<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 June 30, 1996
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, June 30,
1995* 1996
----------- -----------
(unaudited)
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 175,800 $ 466,500
Receivables, less allowance of $8,000 and
$4,900 for possible losses 38,900 29,100
Prepaid expenses and other 27,800 35,500
Property, plant and equipment less accumulated depreciation
and amortization of $3,853,700 and $4,090,400 4,256,200 4,043,000
Franchise cost, net of accumulated
amortization of $8,038,900 and $8,564,800 2,418,400 1,902,000
Deferred loan costs and other, net 40,200 32,500
----------- -----------
$ 6,957,300 $ 6,508,600
=========== ===========
LIABILITIES AND PARTNERSHIP CAPITAL
LIABILITIES:
Notes payable $ 4,125,000 $ 3,875,000
Accounts payable 445,800 349,300
Due to affiliates 297,800 475,700
----------- -----------
TOTAL LIABILITIES 4,868,600 4,700,000
----------- -----------
COMMITMENTS AND CONTINGENCIES
PARTNERSHIP CAPITAL (DEFICIT):
General partners (141,800) (144,600)
Limited partners 2,230,500 1,953,200
----------- -----------
TOTAL PARTNERSHIP CAPITAL 2,088,700 1,808,600
----------- -----------
$ 6,957,300 $ 6,508,600
=========== ===========
</TABLE>
*As presented in the audited financial statements.
See accompanying notes to condensed financial statements.
-2-
<PAGE> 3
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Unaudited
-----------------------
Three months ended
June 30,
-----------------------
1995 1996
--------- ----------
<S> <C> <C>
REVENUES $ 820,400 $ 843,600
--------- ----------
OPERATING EXPENSES:
Service costs 274,100 269,900
General and administrative expenses 115,200 115,800
General Partner management fees
and reimbursed expenses 108,000 126,800
Depreciation and amortization 449,200 412,100
--------- ----------
946,500 924,600
--------- ----------
OPERATING LOSS (126,100) (81,000)
--------- ----------
OTHER INCOME (EXPENSE):
Interest income 7,500 3,800
Interest expense (96,700) (73,300)
Loss on sale of cable assets - (1,000)
--------- ----------
(89,200) (70,500)
--------- ----------
NET LOSS $(215,300) $ (151,500)
========= ==========
NET LOSS PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (2.67) $ (1.88)
========= ==========
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
---------------------------
Six months ended
June 30,
---------------------------
1995 1996
---------- ----------
<S> <C> <C>
REVENUES $1,623,000 $1,694,900
---------- ----------
OPERATING EXPENSES:
Service costs 536,600 546,700
General and administrative expenses 200,600 224,700
General Partner management fees
and reimbursed expenses 214,700 238,900
Depreciation and amortization 902,900 815,800
---------- ----------
1,854,800 1,826,100
---------- ----------
OPERATING LOSS (231,800) (131,200)
---------- ----------
OTHER INCOME (EXPENSE):
Interest income 13,500 7,200
Interest expense (191,600) (155,100)
Loss on sale of cable assets - (1,000)
---------- ----------
(178,100) (148,900)
---------- ----------
NET LOSS $ (409,900) $ (280,100)
========== ==========
NET LOSS PER UNIT OF LIMITED
PARTNERSHIP INTEREST $ (5.08) $ (3.47)
========== ==========
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
------------------------
Six months ended
June 30,
------------------------
1995 1996
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(409,900) $(280,100)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 902,900 815,800
Amortization of deferred loan costs 18,300 10,900
Loss on sale of cable assets - 1,000
Increase (decrease) from changes in:
Accounts receivable and prepaid expenses (14,500) 2,100
Accounts payable and due to affiliates (52,800) 81,400
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES 444,000 631,100
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (65,800) (101,100)
Increase in intangible assets (15,000) (17,100)
Proceeds from sale of assets - 31,500
--------- ---------
Net cash used in investing activities (80,800) (86,700)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Deferred loan costs (11,500) (3,700)
Repayment of debt (250,000) (250,000)
--------- ---------
NET CASH USED IN FINANCING ACTIVITIES (261,500) (253,700)
--------- ---------
INCREASE IN CASH AND CASH EQUIVALENTS 101,700 290,700
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 579,200 175,800
--------- ---------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 680,900 $ 466,500
========= =========
</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 six months ended June 30, 1996 and 1995 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 six months ended June 30, 1996 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 $42,200 and
$84,800 for the three and six months ended June 30, 1996.
