Commission File No. 1-3559
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-3A-2 FROM THE PROVISIONS OF THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To be filed annually prior to March 1
ATLANTIC CITY ELECTRIC COMPANY
Name of Company
Hereby files with the Securities and Exchange Commission,
pursuant to Rule 2, its statement claiming exemption as a holding
company from the provisions of the Public Utility Holding Company
Act of 1935 and submits the following information:
<PAGE>
1. Name, State of organization, location and nature of business
of claimant and every subsidiary thereof, other than any
exempt wholesale generator (EWG) or foreign utility company
in which claimant directly or indirectly holds an interest.
Atlantic City Electric Company ("Claimant"), organized under
the laws of New Jersey on April 28, 1924, has its principal
office at 6801 Black Horse Pike, Egg Harbor Township, New
Jersey 08234-4130. Claimant is engaged principally in the
business of furnishing electric service (involving
generation, purchase, interchange, transmission and
distribution of electric energy) to the public throughout
the southern part of New Jersey. It serves an area having
an estimated population exceeding 1,000,000. Claimant is a
wholly-owned subsidiary of Atlantic Energy, Inc.
(A) Deepwater Operating Company ("Deepwater"),
organized under the laws of New Jersey on December
17, 1929, has its principal offices at 6801 Black
Horse Pike, Egg Harbor Township, New Jersey 08234-
4130. Deepwater operates the Deepwater Generating
Station which is owned by Claimant and located in
Salem County, New Jersey. Deepwater is a wholly-
owned subsidiary of Claimant.
2. A brief description of the properties of claimant and each
of its subsidiary public utility companies used for the
generation, transmission and distribution of electric
energy for sale, or for the production, transmission and
distribution of natural or manufactured gas, indicating the
location of principal generating plants, transmission lines,
producing fields, gas manufacturing plants and electric and
gas distribution facilities, including all such properties
which are outside the State in which claimant and its
subsidiaries are organized and all transmission or pipelines
which deliver or receive electric energy or gas at the
borders of such State.
The principal New Jersey properties of Claimant used for the
generation, transmission and distribution of electric energy
for sale consist of two steam electric generating stations:
(1) B.L. England Generating Station, a station of 452
MW capacity located in Cape May County.
(2) Deepwater Generating Station, a 239 MW capacity
station located in Salem County and
Seven combustion turbine stations:
(1) Missouri Ave. Station, a 60 MW capacity station
located in Atlantic County.
(2) Middle Station, a 77 MW capacity station located
in Cape May County.
(3,4,5) Carlls Corner Station (73 MW), Cumberland
Station (84 MW), and Sherman Ave.Station (81 MW),
all located in Cumberland County.
(6) Mickleton Station, a 59 MW capacity station
located in Gloucester County.
(7) Cedar Station, a 68 MW capacity station located in
Ocean County.
The Claimant also owns and maintains forty-four
transmission, has an interest in one transmission and owns and
maintains sixty-five distribution substations as well as 11,659
transmission or distribution tower, pole, and underground miles
located throughout its service territory which includes all of
Atlantic, Cape May,Cumberland, and Salem Counties and portions of
Burlington, Camden, Gloucester, and Ocean Counties.
In addition to the New Jersey properties, Claimant owns or
has ownership interests in the following:
(1) A generating station of 1,700 MW capacity (Keystone
Generating Station), located in Armstrong County,
Pennsylvania, of which Claimant owns a 2.47% undivided
interest as tenant in common with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Jersey Central Power and Light Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(2) A generating station of 1,700 MW capacity (Conemaugh
Steam Electric Station), located in Indiana County,
Pennsylvania, of which Claimant owns a 3.83% undivided
interest as tenant in common with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Metropolitan Edison Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Potomac Electric Power Company
Public Service Electric and Gas Company
The United Gas Improvement Company
(3) An extra-high-voltage transmission line (Conemaugh-
Conastone), of which Claimant owns an 8% undivided
interest as tenant in common of that portion of the
line traversing through 10 counties of Pennsylvania
with the following:
Baltimore Gas and Electric Company
Delmarva Power and Light Company
Metropolitan Edison Company
Pennsylvania Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Potomac Electric Power Company
Public Service Electric and Gas Company
The United Gas Improvement Company
(4) A nuclear generating station of 2,128 MW capacity
(Peach Bottom Atomic Power Station), located in York
County, Pennsylvania, of which Claimant owns a 7.51%
undivided interest as tenant in common with the
following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(5) A nuclear generating station of 2,212 MW capacity
(Salem Nuclear Generating Station), located in Salem
County, New Jersey, of which Claimant owns a 7.41%
undivided interest as tenant in common with the
following:
Delmarva Power and Light Company
Philadelphia Electric Company (Now PECO Energy
Company)
Public Service Electric and Gas Company
(6) A nuclear generating station of 1,031 MW capacity (Hope
Creek Nuclear Generating Station), located in Salem
County, New Jersey, of which Claimant owns a 5%
undivided interest as tenant in common with Public
Service Electric and Gas Company.
