<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996
COMMISSION FILE NUMBER 0-15731
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
(Exact name of registrant as specified in its charter)
MARYLAND 52-1473440
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1225 EYE STREET, N.W.
WASHINGTON, D.C. 20005
(Address of principal executive offices)
(Zip Code)
(202) 347-6247
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed
since last report.)
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> 2
PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF FINANCIAL POSITION
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
---------------- ----------------
<S> <C> <C>
ASSETS
------
Cash and cash equivalents $ 44,082 $ 35,568
Prepaid insurance and tenant security deposits 143,065 83,404
Real estate tax escrow 163,555 546,236
Reserve for insurance premiums 16,670 42,583
Investments in and advances to Local Limited
Partnerships (Note 2) - -
Land 3,650,000 3,650,000
Building and improvements - less accumulated
depreciation of $4,009,309 and $3,929,088 10,098,446 10,138,765
Deferred finance costs 105,712 -
----------- ----------
$14,221,530 $14,496,556
=========== ==========
LIABILITIES AND PARTNERS' DEFICIT
---------------------------------
Liabilities -
Accounts payable and accrued expenses from rental
operations $ 634,321 $ 950,835
Administrative and reporting fees payable to General
Partner (Note 3) 1,020,059 991,158
Due to General Partner (Note 3) 1,926,486 1,255,901
Accrued interest on Due to General Partner (Note 3) 1,250,679 1,183,574
Other accrued expenses 41,710
Mortgage note payable 51,710 13,700,000
----------
13,140,000
-----------
18,023,255 18,123,178
----------- ----------
Partners' deficit -
General Partner -- The National Housing
Partnership (NHP) (167,711) (165,960)
Original Limited Partner --
1133 Fifteenth Street Four Associates (172,611) (170,860)
Other Limited Partners -- 15,414 investment units (3,461,403) (3,289,802)
----------- ----------
(3,801,725) (3,626,622)
----------- ----------
$14,221,530 $14,496,556
=========== ==========
</TABLE>
See notes to financial statements.
-1-
<PAGE> 3
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
--------------------------------
1996 1995
------------- --------------
<S> <C> <C>
RENTAL REVENUES $ 826,902 $ 775,852
-------- --------
RENTAL EXPENSES:
Interest 304,152 310,776
Renting and administrative 99,269 98,751
Operating and maintenance 179,418 181,564
Depreciation and amortization 81,710 89,484
Taxes and insurance 222,501 258,007
-------- --------
887,050 938,582
-------- --------
LOSS FROM RENTAL OPERATIONS (60,148) (162,730)
-------- --------
COSTS AND EXPENSES:
Interest on due to General Partner (Note 3) 67,105 58,648
Administrative and reporting fees to General Partner
(Note 3) 28,901 28,901
Other operating expenses 19,886 13,514
-------- ---------
115,892 101,063
-------- --------
OTHER REVENUES:
Interest income 937 423
-------- -------
NET LOSS $(175,103) $(263,370)
======== ========
NET LOSS ASSIGNABLE TO LIMITED PARTNERS $(171,601) $(258,102)
======== ========
NET LOSS PER LIMITED PARTNERSHIP INTEREST $ (11) $ (17)
======== ========
</TABLE>
See notes to financial statements.
-2-
<PAGE> 4
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENT OF PARTNER'S DEFICIT
<TABLE>
<CAPTION>
The National 1133
Housing Fifteenth Other
Partnership Street Four Limited
(NHP) Associates Partners Total
--------------- ---------- -------- -----
<S> <C> <C> <C> <C>
Deficit at January 1, 1996 $(165,960) $(170,860) $(3,289,802) $(3,626,622)
Net loss -- three months ended
March 31, 1996 (1,751) (1,751) (171,601) (175,103)
-------- -------- ---------- ----------
Deficit at March 31, 1996 $(167,711) $(172,611) $(3,461,403) $(3,801,725)
======== ======== ========== ==========
Percentage interest at
March 31, 1996 1% 1% 98% 100%
========= ========= =========== ===========
(A) (B) (C)
</TABLE>
(A) General Partner
(B) Original Limited Partner
(C) Consists of 15,414 investments units of 0.006358% held by 1,288
investors
See notes to financial statements.