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 $84,600 and
$154,100 for the three and six months ended June 30, 1996. Management fees and
reimbursed expenses due the Corporate General Partner are non-interest bearing.
The Partnership also receives certain system operating management
services from an affiliate of the Corporate General Partner in addition to the
Manager, due to the fact that there are no such employees directly employed by
one of the Partnership's cable systems. The Partnership reimburses the affiliate
for its allocable share of the affiliate's operational costs. The total amount
charged to the Partnership for these costs approximated $14,300 and $25,200 in
the three and six months ended June 30, 1996. No management fee is payable to
the affiliate by the Partnership and there is no duplication of reimbursed
expenses and costs paid to the Manager.
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
$176,400 and $352,600 for programming services for the three and six months
ended June 30, 1996. Programming fees are included in service costs in the
statements of operations for the three and six months ended June 30, 1996.
-6-
<PAGE> 7
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS (CONCLUDED)
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 1995 amounts have been reclassified to conform to the 1996
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
On February 8, 1996, President Clinton signed into law the
Telecommunications Act of 1996 (the "1996 Telecom Act"). This statute
substantially changed the competitive and regulatory environment for
telecommunications providers by significantly amending the Communications Act of
1934, including certain of the rate regulation provisions previously imposed by
the Cable Television Consumer Protection and Competition Act of 1992 (the "1992
Cable Act"). Compliance with those rate regulations has had a negative impact on
the Partnership's revenues and cash flow. However, in accordance with policy
decisions by the Federal Communications Commission (the "FCC"), the Partnership
will increase regulated service rates in the future in response to specified
historical and anticipated future 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 1996 Telecom Act provides that
certain of the rate regulations will be phased-out altogether in 1999. Further,
the regulatory environment will continue to change pending, among other things,
the outcome of legal challenges and FCC rulemaking and enforcement activity in
respect of the 1992 Cable Act and the completion of a significant number of FCC
rulemakings under the 1996 Telecom Act. There can 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.
Accordingly, the Partnership's historic interim financial results as described
below are not necessarily indicative of future performance.
This Report includes certain forward looking statements regarding,
among other things, future results of operations, regulatory requirements,
competition, capital needs and general business conditions applicable to the
Partnership. Such forward looking statements involve risks and uncertainties
including, without limitation, the uncertainty of legislative and regulatory
changes and the rapid developments in the competitive environment facing cable
television operators such as the Partnership. In addition to the information
provided herein, reference is made to the Partnership's Annual Report on Form
10-K for the year ended December 31, 1995 for additional information regarding
such matters and the effect thereof on the Partnership's business.
RESULTS OF OPERATIONS
The Partnership's revenues increased from $820,400 to $843,600, or by
2.8%, and from $1,623,000 to $1,694,900, or by 4.4%, for the three and six
months ended June 30, 1996 as compared to the corresponding periods in 1995. Of
the $23,200 increase in revenues for the three months ended June 30, 1996 as
compared to the corresponding period in 1995, $50,000 was due to increases in
regulated service rates that were implemented by the Partnership in the second
quarter in each of 1995 and 1996 and $6,700 was due to an increase in other
revenue producing items. These increases were partially offset by a decrease of
$33,500 due to decreases in the number of subscriptions for services. Of the
$71,900 increase in revenues for the six months ended June 30, 1996 as compared
to the corresponding period in 1995, $73,100 was due to increases in regulated
service rates that were implemented by the Partnership as discussed above and
$22,500 was due to increases in other revenue producing items. These increases
were partially offset by a decrease of $23,700 due to decreases in the number of
subscriptions for services. As of June 30, 1996, the Partnership had
approximately 9,800 homes subscribing to cable service and 3,100 premium service
units.
