SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended March 31, 1997 Commission file number 0-17699
IDS/JMB BALANCED INCOME GROWTH, LTD.
(Exact name of registrant as specified in its charter)
Illinois 36-3498972
(State of organization) (IRS Employer Identification No.)
900 N. Michigan Ave., Chicago, IL 60611
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 312/915-1987
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
<PAGE>
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . 3
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations. . . 11
PART II OTHER INFORMATION
Item 5. Other Information. . . . . . . . . . . . . . . . . 13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . 14
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS
MARCH 31, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
ASSETS
------
<CAPTION>
MARCH 31, DECEMBER 31,
1997 1996
------------- -----------
<S> <C> <C>
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . $ 631,180 847,356
Interest, rents and other receivables . . . . . . . . . . . . . . . . 69,076 131,710
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,059 7,642
----------- -----------
Total current assets. . . . . . . . . . . . . . . . . . . . . 703,315 986,708
----------- -----------
Investment property held for sale or disposition. . . . . . . . . . . . 8,811,748 8,711,748
----------- -----------
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,808 198,937
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,654,019 1,550,211
----------- -----------
$11,331,890 11,447,604
=========== ===========
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
BALANCE SHEETS - CONTINUED
LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS (DEFICITS)
-----------------------------------------------------
MARCH 31, DECEMBER 31,
1997 1996
------------- -----------
Current liabilities:
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,972 58,780
Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 21,645 26,508
Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,568 116,246
Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . . . 457,601 592,656
----------- -----------
Total current liabilities . . . . . . . . . . . . . . . . . . 592,786 794,190
----------- -----------
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . . . 12,374 12,374
Long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,800,000
----------- -----------
Commitments and contingencies
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 7,405,160 7,606,564
----------- -----------
Partners' capital accounts (deficits):
General partners:
Capital contributions . . . . . . . . . . . . . . . . . . . . . . . 20,000 20,000
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (250,992) (259,558)
----------- -----------
(230,992) (239,558)
----------- -----------
Limited partners (47,534 interests):
Capital contributions, net of offering costs. . . . . . . . . . . . 10,284,207 10,284,207
Cumulative net earnings (losses). . . . . . . . . . . . . . . . . . (1,506,771) (1,583,895)
Cumulative cash distributions . . . . . . . . . . . . . . . . . . . (4,619,714) (4,619,714)
----------- -----------
4,157,722 4,080,598
----------- -----------
Total partners' capital accounts. . . . . . . . . . . . . . . 3,926,730 3,841,040
----------- -----------
$11,331,890 11,447,604
=========== ===========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
------------ -----------
<S> <C> <C>
Income:
Rental income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 408,380 393,232
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,216 20,453
----------- ----------
430,596 413,685
----------- ----------
Expenses:
Mortgage and other interest. . . . . . . . . . . . . . . . . . . . . . . 86,097 88,362
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 72,922
Property operating expenses. . . . . . . . . . . . . . . . . . . . . . . 203,052 245,484
Professional services. . . . . . . . . . . . . . . . . . . . . . . . . . 17,000 10,500
Amortization of deferred expenses. . . . . . . . . . . . . . . . . . . . 13,816 13,700
General and administrative . . . . . . . . . . . . . . . . . . . . . . . 24,941 44,417
----------- ----------
344,906 475,385
----------- ----------
Operating earnings (loss) . . . . . . . . . . . . . . . . . . . . 85,690 (61,700)
Partnership's share of income from
operations of unconsolidated venture. . . . . . . . . . . . . . . . . . . -- 16,043
----------- ----------
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . $ 85,690 (45,657)
=========== ==========
Net earnings (loss) per limited
partnership interest:
Net earnings (loss). . . . . . . . . . . . . . . . . . . . . . $ 1.62 (.86)
=========== ==========
Cash distributions per
limited partnership
interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ -- --
=========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(UNAUDITED)
<CAPTION>
1997 1996
---------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,690 (45,657)
Items not requiring (providing) cash or cash equivalents:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 72,922
Amortization of deferred expenses . . . . . . . . . . . . . . . . . . . 13,816 13,700
Partnership's share of operations of
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . -- (16,043)
Changes in:
Interest, rents and other receivables. . . . . . . . . . . . . . . . . . 62,634 13,679
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,896 22,312
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,808) 24,942
Accrued interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,863) (5,950)
Accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . . . . (135,055) (159,974)
Unearned rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,678) 42,278
---------- ----------
Net cash provided by (used in)
operating activities. . . . . . . . . . . . . . . . . . . . . . (12,368) (37,791)
---------- ----------
Cash flows from investing activities:
Additions to investment property. . . . . . . . . . . . . . . . . . . . . (100,000) --
Partnership's distributions from
unconsolidated venture. . . . . . . . . . . . . . . . . . . . . . . . . -- 48,033
Payment of deferred expenses. . . . . . . . . . . . . . . . . . . . . . . -- (1,112)
---------- ----------
Net cash provided by (used in)
investing activities. . . . . . . . . . . . . . . . . . . . . . (100,000) 46,921
---------- ----------
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
---------- ---------
Cash flows from financing activities:
Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (103,808) (101,392)
---------- ----------
Net cash provided by (used in)
financing activities. . . . . . . . . . . . . . . . . . . . . . (103,808) (101,392)
---------- ----------
Net increase (decrease) in cash and cash equivalents. . . . . . . (216,176) (92,262)
Cash and cash equivalents, beginning of year. . . . . . . . . . . 847,356 619,423
---------- ----------
Cash and cash equivalents, end of period. . . . . . . . . . . . . $ 631,180 527,161
========== ==========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . . . . . . . . . . . . $ 68,647 72,000
========== ==========
Non-cash investing and financing activities . . . . . . . . . . . . . . . $ -- --
========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
IDS/JMB BALANCED INCOME GROWTH, LTD.
