<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
/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 0-11413
MERIDIAN INSURANCE GROUP, INC.
----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Indiana 35-1689161
- - ------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
2955 North Meridian Street
P.O. Box 1980
Indianapolis, IN 46206
--------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (317) 931-7000
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
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:
6,767,683 Common Shares at March 31, 1995
The Index of Exhibits is located at page 12 in the sequential numbering system.
Total pages: 12
<PAGE> 2
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
Item 1. In the opinion of management, the financial information
reflects all adjustments (consisting only of normal recurring
adjustments) which are necessary for a fair presentation of
financial position, results of operations and cash flows for the
interim periods. The results for the three months ended March
31, 1995, are not necessarily indicative of the results to be
expected for the entire year.
These quarterly interim financial statements are unaudited.
2
<PAGE> 3
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
as of March 31, 1995 and December 31, 1994
<TABLE>
<CAPTION>
March 31 December 31
1995 1994
---------- -----------
(Unaudited)
<S> <C> <C>
ASSETS
------
Investments:
Fixed maturities--held to maturity, at amortized cost
(market value $4,736,000 and $4,772,000) . . . . . . . . . . . . . . $ 4,318,193 $ 4,389,117
Fixed maturities--available for sale, at market
(cost $203,498,000 and $203,374,000) . . . . . . . . . . . . . . . . 201,729,946 191,483,830
Equity securities, at market
(cost $18,052,000 and $20,005,000) . . . . . . . . . . . . . . . . . 18,341,078 18,377,530
Short-term investments, at cost, which approximates market . . . . . . . 3,650,177 3,884,997
Other invested assets . . . . . . . . . . . . . . . . . . . . . . . . . . 1,033,990 1,085,271
------------ ------------
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 229,073,384 219,220,745
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471,867 843,398
Premiums receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,474,939 2,491,976
Accrued investment income . . . . . . . . . . . . . . . . . . . . . . . . . . 2,971,990 3,063,515
Deferred policy acquisition costs . . . . . . . . . . . . . . . . . . . . . . 12,366,522 11,977,429
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,248,676 2,280,788
Reinsurance receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,286,632 32,703,457
Prepaid reinsurance premiums . . . . . . . . . . . . . . . . . . . . . . . . 2,455,751 2,619,792
Due from Meridian Mutual Insurance Company . . . . . . . . . . . . . . . . . 6,977,169 6,810,483
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,355,570 9,394,448
------------ ------------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . $301,682,500 $291,406,031
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Unearned premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,162,341 $ 59,663,286
Losses and loss adjustment expenses . . . . . . . . . . . . . . . . . . . . . 125,496,659 123,754,650
Other post-retirement benefits . . . . . . . . . . . . . . . . . . . . . . . 1,125,554 1,101,155
Reinsurance payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,965,885 5,890,675
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,961,999 6,743,826
------------ ------------
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . 198,712,438 197,153,592
Shareholders' equity:
Common shares, no par value, authorized 20,000,000 shares;
issued 6,794,263 at March 31, 1995, and 6,769,343 at
December 31, 1994; outstanding 6,767,683 at March 31,
1995, and 6,742,763 at December 31, 1994 . . . . . . . . . . . . . . 44,064,012 43,930,722
Contributed capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,058,327 15,058,327
Unrealized depreciation of investment securities, net
of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (974,736) (7,281,724)
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,822,459 42,545,114
------------ ------------
Total shareholders' equity . . . . . . . . . . . . . . . . . . . 102,970,062 94,252,439
------------ ------------
Total liabilities and shareholders' equity . . . . . . . . . . . $301,682,500 $291,406,031
============ ============
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
3
<PAGE> 4
