<PAGE>
UNITED STATES
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 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from to
Commission file number 0-17620
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CORPORATE PROPERTY ASSOCIATES 8, L.P., a Delaware limited partnership
---------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 13-3469700
---------- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
50 ROCKEFELLER PLAZA, NEW YORK, NEW YORK 10020
- - ---------------------------------------- -----
(Address of principal executive offices) (Zip Code)
(212) 492-1100
---------------
(Registrant's telephone number, including area code)
(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 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.
[X] Yes [ ] No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
[ ] Yes [ ] No
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
INDEX
Page No.
--------
PART I
------
Item 1. - Financial Information*
Balance Sheets, December 31, 1994 and
September 30, 1995 2
Statements of Income for the three and nine
months ended September 30, 1994 and 1995 3
Statements of Cash Flows for the nine
months ended September 30, 1994 and 1995 4
Notes to Financial Statements 5-7
Item 2. - Management's Discussion of Operations 8-9
PART II
-------
Item 6. - Exhibits and Reports on Form 8-K 10
Signatures 11
*The summarized financial information contained herein is unaudited;
however in the opinion of management, all adjustments necessary for a fair
presentation of such financial information have been included.
-1-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
PART I
------
Item 1. - FINANCIAL INFORMATION
-------------------------------
BALANCE SHEETS
<TABLE>
<CAPTION>
December 31, SEPTEMBER 30,
1994 1995
------------- --------------
(Note) (UNAUDITED)
<S> <C> <C>
ASSETS:
Land, buildings and personal property,
net of accumulated depreciation of
$9,206,170 at December 31, 1994 and
$9,914,412 at September 30, 1995 $ 65,009,291 $ 59,792,109
Net investment in direct financing leases 43,197,376 47,095,414
Equity investments 1,579,831 1,320,475
Cash and cash equivalents 4,680,685 4,676,176
Accrued interest and rents receivable 137,901 378,230
Other assets 1,717,542 1,798,011
------------ ------------
Total assets $116,322,626 $115,060,415
============ ============
LIABILITIES:
Mortgage notes payable $ 56,043,833 $ 53,680,950
Note payable 5,102,144 5,102,144
Accrued interest payable 610,562 623,982
Accounts payable and accrued expenses 393,344 417,524
Accounts payable to affiliates 71,425 147,157
Prepaid and deferred rental income and
security deposits 1,020,908 932,213
------------ ------------
Total liabilities 63,242,216 60,903,970
------------ ------------
PARTNERS' CAPITAL:
General Partners (605,304) (479,735)
Limited Partners (67,749 and 67,582 Limited
Partnership Units issued and outstanding
at December 31, 1994 and September 30, 1995) 53,685,714 54,636,180
------------ ------------
Total partners' capital 53,080,410 54,156,445
------------ ------------
Total liabilities and
partners' capital $116,322,626 $115,060,415
============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
Note: The balance sheet at December 31, 1994 has been derived from the
audited financial statements at that date.
