<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
(x) Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 1994
( ) 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: 0-14689
JONES CABLE INCOME FUND 1-A, LTD.
- - --------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado 84-1010416
- - --------------------------------------------------------------------------------
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, Englewood, Colorado 80112
----------------------------------------------------
Address of principal executive office
(303) 792-3111
-----------------------------
Registrant's telephone number
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
l934 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> 2
JONES CABLE INCOME FUND 1-A
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1994 1993
------ ------------- ------------
<S> <C> <C>
CASH $ 52,488 $ 61,322
TRADE RECEIVABLES, less allowance for doubtful
receivables of $1,863 and $6,117 at September 30, 1994
and December 31, 1993, respectively 45,568 57,745
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 9,329,952 8,901,952
Less- accumulated depreciation (5,103,229) (4,650,013)
----------- -----------
4,226,723 4,251,939
Franchise costs, net of accumulated amortization
of $529,698 and $481,053 at September 30, 1994
and December 31, 1993, respectively 197,302 245,947
Subscriber lists, net of accumulated amortization
of $1,377,949 and $1,281,604 at September 30, 1994
and December 31, 1993, respectively 25,051 121,396
Costs in excess of interests in net assets
purchased, net of accumulated amortization
of $37,630 and $34,174 at September 30, 1994
and December 31, 1993, respectively 146,370 149,826
----------- -----------
Total investment in cable television properties 4,595,446 4,769,108
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 7,285 15,135
----------- -----------
Total assets $ 4,700,787 $ 4,903,310
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
2
<PAGE> 3
JONES CABLE INCOME FUND 1-A
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1994 1993
------------------------------------------- ------------- ------------
<S> <C> <C>
LIABILITIES:
Debt $ 3,535,965 $ 3,310,501
Accounts payable-
Trade 4,016 4,196
General Partner 264,215 20,529
Accrued liabilities 191,686 234,531
Accrued distribution to limited partners 250,000 250,000
Subscriber prepayments 50,116 60,027
----------- -----------
Total liabilities 4,295,998 3,879,784
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner-
Contributed capital 1,000 1,000
Accumulated deficit (5,496) (6,834)
Distributions (63,774) (56,249)
----------- -----------
(68,269) (62,083)
----------- -----------
Limited Partners-
Net contributed capital (17,000 units outstanding
at September 30, 1994 and December 31, 1993) 7,288,694 7,288,694
Accumulated deficit (501,635) (634,085)
Distributions (6,314,000) (5,569,000)
----------- -----------
473,059 1,085,609
----------- -----------
Total liabilities and partners'
capital (deficit) $ 4,700,788 $ 4,903,310
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
3
<PAGE> 4
JONES CABLE INCOME FUND 1-A
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
----------------------------- ----------------------------
1994 1993 1994 1993
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES $1,056,430 $1,023,930 $3,215,812 $3,057,279
COSTS AND EXPENSES:
Operating, general and
administrative 613,487 581,228 1,886,871 1,819,361
Management fees and
allocated overhead from
General Partner 133,329 122,794 420,054 367,405
Depreciation and
amortization 202,612 208,448 634,940 615,503
---------- ---------- ---------- ----------
OPERATING INCOME 107,002 111,460 273,947 255,010
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest expense (57,486) (33,973) (143,510) (100,020)
Other, net 9,566 75 3,351 (612)
---------- ---------- ---------- ----------
Total other income (expense), net (47,920) (33,898) (140,159) (100,632)
---------- ---------- ---------- ----------
NET INCOME $ 59,082 $ 77,562 $ 133,788 $ 154,378
========== ========= ========== =========
ALLOCATION OF NET INCOME:
General Partner $ 591 $ 776 $ 1,338 $ 1,544
========== ========= ========== =========
Limited Partners $ 58,491 $ 76,786 $ 132,450 $ 152,834
========== ========= ========== =========
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 3.44 $ 4.52 $ 7.79 $ 8.99
========== ========= ========== =========
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 17,000 17,000 17,000 17,000
========== ========= ========== =========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these statements.
