<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended December 31, 1996 Commission File No. 19324
Boston Celtics Limited Partnership
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-2936516
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
151 Merrimac Street, Boston, MA 02114
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(617) 523-6050
- --------------------------------------------------------------------------------
(Registrant's telephone number including area code)
Indicate by checkmark whether the registrant (1) has filed reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days.
Yes [X] No [ ]
The number of Units outstanding as of December 31, 1996 was 5,096,164 of Limited
Partnership Interest.
<PAGE> 2
Part I - Financial Information
Item I - Financial Statements
BOSTON CELTICS LIMITED PARTNERSHIP
and Subsidiaries
Consolidated Balance Sheets
<TABLE>
<CAPTION>
December 31, June 30,
1996 1996
------------ ------------
ASSETS (Unaudited)
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 11,526,626 $ 5,982,128
Marketable securities 44,603,038 46,763,501
Other short term investments 48,298,120 78,723,365
Accounts receivable (less allowance for doubtful accounts of $10,000 in
December and in June) 986,700 3,777,729
Deferred game costs 2,367,556
Prepaid income taxes 532,895
Prepaid expenses 1,020,212 656,396
------------------------------
TOTAL CURRENT ASSETS 109,335,147 135,903,119
PROPERTY AND EQUIPMENT, net of depreciation of $623,439 in December and
$526,469 in June 1,130,670 1,184,813
NATIONAL BASKETBALL ASSOCIATION FRANCHISE, net of amortization of
$2,082,242 in December and $2,005,120 in June 4,087,341 4,164,461
OTHER INTANGIBLE ASSETS, net of amortization of $41,853 in December and
$36,621 in June 908,707 913,939
OTHER ASSETS 2,351,073 3,067,140
------------------------------
$ 117,812,938 $ 145,233,472
==============================
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 7,687,763 $ 15,308,610
Deferred game revenues 14,373,248 4,629,704
Ticket refunds payable 110,219 111,711
Federal and state income taxes payable 539,325
Notes payable 15,881,783 15,353,949
Deferred compensation - current portion 1,910,977 4,345,367
------------------------------
TOTAL CURRENT LIABILITIES 39,963,990 40,288,666
DEFERRED REVENUES - noncurrent portion 699,871 699,871
DEFERRED FEDERAL AND STATE INCOME TAXES 20,100,000 20,100,000
LONG-TERM DEBT - noncurrent portion 50,000,000 50,000,000
DEFERRED COMPENSATION - noncurrent portion 11,650,042 11,749,666
OTHER NON-CURRENT LIABILITIES 6,349,377 5,875,000
<PAGE> 3
PARTNERS' CAPITAL (DEFICIT)
Boston Celtics Limited Partnership -
General Partner 237,868 284,422
Limited Partners (11,765,048) 15,688,456
------------------------------
(11,527,180) 15,972,878
Celtics Limited Partnership - General Partner (63,586) (92,988)
Boston Celtics Communications Limited Partnership - General Partner 640,424 640,379
------------------------------
TOTAL PARTNERS' CAPITAL (DEFICIT) (10,950,342) 16,520,269
------------------------------
$ 117,812,938 $ 145,233,472
==============================
</TABLE>
See notes to consolidated financial statements.
