<PAGE>
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 Quarter Ended September 30, 1998 Commission File Number 0-17807
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Massachusetts 04-2988542
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
225 Franklin Street, 25th Fl. 02110
Boston, Massachusetts (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
(617) 261-9000
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year if changed since last report
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 twelve (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>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
FORM 10-Q
FOR QUARTER ENDED SEPTEMBER 30, 1998
PART I
FINANCIAL INFORMATION
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
September 30, 1998 December 31, 1997
------------------ -----------------
<S> <C> <C>
ASSETS
Real estate investments:
Joint ventures $1,689,520 $14,966,370
Property, net 4,222,796 4,201,553
---------- -----------
5,912,316 19,167,923
Cash and cash equivalents 3,579,646 2,105,728
Short-term investments - 1,432,651
---------- -----------
$9,491,962 $22,706,302
========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 80,015 $ 92,737
Accrued management fee 59,121 53,028
Deferred disposition fees 1,369,577 717,677
---------- -----------
Total liabilities 1,508,713 863,442
---------- -----------
Partners' capital (deficit):
Limited partners ($660.29
per unit; 160,000 units authorized,
48,788 units issued and outstanding) 7,964,456 21,891,360
General partners 18,793 (48,500)
---------- -----------
Total partners' capital 7,983,249 21,842,860
---------- -----------
$9,491,962 $22,706,302
========== ===========
</TABLE>
(SEE ACCOMPANYING NOTES TO UNAUDITED FINANCIAL STATEMENTS)
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended
September 30, 1998 September 30, 1998 September 30, 1997 September 30, 1997
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Investment Activity
Property rentals $ 191,744 $ 543,794 $205,847 $ 620,879
Property operating expenses (48,674) (156,814) (87,410) (284,912)
Depreciation and amortization (32,333) (105,570) (75,761) (227,255)
---------- ---------- -------- ----------
110,737 281,410 42,676 108,712
Joint venture earnings 61,894 841,887 342,905 1,000,444
---------- ---------- -------- ----------
Total real estate operations 172,631 1,123,297 385,581 1,109,156
Gain on sale of investment 7,278,745 7,278,745 248,172 248,172
---------- ---------- -------- ----------
Total real estate activity 7,451,376 8,402,042 633,753 1,357,328
Interest on cash equivalents
and short-term investments 91,285 182,882 71,515 206,148
---------- ---------- -------- ----------
Total investment activity 7,542,661 8,584,924 705,268 1,563,476
---------- ---------- -------- ----------
Portfolio Expenses
Management fee 59,121 159,719 124,530 227,564
General and administrative 36,737 142,461 45,003 151,281
---------- ---------- -------- ----------
95,858 302,180 169,533 378,845
---------- ---------- -------- ----------
Net income $7,446,803 $8,282,744 $535,735 $1,184,631
========== ========== ======== ==========
Net income per limited
partnership unit $ 151.11 $ 168.07 $ 10.87 $ 24.04
========== ========== ======== ==========
Cash distributions per limited
partnership unit $ 432.33 $ 453.53 $ 10.57 $ 31.71
========== ========== ======== ==========
Number of limited partnership units
outstanding during the period 48,788 48,788 48,788 48,788
========== ========== ======== ==========
</TABLE>
(See accompanying notes to unaudited financial statements)
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended
September 30, 1998 September 30, 1998 September 30, 1997 September 30, 1997
------------------------ ------------------------ ----------------------- -----------------------
General Limited General Limited General Limited General Limited
Partners Partners Partners Partners Partners Partners Partners Partners
--------- ------------- --------- ------------- --------- ------------ --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at beginning
of period $(50,589) $ 21,684,637 $(48,500) $ 21,891,360 $(40,093) $28,026,332 $(36,164) $28,415,303
Cash distributions (5,086) (21,092,516) (15,534) (22,126,821) (5,209) (515,689) (15,627) (1,547,067)
Net income 74,468 7,372,335 82,827 8,199,917 5,357 530,378 11,846 1,172,785
-------- ------------ -------- ------------ -------- ----------- -------- -----------
Balance at end
of period $ 18,793 $ 7,964,456 $ 18,793 $ 7,964,456 $(39,945) $28,041,021 $(39,945) $28,041,021
======== ============ ======== ============ ======== =========== ======== ===========
</TABLE>
(See accompanying notes to unaudited financial statements)
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
SUMMARIZED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
1998 1997
---------------- ---------------
<S> <C> <C>
Net cash provided by operating activities $ 1,611,373 $ 1,502,628
------------ -----------
Cash flows from investing activities:
Net proceeds from sale of investments 19,947,381 4,199,193
Deferred disposition fees 651,900 135,000
Decrease in short-term
investments, net 1,405,619 711,654
------------ -----------
Net cash provided by
investing activities 22,004,900 5,045,847
------------ -----------
Cash flows from financing activity:
Distributions to partners (22,142,355) (1,562,694)
------------ -----------
Net increase in cash
and cash equivalents 1,473,918 4,985,781
Cash and cash equivalents:
Beginning of period 2,105,728 3,076,103
------------ -----------
End of period $ 3,579,646 $ 8,061,884
============ ===========
</TABLE>
(See accompanying notes to unaudited financial statements)
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited)
In the opinion of management, the accompanying unaudited financial
statements contain all adjustments necessary to present fairly the Partnership's
financial position as of September 30, 1998 and December 31, 1997 and its
operations, its cash flows and partners' capital (deficit) for the three and
nine months ended September 30, 1998 and 1997. These adjustments are of a normal
recurring nature.