4
<PAGE> 5
JONES CABLE INCOME FUND 1-A
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
------------------------------
1994 1993
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 133,788 $ 154,378
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 634,940 615,503
Decrease (increase) in trade receivables 12,177 (15,562)
Decrease in deposits, prepaid expenses and
deferred charges 7,850 1,030
Decrease in trade accounts payable,
accrued liabilities and subscriber prepayments (60,416) (78,800)
Increase (decrease) in advances from General Partner 243,686 (19,356)
--------- ---------
Net cash provided by operating activities 972,025 657,193
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net (461,278) (452,927)
--------- ---------
Net cash used in investing activities (461,278) (452,927)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings 250,000 647,399
Repayment of debt (24,536) (14,634)
Cash flow distributions to limited partners (745,000) (780,000)
--------- ---------
Net cash used in financing activities (519,536) (147,235)
--------- ---------
Increase (decrease) in cash (8,834) 57,031
Cash, beginning of period 61,322 38,127
--------- ---------
Cash, end of period $ 52,488 $ 95,158
========= =========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 149,461 $ 90,201
========= =========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these statements.
5
<PAGE> 6
JONES CABLE INCOME FUND 1-A
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) This Form 10-Q is being filed in conformity with the SEC requirements
for unaudited financial statements and does not contain all of the necessary
footnote disclosures required for a fair presentation of the Balance Sheets and
Statements of Operations and Cash Flows in conformity with generally accepted
accounting principles. However, in the opinion of management, this data
includes all adjustments, consisting only of normal recurring accruals,
necessary to present fairly the financial position of Jones Cable Income Fund
1-A (the "Partnership") at September 30, 1994 and December 31, 1993 and its
Statements of Operations and Cash Flows for the three and nine month periods
ended September 30, 1994 and 1993. Results of operations for these periods are
not necessarily indicative of results to be expected for the full year.
The Partnership owns and operates the cable television systems serving
certain areas in and around Owatonna, Minnesota and Milwaukie, Oregon.
(2) Jones Intercable, Inc., a publicly held Colorado corporation (the
"General Partner"), manages the Partnership and receives a fee for its services
equal to five percent of the gross revenues of the Partnership, excluding
revenues from the sale of cable television systems or franchises. Management
fees for the three and nine month periods ended September 30, 1994 were $52,822
and $160,791, respectively, as compared to $51,197 and $152,864, respectively,
for the similar 1993 periods.
The Partnership reimburses the General Partner for certain allocated
overhead and administrative expenses. These expenses represent salaries and
related benefits paid for corporate personnel, rent, data processing services
and other corporate facilities costs. Such personnel provide engineering,
marketing, administrative, accounting, legal and investor relations services to
the Partnership. Allocations of personnel costs are based primarily on actual
time spent by employees of the General Partner with respect to each Partnership
managed. Remaining overhead costs were allocated based on revenues and/or
assets managed for the Partnership. Effective December 1, 1993, the allocation
method was changed to be based only on revenue, which the General Partner
believes provides a more accurate method of allocation. Systems owned by the
General Partner and all other systems owned by partnerships for which Jones
Intercable, Inc. is the general partner are also allocated a proportionate
share of these expenses. The General Partner believes that the methodology
used in allocating overhead and administrative expenses is reasonable. Amounts
allocated to the Partnership by the General Partner for allocated overhead and
administrative expenses for the three and nine month periods ended September
30, 1994 were $80,507 and $259,263, respectively, as compared to $71,597 and
$214,541, respectively, for the similar 1993 periods.
6
<PAGE> 7
JONES CABLE INCOME FUND 1-A
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
During the first nine months of 1994, the Partnership expended
approximately $461,000 in capital improvements. Approximately 31 percent
related to the purchase of converters, approximately 26 percent related to
service drops to subscribers' homes and approximately 18 percent of these
expenditures related to the upgrade of equipment within the Partnership's
systems. These expenditures were funded by borrowings from the Partnership's
credit facility and advances from the General Partner. Anticipated capital
expenditures for the remainder of 1994 are approximately $293,000. Of these
expenditures, approximately 29 percent relates to the upgrade of equipment,
approximately 18 percent relates to the purchase of vehicles and approximately
16 percent relates to service drops. The remainder of the expenditures is for
various enhancements in the Partnership's systems. The actual level of capital
expenditures will depend, in part, upon the General Partner's determination as
to the proper scope and timing of such expenditures in light of the 1992 Cable
Act and the Partnership's liquidity position. Funding for these expenditures
is expected to be provided by cash generated from operations, and, if
available, borrowings under a renegotiated credit facility, and in its
discretion, if necessary, advances from the General Partner.