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
for the three months ended March 31, 1995 and 1994
(Unaudited)
<TABLE>
<CAPTION>
March 31,
----------------------------
1995 1994
------------ ------------
<S> <C> <C>
Premiums earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34,816,414 $31,887,134
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,628,505 3,615,064
Realized investment gains . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,782 51,001
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,245 180,401
----------- -----------
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,666,946 35,733,600
Losses and loss adjustment expenses . . . . . . . . . . . . . . . . . . . . . . 24,344,558 25,323,576
General operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 3,572,859 3,829,353
Amortization expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,244,446 6,876,408
----------- -----------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,161,863 36,029,337
----------- -----------
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . 3,505,083 (295,737)
Income taxes (benefit):
Current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 780,000 (317,000)
Deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26,000) (339,000)
----------- -----------
Total income taxes (benefit) . . . . . . . . . . . . . . . . . . . . 754,000 (656,000)
----------- -----------
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,751,083 $ 360,263
=========== ===========
Weighted average shares outstanding . . . . . . . . . . . . . . . . 6,753,885 6,735,869
=========== ===========
Per share results:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.41 $ 0.05
=========== ===========
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
4
<PAGE> 5
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
for the three months ended March 31, 1995 and 1994
(Unaudited)
<TABLE>
<CAPTION>
Unrealized
Appreciation
Common Contributed (Depreciation) Retained
Shares Capital of Investments Earnings
-------- ------------- -------------- --------
<S> <C> <C> <C> <C>
Balance January 1, 1994 . . . . . . . . . . . . . . $43,855,319 $15,058,327 $ 491,027 $35,041,862
Cumulative effect of accounting change for
certain investments, net of deferred
income taxes . . . . . . . . . . . . . . . . . . . -- -- 4,417,201 --
Net income . . . . . . . . . . . . . . . . . . . . -- -- -- 360,263
Unrealized depreciation of investment
securities, net of deferred income
taxes . . . . . . . . . . . . . . . . . . . . . . -- -- (4,582,714) --
Dividends ($0.06 per share) . . . . . . . . . . . . -- -- -- (404,162)
Vested restricted common shares . . . . . . . . . . 35,584 -- -- --
Exercise of stock options for 200 common
shares . . . . . . . . . . . . . . . . . . . . . . 1,150 -- -- --
----------- ----------- ----------- -----------
Balance March 31, 1994 . . . . . . . . . . . . . . $43,892,053 $15,058,327 $ 325,514 $34,997,963
=========== =========== =========== ===========
Balance January 1, 1995 . . . . . . . . . . . . . . $43,930,722 $15,058,327 $(7,281,724) $42,545,114
Net income . . . . . . . . . . . . . . . . . . . . -- -- -- 2,751,083
Unrealized appreciation of investment
securities, net of deferred income
taxes . . . . . . . . . . . . . . . . . . . . . . -- -- 6,306,988 --
Dividends ($0.07 per share) . . . . . . . . . . . . -- -- -- (473,738)
Exercise of stock options for 24,920
common shares . . . . . . . . . . . . . . . . . . 133,290 -- -- --
----------- ----------- ----------- -----------
Balance March 31, 1995 . . . . . . . . . . . . . . $44,064,012 $15,058,327 $ (974,736) $44,822,459
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
5
<PAGE> 6
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
for the three months ended March 31, 1995 and 1994
(Unaudited)
<TABLE>
<CAPTION>
March 31,
----------------------------
1995 1994
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,751,083 $ 360,263
Reconciliation of net income to net cash provided (used) by
operating activities:
Deferred policy acquisition costs, net . . . . . . . . . . . . . . . . (389,093) 735,484
Increase (decrease) in unearned premiums . . . . . . . . . . . . . . . 499,055 (2,775,460)
Increase in losses and loss adjustment expenses . . . . . . . . . . . . 1,742,009 766,090
Increase in amount due from Meridian Mutual Ins. Co . . . . . . . . . . (166,686) (741,399)
Increase in reinsurance receivables . . . . . . . . . . . . . . . . . . (583,175) (252,337)