-3-
<PAGE> 5
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------
1996 1995
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Rent collections $ 799,535 $ 748,721
Interest received 937 423
Other income 27,974 17,619
Operating expenses paid, including rental expenses (880,933) (925,937)
Mortgage interest paid (307,691) (300,277)
--------- ---------
Net cash used in operating activities (360,178) (459,451)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (39,902) (35,709)
Deposits to real estate tax escrow (242,400) (144,020)
Withdrawals from real estate tax escrow 625,081 593,124
Deposits to reserve for insurance premiums (8,311) (8,130)
Withdrawals from reserve for insurance premiums 34,224 30,038
--------- ---------
Net cash provided by investing activities 368,692 435,303
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Loans from General Partner - 15,714
--------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 8,514 (8,434)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 35,568 14,317
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 44,082 $ 5,883
========= =========
SUPPLEMENTAL INFORMATION
Loan from General Partner for reduction of mortgage
principal and refinancing costs $ 667,201 $ -
========= =========
</TABLE>
See notes to financial statements.
-4-
<PAGE> 6
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(CONTINUED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
-----------------------------------
1996 1995
---- ----
<S> <C> <C>
RECONCILIATION OF NET LOSS TO NET CASH
USED IN OPERATING ACTIVITIES
Net loss $(175,103) $(263,370)
-------- --------
Adjustments to reconcile net loss to net cash used in
operating activities -
Depreciation 80,221 78,462
Amortization 1,489 11,022
Mortgagor entity expenses 1,509 -
Increase in prepaid insurance, utility, and tenant
security deposits (59,661) (62,706)
Decrease in accounts payable and accrued expenses
from rental operations (316,514) (305,294)
Increase in administrative and reporting fees payable
to General Partner 28,901 28,901
Increase in due to General Partner 1,875 1,875
Increase in accrued interest on due to General Partner 67,105 58,648
Increase (decrease) in other accrued expenses 10,000 (6,989)
-------- --------
Total adjustments (185,075) (196,081)
-------- --------
Net cash used in operating activities $(360,178) $(459,451)
======== ========
</TABLE>
See notes to financial statements.
-5-
<PAGE> 7
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
(1) ACCOUNTING POLICIES
NATURE OF BUSINESS
National Housing Partnership Realty Fund IV (the "Partnership") is a
limited partnership organized on January 8, 1986 under the laws of the
State of Maryland under the Maryland Revised Uniform Limited
Partnership Act. The Partnership was formed for the purpose of raising
capital by offering and selling limited partnership interests and then
investing in limited partnerships ("Local Limited Partnerships"), each
of which owns and operates an existing rental housing project which is
financed and/or operated with one or more forms of rental assistance
or financial assistance from the U.S. Department of Housing and Urban
Development ("HUD").
The General Partner raised capital for the Partnership by offering and
selling to additional limited partners 15,414 investment units at a
price of $1,000 per unit. The Partnership acquired limited partnership
interests of 99% in four Local Limited Partnerships, each of which was
organized to acquire and operate an existing rental housing project.
In addition, the Partnership directly purchased Trinity Apartments, a
conventionally financed rental apartment project.
BASIS OF PRESENTATION
The accompanying unaudited interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to
present a fair statement of the financial condition and results of
operations for the interim periods presented. All such adjustments are
of a normal recurring nature.
While the General Partner believes that the disclosures presented are
adequate to make the information not misleading, it is suggested that
these financial statements be read in conjunction with the financial
statements and the notes included in NHP Realty Fund IV's Annual
Report filed in Form 10-K for the year ended December 31, 1995.