-2-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
STATEMENTS OF INCOME (UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, 1994 SEPTEMBER 30, 1995 September 30, 1994 SEPTEMBER 30, 1995
------------------ ------------------ ------------------- ------------------
<S> <C> <C> <C> <C>
Revenues:
Rental income from
operating leases $1,894,886 $2,422,024 $ 5,746,804 $ 6,990,486
Interest from direct
financing leases 1,406,024 1,374,526 4,204,740 4,369,904
Other interest income 44,771 81,164 131,361 196,934
Revenue of hotel operations 896,707 1,061,625 2,637,898 3,314,418
---------- ---------- ----------- -----------
4,242,388 4,939,339 12,720,803 14,871,742
---------- ---------- ----------- -----------
Expenses:
Interest on mortgages
and note payable 1,561,520 1,474,358 4,720,522 4,474,298
Depreciation 492,069 469,889 1,496,002 1,441,582
General and administrative 127,945 117,963 351,054 424,475
Operating expenses of
hotel operations 624,304 704,121 1,777,955 2,071,109
Property expense 110,812 13,735 336,193 329,619
Writedowns to net
realizable value 1,104,219
Amortization 9,276 9,277 26,277 27,831
---------- ---------- ----------- -----------
2,925,926 2,789,343 9,812,222 8,768,914
---------- ---------- ----------- -----------
Income before loss from
equity investments and
extraordinary charge 1,316,462 2,149,996 2,908,581 6,102,828
Loss from equity investments 21,020 16,524 63,039 47,663
---------- ---------- ----------- -----------
Income before loss from
extraordinary charge 1,295,442 2,133,472 2,845,542 6,055,165
Extraordinary charge on
extinguishment of debt 120,000
---------- ---------- ----------- -----------
Net income $1,295,442 $2,133,472 $ 2,725,542 $ 6,055,165
========== ========== =========== ===========
Net income allocated
to General Partners $ 129,544 $ 213,347 $ 272,554 $ 605,516
========== ========== =========== ===========
Net income allocated
to Limited Partners $1,165,898 $1,920,125 $ 2,452,988 $ 5,449,649
========== ========== =========== ===========
Net income per weighted
average Unit:
Income before extra-
ordinary item $17.21 $28.41 $37.80 $80.52
Extraordinary item (1.59)
---------- ---------- ----------- -----------
$17.21 $28.41 $36.21 $80.52
========== ========== =========== ===========
Weighted average units 67,749 67,582 67,749 67,682
========== ========== =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
-3-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
STATEMENTS of CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
----------------------------
1994 1995
------------ --------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 2,725,542 $ 6,055,165
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 1,522,279 1,469,413
Other noncash items (210,328) 228,215
Loss from equity investments 63,039 47,663
Writedowns to net realizable value 1,104,219
Restructuring fees received in connection with
lease modification 1,227,779
Extraordinary charge on extinguishment of debt 120,000
Net change in operating assets and liabilities (830,333) (552,207)
----------- -----------
Net cash provided by operating activities 5,722,197 7,248,249
----------- -----------
Cash flows from investing activities:
Distributions from equity investments 213,926 211,693
Net proceeds from sales of real estate 1,287,454
Additional capitalized costs (915,382) (122,438)
----------- -----------
Net cash provided by investing activities 585,998 89,255
----------- -----------
Cash flows from financing activities:
Distributions to partners (4,765,790) (4,799,460)
Retirement of Limited Partner Units (179,670)
Payment of mortgage principal (602,027) (2,362,883)
Proceeds from new mortgage 5,000,000
Prepayment of mortgage payable (4,800,000)
Prepayment premium paid in connection with
extinguishment of debt (120,000)
Deferred financing costs (48,563)
----------- -----------
Net cash used by financing activities (5,336,380) (7,342,013)
----------- -----------
Net increase (decrease) in cash and
cash equivalents 971,815 (4,509)
Cash and cash equivalents, beginning of period 3,701,443 4,680,685
----------- -----------
Cash and cash equivalents, end of period $ 4,673,258 $ 4,676,176
=========== ===========
Supplemental disclosure of cash flows information:
A. Interest paid $ 4,610,235 $ 4,460,878
=========== ===========
B. In connection with the execution of lease amendment, land and building which had been accounted for under the operating
method have been reclassified as a net investment in direct financing.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-4-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Basis of Presentation:
---------------------
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. For further information, refer
to the financial statements and footnotes thereto included in the
Partnership's Annual Report on Form 10-K for the year ended December 31,
1994. Certain 1994 amounts have been reclassified to conform to the 1995
financial statement presentation.
Note 2. Distributions to Partners:
-------------------------
Distributions declared and paid to partners during the nine months ended
September 30, 1995 are summarized as follows:
<TABLE>
<CAPTION>
Quarter Ended General Partners Limited Partners Per Limited Partner Unit
- - ------------------------ ---------------- ---------------- ------------------------
<S> <C> <C> <C>
December 31, 1994 $159,437 $1,434,930 $21.18
======== ========== ======
March 31, 1995 $159,964 $1,439,673 $21.25
======== ========== ======
June 30, 1995 $160,546 $1,444,910 $21.38
======== ========== ======
</TABLE>
A distribution of $21.51 per Limited Partner Unit for the quarter ended
September 30, 1995 was declared and paid in October 1995.
