FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] 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 0-17646
UNITED INVESTORS INCOME PROPERTIES
(Exact name of small business issuer as specified in its charter)
Missouri 43-1483942
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
55 Beattie Place, PO Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices)
(864) 239-1000
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a)
UNITED INVESTORS INCOME PROPERTIES
BALANCE SHEET
(Unaudited)
(in thousands, except unit data)
March 31, 2000
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 584
Receivables and deposits 51
Other assets 39
Investment properties:
Land $ 1,522
Buildings and related personal property 9,358
10,880
Less accumulated depreciation (3,448) 7,432
Investment in joint venture 2
$ 8,108
Liabilities and Partners' (Deficit) Capital
Liabilities
Accounts payable $ 35
Tenant security deposit liabilities 45
Accrued property taxes 24
Other liabilities 63
Partners' (Deficit) Capital
General partner $ (52)
Limited partners (61,063 units
issued and outstanding) 7,993 7,941
$ 8,108
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
b)
UNITED INVESTORS INCOME PROPERTIES
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Revenues: (Restated)
<S> <C> <C>
Rental income $ 423 $ 415
Other income 28 35
Total revenues 451 450
Expenses:
Operating 164 136
General and administrative 31 38
Depreciation 97 84
Property taxes 37 31
Total expenses 329 289
Income before equity in (loss) income of joint venture
and discontinued operation 122 161
Equity in income of joint venture 11 9
Income from continuing operations 133 170
(Loss) income from discontinued operation (11) 11
Net income $ 122 $ 181
Net income allocated to general partner (1%) $ 1 $ 2
Net income allocated to limited partners (99%) 121 179
$ 122 $ 181
Per limited partnership unit:
Income from continuing operations 2.16 2.75
(Loss) income from discontinued operation (0.18) 0.18
Net income $ 1.98 $ 2.93
Distributions per limited partnership unit $19.60 $ 2.50
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
c)
UNITED INVESTORS INCOME PROPERTIES
STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
(Unaudited)
(in thousands, except unit data)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partner Partners Total
<S> <C> <C> <C> <C>
Original capital contributions 61,063 $ -- $15,266 $15,266
Partners' (deficit) capital at
December 31, 1999 61,063 $ (41) $ 9,069 $ 9,028
Distributions to partners -- (12) (1,197) (1,209)
Net income for the three months
ended March 31, 2000 -- 1 121 122
Partners' (deficit) capital
at March 31, 2000 61,063 $ (52) $ 7,993 $ 7,941
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
d)
UNITED INVESTORS INCOME PROPERTIES
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
Cash flows from operating activities:
<S> <C> <C>
Net income $ 122 $ 181
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in net income of joint venture (11) (9)
Depreciation 97 100
Amortization of lease commissions -- 2
Change in accounts:
Receivables and deposits 103 (51)
Other assets (1) 2
Accounts payable (43) (14)
Tenant security deposit liabilities 2 1
Accrued property taxes 24 16
Other liabilities (40) (19)
Net cash provided by operating activities 253 209
Cash flows from investing activities:
Property improvements and replacements (45) (57)
Distributions from (advances to) joint venture 18 (3)
Proceeds from sale of joint venture property 400 --
Net cash provided by (used in) investing
activities 373 (60)
Cash flows used in financing activities:
Distributions to partners (1,209) --
Net (decrease) increase in cash and cash equivalents (583) 149
Cash and cash equivalents at beginning of period 1,167 928
Cash and cash equivalents at end of period $ 584 $ 1,077
</TABLE>
See Accompanying Notes to Financial Statements
<PAGE>
e)
UNITED INVESTORS INCOME PROPERTIES
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements of United Investors Income
Properties (the "Partnership" or "Registrant") have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B.
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 United Investors Real Estate, Inc. (the "General Partner"), a
Delaware corporation, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three month period ended March 31, 2000, are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 2000. For further information, refer to the financial statements
and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB
for the fiscal year ended December 31, 1999.
Note B - Transfer of Control
Pursuant to a series of transactions which closed on October 1, 1998 and
February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment Investment and Management Company ("AIMCO"), a publicly
traded real estate investment trust, with AIMCO being the surviving corporation
(the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in
the General Partner. The General Partner does not believe that this transaction
has had or will have a material effect on the affairs and operations of the
Partnership.
