<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
--------------
OR
( ) 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 0-15298
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(Exact Name of Registrant as
specified in its charter)
Delaware 13-3365950
------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
c/o ML Futures Investment Partners Inc.
Merrill Lynch World Headquarters - South Tower, 6th Fl.
World Financial Center New York, New York 10080-6106
-------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
212-236-4161
----------------------------------------------------
(Registrant's telephone number, including area code)
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
----- -----
This document contains 12 pages.
There are no exhibits and no exhibit index filed with this document.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
-------------------------------
AND JOINT VENTURE
-----------------
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
----------- ------------
<S> <C> <C>
ASSETS
- ------
Equity in commodity futures trading
accounts $10,747,106 $9,155,701
----------- ----------
TOTAL $10,747,106 $9,155,701
=========== ==========
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
LIABILITIES:
Redemptions payable $ 52,113 $ 78,972
Brokerage commissions payable 106,716 90,793
New trading profit payable 397,836 122,596
----------- ----------
Total liabilities 556,665 292,361
----------- ----------
PARTNERS' CAPITAL:
General Partner (518 and 518 units) 119,976 101,500
Limited Partners (43,480 and 44,716
units) 10,070,465 8,761,840
----------- ----------
Total partners' capital 10,190,441 8,863,340
----------- ----------
TOTAL $10,747,106 $9,155,701
=========== ==========
NET ASSET VALUE PER UNIT $231.61 $195.94
======= =======
</TABLE>
See notes to financial statements.
2
<PAGE>
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
-------------------------------
AND JOINT VENTURE
-----------------
CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
<TABLE>
<CAPTION>
For the three For the three
Months ended Months ended
March 31, 1995 March 31, 1994
-------------- --------------
<S> <C> <C>
REVENUES:
Trading profits:
Realized $ 994,453 $ 135,566
Change in unrealized 1,146,486 (258,966)
---------- ---------
Total trading results 2,140,939 (123,400)
---------- ---------
Interest income (Note 2) 110,485 52,900
---------- ---------
Total revenues 2,251,424 (70,500)
---------- ---------
EXPENSES:
Allocation of new trading profit
share to trading advisors 394,659 -
Brokerage commissions 282,978 264,344
---------- ---------
Total expenses 677,637 264,344
---------- ---------
NET (LOSS) INCOME $1,573,787 $(334,844)
========== =========
NET (LOSS) INCOME PER UNIT:
Weighted average number of units
outstanding (Note 5) 44,647 50,804
====== ======
Weighted average net (loss) income per unit $35.25 $(6.59)
====== ======
</TABLE>
See notes to financial statements.
3
<PAGE>
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
-------------------------------
AND JOINT VENTURE
-----------------
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
-------------------------------------------------------
For the three months ended March 31, 1995 and 1994
--------------------------------------------------
<TABLE>
<CAPTION>
Limited General
Units Partners Partner Total
------ ----------- -------- -----------
<S> <C> <C> <C> <C>
PARTNERS' CAPITAL,
DECEMBER 31, 1993 51,769 $ 9,504,556 $105,815 $ 9,610,371
Net loss - (329,372) (5,472) (334,844)
Redemptions (2,707) (467,875) - (467,875)
------ ----------- -------- -----------
PARTNERS' CAPITAL,
MARCH 31, 1994 49,062 $ 8,707,309 $100,343 $ 8,807,652
====== =========== ======== ===========
PARTNERS' CAPITAL,
DECEMBER 31, 1994 45,234 $ 8,761,840 $101,500 $ 8,863,340
Net loss - 1,555,311 18,476 1,573,787
Redemptions (1,236) (246,686) - (246,686)
------ ----------- -------- -----------
PARTNERS' CAPITAL,
MARCH 31, 1995 43,998 $10,070,465 $119,976 $10,190,441
====== =========== ======== ===========
</TABLE>
See notes to financial statements.
4
<PAGE>
THE FUTURES EXPANSION FUND LIMITED PARTNERSHIP
----------------------------------------------
(a Delaware limited partnership)
-------------------------------
AND JOINT VENTURE
-----------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------------------------------------------
for the three months ended March 31, 1995 and 1994
--------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Futures Expansion Fund Limited Partnership (the "Partnership") was
organized under the Delaware Revised Uniform Limited Partnership Act on
August 13, 1986 and commenced activities on January 2, 1987. The
Partnership, through its joint venture, engages in the speculative trading
of commodity futures, options and forward contracts. ML Futures Investment
Partners Inc. (the "General Partner") (a wholly-owned subsidiary of Merrill
Lynch Group, Inc., which in turn is a wholly-owned subsidiary of Merrill
Lynch & Co., Inc.) invests for its account the lesser of $100,000 or 3% of
the total contributions to the Partnership, but in no event less than 1% of
such total contributions. The General Partner and each Limited Partner share
in the profits and losses of the Partnership in proportion to the amount of
Partnership interest owned by each.
