SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
FORM U5S
ANNUAL REPORT
For the year ended December 31, 1999
Filed pursuant to the Public Utility Holding
Company Act of 1935
By
PECO ENERGY POWER COMPANY
2301 Market Street, Philadelphia, Pennsylvania 19101
<PAGE>
-2-
ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
% of Issuer Owner's
Number of Common Voting Book Book
Name of Company Shares Owned Power Value Value
- --------------- ------------ ----- ----- -----
<S> <C> <C> <C> <C>
PECO Energy Power
Company (PEPCO)
(the registrant
and owner) (1)
Susquehanna Power
Company
(SPCO) (the issuer) 1,273,000 100% $77.48 $77.48
The Proprietors of the
Susquehanna Canal* (2)
<FN>
* Inactive Company
(1) Investment in Susquehanna Power Company of $98.6 million.
(2) This Company was acquired in connection with the development of the
Conowingo Hydroelectric Project. It is an inactive company, owning no
properties and conducting no business activities of any nature. The total
investment therein is reflected on the books of Susquehanna Power Company
at $1.
</FN>
</TABLE>
ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS
None.
ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM
SECURITIES
None.
ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES
None.
ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES
None.
<PAGE>
- 3 -
ITEM 6. OFFICERS AND DIRECTORS
PART I. As of December 31, 1999,
<TABLE>
<CAPTION>
Name of System
Companies with
Which Connected
--------------------------
PEPCO SPCO
<S> <C> <C> <C>
G. R. Rainey 2301 Market St., Philadelphia, PA 19101 Pres. - Director Pres. - Director
M. J. Egan 2301 Market St., Philadelphia, PA 19101 Director Director
J. A. Muntz 2301 Market St., Philadelphia, PA 19101 Director Director
W. Jefferson, Jr. 2301 Market St., Philadelphia, PA 19101 Vice President Vice President
G. R. Shicora 2301 Market St., Philadelphia, PA 19101 Treasurer Treasurer
K. K. Combs 2301 Market St., Philadelphia, PA 19101 Secretary Secretary
E. J. Cullen, Jr. 2301 Market St., Philadelphia, PA 19101 General Counsel General Counsel
T. R. Miller 2301 Market St., Philadelphia, PA 19101 Assist. Treas. Assist. Treas.
</TABLE>
PART II.
<TABLE>
<CAPTION>
Position Held Applicable
Name of Officer Name and Location of in Financial Exemption
or Director Financial Institution Institution Rule
--------------- --------------------- ------------- ----------
<S> <C> <C> <C>
None.
</TABLE>
<PAGE>
- 4 -
PART III.
(a) COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS OF SYSTEM COMPANIES
None.
(b) INTEREST IN SECURITIES OF SYSTEM COMPANIES
None.
(c) CONTRACTS AND TRANSACTIONS
None.
(d) INDEBTEDNESS
None.
(e) BONUS AND PROFIT SHARING ARRANGEMENTS
None.
(f) INDEMNIFICATION
None.
ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS
None.
ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS
Part I: None.
Part II: None.
Part III: None.
ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES
Part I: None.
Part II: None.
Part III: None.
<PAGE>
- 5 -
ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS
(a) Index to Financial Statements and Schedules:
PAGE
----
6 Report of Independent Accountants.
7 Consolidating Statement of Income for the year ended December 31,
1999.
8 - 9 Consolidating Balance Sheet as of December 31, 1999.
10 Consolidating Statement of Cash Flows for the year ended
December 31, 1999.
11 Consolidating Statement of Changes in Shareholder's Equity for
the year ended December 31, 1999.
12-14 Notes to Consolidating Financial Statements.
Ex. 27 Financial Data Schedule as of December 31, 1999.
(b) Index to Exhibits
Exhibit A
None.
Exhibit B
1. PECO Energy Power Company's Certificate of Organization and
Charter, By-laws amended as of December 23, 1993, and amendment
to Articles of Incorporation filed February 8, 1994, are
incorporated herein by reference (1991 Form U5S and 1993 Form
10-K, File No.1-1392).
2. Susquehanna Power Company's Certificate of Organization is
incorporated herein by reference (1991 Form U5S, File No.
1-1392); By-laws amended December 23, 1993, and Charter amendment
filed February 8, 1994 are incorporated herein by reference (1993
Form U5S, File No. 1-1392).
