<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------
FORM 10-QSB
QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
Commission File Number 33-22011-A
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
---------------------------------------
(Exact name of Small Business Issuer as specified in its charter)
Florida 59-2858209
------- ----------
(State of incorporation) (I.R.S. Employer Identification No.)
4900 North Habana Ave., Tampa,FL 33614
- -------------------------------- -----
(Address of principal executive offices) (Zip Code)
Issuer's telephone number,
including area code: (813) 854-4668
--------------
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
----- -----
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
Class Outstanding at September 30, 1998
Common stock, par value $1.00 per share 430 shares
- --------------------------------------- ----------
Documents incorporated by reference
NONE
<PAGE> 2
TABLE OF CONTENTS
FORM 10-QSB QUARTERLY REPORT - September 30, 1998
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
<TABLE>
<CAPTION>
Page
----
<S> <C> <C> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements 3 - 11
Item 2. Management's Discussion and Analysis or
Plan of Operation 12 - 14
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 15
Item 2. Changes in Securities 16
Item 3. Defaults Upon Senior Securities 16
Item 4. Submission of Matters to a Vote of Security
Holders 16
Item 5. Other Information 16
Item 6. Exhibits and Reports on Form 8-K 16
Signatures 17
</TABLE>
2
<PAGE> 3
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
------------ ------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $1,223,810 $1,150,633
Distribution receivable from
limited partnership investments 30,010 36,640
Income taxes receivable 12,500 --
Prepaid expenses 9,428 6,375
---------- ----------
Total current assets 1,275,748 1,193,648
Equity investments 124,965 195,220
Other investments 20,000 20,000
---------- ----------
Total assets $1,420,713 $1,408,868
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses $ 16,418 $ 21,398
Income taxes payable 13,035 28,340
---------- ----------
Total current liabilities 29,453 49,738
Deferred income taxes 21,988 21,988
---------- ----------
Total liabilities 51,441 71,726
Stockholders' equity:
Common stock, $1 par value: 7,500 shares
authorized; 428 shares issued and
outstanding at September 30, 1998 and
December 31, 1997 428 428
Common stock subscribed, 2 shares at
September 30, 1998 and 3 shares at
December 31, 1997 2 3
Subscriptions receivable (2,300) (4,500)
Additional paid-in capital 695,054 698,101
Retained earnings 676,088 643,110
---------- ----------
Total stockholders' equity 1,369,272 1,337,142
---------- ----------
Total liabilities and stockholders' equity $1,420,713 $1,408,868
========== ==========
</TABLE>
The accompanying notes
are an integral part of these financial statements.
3
<PAGE> 4
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
STATEMENTS OF INCOME
<TABLE>
<CAPTION>
For the nine For the nine For the three For the three
months ended months ended months ended months ended
Sep 30, 1998 Sep 30, 1997 Sep 30, 1998 Sep 30, 1997
------------- ------------- ------------- --------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Equity in net earnings of investees $ 29,745 $ 10,595 $ 31,304 $ (11,313)
Distribution income 84,725 83,400 30,010 30,010
--------- --------- --------- ---------
114,470 93,995 61,314 18,697
Expenses:
Salary 30,000 30,000 10,000 10,000
General and administrative 74,578 64,808 19,190 13,400
--------- --------- --------- ---------
104,578 94,808 29,190 23,400
Operating (loss) income 9,892 (813) 32,124 (4,703)
Interest income 41,638 21,698 14,138 7,737
--------- --------- --------- ---------
Income before income taxes 51,530 20,885 46,262 3,034
Income tax provision 18,552 7,520 16,655 1,093
--------- --------- --------- ---------
Net Income $ 32,978 $ 13,365 $ 29,607 $ 1,941
========= ========= ========= =========
Net income per common share -
basic and diluted $ 77 $ 31 $ 69 $ 4
========= ========= ========= =========
Weighted average shares outstanding
and subscribed 430.0 435.3 430.0 439.9
========= ========= ========= =========
</TABLE>
The accompanying notes
are an integral part of these financial statements.
4
<PAGE> 5
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the nine For the nine
months ended months ended
Sep 30, 1998 Sep 30, 1997
----------- -----------
(Unaudited) (Unaudited)
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 32,978 $ 13,365
Adjustments to reconcile net income to
net cash used in operating activities:
Equity in net earnings of investees (29,745) (10,595)
Distribution income (84,725) (83,400)
Changes in operating assets and liabilities:
Prepaid expenses (3,052) 6,593
Income taxes receivable (12,500) 2,381
Accrued expenses (4,981) (8,447)
Income taxes payable (15,305) 7,520
---------- ---------
Net cash used in operating activities (117,330) (72,583)
INVESTING ACTIVITIES
Proceeds from sale of equity investment 100,000 --
Distributions received 91,355 91,910
---------- ---------
Net cash provided by investing activities 191,355 91,910
FINANCING ACTIVITIES
Proceeds from sale of common stock -- 37,500
Redemption of common stock (848) --
---------- ---------
Net cash provided by (used in) financing activities (848) 37,500
Increase in cash and cash equivalents 73,177 56,827
Cash and cash equivalents at beginning of period 1,150,633 769,570
---------- ---------
Cash and cash equivalents at end of period $1,223,810 $ 826,397
========== =========
</TABLE>
The accompanying notes
are an integral part of these financial statements.