The consolidated financial statements include the accounts of the Joint
Venture (the "Joint Venture") to which the Partnership has contributed
substantially all of its available capital (Note 2), representing a current
equity interest in the Joint Venture of approximately 99%. All related
transactions between the Partnership and the Joint Venture are eliminated in
consolidation.
The financial information included herein has been prepared by management
without audit by independent certified public accountants who do not express
an opinion thereon. The statement of financial condition as of December 31,
1994 has been derived from but does not include all the disclosures
contained in the audited financial statements for the year ended December
31, 1994. The information furnished includes all adjustments which are, in
the opinion of management, necessary for a fair statement of results for the
interim period. The results of operations as presented, however, should not
be considered indicative of the results to be expected for the entire year.
Revenue Recognition
-------------------
Commodity futures, options and forward contract transactions are recorded on
the trade date and open contracts are reflected in the consolidated
financial statements at the market value on the last business day of the
reporting period. The difference between the original contract amount and
market value is reflected in income as an unrealized gain or loss. Market
value or fair value is based on quoted market prices. All commodity futures,
options and forward contracts are reflected at fair value in the financial
statements.
Operating Expenses, Organization Costs and Selling Commissions
--------------------------------------------------------------
The General Partner paid all organization costs and provides for all routine
operating expenses of the Partnership, including the Partnership's share of
any such costs incurred by the Joint Venture (Note 2). No selling
commissions were paid by Limited Partners.
5
<PAGE>
Income Taxes
------------
No provision for income taxes has been made in the accompanying consolidated
financial statements as each partner is individually responsible for
reporting income or loss based on their respective share of the
Partnership's income and expenses as reported for income tax purposes.
Redemptions
-----------
A Limited Partner may require the Partnership to redeem some or all of their
units at 100% of Net Asset Value as of the last business day of any month
upon ten days' written notice to the General Partner.
Dissolution of the Partnership
------------------------------
The Partnership will terminate on December 31, 2006 regardless of its
financial condition at such time.
The Partnership will be dissolved upon a decline in net assets to less than
$250,000, a decline in the Net Asset Value per unit at any month-end to less
than $25, or under certain other circumstances defined in the Limited
Partnership Agreement.
2. JOINT VENTURE AGREEMENT
The Partnership and Millburn Partners entered into a Joint Venture Agreement
whereby Millburn Partners contributed $100,000 to the Joint Venture and the
Partnership contributed all of its available capital (except for an
administrative reserve). Subsequently, Millburn Partners entered into an
assignment with Millburn Ridgefield Corporation (the "Trading Manager"),
assigning its rights and obligations under the Joint Venture Agreement. The
Joint Venture Agreement was renewed for the year ended December 31, 1995.
The General Partner is the manager of the Joint Venture, while the Trading
Manager has sole discretion in determining the commodity futures, options
and forward trades to be made on its behalf, subject to the trading
limitations outlined in the Joint Venture Agreement.
Pursuant to the Joint Venture Agreement, the Trading Manager and the
Partnership share in the profits of the Joint Venture based on equity
ownership after 20% of annual New Trading Profits, as defined, are allocated
to the Trading Manager. Losses are allocated to the Trading Manager and the
Partnership based on equity ownership.
3. RELATED PARTY TRANSACTIONS
Substantially all of the Joint Venture's assets are held by MLF, as margin
deposits in respect of the Joint Venture's futures and options trading. The
Joint Venture pays MLF brokerage commissions at a flat rate equal to 11.92%
of the Joint Venture's month-end Net Assets.
MLF pays interest which approximates the prevailing 91 day U.S. Treasury
bill rate on the Joint Venture's average daily "available assets". Available
assets are all of the Joint Venture's assets excluding the unrealized profit
and loss on open forward or options positions. The General Partner estimates
that the round-turn equivalent commission rate charged to the Joint Venture
during the quarters ended March 31, 1995 and 1994 was approximately $33.