Exhibit C
None.
Exhibit D
None.
Exhibit E
None.
Exhibit F
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit G
See Item 10(a), Index to Financial Statements and Schedules.
Exhibit H
None.
Exhibit I
None.
<PAGE>
- 6 -
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors
PECO Energy Power Company:
In our opinion, the consolidated financial statements listed in Item 10 of this
Form U5S present fairly, in all material respects, the financial position of
PECO Energy Power Company (subsidiary of PECO Energy Company) and subsidiary
company at December 31, 1999 and the results of their operations and their cash
flows for the year then ended, in conformity with accounting principles
generally accepted in the United States. These financial statements are the
responsibility of the Company's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these statements in accordance with auditing standards generally accepted in
the United States which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for the opinion expressed above.
Our audit was conducted for the purpose of forming an opinion on the
consolidated financial statements taken as a whole. The supplementary
consolidating information is presented for purposes of additional analysis
rather than to present the financial position, results of operations, and cash
flows of the individual companies, and is not a required part of the
consolidated financial statements. The supplementary consolidating financial has
been subjected to the auditing procedures applied in the audit of the
consolidated financial statements and, in our opinion, is fairly stated, in all
material respects, in relation to the consolidated financial statements taken as
a whole.
PricewaterhouseCoopers LLP
February 29, 2000
<PAGE>
- 7 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF INCOME
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Rentals from Utility Plant Leased to Others:
Affiliates $633,981 $19,347,676 --- $20,267,223
Others 287,166 --- --- 1,600
----------- ----------- ----------- -----------
Total Rentals from Utility Plant
Leased to Others 921,147 19,347,676 --- 20,268,823
----------- ----------- ----------- -----------
Expenses of Utility Plant Leased to Others:
Operations & Maintenance --- 779 --- 779
Depreciation and Amortization 45,294 2,034,356 --- 2,079,650
Taxes Other Than Income 81,976 1,770,616 --- 1,852,592
----------- ----------- ----------- -----------
Total Expenses of Utility Plant
Leased to Others 127,270 3,805,751 --- 3,933,021
----------- ----------- ----------- -----------
Income from Leased Utility Plant 793,877 15,541,925 --- 16,335,802
----------- ----------- ----------- -----------
Other Income and Deductions:
Capitalized Interest --- 46,033 --- 46,033
Other, Net --- 18,091 --- 18,091
Equity in Net Income of Subsidiary 9,398,624 --- (9,398,624) ---
----------- ----------- ----------- -----------
Total Other Income and Deductions 9,398,624 64,124 (9,398,624) 64,124
----------- ----------- ----------- -----------
Income Before Taxes 10,192,501 15,606,049 (9,398,624) 16,399,926
Income Taxes 316,057 6,207,425 --- 6,523,482
----------- ----------- ----------- -----------
Net Income $9,876,444 $9,398,624 ($9,398,624) $9,876,444
=========== =========== =========== ===========
</TABLE>
See Notes to Consolidating Financial Statements
<PAGE>
- 8 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
(ASSETS)
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Utility Plant $6,103,452 $156,324,024 --- $162,427,476
Less Accumulated Provision for
Depreciation and Amortization 779,945 38,055,741 --- 38,835,686
------------- ------------- ------------- -------------
5,323,507 118,268,283 --- 123,591,790
------------- ------------- ------------- -------------
Construction Work in Progress --- 54,187 --- 54,187
------------- ------------- ------------- -------------
5,323,507 118,322,470 --- 123,645,977
------------- ------------- ------------- -------------
Investments
Investment in Subsidiary Company 98,631,800 --- ($98,631,800) ---
Nonutility Property, Net 384,727 1,096,280 --- 1,481,007
------------- ------------- ------------- -------------
99,016,527 1,096,280 (98,631,800) 1,481,007
------------- ------------- ------------- -------------
Current Assets
Cash and Cash Equivalents 3,618,467 9,342,397 --- 12,960,864
Accounts Receivable, Affiliates 3,877,357 2,052,139 (3,819,000) 2,110,496
Accounts Receivable, Other 95,847 --- --- 95,847
Prepayments --- 1,233,552 --- 1,233,552
------------- ------------- ------------- -------------
7,591,671 12,628,088 (3,819,000) 16,400,759
------------- ------------- ------------- -------------
Deferred Debits
Miscellaneous Deferred Debits --- 87,032 --- 87,032
------------- ------------- ------------- -------------
--- 87,032 --- 87,032
------------- ------------- ------------- -------------
Total Assets $111,931,705 $132,133,870 ($102,450,800) $141,614,775
============= ============= ============= =============
</TABLE>
See Notes to Consolidating Financial Statements.