<PAGE> 4
BOSTON CELTICS LIMITED PARTNERSHIP
and Subsidiaries
Consolidated Statements of Income
Unaudited
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
--------------------------- ---------------------------
December 31, December 31, December 31, December 31,
1996 1995 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues:
Basketball regular season -
Ticket sales $ 10,663,000 $ 11,670,000 $ 10,663,000 $ 11,670,000
Television and radio broadcast rights fees 7,074,000 7,185,000 7,074,000 7,185,000
Other, principally promotional advertising 2,893,000 2,760,000 2,893,000 2,760,000
----------------------------------------------------------
20,630,000 21,615,000 20,630,000 21,615,000
----------------------------------------------------------
Costs and expenses:
Basketball regular season -
Team 11,245,000 8,543,000 11,245,000 8,543,000
Game 713,000 787,000 713,000 787,000
General and administrative 5,898,944 6,100,273 3,346,139 3,194,223
Selling and promotional 1,474,495 1,119,786 1,047,118 784,264
Depreciation 96,970 75,025 48,755 40,085
Amortization of NBA franchise and other intangible assets 82,352 82,352 41,176 41,176
----------------------------------------------------------
19,510,761 16,707,436 16,441,188 13,389,748
----------------------------------------------------------
1,119,239 4,907,564 4,188,812 8,225,252
Interest expense (3,041,773) (2,721,108) (1,433,226) (1,349,298)
Interest income 3,663,429 4,171,676 1,825,866 2,101,917
Net realized and unrealized gains on disposition of assets
and investments 395,356 182,506 262,287 20,910
----------------------------------------------------------
Income from continuing operations before income taxes 2,136,251 6,540,638 4,843,739 8,998,781
Provision for income taxes 800,000 900,000 300,000 350,000
----------------------------------------------------------
Income from continuing operations 1,336,251 5,640,638 4,543,739 8,648,781
Discontinued operations:
Income from discontinued operations (less applicable income
taxes of $30,000) 82,806 30,000
Gain from disposal of discontinued operations (less applicable
income taxes of $17,770,000) 38,330,907 (830,000)
----------------------------------------------------------
Net income 1,336,251 44,054,351 4,543,739 7,848,781
Net income applicable to interests of General Partners 42,515 1,046,032 99,757 141,549
----------------------------------------------------------
Net income applicable to interests of Limited Partners $ 1,293,736 $ 43,008,319 $ 4,443,982 $ 7,707,232
==========================================================
<PAGE> 5
Per unit:
Income from continuing operations $ 0.22 $ 0.91 $ 0.76 $ 1.46
Net income $ 0.22 $ 7.05 $ 0.76 $ 1.33
Average units outstanding throughout the period 6,040,569 6,164,879 5,905,760 5,866,396
</TABLE>
See notes to consolidated financial statements.
<PAGE> 6
BOSTON CELTICS LIMITED PARTNERSHIP
and Subsidiaries
Consolidated Statements of Cash Flows
Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended
------------------------------
December 31, December 31,
1996 1995
------------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts:
Basketball regular season receipts:
Ticket sales $ 25,023,087 $ 25,546,047
Television and radio broadcast rights fees 6,148,244 4,713,336
Other, principally promotional advertising 1,999,677 2,546,837
Basketball playoff receipts 327,373
------------------------------
33,171,008 33,133,593
Costs and expenses:
Basketball regular season expenditures:
Team expenses 15,115,111 12,107,732
Game expenses 816,816 1,028,156
General and administrative expenses 10,316,217 8,310,497
Selling and promotional expenses 1,907,677 1,192,953
------------------------------
28,155,821 22,639,338
------------------------------
5,015,187 10,494,255
Interest expense (2,223,407) (1,690,008)
Interest income 3,288,426 4,154,761
Proceeds from league expansion 4,490,673
Payment of income taxes (1,872,220) (350,000)
Payment of deferred compensation (2,807,430) (3,373,785)
------------------------------
NET CASH FLOWS FROM CONTINUING OPERATIONS 1,400,556 13,725,896
NET CASH FLOWS FROM DISCONTINUED OPERATIONS 33,205
------------------------------
NET CASH FLOWS FROM OPERATING ACTIVITIES 1,400,556 13,759,101
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of:
Marketable securities (24,380,826) (28,458,903)
Short term investments (388,300,000) (37,600,000)
Proceeds from sales of:
Marketable securities 27,051,250 23,643,373