See notes to financial statements included in the Partnership's 1997 Annual
Report on Form 10-K for additional information relating to the Partnership's
financial statements.
Note 1 - Organization and Business
- ----------------------------------
Copley Pension Properties VI; A Real Estate Limited Partnership (the
"Partnership") is a Massachusetts limited partnership organized for the purpose
of investing primarily in newly constructed and existing income producing real
properties. It primarily serves as an investment for qualified pension and
profit sharing plans and other organizations intended to be exempt from federal
income tax. The Partnership commenced operations in July 1988, and acquired the
two real estate investments it currently owns prior to the end of 1991. It
intends to dispose of its investments within eight to twelve years of their
acquisition, and then liquidate; however, the managing general partner could
extend the investment period if it is considered to be in the best interest of
the limited partners. The Partnership has engaged AEW Real Estate Advisors,
Inc. (the "Advisor") to provide asset management services.
Note 2 - Investments in Joint Ventures
- --------------------------------------
On July 14, 1998 the joint venture in which the Partnership held a 50%
interest sold the White Phonic property in Petaluma, Cafifornia, to an
unaffiliated third party (the "Buyer") for a total gross sale price of
$5,380,000. The Partnership received its share of the net proceeds of
$4,260,531, after closing costs, representing a return of capital and accrued
interest plus its participation in net sales proceeds of $965,671 and recognized
a gain of $1,051,219 ($21.33 per limited partnership unit). A disposition fee
of $161,400 was accrued but not paid to the Advisor. On July 30, 1998, the
Partnership made a capital distribution of $4,279,683 ($87.72 per limited
partnership unit) from the proceeds of the sale.
On August 7, 1998 the Waterford Apartments, in Frederick, Maryland, which
was owned by the Partnership (75%) and an affiliate (25%), was sold to an
institutional buyer (the "Buyer") which is unaffiliated with the Partnership.
The total gross sale price was $21,800,000. The Partnership received its share
of the net proceeds totaling $16,338,750, after closing costs, and recognized a
gain of $6,227,526 ($126.37 per limited partnership unit). A disposition fee of
$490,500 was accrued but not paid to the Advisor.
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
On August 26, 1998, the Partnership made a capital distribution of
$16,309,341 ($334.29 per limited partnership unit) from the proceeds of the
sale.
Summarized Financial Information
The following summarized financial information is presented in the
aggregate for the Partnership's joint ventures:
<TABLE>
<CAPTION>
Assets and Liabilities
----------------------
September 30, 1998 December 31, 1997
------------------ -----------------
<S> <C> <C>
Assets
Real property, at cost less
accumulated depreciation
of $814,803 and $6,910,873,
respectively $2,438,581 $16,461,895
Other 17,705 1,029,387
---------- -----------
2,456,286 17,491,282
Liabilities 66,279 379,809
---------- -----------
Net assets $2,390,007 $17,111,473
========== ===========
<CAPTION>
Results of Operations
Nine Months Ended September 30,
1998 1997
--------------- --------------
<S> <C> <C>
Revenue:
Rental income $2,417,165 $ 2,892,117
Other income 10,824 5,203
---------- -----------
2,427,989 2,897,320
---------- -----------
Expenses:
Operating expenses 856,840 1,035,934
Depreciation and amortization 412,802 574,550
---------- -----------
1,269,642 1,610,484
---------- -----------
Net income $1,158,347 $ 1,286,836
========== ===========
</TABLE>
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
Liabilities and expenses exclude amounts owed and attributable to the
Partnership and (with respect to two joint ventures) its affiliates on behalf of
their various financing arrangements with the joint ventures.
