<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________
FORM 10-Q
(MARK ONE)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 0-17687
-----------
Enstar Income/Growth Program Six-A, L.P.
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C>
Georgia 58-1755230
- -------------------------------------------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) (I.R.S. EMPLOYER IDENTIFICATION NO.)
</TABLE>
10900 Wilshire Boulevard, 15th Floor, Los Angeles, CA 90024
- -------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (310) 824-9990
-----------------------------
- -------------------------------------------------------------------------------
FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT.
Indicate by check X 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> 2
PART I - FINANCIAL INFORMATION
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED BALANCE SHEETS
=========================================
<TABLE>
<CAPTION>
December 31, September 30,
1994* 1995
----------- -------------
(unaudited)
<S> <C>
ASSETS:
Cash and cash equivalents $ 579,200 $ 493,800
Receivables, less allowance of $2,400 and
$4,600 for possible losses 3,800 20,400
Prepaid expenses and other 10,300 34,800
Property, plant and equipment less accumulated depreciation
and amortization of $3,202,300 and $3,691,200 4,177,900 4,306,200
Franchise cost, net of accumulated
amortization of $7,910,600 and $7,773,600 3,480,400 2,680,500
Deferred loan costs and other, net 33,700 30,100
---------------- ---------------
$ 8,285,300 $ 7,565,800
================= ===============
LIABILITIES AND PARTNERSHIP CAPITAL
LIABILITIES:
Notes payable $ 4,625,000 $ 4,250,000
Accounts payable 322,800 657,000
Due to affiliates 386,400 313,200
---------------- ---------------
TOTAL LIABILITIES 5,334,200 5,220,200
---------------- ---------------
COMMITMENTS AND CONTINGENCIES
PARTNERSHIP CAPITAL (DEFICIT):
General partners (133,200) (139,300)
Limited partners 3,084,300 2,484,900
---------------- ---------------
TOTAL PARTNERSHIP CAPITAL 2,951,100 2,345,600
---------------- ---------------
$ 8,285,300 $ 7,565,800
================ ===============
</TABLE>
*As presented in the audited financial statements.
See accompanying notes to condensed financial statements.
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<PAGE> 3
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
=========================================
<TABLE>
<CAPTION>
Unaudited
---------------------------------
Three months ended
September 30,
---------------------------------
1994 1995
----------- ----------
<S> <C> <C>
REVENUES $ 788,200 $ 817,600
----------- ----------
OPERATING EXPENSES:
Service costs 262,100 256,700
General and administrative expenses 111,700 95,800
General Partner management fees
and reimbursed expenses 117,800 118,800
Depreciation and amortization 467,900 463,800
----------- ----------
959,500 935,100
----------- ----------
OPERATING LOSS (171,300) (117,500)
----------- ----------
OTHER INCOME (EXPENSE):
Interest income 4,300 6,700
Interest expense (81,700) (84,800)
----------- ----------
(77,400) (78,100)
----------- ----------
NET LOSS $ (248,700) $ (195,600)
=========== ==========
NET LOSS PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (3.08) $ (2.43)
=========== ==========
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 79,818 79,818
=========== ==========
</TABLE>
See accompanying notes to condensed financial statements.
-3-
<PAGE> 4
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
========================================
<TABLE>
<CAPTION>
Unaudited
-------------------------------------
Nine months ended
September 30,
-------------------------------------
1994 1995
------------ ------------
<S> <C> <C>
REVENUES $ 2,360,400 $ 2,440,600
------------ ------------
OPERATING EXPENSES:
Service costs 765,500 793,300
General and administrative expenses 320,300 296,400
General Partner management fees
and reimbursed expenses 378,300 333,500
Depreciation and amortization 1,532,900 1,366,700
------------ ------------
2,997,000 2,789,900
------------ ------------
OPERATING LOSS (636,600) (349,300)
------------ ------------
OTHER INCOME (EXPENSE):
Interest income 14,100 20,200
Interest expense (205,900) (276,400)
------------ ------------
(191,800) (256,200)
------------ ------------
NET LOSS $ (828,400) $ (605,500)
============ ============
NET LOSS PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (10.27) $ (7.51)
============ ============
AVERAGE LIMITED PARTNERSHIP
UNITS OUTSTANDING DURING PERIOD 79,818 79,818
============ ============
</TABLE>
See accompanying notes to condensed financial statements.
