<PAGE> 1
Securities and Exchange Commission
Washington, D.C. 20549
Form 10 Q
Quarterly Report under section 13 or 15(d) of the
Securities and Exchange Act of 1934
For the Quarter Ended September 30, 1995
Commission file number 33-633
American Retirement Villas Properties
- -------------------------------------
(Exact name of Registrant as specified in it's charter)
California 33-0154077
- ---------- ----------
state or other jurisdiction (IRS Employer Identification
of organization Number)
245 Fischer Avenue, Suite D-1
Costa Mesa, California 92626
- ---------------------- -----
(address of principal executive (zip code)
office)
Registrant's telephone number, (714) 751-7400
including area code --------------
Indicate by a check mark whether the registrant (1) has filed all the reports to
be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934
during the preceding 12 months, (or for such shorter period that the registrant
was required to file reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
-------- --------
<PAGE> 2
PART 1 ITEM 1
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
Balance Sheets
September 30, 1995 (unaudited) and December 31, 1994 (audited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
Assets (unaudited) (audited)
------ ----------- -----------
<S> <C> <C>
Properties, at cost (notes 4 and 5)
Land $ 2,695,099 $ 2,695,099
Building and improvements, less
accumulated depreciation of $5,228,435
in 1995 and $4,689,608 in 1994 14,571,819 15,035,175
Furniture, fixtures and equipment less
accumulated depreciation of $325,701
in 1995 and $330,734 in 1994 273,124 239,999
----------- -----------
Net Properties 17,540,042 17,970,273
Cash and cash equivalents 668,301 245,898
Loan fees, less accumulated amortization
of $9,250 in 1995 and $5,630 in 1994 24,531 28,151
Other assets 411,190 107,784
----------- -----------
Total assets $18,644,064 $18,352,106
=========== ===========
Liabilities and Partners' Capital
---------------------------------
Notes payable (note 6) $ 981,054 $ 989,281
Accounts payable and accrued expenses 420,589 350,833
Amounts payable to affiliate (note 3) 0 9,601
Distribution payable to partners 52,367 455,919
----------- -----------
Total Liabilities 1,454,010 1,805,634
Partners' capital (note 2)
30,000 units outstanding at September
30, 1995 and December 31, 1994 17,190,054 16,546,472
----------- -----------
Total liabilities and partners' capital $18,644,064 $18,352,106
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 3
PART 1 ITEM 1 (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
Statements of Operations (unaudited)
For the quarter ended September 30, 1995
For the quarter ended September 30, 1994
For the nine months ended September 30, 1995
For the nine months ended September 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Quarter Quarter Nine months Nine months
ended Sept ended Sept ended Sept ended Sept
30, 1995 30, 1994 30, 1995 30, 1994
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Rent $1,824,822 $1,745,928 $5,439,214 $5,118,379
Assisted living 214,107 170,288 598,839 499,229
Other 43,279 37,283 138,659 140,041
---------- ---------- ---------- ----------
Total Revenues 2,082,208 1,953,498 6,176,711 5,757,648
---------- ---------- ---------- ----------
Costs and expenses:
Rental property operations (note 3 and 7) 1,049,899 1,016,810 3,128,489 3,017,833
Assisted living (note 3) 93,455 77,645 267,684 229,408
General and administrative (note 3) 252,637 260,313 751,679 758,035
Depreciation and amortization 206,623 223,166 618,989 658,080
Property taxes 61,634 65,250 190,292 197,406
Advertising 10,917 9,009 34,746 31,095
Interest (note 6) 23,860 24,120 71,262 83,136
Legal 1,710 0 11,497 5,791
Bad debt 1,499 75 3,759 1,683
---------- ---------- ---------- ----------
Total costs and expenses 1,702,234 1,676,388 5,078,397 4,982,466
Net income $ 379,974 $ 277,110 $1,098,314 $ 775,182
========== ========== ========== ==========
Net income to General Partner 3,800 2,771 10,983 7,752
Net income to limited partner $ 376,174 $ 274,339 $1,087,331 $ 767,430
========== ========== ========== ==========
Net income per limited partners unit $ 12.54 $ 9.14 $ 36.24 $ 25.58
========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 4
PART 1 ITEM 1 (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
Statement of Cash Flows (unaudited)
For the nine months ended September 30, 1995
For the nine months ended September 30, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
(unaudited) (unaudited)
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $1,098,314 $ 775,182
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 618,989 658,080
Change in assets and liabilities:
Increase in other assets (303,406) (3,416)
Decrease in loan fees 3,620 7,759
Increase in accounts
payable and accrued expenses 70,264 59,625
(Decrease) in amounts payable
to affiliates (10,108) (2,194)
---------- -----------
Total adjustments 379,359 719,853
Net cash provided by operating activities 1,477,673 1,495,035
---------- -----------
Cash flows from (used in) investing activities:
Capital expenditures (177,536) (167,210)
---------- -----------
Net cash used in investing activities (177,536) (167,210)
Cash flows from (used in) financing activities:
Principal reduction of notes payable (8,227) (332,463)
Distributions paid (869,507) (1,277,605)
---------- -----------
Net cash used in financing activities (877,734) (1,610,068)
---------- -----------
Increase (Decrease) in cash 422,403 (282,243)
Cash at the beginning of the period 245,898 498,543
---------- -----------
Cash at the end of the period $ 668,301 $ 216,300
========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 5
PART 1 ITEM 1 (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
September 30, 1995
- --------------------------------------------------------------------------------
(1) Summary of Significant Accounting Policies
Basis of Accounting
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Carrying Value of Real Estate
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Loan Fees
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Rental Income
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Income Taxes
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Net Income Per Limited Partner Unit
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference. The weighted average number of
units outstanding at September 30, 1995 and September 30, 1994 was 30,000.
