FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarter Ended Commission File Number
March 31, 1998 0-16561
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
(Exact Name of Registrant as specified in its charter)
Delaware 16-1275925
(State of Formation) (IRS Employer Identification Number)
2350 North Forest Road
Suite 12 A
Getzville, New York 14068
(Address of Principal Executive Office)
Registrant's Telephone Number: (716) 636-0280
Indicate by a 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_____
Indicate by a check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in part III of this Form 10-Q or any
amendment to this Form 10-Q. (X)
As of March 31, 1998 the issuer had 21,002.8 units of limited partnership
interest outstanding. The aggregate value of the units of limited partnership
interest held by non-affiliates of the Registrant was $21,001,800.
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
INDEX
<TABLE>
<CAPTION>
PAGE NO.
PART I: FINANCIAL INFORMATION
<S> <C> <C>
Balance Sheets -
March 31, 1998 and December 31, 1997 3
Statements of Operations -
Three Months Ended March 31, 1998 and 1997 4
Statements of Cash Flows -
Three Months Ended March 31, 1998 and 1997 5
Statements of Partners' (Deficit) Capital -
Three Months Ended March 31, 1998 and 1997 6
Notes to Financial Statements 7 - 21
PART II: MANAGEMENT'S DISCUSSION & ANALYSIS OF
FINANCIAL CONDITION & RESULTS OF
OPERATIONS 22 - 23
</TABLE>
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<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
BALANCE SHEETS
March 31, 1998 and December 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
ASSETS
<S> <C> <C>
Property, at cost:
Land $ 1,358,250 $ 2,435,519
Buildings and improvements 14,745,969 25,722,116
Furniture, fixtures and equipment 512,500 512,500
------------ ------------
16,616,719 28,670,135
Less accumulated depreciation 6,041,721 9,010,190
------------ ------------
Property, net 10,574,998 19,659,945
Investments in real estate joint ventures -- --
Investment in land 397,946 397,946
Cash 3,341,109 2,619,704
Accounts receivable, net of allowance for doubtful
accounts of $55,456 and $140,390, respectively 52,389 202,412
Accounts receivable - affiliate -- --
Mortgage escrow 444,302 356,953
Mortgage costs, net of accumulated amortization
of $135,041 and $566,754 390,400 421,663
Other assets 1,239,277 343,144
------------ ------------
Total Assets $ 16,440,421 $ 24,001,767
============ ============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Mortgages and notes payable $ 11,478,057 $ 18,507,664
Accounts payable and accrued expenses 382,103 723,160
Accrued interest 104,603 159,020
Security deposits and prepaid rents 161,464 257,485
------------ ------------
Total Liabilities 12,126,227 19,647,329
------------ ------------
Partners' (Deficit) Capital:
General partners (245,271) (727,468)
Limited partners 5,800,810 5,081,906
------------ ------------
Total Partners' Capital 5,555,539 4,354,438
------------ ------------
Total Liabilities and Partners' Capital $ 17,681,766 $ 24,001,767
============ ============
</TABLE>
See notes to financial statements
-3-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
STATEMENTS OF OPERATIONS
Three Months Ended March 31, 1998 and 1997
(Unaudited)
Three Months Three Months
Ended Ended
March 31, March 31,
1998 1997
Income:
Rental $ 708,374 $ 1,640,578
Interest and other income 90,890 103,724
----------- -----------
Total income 799,264 1,744,302
----------- -----------
Expenses:
Property operations 298,378 819,563
Interest 206,820 530,558
Depreciation and amortization 209,745 361,458
Administrative:
Paid to affiliates 104,610 151,365
Other 19,954 166,764
----------- -----------
Total expenses 839,507 2,029,708
----------- -----------
Loss before allocated loss from joint venture (40,243) (285,406)
Allocated loss from joint ventures -- (246,008)
----------- -----------
Net loss $ (40,243) $ (531,414)
=========== ===========
Loss per limited partnership unit $ (1.86) $ (24.54)
=========== ===========
Distributions per limited partnership unit $ -- $ --
=========== ===========
Weighted average number of
limited partnership units
outstanding 21,002.8 21,002.8
=========== ===========
See notes to financial statements
-4-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 1998 and 1997
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, March 31,
1998 1997
<S> <C> <C>
Cash flow from operating activities:
Net loss $ (40,243) $ (531,414)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 209,745 361,458
Net loss from joint ventures -- 246,008
Changes in operating assets and liabilities:
Accounts receivable 150,023 150,023
Mortgage escrow (87,349) (87,349)
Leasing commissions -- (187,467)
Other assets (896,133) 343,144
Accounts payable and accrued expenses (341,057) 204,459
Accrued interest (54,417) 5,368