(2) INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS
The Partnership owns a 99% limited partnership interest in four Local
Limited Partnerships. In addition, the Partnership directly owns
Trinity Apartments. Because the Partnership, as a limited partner,
does not exercise control over the activities of the four Local
Limited Partnerships in accordance with the partnership agreements,
the investments in the Local Limited Partnerships are accounted for
using the equity method. Thus, the investments (and the advances made
to the Local Limited Partnerships as discussed below) are carried at
cost
-6-
<PAGE> 8
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
less the Partnership's share of the Local Limited Partnerships' losses
and distributions. However, because the Partnership is not legally
liable for the obligations of the Local Limited Partnerships, and is
not otherwise committed to provide additional support to them, it does
not recognize losses once its investment, reduced for its share of
losses and cash distributions, reaches zero in each of the individual
Local Limited Partnerships. As of March 31, 1996 and December 31, 1995
investments in all four Local Limited Partnerships had been reduced to
zero. As a result, the Partnership did not recognize $458,725 and
$359,352 of losses from Local Limited Partnerships during the three
months ended March 31, 1996 and 1995, respectively. As of March 31,
1996 and December 31, 1995, the Partnership had not recognized
$6,709,639 and $6,250,914, respectively, of its allocated share of
cumulative losses from the Local Limited Partnerships in which its
investment is zero.
Advances made by the Partnership to the individual Local Limited
Partnerships are considered part of the Partnership's investment in
Local Limited Partnerships. When advances are made, they are charged
to operations as a loss on investment in the Local Limited Partnership
using previously unrecognized cumulative losses. As discussed above,
due to the cumulative losses incurred by the Local Limited
Partnerships, the aggregate balance of investments in and advances to
the Local Limited Partnerships has been reduced to zero at March 31,
1996 and December 31, 1995. To the extent these advances are repaid by
the Local Limited Partnerships in the future, the repayments will be
credited as distributions and repayments received in excess of
investments in Local Limited Partnerships. These advances are carried
as a payable to the Partnership by the Local Limited Partnerships.
No working capital advances or repayments occurred between the
Partnership and the Local Limited Partnerships during the three months
ended March 31, 1996 and 1995. The combined amount carried as payable
to the Partnership by the Local Limited Partnerships was $12,400 as of
March 31, 1996.
The following are combined statements of operations for the three
months ended March 31, 1996 and 1995, respectively, of the Local
Limited Partnerships in which the Partnership has invested. The
statements are compiled from financial statements of the Local Limited
Partnerships, prepared on the accrual basis of accounting, as supplied
by the management agents of the projects, and are unaudited.
-7-
<PAGE> 9
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
COMBINED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------------------------
1996 1995
-------------- ---------------
<S> <C> <C>
Rental income $1,132,814 $1,143,135
Other income 23,205 17,037
---------- ----------
Total income 1,156,019 1,160,172
---------- ----------
Operating expenses 819,305 724,780
Interest, taxes and insurance 575,622 585,904
Depreciation 224,451 212,470
---------- ----------
Total expenses 1,619,378 1,523,154
---------- ----------
Net loss $ (463,359) $ (362,982)
========== ==========
National Housing Partnership Realty Fund IV
share of losses $ (458,725) $ (359,352)
========== ==========
</TABLE>
(3) TRANSACTIONS WITH THE GENERAL PARTNER AND AFFILIATES OF THE GENERAL
PARTNER
During the three month periods ended March 31, 1996 and 1995, the
Partnership accrued administrative and reporting fees payable to the
General Partner in the amount of $28,901 for services provided to the
Partnership. The Partnership has not made any payments to the General
Partner for these fees during the three months ended March 31, 1996
and 1995. The amount due the General Partner by the Partnership was
$1,020,059 and $991,158 at March 31, 1996 and December 31, 1995,
respectively.
During the three months ended March 31, 1996, the General Partner made
a payment on behalf of Trinity Apartments to General Electric Capital
Corporation (GECC) of $667,201 as a condition of a new mortgage
modification agreement, effective March 15, 1996. In addition, the
General Partner paid entity expenses of $1,509 on behalf of Trinity
Apartments. During the three months ended March 31, 1995, the General
Partner made working capital advances of $15,714 to the Partnership.