Note 3 - Property
- -----------------
The following is a summary of the Partnership's remaining wholly-owned
property:
<TABLE>
<CAPTION>
September 30, 1998 December 31, 1997
------------------- ------------------
<S> <C> <C>
Land $ 2,770,056 $ 2,770,056
Buildings, improvements and
other capitalized costs 4,894,641 4,894,641
Investment valuation allowance (1,500,000) (1,500,000)
Accumulated depreciation and
amortization (2,017,356) (1,918,953)
Net operating assets (liabilities) 75,455 (44,191)
----------- -----------
$ 4,222,796 $ 4,201,553
=========== ===========
</TABLE>
Note 4 - Subsequent Event
- -------------------------
Distributions of cash from operations relating to the quarter ended
September 30, 1998 were made on October 29, 1998 in the aggregate amount of
$363,200 ($7.37 per limited partnership unit). In addition, two special
distributions were also made on October 29, 1998. A distribution from excess
operating cash flow totaling $234,577 ($4.76 per limited partnership unit) and a
special capital distribution, from working capital reserves, in the amount of
$491,783 ($10.08 per limited partnership unit).
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
Management's Discussion and Analysis of Financial Condition and
- ---------------------------------------------------------------
Results of Operations
- ---------------------
Liquidity and Capital Resources
- -------------------------------
The Partnership completed its offering of units of limited partnership
interest on December 31, 1988. A total of 48,788 units were sold. The
Partnership received proceeds of $43,472,858, net of selling commissions and
other offering costs, which have been used for investment in real estate and for
the payment of related acquisition costs, or retained as working capital
reserves. The Partnership made seven real estate investments; one investment was
sold in each of 1990, 1994, and 1997 and two investments were sold in 1998.
Through September 30, 1998, capital of $37,162,795 ($761.72 per limited
partnership unit) has been returned to the limited partners as a result of these
sales and the reduction of cash reserves. On October 29, 1998, the Partnership
distributed capital of $491,783 ($10.08 per limited partnership unit) which
represented a reduction in original working capital. This capital distribution
reduces the adjusted capital contribution to $228.20.
On July 14, 1998 the joint venture in which the Partnership held a 50%
interest sold the White Phonic property in Petaluma, Cafifornia, to an
unaffiliated third party (the "Buyer") for a total gross sale price of
$5,380,000. The Partnership received its share of the net proceeds of
$4,260,531, after closing costs, representing a return of capital and accrued
interest plus its participation in net sales proceeds of $965,671 and recognized
a gain of $1,051,219 ($21.33 per limited partnership unit). A disposition fee of
$161,400 was accrued but not paid to the Advisor. On July 30, 1998, the
Partnership made a capital distribution of $4,279,683 ($87.72 per limited
partnership unit) from the proceeds of the sale.
On August 7, 1998 the Waterford Apartments, in Frederick, Maryland, which
was owned by the Partnership (75%) and an affiliate (25%), was sold to an
institutional buyer (the "Buyer") which is unaffiliated with the Partnership.
The total sales price was $21,800,000. The Partnership received its share of the
net proceeds totaling $16,338,750, after closing costs and recognized a gain of
$6,227,526 ($126.37 per limited partnership unit). A disposition fee of $490,500
was accrued but not paid to the Advisor. On August 26, 1998, the Partnership
made a capital distribution of $16,309,341 ($334.29 per limited partnership
unit) from the proceeds of the sale.
At September 30, 1998, the Partnership had $3,579,646 in cash and cash
equivalents, of which $597,777 was used for operating cash distributions, and
$491,783 for capital distributions to partners on October 29, 1998; the
remainder is being retained as working capital reserves. The adjusted capital
contribution was reduced from $660.29 to $238.28 per limited partnership unit
during the third quarter of 1998, with the distributions of the sales proceeds
from White Phonic and Waterford Apartments. Distributions of cash from
operations relating to the first and second quarters of 1998 were made at an
annualized rate of 6.25% on the adjusted capital contribution. Distributions of
cash from operations relating to the third quarter of 1998 were made at an
annualized rate of 6.25% on the weighted average adjusted capital contribution
due to the mid-quarter sales of White Phonic and Waterford Apartments.