Security deposits and prepaid rent (96,021) 120,372
------------ ------------
Net cash provided by operating activities (1,155,452) 624,602
------------ ------------
Cash flow from investing activities:
Accounts receivable - affiliates -- --
Capital expenditures - net 8,900,390 12,053,416
------------ ------------
Net cash (used in) provided by investing activities 8,900,390 12,053,416
------------ ------------
Cash flows from financing activities:
Principal payments on mortgages and notes (7,029,607) 2,756,471
Mortgage costs -- --
Decrease in mortgage costs 6,074 6,074
------------ ------------
Net cash (used in) financing activities (7,023,533) 2,762,545
------------ ------------
(Decrease) increase in cash 721,405 15,440,563
Cash - beginning of period 2,619,704 453,883
------------ ------------
Cash - end of period $ 3,341,109 $ 15,894,446
============ ============
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest $ 261,237 $ 549,456
============ ============
</TABLE>
See notes to financial statements
-5-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
STATEMENTS OF PARTNERS' (DEFICIT) CAPITAL
Three Months Ended March 31, 1998
(Unaudited)
General Limited Partners
Partners
Amount Units Amount
Balance, January 1, 1998 $ (244,064) 21,002.8 $ 5,839,846
Net loss (1,207) -- (39,036)
----------- ---------- -----------
Balance, March 31, 1998 $ (245,271) 21,002.8 $ 5,800,810
=========== ========== ===========
See notes to financial statements
-6-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
NOTES TO FINANCIAL STATEMENTS
Three Months Ended March 31, 1998 and 1997
(Unaudited)
1. GENERAL PARTNERS' DISCLOSURE
In the opinion of the General Partners of Realmark Property Investors
Limited Partnership V, all adjustments necessary for a fair presentation of
the Partnership's financial position, results of operations and changes in
cash flows for the three month periods ended March 31, 1998 and 1997, have
been made in the financial statements. Such financial statements are
unaudited and subject to any year-end adjustments which may be necessary.
2. FORMATION AND OPERATION OF PARTNERSHIP
Realmark Property Investors Limited Partnership V (the "Partnership"), a
Delaware Limited Partnership, was formed on February 28, 1986, to invest in
a diversified portfolio of income-producing real estate investments.
In July 1986, the Partnership commenced the public offering of units of
limited partnership interest. Other than matters relating to organization,
it had no business activities and, accordingly, had not incurred any
expenses or earned any income until the first interim closing (minimum
closing) of the offering, which occurred on December 5, 1986. As of
December 31, 1987, 20,999.8 units of limited partnership interest were sold
and outstanding, excluding 3 units held by an affiliate of the General
Partners. The offering terminated on October 31, 1987 with gross offering
proceeds of $20,999,800. The General Partners are Realmark Properties,
Inc., a wholly-owned subsidiary of J.M. Jayson & Company, Inc. and Joseph
M. Jayson, the Individual General Partner. Joseph M. Jayson is the sole
shareholder of J.M. Jayson & Company, Inc.
Under the partnership agreement, the general partners and their affiliates
can receive compensation for services rendered and reimbursement for
expenses incurred on behalf of the Partnership.
-7-
<PAGE>
FORMATION AND OPERATION OF PARTNERSHIP (CONTINUED)
Net income or loss and proceeds arising from a sale or refinancing shall be
distributed first to the limited partners in amounts equivalent to a 7%
return on the average of their adjusted capital contributions, then an
amount equal to their capital contributions, then an amount equal to an
additional 5% of the average of their adjusted capital contributions after
the general partners receive a disposition fee, then to all partners in an
amount equal to their respective positive capital balances and, finally, in
the ratio of 87% to the limited partners and 13% to the general partners.
The partnership agreement also provides that distribution of funds,
revenues, costs and expenses arising from partnership activities, exclusive
of any sale or refinancing activities, are to be allocated 97% to the
limited partners and 3% to the general partners.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash
For purposes of reporting cash flows, cash includes the following items:
cash on hand; cash in checking; and money market savings.
Property and Depreciation
Depreciation is provided using the straight-line method over the estimated
useful lives of the respective assets. Expenditures for maintenance and
repairs are expensed as incurred, and major renewals and betterment's are
capitalized. The Accelerated Cost Recovery System and Modified Accelerated
Cost Recovery System are used to determine depreciation expense for tax
purposes.