(7) Claimant owns a transmission line extending from Mantua
Creek to the New Jersey-Pennsylvania border at the
Delaware River, a distance of 9.7 miles, by means of
which electric energy and capacity is interchanged (not
sold or purchased) at the border of said states under
an interconnection agreement between Claimant,
Philadelphia Electric Company, now PECO Energy Company
and Public Service Electric and Gas Company. Claimant
owns as tenants in common a transmission line and
switching station extending from Hope Creek Nuclear
Generating Station to the New Jersey-Delaware border, a
distance of 13 miles, by means of which electric energy
and capacity is interchanged (not sold or purchased)
under a transmission system agreement between Delmarva
Power and Light Company, Jersey Central Power and Light
Company, Philadelphia Electric Company, Public Service
Electric and Gas Company and Claimant.
Deepwater
Deepwater, a wholly-owned subsidiary of Claimant, owns
no utility plant. It operates generating units owned by
Claimant.
3. The following information for the last calendar year with
respect to claimant and each of its subsidiary public
utility companies:
FOR YEAR 1995
(A) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas
distributed at retail.
Claimant - 9,741,647,000 kwh.
Deepwater - None
(B) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas distributed at retail outside the
State in which each such company is organized.
Claimant - None
Deepwater - None
(C) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas sold at wholesale outside the State
in which each such company is organized, or at the
State line.
Claimant - 335,284,000 kwh. (a)
Deepwater - None
(a) kwh excludes 151,944,000 kwh sold to power
brokers, ultimate destination unknown.
(D) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas purchased outside the State in
which each such company is organized, or at the State
line.
Claimant - 2,330,757,000kwh. (b)
Deepwater - None
(b)kwh excludes 428,719,000 kwh purchased from power
brokers, original sources not determinable.
In 1995 Claimant received 563,244,000 interchanged energy
and delivered 1,201,506,000 kwh. of interchanged energy
pursuant to arrangements mentioned above.
In 1995, Deepwater, as operator of the Deepwater Generating
Station at Deepwater, New Jersey, delivered to Claimant, the
owner of that station, 489,474,000 kwh. of electric energy.
4. The following information for the reporting period with
respect to claimant and each interest it holds directly or
indirectly in an EWG or a foreign utility company, stating
monetary amounts in United States dollars:
Claimant holds no interest, either directly or indirectly,
in an EWG or a foreign utility company.
(A) Name, location, business address and description of the
facilities used by the EWG or foreign utility company
for the generation, transmission and distribution of
electric energy for sale or for the distribution at
retail of natural or manufactured gas.
Non-applicable.
(B) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of
the interest held.
Non-applicable.
(C) Type and amount of capital invested, directly or
indirectly, by the holding company claiming exemption;
any direct or indirect guarantee of the security of the
EWG or foreign utility company by the holding company
claiming exemption; and any debt or other financial
obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption
or another system company, other than the EWG or
foreign utility company.
Non-applicable.
(D) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
Non-applicable.
(E) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system
company, and describe the services to be rendered or
goods sold and fees or revenues under such
agreement(s).
Non-applicable.
EXHIBIT A
A consolidating statement of income and surplus of the
claimant and its subsidiary companies for the last calendar
year, together with a consolidating balance sheet of
claimant and its subsidiary companies as of the close of
such calendar year.
A consolidating statement of income and retained earnings of
the Claimant and its subsidiary companies for the last
calendar year, together with a consolidating balance sheet
of Claimant and its subsidiary companies as of the close of
December 31, 1995 are attached hereto and made a part
hereof.