(A LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997 AND 1996
(UNAUDITED)
GENERAL
Readers of this quarterly report should refer to the Partnership's
audited financial statements for the fiscal year ended December 31, 1996
which are included in the Partnership's 1996 Annual Report, as certain
footnote disclosures which would substantially duplicate those contained in
such audited financial statements have been omitted from this report.
Capitalized terms used herein, but not defined, have the same meanings as
used in such Annual Report.
The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
The Partnership adopted Statement of Financial Accounting Standards
No. 121 ("SFAS 121") "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to Be Disposed Of" as required in the first
quarter of 1996. The Partnership's policy is to consider a property to be
held for sale or disposition when the Partnership has committed to a plan
to sell or dispose of such property and active marketing activity has
commenced or is expected to commence in the near term or the Partnership
has concluded that it may dispose of the property by no longer funding
operating deficits or debt service requirements of the property thus
allowing the lender to realize upon its security. In accordance with SFAS
121, any properties identified as "held for sale or disposition" are no
longer depreciated.
The net results of operations for the three months ended March 31,
1997 and 1996 for properties classified as held for sale or disposition or
sold or disposed of during the past two years were $127,603 and $95,047,
respectively. In addition, the accompanying consolidated financial
statements include $0 and $16,043, respectively, of the Partnership's share
of total property operations of $85,690 and $(45,657) for unconsolidated
properties for the three months ended March 31, 1997 and 1996,
respectively, which are held for sale or disposition or have been sold or
disposed of during the past two years.
TRANSACTIONS WITH AFFILIATES
The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Corporate General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments. Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of March 31, 1997 and for the three months ended March
31, 1997 and 1996 were as follows:
<PAGE>
Unpaid at
March 31,
1997 1996 1997
------- ------ ---------
Property management
and leasing fees . . . . . . $ 8,857 9,442 2,821
Reimbursement (at cost)
for out-of-pocket salary
and salary-related
expenses related to
the on-site and other
costs for the Partner-
ship and its investment
property . . . . . . . . . . 9,722 180 5,428
------- ------- ------
$18,579 9,622 8,249
======= ======= ======
According to the terms of the Partnership Agreement, the General
Partners have deferred payment of their distributions of net cash flow from
the Partnership. The cumulative amount of such deferred distributions was
$306,330 at March 31, 1997 and are not expected to be paid as the
subordination requirements of the Partnership Agreement are not currently
expected to be attained. All amounts deferred or currently payable do not
bear interest.
JMB/MIAMI
On April 8, 1996, the Partnership sold 100% of its Partnership
interest in Miami International Mall to its unaffiliated venture partner
for $1,368,888.
FASHION SQUARE
In March 1995, the Partnership obtained a replacement irrevocable
direct pay letter of credit with a major institutional lender in the amount
of $7,140,000. The replacement letter of credit required the Partnership
to fund an interest-bearing cash collateral account with an initial deposit
of $840,000 at closing and requires monthly deposits of $30,000 thereafter
until the December 1, 1999 expiration. On a cumulative basis, $60,000 per
annum (although no more than $120,000 in any calendar year) can be drawn
down by the Partnership under certain circumstances (as defined) from the
collateral account for tenant improvements and leasing costs at the Fashion
Square Shopping Center. The Partnership may be required to make additional
deposits to the cash collateral account should the property's net operating
income (as defined) fall below a stipulated level for two consecutive
quarters. As of March 31, 1997, the Partnership has not been required to
make any additional deposits to the cash collateral account other than the
initial deposit and monthly deposits discussed above. Such additional
deposits can be drawn down by the Partnership as reimbursement for certain
releasing costs incurred at the property provided the property's net
operating income exceeds the stipulated level for two consecutive quarters.