Investments in Real Estate Joint Ventures
The investments in real estate joint ventures are accounted for on the
equity method.
Rental Income
Leases for residential properties have terms of one year or less.
Commercial leases generally have terms of from one to five years. Rental
income is recognized on the straight line method over the term of the
lease.
-8-
<PAGE>
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Other Assets
Amortization of other assets includes amortizing mortgage costs that are
incurred in obtaining property mortgage financing and are being amortized
over the terms of the respective mortgages.
4. ACQUISITION AND DISPOSITION OF RENTAL PROPERTY
In May 1987 the Partnership acquired a 65,334 square foot office building
(The Paddock Building) located in Nashville, Tennessee for a purchase price
of $3,163,323, which included $148,683 in acquisition fees.
In December 1987 the Partnership acquired a 192 unit apartment complex
(Williamsburg) located in Columbus, Indiana for a purchase price of
$3,525,692, which included $285,369 in acquisition fees.
In February 1988 the Partnership acquired a 215 unit apartment complex (The
Fountains) located in Westchester, Ohio for a purchase price of $5,293,068,
which included $330,155 in acquisition fees.
In May 1988 the Partnership acquired a 100 unit apartment complex (Pelham
East) located in Greenville, South Carolina for a purchase price of
$2,011,927, which included $90,216 in acquisition fees. In March 1990 the
Partnership sold the apartment complex for a sale price of $2,435,000.
In May 1988 the Partnership acquired a 205 unit apartment complex (Camelot
East) located in Louisville, Kentucky for a purchase price of $6,328,363,
which included $362,540 in acquisition fees.
In June 1988 the Partnership acquired a 100 unit apartment complex (O'Hara)
located in Greenville, South Carolina for a purchase price of $2,529,390,
which included $498,728 in acquisition fees.
In July 1988 the Partnership acquired a 158 unit apartment complex (Wayne
Estates) located in Huber Heights, Ohio for a purchase price of $4,250,013,
which included $793,507 in acquisition fees.
-9-
<PAGE>
ACQUISITION AND DISPOSITION OF RENTAL PROPERTY (CONTINUED)
In April 1989 the Partnership acquired a 102 unit apartment complex
(Jackson Park) located in Seymour, Indiana for a purchase price of
$1,911,585, which included $111,585 in acquisition fees.
In June 1991 the Partnership acquired a 115,021 square foot office complex
(Commercial Park West) located in Research Triangle Park, North Carolina
for a purchase price of $5,773,633, which included $273,663 in acquisition
fees.
In September 1992 Inducon East Phase III Joint Venture (the "Phase III
Venture") was formed pursuant to an agreement dated September 8, 1992
between the Partnership and Inducon Corporation. The primary purpose of the
Phase III Venture is to acquire land and construct office/warehouse
buildings as income-producing property. The development, located in
Amherst, New York, consists of 4.2 acres of land and two buildings
measuring approximately 25,200 and 21,300 square feet, respectively. As of
March 31, 1996, both buildings have been fully constructed and placed in
service.
In November 1997, the Partnership acquired an additional 50% interest in
Inducon East and Inducon East Phase III through a buyout of the other joint
ventures. At March 31, 1998, the Partnership owned 100% of the property.
In December 1997 the Partnership the Partnership sold Williamsburg North,
The Fountains, O'Hara, Wayne Estates, and Jackson Park for a total purchase
price of $16,107,000 which generated a net gain for financial statement
purposes of $ 5,009,787. The properties were sold to US Apartments LLC. a
wholly owned affiliate of Joseph M. Jayson, Individual General Partner.
5. INVESTMENT IN LAND
The Partnership owns approximately 96 acres of vacant land in Amherst, New
York. The investment balance of $373,282 as of March 31, 1998 and December
31, 1997 approximates its fair market value.
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<PAGE>
6. MORTGAGES AND NOTES PAYABLE
The Partnership has the following mortgages and notes payable:
The Paddock Building
An 8.75% mortgage with a balance of $1,596,172 and $1,672,452 at March 31,
1998 and 1997, respectively, which provides for annual principal and
interest payments of $219,612 payable in equal monthly installments with a
final payment of $1,589,511 due in June 1998. Also, a 10% note payable with
a balance of $180,000 as of March 31, 1997 providing for monthly interest
payments of $1,500.
The Williamsburg North Apartments
The property mortgage outstanding of $1,839,892 at March 31, 1997 was
refinanced during 1997. The mortgage was assumed by the buyer when the
properties where sold in December 1997.