6
<PAGE>
The Joint Venture trades forward contracts through a Foreign Exchange Desk
(the "F/X Desk"). Through the F/X Desk, the Joint Venture has access to
Merrill Lynch International Bank ("MLIB") and a number of other
counterparties. The F/X Desk contacts at least two counterparties in
addition to MLIB for a price quote on each trade. All counterparties other
than MLIB are unaffiliated with any Merrill Lynch entity. The F/X Desk
charges a service fee (at current exchange rates) of approximately $5.00 to
$9.00 per futures-contract equivalent face amount trade on each purchase or
sale of a currency in the forward markets. No service fee is charged on
trades executed through MLIB (which receives a "bid-ask" spread on such
trades). Trades are executed with MLIB provided that its price (which
includes no service charge) is as good or better than the best price
(including the service charge) quoted by any of the other counterparties
contacted. The General Partner estimates the total amount of these fees at
under 0.15 of 1% of the Joint Venture's average month-end Net Assets.
The F/X Desk trades on the basis of credit lines provided by a Merrill Lynch
entity. The Joint Venture is not required to margin or otherwise guarantee
its F/X Desk trading.
The General Partner expects that, in the near future, certain of the Joint
Venture's currency trades will begin to be executed in the form of "exchange
of futures for physical" ("EFP") transactions involving Merrill Lynch
International Bank ("MLIB") and Merrill Lynch Futures Inc. ("MLF"). In these
transactions, a spot or forward (collectively referred to as "cash")
currency position is acquired and exchanged for an equivalent futures
position on the Chicago Mercantile Exchange's International Monetary Market
("IMM"). EFP transactions permit currency trades to be executed at a single
price, as well as out of exchange hours, and converted into IMM contracts.
They also give trading advisors flexibility as to whether to liquidate
positions in the cash (i.e., spot or forward) or in the futures markets.
In its EFP trading with Merrill Lynch, the Joint Venture will acquire cash
currency positions through the F/X Desk in the same manner and on the same
terms as in the case of the Joint Venture's other F/X Desk trading. When the
Joint Venture exchanges these positions for futures, there will be a
"differential" between the prices of these two positions. This
"differential" reflects, in part, the different settlement dates of the cash
and the futures contracts as well as prevailing interest rates, but also
includes a pricing spread in favor of MLIB or another Merrill Lynch entity.
These spreads are expected to total no more than 0.15 of 1% of the Joint
Venture's average month-end Net Assets on an annual basis.
The Joint Venture, to the extent that it has executed currency EFP
transactions in the past, has both acquired its cash positions and effected
the exchange of positions for futures contracts through brokers other than
MLF (to which the futures positions were ultimately given up to be cleared).
4. WEIGHTED AVERAGE UNITS
Weighted average number of units outstanding was computed for purposes of
disclosing net income per weighted average unit. The weighted average units
are equal to the number of units outstanding at the period end, adjusted
proportionately for units redeemed based on their respective time
outstanding during such period.
7
<PAGE>
5. OFF-BALANCE SHEET RISK
The Joint Venture trades futures, options and forward contracts in interest
rates, stock indices, commodities, currencies, energy and metals. Risk
arises from changes in the value of these contracts (market risk) and the
potential inability of counterparties or brokers to perform under the terms
of the contracts (credit risk). Although numerous factors could have
significant influences on the market risk of these contracts, they are very
interest rate sensitive.
A portion of the amounts indicated as off-balance sheet risk in currencies
is due to offsetting commitments to purchase and to sell the same currency
on the same date in the future. These commitments are economically
offsetting but are not, as a technical matter, offset in the forward market
until the settlement date.
Contract amounts represent the Joint Venture's extent of involvement in the
particular class of financial instrument, but not the credit risk associated
with counterparty non-performance. The credit risk associated with these
instruments, from counterparty non-performance, is the net unrealized gain,
if any, included on the Statements of Financial Condition. The Joint Venture
also has credit risk because the sole counterparty or broker with respect to
most of the Joint Venture's assets is MLF.
8
<PAGE>
Item 2: Management's Discussion and Analysis of Financial Condition and
---------------------------------------------------------------
Results of Operations
---------------------
Operational Overview:
---------------------
Due to the nature of the Fund's business, its results of operations depend
on the Trading Manager's ability to recognize and capitalize on trends or other
profitable opportunities in futures and forward contracts and related options in
different sectors of the world commodity markets. However, the Trading
Manager's methods are confidential, therefore, the only information that can be
furnished regarding the Fund's results of operations is contained in the
performance record of its trading. Unlike many businesses, general economic or
seasonal conditions will not necessarily affect the profit potential of the
Fund, and its past performance is not necessarily indicative of future results.