Note 3. Transactions with Related Parties:
---------------------------------
For the three-month and nine-month periods ended September 30, 1994, the
Partnership incurred leasing fees of $38,698 and $158,287, respectively,
and general and administrative expense reimbursements of $21,740 and
$81,165, respectively, payable to an affiliate. For the three-month and
nine-month periods ended September 30, 1995, the Partnership incurred
leasing fees of $4,293 and $23,454, respectively, and general and
administrative expense reimbursements of $26,948 and $68,333, respectively,
payable to an affiliate.
The Partnership, in conjunction with certain affiliates, is a participant
in a cost sharing agreement for the purpose of renting and occupying office
space. Under the agreement, the Partnership pays its proportionate share
of rent and other costs of occupancy. Net expenses incurred for the nine
months ended September 30, 1994 and 1995 were $55,290 and $99,521,
respectively.
-5-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - (CONTINUED)
Note 4. Industry Segment Information:
----------------------------
The Partnership's operations consist of the direct and indirect investment
in and the leasing of industrial and commercial real estate and operating a
hotel business. For the nine-month periods ended September 30, 1994 and
1995, the Partnership earned its real estate leasing revenues (rental
income plus interest income from financing leases) from its directly owned
real estate investments as follows:
<TABLE>
<CAPTION>
1994 % 1995 %
---------- ---- ----------- -------
<S> <C> <C> <C> <C>
Lease Obligor:
-------------
Advanced System Applications, Inc. $1,052,468 11% $ 2,335,568 21%
Sybron Acquisition Company 1,868,940 19 1,868,940 17
Dr Pepper Bottling Company of Texas 1,499,250 15 1,499,250 13
ASG Acquisition Corp./American Signature 995,158 10 1,050,772 9
High Voltage Engineering Corporation 855,675 9 872,342 8
Orbital Sciences Corporation 672,139 7 733,034 6
Furon Company 614,583 6 614,583 5
United Stationers Supply Co. (formerly
Stationers Distributing Company, Inc.) 476,462 5 566,500 5
Detroit Diesel Corporation 534,278 5 512,435 5
AutoZone, Inc. 395,683 4 393,293 3
Mayfair Molded Products Corporation 345,566 3 345,566 3
NVRyan L.P. 393,659 4 344,304 3
Winn-Dixie Stores, Inc. 100,875 1 100,875 1
Other 104,508 1 80,403 1
Federal Express Corporation 42,300 42,525
---------- --- ----------- ------
$9,951,544 100% $11,360,390 100%
========== === =========== ======
</TABLE>
Operating results of the hotel business for the nine-month periods ended
September 30, 1994 and 1995 are summarized as follows:
<TABLE>
<CAPTION>
1994 1995
------------ ------------
<S> <C> <C>
Revenues $ 2,637,898 $ 3,314,418
Fees paid to hotel management
company (61,986) (109,855)
Other operating expenses (1,715,969) (1,961,254)
----------- -----------
Hotel operating income $ 859,943 $ 1,243,309
=========== ===========
</TABLE>
Note 5. Equity Investments:
------------------
The Partnership and Corporate Property Associates 9 ("CPA(R):9"), an
affiliate, each own 50% equity interests in a joint venture that owns land
and a building in King of Prussia, Pennsylvania leased to General Electric
Company ("GE"). GE has sold the business to Lockheed Martin Corporation
which is currently the tenant of
-6-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - (CONTINUED)
this property; however, GE still retains the lease obligation. The
Partnership and Corporate Property Associates 7 ("CPA(R):7"), an affiliate,
each own 50% interests in a limited partnership which owns a hotel property
in Topeka, Kansas leased to Hotel Corporation of America. Summarized
combined financial information of these investments is as follows:
<TABLE>
<CAPTION>
(in thousands)
December 31, SEPTEMBER 30,
1994 1995
------------------- -------------------
<S> <C> <C>
Assets, net of accumulated
depreciation and amortization $15,595 $14,899
Liabilities 12,434 12,257
Capital 3,161 2,642
<CAPTION>
Nine Months Ended
September 30, 1994 SEPTEMBER 30, 1995
------------------ ------------------
<S> <C> <C>
Revenues $ 1,181 $ 1,198
Interest expense (762) (748)
Depreciation and amortization (543) (543)
Other operating expenses (1) (2)
------- -------
Net income $ (125) $ (95)
======= =======
</TABLE>
Note 6. Properties Leased to ASG Acquisition Corp.:
------------------------------------------
The Partnership owns a 100% interest in a property leased to ASG
Acquisition Corp. ("ASG") in Olive Branch, Mississippi and owns a 26.43%
interest as tenant-in-common with CPA(R):9 in a property leased to Foote &
Davies, Inc. ("Foote & Davies"), a wholly-owned subsidiary of ASG, in
DeKalb County, Georgia (collectively, the "ASG Properties"). ASG is the
guarantor of the Foote & Davies lease obligations. The Partnership and
CPA(R):9 assert that during 1992, the assets of ASG and Foote & Davies were
transferred to two newly formed operating companies which were subsidiaries
of a holding company wholly-owned by Heller Financial, Inc. ("Heller"), a
creditor of ASG and Foote & Davies, in lieu of foreclosure; however,
certain obligations including the lease obligations on ASG Properties and
the guaranty obligations on the Foote & Davies lease were not transferred.
