UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
X Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarter Ended September 30, 1996
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 0-14408
DELPHI FILM ASSOCIATES IV
(Exact name of registrant as specified in its
charter)
New York 13-3261814
(State or other jurisdiction of (IRS
Employer
incorporation or organization) Identification
No.)
666 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
(212) 983-9040
(Registrant's telephone number, including area code)
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>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September
December 30,
31,
1996 1995
<S> <C> <C>
ASSETS
Cash $ $
159 185
Short-Term Investments 894 1,227
Receivable from Columbia-Delphi
IV
Productions 723 623
Receivable from Tri-Star-Delphi
IV
Productions 742 777
Interest in Motion Picture
Venture-
Columbia-Delphi IV
Productions 12 13
Total $ $
Assets 2,530 2,825
LIABILITIES AND PARTNERS'
CAPITAL
Liabilities:
Accrued Expenses and
Accounts $ $
Payable 54 68
Total
Liabilities 54 68
Partners' Capital (Note 2):
General Partner 70 73
Limited Partners
2,406 2,684
Total
Partners' Capital 2,476 2,757
Total
Liabilities and Partners'
$ $
Capital 2,530 2,825
See accompanying notes to the financial
statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited Partnership) STATEMENTS
OF OPERATIONS
(000's Omitted, except net profit per unit)
Unaudited
<TABLE>
<CAPTION>
For
the Three Months For the Nine Months
Ended September 30, Ended
September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Interest Income $ $ $ $
16 23 50 66
Expenses:
Management Fee 0 100 0 300
Operating Expenses
91 3 246 10
91 103 246 310
Loss before Share of
Profit in
Motion Picture (75) (80) (196) (244)
Ventures
Share of Profit in
Motion
Picture Venture--
Columbia-
Delphi IV Productions 132 78 332 245
Share of Profit in
Motion Picture
Venture--Tri-Star-
Delphi IV Productions
10 2 68 54
Net Profit $ $ $ $
67 0 204 55
Net Profit Per Unit of
Limited
Partnership Interest $ $ $ $
(8,000 units) 8 0 25 7
See accompanying notes to the financial
statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited
Partnership) STATEMENTS OF
CASH FLOWS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Profit $ $
204 55
Adjustments to reconcile
Net
Profit to net cash
provided (used) by
operating
activities:
Share of Profit in
Motion (400) (299)
Picture Ventures
Distributions from Joint 401 315
Ventures
Changes in Assets and
Liabilities:
(Increase) Decrease in
Receivables from
Joint Ventures, net (65) 11
Decrease in Accrued
Expenses and Accounts
Payable (14) (86)
Increase in Prepaid
Expense 0 (100)
Net Cash Provided (Used)
by Operating
Activities
126 (104)
Cash Flow From Investing
Activities:
Purchases of Short-Term (3,109) (3,103)
Investments
Redemptions of Short-Term
Investments 3,442 2,784
Net Cash Provided (Used)
by Investing
Activities
333 (319)
Cash Flow From Financing
Activities:
Distribution to Partners
(485) 0
Net Cash Used by Financing
Activities (485) 0
Decrease In Cash (26) (423)
Cash at beginning of period
185 473
Cash at end of period $ $
159 50
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
DELPHI FILM ASSOCIATES IV
(A New York Limited
Partnership) NOTES TO
FINANCIAL STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change
in the information disclosed in the notes to financial
statements of the Partnership included in the Annual
Report on Form 10-K for the year ended December 31, 1995.
The information furnished includes all adjustments which
are, in the opinion of management, necessary to present
fairly the financial position of the Partnership as of
September 30, 1996 and the results of operations and cash
flows for the periods ended September 30, 1996 and
1995. Results of
operations for the three and nine month periods ended
September 30, 1996 are not necessarily indicative of the
results that may be expected for the entire fiscal year.
2. Current Operations
As of September 30, 1996, all twenty-seven films in
which the Partnership has an interest have been released.
All of these films have completed their theatrical release
and are being distributed in various ancillary markets.