<PAGE>
- 9 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 1999
(CAPITALIZATION & LIABILITIES)
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
CAPITALIZATION & LIABILITIES
Capitalization
Common Shareholder's Equity
Common Stock ($25 par)
Authorized 1,500,000 Shares,
Outstanding 984,000 Shares $24,600,000 --- --- $24,600,000
Common Stock (without par value)
Authorized 1,500,000 Shares,
Outstanding 1,273,000 Shares --- $47,047,450 ($47,047,450) ---
Other Paid-In Capital 74,740,078 47,715,078 (47,715,078) 74,740,078
Retained Earnings 6,687,580 3,869,272 (3,869,272) 6,687,580
------------- ------------- ------------- -------------
106,027,658 98,631,800 (98,631,800) 106,027,658
------------- ------------- ------------- -------------
Current Liabilities
Accounts Payable, Affiliates 5,137,278 11,213,636 (3,819,000) 12,531,914
Accounts Payable, Other 5,973 1,366,766 --- 1,372,739
Taxes Accrued 370,055 3,811,697 --- 4,181,752
Other 9,267 --- --- 9,267
------------- ------------- ------------- -------------
5,522,573 16,392,099 (3,819,000) 18,095,672
------------- ------------- ------------- -------------
Deferred Credits
Unamortized Tax Credit --- 884,545 --- 884,545
Deferred Income Taxes 381,474 16,225,426 --- 16,606,900
------------- ------------- ------------- -------------
381,474 17,109,971 --- 17,491,445
------------- ------------- ------------- -------------
Total Capitalization & Liabilities $111,931,705 $132,133,870 ($102,450,800) $141,614,775
============= ============= ============= =============
</TABLE>
See Notes to Consolidating Financial Statements.
<PAGE>
- 10 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CASH FLOWS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
PECO
Energy Susquehanna
Power Power
Company Company Eliminations Consolidated
-------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
Cash Flows from Operating Activities
Net Income $9,876,444 $9,398,624 ($9,398,624) $9,876,444
Income Before Extraordinary Item
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation and Amortization 45,294 2,034,356 --- 2,079,650
Deferred Income Taxes 31,081 768,371 --- 799,452
Investment Tax Credits, Net --- (16,272) --- (16,272)
Increase (Decrease)in Receivables (830,434) 301,682 --- (528,752)
Increase in Payables and
Accrued Expenses 3,778,193 4,572,886 --- 8,351,079
Other, Net 95,095 (1,093,123) --- (998,028)
------------ ------------ ------------ ------------
Net Cash Flows Provided by Operating
Activities 12,995,673 15,966,522 (9,398,624) 19,563,573
------------ ------------ ------------ ------------
Cash Flows from Investing Activities
Investment in Utility Plant --- (6,021,396) --- (6,021,396)
Nonutility Plant --- 8,364 --- 8,364
Net Investment in Subsidiary Company (3,224,574) --- 3,224,574 ---
------------ ------------ ------------ ------------
Net Cash Flows Used by Investing Activities (3,224,574) (6,013,032) 3,224,574 (6,013,032)
------------ ------------ ------------ ------------
Cash Flows from Financing Activities
Capital Contribution from Parent Company --- --- --- ---
Dividends on Common Stock (8,118,000) (6,174,050) 6,174,050 (8,118,000)
------------ ------------ ------------ ------------
Net Cash Flows Used by Financing Activities (8,118,000) (6,174,050) 6,174,050 (8,118,000)
------------ ------------ ------------ ------------
Increase in Cash and Cash Equivalents 1,653,099 3,779,442 --- 5,432,541
------------ ------------ ------------ ------------
Cash & Cash Equivalents at beginning of period 1,965,368 5,562,955 --- 7,528,323
------------ ------------ ------------ ------------
Cash & Cash Equivalents at end of period $3,618,467 $9,342,397 --- $12,960,864
============ ============ ============ ============
</TABLE>
See Notes to Consolidating Financial Statements.
