FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999
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 No. 2-8381-NY
ARISTA INVESTORS CORP.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 13-2957684
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
116 John Street, New York, N.Y. 10038
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 964-2150
Indicate by check mark whether the registrant 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 |_|
The aggregate number of Registrant's outstanding shares on May 18, 1999 was
2,570,100 shares of Class A Common Stock, $0.01 par value (excluding 10,000
shares of treasury stock) and 47,400 shares of Class B Common Stock, $0.01 par
value.
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<PAGE>
ARISTA INVESTORS CORP
TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION Page
Item 1. Financial Statements:
Consolidated Balance Sheets at March 31, 1999 (Unaudited)
and December 31, 1998 3
Consolidated Statements of Operations (Unaudited) for the
three months ended March 31, 1999 and 1998 5
Consolidated Statements of Changes in Stockholders' Equity
for the three months ended March 31, 1999 (Unaudited)
and the year ended December 31, 1998 6
Consolidated Statements of Cash Flows (Unaudited) for the three
months ended March 31, 1999 and 1998 7
Notes to Consolidated Financial Statements (Unaudited) 8
Item 2. MD&A:
Management's Discussion and Analysis of Financial Condition and
Results of Operations 10
PART II: OTHER INFORMATION
Item 1 through Item 6 14
Signatures 15
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<PAGE>
ARISTA INVESTORS CORP.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
---- ----
(unaudited)
<S> <C> <C>
ASSETS
Investments:
Held-to-maturity securities:
Bonds and long-term U. S. Treasury
obligations at amortized cost (market
value $2,713,536 at March 31, 1999 and
$2,676,995 at December 31, 1998) $ 2,614,972 $ 2,618,068
Available-for-sale securities:
Redeemable preferred stocks, at market value
(amortized cost of $31,524 at March 31,
1999 and December 31, 1998) 1,406 3,552
Trading securities, at market value (cost of $279
at March 31, 1999 and December 31, 1998) 300 87
----------- -----------
Total investments 2,616,678 2,621,707
Cash and equivalents 4,954,108 6,330,909
Receivables from related parties 562,934 557,902
Receivable from third party administration 1,189,942 7,802
Furniture and equipment, at cost, net of
accumulated depreciation of $841,377 at March
31, 1999 and $831,754 at December 31, 1998 66,084 75,707
Prepaid and refundable income taxes 217,602 --
Deferred income taxes, net -- 759,310
Other assets 259,579 289,674
----------- -----------
Total assets $ 9,866,927 $10,643,011
=========== ===========
</TABLE>
(Continued)
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<PAGE>
ARISTA INVESTORS CORP.
CONSOLIDATED BALANCE SHEETS
(Continued)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
---- ----
(unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Commissions payable $ 30,272 $ 43,841
Accounts payable and accrued expenses 2,784,277 3,083,415
Income taxes payable -- 580,319
Deferred income taxes, net 28,600 --
----------- -----------
Total liabilities 2,843,149 3,707,575
----------- -----------
Stockholders' equity:
Class A common stock, $.01 par value;
9,950,000 shares authorized; 2,580,100
shares issued 25,801 25,801
Class B convertible common stock, $.01 par
value; 50,000 shares authorized, 47,400
shares issued and outstanding 474 474
Additional paid-in capital 5,989,609 5,989,609
Retained earnings 1,562,814 1,468,780
Accumulated comprehensive income (loss):
Net unrealized investment loss (28,180) (22,488)
----------- -----------
7,550,518 7,462,176
Secured promissory note from shareholder (500,000) (500,000)
Less 10,000 shares Class A common stock held in
treasury (26,740) (26,740)
----------- -----------
Total stockholders' equity 7,023,778 6,935,436
----------- -----------
Total liabilities and stockholders' equity $ 9,866,927 $10,643,011
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
ARISTA INVESTORS CORP.