In September 1992, the Partnership entered into a $3,500,000 revolving
credit facility. The revolving credit period expires March 31, 1995, at which
time the outstanding balance converts to a term loan with a final maturity of
June 30, 1999. The balance outstanding on the Partnership's credit facility at
September 30, 1994 was the maximum of $3,500,000. The General Partner expects
to renegotiate the Partnership's credit facility in 1995 to increase the
maximum amount available to fund capital expenditures. If the General Partner
is unsuccessful in renegotiating the credit facility, the Partnership may have
to reduce the level of capital expenditures and/or distributions. Interest on
outstanding principal amounts is computed at the Partnership's option of LIBOR
plus 1 percent or the prime rate plus 1/4 percent. The effective interest
rates on amounts outstanding as of September 30, 1994 and 1993 were
approximately 6.13 percent and 4.52 percent, respectively.
A primary objective of the Partnership is to provide quarterly cash
distributions from operating cash flow to the limited partners. The
Partnership declared a $250,000 distribution to the limited partners during the
third quarter of 1994, which was principally from third quarter operating cash
flow of the Partnership. The regulatory situation discussed below could have
an adverse effect on the Partnership's ability to make distributions. Future
distributions will be announced on a quarter-by-quarter basis and no
determination has been made regarding the level of future distributions. The
payment of quarterly operating cash flow distributions may reduce the financial
flexibility of the Partnership.
Subject to Regulation and Legislation as discussed below and assuming
successful renegotiation of the credit facility of which there can be no
assurance, the General Partner believes that the Partnership has, and will
continue to have, sufficient sources of capital available to meet its presently
anticipated needs.
Regulation and Legislation
Congress enacted the Cable Television Consumer Protection and
Competition Act of 1992 (the "1992 Cable Act"), which became effective on
December 4, 1992. This legislation has caused significant changes to the
regulatory environment in which the cable television industry operates. The
1992 Cable Act generally allows for a greater degree of regulation of the cable
television industry. Under the 1992 Cable Act's definition of effective
competition, nearly all cable systems in the United States, including those
owned and managed by the Partnership, are subject to rate regulation of basic
cable services. In addition, the 1992 Cable Act allows the FCC to regulate
rates for non-basic service tiers other than premium services in response to
complaints filed by franchising authorities and/or cable subscribers. In April
1993, the FCC adopted regulations governing rates for basic and non-basic
services. The FCC's rules became effective on September 1, 1993.
7
<PAGE> 8
In compliance with these rules, the General Partner reduced rates
charged for certain regulated services effective September 1, 1993. These
initial reductions resulted in some decrease in revenues and operating income
before depreciation and amortization; however, the decrease was not as severe
as originally anticipated. The General Partner undertook actions to mitigate a
portion of these reductions primarily through (a) new service offerings in some
systems, (b) product re-marketing and re-packaging and (c) marketing efforts
targeted at non-subscribers.
On February 22, 1994, however, the FCC adopted several additional rate
orders including an order which revised its earlier-announced regulatory
scheme with respect to rates. The FCC's new regulations will generally require
rate reductions, absent a successful cost-of-service showing, of 17 percent of
September 30, 1992 rates, adjusted for inflation, channel modifications,
equipment costs, and increases in programming costs. However, the FCC held
rate reductions in abeyance in certain systems. The new regulations became
effective on May 15, 1994, but operators could elect to defer rate reductions
to July 14, 1994, so long as they made no changes in their rates and did not
restructure service offerings between May 15, 1994 and July 14, 1994.
On February 22, 1994, the FCC also adopted interim cost-of-service
regulations. Rate reductions will not be required where it is successfully
demonstrated that rates for basic and other regulated programming services are
justified and reasonable using cost-of-service standards. The FCC established
an interim industry-wide 11.25 percent permitted rate of return, and requested
comments on whether this standard and other interim cost-of-service standards
should be made permanent. The FCC also established a presumption that
acquisition costs above a system's book value should be excluded from the rate
base, but the FCC will consider individual showings to rebut this presumption.
The need for special rate relief will also be considered by the FCC if an
operator demonstrates that the rates set by a cost-of-service proceeding would
constitute confiscation of investment, and that, absent a higher rate, the
return necessary to operate and to attract investment could not be maintained.