5
<PAGE> 6
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
NOTES TO FINANCIAL STATEMENTS
The financial statements included herein have been prepared by St. Joseph's
Physician Associates, Inc. (the "Company"), without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission. In the opinion
of management, the accompanying unaudited financial statements contain all
adjustments necessary to present fairly the financial position of the Company
as of September 30, 1998 and December 31, 1997, the results of its operations
for the three months and nine months ended September 30, 1998 and 1997, and its
cash flows for the nine months ended September 30, 1998 and 1997.
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Organization
The Company was organized on November 20, 1987 as a Florida corporation. The
Company was organized to establish and operate an association of qualified
physicians for the purpose of engaging directly or indirectly in health care
related ventures.
In February 1989, the Company acquired 2,500 shares of the common stock of St.
Joseph's Physicians-Healthcenter Organization, Inc. (the "PHO") for $20 per
share. The 2,500 shares represent 50% of the outstanding common stock of the
PHO. The remaining 2,500 common shares of the PHO are owned by St. Joseph's
Enterprises, Inc.("Enterprises") The PHO also had 6,250 preferred shares
outstanding as of December 31, 1996. Prior to January 31, 1997, the Company
earned equity in the net earnings of the PHO at 22.22% of the PHO's earnings
after deducting a 6% cumulative dividend for the 6,250 preferred shares. The
PHO's preferred shares were redeemed effective January 31, 1997 for $184,375.
As a result of this redemption, the Company and Enterprises now each own a 50%
interest in the PHO. The PHO was organized for the purpose of engaging directly
or indirectly in managed care arrangements and health care related ventures.
In June 1989, the Company acquired 4,000 shares of the common stock in
Hospitals' Home Health Care of Hillsborough County, Inc. d/b/a St. Joseph's
Home Health Services ("SJHHS") for $10 per share. The 4,000 shares represented
50% of the outstanding common stock of SJHHS. On January 5, 1998, the Company
sold all of its ownership interest in SJHHS to St. Joseph's Ancillary Services,
Inc. for
6
<PAGE> 7
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (con't):
$100,000. The investment in SJHHS was sold for a price that was lower than the
carrying amount of the equity investment in SJHHS. In contemplation of the
sale, the equity investment in SJHHS was written down in December 1997 by
$200,410, to properly reflect its fair value at December 31, 1997. No effect of
the write down of the SJHHS equity investment is included in the statement of
income for the nine months ended September 30, 1998.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial statements. Actual results could
differ from these estimates.
Equity Investments
The Company accounts for its investments in the PHO and SJHHS (through January
5, 1998) on the equity method. Accordingly, the investments have been stated in
the accompanying balance sheets at the cost of acquisition plus the Company's
equity in the undistributed earnings/losses since acquisition, less
distributions to the Company. None of the assets or liabilities of the
investments are included in the balance sheets except to the extent of the
Company's interests in the underlying net assets included in equity
investments. The Company's net earnings/losses resulting from its proportionate
share of the investees' revenues and expenses are included in the statements of
income. The excess of the cost of acquisition of the investment in SJHHS over
the Company's interest in the underlying net liabilities at the date of
acquisition was $84,264 and was being amortized as a component of equity in net
earnings of investees over 40 years. The unamortized portion of the excess of
$62,362 was included in the write down of the SJHHS equity investment of
$200,410, recorded in December 1997, in contemplation of the sale of the
Company's ownership interest in SJHHS.
Other Investments
The Company owns five limited partnership units in St. Joseph's Same-Day
Surgery Center, Ltd. ("SDS"). Management has not actively marketed these
partnership units and intends to hold them beyond one year. Accordingly, this
investment is presented as noncurrent, other investments. The investment is
accounted for at cost due to the Company's limited percentage interest in the
partnership and
7
<PAGE> 8
inability to exercise significant influence over the partnership. Distributions
are recorded as income when declared and reported as distribution income.
Subscriptions Receivable
Subscriptions receivable relate to agreements to purchase common stock of the
Company and are to be paid in installments during 1998.
Cash Equivalents
The Company considers all highly liquid investments with original maturities of
three months or less when purchased to be cash equivalents.