Note C - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership activities.
The Partnership Agreement provides for payments to affiliates for services and
for reimbursement of certain expenses incurred by affiliates on behalf of the
Partnership. The following payments were made to affiliates of the General
Partner during the three month periods ended March 31, 2000 and 1999:
2000 1999
(in thousands)
Property management fees (included in operating expenses) $ 23 $ 22
Reimbursement for services of affiliates (included in
general and administrative expenses) 9 10
During the three months ended March 31, 2000 and 1999, affiliates of the General
Partner were entitled to receive 5% of gross receipts from all of the
Partnership's residential properties as compensation for providing property
management services. The Partnership paid to such affiliates approximately
$23,000 and $22,000 for the three months ended March 31, 2000 and 1999,
respectively.
An affiliate of the General Partner received reimbursement of accountable
administrative expenses amounting to approximately $9,000 and $10,000 for the
three months ended March 31, 2000 and 1999, respectively.
For acting as real estate broker in connection with the sale of Peachtree
Corners Medical Building, the General Partner earned a real estate commission of
approximately $21,000. The commission was accrued at March 31, 2000. However,
this amount is not payable until the limited partners receive an amount equal to
their adjusted capital investment and a cumulative distribution equal to an 8%
annual return from the last additional closing date or, if greater, a 6%
cumulative annual return from his date of admission to the Partnership.
The net proceeds from the sale of Corinth Square in December 1999 were received
by United Investors Income Properties II, an affiliated partnership in which the
General Partner is also the sole General Partner. The Partnership's pro-rata
share of the net proceeds from the Joint Venture sale was approximately
$400,000. This amount was received in January 2000.
AIMCO and its affiliates currently own 11,725 limited partnership units in the
Partnership representing 19.201% of the outstanding units. A number of these
units were acquired pursuant to tender offers made by AIMCO or its affiliates.
It is possible that AIMCO or its affiliates will make one or more additional
offers to acquire additional limited partnership interests in the Partnership
for cash or in exchange for units in the operating partnership of AIMCO. Under
the Partnership Agreement, unitholders holding a majority of the Units are
entitled to take action with respect to a variety of matters. When voting on
matters, AIMCO would in all likelihood vote the Units it acquired in a manner
favorable to the interest of the General Partner because of their affiliation
with the General Partner.
Note D - Investment in Corinth Square Joint Venture
The Partnership had a 35% investment in Corinth Square Joint Venture ("Joint
Venture") with United Investors Income Properties II, an affiliated partnership
in which the General Partner is also the sole general partner. The Partnership
reflects its interest in the Joint Venture utilizing the equity method, whereby
the original investment is increased by advances to the Joint Venture and by the
Partnership's share of the earnings of the Joint Venture. The investment is
decreased by distributions from the Joint Venture and by the Partnership's share
of losses of the Joint Venture.
On December 30, 1999, the Joint Venture sold its only investment property,
Corinth Square, to an unaffiliated third party. The net proceeds were received
by United Investors Income Properties II, of which approximately $400,000 is the
Partnership's pro-rata share. This amount was received by the Partnership in
January 2000.
Condensed balance sheet information of the Joint Venture at March 31, 2000, is
as follows (in thousands):
Assets
Cash $ 6
Other assets 1
Total $ 7
Liabilities and Partners' Deficit
Other liabilities $ --
Partners' deficit 7
Total $ 7
<PAGE>
The condensed profit and loss statement of the Joint Venture for the three
months ended March 31, 2000 and 1999, is summarized as follows (in thousands):
2000 1999
Revenue $ 12 $ 99
Costs and expenses -- (73)
Income before gain on
sale of property 12 26
Gain on sale of property 20 --
Net income $ 32 $ 26
Note E - Distributions
During the three months ended March 31, 2000, the Partnership paid a
distribution of cash generated from the sale of Peachtree Corners Medical
Building and Corinth Square Joint Venture of approximately $1,003,000
(approximately $993,000 to the limited partners or $16.26 per limited
partnership unit) and approximately $206,000 of cash generated from operations
(approximately $204,000 to the limited partners or $3.34 per limited partnership
unit). During the three months ended March 31, 1999, the Partnership declared a
distribution of cash generated from operations of approximately $154,000
(approximately $153,000 to the limited partners or $2.50 per limited partnership
unit), which was paid in April 1999.