-4-
<PAGE> 5
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
STATEMENTS OF CASH FLOWS
=========================================
<TABLE>
<CAPTION>
Unaudited
------------------------------------
Nine months ended
September 30,
------------------------------------
1994 1995
---------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (828,400) $ (605,500)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 1,532,900 1,366,700
Amortization of deferred loan costs 6,700 19,700
Increase (decrease) from changes in:
Accounts receivable and prepaid expenses (9,100) (41,100)
Deferred loan costs (31,900) (14,300)
Accounts payable and other liabilities (956,900) 261,000
--------- ------------
Net cash provided by (used in)
operating activities (286,700) 986,500
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (130,500) (677,300)
Increase in intangible assets (13,900) (19,600)
--------- -----------
Net cash used in investing activities (144,400) (696,900)
--------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of debt (250,000) (375,000)
--------- -----------
DECREASE IN CASH
AND CASH EQUIVALENTS (681,100) (85,400)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 963,300 579,200
---------- ------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 282,200 $ 493,800
=========== ============
</TABLE>
See accompanying notes to condensed financial statements.
-5-
<PAGE> 6
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
=========================================
1. INTERIM FINANCIAL STATEMENTS
The accompanying condensed interim financial statements for the three
and nine months ended September 30, 1995 and 1994 are unaudited. These
condensed interim financial statements should be read in conjunction with the
audited financial statements and notes thereto included in the Partnership's
latest Annual Report on Form 10-K. In the opinion of management, such
statements reflect all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the results of such periods.
The results of operations for the three and nine months ended September 30,
1995 are not necessarily indicative of results for the entire year.
2. TRANSACTIONS WITH THE GENERAL PARTNER AND AFFILIATES
The Partnership has a management and service agreement with a wholly
owned subsidiary of the Corporate General Partner (the "Manager") for a monthly
management fee of 5% of revenues, excluding revenues from the sale of cable
television systems or franchises. Management fees approximated $40,900 and
$122,000 for the three and nine months ended September 30, 1995.
In addition to the monthly management fee described above, the
Partnership reimburses the Manager for direct expenses incurred on behalf of
the Partnership and for the Partnership's allocable share of operational costs
associated with services provided by the Manager. All cable television
properties managed by the Corporate General Partner and its subsidiary are
charged a proportionate share of these expenses. Corporate office allocations
and district office expenses are charged to the properties served based
primarily on the respective percentage of basic subscribers or homes passed
(dwelling units within a system) within the designated service areas. The total
amount charged to the Partnership for these services approximated $77,900 and
$211,500 for the three and nine months ended September 30, 1995. Management
fees and reimbursed expenses due the Corporate General Partner are non-
interest bearing.
Certain programming services have been purchased through an affiliate
of the Partnership. In turn, the affiliate charges the Partnership for these
costs based on an estimate of what the Partnership could negotiate for such
programming services on a stand-alone basis. The Partnership paid the
affiliate $178,000 and $537,500 for programming services for the three and nine
months ended September 30, 1995. Programming fees are included in service costs
in the statements of operations for the three and nine months ended September
30, 1995 and 1994.
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<PAGE> 7
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
=========================================
3. EARNINGS PER UNIT OF LIMITED PARTNERSHIP INTEREST
Earnings and losses per unit of limited partnership interest is based
on the average number of units outstanding during the periods presented. For
this purpose, earnings and losses are allocated 99% to the limited partners and
1% to the general partners.
4. RECLASSIFICATIONS
Certain 1994 amounts have been reclassified to conform to the 1995
presentation.