Based on the anticipated performance of one film
released through the Tri-Star Joint Venture, it is
expected that the Distributor of the Tri-Star Joint
Venture will be required to make an Additional Payment
with respect to this film. Accordingly, distribution fees
earned and expected to be earned by the Distributor of the
Tri-Star Joint Venture as of September 30, 1996 of
approximately $392,000 have been accrued by the
Partnership as a receivable from the Tri-Star Joint
Venture.
For the purpose of computing the net profit per unit,
the net profit for the periods are allocated 99% to the
limited partners and 1% to the General Partner.
3. Additional Information
Additional information, including the audited year end
1995 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Partnership's
Annual Report on Form 10-K for the year ended December 31,
1995 on file with the Securities and Exchange Commission.
<PAGE>
Management's Discussion and Analysis of Financial
Condition and Results of Operations
a. Financial Condition
The Partnership has satisfied its commitment to
contribute funds to the Joint Ventures for the production
of, and acquisition of interests in, films. As of
September 30, 1996, the Partnership held cash of
approximately $159,000 and short-term investments of
approximately
$894,000.
The Partnership is in the process of evaluating the
value of its interest in the film assets for the purpose
of possibly selling that interest and eventually
liquidating the Partnership. The General Partner
anticipates that the Partnership may be liquidated by late
1996, or early 1997. No assurance can be provided that the
film assets will be successfully sold, or if sold, when
such sale would occur. Upon the ultimate sale of the film
assets, the Partnership will commence taking steps to
dissolve and liquidate. Since the Partnership's
obligation to make contributions to the Joint Ventures for
the production of, and acquisition of interests in, films
has been satisfied, all revenue received by the
Partnership (other than with respect to Unrecouped Films)
is used to establish a reserve for operating expenses of
the Partnership and, to the extent possible, to make cash
distributions to partners. The Partnership does not
anticipate significant future revenues and accordingly,
the Partnership does not currently anticipate making cash
distributions to partners on a quarterly basis. However,
the Partnership may make future distributions if it
realizes proceeds from its interest in films or from the
sale of its interest in films (should the sale occur) net
of a reserve for the Partnership's operating expenses.
The Partnership commenced cash distributions to its
partners in April 1987. Distributions through September
30, 1996 have aggregated $3,845 per unit (76.9% of the
limited partners' original investment in the Partnership).
b. Results of Operations
The Partnership's operating results are primarily
dependent upon the operating results of the Joint Ventures
and are significantly impacted by the Joint Ventures'
policies.
The performance of each film is based upon the amount
expended for production and other costs associated with a
film and the revenue generated by a film. The amount and
timing of revenues generated by each film is dependent
upon the degree of acceptance by the consumer public and
the particular ancillary market in which the film is then
being exhibited.
Amounts contributed toward each film are compared
periodically to the expected total revenue to be generated
for that film, and write-downs may occur to the extent the
amounts invested exceed the expected total revenue for
that film.
Additionally, each Joint Venture has recorded income
with respect to Additional Payments, to the extent
available, which has allowed it to recover its investment
in films.
For the three months ended September 30, 1996, the
Columbia Joint Venture had
a net profit of which the Partnership's share was
approximately $132,000, due primarily to the profitable
results of certain films. The Tri-Star Joint Venture had
a net profit of which the Partnership's share was
approximately $10,000 due primarily to the profitable
results of one film. In addition, the Partnership earned
approximately $16,000 of interest income from its short-
term investments and incurred approximately $91,000 of
expenses from its operations, resulting in an overall net
profit to the Partnership of approximately $67,000.
For the three months ended September 30, 1995, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $78,000, due
primarily to the profitable results of certain films. The
Tri-Star Joint Venture had a net loss; however, the
Partnership
reported a net profit from that Joint Venture of
approximately $2,000 due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $23,000 of interest income from its
short-term investments and incurred approximately $103,000
of expenses from its operations, resulting in no overall
net profit or loss to the Partnership.
For the nine months ended September 30, 1996, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $332,000, due
primarily to the profitable results of certain films. The
Tri-Star Joint Venture had a net profit of which the
Partnership's share was approximately $68,000 due
primarily to the profitable results of certain films. In
addition, the Partnership earned approximately $50,000 of
interest income from its short-term investments and
incurred approximately $246,000 of expenses from its
operations, resulting in an overall net profit to the
Partnership of approximately $204,000.