Cash and Cash Equivalents
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
<PAGE> 6
PART 1 ITEM 1 (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
September 30, 1995
- --------------------------------------------------------------------------------
Reclassifications
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(2) Organization and Partnership Agreement
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(3) Transactions with Affiliates
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference, except for the following
additional comments. For the nine months ended September 30, 1995 property
management and partnership management fees of $308,836 and $192,642
respectively, were paid or accrued to the Managing General Partner.
(4) Properties
Villa Bonita:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Rancho Park Villa:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Tamalpais Creek:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
Maria del Sol:
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
<PAGE> 7
PART I ITEM I (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
September 30, 1995
- --------------------------------------------------------------------------------
(5) Accounts Payable and Accrued Expenses
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(6) Notes Payable
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
(7) ESOP
Pursuant to Regulation S-X Rule 10-1(5) the material stated in the December 31,
1994 Form 10K is incorporated by this reference.
<PAGE> 8
PART I ITEM II
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
(1) Liquidity.
The General Partners expect that the cash to be generated from operations
of all the Registrant's properties will be adequate to pay operating expenses,
make necessary capital improvements, make required principal reductions, and
provide distributions to the Partners. On a long-term basis, the Registrant's
liquidity is sustained primarily from cash flow provided by operating
activities. During the nine months ended September 30, 1995, net cash provided
by operating activities was approximately $1,477,673 as compared to cash
provided by operating activities of approximately $1,430,722 for the nine months
ended September 30, 1994.
During the nine months ended September 30, 1995, the Registrant used net
cash in investing activities of $177,536 compared to $167,210 for the nine
months ended September 30, 1994. The Registrant's investing activities
consisted of capital improvements made on its four properties.
During the nine months ended September 30, 1995, the Registrant used net
cash in financing activities of $877,734 compared to $1,610,068 for the nine
months ended September 30, 1994. The Registrant's financing activities
consisted of principal reduction on notes payable and distributions paid to the
Partners.
The General Partners are not aware of any trends, other than national
economic conditions, which have had or which may be reasonably expected to have
a material favorable or unfavorable impact on revenues or income from the
operations or sale of properties. The General Partners believe that if the
inflation rate increases they will be able to pass the subsequent increase in
operating expenses onto the residents of the properties by way of higher rental
and Assisted Living rates. The Registrant has long term debt of approximately
$981,000 ,as of September 30, 1995, which matures on September 20, 2000. The
amount of this indebtedness is minor in relation to the Registrant's equity.
(2) Capital Resources.
Registrant contemplates spending approximately $200,000 for capital
expenditures during 1995 for physical improvements at its four facilities. The
funds for these improvements should be available from operations.
There are no known material trends, favorable or unfavorable, in the
Registrant's capital resources, and there is no expected change in the mix of
such resources.
(3) Results of Operations.
Three months ended September 30, 1995 compared with the three months ended
September 30, 1994.
Revenue for the three months ended September 30, 1995, and the three months
ended September 30, 1994 includes rental income and Assisted Living income from
all four properties, interest earned on cash balances and other revenue. Total
revenues for the three months ended September 30, 1995 were $2,082,208, an
increase of approximately 7% over revenues of $1,953,498 for the three months
ended September 30, 1994.
<PAGE> 9
PART I ITEM II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
The largest component of revenue, rent, increased by approximately 5% from
the three months ended September 30, 1994 to the three months ended September
30, 1995. The increase in rent was due to an increase in occupancy of
approximately 3% and an increase in rental rates of approximately 2%.
Revenue from Assisted Living increased by approximately 26% from the three
months ended September 30, 1994 to the three months ended September 30, 1995.