Increase in other assets . . . . . . . . . . . . . . . . . . . . . . . (55,049) (1,782,543)
Increase in other post-retirement benefits . . . . . . . . . . . . . . 24,399 25,515
Increase in reinsurance payables . . . . . . . . . . . . . . . . . . . 1,075,210 802,985
Decrease in other liabilities . . . . . . . . . . . . . . . . . . . . . (1,845,717) (2,386,095)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,133 1,061,580
----------- -----------
Net cash provided (used) by operating activities . . . . . . . . . . . . . 3,365,169 (4,185,917)
----------- -----------
Cash flows from investing activities:
Purchase of fixed maturities, available for sale . . . . . . . . . . . . . (4,565,620) (10,061,797)
Proceeds from sale of fixed maturities, available for sale . . . . . . . . 831,020 7,847,539
Proceeds from calls, prepayments and maturity of fixed
maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,667,278 5,089,575
Purchase of equity securities . . . . . . . . . . . . . . . . . . . . . . . (1,739,408) (2,083,225)
Proceeds from sale of equity securities . . . . . . . . . . . . . . . . . . 3,178,559 2,516,925
Net decrease in short-term investments . . . . . . . . . . . . . . . . . . 234,820 765,729
Decrease (increase) in other invested assets . . . . . . . . . . . . . . . 51,281 (248,776)
Increase (decrease) in payable for securities . . . . . . . . . . . . . . . (2,123,354) 430,813
----------- -----------
Net cash provided (used) in investing activities . . . . . . . . . . . . . (2,465,424) 4,256,783
----------- -----------
Cash flows from financing activities:
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (404,566) (404,450)
Exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . 133,290 1,150
----------- -----------
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . (271,276) (403,300)
----------- -----------
Increase (decrease) in cash . . . . . . . . . . . . . . . . . . . . . . . . . 628,469 (332,434)
Cash at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . 843,398 1,307,654
----------- -----------
Cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,471,867 $ 975,220
=========== ===========
Net cash provided by operating activities reflects cash payments
for income taxes as follows:
Federal income tax paid . . . . . . . . . . . . . . . . . . . . . . . . $ 1,115,000 $ 975,000
=========== ===========
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
6
<PAGE> 7
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The unaudited consolidated financial statements should be read in conjunction
with the following notes and with the Notes to Consolidated Financial
Statements of Meridian Insurance Group, Inc., for the year ended December 31,
1994. In the opinion of management, the financial information reflects all
adjustments (consisting only of normal recurring adjustments) which are
necessary for a fair presentation of financial position, results of operations
and cash flows for the interim periods. The results for the three months ended
March 31, 1995 are not necessarily indicative of the results to be expected for
the entire year.
1. Related Party Transactions
Meridian Insurance Group, Inc. (the "Company") is an insurance holding
company principally engaged in underwriting property and casualty
insurance through its wholly-owned subsidiary, Meridian Security Insurance
Company ("Security"). Security participates in a pooling arrangement with
Meridian Mutual Insurance Company ("Meridian Mutual"), a principal
shareholder of the Company, in which the underwriting income and expenses
of both Meridian Mutual and Security are shared. Security's participation
for the three months ended March 31, 1995 and 1994 was 74 percent.
2. Reinsurance
For the three months ended March 31, 1995 and 1994, the effect of
reinsurance on the Company's written and earned premium are as follows:
<TABLE>
<CAPTION>
March 31, 1995 March 31, 1994
----------------------------- -----------------------------
Written Earned Written Earned
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Direct . . . . . . $36,887,060 $36,225,241 $30,933,471 $33,919,020
Assumed . . . . . . 1,284,220 1,350,046 1,040,083 957,222
Ceded . . . . . . . (2,691,770) (2,758,873) (2,597,843) (2,989,108)
----------- ----------- ----------- -----------
Net . . . . . . . . $35,479,510 $34,816,414 $29,375,711 $31,887,134
=========== =========== =========== ===========
</TABLE>
Reinsurance recoveries recognized during the three month periods ended
March 31, 1995 and 1994 were approximately $1,745,000 and $323,000,
respectively.