CONSOLIDATED STATEMENTS OF INCOME
Three months ended March 31, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
Revenue from continuing operations
Third-party administrative services $ 879,595 $ 95,029
Net realized investment losses 0 0
Net unrealized investment gains 213 306
Net investment income 84,587 129,283
Other income 58 10,716
----------- -----------
Total revenue 964,453 235,334
----------- -----------
Expenses:
General and administrative expenses 932,544 70,000
----------- -----------
Income (loss) from continuing operations before
income tax provision (benefit) 31,909 165,334
Provision (benefit) for income taxes:
Provision for income taxes (benefit) (62,125) 64,000
----------- -----------
Income (loss) from continuing operations 94,034 101,334
----------- -----------
Discontinued operations:
Income (loss) from operations of disposed segment
(net of income taxes) 0 (136,750)
----------- -----------
Net income (loss) 94,034 (35,416)
----------- -----------
Other comprehensive income (loss):
Unrealized gain (loss) on securities (2,146) (814)
----------- -----------
Total other comprehensive income (loss) (2,146) (814)
Income tax effect 730 277
----------- -----------
Other comprehensive income (loss) net (1,416) (537)
----------- -----------
Total comprehensive income (loss) $ 92,618 ($ 35,953)
=========== ===========
Net income (loss) per common share:
Basic:
Continuing operations $ 0.04 $ 0.04
Discontinued operations 0.00 (0.05)
----------- -----------
Net income (loss) $ 0.04 ($ 0.01)
=========== ===========
Continuing operations $ 0.04 $ 0.04
Discontinued operations 0.00 (0.05)
----------- -----------
Net income (loss) $ 0.04 ($ 0.01)
=========== ===========
Weighted average number of common shares:
Basic 2,617,500 2,617,500
=========== ===========
Diluted 2,617,500 2,617,500
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
ARISTA INVESTORS CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Three months ended March 31, 1999 (unaudited) and year ended December 31, 1998
<TABLE>
<CAPTION>
Common Stock
------------------------------------------------ Paid-in
Class A Convertible Class B capital
---------------------- ----------------------- attributed
Number Par Number Par Additional to
of value of value paid-in detachable
Shares $.01 Shares $.01 capital warrants
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Balance - January 1, 1998 2,580,100 $ 25,801 47,400 $ 474 $5,839,609 $ 150,000
Net income -- -- -- -- -- --
Unrealized securities loss, net -- -- -- -- -- --
Expiration of option -- -- -- -- 150,000 (150,000)
---------- ---------- ---------- ---------- ---------- ----------
Balance - December 31, 1998 2,580,100 $ 25,801 47,400 $ 474 $5,989,609 $ 0
Net income (unaudited) -- -- -- -- -- --
Unrealized securities loss, net (unaudited)
---------- ---------- ---------- ---------- ---------- ----------
Balance - March 31, 1999 (unaudited) 2,580,100 $ 25,801 47,400 $ 474 $5,989,609 $ 0
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Class A
common
stock
Accumulated Secured held in
other promissory treasury
Retained comprehensive note (10,000
earnings income receivable shares) Total
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Balance - January 1, 1998 $ 1,035,985 ($ 18,727) ($ 500,000) ($ 26,740) $ 6,506,402
Net income 432,795 -- -- -- 432,795
Unrealized securities loss, net -- (3,761) -- --
Expiration of option -- -- -- -- 0
----------- ----------- ----------- ----------- -----------
Balance - December 31, 1998 1,468,780 (22,488) (500,000) (26,740) 6,935,436
Net income (unaudited) 94,034 -- -- -- 94,034
Unrealized securities loss, net (unaudited) -- (5,692) -- -- (5,692)
----------- ----------- ----------- ----------- -----------
Balance - March 31, 1999 (unaudited) $ 1,562,814 ($ 28,180) ($ 500,000) ($ 26,740) $ 7,023,778
=========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
ARISTA INVESTORS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended March 31, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
1999 1998
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 94,034 ($ 35,416)
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation 9,623 11,868
Amortization of deferred acquisition costs 0 76,526
Amortization of discount on surplus note 0 3,750
Loss on sale of investments 0 0
Deferred income taxes 787,910 (79,072)
Unrealized (gain) loss on trading securities 0 (306)
(Increase) decrease in operating assets:
Premiums receivable 0 (303,900)
Prepaid and refundable income taxes (217,602) (75,211)
Receivable from third party administration (1,182,140) 0
Receivable from related parties (5,032) (14,405)
Other assets 30,095 (111,200)
Increase (decrease) in operating liabilities:
Payable to reinsurer 0 (27,672)
Claims liabilities 0 (124,500)
Unearned premiums 0 74,400
