FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-14470
INVESTORS FIRST-STAGED EQUITY L.P.
(Exact name of small business issuer as specified in its charter)
Delaware 36-3310965
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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___
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
INVESTORS FIRST-STAGED EQUITY L.P.
CONSOLIDATED BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
Assets
Cash and cash equivalents $ 2,589
Receivables and deposits 280
Restricted escrows 575
Other assets 743
Investment properties:
Land $ 6,431
Buildings and related personal property 29,417
35,848
Less accumulated depreciation (21,705) 14,143
$ 18,330
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 20
Accrued interest 319
Tenant security deposit liabilities 277
Disposition fee payable to affiliates of General
Partner 603
Accrued property taxes 47
Other liabilities 69
Advances from affiliates of General Partner 340
Mortgage notes payable 30,155
Partners' Deficit
General partner $ (120)
Limited partners (16,261.152 units issued and
outstanding) (13,380) (13,500)
$ 18,330
See Accompanying Notes to Consolidated Financial Statements
b)
INVESTORS FIRST-STAGED EQUITY L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
Three Months Ended
March 31,
2000 1999
Revenues: (restated)
Rental income $ 1,416 $ 1,353
Other income 126 69
Total revenues 1,542 1,422
Expenses:
Operating 402 391
General and administrative 50 57
Depreciation 381 360
Interest 544 544
Property taxes 102 78
Total expenses 1,479 1,430
Income (loss) from continuing operations 63 (8)
Income from discontinued operations -- 111
Net income $ 63 $ 103
Net income allocated to general partners (1%) $ 1 $ 1
Net income allocated to limited partners (99%) 62 102
$ 63 $ 103
Net income (loss) per limited partnership unit:
Income from continuing operations $ 3.81 $ (.49)
Income from discontinued operations -- 6.76
Net income $ 3.81 $ 6.27
Distributions per limited partnership unit $ 473.58 $ --
See Accompanying Notes to Consolidated Financial Statements
c)
INVESTORS FIRST-STAGED EQUITY L.P.
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Partners' deficit at
December 31, 1999 16,261.152 $ (121) $ (5,741) $ (5,862)
Distributions to limited
partners -- -- (7,701) (7,701)
Net income for the three months
ended March 31, 2000 -- 1 62 63
Partners' deficit
at March 31, 2000 16,261.152 $ (120) $(13,380) $(13,500)
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
d)
INVESTORS FIRST-STAGED EQUITY L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 63 $ 103
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 381 474
Amortization of loan costs and leasing commissions 25 45
Change in accounts:
Receivables and deposits 300 (123)
Other assets (98) (60)
Accounts payable (27) (42)
Accrued interest 176 8
Tenant security deposit liabilities 1 (4)
Accrued property taxes 47 86
Other liabilities (66) 20
Net cash provided by operating activities 802 507
Cash flows from investing activities:
Property improvements and replacements (43) (38)
Net deposits to restricted escrows (33) (68)
Net cash used in investing activities (76) (106)
Cash flows from financing activities:
Distributions to limited partners (7,701) --
Payments on mortgage notes payable (50) (218)
Advances from affiliates -- 1
Net cash used in financing activities (7,751) (217)
Net (decrease) increase in cash and cash equivalents (7,025) 184
Cash and cash equivalents at beginning of period 9,614 1,184
Cash and cash equivalents at end of period $ 2,589 $ 1,368
Supplemental disclosure of cash flow information:
Cash paid for interest $ 343 $ 768
See Accompanying Notes to Consolidated Financial Statements
</TABLE>
e)
INVESTORS FIRST-STAGED EQUITY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Going Concern
The accompanying consolidated financial statements have been prepared assuming
Investors First-Staged Equity L.P. (the "Partnership or "Registrant") will
continue as a going concern. During the fourth quarter of 1999, the Partnership
was notified that it is in default on the Residual Proceeds Agreements relating
to Rivercrest Village Apartments and Richardson Highlands Apartments, the two
remaining investment properties owned by the Partnership. These agreements
require, among other things, that each property be marketed for sale six months
prior to January 15, 2000, which was the maturity date of the subordinated notes
payable, and that half of certain residual proceeds from the sale be paid to the
lender. The Partnership did not market these properties for sale in accordance
with the agreements, which also provide that the lender may commence an action
for the appointment of a receiver to sell each property. If the properties are
not sold within 180 days thereafter, the lender may foreclose on the properties.