Short term investments 419,000,000 25,750,000
Proceeds from the sale of BCBLP 79,200,000
Cash portion of net assets of Boston Celtics Broadcasting Limited
Partnership sold (1,602,071)
Capital expenditures (44,558) (410,084)
Other receipts (expenditures) (366,048) 260,754
------------------------------
NET CASH FLOWS FROM INVESTING ACTIVITIES 32,959,818 60,783,069
------------------------------
</TABLE>
<PAGE> 7
BOSTON CELTICS LIMITED PARTNERSHIP
and Subsidiaries
Consolidated Statements of Cash Flows (Continued)
Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended
------------------------------
December 31, December 31,
1996 1995
------------- ------------
<S> <C> <C>
NET CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIES 34,360,374 74,542,170
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of bank borrowings (80,000,000)
Purchase of Boston Celtics Limited Partnership units (22,880,000) (1,941,450)
Cash distributions:
To Fox Television Stations, Inc. from Boston Celtics
Broadcasting Limited Partnership (7,950,131)
To limited partners of Boston Celtics Limited Partnership (5,935,876) (9,697,083)
------------------------------
NET CASH FLOWS USED BY FINANCING ACTIVITIES (28,815,876) (99,588,664)
------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,544,498 (25,046,494)
Cash and cash equivalents at beginning of period 5,982,128 39,563,015
------------------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 11,526,626 $ 14,516,521
==============================
Non-cash investing and financing activities:
Conversion of convertible subordinated note payable for 25%
interest in Boston Celtics Broadcasting Limited Partnership $ 10,000,000
Notes payable for acquisition of Boston Celtics Limited
Partnership units $ 14,365,096
Net non-cash assets of Boston Celtics Broadcasting Limited
Partnership sold $ 9,517,608
</TABLE>
See notes to consolidated financial statements.
<PAGE> 8
Notes to Consolidated Financial Statements
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BOSTON CELTICS LIMITED PARTNERSHIP AND SUBSIDIARIES
- --------------------------------------------------------------------------------
Note 1 - Boston Celtics Limited Partnership (the "Boston Celtics", "BCLP" or the
"Partnership") a Delaware limited partnership, through Celtics Limited
Partnership ("CLP"), its 99% owned limited partnership, owns and operates the
Boston Celtics professional basketball team of the National Basketball
Association, and through BCCLP Holding Corporation ("Holdings"), a wholly-owned
subsidiary of BCLP, owns Celtics Capital Corporation ("CCC") (which holds
investments) and through Celtics Investments Incorporated ("CII"), a
wholly-owned subsidiary of BCLP, and itself owns a 99% limited partnership
interest in Boston Celtics Communications Limited Partnership ("BCCLP") which
owned a 99% limited partnership interest in Boston Celtics Broadcasting Limited
Partnership ("BCBLP") until its sale on July 7, 1995. BCBLP owned and operated
Television Station WFXT - Channel 25 ("WFXT") of Boston, Massachusetts and BCCLP
owned and operated Radio Station WEEI - 590 AM ("WEEI") of Boston, Massachusetts
until its sale on June 30, 1994. The General Partner of BCLP is Celtics, Inc.
("CI"); the General Partner of CLP is Boston Celtics Corporation ("BCC"); and
the General Partner of BCCLP is Celtics Communications, Inc. ("CCI"). The
General Partners of BCLP, CLP and BCCLP are Delaware corporations whose sole
stockholders are Paul Gaston, Don Gaston (father of Paul Gaston) and an
affiliate. The consolidated financial statements include the accounts of the
Partnership, CLP, Holdings, CCC, CII and their subsidiary partnerships. All
intercompany transactions are eliminated in consolidation.
Note 2 - On November 30, 1996, the Partnership, through its wholly-owned
subsidiary CCC, acquired an aggregate of 780,000 units representing assignments
of beneficial ownership of limited partnership interest in BCLP. The units were
acquired from a principal unitholder and an entity which is an affiliate of the
unitholder for an aggregate purchase price of $22,880,000, or $29.3333 for each
unit acquired. The units acquired have been classified as treasury units and the
purchase price has been recorded as a reduction of BCLP Limited Partners Capital
(Deficit). Upon the acquisition of the units, the principal unitholder resigned
from his positions as Vice Chairman of the Board and as a director of Celtics,
Inc.