For the nine months ended September 30, 1995, the
Columbia Joint Venture had a net profit of which the
Partnership's share was approximately $245,000, due
primarily to the profitable results of certain films. The
Tri-Star Joint Venture had a net loss; however, the
Partnership reported a net profit from that Joint Venture
of approximately $54,000 due primarily to the profitable
results of certain films. In addition, the Partnership
earned approximately $66,000 of interest income from its
short-term investments and incurred approximately $310,000
of expenses from its operations, resulting in an overall
net profit to the Partnership of approximately $55,000.
The decrease in interest income for the three and nine
month periods ended September 30, 1996 as compared with
the
corresponding periods in 1995 was primarily due to less
funds available for short-term investments as well as
lower interest rates earned on short-term investments
during 1996.
The decrease in the Partnership's total expenses for
the three and nine month periods ended September 30, 1996
as compared with the corresponding periods in 1995 is
primarily attributable to the Management Fee incurred in
1995 but not in 1996 due to the expiration of the
Management Fee arrangement at the end of 1995 offset, in
part, by an increase in Operating Expenses. The increase
in Operating Expenses is primarily due to the
reimbursement to the General Partner for out-of-pocket
expenses incurred in connection with its management of the
Partnership's business in lieu of the Management Fee paid
to the General Partner prior to 1996.
<PAGE>
COLUMBIA-DELPHI IV PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September
December 30,
31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization
of $164,110 and $164,104, $ 76 $
respectively 82
Receivable from Columbia
Pictures
(Distributor)
6,827 6,278
Total $ 6,903 $
Assets 6,360
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to Columbia Pictures $ 6,104 $
Industries, Inc. 5,655
Payable to Delphi Film
Associates IV 723 623
Total
Liabilities 6,827 6,278
Venturers' Capital:
Columbia Pictures Industries, 64 69
Inc.
Delphi Film Associates IV
12 13
Total
Venturers' Capital 76 82
Total
Liabilities and Venturers'
$ 6,903 $
Capital 6,360
See accompanying notes to the financial
statements. </TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF
OPERATIONS
(000's
Omitted)
Unaudited
<TABLE>
<CAPTION>
For
the Three Months For the Nine Months
Ended September 30, Ended
September 30,
1996 1995 1996 1995<S>
<C> <C> <C> <C>
Net Revenues From Motion
Picture Exploitation $ $ $ $
595 1,178 1,514 3,660
Less: Amortization of
Motion Picture
Production
and Advertising
Costs 4 20 6 243
Income from Operations 591 1,158 1,508 3,417
Additional Payments
Accrual 0 0 0 235
Other Expense
0 (57) 0 (57)
Net Income $ $ $ $
591 1,101 1,508 3,595
See accompanying notes to the financial
statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH
FLOWS
(000's
Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
<S>
<C> <C>
Cash Flow From Operating
Activities:
Net Income $ $
1,508 3,595
Adjustments to reconcile
Net Income to net cash
provided by operating
activities: Amortization
of Motion Picture
Production and
Advertising Costs 6 243
Write-off of Receivable from 0 (57)
Distributor
Accrued Distributions 778 (1,315)
toVenturers
Changes in Assets and
Liabilities:
Increase in Payable to
Delphi Film
Associates IV 100 17
Increase in Payable to
Columbia Pictures
Industries, Inc. 449 1,298
Increase in Receivable from
Columbia
Pictures (Distributor) (549) (1,023)
Increase in Motion Picture
Costs
Recoverable from
Additional Payments 0 (235)
Net Cash Provided by Operating
Activities 2,292 2,523
Cash Flow from Financing
Activities:
Distributions to Venturers
(2,292) (2,523)
Net Cash Used by Financing
Activities (2,292) (2,523)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
COLUMBIA - DELPHI IV PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL
STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change
in the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates IV (the
"Partnership") for the year ended December 31, 1995. The
information furnished includes all adjustments which are,
in the opinion of management, necessary to present fairly
the financial position of the Joint Venture as of
September 30, 1996 and the results of its operations and
cash flows for the periods ended September 30, 1996 and
1995. Results of
operations for the period ended September 30, 1996 are not
necessarily indicative of the results that may be expected
for the entire fiscal year.