EXHIBIT B
If, at the time a report on this form is filed, the
registrant is required to submit this report and any
amendments thereto electronically via EDGAR, the registrant
shall furnish a Financial Data Schedule. The schedule shall
set forth the financial and other data specified below that
are applicable to the registrant on a consolidated basis.
Item No. Caption Heading
(thousands of dollars)
1 Total Assets
2,467,645
2 Total Operating Revenues
953,779
4 Net Income
98,752
EXHIBIT C
An organizational chart showing the relationship of each EWG
or foreign utility company to associate companies in the
holding-company system.
Non-applicable.
The above-named Claimant has caused this statement to be
duly executed on its behalf by its authorized officer on
this 28th day of February, 1996.
ATLANTIC CITY ELECTRIC COMPANY
By:/s/ J. E. Franklin, II
J. E. Franklin, II
Senior Vice President,Secretary
& General Counsel
CORPORATE SEAL
ATTEST:
/s/ Alfred J. Vola
Alfred J. Vola
Name, title and address of officer to whom notices and
correspondence concerning this statement should be addressed:
J. E. Franklin, II
Senior Vice President,Secretary & General Counsel
Atlantic City Electric Company
6801 Black Horse Pike
Egg Harbor Township, New Jersey 08234-4130
200u1.wpd
Exhibit #99
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
City
Electric
Co.
ASSETS
Electric Utility Plant:
In Service $2,429,176
Less Accumulated Depreciation 794,479
Net 1,634,697
Construction Work in Progress 119,270
Land Held for Future Use 6,941
Leased Property-Net 40,878
Electric Utility Plant-Net 1,801,786
Investment in Subsidiary Company 3,620
Nuclear Decommissioning Trust Fund 61,802
Nonutility Property 50
Other Investments and Funds 2,027
Total Nonutility Property and
Investments 67,499
Current Assets:
Cash and Temporary Investments 3,950
Accounts Receivable:
Utility Service 66,099
Miscellaneous 15,910
Allowance for Doubtful Accounts (3,300)
Accounts Receivable-Associated Companies 2,027
Unbilled Revenues 41,515
Fuel (at average cost) 25,459
Materials and Supplies (at average cost) 22,441
Working Funds 14,419
Other Prepayments 20,106
Deferred Income Taxes 8,433
Deferred Energy Costs 31,434
Total Current Assets 248,493
Deferred Debits:
Unrecovered Purchased Power Costs 99,817
Recoverable Federal Income Taxes 85,858
Unrecovered State Excise Taxes 64,274
Unamortized Debt Costs 38,924
Other Regulatory Assets 52,029
Other 8,965
Total Deferred Debits 349,867
Total Assets $2,467,645
Page 1 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
City
Electric
Co.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963
Premium on Capital Stock 231,081
Contributed Capital 262,762
Capital Stock Expense (2,131)
Retained Earnings 252,484
Total Common Equity 799,159
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 114,750
Long Term Debt 802,356
Total Capitalization (Excluding Current Portion) 1,756,265
Current Liabilities:
Preferred Stock Redemption Requirement 22,250
Capital Lease Obligations due within one year 650
Long Term Debt - Current Portion 12,247
Short Term Debt 30,545
Accounts Payable 60,714
Advances - Associated Companies -
Taxes Payable-Affiliates 12,929
Taxes Accrued 3,367
Interest Accrued 19,961
Dividends Declared 23,490
Deferred Taxes 11,002
Employees Separation Costs 7,488
Other 16,451
Total Current Liabilities 221,094
Deferred Credits and Other Liabilities:
Deferred Income Taxes 354,218
Deferred Income Tax Credits 49,112
Capital Lease Obligations 40,227
Other 46,729
Total Deferred Credits and Other Liabilities 490,286
Total Liabilities and Capitalization $2,467,645
Page 2 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Deepwater
Operating
Company
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Company -
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments -
Current Assets:
Cash and Temporary Investments 37
Accounts Receivable:
Utility Service -
Miscellaneous 107
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies 1,355
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) 2,993
Working Funds 1
Other Prepayments 896
Deferred Income Taxes -
Deferred Energy Costs -
Total Current Assets 5,389
Deferred Debits:
Unrecovered Purchased Power Costs -
Recoverable Federal Income Taxes -
Unrecovered State Excise Taxes -
Unamortized Debt Costs -
Other Regulatory Assets 2,539
Other 406
Total Deferred Debits 2,945
Total Assets $ 8,334
Page 3 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Deepwater