Note 3 - The unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial statements and with instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) necessary for a fair presentation have been
included therein. Operating results for interim periods are not indicative of
the results that may be expected for the full year. Such financial statements
should be read in conjunction with the consolidated financial statements and
footnotes thereto of Boston Celtics Limited Partnership and Subsidiaries
included in the annual report on Form 10-K for the year ended June 30, 1996 and
the Form 10-Q for the quarter ended September 30, 1996.
Note 4 - Revenues and costs applicable to the regular season are recognized in
income proportionately over the 82 games played in the regular season. The
excess of revenue received or costs incurred over amounts recognized in income
are included in Deferred game costs or Deferred game revenues on the
consolidated Balance Sheets.
<PAGE> 9
Management's Discussion and Analysis of Financial
Condition and Results of Operations
- --------------------------------------------------------------------------------
BOSTON CELTICS LIMITED PARTNERSHIP AND SUBSIDIARIES
- --------------------------------------------------------------------------------
General
The Partnership had consolidated net income of $1,336,000, or $0.22 per
unit, on revenues of $20,630,000 in the six months ended December 31, 1996,
compared with consolidated net income of $44,054,000, or $7.05 per unit, on
revenues of $21,615,000 in the six months ended December 31, 1995. Consolidated
net income in the six months ended December 31, 1995 included a gain on the sale
of BCBLP in the amount of $38,331,000 and income from this discontinued
operation of $83,000. The Partnership had consolidated net income of $4,544,000,
or $0.76 per unit, on revenues of $20,630,000 in the three months ended December
31, 1996, compared with consolidated net income of $7,849,000, or $1.33 per
unit, on revenues of $21,615,000 in the three months ended December 31, 1995.
The Partnership had consolidated cash flows from operating activities of
$1,401,000 in the six months ended December 31, 1996 compared with consolidated
cash flows from operating activities of $13,759,000 in the six months ended
December 31, 1995.
The Boston Celtics derive revenues principally from the sale of tickets to
home games and the licensing of television, cable network and radio rights. A
large portion of the Boston Celtics' annual revenues and operating expenses are
determinable at the commencement of each basketball season based on season
ticket sales and the Boston Celtics' multi-year contracts with its players and
broadcast organizations.
For financial reporting purposes, the Boston Celtics recognize revenues
and expenses on a game-by-game basis. Because the NBA regular season begins in
November, the first quarter which ends on September 30th will generally include
limited or no revenue and will reflect a loss attributable to general and
administrative expenses incurred in the quarter. Based on the present NBA game
schedule, the Partnership will generally recognize approximately one-third of
its annual regular season revenue in the second quarter, approximately one-half
of such revenue in the third quarter and the remainder in the fourth quarter,
and it will recognize any playoff revenue in the fourth quarter.
Results of Operations
The following discussion compares results of continuing operations of the
Partnership and its subsidiaries for the six-month and three-month periods ended
December 31, 1996 with the six-month and three-month periods ended December 31,
1995.
The Boston Celtics recognize revenues and direct expenses for the
basketball operations ratably over the regular season games played.
<PAGE> 10
Revenues from ticket sales recognized in income decreased $1,007,000 or 9%
in the six-month and three-month periods ended December 31, 1996, compared to
the same periods in 1995, as a result of decreased ticket sales ($612,000) as
well as the result of the team having played one fewer game in the period ended
December 31, 1996 than in 1995 ($395,000). Ticket prices were not increased for
the 1996-1997 season.
Television and radio revenues decreased $111,000 or 2% in the six-month
and three-month periods ended December 31, 1996, compared to the same periods in
1995 as a result of the team having played one fewer game in the period ended
December 31, 1996 than in 1995 ($262,000), partially offset by an increase in
revenue from the national network and cable television rights agreements
($151,000).
Other regular season revenues increased $133,000 or 5% in the six-month
and three-month periods ended December 31, 1996 compared to the same periods in
1995 as a result of increased promotional income ($240,000) partially offset by
the team having played one fewer game in the period ended December 31, 1996 than
in 1995 ($107,000).