Commissions payable (13,569) 16,207
Income taxes payable (580,319) 0
Accounts payable and accrued expenses (299,138) 430,508
----------- -----------
Net cash provided by (used in) operating activities (1,376,138) (158,423)
----------- -----------
Cash flows from investing activities:
Furniture and equipment acquired 0 (5,185)
Proceeds from sales of securities and amortization of premiums (663) 3,096
Purchases of investments 0 0
Payments and costs associated with acquired business 0 0
----------- -----------
Net cash provided by (used in) investing activities (663) (2,089)
----------- -----------
Increase (decrease) in cash and equivalents (1,376,801) (160,512)
Cash and equivalents:
Beginning of year 6,330,909 8,296,943
----------- -----------
March 31, $ 4,954,108 $ 8,136,431
=========== ===========
Supplemental cash flow disclosure:
Cash paid during the period for income taxes $ 44,804 $ 160,316
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
ARISTA INVESTORS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1999 and 1998
(Unaudited)
Note 1 - Basis of presentation
The accompanying consolidated financial statements are prepared in accordance
with generally accepted accounting principles ("GAAP"). Certain information
normally included in annual financial statements prepared in accordance with
GAAP has been condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. GAAP differs from statutory accounting
principles ("SAP") used by insurance companies in reporting to state regulatory
agencies. In the opinion of the management of Arista Investors Corp. (the
Registrant"), all adjustments (consisting of normal recurring accruals only)
have been reflected for a fair presentation of the unaudited financial position
as of March 31, 1999 and results of operations for the three-month periods ended
March 31, 1999 and 1998. The operating results for the periods are not
necessarily indicative of the results to be expected for the entire year.
Note 2 - Reinsurance
Arista Investors Corp. and its wholly-owned subsidiary, Arista Insurance Company
("Arista"), sometimes hereinafter individually or collected referred to as the
"Company", entered into an Assumption Reinsurance Agreement, dated September 23,
1998 (the "Treaty") with The Guardian Life Insurance Company of America ("The
Guardian"). Pursuant to this Treaty, all of Arista's liabilities under each and
every policy of New York State statutory disability benefits insurance,
including super statutory and voluntary disability benefits insurance,
(collectively the "Insurance"), were ceded to The Guardian. The cession of the
Insurance to The Guardian, deemed effective July 1, 1998, was consummated on
November 12, 1998. Arista discontinued writing the Insurance effective November
12, 1998.
From January 1, 1998 to June 30, 1998, Arista had a Quota Share Reinsurance
Treaty with The Guardian, pursuant to which Arista ceded, by way of reinsurance,
a 50% participation in the Insurance, both for business in force as of January
1, 1998 and for business written or acquired on or after January 1, 1998.
From October 1, 1995 to December 31, 1997, Arista had an agreement with The
Cologne Life Reinsurance Company ("Cologne") whereby Arista ceded, by way of
reinsurance, a 50% quota share participation in the Insurance, both for business
in force as of October 1, 1995 and for new business written or acquired on or
after October 1, 1995.
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<PAGE>
ARISTA INVESTORS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1999 and 1998
(Unaudited)
Note 4 - Related parties:
At March 31, 1998 and December 31, 1997, Bernard Kooper, Chairman of the Boards
of Directors of the Company and Arista and a Director of The Collection Group,
Inc., beneficially owned 20.4% and 100% of the outstanding shares of Class A and
Class B Common Stock, respectively (including 30,400 shares of Class A Common
Stock owned by Arlyne Kooper, wife of Bernard Kooper but does not include shares
of Class A Stock owned Louis H. Saltzman, son-in-law of Mr. Kooper). Mr. Kooper
is also the owner of Bernard Kooper Life Agency, Inc. (the "Agency"), one of
more than 350 general agents of Arista. The Agency received approximately
$45,000 and $55,000 in commissions from the Registrant and Arista, respectively,
during the months ended March 31, 1999 and 1998, respectively. Of this amount,
the Agency paid approximately $33,000 and $40,000 during the three months ended
March 31, 1999 and 1998, respectively, to brokers, which included certain
members of the Board of Directors of the Company and Arista. The amount paid to
members of the Board of Directors of the Company and/or Arista was approximately
$6,000 and $4,000 during the three months ended March 31, 1999 and 1998,
respectively.