No repayments of working capital advances were made during the three
months ended March 31, 1996 and 1995. The amount
-8-
<PAGE> 10
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
owed to the General Partner at March 31, 1996 and December 31, 1995,
was $1,917,111 and $1,248,401, respectively. Interest is charged on
borrowings at the Chase Manhattan Bank rate of prime plus 2%. Accrued
interest on this loan amounted to $1,250,679 and $1,183,574 at March
31, 1996 and December 31, 1995, respectively. The advances will be
repaid as cash flow permits or from the sale or refinancing of the
Local Limited Partnerships.
Annual partnership administrative fees of $1,875 were accrued on
behalf of Trinity Apartments during the three months ended March 31,
1996 and 1995. These fees are payable to the General Partner without
interest from cash available for distribution to partners. No payments
were made during the three months ended March 31, 1996 and 1995. The
balance owed to the General Partner for these fees was $9,375 and
$7,500 at March 31, 1996 and December 31, 1995, respectively, and is
included in Due to General Partner.
The advances and accrued administrative and reporting fees payable to
the General Partner will be paid as cash flow permits or from proceeds
generated from the sale or refinancing of one or more of the
underlying properties of the Local Limited Partnerships.
-9-
<PAGE> 11
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
LIQUIDITY AND CAPITAL RESOURCES
The properties in which the Partnership has invested, through its investments
in the Local Limited Partnerships, receive one or more forms of assistance from
Federal, state or local governments or agencies. As a result, the Local Limited
Partnerships' ability to transfer funds either to the Partnership or among
themselves in the form of cash distributions, loans or advances is generally
restricted by these government-assistance programs. These restrictions,
however, are not expected to impact the Partnership's ability to meet its cash
obligations.
Net cash used in operations for the three months ended March 31, 1996 was
$360,178 as compared to $459,451 for the three months ended March 31, 1995. The
decrease to cash used in operations resulted primarily from a decrease in
operating expenses paid and an increase in rent collections.
No working capital advances or repayments occurred between the Partnership and
the Local Limited Partnerships during the three months ended March 31, 1996 and
1995. The combined amount carried as due to the Partnership by the Local
Limited Partnerships was $12,400 as of March 31, 1996. Future advances made
will be charged to operations; likewise, future repayments will be credited to
operations.
Distributions received from Local Limited Partnerships represent the
Partnership's proportionate share of the excess cash available for distribution
from the Local Limited Partnerships. As a result of the use of the equity
method of accounting for the Partnership's investments, as of March 31, 1996,
investments in all four Local Limited Partnerships had been reduced to zero.
For these investments, cash distributions received are recorded as
distributions received in excess of investment in Local Limited Partnerships.
There were no distributions during the three months ended March 31, 1996 and
1995. The receipt of distributions in future quarters is dependent upon the
operations of the underlying properties of the Local Limited Partnerships.
Cash and cash equivalents amounted to $44,082 at March 31, 1996. The ability of
the Partnership to meet its on-going cash requirements, in excess of cash on
hand at March 31, 1996, is dependent on operations of Trinity Apartments,
distributions received from the Local Limited Partnerships, and proceeds from
the sales or refinancing of the underlying Properties. As of March 31, 1996,
the Partnership owes the General Partner $1,020,059 for administrative and
reporting services performed. During the three months ended March 31, 1996, the
General Partner made a payment on behalf of Trinity Apartments of $667,201 as a
condition of a new mortgage modification agreement effective March 15, 1996. As
of March 31, 1996, the Partnership owes the General Partner
-10-
<PAGE> 12
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
$1,926,486 plus accrued interest of $1,250,679. The payment of the unpaid
administrative and reporting fees and advances from the Partnership and NHP to
the Local Limited Partnerships will most likely result from the sale or
refinancing of the underlying Properties of the Local Limited Partnerships as
defined by the Partnership agreement, rather than through recurring operations.
The General Partner will continue to manage the Partnership's assets prudently
in an effort to achieve positive cash flow. NHP will evaluate lending the
Partnership additional funds as such funds are needed, but is in no way legally
obligated to make such loans.