Liquidity:
----------
The Partnership has entered into an arrangement with Merrill Lynch Futures
Inc. regarding the maintenance of the Partnership's assets, which eliminates the
interest loss resulting from being unable to invest 100% of the Partnership's
available assets in U.S. Treasury bills. Under the arrangement, the
Partnership's assets are ordinarily deposited in cash accounts rather than
invested in U.S. Treasury bills and Merrill Lynch Futures Inc. credits the
Partnership with interest as if 100% of its cash assets were continuously
invested in 91-day U.S. Treasury bills. As a result, the Partnership is able to
earn a yield on all of its available assets. In the event that the
Partnership's assets are deposited as initial margin at an exchange
clearinghouse, such assets will be invested in U.S. Treasury bills, and any
interest earned on such Treasury bills will be paid to the Partnership.
In respect of its trading on foreign exchanges, the Fund may deposit
margin in the form of short-term sovereign debt instruments issued by the
country where such exchange is located.
The futures contracts in which the Joint Venture trades may become
illiquid under certain market conditions. Commodity exchanges limit
fluctuations in futures prices during a single day by regulations referred to as
"daily limits." During a single day, no trades may be executed at prices beyond
the daily limit. Once the price of a futures contract for a particular
commodity has increased or decreased by an amount equal to the daily limit,
positions in the commodity can generally neither be taken nor liquidated unless
traders are willing to effect trades at or within the limit. Futures contracts
have occasionally moved the daily limit for several consecutive days with little
or no trading. Such market conditions could prevent the Joint Venture from
promptly liquidating its futures (including its options) positions. There are
no limitations on the daily price moves in trading foreign currency forward
contracts through banks, although illiquidity may develop in the forward markets
due to exorbitant spreads between "bid" and "ask" prices quoted. (Forward
contracts are the bank version of currency futures contracts and are not traded
on exchanges.)
Capital Resources:
------------------
The Fund does not have, nor does it expect to have, any capital assets and
has no material commitments for capital expenditures. The Fund's use of assets
is solely to supply the necessary margin or premiums for, and to pay any losses
incurred in connection with, its trading activity and to pay redemptions and
fees. Due to the nature of the Fund's business, substantially all its assets
will be represented by either cash or futures or forward contract positions.
Inflation is not a significant factor in the Fund's profitability, although
inflationary cycles give rise to the type of major price movements which can
have a material impact on the Fund's profitability.
9
<PAGE>
1995:
-----
Total consolidated assets of the Partnership and consolidated partners'
capital at December 31, 1994 were $10,747,106 and $10,190,441, respectively.
The Partnership permits Units to be redeemed on a monthly basis. During 1995,
1,236 Units were redeemed for an aggregate redemption value of $246,686.
1994:
-----
Total assets of the Partnership and Partnership capital at March 31, 1994
were $9,053,316 and $8,807,652, respectively. The Partnership permits Units to
be redeemed on a monthly basis. During the first quarter of 1994, a total of
2,707 Units were redeemed by Unitholders, for an aggregate redemption value of
$467,875.
Results of Operations - General:
--------------------------------
Several of the traditional commodity markets presented unusual profit
opportunities which were offset by a very difficult trading environment in the
global bond and currency markets. For example, while commodity markets such as
coffee, corn and copper experienced dramatic moves, the determination of the
U.S. Federal Reserve to combat inflation by raising interest rates exacerbated
the decline in the U.S. bond market, and a weakened U.S. dollar resulted in
market volatility and uncertainty.
Unlike many businesses, it is difficult to identify "trends" in the Fund's
operations and virtually impossible to make any predictions regarding future
results based on results to date. In general, markets in which sustained price
trends occur with some frequency tend to be favorable to managed futures
investments, but this is not always the case. It is impossible to predict when
trending markets will occur and the Trading Manager is affected differently by
trends in general and particular types of trends. Consequently, the results of
operations of the Fund are difficult to discuss other than in terms of how it
has performed in the past.
Monthly Performance:
--------------------
At March 31, 1995, the Net Asset Value per unit was $231.61, an 18.20%
increase from the Net Asset Value per unit of $195.94 at December 31, 1994.