Note 5 - New Accounting Standards
In June 1997, the FASB issued Statement of Financial Accounting Standards No.
130 (SFAS No. 130) "Reporting Comprehensive Income". This pronouncement requires
entities to make certain Disclosures about all types of income, expenses, gains
and losses arising during the period in addition to net income from operations.
SFAS No. 130 is effective for years beginning after December 15, 1997. SFAS No.
130 did not have a material effect on the Company's financial position or
results of operations for the three-month periods ended March 31, 1999 and 1998.
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<PAGE>
ARISTA INVESTORS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 1999 and 1998
(Unaudited)
Note 6 - Segment Information
Adminis-
Discontinued trative
Insurance Service
Segment Segment Total
------- ------- -----
1999
Revenues from outside customers $ $879,595 $ 879,595
Major customers ............... $ $ $
Profit and loss ............... $ $ 31,909 $
$ 31,909
1998
Revenues from outside customers $ 4,904,324 $ 95,029 $4,999,353
Major customers ............... $ $ $
Profit and loss ............... $ (194,750) $165,334 $ (29,416)
Note 7 - Third Party Administration
The Registrant entered into an Administrative Services Agreement dated September
23, 1998 (the "TPA Agreement") with The Guardian. The TPA Agreement was
consummated on November 12, 1998 and deemed effective as of July 1, 1998. As a
third party administrator under the TPA Agreement, the Registrant performs
various services relating to the Insurance underwritten by The Guardian,
including, but not limited to pricing of risk, underwriting new and renewal
business, investigation, calculation and payment of claims. In addition, the
Registrant acts as a third party administrator for the statutory disability
benefits books of business of the United States Life Insurance Company in the
City of New York and the temporary disability insurance books of business of
Hartford Life and Health Insurance Company. Previously, Arista acted as the
third party administrator for these three books of business.
Note 8 - Discontinued
In November 1998, the Company completed the cession of the Insurance, previously
conducted by Arista to The Guardian. The summary of operating results of the
discontinued operations at March 31, 1998 is as follows:
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<PAGE>
ARISTA INVESTORS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three months ended March 31, 1999 and 1998
(Unaudited)
1999 1998
---- ----
Revenue:
Gross premiums earned $ 0 $ 4,904,324
Ceded premiums earned 0 2,327,162
----------- -----------
Net premiums earned 0 2,577,162
Expenses:
Underwriting:
Gross claims incurrred 0 2,977,130
Ceded claims incurred 0 1,488,565
----------- -----------
Net claims incurred 0 1,488,565
----------- -----------
Gross commissions incurred 0 948,947
Ceded commissions incurred 0 747,395
----------- -----------
Net commissions incurred 0 201,552
----------- -----------
Total underwriting expenses 0 1,690,117
General and administrative expenses 0 1,081,795
----------- -----------
Total expenses 0 2,771,912
-----------
Income (loss) before income tax provision (benefit) 0 (194,750)
Net income tax provision (benefit) 0 (58,000)
----------- -----------
Net income (loss) $ 0 ($ 136,750)
=========== ===========
Net income (loss) per common share $ 0 ($ 0.05)
=========== ===========
Weighted average number of common shares 2,617,500 2,617,500
=========== ===========
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<PAGE>
ARISTA INVESTORS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
March 31, 1999
(Unaudited)
The following discussion and analysis should be read in conjunction with the
Consolidated Financial Statements (unaudited) of the Company and the notes
thereto appearing elsewhere in this Form 10-Q. Except for the historical
information contained herein, the following discussion contains forward-looking
statements that involve risks and uncertainties. The Company's actual results
could differ materially from those projected in the forward-looking statements
discussed herein. Factors that could cause or contribute to such differences
include, but are not limited to, those discussed in this section, as well as in
other sections herein.
Results of Operations:
Consolidated revenue from continuing third-party services operations during the
quarter ended March 31, 1999 was approximately $880,000, an increase of
approximately $785,000 compared to the first quarter ended March 31, 1998.
During the first quarter of 1999 the Company operated only as a full-time third
party administrative service provider. In comparison, for the first quarter of
1998, the Company operated as a part-time third party administrative service
provider.
Consolidated total revenue for the first quarter of 1999 was approximately
$964,000, resulting in net income of approximately $94,000 ($0.04 per share).