The new operating companies continued to operate the acquired businesses at
the ASG Properties. As part of the asset transfer, the new operating
companies entered into subleases on the ASG Properties; however, such
subleases were for a shorter duration. The Partnership and CPA(R):9
informed the sublessees and Heller that the subleases were contrary to the
lease terms and, therefore, not permissible. The Partnership offered to
allow the operating companies formed by Heller to assume the original
leases and for Heller to provide a guaranty of the lease obligations;
however, the Partnership's offer was rejected. In connection with this
rejection, the Partnership and CPA(R):9 have filed suit against Heller and
the companies which assumed ASG and Foote & Davies business operations in
the Court of Chancery of the State of Delaware in order to protect and
uphold the Partnership's and CPA(R):9's rights under the lease. The
Partnership and CPA(R):9 have also alleged that the subleases were made
with the intent of hindering and defrauding the Partnership and CPA(R):9.
Management believes that the ultimate outcome of this suit will not have a
material adverse effect on the Partnership's financial condition or results
of operations.
-7-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
Item 2. - MANAGEMENT'S DISCUSSION OF OPERATIONS
-----------------------------------------------
Results of Operations:
---------------------
Net income for the three-month and nine-month periods ended September
30, 1995 increased by $838,000 and $3,330,000, respectively, as compared
with net income for the three-month and nine-month periods ended September
30, 1994. The results of operations for the nine-month period ended
September 30, 1994 included a noncash charge of $1,104,000 for the
writedown to net realizable value of two properties which were held for
sale and an extraordinary charge of $120,000 on the extinguishment of a
debt in connection with the mortgage loan collateralized by the property
leased to Detroit Diesel Corporation ("Detroit Diesel"). Net of the
effects of these nonrecurring items, income for the nine-month period ended
September 30, 1995 would have reflected an increase of $2,106,000. The
nonrecurring items did not impact the comparable three-month periods.
The increase in income, net of nonrecurring items, for the comparable
nine-month periods, was due to increases in lease revenues and earnings
from hotel operations and a decrease in interest expense. These benefits
were partially offset by an increase in general and administrative expense.
Lease revenues increased as the result of the restructuring of the Advanced
System Applications, Inc. ("ASA") lease in July 1994, rent increases,
effective October 1994 and March 1995, respectively, on the Partnership's
leases with Orbital Sciences Corporation and United Stationers Supply Co.
Earnings from the hotel operations have continued to benefit from the
ability to sustain the increase in the average daily room rate for
noncorporate customers in 1995. The occupancy rate of approximately 83%
reflected an increase of 3% compared to the same period ended September 30,
1994. The decrease in interest expense is primarily due to effects of the
refinancing at a lower rate of interest of the mortgage loan collateralized
by the Detroit Diesel property in May 1994 and the decreasing interest on
the ASA mortgage loan as a result of the increased principal payments being
made in connection with the December 1994 loan restructuring described
below. General and administrative expenses increased due to higher
partnership level state income and franchise taxes and current nonrecurring
costs incurred by the Partnership in connection with its office space cost
sharing agreement and related relocation costs during the first quarter of
1995.