After notifying the Partnership of such defaults, the lender proposed that a
party believed by the Partnership to be an affiliate of the lender purchase the
properties. However, MAERIL, Inc. (the "General Partner") believes that the
Residual Proceeds Agreement may no longer be effective, since the debt was
repaid in full prior to maturity. The Partnership currently is in discussions
with the lender with respect to the resolution of these issues.
There can be no assurance that a receiver will not be appointed for the
properties or that the properties will not be sold or foreclosed upon. If the
Partnership loses its remaining investment properties through sale or
foreclosure, then it will be forced to terminate.
As a result of the above, there is substantial doubt about the Partnership's
ability to continue as a going concern. The consolidated financial statements do
not include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or amounts and classification of
liabilities that may result from this uncertainty.
Note B - Basis of Presentation
The accompanying unaudited consolidated financial statements of the Partnership
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-QSB and
Item 310(b) of Regulation S-B. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of the General Partner, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three month
period ended March 31, 2000, are not necessarily indicative of the results that
may be expected for the fiscal year ending December 31, 2000. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Partnership's Annual Report on Form 10-KSB for the year
ended December 31, 1999.
Reclassifications
Certain reclassifications have been made to the 1999 financial statements to
conform with the 2000 presentation.
Principles of Consolidation
The financial statements include all the accounts of the Partnership and its
three 99.99% owned partnerships. The General Partner of the consolidated
partnerships is MAERIL, Inc. MAERIL, Inc. may be removed as the general partner
of the consolidated partnerships by the Registrant; therefore, the consolidated
partnerships are controlled and consolidated by the Registrant. All significant
interpartnership balances have been eliminated.
Note C - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company, ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the General Partner. The General Partner does not believe that this transaction
has had or will have a material effect on the affairs and operations of the
Partnership.
Note D - Transactions with Affiliates and Related Parties
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for (i) certain payments to affiliates for
services and (ii) reimbursement of certain expenses incurred by affiliates on
behalf of the Partnership. The following payments were made or accrued to the
General Partner and its affiliates during the three months ended March 31, 2000
and 1999:
2000 1999
(in thousands)
Property management fees (included in
operating expenses) $ 58 $ 56
Reimbursement for services of affiliates
(included in general and administrative
expense) 26 39
Real estate brokerage commission due to
general partner (included in disposition
fee payable to General Partner) 603 --
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from both of the
Registrant's residential properties as compensation for providing property
management services. The Registrant paid to such affiliates approximately
$58,000 and $56,000 for the three months ended March 31, 2000 and 1999,
respectively.
An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $26,000 and $39,000 for the
three months ended March 31, 2000 and 1999, respectively.
In prior years the Partnership was advanced funds from a former General Partner
in order to meet its existing obligations. Interest accrues on these advances at
rates agreed to by the Partnership and the former General Partner. The interest
rates at March 31, 2000 ranged from 4.70% to 9.50%. The unpaid balance on these
advances at March 31, 2000 and the related accrued interest is approximately
$340,000.
In connection with the sale of Serramonte Plaza in December 1999, a commission
of approximately $603,000 was accrued to the General Partner in accordance with
the terms of the Partnership Agreement. Payment of the commission will not be
made until the limited partners have received distributions equal to their
original invested capital plus a 6% per annum non-compounded cumulative
preferred return on their adjusted invested capital.
AIMCO and its affiliates currently own 2,497.46 limited partnership units in the
Partnership representing 15.358% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the General Partner because of their affiliation
with the General Partner.
Note E - Disposition of Property/Operating Segment
On December 16, 1999, Serramonte Plaza, located in Daly City, California, was
sold to an unaffiliated third party. Serramonte Plaza was the only commercial
property owned by the Partnership and represented one segment of the
Partnership's operations. Due to the sale of this property, the results of the
commercial segment have been shown as income from discontinued operations.
Accordingly, the consolidated 1999 statement of operations has been restated to
reflect this presentation. Revenues of this property were approximately $771,000
for 1999. Income from discontinued operations was approximately $111,000 for the
three month period ended March 31, 1999.
Note F - Segment Information
Description of the types of products and services from which the reportable
segment derives its revenues:
The Partnership had two reportable segments: residential properties and a
commercial property. The Partnership's residential property segment consists of
two apartment complexes both of which are located in California. The Partnership
rents apartment units to tenants for terms that are typically twelve months or
less. The commercial property segment consisted of office space located in
Serramonte, California, which was sold on December 16, 1999. As a result of the
sale of the commercial property during 1999, the commercial segment is shown as
a discontinued operation.
Measurement of segment profit or loss:
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
Factors management used to identify the enterprise's reportable segment:
The Partnership's reportable segments consist of investment properties that
offer different products and services. The reportable segments are each managed
separately because they provide distinct services with different types of
products and customers.