Team expenses increased $2,702,000 or 32% in the six-month and three-month
periods ended December 31, 1996 compared to the same periods in 1995 primarily
as a result of a net increase in player compensation ($2,672,000) and other team
expenses ($446,000), partially offset by the team having played one fewer game
in the period ended December 31, 1996 than in 1995 ($416,000).
Game expenses decreased $74,000 or 9% in the six-month and three-month
periods ended December 31, 1996 compared to the same periods in 1995, primarily
as a result of a decrease in league assessments ($41,000) as well as the team
having played one fewer game in the period ended December 31, 1996 than in 1995
($26,000).
General and administrative expenses decreased $201,000 or 3% in the
six-month period ended December 31, 1996 as compared to the same period in 1995
primarily as a result of a decrease in option expense ($295,000). General and
administrative expenses increased $152,000 or 5% in the three-month period ended
December 31, 1996 as compared to the same period in 1995 primarily as a result
of an increase in option expense ($570,000), partially offset by decreases in
professional expenses ($275,000) and personnel costs ($119,000).
Selling and promotional expenses increased $355,000 or 32% in the
six-month period ended December 31, 1996 and $263,000 or 34% in the three-month
period ended December 31, 1996 as compared to the same periods in 1995 due to
increases in salaries and other costs related to marketing and ticket sales
($260,000 in the six-month period and $186,000 in the three-month period),
increased sponsorship costs ($58,000 in the six-month period) and increases in
promotional and other general marketing expenses ($37,000 in the six-month
period and $77,000 in the three-month period).
Depreciation and amortization expenses increased $22,000 or 29% in the
six-month period ended December 31, 1996 as compared to the same period in 1995
as a result of additions to property and equipment and leasehold improvements in
leased office space and at the FleetCenter.
<PAGE> 11
Interest expense increased $321,000 or 12% in the six months ended
December 31, 1996 and $84,000 or 6% in the three-month period ended December 31,
1996 compared to the same periods in 1995. The increase in the six-month period
ended December 31, 1996 is primarily a result of a full six months of interest
in 1996 on the August 30, 1995 notes payable related to the redemption of BCLP
units as compared to four months of interest in 1995 (resulting in an increase
of $232,000 in the six-month period ended December 31, 1996).
Interest income decreased $508,000 or 12% in the six-month period ended
December 31, 1996 and $276,000 or 13% in the three-month period ended December
31, 1996 compared to the same periods in 1995. The decreases are attributable to
a reduced amount of available funds for short-term investment.
Liquidity and Capital Resources
At December 31, 1996 the Partnership had approximately $12,000,000 of
available cash, $45,000,000 of marketable securities and $48,000,000 of other
short term investments. In addition to these amounts, sources of funds available
to the Partnership include funds generated by operations and capital
contributions from partners. These resources will be used to repay commercial
bank borrowings and notes payable related to redeemed partnership units and for
general partnership purposes, working capital needs or for possible investments
or acquisitions. Management of the Partnership from time to time reviews and
evaluates investment and acquisition opportunities on behalf of the Partnership
and investments or acquisitions may be made or consummated by the General
Partner, on behalf of the Partnership, at such times and upon such prices and
other terms as the General Partner deems to be in the best interests of the
Partnership and all of its Unitholders. Management believes that its cash, cash
equivalents and marketable securities together with cash from operations will
provide adequate cash for the Partnership and its subsidiaries to meet their
cash requirements through December 31, 1997.
During the six months ended December 31, 1996, a cash distribution of
$1.00 per unit was paid to unitholders of Boston Celtics Limited Partnership on
December 16, 1996 (declared November 18, 1996 to unitholders of record on
November 29, 1996). During the six months ended December 31, 1995, a cash
distribution of $1.50 per unit was paid to unitholders of Boston Celtics Limited
Partnership on July 21, 1995 (declared June 26, 1995 to unitholders of record on
June 30, 1995). Future distributions will be determined by the General Partner
based, among other things, on available resources and the needs of the
Partnership.