-8-
<PAGE> 9
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONTINUED)
Service costs decreased from $274,100 to $269,900, or by 1.5%, for the
quarter ending June 30, 1996 and increased from $536,600 to $546,700, or by
1.9%, for the six months ended June 30, 1996 as compared to the corresponding
periods in 1995. Service costs represent costs directly attributable to
providing cable services to customers. Of the $4,200 decrease in service costs
for the three months ended June 30, 1996 as compared to the corresponding period
in 1995, $6,200 related to decreases in programming expense, $5,500 was due to
an increase in capitalization of labor and overhead expense due to more capital
projects during the quarter ended June 30, 1996 and $2,000 was due to a decrease
in personnel costs. These decreases were partially offset by a $6,900 increase
in copyright fees and franchise fees, which resulted from revenue increases as
described above. Of the $10,100 increase in service costs for the six months
ended June 30, 1996 as compared to the corresponding period in 1995, $14,400 was
partially due to an increase in copyright fees and franchise fees, which
resulted from revenue increases as described above, and $3,800 related to
increases in system power costs. These increases were partially offset by a
$6,900 decrease in programming expense and a $3,200 increase in capitalization
of labor and overhead expense due to more capital projects in the first six
months of 1996. The decrease in programming expense was primarily attributable
to a decrease in pay TV subscribers during the three and six months ended June
30, 1996.
General and administrative expenses remained relatively unchanged
increasing from $115,200 to $115,800 (less than one-percent) for the quarter
ended June 30, 1996 compared to the corresponding period in 1995. General and
administrative expenses increased from $200,600 to $224,700, or by 12.0%, for
the six months ended June 30, 1996 as compared to the corresponding period in
1995. Of the $24,100 increase for the six months ended June 30, 1996 as compared
to the corresponding period in 1995, $12,700 was due to an increase in bad debt
expense, $9,700 was due to an increase in expenses allocated by an affiliate of
the Corporate General Partner that provides system operating management services
to the Partnership, $7,700 was due to an increase in marketing expense and
$7,100 was due to higher insurance premiums. These increases were partially
offset by a $7,800 increase in capitalization of labor and overhead expense due
to a greater number of capital projects in the 1996 period and a $3,900 decrease
in customer billing expense.
Management fees and reimbursed expenses increased from $108,000 to
$126,800, or by 17.4%, and from $214,700 to $238,900, or by 11.3%, for the three
and six months ended June 30, 1996 as compared to the corresponding periods in
1995. Reimbursable expenses increased by $17,600 and $20,500 for the three and
six months ended June 30, 1996 from the comparable periods in 1995, primarily
due to higher allocated personnel costs, office rent and professional fees.
Management fees increased by $1,200 and $3,700 for the three and six months
ended June 30, 1996 from the corresponding 1995 periods in direct relation to
increased revenues as described above.
Depreciation and amortization expense decreased from $449,200 to
$412,100, or by 8.3%, and from $902,900 to $815,800, or by 9.7%, for the three
and six months ended June 30, 1996 as compared to the corresponding periods in
1995 primarily due to the effect of certain plant assets becoming fully
depreciated and certain intangible assets becoming fully amortized in 1995.
Operating loss decreased from $126,100 to $81,000, or by 35.8%, and
from $231,800 to $131,200, or by 43.4%, for the three and six months ended June
30, 1996 as compared to the corresponding periods in 1995, principally due to
decreased depreciation and amortization and increased revenues as described
above.
-9-
<PAGE> 10
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
RESULTS OF OPERATIONS (CONCLUDED)
Interest expense decreased from $96,700 to $73,300, or by 24.2%, and
from $191,600 to $155,100, or by 19.1%, for the three and six months ended June
30, 1996 as compared to the corresponding periods in 1995 due to a decrease in
average borrowings from $4,498,600 and $4,558,700 in the three and six months
ended June 30, 1995 to $3,875,000 and $4,000,000 during the corresponding 1996
periods. The three months' decrease in interest expense was also due to lower
applicable interest rates during the 1996 quarter (6.6% for the three months
ended June 30, 1996 versus 7.5% for the June quarter in 1995).