Income Taxes
The Company accounts for income taxes under FASB Statement No. 109, Accounting
for Income Taxes. Deferred income tax assets and liabilities are determined
based upon differences between financial reporting and tax basis of assets and
liabilities and are measured using the enacted tax rates and laws that will be
in effect when the differences are expected to reverse.
Income Per Common Share
Income per common share is based upon the weighted average number of common
shares outstanding and subscribed during the period.
Adoption of Accounting Standard
During 1997, the Company adopted FASB Statement 128, "Earnings per Share." The
adoption of this statement had no effect on the computation of income per
common share of the Company.
NOTE 2 - RELATED PARTIES:
The members of the Board of Directors of the Company are also members of the
medical staff of St. Joseph's Hospital, Inc., which is owned by St. Joseph's
Health Care Center, Inc.("HCC"), an affiliate of Enterprises. Until January 31,
1997, HCC provided administrative support to the Company at no charge.
Beginning February 1, 1997, HCC began to charge the Company for administrative
support and direct costs (i.e., food, printing).
8
<PAGE> 9
All limited partner investors in the PHO's ventures are investors in the
Company. In addition, all physicians who hold provider contracts with a
subsidiary of the PHO are investors in the Company.
On October 1, 1991, the Company hired and agreed to pay a salary to an
executive director to provide and facilitate the efficient operations of the
Company. Prior to April 29, 1996, the executive director was a member of the
Company's Board of Directors, and he continues to be a shareholder in the
Company. The Company's payment of compensation to the executive director for
the nine months ended September 30, 1998 is presented as salary expense.
9
<PAGE> 10
NOTE 3 - EQUITY INVESTMENTS:
A summary of the changes in equity investments is presented below:
<TABLE>
<CAPTION>
SJHHS PHO Total
-------- --------- --------
<S> <C> <C> <C>
Balance at December 31, 1997 $100,000 $95,220 $195,220
Proceeds from sale of investment (100,000) 0 (100,000)
Equity in net earnings of investees -- 29,745 29,745
-------- -------- --------
Balance at September 30, 1998 $ -- $124,965 $124,965
======== ======== ========
</TABLE>
The condensed balance sheets and statements of operations of the PHO are as
follows:
<TABLE>
<CAPTION>
Balance Sheets - PHO Sept 30, 1998 December 31, 1997
- -------------------- ------------- ------------------
(unaudited)
<S> <C> <C>
Assets:
Current assets $396,128 $309,443
Noncurrent assets 270,849 231,749
---------- -----------
Total assets $666,977 $541,192
========== ===========
Liabilities and stockholders'
equity:
Current liabilities $184,963 $130,226
Long-term liabilities 0 0
Stockholders' equity 482,014 410,966
---------- -----------
Total liabilities and
stockholders' equity $666,977 $541,192
========== ===========
<CAPTION>
For the Nine Months Ended
-------------------------------------
Sept 30, Sept 30,
Statements of Operations - PHO 1998 1997
- ------------------------------ ----------- -------------
(unaudited) (unaudited)
Equity in partnership earnings $ 69,217 $ 67,062
Other revenues 170,820 37,705
Expenses 164,216 204,200
---------- ------------
Income (loss) before income taxes 75,821 (99,433)
Income tax (benefit) provision 16,482 (19,476)
---------- ------------
Net income (loss) $ 59,339 $(79,957)
========== ============
<CAPTION>
For the Three Months Ended
--------------------------------------
Sept 30, Sept 30,
Statements of Operations - PHO 1998 1997
- ------------------------------- ---------- -------------
(unaudited) (unaudited)
Equity in partnership earnings $ 23,503 $ 19,934
Other revenues 92,573 14,819
Expenses 36,944 85,900
---------- -----------
Income (loss) before income taxes 79,132 (51,147)
Income tax (benefit) provision 16,524 (10,186)
---------- -----------
Net income (loss) $ 62,608 $(40,961)
========== ===========
</TABLE>
10
<PAGE> 11
NOTE 3 - EQUITY INVESTMENTS (cont'd):
The condensed balance sheet and statement of income of SJHHS are as follows:
<TABLE>
<CAPTION>
Balance Sheet - SJHHS December 31, 1997
--------------------- -----------------
(unaudited)
<S> <C>
Assets:
Current assets $1,516,114
Noncurrent assets 2,374
--------------
Total assets $1,518,488
==============
Liabilities and stockholders' equity:
Current liabilities $801,591
Long-term liabilities 248,799
Stockholders' equity 468,098
--------------
Total liabilities and stockholders' equity $1,518,488
==============
</TABLE>
<TABLE>
<CAPTION>
For the Nine For the Three
Months Ended Months Ended
Statement of Income - SJHHS Sept 30, 1997 Sept 30, 1997
--------------------------- --------------- ---------------
(unaudited) (unaudited)
<S> <C> <C>
Revenues $2,275,475 $749,987
Expenses 2,138,448 715,926
------------- -----------
Income before taxes 137,027 34,061
Income tax provision 35,827 14,672
------------- -----------
Net income $101,200 $19,389
============= ===========
</TABLE>
11
<PAGE> 12
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
PART I - FINANCIAL INFORMATION
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
OR PLAN OF OPERATION
September 30, 1998
Liquidity
Cash resources of the Company increased by $73,177 during the first nine months
of 1998 as compared to an increase of $56,827 during the first nine months of
1997. Cash resources resulted from the sale of SJHHS stock, an increase in
interest income, and the quarterly distributions received with respect to the
five limited partnership units in SDS, offset by expenditures for operating
expenses and estimated tax payments.