<PAGE> 12
Part II - Other Information
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BOSTON CELTICS LIMITED PARTNERSHIP AND SUBSIDIARIES
- --------------------------------------------------------------------------------
ITEM 6 - Exhibits and Reports on Form 8-K
Exhibits -
Exhibit (11) - Statement re: computation of earnings per unit.
Reports on Form 8-K -
The Partnership filed a Current Report on Form 8-K dated December 2, 1996 with
respect to its acquisition of an aggregate of 780,000 units representing
assignments of beneficial ownership of limited partnership interests in the
Partnership.
<PAGE> 13
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
BOSTON CELTICS LIMITED PARTNERSHIP
(Registrant)
By: Celtics, Inc., its General Partner
Dated: February 14, 1997 By: /s/ Richard G. Pond
----------------------------------------
Richard G. Pond
Executive Vice President
and Chief Financial Officer
<PAGE> 14
Exhibit (11) - Statement Re: Computation of Earnings per Unit
<TABLE>
<CAPTION>
Six Months Ended Three Months Ended
---------------------------- ----------------------------
December 31, December 31, December 31, December 31,
1996 1995 1996 1995
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
Average units outstanding 5,740,512 5,936,776 5,604,860 5,641,278
Net effect of dilutive stock options based on the treasury
stock method using average market price 239,651 166,454 241,843 166,454
------------------------------------------------------------
Average units outstanding 5,980,163 6,103,230 5,846,703 5,807,732
Units equivalent to 1% General Partnership interest of BCLP 60,406 61,649 59,058 58,664
------------------------------------------------------------
Average units outstanding 6,040,569 6,164,879 5,905,760 $ 5,866,396
============================================================
Income from continuing operations:
Income before interests of General Partners $ 1,336,252 $ 5,640,638 $ 4,543,740 $ 8,648,781
Applicable to interests of General Partners of subsidiary
partnerships 29,447 48,696 54,868 73,698
------------------------------------------------------------
1,306,805 5,591,942 4,488,872 8,575,083
Applicable to 1% General Partnership interest of BCLP 13,068 55,919 44,889 85,751
------------------------------------------------------------
Applicable to interests of Limited Partners $ 1,293,737 $ 5,536,023 $ 4,443,983 $ 8,489,332
============================================================
Per Limited Partnership Unit $ 0.22 $ 0.91 $ 0.76 $ 1.46
============================================================
Net Income:
Income before interests of General Partners $ 1,336,252 $ 44,054,351 $ 4,543,740 $ 7,848,781
Applicable to interests of General Partners of subsidiary
partnerships 29,447 611,605 54,868 63,698
------------------------------------------------------------
1,306,805 43,442,746 4,488,872 7,785,083
Applicable to 1% General Partnership interest of BCLP 13,068 434,427 44,889 77,851
------------------------------------------------------------
Applicable to interests of Limited Partners $ 1,293,737 $ 43,008,319 $ 4,443,983 $ 7,707,232
============================================================
Per Limited Partnership Unit $ 0.22 $ 7.05 $ 0.76 $ 1.33
============================================================
</TABLE>
<PAGE> 15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET OF BOSTON CELTICS LIMITED PARTNERSHIP AND ITS
SUBSIDIARIES AS OF DECEMBER 31, 1996 AND THE RELATED CONSOLIDATED STATEMENT OF
INCOME FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<CASH> 11,527
<SECURITIES> 44,603
<RECEIVABLES> 997
<ALLOWANCES> 10
<INVENTORY> 0
<CURRENT-ASSETS> 109,335
<PP&E> 1,754
<DEPRECIATION> 623
<TOTAL-ASSETS> 117,813
<CURRENT-LIABILITIES> 39,964
<BONDS> 50,000
0
0
<COMMON> 0
<OTHER-SE> (10,950)
<TOTAL-LIABILITY-AND-EQUITY> 117,813
<SALES> 20,630
<TOTAL-REVENUES> 20,630
<CGS> 0
<TOTAL-COSTS> 19,511
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,042
<INCOME-PRETAX> 2,136
<INCOME-TAX> 800
<INCOME-CONTINUING> 1,336
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,336
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.22
</TABLE>