Due to the factors described above, the Partnership's net loss
decreased from $215,300 to $151,500, or by 29.6%, and from $409,900 to $280,100,
or by 31.7%, for the three and six months ended June 30, 1996 as compared to the
corresponding periods in 1995.
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.
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.
The Partnership has $3,875,000 outstanding under its term loan
agreement. On December 29, 1995, the Partnership amended its term loan agreement
(the "Amendment") to, among other things, extend the maturity date by twelve
months from December 31, 1995 to December 31, 1996. The Amendment increases the
quarterly principal payments from $125,000 in 1995 to $250,000 through September
30, 1996. The remaining balance of $3,375,000 is due on December 31, 1996.
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 made its first and second
scheduled principal repayments under the amended agreement on April 1, 1996 and
July 1, 1996, respectively.
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
June 30, 1996.
-10-
<PAGE> 11
ENSTAR INCOME/GROWTH PROGRAM SIX-A, L.P.
LIQUIDITY AND CAPITAL RESOURCES (CONCLUDED)
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
Operating activities provided $187,100 more cash in the six months
ended June 30, 1996 than in the comparable period in 1995. Changes in accounts
payable and due to affiliates provided $134,200 more cash due to an increase in
amounts owed to the Corporate General Partner and third-party creditors.
Partnership operations generated $36,300 more cash during the 1996 six-month
period after adding back non-cash depreciation and amortization charges and a
loss on sale of cable assets. Decreases in accounts receivable balances and
other assets provided $16,600 more cash in the first six months of 1996 than in
the corresponding period in 1995.
The Partnership used $5,900 more cash in investing activities in the
six months ended June 30, 1996 than in the corresponding 1995 period due to a
$35,300 increase in capital expenditures and a $2,100 increase in expenditures
for intangible assets. Increased use of cash was partially offset by $31,500 in
proceeds from the sale of certain cable assets during the six months ended June
30, 1996. Financing activities used $7,800 less cash in the six months ended
June 30, 1996 due to a decrease in the payment of deferred loan costs related to
the Partnership's loan agreement.
Operating income before depreciation and amortization (EBITDA) as a
percentage of revenues decreased from 39.4% in the second quarter of 1995 to
39.2% in the second quarter of 1996. EBITDA as a percentage of revenues
decreased from 41.3% during the first six months of 1995 to 40.4% in the
comparable 1996 period. The three and six months' decreases were caused by
greater reimbursable expenses allocated by the Corporate General Partner as
described above. EBITDA increased from $323,100 to $331,100, or by 2.5%, during
the three months ended June 30, 1996 compared to the corresponding period in
1995. EBITDA increased from $671,100 to $684,600, or by 2.0%, during the first
six months of 1996 compared to the first six months of 1995.
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. However, the Partnership does not believe that its
financial results have been, or will be, adversely affected by inflation in a
material way, provided that it is able to increase its service rates
periodically, of which there can be no assurance.
-11-
<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: August 7, 1996 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 JUNE 30, 1996, AND THE STATEMENTS OF OPERATIONS FOR THE SIX MONTHS
ENDED JUNE 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 466,500
<SECURITIES> 0
<RECEIVABLES> 34,000
<ALLOWANCES> 4,900
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 8,133,400
<DEPRECIATION> 4,090,400
<TOTAL-ASSETS> 6,508,600
<CURRENT-LIABILITIES> 825,000
<BONDS> 3,875,000
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 6,508,600
<SALES> 0
<TOTAL-REVENUES> 1,694,900
<CGS> 0
<TOTAL-COSTS> 1,826,100
<OTHER-EXPENSES> (7,200)
<LOSS-PROVISION> 19,800
<INTEREST-EXPENSE> 155,100
<INCOME-PRETAX> (280,100)
<INCOME-TAX> 0
<INCOME-CONTINUING> (280,100)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (280,100)
<EPS-PRIMARY> (3.47)
<EPS-DILUTED> 0
</TABLE>