The Fountains Apartments
The property's mortgage outstanding of $1,839,892 at March 31, 1997 was
refinanced during 1997. The mortgage was assumed by the buyer when the
properties were sold in December 1997.
Camelot East Apartments, O'Hara Apartments, Wayne Estates Apartments
The mortgage allocated to these complexes totaled $8,064,991 at March 31,
1997. The mortgage was refinanced during 1997 into three separate
mortgages. The mortgages on O'hara Apartments and Wayne Estates were
assumed by the buyer when the properties were sold in December 1997.,
Camelot East Apartments mortgage had an outstanding balance of $4,885,043
at March 31, 1998 providing for annual principal and interest payments of
approximately $408,000 including interest at 7.4%. The mortgage matures
November 2027.
Jackson Park
The property's mortgage outstanding of $1,233,404 at March 31, 1997 was
refinanced during 1997. The mortgage was assumed by the buyer when the
property was sold in December 1997.
-18-
<PAGE>
MORTGAGES AND NOTES PAYABLE (CONTINUED)
Commercial Park West
A mortgage with a balance of $4,783,309 and $4,850,458 at March 31, 1998
and 1997, respectively, which provided for annual principal and interest
payments through June 1996 at an interest rate of 9.25%. On July 1, 1996,
interest changed to 10% with annual principal and interest payments of
$516,012 payable in equal monthly installments. The remaining balance of
$4,691,234 is due June 2001.
The mortgages described above are secured by the individual apartment
complexes to which they relate.
The Partnership's mortgages and note payable are of a non-recourse nature.
The aggregate maturities of mortgages and note payable for each of the next
five years and thereafter are as follows:
Year Amount
1998 $ 2,535,296
1999 6,411,061
2000 91,707
2001 4,763,161
2002 56,964
Thereafter 4,649,475
------------
TOTAL $ 21,337,592
============
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<PAGE>
7. RELATED PARTY TRANSACTIONS
Management fees for the management of certain of the Partnership's
properties are paid to an affiliate of the General Partners. The management
agreement provides for 5% of gross monthly receipts of the complexes to be
paid as fees for administering the operations of the properties. These fees
totaled $29,712 and $94,350 for the three months ended March 31, 1998 and
1997, respectively.
The Partnership entered into a management agreement with unrelated third
parties for the management of The Paddock and Commercial Park West. The
agreements provide for the payment of a management fee equal to 3% and 2%
of monthly gross rental income, respectively.
According to the terms of the Partnership Agreement, the Corporate General
Partner is also entitled to receive a partnership management fee equal to
7% of net cash flow (as defined in the Partnership Agreement). This fee
totaled approximately $0 for the three months ended March 31, 1998 and
1997.
Computer service charges for the partnerships are paid or accrued to an
affiliate of the General Partner. The fee is based upon the number of
apartment units and totaled $5,000 for the three months ended March 31,
1998 and 1997, respectively.
8. INCOME TAXES
No provision has been made for income taxes since the income or loss of the
partnership is to be included in the tax returns of the Individual
Partners.
The tax returns of the Partnership are subject to examination by the
Federal and state taxing authorities. Under federal and state income tax
laws, regulations and rulings, certain types of transactions may be
accorded varying interpretations and, accordingly, reported partnership
amounts could be changed as a result of any such examination.