Operating
Company
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 1
Premium on Capital Stock -
Contributed Capital -
Capital Stock Expense -
Retained Earnings -
Total Common Equity 1
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization (Excluding Current Portion) 1
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations due within one year -
Long Term Debt - Current Portion -
Short Term Debt -
Accounts Payable 117
Advances-Associated Companies 3,619
Accounts Payable-Associated Companies 665
Taxes Payable-Affiliates -
Taxes Accrued 15
Interest Accrued -
Dividends Declared -
Deferred Taxes -
Employees Separation Costs -
Other 704
Total Current Liabilities 5,120
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other 3,213
Total Deferred Credits and Other Liabilities 3,213
Total Liabilities and Capitalization $ 8,334
Page 4 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Elimination
& Reclass
Entries
Debit
(Credit)
ASSETS
Electric Utility Plant:
In Service $ -
Less Accumulated Depreciation -
Net -
Construction Work in Progress -
Land Held for Future Use -
Leased Property-Net -
Electric Utility Plant-Net -
Investment in Subsidiary Company (3,620)
Nuclear Decommissioning Trust Fund -
Nonutility Property -
Other Investments and Funds -
Total Nonutility Property and
Investments (3,620)
Current Assets:
Cash and Temporary Investments -
Accounts Receivable:
Utility Service -
Miscellaneous -
Allowance for Doubtful Accounts -
Accounts Receivable-Associated Companies (2,020)
Unbilled Revenues -
Fuel (at average cost) -
Materials and Supplies (at average cost) -
Working Funds -
Other Prepayments -
Deferred Income Taxes (8,433)
Deferred Energy Costs -
Total Current Assets (10,453)
Deferred Debits:
Unrecovered Purchased Power Costs -
Recoverable Federal Income Taxes -
Unrecovered State Excise Taxes -
Unamortized Debt Costs -
Other Regulatory Assets -
Other 1
Total Deferred Debits - 1
Total Assets $ (14,072)
Page 5 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Elimination
& Reclass
Entries
Debit
(Credit)
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 1
Premium on Capital Stock -
Contributed Capital -
Capital Stock Expense -
Retained Earnings -
Total Common Equity 1
Preferred Stock:
Not Subject to Mandatory Redemption -
Subject to Mandatory Redemption -
Long Term Debt -
Total Capitalization (Excluding Current Portion) 1
Current Liabilities:
Preferred Stock Redemption Requirement -
Capital Lease Obligations due within one year -
Long Term Debt - Current Portion
Short Term Debt -
Accounts Payable -
Advances-Associated Companies 3,619
Accounts Payable-Associated Companies 2,020
Taxes Payable-Affiliates -
Taxes Accrued -
Interest Accrued -
Dividends Declared -
Deferred Taxes 8,433
Employees Separation Costs -
Other (1)
Total Current Liabilities 14,071
Deferred Credits and Other Liabilities:
Deferred Income Taxes -
Deferred Income Tax Credits -
Capital Lease Obligations -
Other -
Total Deferred Credits and Other Liabilities -
Total Liabilities and Capitalization $ 14,072
Page 6 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
City
Electric
Co.
Consol.
ASSETS
Electric Utility Plant:
In Service $2,429,176
Less Accumulated Depreciation 794,479
Net 1,634,697
Construction Work in Progress 119,270
Land Held for Future Use 6,941
Leased Property-Net 40,878
Electric Utility Plant-Net 1,801,786
Investment in Subsidiary Company -
Nuclear Decommissioning Trust Fund 61,802
Nonutility Property 50
Other Investments and Funds 2,027
Total Nonutility Property and
Investments 63,879
Current Assets:
Cash and Temporary Investments 3,987
Accounts Receivable:
Utility Service 66,099
Miscellaneous 16,017
Allowance for Doubtful Accounts (3,300)
Accounts Receivable-Associated Companies 1,362
Unbilled Revenues 41,515
Fuel (at average cost) 25,459
Materials and Supplies (at average cost) 25,434
Working Funds 14,420
Other Prepayments 21,002
Deferred Income Taxes -
Deferred Energy Costs 31,434
Total Current Assets 243,429
Deferred Debits:
Unrecovered Purchased Power Costs 99,817
Recoverable Federal Income Taxes 85,858
Unrecovered State Excise Taxes 64,274
Unamortized Debt Costs 38,924
Other Regulatory Assets 54,568
Other 9,372
Total Deferred Debits 352,813
Total Assets $2,461,907
Page 7 of 8 <PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Balance Sheet
December 31, 1995
(thousands of dollars)
Atlantic
City
Electric
Co.