-7-
<PAGE> 8
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
INTRODUCTION
Compliance with the rules adopted by the Federal Communications
Commission (the "FCC") to implement the rate regulation provisions of the 1992
Cable Act has had a significant negative impact on the Partnership's revenues
and cash flow. Based on certain FCC decisions that have been released,
however, the Partnership's management presently believes that revenues for the
first nine months of 1995 reflect the impact of the 1992 Cable Act in all
material respects. Moreover, recent policy decisions by the FCC make it more
likely that in the future the Partnership will be permitted to increase
regulated service rates in response to specified cost increases, although
certain costs may continue to rise at a rate in excess of that which the
Partnership will be permitted to pass on to its customers. The FCC has recently
adopted a procedure under which cable operators may file abbreviated cost of
service showings for system rebuilds and upgrades, the result of which would be
a permitted increase in regulated rates to allow recovery of a portion of those
costs. The FCC has also proposed a new procedure for the pass-through of
increases in inflation and certain external costs, such as programming costs,
under which cable operators could increase rates based on actual and
anticipated cost increases for the coming year. In addition to these FCC
actions, Congress is presently considering legislation that could significantly
revise, among other things, the rate regulation provisions of the 1992 Cable
Act, although there can be no certainty as to the final provisions of such
legislation, or whether it will become law. Similarly, given events since the
enactment of the 1992 Cable Act, there can also be no assurance as to what, if
any, future action may be taken by the FCC, Congress or any other regulatory
authority or court, or the effect thereof on the Partnership's business.
In addition to the information set forth in this report, reference is
made to the Partnership's Annual Report on Form 10-K for the year ended
December 31, 1994 for additional information regarding regulatory matters and
the effect thereof on the Partnership's business.
RESULTS OF OPERATIONS
The Partnership's revenues increased by $29,400, or by 3.7%, and by
$80,200, or by 3.4%, for the three and nine months ended September 30, 1995 as
compared to the corresponding periods in 1994. Of the three months' increase,
$41,400 was due to increases in regulated service rates permitted under the
1992 Cable Act that were implemented by the Partnership in April 1995, $20,000
was due to increases in unregulated rates charged for premium services
implemented during the fourth quarter of 1994 and $4,600 was due to increases
in the number of subscriptions for services. These increases were partially
offset by rate decreases implemented in September 1994 to comply with the 1992
Cable Act, estimated by the Partnership to be approximately $31,700 and by a
$4,900 decrease in other revenue producing items. Of the nine months'
increase, $56,900 was due to increases in regulated service rates permitted
under the 1992 Cable Act that were implemented by the Partnership in April
1995, $52,900 was due to increases in the number of subscriptions for services,
$46,300 was due to increases in unregulated rates charged for premium services
implemented during the fourth quarter of 1994 and $19,300 was due to increases
in advertising sales revenue and other revenue producing items. These
increases were partially offset by rate decreases implemented in September 1994
to comply with the 1992 Cable Act, estimated by the Partnership to be
approximately $95,200.
-8-
<PAGE> 9
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONTINUED)
Service costs decreased by $5,400, or by 2.1%, and increased by
$27,800, or by 3.6%, for the three and nine months ended September 30, 1995 as
compared to the corresponding periods in 1994. Service costs represent costs
directly attributable to providing cable services to customers. Of the three
months' decrease, $14,500 was due to an increase in capitalization of labor and
overhead costs and $13,000 was due to a decrease in copyright fees. These
decreases were partially offset by a $13,100 increase in programming fees
charged by program suppliers (including primary satellite fees) and by a $7,800
increase in personnel costs. Of the nine months' increase, $56,300 was due to
higher programming fees charged by program suppliers and $21,100 was due to an
increase in personnel costs. These increases were partially offset by a
decrease of $38,000 in copyright fees and by a $14,400 increase in
capitalization of labor and overhead costs. The increase in programming expense
was also due to expanded programming usage relating to retransmission consent
arrangements implemented to comply with the 1992 Cable Act.
General and administrative expenses decreased by $15,900, or by 14.2%,
and by $23,900, or by 7.5%, for the three and nine months ended September 30,
1995 as compared to the corresponding periods in 1994. Of the three months'
decrease, $10,400 was due to lower insurance premiums, $6,100 was due to an
increase in capitalization of labor and overhead costs and $5,700 was due to a
decrease in marketing expense. These decreases were partially offset by a
$4,800 increase in professional fees and by a $4,700 increase in bad debt
expense. Of the nine months' decrease, $12,000 was due to a decrease in
marketing expense, $8,100 was due to a decrease in printing expense, $6,400 was
due to an increase in capitalization of labor and overhead costs and $6,000 was
due to lower insurance premiums. These decreases were partially offset by a
$14,100 increase in professional fees.