-20-
<PAGE>
9. INCOME TAXES (CONTINUED)
The reconciliation of net loss for the three months ended March 31, 1998
and 1997 as reported in the statements of operations, and as would be
reported for tax purposes, is as follows:
March 31, March 31,
1998 1997
Net gain - statement of operations $2,301,229 $ (531,414)
Add to (deduct from):
Difference in depreciation 32,335 62,989
Difference in investment in
Joint Ventures 28,323
Allowance for doubtful accounts 30,223 43,858
---------- ----------
Net loss - tax return purposes $2,363,787 $ (396,244)
========== ==========
The reconciliation of Partners' (Deficit) Capital as of March 31, 1998 and
December 31, 1997 as reported in the balance sheet, and as reported for tax
purposes, is as follows:
March 31, December 31,
1998 1997
Partners' Capital - balance sheet $ 4,314,194 $ 5,595,782
Add to (deduct from):
Gain on Sale (905,955) (905,955)
Accumulated difference in
depreciation 2,236,638 2,240,303
Accumulated difference in investments
in Joint Ventures 543,845 543,845
Syndication fees 2,352,797 2,352,797
Accumulated difference in amortization
of organization costs 21,738 21,738
Allowance for doubtful accounts 248,828 477,875
----------- -----------
Partners' Capital -
tax return purposes $ 8,314,429 $ 7,772,211
=========== ===========
-21-
<PAGE>
PART II
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Partnership experienced a poor quarter from a cash flow point of view; the
cash flow from operations increased by just over $721,405. This was due to sale
of properties. Management is concentrating on the implementation of controls
over expenses, through closer monitoring of payroll and other operating
expenses, to balance the loss of revenues which resulted in the first quarter of
1998 over that which management had expected. More aggressive marketing
campaigns are being put in place and reinforced through routine/regular charting
of which ads are successful in attracting renters and through which sources the
ads are bringing in the traffic. Management is optimistic that occupancy levels
at the properties in this Partnership will begin seeing an improvement in the
next quarter as the "peak" rental season reaches its height. Attractive
incentive plans have been put in place to bring in new tenants; plans for
capital improvements, such as exterior painting and repairs to woodwork, are
also in place. It is hoped that the combination of strategies being followed by
management will lead to the generation of higher revenues, thus improving the
cash flow of the Partnership.
There were no distributions made during the three month periods ended March 31,
1998 and 1997. The Partnership does not anticipate resuming distributions until
sufficient cash flow is generated to cover the Partnership's liabilities and set
up reserves for construction work which is necessary at several of the
residential complexes.
Results of Operations
Partnership operations for the three month period ended March 31, 1998 resulted
in a net loss of $40,243 or $1.86 per limited partnership unit versus a first
quarter 1997 net loss of $531,414 or $24.54 per unit.
Tax basis loss for the three month period ended March 31, 1998 amounted to $ or
$ per limited partnership unit compared to a tax loss of $396,244 or $18.30 per
unit for the corresponding period in 1997.
-22-
<PAGE>
Results of Operations (continued)
Total revenue for the three month period ended March 31, 1998 amounted to
$799,264 as compared to $1,744,302 for the three month period ended March 31,
1997. There was a decrease in rental revenue of slightly more than $945,038
which was directly attributable to the sale of five properties. Interest and
other income meanwhile decreased approximately $12,834 due to the sale of five
properties.
For the three month period ended March 31, 1998, expenses totaled $839,507,
decreasing just under $1,190,201 from the corresponding quarter ended March 31,
1997. Property operations expenses decreased approximately $521,185, largely the
result of the sale of five properties. Total administrative expenses meanwhile,
decreased almost $193,565 between the two periods, due primarily to the sale of
the five properties. Depreciation and amortization expense decreased $151.713
between the periods ended March 31, 1998 and 1997. Interest expense also
decreased $323,738 due to the sale of five properties.
Management is hopeful that overall occupancy will increase in future months and
collections will improve.
-23-
<PAGE>
REALMARK PROPERTY INVESTORS LIMITED PARTNERSHIP V
PART II
OTHER INFORMATION
Item 1 - Legal Proceedings
The Partnership is not party to, nor is it the subject of, any material pending
legal proceedings other than ordinary routine litigation incidental to the
Partnership's business.
Item 2, 3, 4 and 5
Not applicable.
Item 6 - Exhibits and reports on Form 8-K
None.
-24-
<PAGE>
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.
REALMARK PROPERTY INVESTORS
LIMITED PARTNERSHIP V
By: ______________________________ ________________________
Joseph M. Jayson, Date
Individual General Partner
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: REALMARK PROPERTIES, INC.
Corporate General Partner
------------------------------ ------------------------
Joseph M. Jayson, Date
President and Director
------------------------------ ------------------------
Michael J. Colmerauer Date
Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements of Realmark Property Investors Limited Partnership V for
the three months ended March 31, 1998 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 3,341,109
<SECURITIES> 0
<RECEIVABLES> 107,845
<ALLOWANCES> 55456
<INVENTORY> 0
<CURRENT-ASSETS> 5,077,077
<PP&E> 16,616,719
<DEPRECIATION> 6,041,721
<TOTAL-ASSETS> 16,440,421
<CURRENT-LIABILITIES> 648,170
<BONDS> 11,478,057
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 17,681,766
<SALES> 0
<TOTAL-REVENUES> 799,264
<CGS> 0
<TOTAL-COSTS> 839,507
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 206,820
<INCOME-PRETAX> (40,243)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (40,243)
<EPS-PRIMARY> (1.86)
<EPS-DILUTED> 0
</TABLE>