Revenue from discontinued insurance operations for the quarter ended March 31,
1998 was approximately $4,904,000. The net loss from discontinued operations was
approximately $137,000 ($0.05 per share) for the first quarter of 1998. Total
revenue from continuing operations for the first quarter ended March 31, 1998
was approximately $235,000, resulting in net income of approximately $101,000
($0.04 per share).
Consolidated investment income for the first three months of 1999 and 1998 was
approximately $85,000 and $129,000, respectively. This decrease was principally
due to fewer funds available for daily investments, especially since the
repayment in the fourth quarter of 1998 of the principal balance together with
accrued interest unpaid on a surplus note in the amount of $3,000,000, issued by
Arista. In addition, Arista had insignificant net unrealized investment gains
during the first quarters of 1999 and 1998.
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<PAGE>
ARISTA INVESTORS CORP.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
March 31, 1999
(Unaudited)
Consolidated general and administrative expenses was approximately $933,000 for
the first quarter of 1999 when the Company operated solely as a third-party
administrative services provider. For the first quarter of 1998, the
consolidated general and administrative expenses were approximately $70,000 and
$1,082,000 from continuing and discontinued operations, respectively. The
decrease was attributable to salaries and employee benefits.
Liquidity and Capital Resources
Retained earnings increased from $1,468,780 at December 31, 1998 to $1,562,814
at March 31, 1999 as a result of the Company's net income.
Since the consummation of the cession of Arista's Insurance business to The
Guardian, Arista is in process of reducing its capital and paid in surplus to
the minimum amount permitted by the new York state Insurance Department
("NYSID") and is proceeding with plans to sell Arista.
On March 29th, the NYSID approved a distribution in the form of an initial
extraordinary dividend from Arista Insurance Company to Arista Investors Corp.
Arista Investors Corp. announced that May 19, 1999 would be the record date for
the partial liquidating distribution in the amount of $2.23 per share payable to
stockholders or record with a payment date of may 28, 1999.
Year 2000
The Company has considered the impact of Year 1000 issues on its computer
systems and applications and has developed a remediation plan. Conversion
activities are in process and the Company expects conversion and testing to be
completed by the middle of 1999.
Inflation and Seasonality
The Company does not anticipate that inflation will significantly impact its
business or does it believe that its business is seasonal.
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<PAGE>
ARISTA INVESTORS CORP.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Nothing to report.
Item 2. Changes in Securities
Nothing to report.
Item 3. Defaults Upon Senior Securities
Nothing to report.
Item 4. Submission of Matters to a Vote of Security Holders
Nothing to report.
Item 5. Other Information
Nothing to report.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibit 27 - Financial Data Schedule
b. Reports on Form 8-K: None
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<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.
ARISTA INVESTORS CORP. (Registrant)
BY: /S/ BERNARD KOOPER
---------------------------------------------------
Chairman of the Board (principal executive officer)
BY: /S/ SUSAN J. HALL
-----------------------------------------
SUSAN J. HALL, Senior Vice President and
Treasurer (principal financial and accounting
officer)
May 20, 1999
-15-
<TABLE> <S> <C>
<ARTICLE> 7
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<DEBT-HELD-FOR-SALE> 0
<DEBT-CARRYING-VALUE> 2,614,972
<DEBT-MARKET-VALUE> 2,713,536
<EQUITIES> 1,406
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,616,678
<CASH> 4,954,108
<RECOVER-REINSURE> 0
<DEFERRED-ACQUISITION> 0
<TOTAL-ASSETS> 9,866,927
<POLICY-LOSSES> 0
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 0
0
0
<COMMON> 26,275
<OTHER-SE> 6,997,503
<TOTAL-LIABILITY-AND-EQUITY> 9,866,927
0
<INVESTMENT-INCOME> 84,587
<INVESTMENT-GAINS> 0
<OTHER-INCOME> 879,866
<BENEFITS> 0
<UNDERWRITING-AMORTIZATION> 0
<UNDERWRITING-OTHER> 932,544
<INCOME-PRETAX> 31,909
<INCOME-TAX> (62,125)
<INCOME-CONTINUING> 94,034
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 94,034
<EPS-PRIMARY> 0.04
<EPS-DILUTED> 0.04
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