Distributions of cash from operations relating to the first, second and third
quarters of 1997 were made at an annualized rate of 5.5% on the adjusted capital
contribution.
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
The carrying value of real estate investments in the financial statements
is at depreciated cost, or if the investment's carrying value is determined not
to be recoverable through expected undiscounted future cash flows, the carrying
value is reduced to estimated fair market value. The fair market value of such
investments is further reduced by the estimated cost of sale for properties held
for sale. Carrying value may be greater or less than current appraised value. At
September 30, 1998, the appraised value of each real estate investment exceeded
its carrying value; the aggregate excess was approximately $2,138,000. The
current appraised value of real estate investments has been estimated by the
managing general partner and is generally based on a correlation of traditional
appraisal approaches performed by the Partnership's Advisor and independent
appraisers. Because of the subjectivity inherent in the valuation process, the
estimated current appraised value may differ significantly from that which could
be realized if the real estate were actually offered for sale in the
marketplace.
The Year 2000 Issue is a result of computer programs being written using
two digits rather than four to define the applicable year. Computer programs
that have date-sensitive software may recognize a date using "00" as the year
1900 rather than the year 2000. This could result in a system failure or
miscalculations causing disruptions of operations, including, among other
things, a temporary inability to process transactions or engage in normal
business operations.
The Partnership relies on AEW Capital Management L.P. ("AEW Capital
Management"), the parent of AEW Real Estate Advisors, Inc., to generate
financial information and to provide other services which are dependent on the
use of computers. The Partnership has obtained assurances from AEW Capital
Management that:
. AEW Capital Management has developed a Year 2000 Plan (the "Plan")
consisting of five phases: inventory, assessment, testing, remediation/repair
and certification.
. As of September 30, 1998, AEW Capital Management had completed the
inventory and assessment phases of this Plan and had commenced the testing and
remediation/repair of internal systems.
. AEW Capital Management expects to conclude the internal testing,
remediation/repair and certifications of its Plan no later than December 31,
1998.
The Partnership also relies on joint venture partners and/or property
managers to supply financial and other data with respect to its real properties.
The Partnership is in the process of surveying these third party providers and
assessing their compliance with Year 2000 requirements. To date, the
Partnership is not aware of any problems that would materially impact its
results of operations, liquidity or capital resources. However, the Partnership
has not yet obtained written assurances that these providers would be Year 2000
compliant.
The Partnership currently does not have a contingency plan in the event of
a particular provider or system not being Year 2000 compliant. Such a plan will
be developed if it becomes clear that a provider (including AEW Capital
Management) is not going to achieve its scheduled compliance objectives. The
inability of one of these providers to complete its Year 2000 resolution process
could materially impact the Partnership. In addition, the Partnership is also
subject to external forces that might generally affect industry and commerce,
such as utility or transportation company Year 2000 compliance failures and
related service interruptions.
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
Results of Operations
- ---------------------
Form of Real Estate Investments
The Wilmington Industrial investment is a wholly-owned property. The
Stemmons Industrial investment, which was sold in September 1997, was also a
wholly-owned property. The other real estate investments in the portfolio are
joint ventures.
Operating Factors
The Partnership's two industrial properties (Prentiss Copystar and
Wilmington) were 100% leased at September 30, 1998, as they were at September
30, 1997.
The Partnership sold its Stemmons Industrial investment on September 29,
1997, and recognized a gain of $248,172. Stemmons Industrial was vacant at the
time of sale, as it had been since February 1996, with the expiration of a short
term lease for 82% of the space.
As previously discussed, the White Phonic industrial property was sold on
July 14, 1998, and the Partnership recognized a gain of $1,051,218. At the time
of the sale, White Phonic was 100% leased to a single tenant, as it had been
since September 30, 1997.
In addition, the Waterford Apartments was sold on August 7, 1998, and the
Partnership recognized a gain of $6,227,526. At the time of the sale, the
Waterford Apartments was 96% leased. At September 30, 1997 it was 93% leased.