<PAGE>
- 11 -
PECO ENERGY POWER COMPANY & SUBSIDIARY COMPANY
CONSOLIDATING STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
Capital
Contributions
From
Balance Net Parent Balance
1/1/99 Dividends Income Company 12/31/99
---------- ---------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C>
PECO Energy Power Company
Common Stock $24,600,000 --- --- --- $24,600,000
Other Paid-In Capital $74,740,078 --- --- --- $74,740,078
Retained Earnings $4,929,136 ($8,118,000)* $9,876,444 --- $6,687,580
Susquehanna Power Company
Common Stock 47,047,450 --- --- --- 47,047,450
Other Paid-In Capital 47,715,078 --- --- --- 47,715,078
Retained Earnings 644,698 (6,174,050)** 9,398,624 --- 3,869,272
Eliminations
Common Stock (47,047,450) --- --- --- (47,047,450)
Other Paid-In Capital (47,715,078) --- --- --- (47,715,078)
Retained Earnings (644,698) 6,174,050 (9,398,624) --- (3,869,272)
Consolidated
Common Stock $24,600,000 --- --- --- $24,600,000
Other Paid-In Capital $74,740,078 --- --- --- $74,740,078
Retained Earnings $4,929,136 ($8,118,000) $9,876,444 --- $6,687,580
<FN>
* $8.25 per share
** $4.85 per share
</FN>
</TABLE>
<PAGE>
- 12 -
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
1. Significant Accounting Policies:
CONSOLIDATION
The consolidating financial statements include the accounts of PECO
Energy Power Company (Company) and its subsidiary, Susquehanna Power
Company (SPCO). The Company and SPCO (together, the Companies) are
owned by PECO Energy Company (Parent Company), which together with
another subsidiary leases and operates the utility plant of the
Company and SPCO.
The Companies are joint holders of a license from the Federal Energy
Regulatory Commission (FERC) for Project No. 405 (Conowingo Project).
DEPRECIATION AND AMORTIZATION
The annual provision for depreciation is provided over the estimated
service lives of plant on the straight-line method. The annual
provision for financial reporting purposes in 1999, expressed as a
percent of average depreciable plant in service, was 1.07% for the
property of the Company and 1.40% for the property of SPCO.
Costs for relicensing the Conowingo Hydroelectric Project are being
amortized over 30 years on the straight-line method.
INCOME TAXES
Deferred federal and state income taxes are provided on all
significant temporary differences between book and tax basis of assets
and liabilities, transactions that reflect taxable income in a year
different than book income and tax carryforwards. Investment tax
credits previously used for income tax purposes have been deferred on
the Consolidated Balance Sheet and are recognized in book income over
the life of the related property. The Companies file a consolidated
federal income tax return with the Parent Company and its other
subsidiaries. The provision for federal income taxes is computed on a
separate return basis after giving consideration to consolidated
return savings.
INTEREST DURING CONSTRUCTION
Effective January 1, 1998, the Companies ceased accruing AFUDC under
Statement of Financial Accounting Standards (SFAS) No. 71, "Accounting
for the Effects of Certain Types of Regulation," for electric
generation-related construction projects. The Companies used SFAS No.
34, "Capitalization of Interest Cost," to calculate the costs, during
the period of construction, of debt funds used to finance its electric
generation-related construction projects. The Companies recorded
additional utility plant of $46,033 in 1999 based on their
proportionate share of the Parent Company's capitalized interest.