As of March 31, 1997 and the date of this report, $18,600 has been drawn
from this account. Upon expiration of the letter of credit on December 1,
1999, the balance of the cash collateral account plus interest will revert
to the Partnership. Due to the cash collateral funding requirements and
fees associated with the letter of credit, the property is operating at a
deficit.
One of the property's major tenants, Linens 'N Things, opened a new
store in November 1996 one block away from the center in a newly-developed
smaller shopping center. In order to create a better tenant mix and
improve cash flow at the center, the Partnership recently executed a
termination agreement (including payment of a termination fee to the
Partnership) with Linens 'N Things which closed its store on April 1, 1997.
The Partnership has also executed leases with both an existing tenant (DSW
Shoe Warehouse) to extend its lease and relocate to the location previously
<PAGE>
occupied by the Linens 'N Things store and two adjacent vacant spaces for a
total of 15,000 square feet. The new DSW is expected to open in late May
1997. Additionally, the Partnership has executed a new ten-year lease with
Cost Plus World Market to open a new 17,519 square foot store at the
current DSW location.
In 1997, leases representing approximately 13% of the leasable square
footage at the Fashion Square Shopping Center are scheduled to expire. As
of the date of this report, the property is 79% leased. The costs of lease
commissions and tenant improvements incurred prior to tenant occupancy for
the re-leasing of this space could be significant and will result in a
decrease in cash flow from operations over the near term to the extent not
permitted to be funded from the collateral cash account.
As of December 31, 1996, the Partnership has committed to a plan to
sell the Fashion Square Shopping Center. Accordingly, the Partnership has
classified this property as held for sale in the accompanying consolidated
financial statements.
ADJUSTMENTS
In the opinion of the Corporate General Partner, all adjustments
(consisting solely of normal recurring adjustments) necessary for a fair
presentation have been made to the accompanying figures as of March 31,
1997 and for the three months ended March 31, 1997 and 1996.
<PAGE>
PART 1. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Reference is made to the notes to the accompanying financial
statements for additional information concerning certain of the
Partnership's investments.
It currently appears that the Partnership's goal of capital
appreciation will not be achieved. Although some portion of the Limited
Partners' original capital is expected to be distributed from sales
proceeds, the Limited Partners are expected to receive significantly less
than their original investment. Due to the significant amount of tenant
improvements and lease commissions budgeted in 1997, and the restrictions
placed by the lender on the use of the cash collateral account, the
Partnership may need to further reduce or cease making operating
distributions to Limited Partners.
The Partnership continues to conserve its working capital. All
expenditures are carefully analyzed and certain capital projects are
deferred when appropriate. By conserving working capital, the Partnership
will be in a better position to meet the future needs of its property since
the availability of satisfactory outside sources of capital may be limited
given the current debt levels. Due to these factors, the Partnership has
held its remaining investment property longer than originally anticipated
in an effort to maximize the return to the Limited Partners. However,
after reviewing the Fashion Square Shopping Center and the marketplace in
which it operates, the General Partners of the Partnership expect to be
able to conduct an orderly liquidation of its investment portfolio as
quickly as practicable. Therefore, the affairs of the Partnership are
expected to be wound up no later than December 31, 1999 (sooner if the
property is sold in the near term), barring unforeseen economic
developments.
RESULTS OF OPERATIONS
The decrease in cash and cash equivalents at March 31, 1997 and the
corresponding increase in property held for sale or disposition and escrow
deposits as compared to December 31, 1996 is due primarily to the funding
of $100,000 of tenant allowances for leasehold improvements at the Fashion
Square Shopping Center and the required funding of the cash collateral
account of $90,000 associated with the letter of credit obtained for the
Fashion Square Shopping Center.
The decrease in interest, rents and other receivables and in unearned
rents at March 31, 1997 as compared to December 31, 1996 is primarily due
to the timing of rental collections at the Fashion Square Shopping Center.
The decrease in deferred expenses at March 31, 1997 as compared to
December 31, 1996 is due to the amortization of deferred expenses at the
Fashion Square Shopping Center without any significant new deferred leasing
costs being incurred.
The decrease in accrued real estate taxes at March 31, 1997 as
compared to December 31, 1996 is due to the decrease in assessed property
value for the Fashion Square Shopping Center, which has lowered the
property tax liability for this investment property in 1997.