2. Current Operations
All twelve films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three and nine month periods ended September 30, 1996, the
Joint Venture is reporting net revenue of $595,000 and
$1,514,000, respectively, due primarily to the performance
of certain films in the domestic home video, worldwide
free and pay television markets.
For the three and nine month periods ended September
30, 1995, the Joint Venture reported net revenue of
$1,178,000 and $3,660,000, respectively, due primarily to
the performance of certain films in the worldwide free
television, home video and pay television markets. For
the nine month period ended September 30, 1995, the Joint
Venture recorded an increase of $235,000 in the accrued
Additional Payment due to changes in the estimated
distribution fee to be earned by its Distributor. For the
three and nine month periods ended September 30, 1995, the
Joint Venture recorded an Other Expense of $57,000
relating to the write down of the Receivable from Columbia
Pictures (Distributor) due to two films which were fully
recouped for both Columbia and Delphi as of the Additional
Payment date. 3. Additional Information
Additional information, including the audited year end
1995 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December
31, 1995.
<PAGE>
TRI-STAR -DELPHI IV PRODUCTIONS
(A Joint Venture)
BALANCE SHEETS
(000's Omitted)
Unaudited
<TABLE>
<CAPTION>
September
December 30,
31,
1996 1995
<S> <C> <C>
ASSETS
Motion Picture Production and
Advertising
Costs, net of accumulated
amortization of
$108,477 and $108,473, $ $
respectively 98 102
Motion Picture Costs Recoverable
from
Additional Payments 1,853 1,835
Receivable from TriStar
Pictures, Inc.
(Distributor)
993 1,083
Total $ 2,944 $
Assets 3,020
LIABILITIES AND VENTURERS'
CAPITAL
Liabilities:
Payable to TriStar Pictures, $ $
Inc. 2,104 2,141
Payable to Delphi Film
Associates IV 742 777
Total
Liabilities 2,846 2,918
Venturers' Capital:
TriStar Pictures, Inc. 98 102
Delphi Film Associates IV
0 0
Total
Venturers' Capital 98 102
Total
Liabilities and Venturers'
$ $
Capital 2,944 3,020
See accompanying notes to the financial
statements. </TABLE>
<PAGE>
TRI-STAR-DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF
OPERATIONS
(000's
Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended September 30, Ended
September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Net Revenues From Motion
Picture
Exploitation $ $ $ $
44 132 251 664
Less: Amortization of
Motion
Picture
Production and
Advertising
Costs 0 21 4 116
Income from Operations 44 111 247 548
Additional Payments
Accrual
(Recapture) 23
0 (7) 18
Other Expense
0 (824) 0 (824)
Net Income (Loss) $ $ $ $
44 (720) 265 (253)
See accompanying notes to the financial
statements.
</TABLE>
<PAGE>
TRI-STAR - DELPHI IV PRODUCTIONS
(A Joint Venture)
STATEMENTS OF CASH
FLOWS
(000's
Omitted)
Unaudited
<TABLE>
<CAPTION>
For the Nine Months Ended September 30,
1996 1995
<S>
<C> <C>Cash Flow From
Operating
Activities:
Net Income (Loss) $ $
265 (253)
Adjustments to reconcile
Net
Income (Loss) to
net cash provided by
operating activities:
Amortization of Motion Picture
Production and
Advertising Costs 4 116
Write-off of Receivable
from 0 (824)
Distributor
Accrued Distributions 72 641
toVenturers
Changes in Assets and
Liabilities:
Decrease in Payable to
Delphi Film
Associates IV (35) (28)
Decrease in Payable
to (37) (613)
TriStar Pictures, Inc.
Decrease in Receivable
from TriStar
Pictures, Inc. 90 1,488
(Distributor)
Increase in Motion Picture
Costs
Recoverable from
Additional Payments (18) (23)
Net Cash Provided by
Operating Activities 341 504
Cash Flow From Financing
Activities:
Distributions to Venturers
(341) (504)
Net Cash Used by
Financing Activities (341) (504)
Net Change in Cash 0 0
Cash at beginning of period
0 0
Cash at end of period $ $
0 0
See accompanying notes to the financial statements.