During January 1995, the Fund's Net Asset Value declined 3.3%, as trading
profits generated in the energy, metals and stock indices sectors were offset by
trading losses in the interest rates, currencies and agricultural sectors.
During February 1995, the Fund's Net Asset Value increased by 6.1%, as
trading profits generated in the interest rates, currency, stock indices and
agriculture sectors were offset by trading losses in the energy and metals
sectors.
During March 1995, the Fund's Net Asset Value increased by 15.2%, as
trading profits generated in the currency, interest rates and stock indices
sectors were offset by trading losses in the agriculture, metals and energy
sectors.
The Partnership's overall operations were profitable in the first quarter
of 1995 as gross trading gains of $2,140,939, after operating expenses of
$677,637 (comprised of brokerage commissions of $282,978 and profit shares of
$394,659) and interest income of $110,485, resulted in net income of $1,573,787.
10
<PAGE>
During the first quarter of 1995, the Fund experienced two profitable
months and one unprofitable month of trading operations.
The Net Asset Value of a Unit purchased on January 2, 1987 for $100 had
increased to $231.61 as of March 31, 1995.
At March 31, 1994, the Net Asset Value per unit was $179.52, a 3.3%
decrease from the Net Asset Value per unit of $185.64 at December 31, 1993.
During January 1994, the Fund's Net Asset Value decreased 7.9%, as trading
profits generated in the energy and metals sectors were offset by trading losses
in the currencies, interest rates, agricultural and stock indices sectors.
During February 1994, the Fund's Net Asset Value decreased 1.6%, as
trading profits generated in the interest rates, agricultural, stock index and
metals sectors were offset by trading losses in the currencies and energy
sectors.
During March 1994, the Fund's Net Asset Value increased 6.7%, as trading
profits generated in the interest rates, currencies, stock index and
agricultural sectors were offset by trading losses in the energy and metals
sectors.
The Partnership's overall operations were unprofitable in the first
quarter of 1994 as gross trading losses of $123,400 after operating expenses of
$264,344 (comprised of brokerage commissions of $264,344 and profit shares of
$-0-) and interest income of $52,900, resulted in a net loss of $334,844.
During the first quarter of 1994, the Fund experienced one profitable
month and two unprofitable months of trading operations.
The Net Asset Value of a Unit purchased on January 2, 1987 for $100 had
increased to $179.52 as of March 31, 1994.
11
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
---------
There are no exhibits required to be filed as part of this
document.
(b) Reports on Form 8-K.
--------------------
There were no reports on Form 8-K filed during the first quarter
of fiscal 1995.
<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.
THE FUTURES EXPANSION FUND
LIMITED PARTNERSHIP
By: ML FUTURES INVESTMENT PARTNERS INC.
(General Partner)
Date: May 12, 1995 By /s/JOSEPH A. BOCCUZZI
---------------------
Joseph A. Boccuzzi
Chairman, Chief Executive Officer
and Director
Date: May 12, 1995 By /s/JOHN R. FRAWLEY, JR.
-----------------------
John R. Frawley, Jr.
President, Chief Operating Officer
and Director
Date: May 12, 1995 By /s/JAMES M. BERNARD
-------------------
James M. Bernard
Chief Financial Officer
Treasurer and Vice President
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION, CONSOLIDATED STATEMENTS OF OPERATIONS,
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1994 DEC-31-1993
<PERIOD-START> JAN-01-1995 JAN-01-1994
<PERIOD-END> MAR-31-1995 MAR-31-1994
<CASH> 0 0
<RECEIVABLES> 10,747,106 9,155,701
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 10,747,106 9,155,701
<SHORT-TERM> 0 0
<PAYABLES> 556,665 292,361
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
<COMMON> 0 0
0 0
0 0
<OTHER-SE> 10,190,441 8,863,340
<TOTAL-LIABILITY-AND-EQUITY> 10,747,106 9,155,701
<TRADING-REVENUE> 2,140,939 (123,400)
<INTEREST-DIVIDENDS> 110,485 52,900
<COMMISSIONS> 282,978 264,344
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> 1,573,787 (334,844)
<INCOME-PRE-EXTRAORDINARY> 1,573,787 (334,844)
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,573,787 (334,844)
<EPS-PRIMARY> 35.25 (6.59)
<EPS-DILUTED> 35.25 (6.59)
</TABLE>