The decrease in depreciation expense for the three months ended March
31, 1997 as compared to the three months ended March 31, 1996 is due to the
classification of the Partnership's investment in the Fashion Square
Shopping Center as held for sale or disposition at December 31, 1996 and
the corresponding suspension of depreciation charges in 1997.
<PAGE>
The decrease in property operating expenses for the three months ended
March 31, 1997 as compared to the three months ended March 31, 1996 is due
primarily to a provision for doubtful accounts of $62,000 at the Fashion
Square Shopping Center as of March 31, 1996.
The decrease in general and administrative expense for the three
months ended March 31, 1997 as compared to the three months ended March 31,
1996 is primarily due to independent third party costs.
The Partnership's share of income from operations of unconsolidated
venture of $16,043 for the three months ended March 31, 1996 is from the
Partnership's interest in the Miami International Mall, which was sold on
April 8, 1996.
<PAGE>
<TABLE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
OCCUPANCY
The following is a listing of approximate physical occupancy levels by quarter for the Partnership's
investment properties owned during 1997:
<CAPTION>
1996 1997
------------------------------- -------------------------------
At At At At At At At At
3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31
---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fashion Square
Shopping Center
Skokie, Illinois. . . . . . 78% 79% 79% 82% 77%
</TABLE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3-A. As filed with the Commission pursuant to Rules 424(b) and
424(c), the Prospectus of the Partnership dated August 6, 1987 as
supplemented is hereby incorporated by reference to Exhibit 3-A to the
Partnership's report for December 31, 1992 on Form 10-K (File No. 0-17699)
dated March 19, 1993.
3-B. Amended and Restated Agreement of Limited Partnership is
hereby incorporated herein by reference to the Partnership's report for
December 31, 1992 on Form 10-K (File No. 0-17699) dated March 19, 1993.
4-A. Assignment Agreement set forth as Exhibit B to the
Prospectus is hereby incorporated by reference to Exhibit 4-A to the
Partnership's report for December 31, 1992 on Form 10-K (File No. 0-17699)
dated March 19, 1993.
4-B. Documents relating to the loan agreement and letter of
credit agreement secured by a non-recourse mortgage on Fashion Square
Shopping Center are incorporated by reference to the Partnership's
Registration Statement on Form S-11 dated August 6, 1987 (as amended) (File
No. 33-12561).
4-C. Letter of credit agreement extension document secured by a
non-recourse mortgage in the Fashion Square Shopping Center are hereby
incorporated by reference to the Partnership's report on Form 10-K (File
No. 0-17699) for December 31, 1994 dated March 21, 1995.
4-D. Documents relating to the replacement Irrevocable Direct Pay
Letter of Credit and exhibits thereto and the Reimbursement Agreement and
exhibits thereto dated March 30, 1995, are hereby incorporated by reference
to the Partnership's report on Form 10-Q (File No. 0-17699) for March 31,
1995 dated May 11, 1995.
10-A. Acquisition documents relating to the purchase by the
Partnership of the Fashion Square Shopping Center in Skokie, Illinois (a
suburb north of Chicago) are incorporated by reference to the Partnership's
Registration Statement on Form S-11 dated August 6, 1987 (as amended) (File
No. 33-12561).
27. Financial Data Schedule.
(b) No reports on Form 8-K have been filed during the last quarter of
the period covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IDS/JMB BALANCED INCOME GROWTH, LTD.
BY: Income Growth Managers, Inc.
(Corporate General Partner)
By: GAILEN J. HULL
Gailen J. Hull, Vice President
Date: May 9, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person in the capacity
and on the date indicated.
GAILEN J. HULL
Gailen J. Hull, Principal Accounting Officer
Date: May 9, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED
IN SUCH REPORT.
</LEGEND>
<CIK> 0000811430
<NAME> IDS/JMB BALANCED INCOME GROWTH, LTD.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 631,180
<SECURITIES> 0
<RECEIVABLES> 72,135
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 703,315
<PP&E> 8,811,748
<DEPRECIATION> 0
<TOTAL-ASSETS> 11,331,890
<CURRENT-LIABILITIES> 592,786
<BONDS> 6,800,000
<COMMON> 0
0
0
<OTHER-SE> 3,926,730
<TOTAL-LIABILITY-AND-EQUITY> 11,331,890
<SALES> 408,380
<TOTAL-REVENUES> 430,596
<CGS> 0
<TOTAL-COSTS> 216,868
<OTHER-EXPENSES> 41,941
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 86,097
<INCOME-PRETAX> 85,690
<INCOME-TAX> 0
<INCOME-CONTINUING> 85,690
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 85,690
<EPS-PRIMARY> 1.62
<EPS-DILUTED> 1.62
</TABLE>