7
<PAGE> 8
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
Item 2: Management's Discussion and Analysis of Financial Condition and
Results of Operations:
FINANCIAL POSITION
The Company's total assets of $301,683,000 at March 31, 1995 reflect a
3.5 percent growth over the $291,406,000 at December 31, 1994. The
asset growth was primarily attributed to a reduction in unrealized
depreciation of approximately $8.3 million on the fixed maturity
portfolio categorized as available-for- sale under SFAS No. 115. As
of March 31, 1995, nearly 98 percent of the fixed maturity portfolio
was classified as available-for-sale and was carried at market value.
Total liabilities of $198,712,000 for the 1995 first quarter were up
slightly over the $197,154,000 reported at year-end 1994. Increases
in reserves for losses, loss adjustment expenses and unearned premiums
were nearly offset by the first quarter payment of certain year-end
liabilities, such as contingent commissions, employee incentive
bonuses and unpaid operating expenses. The growth in loss and loss
adjustment expense reserves resulted primarily from increased severity
in the Company's commercial auto liability and workers' compensation
lines of business. The higher reserve for unearned premiums resulted
from an increase in the Company's premium volume.
The Company's shareholders' equity of $102,970,000 at March 31, 1995
reflects a 9.3 percent growth over year end 1994's $94,252,000.
Unrealized gains on investments, net of deferred taxes, of $6,307,000
and net income from operations of $2,751,000 were the primary
contributors to the shareholders' equity growth. The Company's book
value per share increased to $15.21 from $13.98 at December 31, 1994.
On February 14, 1995, Meridian Mutual Insurance Company, the principal
shareholder of Meridian Insurance Group, Inc., sold its wholly-owned
life insurance subsidiary, Meridian Life Insurance Company to
Intercontinental Life Corporation. The sale of Meridian Life has no
direct impact on the Company's results, but will allow management to
focus exclusively on the core property and casualty business.
RESULTS OF OPERATIONS
For the three months ended March 31, 1995, the Company recorded net
income of $2,751,000, or $0.41 per share. This compares favorably to
the 1994 first quarter net income of $360,000, or $0.05 per share. The
1994 results were severely hampered by a large number of property
damage claims associated with severe winter storms. Total revenues of
$38,667,000 for the first three months of 1995 were 8.2 percent higher
than the $35,734,000 reported for the same 1994 period. The increased
revenues were attributable to a 9.2 percent growth in earned premiums
to $34,816,000 from 1994's $31,887,000. The Company's premium volume
reflected growth in all major lines of business despite the
continuation of soft market conditions. Net investment income for the
1995 first quarter increased slightly to $3,629,000 from $3,615,000
for the 1994 comparable period. During the first three months of
1995, the Company recorded realized gains on the disposition of
invested assets of $96,000, compared to $51,000 for the prior year's
first quarter.
8
<PAGE> 9
Losses and loss adjustment expenses of $24,345,000 for the first three
months of 1995 were 3.9 percent lower than the 1994 first quarter
total of $25,324,000. This resulted primarily from milder weather
conditions in the midwest during the 1995 first quarter in comparison
to the same 1994 period, which was affected by severe winter storms in
the months of January and February. Compared to the first quarter of
1994, the Company's results for the current three month period reflect
a deterioration in the auto liability lines of business due to
increased severity of losses incurred. This deterioration was offset
by improvements in the homeowners and commercial multiple-peril
property lines as a result of fewer storm related losses in the 1995
first quarter. The net result produced a statutory loss and loss
adjustment expense ratio of 70.8 percent for the first quarter of
1995. This compares to the 79.2 percent ratio, which included 8.5
percentage points in catastrophe related losses, for the same 1994
period.