Investment Results
- ------------------
For the three and nine months ended September 30, 1998, operating results
from real estate operations were $172,631 and $1,123,297, respectively, compared
to $385,581 and $1,109,156 for the comparable periods in 1997. The decrease of
$212,950 for the comparative three month periods is primarily due to lower joint
venture earnings as a result of the sale of White Phonic and Waterford
Apartments. The increase of $14,141 for the comparative nine month periods is
primarily due to improved operating results for owned property in 1998 due to
the sale of Stemmons Industrial, which was vacant in 1997 until the time of
sale.
Interest on cash equivalents and short-term investments for the three and
nine months ended September 30, 1998, was $91,285 and $182,882, respectively,
compared to $71,515 and $206,148 for the same periods in 1997. The increase of
approximately $20,000 or 28% for the comparative three month periods is
primarily due to higher average investment balances in 1998 as a result of the
receipt of the White Phonic and Waterford Apartments sales proceeds. The
decrease of approximately $23,000 or 11% for the comparative nine month periods
is primarily due to lower investment balances.
The increase in operating cash flow of approximately $109,000 between the
first nine months of 1997 and 1998 is primarily due to the increases in working
capital and an increase in distributions from joint ventures.
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
Portfolio Expenses
The Partnership management fee is 9% of distributable cash flow from
operations after any increase or decrease in working capital reserves as
determined by the managing general partner. General and administrative expenses
primarily consist of real estate appraisal, printing, legal, accounting and
investor servicing fees.
For the three and nine months ended September 30, 1998, management fees
were $59,121 and $159,719, respectively, compared to $124,530 and $227,564 for
the comparable periods in 1997. The decrease of management fees for the
respective three and nine month periods is due to less operational cash
available for distributions as a result of the sale of Stemmons Industrial in
1997, and the sales of White Phonic and Waterford Apartments in 1998.
General and administrative expenses for the three and nine months ended
September 30, 1998 were $36,737 and $142,461, respectively, compared to $45,003
and $151,281 for the same periods in 1997. The decrease in expenses for the
respective three and nine month periods is primarily due to lower appraisal fees
as a result of the sale of investments.
<PAGE>
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
FORM 10-Q
FOR QUARTER ENDED SEPTEMBER 30, 1998
PART II
OTHER INFORMATION
Items 1-5. Not applicable
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits: (27) Financial Data Schedule
b. Reports on Form 8-K: During the quarter ended September 30, 1998,
a Current Report on Form 8-K was filed on July 27, 1998 reporting on
Item No. 2 (Acquisition or Disposition of Assets) and Item No. 7
(Financial statements and Exhibits), relating in both cases to the
July 7, 1998 sale of White Phonic. Also during the quarter ended
September 30, 1998, a Current Report on Form 8-K was filed on August
20, 1998 reporting on Item No. 2 (Acquisition or Disposition of
Assets) and Item No. 7 (Financial statements and Exhibits), relating
in both cases to the August 7, 1998 sale of Waterford Apartments.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COPLEY PENSION PROPERTIES VI;
A REAL ESTATE LIMITED PARTNERSHIP
(Registrant)
November 13, 1998
/s/ J. Christopher Meyer III
-------------------------------
J. Christopher Meyer III.
President, Chief Executive Officer
And Director of Managing General Partner,
Sixth Copley Corp.
November 13, 1998
/s/ Karin J. Lagerlund
--------------------------------
Karin J. Lagerlund
Principal Financial and Accounting
Officer of Managing General Partner,
Sixth Copley Corp.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 3,579,646
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 3,579,646
<PP&E> 5,912,316
<DEPRECIATION> 0
<TOTAL-ASSETS> 9,491,962
<CURRENT-LIABILITIES> 139,136
<BONDS> 1,369,577
0
0
<COMMON> 0
<OTHER-SE> 7,983,249
<TOTAL-LIABILITY-AND-EQUITY> 9,491,962
<SALES> 1,385,681
<TOTAL-REVENUES> 8,847,308
<CGS> 156,814
<TOTAL-COSTS> 156,814
<OTHER-EXPENSES> 407,750
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 8,282,744
<INCOME-TAX> 0
<INCOME-CONTINUING> 8,282,744
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,282,744
<EPS-PRIMARY> 168.07
<EPS-DILUTED> 168.07
</TABLE>