Note F - Discontinued Operation
Peachtree Corners Medical Building was the last commercial property in the
commercial segment of the Partnership. Due to the sale of this property in
December 1999, the statement of operations for the three months ended March 31,
1999 has been restated and the (loss) income of this property has been
classified as "(Loss) income from discontinued operation" for the three months
ended March 31, 2000 and 1999. There were no revenues for this property and the
Partnership realized a loss from discontinued operation of approximately $11,000
during the three months ended March 31, 2000. Revenues of this property were
approximately $45,000 and the Partnership realized income from discontinued
operation of approximately $11,000 for the three months ended March 31, 1999.
Note G - Segment Reporting
The Partnership had two reportable segments: residential properties and
commercial property. The Partnership's residential segment consists of three
apartment complexes one located in each of Mountlake Terrace, Washington;
Atlanta, Georgia; and Medford, Oregon. The Partnership rents apartment units to
tenants for terms that are typically twelve months or less. The commercial
property segment consisted of a medical building located in Atlanta, Georgia. On
December 30, 1999, the commercial property held by the Partnership was sold to
an unrelated party. Therefore, the commercial segment is reflected as
discontinued operations.
The Partnership evaluates performance based on segment profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended December 31, 1999.
The Partnership's reportable segments are investment properties that offer
different products and services. The reportable segments are each managed
separately because they provide distinct services with different types of
products and customers.
Segment information for the three month periods ended March 31, 2000 and 1999,
is shown in the tables below (in thousands). The "Other" column includes
Partnership administration related items and income and expense not allocated to
the reportable segments.
<TABLE>
<CAPTION>
2000 Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 423 $ -- $ -- $ 423
Other income 23 -- 5 28
Depreciation 97 -- -- 97
General and administrative
expense -- -- 31 31
Loss from discontinued
operation -- (11) -- (11)
Equity in income of joint
venture -- -- 11 11
Segment profit (loss) 148 (11) (15) 122
Total assets 7,960 -- 148 8,108
Capital expenditures for
investment properties 45 -- -- 45
</TABLE>
<TABLE>
<CAPTION>
1999 Residential Commercial Other Totals
(discontinued)
<S> <C> <C> <C> <C>
Rental income $ 415 $ -- $ -- $ 415
Other income 27 -- 8 35
Depreciation 84 -- -- 84
General and administrative
expense -- -- 38 38
Income from discontinued
operation -- 11 -- 11
Equity in income of joint
venture -- -- 9 9
Segment profit (loss) 191 11 (21) 181
Total assets 7,963 1,632 1,514 11,109
Capital expenditures for
investment properties 57 -- -- 57
</TABLE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The matters discussed in this Form 10-QSB contain certain forward-looking
statements and involve risks and uncertainties (including changing market
conditions, competitive and regulatory matters, etc.) detailed in the
disclosures contained in this Form 10-QSB and the other filings with the
Securities and Exchange Commission made by the Partnership from time to time.
The discussion of the Partnership's business and results of operations,
including forward-looking statements pertaining to such matters, does not take
into account the effects of any changes to the Partnership's business and
results of operations. Accordingly, actual results could differ materially from
those projected in the forward-looking statements as a result of a number of
factors, including those identified herein.
The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for each
of the three months ended March 31, 2000 and 1999:
Average Occupancy
Property 2000 1999
Bronson Place Apartments 93% 98%
Mountlake Terrace, Washington
Meadow Wood Apartments 95% 93%
Medford, Oregon
Defoors Crossing Apartments 96% 94%
Atlanta, Georgia
The General Partner attributes the decreased occupancy at Bronson Place
Apartments to increased competition from new construction in the Mountlake
Terrace, Washington area.
Results of Operations
The Partnership realized net income of approximately $108,000 for the three
months ended March 31, 2000, compared to net income of approximately $181,000
for the three months ended March 31, 1999. The decrease in net income is
primarily due to an increase in total expenses at the Partnership's residential
properties and, to a lesser extent, a decrease in income from the discontinued
operation of Peachtree Corners Medical Building, as discussed below.