Management fees and reimbursed expenses increased by $1,000 (less than
one percent) for the three months ended September 30, 1995 and decreased by
$44,800, or by 11.8%, for the nine months ended September 30, 1995 as compared
to the corresponding periods in 1994. The three months' increase was due to
increases in management fees. The nine months' decrease was primarily due to
lower reimbursed expenses allocated by the Corporate General Partner.
Reimbursed expenses decreased due to lower allocated personnel costs, property
taxes, professional fees, costs associated with implementation of the 1992
Cable Act, telephone expense and postage expense for the nine months ended
September 30, 1995. Management fees increased by $1,500, or by 3.8%, and by
$4,000, or by 3.4%, for the three and nine month periods in direct relation to
increased revenues as described above.
Depreciation and amortization expense decreased by $4,100 (less than
one percent), and by $166,200, or by 10.8%, for the three and nine months ended
September 30, 1995 as compared to the corresponding 1994 periods due to the
effect of certain intangible assets becoming fully amortized. This decrease was
partially offset by an increase in depreciation resulting from a reduction in
the estimated remaining life of existing plant being replaced.
Operating loss decreased by $53,800, or by 31.4%, and by $287,300, or
by 45.1%, for the three and nine months ended September 30, 1995 as compared to
the corresponding periods in 1994, primarily due to increased revenues as
described above. The three months' increase was also principally due to
increased capitalization of labor and overhead costs, and decreased copyright
fees. The nine months' increase was also due to lower reimbursed expenses,
copyright fees and depreciation and amortization.
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<PAGE> 10
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONCLUDED)
Interest expense increased by $3,100, or by 3.8%, and by $70,500, or
by 34.2%, for the three and nine months ended September 30, 1995 as compared to
the corresponding periods in 1994, due to higher applicable interest rates
during the three and nine months ended September 30, 1995 (7.2% and 7.3% for
the three and nine month periods in 1995 versus 5.8% and 5.2% for the
corresponding periods in 1994).
Due to the factors described above, the Partnership's net loss
decreased by $53,100, or by 21.4%, and by $222,900, or by 26.9%, for the three
and nine months ended September 30, 1995 as compared to the corresponding
periods in 1994.
LIQUIDITY AND CAPITAL RESOURCES
The FCC's amended rate regulation rules were implemented during the
quarter ended September 30, 1994. Compliance with these rules has had a
negative impact on the Partnership's revenues and cash flow. However, as
discussed above, recent policy decisions of the FCC and pending legislation may
make it more likely that the Partnership will be permitted to increase
regulated service rates in response to certain cost increases.
The Partnership's primary objective, having invested its net offering
proceeds in cable systems, is to distribute to its partners all available cash
flow from operations and proceeds from the sale of cable systems, if any, after
providing for expenses, debt service and capital requirements relating to the
expansion, improvement and upgrade of its cable systems. The Partnership
currently relies exclusively on the availability of cash generated from
operations to fund its ongoing expenses, debt service and capital requirements.
In general, these requirements involve expansion, improvement and upgrade of
the Partnership's existing cable systems. As of the date of this Report,
substantially all of the available channel capacity in the Partnership's
systems is being utilized and each of such systems requires rebuilding. The
rebuild program is presently estimated to require aggregate capital
expenditures of approximately $3.0 million, although the majority of the total
is not planned to be spent until 1998 and 1999. Due to the fact that the
Partnership is currently not able to incur additional borrowings under its term
loan and due to the impact of the 1992 Cable Act on the Partnership's business,
there can be no assurance that the Partnership's cash flow in 1995 will be
adequate to meet its liquidity requirements, which include necessary capital
expenditures of approximately $725,000.
The Partnership has $4,250,000 outstanding under its term loan
agreement. On March 29, 1995, the Partnership amended its term loan agreement
(the "Amendment") to, among other things, extend the maturity date by six
months from June 30, 1995 to December 31, 1995. The Amendment requires
continued quarterly principal payments of $125,000 through September 30, 1995.
The remaining balance of $4,250,000 is due on December 31, 1995. Unless the
Partnership is able to refinance the term loan or negotiate an additional
extension, it will be unable to repay the term loan when it is presently
scheduled to mature. The Partnership's management has initiated discussions
with its lender regarding an extension of the term loan.