<PAGE>
- 13 -
2. Income Taxes:
Income tax expense is comprised of the following components:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- ------------
<S> <C> <C> <C>
Federal
Current $216,128 $4,493,986 $4,710,114
Deferred 23,599 632,370 655,969
Investment tax credit, net - (16,272) (16,272)
State
Current 68,848 961,340 1,030,188
Deferred 7,482 136,001 143,483
----------- ----------- -----------
Total $316,057 $6,207,425 $6,523,482
=========== =========== ===========
</TABLE>
The total income tax provisions differed from amounts computed by
applying the federal statutory rate to income as shown below:
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- ------------
Federal statutory rate 35% 35% 35%
State income tax,
net of federal
income tax benefit 7% 4% 5%
Plant related flow-through -- (1)% (1)%
Other (2)% 2% 1%
--- --- ---
Effective rate 40% 40% 40%
=== === ===
<PAGE>
- 14 -
The tax effect of temporary differences which give rise to the Companies' net
deferred tax liability as of December 31, 1999 are as follows:
<TABLE>
<CAPTION>
Liability or (Asset)
-------------------------------------------------
PECO Energy Susquehanna
Power Power
Company Company Consolidated
----------- ----------- ------------
<S> <C> <C> <C>
Nature of Temporary Difference:
Plant basis difference $381,474 $16,225,426 $16,606,900
Deferred investment tax credit --- 884,545 884,545
----------- ----------- -----------
Deferred income taxes on
the balance sheet $381,474 $17,109,971 $17,491,445
=========== =========== ===========
</TABLE>
3. Taxes, Other Than Income Taxes - Operating:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Capital stock $101,448 $72,146 $173,594
Real estate (19,472) 1,671,848 1,652,376
Other --- 26,622 26,622
----------- ----------- -----------
$81,976 $1,770,616 $1,852,592
=========== =========== ===========
</TABLE>
4. Utility Plant - Leased to Related Parties:
Utility plant consists principally of a hydroelectric generating
station and related transmission facilities and is leased to and
operated by affiliated companies. Rentals are based on an annual
return on net original cost of utility plant plus working capital
together with a reimbursement of operating expenses, taxes and
depreciation as reflected in the Consolidating Statement of Income.
The license granted by the Federal Energy Regulatory Commission for
the Conowingo Project expires in 2014. Minimum rental payments due in
future years through 2014 aggregated $136.0 million at December 31,
1999, with approximately $9.6 million of rentals, net of expenses, due
in each of the next five years.
5. Cash and Cash Equivalents:
For purposes of the Consolidating Statement of Cash Flows, the
Companies consider all highly liquid debt instruments purchased with a
maturity of three months or less to be cash equivalents. The following
disclosures supplement the accompanying Consolidating Statement of
Cash Flows:
<TABLE>
<CAPTION>
PECO Energy Susquehanna
Power Company Power Company Consolidated
------------- ------------- ------------
<S> <C> <C> <C>
Cash Paid During the Year:
Income taxes (net of refunds) $293,778 $5,824,752 $6,118,530
</TABLE>
<PAGE>
SIGNATURE
The undersigned system company has duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly authorized pursuant to
the requirements of the Public Utility Holding Company Act of 1935. The
signature of the undersigned company shall be deemed to relate only to matters
having reference to such company or its subsidiary.
PECO ENERGY POWER COMPANY
Date: May 1, 2000 By: /s/ Jean H. Gibson
--------------------- ---------------------------
Jean H. Gibson
Vice President & Controller
<TABLE> <S> <C>
<ARTICLE> OPUR1
<CIK> 0000078103
<NAME> PECO ENERGY POWER COMPANY
<SUBSIDIARY>
<NUMBER> 01
<NAME> SUSQUEHANNA POWER COMPANY
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> $123,645,977
<OTHER-PROPERTY-AND-INVEST> 1,481,007
<TOTAL-CURRENT-ASSETS> 16,400,759
<TOTAL-DEFERRED-CHARGES> 87,032
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 141,614,775
<COMMON> 24,600,000
<CAPITAL-SURPLUS-PAID-IN> 74,740,078
<RETAINED-EARNINGS> 6,687,580
<TOTAL-COMMON-STOCKHOLDERS-EQ> 106,027,658
0
0
<LONG-TERM-DEBT-NET> 0
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 35,587,117
<TOT-CAPITALIZATION-AND-LIAB> 141,614,775
<GROSS-OPERATING-REVENUE> 20,268,823
<INCOME-TAX-EXPENSE> 6,523,482
<OTHER-OPERATING-EXPENSES> 3,933,021
<TOTAL-OPERATING-EXPENSES> 10,456,503
<OPERATING-INCOME-LOSS> 16,335,802
<OTHER-INCOME-NET> 18,091
<INCOME-BEFORE-INTEREST-EXPEN> 16,353,893
<TOTAL-INTEREST-EXPENSE> (46,033)
<NET-INCOME> 9,876,444
0
<EARNINGS-AVAILABLE-FOR-COMM> 9,876,444
<COMMON-STOCK-DIVIDENDS> 8,118,000
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 19,563,573
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