Excluding the discontinued operation and the equity in (loss) income of the
joint venture, the Partnership had income from continuing operations of
approximately $122,000 for the three months ended March 31, 2000, compared to
income of approximately $161,000 for the three months ended March 31, 1999.
Income decreased due to an increase in total expenses slightly offset by a
slight increase in total revenues.
Total expenses increased for the three months ended March 31, 2000 primarily due
to increased operating expenses and depreciation expense which was partially
offset by decreased general and administrative expenses. Operating expenses
increased due to an increase in advertising expense, manager salaries, and sewer
expenses primarily at Bronson Place Apartments. Depreciation expense increased
due to capital improvements completed during the past twelve months that are now
being depreciated. General and administrative expense decreased due to a
decrease in professional fees related to the oversight of the Partnership.
Included in general and administrative expenses are reimbursements to the
General Partner allowed under the Partnership Agreement associated with its
management of the Partnership. Costs associated with the quarterly and annual
communications with investors and regulatory agencies and the annual audit
required by the Partnership Agreement are also included.
The slight increase in total revenues was due to increased rental income which
was offset by decreased other income. Rental income increased primarily due to
increased average rental rates at all of the Partnership's properties and
improved occupancy at Meadow Wood and Defoors Crossing Apartments which more
than offset the decrease in occupancy at Bronson Place Apartments. The decrease
in other income is primarily due to decreased tenant charges at Bronson Place
and Meadow Wood Apartments.
The Partnership has a 35% investment in Corinth Square Joint Venture ("Joint
Venture"). For the three months ended March 31, 2000, the Partnership realized
equity in the loss of the Joint Venture property of approximately $3,000, and
for the three months ended March 31, 1999, the Partnership realized equity in
the income of the Joint Venture property of approximately $9,000. On December
30, 1999, the Joint Venture sold its only investment property, Corinth Square,
to an unaffiliated third party.
Peachtree Corners Medical Building was the last commercial property in the
commercial segment of the Partnership. Due to the sale of this property in
December 1999, the income of this property has been classified as "(Loss) income
from discontinued operations" for the three months ended March 31, 2000 and
1999. There were no revenues for this property and the Partnership realized a
loss from discontinued operation of approximately $11,000 during the three
months ended March 31, 2000. Revenues of this property were approximately
$45,000 and the Partnership realized income from discontinued operation of
approximately $11,000 for the three months ended March 31, 1999.
As part of the ongoing business plan of the Partnership, the General Partner
monitors the rental market environment of its investment properties to assess
the feasibility of increasing rents, maintaining or increasing occupancy levels
and protecting the Partnership from increases in expense. As part of this plan,
the General Partner attempts to protect the Partnership from the burden of
inflation-related increases in expenses by increasing rents and maintaining a
high overall occupancy level. Due to changing market conditions, which can
result in the use of rental concessions and rental reductions to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.
Liquidity and Capital Resources
At March 31, 2000, the Partnership had cash and cash equivalents of
approximately $584,000 compared to approximately $1,077,000 at March 31, 1999.
Cash and cash equivalents decreased by approximately $583,000 from the
Partnership's year ended December 31, 1999, due to approximately $1,209,000 of
cash used in financing activities, which was partially offset by approximately
$253,000 of cash provided by operating activities and approximately $373,000 of
cash provided by investing activities. Cash provided by investing activities
consisted primarily of proceeds from the sale of the Corinth Square Joint
Venture property and, to a lesser extent, distributions received from the Joint
Venture, which were partially offset by property improvements and replacements.
Cash used in financing activities consisted of distributions paid to the
partners. The Partnership invests its working capital reserves in money market
accounts.
The sufficiency of existing liquid assets to meet future liquidity and capital
expenditure requirements is directly related to the level of capital
expenditures required at the various properties to adequately maintain the
physical assets and other operating needs of the Partnership and to comply with
Federal, state and local legal and regulatory requirements. Capital improvements
planned for each of the Partnership's properties are detailed below.