</TABLE>
<PAGE>
TRISTAR - DELPHI IV PRODUCTIONS
(A Joint Venture)
NOTES TO FINANCIAL
STATEMENTS
Unaudited
1. Basis of Presentation
The accompanying unaudited financial statements have
been prepared in accordance with generally accepted
accounting principles for interim financial information.
They do not include all information and notes required by
generally accepted accounting principles for complete
financial statements. There has been no material change
in the information disclosed in the notes to financial
statements of the Joint Venture included in the Annual
Report on Form 10-K of Delphi Film Associates IV (the
"Partnership") for the year ended December 31, 1995. The
information furnished includes all adjustments which are,
in the opinion of management, necessary to present fairly
the financial position of the Joint Venture as of
September 30, 1996 and the results of its operations and
cash flows for the periods ended September 30, 1996 and
1995. Results of operations for the period ended
September 30, 1996 are not necessarily indicative of the
results that may be expected
for the entire fiscal year.
2. Current Operations
All fifteen films in which the Joint Venture has an
interest have completed their theatrical release and are
being distributed in various ancillary markets. For the
three
and nine month periods ended September 30, 1996, the
Joint Venture is reporting net revenue of $44,000 and
$251,000, respectively, due primarily to the performance
of its films in the worldwide free television market. For
the nine month period ended September 30, 1996, the Joint
Venture has recorded an increase in the Additional Payment
accrual of $18,000 due to an increase in the estimated
distribution fee to be earned by its Distributor.
For the three and nine month periods ended September
30, 1995, the Joint Venture reported net revenue of
$132,000 and $664,000, respectively, due primarily to the
performance of its films in the worldwide free television
and international theatrical markets. For the nine month
period ended September 30, 1995, the Joint Venture
recorded an increase in the Additional Payment accrual of
$23,000 due to an increase in the estimated distribution
fee to be earned by its Distributor. For the three and
nine month periods ended September 30, 1995, the Joint
Venture recorded an Other Expense of $824,000 relating to
the write down of the Receivable from TriStar Pictures,
Inc. (Distributor) due to four films which were fully
recouped for both TriStar and Delphi as of the Additional
Payment date.
3. Additional Information
Additional information, including the audited year end
1995 Financial Statements and the Summary of Significant
Accounting Policies, is included in the Annual Report on
Form 10-K of the Partnership for the year ended December
31, 1995.
<PAGE>
PART II
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3.Defaults Upon Senior Securities
None
Item 4.Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6.Exhibits and Reports on Form 8-K
A). Exhibits
<TABLE>
<CAPTION>
EXHIBIT
NUMBERDESCRIPTIONPAGE NUMBER
<S> <C>
<C>
27 Financial Data
Schedule
</TABLE>
B). Reports on Form 8-K
None
<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.
DELPHI FILM ASSOCIATES IV
A New York Limited
Partnership
By: THE DELPHI COMPANY,
General Partner
By: ML Film Entertainment
Inc.,
Managing Partner
November 11, 1996 /s/ Diane T.
Herte
Date Diane T. Herte
Treasurer of the Managing
Partner of the
General Partner
(principal financial officer
and principal
accounting officer of the
Registrant)
November 11, 1996 /s/ Steven N.
Baumgarten
Date Steven N. Baumgarten
Director and Vice President
of the Managing
Partner
of the General Partner
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial
information extracted from Balance Sheets and Statement of
Operations for the third quarter ended September 30, 1996
Form 10Q of Delphi Film Associates IV and is qualified in
its entirety by reference to such financial statements.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 159,000
<SECURITIES> 894,000
<RECEIVABLES> 1,465,000
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,530,000
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 2,476,000
<TOTAL-LIABILITY-AND-EQUITY> 2,530,000
<SALES> 0
<TOTAL-REVENUES> 50,000
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES>
246,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 204,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME>
204,000
<EPS-PRIMARY> 25
<EPS-DILUTED> 0
</TABLE>