The Modification Agreement, effective March 15, 1996, is for a mortgage
principal balance of $13,140,000. The reduction of principal of $560,000 plus
closing costs of $107,201 were loaned to the Partnership by an affiliate of
NHP. Interest only, at the Contract Index Rate, on the mortgage is payable
monthly beginning April 1, 1996 through March 1, 1999. In addition, beginning
April 1, 1996 and continuing each July, October, December and April,
installments of principal in an amount equal to 100% of the net cash flow (as
defined) is due and payable. On March 15, 1999, the entire unpaid principal and
interest is due and payable. The Contract Index Rate is equal to 3.25% per
annum in excess of the GECC Composite Commercial Paper Rate.
Except for Trinity, all the properties in which the Partnership has invested
carry deferred acquisition notes due to the original owners of the properties.
In the event of a default on these notes, the noteholders would assume
ownership of the General Partner's and the Partnership's interests in the Local
Limited Partnerships. Due to the rental market conditions where the properties
are located, the General Partner believes the amounts due on the acquisition
notes may exceed the value to be obtained by sale or refinancing opportunities.
The deferred acquisition notes mature in 2001.
In prior years, Trinity Apartments, a rental property wholly-owned by the
Partnership, has generated substantial losses from operations which have
resulted in the accumulation of significant accounts payable and accrued
expenses at March 31, 1996, and has also necessitated significant funding from
the General Partner in prior years. The General Partner's intentions are to
continue to manage Trinity prudently so that the property can maintain positive
cash flows and pay its general obligations.
RESULTS OF OPERATIONS
The Partnership has invested as a limited partner in four Local Limited
Partnerships which operate four rental housing properties. In addition, the
Partnership directly owns Trinity Apartments. Results of operations are
significantly impacted by the losses on rental operations of Trinity
Apartments, and in prior years, by the Partnership's share of the losses of the
Local Limited
-11-
<PAGE> 13
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Partnerships. These losses included depreciation and accrued deferred
acquisition note interest expense which are noncash in nature. Because the
investments in and advances to Local Limited Partnerships have been reduced to
zero, the Partnership's share of the operations of the Local Limited
Partnerships is no longer being recorded.
The Partnership's net loss decreased to $175,103 for the three months ended
March 31, 1996 from a net loss of $263,370 for the three months ended March 31,
1995. Net loss per unit of limited partnership interest decreased from $17 to
$11 for the 15,414 units outstanding throughout both periods. The primary
reasons for the decrease in net loss is the decrease in loss from rental
operations at Trinity Apartments, which was primarily due to an increase in
rental income and a decrease in real estate tax expense. The Partnership did
not recognize $458,725 of its allocated share of losses from the four Local
Limited Partnerships for the three months ended March 31, 1996, as the
Partnership's net carrying basis in these Local Limited Partnerships was
reduced to zero prior years. The Partnership's share of losses from the Local
Limited Partnerships, if not limited to its investment account balance, would
have increased $99,373 between periods, primarily due to a increase in
operating expenses.
-12-
<PAGE> 14
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.
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
-------------------------------------------
(Registrant)
By: The National Housing Partnership,
its sole General Partner
By: National Corporation for Housing
Partnerships, its sole General Partner
May 13, 1996 By: /s/
- ------------ ------------------------------------------------
Jeffrey J. Ochs
As Vice President, Finance and Accounting,
and Chief Accounting Officer
-13-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 367,372
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 367,372
<PP&E> 17,757,755
<DEPRECIATION> 4,009,309
<TOTAL-ASSETS> 14,221,530
<CURRENT-LIABILITIES> 4,883,255
<BONDS> 13,140,000
0
0
<COMMON> 0
<OTHER-SE> (3,801,725)
<TOTAL-LIABILITY-AND-EQUITY> 14,221,530
<SALES> 0
<TOTAL-REVENUES> 827,839
<CGS> 0
<TOTAL-COSTS> 501,188
<OTHER-EXPENSES> 130,497
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 371,257
<INCOME-PRETAX> (175,103)
<INCOME-TAX> 0
<INCOME-CONTINUING> (175,103)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (175,103)
<EPS-PRIMARY> (11)
<EPS-DILUTED> (11)
</TABLE>