The FCC will establish a uniform system of accounts for operators that elect
cost-of-service rate regulation, and the FCC has adopted affiliate transaction
regulations. After a rate has been set pursuant to a cost-of-service showing,
rate increases for regulated services will be indexed for inflation, and
operators will also be permitted to increase rates in response to increases in
costs beyond their control, such as taxes and increased programming costs.
After analyzing the effect of the two methods of rate regulation, the
General Partner concluded that the Partnership should comply with the benchmark
regulations. The Partnership complied with the new benchmark regulations and
further reduced rates in its operating systems. The annualized reduction of
operating income before depreciation and amortization is approximately
$170,000, or approximately 14 percent. The Partnership will continue its
efforts to mitigate the effect of such rate reductions.
There have been several lawsuits filed by cable operators and
programmers in Federal court challenging various aspects of the 1992 Cable Act,
including provisions relating to mandatory broadcast signal carriage,
retransmission consent, access to cable programming, rate regulations,
commercial leased channels and public access channels. On April 8, 1993, a
three-judge Federal district court panel issued a decision upholding the
constitutionality of the mandatory signal carriage requirements of the 1992
Cable Act. That decision was appealed directly to the United States Supreme
Court. The United States Supreme Court vacated the lower court decision on
June 27, 1994 and remanded the case to the district court for further
development of a factual record. The Court's majority determined that the
must-carry rules were content neutral, but that it was not yet proven that the
rules were needed to preserve the economic health of the broadcasting industry.
In the interim, the must-carry rules will remain in place during the pendency
of the proceedings in district court. In 1993, a Federal district court for
the District of Columbia upheld provisions of the 1992 Cable Act concerning
rate regulation, retransmission consent, restrictions on vertically integrated
cable television operators and programmers, mandatory carriage of programming
on commercial leased channels and public, educational and governmental access
channels and the exemption for municipalities from civil damage liability
arising out of local regulation of cable services. The 1992 Cable Act's
provisions providing for multiple ownership limits for cable operators and
advance notice of free previews for certain programming services have been
found unconstitutional, and these decisions have been appealed. In November
1993, the United States Court of Appeals for the District of Columbia held that
the FCC's regulations implemented pursuant to Section 10 of the 1992 Cable Act,
which permit cable operators to ban indecent programming on public, educational
or governmental access channels or leased access channels, were
unconstitutional, but the court has agreed to reconsider its decision. All of
these decisions construing provisions of the 1992 Cable Act and the FCC's
implementing regulations have been or are expected to be appealed.
8
<PAGE> 9
RESULTS OF OPERATIONS
Revenues of the Partnership increased $32,500, or approximately 3
percent, from $1,023,930 for the three months ended September 30, 1993 to
$1,056,430 for the similar period in 1994. For the nine month periods ended
September 30, 1994 and 1993, revenues increased $158,533, or approximately 5
percent, from $3,057,279 at September 30, 1993 to $3,215,812 at September 30,
1994. These increases in revenues were primarily due to increases in basic
subscribers and advertising revenues. Since September 30, 1993, the
Partnership's cable system added 772 basic subscribers, increasing from 11,835
basic subscribers at September 30, 1993 to 12,607 basic subscribers at
September 30, 1994. The increase in revenues would have been greater but for
the reduction in certain rates charged due to new basic rate regulations issued
by the FCC in May 1993 in regards to the 1992 Cable Act. See Regulation and
Legislation as discussed above.
Operating, general and administrative expenses increased $32,259, or
approximately 6 percent, from $581,228 for the three month period ended
September 30, 1993 to $613,487 for the three month period ended September 30,
1994. This increase is primarily due to an increase in programming costs and
advertising costs which were partially offset by a decrease in plant related
costs. Operating, general and administrative expense increased $67,510, or
approximately 4 percent, from $1,819,361 for the nine month period ended
September 30, 1993 to $1,886,871 for the similar 1994 period. This increase is
primarily due to increases in programming costs and advertising costs, which
were partially offset by a decrease in personnel costs. Operating, general and
administrative expense represented 58 percent and 57 percent of revenue for the
three months ended September 30, 1994 and 1993, respectively, and 59 percent
and 60 percent for the nine months ended September 30, 1994 and 1993,
respectively. No other individual factor contributed significantly to the
increases in operating, general and administrative expense.