Consol.
LIABILITIES & CAPITALIZATION:
Capitalization:
Common Equity:
Common Stock $ 54,963
Premium on Capital Stock 231,081
Contributed Capital 262,762
Capital Stock Expense (2,131)
Retained Earnings 252,484
Total Common Equity 799,159
Preferred Stock:
Not Subject to Mandatory Redemption 40,000
Subject to Mandatory Redemption 114,750
Long Term Debt 802,356
Total Capitalization (Excluding Current Portion) 1,756,265
Current Liabilities:
Preferred Stock Redemption Requirement 22,250
Capital Lease Obligations due within one year 650
Long Term Debt - Current Portion 12,247
Short Term Debt 30,545
Accounts Payable 60,831
Advances-Associated Companies -
Accounts Payable-Associated Companies -
Taxes Payable-Affiliates 11,574
Taxes Accrued 3,382
Interest Accrued 19,961
Dividends Declared 23,490
Deferred Taxes 2,569
Employees Separation Costs 7,488
Other 17,156
Total Current Liabilities 212,143
Deferred Credits and Other Liabilities:
Deferred Income Taxes 354,218
Deferred Income Tax Credits 49,112
Capital Lease Obligations 40,227
Other 49,942
Total Deferred Credits and Other Liabilities 493,499
Total Liabilities and Capitalization $2,461,907
Page 8 of 8<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Statement of Income
December 31, 1995
(thousands of dollars)
Atlantic
City
Electric
Co.
Operating Revenues-Electric $ 953,779
Operating Expenses:
Energy 191,766
Purchased Capacity 190,570
Operations 152,277
Maintenance 34,414
Depreciation and Amortization 78,461
State Excise Taxes 102,811
Federal Income Taxes 45,876
Other Taxes 8,677
Reimbursed Expenses* -
Total Operating Expenses 804,852
Total Operating Income and Expense 148,927
Other Income and Expense:
AFDC Equity Funds 817
Miscellaneous Income-Net 10,208
Total Other Income and Expense 11,025
Income Before Interest Charges 159,952
Interest Charges:
Interest on Long Term Debt 60,329
Other Interest Expense 2,550
Total Interest Charges 62,879
Allowance for Borrowed Funds Used During Construction (1,679)
Net Interest Charges 61,200
Preferred Dividends of Subsidiaries -
Net Income $ 98,752
* The net production costs of Deepwater Operating Company are
charged to the Company. These costs are included in the
Company's income accounts and classified as appropriate.
Page 1 of 2<PAGE>
Atlantic City Electric Company and Subsidiary
Consolidating Statement of Income
December 31, 1995
(thousands of dollars)
Deepwater
Operating
Company
Operating Revenues-Electric $ -
Operating Expenses:
Energy 11,105
Purchased Capacity -
Operations 6,310
Maintenance 2,500
Depreciation and Amortization -
State Excise Taxes -
Federal Income Taxes -
Other Taxes 931
Reimbursed Expenses* (20,846)
Total Operating Expenses -
Total Operating Income and Expense -
Other Income and Expense:
AFDC Equity Funds -
Miscellaneous Income-Net -
Total Other Income and Expense -
Income Before Interest Charges -
Interest Charges:
Interest on Long Term Debt -
Other Interest Expense -
Total Interest Charges -
Allowance for Borrowed Funds Used During Construction -
Net Interest Charges -
Preferred Dividends of Subsidiaries -
Net Income $ -
Page 2 of 2
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000008192
<NAME> ATLANTIC CITY ELECTRIC CO.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,461,907
<TOTAL-OPERATING-REVENUES> 953,779
<NET-INCOME> 98,752
</TABLE>