General operating expenses of $3,573,000 for the most recent quarter
decreased 6.7 percent from $3,829,000 reported for the first three
months of 1994. The reduced operating expenses were attributed to
lower state income taxes and a lower average commission rate. In
addition, the current period expense ratio was further reduced by the
spreading of other operating costs over a larger premium base. The
Company's statutory expense ratio was 31.2 percent for the 1995 first
quarter compared to 33.2 percent for the same 1994 period.
Amortization expenses of $7,244,000 for the 1995 first quarter
represents a 5.4 percent growth over the comparable 1994 period total
of $6,876,000. This increase corresponds with the Company's increased
premium writings for the three months ended March 31, 1995. The
statutory combined ratio of 102.1 percent for the 1995 first quarter
improved 10.3 percentage points from the 112.4 percent reported for
the same period in 1994.
9
<PAGE> 10
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 6. a. Exhibits. See index to exhibits.
b. No reports on Form 8-K were filed during the period
covered by this statement.
10
<PAGE> 11
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
MERIDIAN INSURANCE GROUP, INC.
DATE: April 26, 1995 By: /s/ Norma J. Oman
---------------------- ------------------------------------
Norma J. Oman, President and
Chief Executive Officer
DATE: April 26, 1995 By: /s/ Steven R. Hazelbaker
---------------------- ------------------------------------
Steven R. Hazelbaker, Chief
Financial Officer and Treasurer
11
<PAGE> 12
MERIDIAN INSURANCE GROUP, INC., AND SUBSIDIARIES
FORM 10-Q
For the quarter ended March 31, 1995
Index to Exhibits
<TABLE>
<CAPTION>
Exhibit Number
Assigned in Regulation S-K
Item 601 Description of Exhibit
---------------------------- ----------------------
<S> <C>
(2) No exhibit.
(4) 4.01 Text of Certificate for Common
Shares of Meridian Insurance Group,
Inc. (Incorporated by reference to
Exhibit 4.01 to the registrant's Form
S-1 Registration Statement
No. 33-11413.)
(11) No exhibit.
(15) No exhibit.
(18) No exhibit.
(19) No exhibit.
(20) No exhibit.
(23) No exhibit.
(24) No exhibit.
(25) No exhibit.
(27) Financial Data Schedule.
(28) No exhibit.
</TABLE>
13
<TABLE> <S> <C>
<ARTICLE> 7
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<DEBT-HELD-FOR-SALE> 201,730
<DEBT-CARRYING-VALUE> 4,318
<DEBT-MARKET-VALUE> 3,650
<EQUITIES> 18,341
<MORTGAGE> 731
<REAL-ESTATE> 0
<TOTAL-INVEST> 229,073
<CASH> 1,472
<RECOVER-REINSURE> 1,520
<DEFERRED-ACQUISITION> 12,367
<TOTAL-ASSETS> 301,683
<POLICY-LOSSES> 125,497
<UNEARNED-PREMIUMS> 60,162
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 0
<COMMON> 44,064
0
0
<OTHER-SE> 58,906
<TOTAL-LIABILITY-AND-EQUITY> 301,683
34,816
<INVESTMENT-INCOME> 3,629
<INVESTMENT-GAINS> 96
<OTHER-INCOME> 126
<BENEFITS> 24,345
<UNDERWRITING-AMORTIZATION> 7,244
<UNDERWRITING-OTHER> 3,573
<INCOME-PRETAX> 3,505
<INCOME-TAX> 754
<INCOME-CONTINUING> 2,751
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,751
<EPS-PRIMARY> 0.41
<EPS-DILUTED> 0.41
<RESERVE-OPEN> 123,755
<PROVISION-CURRENT> 24,914
<PROVISION-PRIOR> (570)
<PAYMENTS-CURRENT> 9,012
<PAYMENTS-PRIOR> 13,590
<RESERVE-CLOSE> 125,497
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