Management fees and allocated overhead from the General Partner
increased $10,535, or approximately 9 percent, from $122,794 for the three
month period ended September 30, 1993 to $133,329 for the similar 1994 period.
Management fees and allocated overhead from the General Partner increased
$52,649, or approximately 14 percent, from $367,405 for the nine months ended
September 30, 1993 to $420,054 for the similar 1994 period. These increases
are due to the increase in revenues, upon which such fees and allocations are
based and an increase in allocated expenses from the General Partner. The
General Partner has experienced increases in expenses, including personnel
costs and reregulation costs.
Depreciation and amortization expense decreased $5,836, or
approximately 3 percent, from $208,448 for the three months ended September 30,
1993 to $202,612 for the similar 1994 period. This decrease was primarily due
to the maturation of the Partnership's intangible asset base. Depreciation and
amortization expense increased $19,437, or approximately 3 percent, from
$615,503 for the nine months ended September 30, 1993 to $634,940 for the
similar 1994 period. This increase was due to the purchase of property, plant
and equipment in 1993.
Operating income decreased $4,458, or approximately 4 percent, from
$111,460 for the three months ended September 30, 1993 to $107,002 for the
similar 1994 period. The decrease was due to the increase in operating,
general and administrative expense and management fees and allocated overhead
from General Partner exceeding the increase in revenues. Operating income
increased $18,937, or approximately 7 percent, from $255,010 for the nine
months ended September 30, 1993 to $273,947 for the similar 1994 period. This
increase was due to the increase in revenues exceeding the increases in
depreciation and amortization, operating, general and administrative expense
and management fees and allocated overhead from the General Partner. Operating
income before depreciation and amortization decreased $10,294 for approximately
3 percent, from $319,908 for the three months ended September 30, 1993 to
$309,614 for the similar 1994 period. This decrease was due to the increases
in operating, general and administrative expense and management fees and
allocated overhead from General Partner exceeding the increase in revenues.
Operating income before depreciation and amortization increased $38,374, or
approximately 4 percent, from $870,513 for the nine months ended September 30,
1993 to $908,887 for the similar 1994 period. This increase was due to the
increase in revenue exceeding the increases in operating, general and
administrative expense and management fees and allocated overhead from the
General Partner.
Interest expense increased $23,513, or approximately 69 percent, from
$33,973 for the three months ended September 30, 1993 to $57,486 for the
similar 1994 period. Interest expense increased $43,490, or approximately 43
percent, from $100,020 for the nine month period ended September 30, 1993 to
$143,510 for the similar 1994 period. These increases are due to higher
amounts outstanding on interest bearing obligations and to higher interest
rates.
9
<PAGE> 10
Net income decreased $18,480, or approximately 24 percent, from
$77,562 for the three month period ended September 30, 1993 to $59,082 for the
similar 1994 period, due primarily to the increase in interest expense. Net
income decreased $20,590, or approximately 13 percent, from $154,378 for the
nine month period ended September 30, 1993 to $133,788 for the similar 1994
period. This decrease is primarily due to the increase in interest expense
exceeding the increase in operating income.
10
<PAGE> 11
Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
11
<PAGE> 12
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.
JONES CABLE INCOME FUND 1-A
BY: JONES INTERCABLE, INC.
General Partner
By: /S/ Kevin P. Coyle
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: November 10, 1994
12
<PAGE> 13
EXHIBIT INDEX
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER DESCRIPTION PAGE
- - ------- ----------- ------------
<S> <C> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> SEP-30-1994
<CASH> 52,488
<SECURITIES> 0
<RECEIVABLES> 45,568
<ALLOWANCES> 1,863
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 9,329,952
<DEPRECIATION> 5,103,229
<TOTAL-ASSETS> 4,700,787
<CURRENT-LIABILITIES> 760,033
<BONDS> 3,535,965
<COMMON> 0
0
0
<OTHER-SE> 404,790
<TOTAL-LIABILITY-AND-EQUITY> 4,700,788
<SALES> 0
<TOTAL-REVENUES> 3,215,812
<CGS> 0
<TOTAL-COSTS> 2,941,865
<OTHER-EXPENSES> (3,351)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 143,510
<INCOME-PRETAX> 133,788
<INCOME-TAX> 0
<INCOME-CONTINUING> 133,788
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 133,788
<EPS-PRIMARY> 7.79
<EPS-DILUTED> 7.79
</TABLE>