The increase in Assisted Living was due to aggressive marketing of the Assisted
Living services and the resulting increase in the number of residents using the
program.
Interest and other revenue increased by over 16% from the three months
ended September 30, 1994 to the three months ended September 30, 1995. Interest
income results from interest earned on cash deposits. Other revenue generally
includes processing fees and beauty shop revenue.
Sources of revenue for the three months ended September 30, 1995 and
September 30, 1994 are summarized as follows:
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
Rent $1,824,822 $1,745,928
Assisted Living 214,107 170,288
Other 43,279 37,283
---------- ----------
$2,082,208 $1,953,498
========== ==========
</TABLE>
Total cost and expenses for the three months ended September 30,1 995 were
$1,702,234, an increase of approximately 2% over costs and expenses of
$1,676,388 for the three months ended September 30, 1994.
The largest component of expenses, rental property operations, consist
primarily of property management costs, payroll related expenses, utilities,
food expenses and maintenance and supplies. Rental property operations expenses
increased by 3% from the three months ended September 30, 1994 to the three
months ended September 30, 1995. The increase in rental property operating
expenses is primarily due to increases in payroll expenses and increases in
occupancy which generate increases in expenses.
Assisted Living expenses consist primarily of the related payroll expense.
Assisted living expenses increased by over 20% from the three months ended
September 30, 1994 to the three months ended September 30, 1995. Assisted
Living expenses increased due to the increases in size of the related staff
providing Assisted Living services. This increase corresponds to the increase
in Assisted Living revenue.
<PAGE> 10
PART I ITEM II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
General and administrative expenses are comprised of, but not limited to,
costs for accounting, partnership administration, bad debt, data processing,
investor relations, insurance, and professional services. General and
administrative expenses decreased about 3% from the three months ended September
30, 1994 to the three months ended September 30, 1995.
Depreciation and amortization expense decreased by over 7% from the three
months ended September 30, 1994 to the three months ended September 30, 1995.
Interest expense decreased over 1% for the three months ended September 30,
1994 compared to the three months ended September 30, 1995, as a result of
principal reduction.
Selected costs and expenses for the three months ended September 30, 1995
and September 30, 1994 are summarized as follows:
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
Rental Property Operations $1,049,899 $1,016,810
Assisted Living 93,455 77,645
General and Administrative 252,637 260,313
Depreciation and Amortization 206,623 223,166
Property Taxes 61,634 65,250
Interest 23,860 24,120
</TABLE>
NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED WITH THE NINE MONTHS ENDED
SEPTEMBER 30, 1994.
Revenue for the nine months ended September 30, 1995, and the nine months
ended September 30,1994 includes rental income and Assisted Living revenue from
all four facilities, interest earned on cash balances and other revenue. Total
revenues for the nine months ended September 30, 1995 were $6,176,711 an
increase of approximately 7% over revenues of $5,757,648 for the nine months
ended September 30, 1994.
The largest component of revenue, rent, increased by over 6% from the nine
months ended September 30, 1994 to the nine months ended September 30, 1995.
This increase in rent was due to an increase in occupancy of approximately 3%
and an increase in rental rates of over 2%.
Revenue from Assisted Living increased by almost 20% from the nine months
ended September 30, 1994 to the nine months ended September 30, 1995. The
increase in Assisted Living was due to aggressive marketing of the Assisted
Living services and the resulting increase in the number of residents using the
program.
<PAGE> 11
PART I ITEM II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
Interest and other revenue decreased by approximately 1% from the nine
months ended September 30, 1994 to the nine months ended September 30, 1995.
Interest income results from interest earned on cash deposits. Other revenue
generally includes processing fees and beauty shop revenue.
Sources of revenue for the nine months ended September 30, 1995 and
September 30, 1994 are summarized as follows:
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
Rent $5,439,214 $5,118,379
Assisted Living 598,839 499,229
Interest and Other 138,659 140,041
---------- ----------
Total Revenue $6,176,611 $5,757,648
========== ==========
</TABLE>
Total costs and expenses for the nine months ended September 30, 1995 were
$5,078,397, an increase of approximately 2% over costs and expenses of
$4,982,466 for the nine months ended September 30, 1994.
The largest component of expenses, rental property operations, consist
primarily of the property management costs, payroll related expenses, utilities,
food expenses and maintenance and supplies. Rental property operations expense
increased by almost 4% from the nine months ended September 30, 1994 to the nine
months ended September 30, 1995. The increase in rental property operating
expenses is primarily due to increased in payroll expenses and increases in
occupancy which generate increases in expenses.
Assisted Living expenses consist primarily of the related payroll expense.