The amended term loan agreement restricts the Partnership from paying
distributions to the partners during the term of the agreement. The term loan
agreement also contains certain financial tests and other covenants including,
among others, restrictions on incurrence of indebtedness, investments, sale of
assets, acquisitions, and other covenants, defaults and conditions. The
Partnership believes that it was in compliance with its debt covenants as of
September 30, 1995.
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<PAGE> 11
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
LIQUIDITY AND CAPITAL RESOURCES (CONCLUDED)
NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
Operating activities provided net cash of $986,500 in the nine months
ended September 30, 1995 as compared with the prior year period when operating
activities used net cash totaling $286,700. The change was primarily due to a
$1,217,900 decrease in the payment of liabilities owed to the Corporate General
Partner and third-party creditors. Cash generated by Partnership operations
increased by $69,700 in the nine months ended September 30, 1995 after adding
back non-cash items consisting of depreciation and amortization. The
Partnership used $17,600 less cash for loan amendment costs during the first
nine months of 1995 compared to the corresponding 1994 period. Changes in
receivables and prepaid expenses used $32,000 more cash in the nine months
ended September 30, 1995 than in the corresponding 1994 period.
The Partnership used $552,500 more cash in investing activities in the
nine months ended September 30, 1995 than in the comparable nine months of 1994
due to an increase of $546,800 in expenditures for tangible assets and a $5,700
increase in expenditures for intangible assets. The Partnership used $125,000
more cash in financing activities during the nine months ended September 30,
1995 for the repayment of debt.
Operating income before depreciation and amortization (EBITDA) as a
percentage of revenues increased from 37.6% during the quarter ended September
30, 1994 to 42.3% in the comparable 1995 period. EBITDA as a percentage of
revenues increased from 38.0% during the nine months ended September 30, 1994
to 41.7% in the first nine months of 1995. The three and nine months'
increases were primarily due to higher revenues and lower copyright fees. The
nine months' increase was also due to lower reimbursed expenses allocated by
the Corporate General Partner. EBITDA increased from $296,600 to $346,300, or
by 16.8%, during the three months ended September 30, 1995 compared to the
equivalent quarter of 1994. EBITDA increased from $896,300 to $1,017,400, or
by 13.5%, during the first nine months of 1995 compared with the corresponding
1994 period.
INFLATION
Certain of the Partnership's expenses, such as those for wages and
benefits, equipment repair and replacement and billing and marketing generally
increase with inflation. The Partnership does not believe that its financial
results have been, or will be, adversely affected by inflation, provided that
it is able to increase its service rates periodically, of which there can be no
assurance due to the re-regulation of rates charged for certain cable services.
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<PAGE> 12
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
PART II. OTHER INFORMATION
ITEMS 1-5. Not applicable.
ITEM 6. Exhibits and Reports on Form 8-K
(a) None
(b) No reports on Form 8-K were filed during the quarter
for which this report is filed.
-12-
<PAGE> 13
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.
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
a GEORGIA LIMITED PARTNERSHIP
--------------------------------------------
(Registrant)
By: ENSTAR COMMUNICATIONS CORPORATION
General Partner
Date: November 6, 1995 By: /s/ Michael K. Menerey
----------------------------
Michael K. Menerey,
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AT SEPTEMBER 30, 1995, AND THE STATEMENTS OF OPERATIONS FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 493,800
<SECURITIES> 0
<RECEIVABLES> 25,000
<ALLOWANCES> 4,600
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 7,997,400
<DEPRECIATION> 3,691,200
<TOTAL-ASSETS> 7,565,800
<CURRENT-LIABILITIES> 970,200
<BONDS> 4,250,000
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 7,565,800
<SALES> 0
<TOTAL-REVENUES> 2,440,600
<CGS> 0
<TOTAL-COSTS> 2,789,900
<OTHER-EXPENSES> (20,200)
<LOSS-PROVISION> 18,600
<INTEREST-EXPENSE> 276,400
<INCOME-PRETAX> (605,500)
<INCOME-TAX> 0
<INCOME-CONTINUING> (605,500)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (605,500)
<EPS-PRIMARY> (7.51)
<EPS-DILUTED> 0
</TABLE>