Segment information for the three months ended March 31, 2000 and 1999 is shown
in the tables below (in thousands). The "Other" column includes Partnership
administration related items and income and expense not allocated to the
reportable segments.
<TABLE>
<CAPTION>
2000
Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 1,416 $ -- $ -- $1,416
Other income 59 -- 67 126
Interest expense 544 -- -- 544
Depreciation 381 -- -- 381
General and administrative expenses -- -- 50 50
Segment profit 63 -- -- 63
Total assets 16,870 -- 1,460 18,330
Capital expenditures 43 -- -- 43
</TABLE>
<TABLE>
<CAPTION>
1999
Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 1,353 $ -- $ -- $1,353
Other income 63 -- 6 69
Interest expense 544 -- -- 544
Depreciation 360 -- -- 360
General and administrative expense -- -- 57 57
Income from discontinued operations -- 111 -- 111
Segment profit (loss) 43 111 (51) 103
Total assets 17,476 8,296 663 26,435
Capital expenditures 33 5 -- 38
</TABLE>
Note G - Distributions
A distribution of approximately $7,701,000 from the proceeds of the sale of
Serramonte Plaza (approximately $473.58 per limited partnership unit) was made
during the three month period ended March 31, 2000. No cash distributions were
paid during the three months ended March 31, 1999. The Registrant's distribution
policy is reviewed on an annual basis. Future cash distributions will depend on
the levels of net cash generated from operations, the availability of cash
reserves, debt maturities, refinancings, and/or property sales. There can be no
assurance, however, that the Registrant will generate sufficient funds from
operations, after required capital improvement expenditures, to permit
distributions to its partners in 2000 or subsequent periods.
Note H - Legal Proceedings
The Partnership is unaware of any pending or outstanding litigation that is not
of a routine nature arising in the ordinary course of business.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the Registrant's business and results of operations, including
forward-looking statements pertaining to such matters, does not take into
account the effects of any changes to the Registrant's business and results of
operations. Accordingly, actual results could differ materially from those
projected in the forward-looking statements as a result of a number of factors,
including those identified herein.
The Partnership's investment properties consist of two apartment complexes. The
following table sets forth the average occupancy for these properties for the
three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Rivercrest Village Apartments 92% 90%
Sacramento, California
Richardson Highlands Apartments 99% 99%
Marin City, California
Results of Operations
The Registrant's net income for the three months ended March 31, 2000 was
approximately $63,000 compared to net income of approximately $103,000 for the
three months ended March 31, 1999. The decrease in net income for the three
months ended March 31, 2000 is primarily attributable to a decrease in income
from discontinued operations as a result of the sale of the Partnership's sole
commercial property, Serramonte Plaza on December 16, 1999.
Excluding the impact of the operations and sale of the commercial property, the
Registrant's income from continuing operations for the three months ended March
31, 2000 was approximately $63,000 as compared to a loss of approximately $8,000
for the three months ended March 31, 1999. The increase in net income from
continuing operations was due to an increase in total revenues partially offset
by an increase in total expenses. The increase in total revenues was the result
of increases in rental income and other income. Rental income increased
primarily as a result of the increase in occupancy at Rivercrest Village
Apartments and an increase in average annual rental rates at both Rivercrest
Village Apartments and Richardson Highlands Apartments. The increase in other
income was primarily due to higher interest income as a result of an increase in
cash balances held in interest bearing accounts.
Total expenses increased for the three months ended March 31, 2000 as a result
of increases in property tax and depreciation expenses which were partially
offset by a decrease general and administrative expenses. Property tax expense
increased as a result of an increase in the assessed value of Richardson
Highlands Apartments. Depreciation expense increased as a result of significant
capital improvements placed in service during the past twelve months.
General and administrative expense decreased as a result of a decrease in
professional expenses and general costs of the Partnership. Included in general
and administrative expenses for the three months ended March 31, 2000 and 1999
are management reimbursements to the General Partner allowed under the
Partnership Agreement. In addition, costs associated with the quarterly and
annual communications with investors and regulatory agencies and the annual
audit required by the Partnership Agreement are also included.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment properties to assess
the feasibility of increasing rents, maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the General Partner attempts to protect the Partnership from the burden of
inflation-related increases in expenses by increasing rents and maintaining a
high overall occupancy level. However, due to changing market conditions which
can result in the use of rental concessions and rental reductions to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Registrant had cash and cash equivalents of approximately
$2,589,000 as compared to approximately $1,368,000 at March 31, 1999. Cash and
cash equivalents decreased approximately $7,025,000 for the three months ended
March 31, 2000 from the Registrant's year end, primarily due to approximately
$7,751,000 of cash used in financing activities, and approximately $76,000 of
cash used in investing activities which were partially offset by approximately
$802,000 of cash provided by operating activities. Cash used in financing
activities consisted of distributions to limited partners and principal payments
on the mortgages encumbering the Registrant's properties. Cash used in investing
activities consisted of property improvements and replacements and net deposits
to the escrow accounts maintained by the mortgage lender. The Registrant invests
its working capital reserves in money market accounts.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for each of the Partnership's properties are detailed below.