Assisted Living expenses increased by over 16% from the nine months ended
September 30, 1994 to the nine months ended September 30, 1995. Assisted Living
expenses increased due to the increases in size of the related staff providing
Assisted Living services. This increase corresponds to the increase in Assisted
Living revenue.
General and administrative expenses are comprised of, but not limited to,
costs for accounting, partnership administration, bad debt, data processing,
investor relations, insurance, and professional services. General and
administrative expenses decreased about 1% from the nine months ended September
30, 1994 to the nine months ended September 30, 1995.
Depreciation and amortization expense decreased by more than 5% from the
nine months ended September 30, 1994 to the nine months ended September 30,
1995. Depreciation and amortization decreased due to a portion of fixed assets
becoming fully depreciated.
Interest expense decreased over 14% for the nine months ended September 30,
1994 compared to the nine months ended September 30, 1995, as a result of paying
off a loan secured by a first deed of trust on Villa Bonita of $321,250 on or
about March 31, 1994.
<PAGE> 12
PART I ITEM II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
Selected costs and expenses for the nine months ended September 30, 1995
and September 30, 1994 are as follows:
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
September 30, 1995 September 30, 1994
<S> <C> <C>
Rental Property Operations $3,128,489 $3,017,833
Assisted Living 267,684 229,408
General and Administrative 751,679 758,035
Depreciation and Amortization 618,989 658,080
Property Taxes 190,292 197,406
Interest 71,262 83,136
</TABLE>
<PAGE> 13
PART II
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
Item 1 Legal Proceedings
None
Item 2 Change in Securities
None
Item 3 Defaults Upon Senior Securities
None
Item 4 Submission of Matters to Vote of Security Holders
On August 29, 1995, American Retirement Villas Properties (the
"Partnership") initiated the solicitation of consents from the
holders of units of the Partnership regarding the sale of the
four assisted living facilities (the "Properties") owned by the
Partnership to Nationwide Health Properties, Inc. ("NHP") .
a) On September 28, 1995, the Partnership received consents
from holders of a majority of the units to the proposed
Sale and Liquidation and terminated the solicitation of
consents.
b) The tabulation of the votes for the solicitation of
consents was as follows:
<TABLE>
<CAPTION>
Votes For Votes Against Abstain
----------- ------------- --------
<S> <C> <C>
15,953.9840 4,444.2350 261.0230
</TABLE>
Item 5 Other Information
A. On May 25 the Managing General Partner had a name change from
ARV Housing Group, Inc. to ARV Assisted Living, Inc..
B. On August 29, 1995, American Retirement Villas Properties (the
"Partnership") initiated the solicitation of consents from the
holders of units of the Partnership regarding the sale of the
four assisted living facilities (the "Properties") owned by the
Partnership to Nationwide Health Properties, Inc. ("NHP") and,
following such sale, the distribution of the net proceeds of
sale in accordance with the terms of the limited partnership
agreement of the Partnership, and the subsequent termination,
dissolution and winding up of the Partnership (collectively,
the "Sale and Liquidation"). On September 28, 1995, the
Partnership received consents from holders of a majority of the
units to the proposed Sale and Liquidation and terminated the
solicitation of consents. The sale of the Properties to NHP
closed on October 16, 1995 and distribution of the net
proceeds from the sale were forwarded to holders on October
18, 1995. The Partnership will be dissolved and the
Partnership's business affairs will be wound up before the
end of the year.
C. Form 8-A General Form for Registration of Securities - Filed
July 14, 1995.
Item 6 Exhibits and Reports on Form 8K
A. Exhibit 27 - Financial Data Schedule
B. Reports on Form 8-K - Filed September 28, 1995
<PAGE> 14
PART II (Continued)
AMERICAN RETIREMENT VILLAS PROPERTIES
(a California Limited Partnership)
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.
AMERICAN RETIREMENT VILLAS PROPERTIES,
A CALIFORNIA LIMITED PARTNERSHIP
By ARV Assisted Living, Inc.
----------------------------
Managing General Partner
Date: November 11, 1995 By /s/ GARY L. DAVIDSON
--------------------------
Gary L. Davidson
Chairman of the Board
Date: November 11, 1995 By /s/ GRAHAM ESPLEY-JONES
--------------------------
Graham Espley-Jones
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 668,301
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 435,721
<PP&E> 17,540,042
<DEPRECIATION> 5,554,136
<TOTAL-ASSETS> 18,644,064
<CURRENT-LIABILITIES> 1,454,010
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 17,190,054
<TOTAL-LIABILITY-AND-EQUITY> 18,644,064
<SALES> 0
<TOTAL-REVENUES> 2,082,208
<CGS> 0
<TOTAL-COSTS> 1,678,374
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23,860
<INCOME-PRETAX> 379,974
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 379,974
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
