3. The first grammatical sentence of Paragraph 5.2 of the Agreement is
deleted in its entirety and replaced with the following:
"Purchaser shall have until 5:00 p.m. Chicago time on
September 25, 1997 (the "Title Review Period") to examine the Title
Commitments, Updated Surveys and the Documents of Record."
4. The following paragraph is inserted as the second paragraph of
Paragraph 7.2 of the Agreement:
"Purchaser shall have until September 25, 1997 to conduct an
environmental review of the Property. If Purchaser is dissatisfied, in
Purchaser's sole discretion, with the results of the tests, studies or
investigations performed or information received pursuant to this Paragraph 7.2,
Purchaser shall have the right to terminate this Agreement by giving written
notice of such termination to Seller at any time prior to 5:00 p.m. Chicago time
on September 25, 1997. If written notice is not received by Seller pursuant
to this Paragraph 7.2 prior to 5:00 p.m. Chicago time on September 25, 1997,
then the right of Purchaser to terminate this Agreement pursuant to this
Paragraph 7.2 shall be waived. If Purchaser terminates this Agreement by
written notice to Seller prior to 5:00 p.m. Chicago time on September 25, 1997:
(i) Purchaser shall promptly deliver to Seller copies of all studies, reports
and other investigations obtained by Purchaser in connection with its review of
the Property; and (ii) the Earnest Money deposited by Purchaser shall be
immediately paid to Purchaser, together with any interest earned thereon, and
neither Purchaser nor Seller shall have any right, obligation or liability
under this Agreement, except for Purchaser's obligation to indemnify Seller and
restore the Property, as more fully set forth in Paragraph 7.1."
5. Paragraphs 8.1(ii) and 8.1(iii) of the Agreement are deleted in their
entirety and replaced with the following:
" (ii) On or before the earlier of (a) the date seventy-five (75) days
immediately following the later of (1) the date on which the consent
solicitation to the limited partners of Seller has been cleared by the
Securities and Exchange Commission with no further comment and (2) the waiver
of Purchaser's termination right contained in Paragraph 7.2 herein and
(b) January 31, 1998, obtaining the consent to the transaction set forth in
this Agreement from the limited partners of Seller in accordance with the terms
of the Amended and Restated Agreement and Certificate of Limited Partnership of
Balcor/Colonial Storage Income Fund-85 ("Partnership Agreement").
(iii) On or before the earlier of (a) the date seventy-five
(75) days immediately following the later of (1) the date on which the consent
solicitation to the limited partners of Seller has been cleared by the
Securities and Exchange Commission with no further comment and (2) the waiver
of Purchaser's termination right contained in Paragraph 7.2 herein and (b)
January 31, 1998, obtaining the consent of Colonial in its capacity as general
partner of the Seller to the transaction set forth in this Agreement."
6. The first grammatical sentence of the continuing paragraph following
Paragraph 8.1(iii) of the Agreement is deleted in its entirety.
7. Paragraph 1 of the Escrow Agreement is deleted in its entirety and
replaced with the following:
"1. On or before August 26, 1997, Purchaser may deliver to Escrow Agent
funds in the amount of Five Hundred Thousand Dollars and No/100 Dollars
($500,000.00) (the "Original Earnest Money"). On or before September 25, 1997,
Purchaser may deliver to Escrow Agent additional funds in the amount of Five
Hundred Thousand Dollars and No/100 Dollars ($500,000.00) (the "Additional
Earnest Money"; the Original Earnest Money, together with the Additional
Earnest Money, if any, shall be hereinafter referred to as the "Earnest Money").
On or before September 25, 1997, Purchaser may deliver to Escrow Agent and
Seller notifying Escrow Agent and Seller that Purchaser has elected to
terminate the Agreement pursuant to Paragraph 7 of the Agreement (the
"Termination Notice"). In the event that Purchaser delivers to Escrow Agent
and the Seller the Termination Notice on or before September 25, 1997, Escrow
Agent shall promptly deliver to Purchaser the Earnest Money, together with all
interest earned thereon, and this Escrow Agreement shall be null and void."
8. Except as amended hereby, the Agreement and the Escrow Agreement shall
be and remain unchanged and in full force and effect in accordance with its
terms.
9. This Amendment may be executed in counterparts each of which shall be
deemed an original, but all of which, when taken together shall constitute one
and the same instrument. To facilitate the execution of this Amendment,
Seller, Purchaser and Escrow Agent may execute and exchange by telephone
facsimile counterparts of the signature pages, with each facsimile being deemed
an "original" for all purposes.
[EXECUTION PAGE TO FOLLOW]
<PAGE>
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first set forth above.
PURCHASER:
ACQUIPORT/AMSDELL I LIMITED
PARTNERSHIP, a Delaware limited
partnership
By: Amsdell Partners, Inc.,
an Ohio corporation, its general
partner
By: Don Amsdell
Name:
Its:
SELLER:
Date of Seller's Acceptance: BALCOR/COLONIAL STORAGE INCOME FUND - 85,
August 6, 1997 an Illinois limited partnership
By: Balcor Storage Partners - 85, an
Illinois general partnership, a
General Partner
By: The Balcor Company, a Delaware
corporation, its General Partner
By: Beth Goldstein
Name: Beth Goldstein
Its: Authorized Agent
<PAGE>
ESCROW AGENT:
NEAR NORTH NATIONAL TITLE CORPORATION
By: Michael Beach
Name: Michael Beach
Its: Escrow Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 2594
<SECURITIES> 0
<RECEIVABLES> 143
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2860
<PP&E> 63188
<DEPRECIATION> 22273
<TOTAL-ASSETS> 43775
<CURRENT-LIABILITIES> 1180
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 42595
<TOTAL-LIABILITY-AND-EQUITY> 43775
<SALES> 0
<TOTAL-REVENUES> 5217
<CGS> 0
<TOTAL-COSTS> 1638
<OTHER-EXPENSES> 1406
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2173
<INCOME-TAX> 0
<INCOME-CONTINUING> 2173
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2173
<EPS-PRIMARY> 7.77
<EPS-DILUTED> 7.77
</TABLE>