The increase in income for the comparable three-month periods was due to
increases in lease revenue and earnings from hotel operations and decreases
in interest and property expenses. The increases in lease revenues and
hotel earnings and a decrease in interest expense are as described above.
The decrease in property expenses was due to lower leasing fees and a
reduction of the costs incurred in connection with the Partnership's legal
actions against ASG. Leasing fees will continue to decrease as such fees
terminate after the first five years of the Partnership's leases. It is
expected that the Partnership will continue to incur legal costs in
connection with protecting its interests in its dispute with ASG if the
dispute is not settled soon.
Financial Condition:
-------------------
There has been no material change in the Partnership's financial
condition since December 31, 1994 and Management believes that the current
cash balance of $4,676,000 and cash provided from operating activities will
be sufficient to meet the Partnership's cash requirements which currently
consist of paying quarterly distributions, meeting scheduled debt service
principal obligations and funding replacements of furniture, fixtures and
equipment for the hotel operations. For the nine-month period ended
September 30, 1995, cash flow from operating activities was sufficient to
meet the Partnership's quarterly distributions and scheduled principal
payment obligations. In connection with the ASA lease modification
agreement, the mortgage loan on the ASA property was modified so that the
mortgage loan would be fully amortized in March 1996. Accordingly,
payments of mortgage principal increased by $1,761,000 in the nine-month
period ended September 30, 1995 as compared with the same period in 1994.
-8-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
Item 2. - MANAGEMENT'S DISCUSSION OF OPERATIONS, Continued
----------------------------------------------------------
Financial Condition (continued):
-------------------------------
The Partnership's hotel maintains a reserve account for the replacement
of furniture, fixtures and equipment which is funded by allocating 5% of
hotel revenues to the reserve account and the Partnership does not
anticipate utilizing any funds in excess of the reserve amount to fund any
replacements of furniture, fixtures and equipment within the next year.
Included in other assets on the accompanying balance sheet at September 30,
1995, is a furniture, fixture and equipment reserve account for the hotel
of $842,000. After the satisfaction of the ASA mortgage loan on March 31,
1996, monthly cash flow from the ASA property is scheduled to increase by
$221,000 until June 30, 1997 when the ASA lease expires. The Partnership
and ASA are currently cooperating in efforts to remarket the ASA property.
To the extent that ASA enters into any sublease agreements that go into
effect prior to the expiration of the ASA lease, such subleases will be
assigned to the Partnership when the ASA lease expires in June 1997.
-9-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
PART II
-------
Item 6. - EXHIBITS AND REPORTS ON FORM 8-K
------------------------------------------
(a) Exhibits:
None
(b) Reports on Form 8-K:
During the quarter ended September 30, 1995 the Partnership
was not required to file any reports on Form 8-K.
-10-
<PAGE>
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
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.
CORPORATE PROPERTY ASSOCIATES 8, L.P.,
a Delaware limited partnership
By: EIGHTH CAREY CORPORATE PROPERTY, INC.
11/09/95 By: /s/ Claude Fernandez
-------------- ------------------------------
Date Claude Fernandez
Executive Vice President and
Chief Administrative Officer
(Principal Financial Officer)
11/09/95 By: /s/ Michael D. Roberts
-------------- -------------------------------
Date Michael D. Roberts
First Vice President and Controller
(Principal Accounting Officer)
-11-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 4,676,176
<SECURITIES> 0
<RECEIVABLES> 378,230
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,798,011
<PP&E> 116,801,935
<DEPRECIATION> 9,914,412
<TOTAL-ASSETS> 115,060,415
<CURRENT-LIABILITIES> 2,120,876
<BONDS> 58,783,094
<COMMON> 0
0
0
<OTHER-SE> 54,156,445
<TOTAL-LIABILITY-AND-EQUITY> 115,060,415
<SALES> 0
<TOTAL-REVENUES> 14,871,742
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,825,203
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,474,298
<INCOME-PRETAX> 6,055,165
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,055,165
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,055,165
<EPS-PRIMARY> 80.52
<EPS-DILUTED> 80.52
</TABLE>