Bronson Place
During the three months ended March 31, 2000, the Partnership spent
approximately $6,000 on capital improvements at Bronson Place Apartments,
consisting primarily of building improvements and appliances. These improvements
were funded from cash flow from operations. The Partnership evaluated the
capital improvement needs of the property for the year 2000. The amount budgeted
is approximately $38,000, consisting primarily of carpet and vinyl replacements
and plumbing upgrades. Additional improvements may be considered and will depend
on the physical condition of the property as well as anticipated cash flow
generated by the property.
Meadow Wood
During the three months ended March 31, 2000, the Partnership spent
approximately $35,000 on capital improvements at Meadow Wood Apartments,
consisting primarily of carpet and vinyl replacements, appliances, and model
furniture. These improvements were funded from cash flow from operations. The
Partnership evaluated the capital improvement needs of the property for the year
2000. The amount budgeted is approximately $63,000, consisting primarily of air
conditioning unit replacement, appliances, and carpet and vinyl replacements.
Additional improvements may be considered and will depend on the physical
condition of the property as well as anticipated cash flow generated by the
property.
Defoors Crossing
During the three months ended March 31, 2000, the Partnership spent
approximately $4,000 on capital improvements at Defoors Crossing Apartments,
consisting primarily of carpet and vinyl replacements. These improvements were
funded from cash flow from operations. The Partnership evaluated the capital
improvement needs of the property for the year 2000. The amount budgeted is
approximately $31,000, consisting primarily of appliances and carpet and vinyl
replacements. Additional improvements may be considered and will depend on the
physical condition of the property as well as anticipated cash flow generated by
the property.
The additional capital expenditures will be incurred only if cash is available
from operations or from Partnership reserves. To the extent that such budgeted
capital improvements are completed, the Partnership's distributable cash flow,
if any, may be adversely affected at least in the short term.
During the three months ended March 31, 2000, the Partnership paid a
distribution of cash generated from the sale of Peachtree Corners Medical
Building and the investment property owned by Corinth Square Joint Venture of
approximately $1,003,000 (approximately $993,000 to the limited partners or
$16.26 per limited partnership unit) and approximately $206,000 of cash
generated from operations (approximately $204,000 to the limited partners or
$3.34 per limited partnership unit). During the three months ended March 31,
1999, the Partnership declared a distribution of cash generated from operations
of approximately $154,000 (approximately $153,000 to the limited partners or
$2.50 per limited partnership unit), which was paid in April 1999. The
Partnership's distribution policy is reviewed on a quarterly basis. Future cash
distributions will depend on the levels of net cash generated from operations,
the availability of cash reserves, and the timing of financings and/or property
sales. There can be no assurance, however, that the Partnership will generate
sufficient funds from operations after required capital improvements to permit
any additional distributions to its partners during the remainder of 2000 or
subsequent periods.
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
b) Reports on Form 8-K filed during the first quarter of calendar
year 2000:
Current Report on Form 8-K dated December 30, 1999 and filed
January 12, 2000, disclosing the sales of Peachtree Corners
Medical Building and Corinth Square Professional Building to
unaffiliated parties.
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
UNITED INVESTORS INCOME PROPERTIES
By: United Investors Real Estate, Inc.
Its General Partner
By: /s/Patrick J. Foye
Patrick J. Foye
Executive Vice President
By: /s/Martha L. Long
Martha L. Long
Senior Vice President
and Controller
Date:
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from UNITED
INVESTORS INCOME PROPERTIES 2000 First Quarter 10-QSB and is qualified in its
entirety by reference to such 10-QSB filing.
</LEGEND>
<CIK> 0000830056
<NAME> UNITED INVESTORS INCOME PROPERTIES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 584
<SECURITIES> 0
<RECEIVABLES> 51
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 10,880
<DEPRECIATION> (3,448)
<TOTAL-ASSETS> 8,108
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,941
<TOTAL-LIABILITY-AND-EQUITY> 8,108
<SALES> 0
<TOTAL-REVENUES> 451
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 329
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 122
<EPS-BASIC> 1.98 <F2>
<EPS-DILUTED> 0
<FN>
<F1> Registrant has an unclassified balance sheet. <F2> Multiplier is 1.
</FN>
</TABLE>