Rivercrest Village Apartments
Capital improvements budgeted for, but not limited to, approximately $587,000
are planned for 2000 at this property consisting primarily of roof replacements,
fencing replacements, floor covering and appliance replacements, and major
landscaping. As of March 31, 2000 approximately $25,000 of capital improvements
have been incurred consisting primarily of appliance and floor covering
replacements. These improvements were funded from operations and Partnership
reserves.
Richardson Highlands Apartments
Capital improvements budgeted for, but not limited to, approximately $121,000
are planned for 2000 at this property consisting primarily of appliance and
floor covering replacements, and pavement resurfacing. As of March 31, 2000
approximately $18,000 of capital improvements have been incurred consisting
primarily of appliances water heater and floor covering replacements. These
improvements were funded from cash flows from operations.
The additional capital expenditures will be incurred only if cash is available
from operations or Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.
The Registrant's current assets are thought to be sufficient for any near-term
needs (exclusive of capital improvements) of the Registrant. The mortgage
indebtedness of approximately $30,155,000 has maturity dates of January 2005 and
January 2008, with balloon payments due at maturity, at which time the
properties will either be refinanced and/or sold.
During the fourth quarter of 1999, the Partnership was notified that it is in
default on the Residual Proceeds Agreements relating to Rivercrest Village
Apartments and Richardson Highlands Apartments, the two remaining investment
properties owned by the Partnership. These agreements require, among other
things, that each property be marketed for sale six months prior to January 15,
2000, which was the maturity date of the subordinated notes payable, and that
half of certain residual proceeds from the sale be paid to the lender. The
Partnership did not market these properties for sale in accordance with the
agreements, which also provide that the lender may commence an action for the
appointment of a receiver to sell each property. If the properties are not sold
within 180 days thereafter, the lender may foreclose on the properties. After
notifying the Partnership of such defaults, the lender proposed that a party
believed by the Partnership to be an affiliate of the lender purchase the
properties. However, the General Partner believes that the Residual Proceeds
Agreement may no longer be effective, since the debt was repaid in full prior to
maturity. The Partnership currently is in discussions with the lender with
respect to the resolution of these issues.
There can be no assurance that a receiver will not be appointed for the
properties or that the properties will not be sold or foreclosed upon. If the
Partnership loses its remaining investment properties through sale or
foreclosure, then it will be forced to terminate.
As a result of the above, there is substantial doubt about the Partnership's
ability to continue as a going concern. The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classification of liabilities that may
result from this uncertainty.
A distribution of approximately $7,701,000 from the proceeds of the sale of
Serramonte Plaza (approximately $473.58 per limited partnership unit) was made
during the three month period ended March 31, 2000. No cash distributions were
paid during the three months ended March 31, 1999. The Registrant's distribution
policy is reviewed on an annual basis. Future cash distributions will depend on
the levels of net cash generated from operations, the availability of cash
reserves, debt maturities, refinancings, and/or property sales. There can be no
assurance, however, that the Registrant will generate sufficient funds from
operations, after required capital improvement expenditures, to permit
distributions to its partners during the remainder of 2000 or subsequent
periods.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K:
None filed during the quarter ended March 31, 2000.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
INVESTORS FIRST-STAGED EQUITY L.P.
(Registrant)
By: MAERIL, Inc.,
Its General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President and
Controller
Date: May 12, 2000
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Investors
First Staged Equity 2000 First Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000768834
<NAME> Investors First Staged Equity
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 2,589
<SECURITIES> 0
<RECEIVABLES> 280
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 35,848
<DEPRECIATION> 21,705
<TOTAL-ASSETS> 18,330
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 30,155
0
0
<COMMON> 0
<OTHER-SE> (13,500)
<TOTAL-LIABILITY-AND-EQUITY> 18,330
<SALES> 0
<TOTAL-REVENUES> 1,542
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,479
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 544
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 63
<EPS-BASIC> 3.81 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