On January 5, 1998, the Company sold its 4,000 shares of common stock in SJHHS
to St. Joseph's Ancillary Services, Inc., which owned the other 50% of the
common stock, for $100,000. Although the sale of the equity investment in SJHHS
had the impact of increasing current cash resources, it also eliminated a
future income source and thus will have the impact of reducing cash flow from
operations of the Company in 1998 and future years.
St. Joseph's Health Network, Inc. ("SJHN") is a 100%-owned subsidiary of the
PHO. SJHN, a physician-hospital organization, negotiates with managed care
organizations on behalf of its membership to provide high quality,
competitively priced health care services on an at-risk (i.e., capitation)
basis for persons residing or employed in the Tampa area. During the third
quarter of 1998, SJHN generated net income from the increase in provider
credentialing fees. However, in the past, SJHN was not generating sufficient
revenues to offset its operating expenses. Accordingly, in the near future, the
Company might find it appropriate to assist the PHO with providing additional
capitalization for SJHN. The amount of funding, if any, has not been determined
at this time. However, the Company's contribution to such funding would be
determined by taking into account the Company's available liquidity and its
other anticipated cash needs. Additional liquidity for SJHN is expected to be
received from other sources, including provider credentialing fees, additional
equity contributions from the PHO and/or borrowings.
On September 30, 1998, a $30,010 distribution with respect to the five SDS
limited partnership units was declared and will be received during the fourth
quarter of 1998.
12
<PAGE> 13
Management believes that current cash reserves and additional distributions
with respect to the five SDS limited partnership units will provide adequate
short-term funding of the Company's on-going operations. However, the Company
recognizes that its current revenues likely will not be sufficient to fund its
expenses as they currently exist and that net cash used in operating activities
will continue to increase. A review of expenses and strategic planning for
additional revenue sources is currently underway.
Capital Resources
The Company does not anticipate the need for any significant capital
expenditures in connection with its current operations for the foreseeable
future. If, as a result of the strategic planning that currently is underway,
the Company determines that capital expenditures are necessary or appropriate,
it is anticipated that the Company's current cash reserves would be used for
this purpose. Any additional funds would then come from additional sales of the
Company's common stock, although there currently are no plans for a sale of
common stock. While there can be no assurance, the Company does not anticipate
substantial difficulty in raising additional funds, should the need arise.
Results of Operations
Equity in net earnings of investees is the result of the Company's investment
in the PHO and SJHHS (through January 5, 1998). The equity in net earnings
increased during the third quarter and the first nine months of 1998, as
compared to the same periods of 1997, because of the receipt of provider
credentialing fees associated with SJHN and a reduction in the management fee
charged to the PHO by HCC. However, this increase was partially offset by the
elimination of SJHHS earnings because of the Company's sale of its SJHHS stock
on January 5, 1998.
The Company owns five SDS limited partnership units and receives quarterly
distributions on such units. Distribution income for the first nine months of
1998 was slightly higher than for the same period in 1997. The distribution was
calculated by taking into account anticipated operating cash needs of SDS, with
the intent of maintaining appropriate reserves.
Interest earnings represent interest on bank deposits. The increase between
1998 and 1997 resulted from higher cash balances in 1998 than during the same
period of 1997.
13
<PAGE> 14
General and administrative expenses increased during the first nine months of
1998 and during the third quarter of 1998 compared to the same periods of 1997.
The increase in expenses resulted from an increase in legal and consulting fees
which related to a review of strategic planning options for the Company and an
increase in consulting fees which related to a review of the operations of SDS.
It is anticipated that over the near term, general and administrative expenses
will continue to be incurred at comparable levels.
Salary expense remained consistent with the same time period of 1997.
Expenditures incurred relate to the compensation paid to the executive
director.
During the third quarter of 1998, the Company had net income of $29,607.
Therefore, the net income per common share was $69 for the third quarter of
1998. The net income per common share for the third quarter of 1997 was $4 per
share. This increase in the net income per common share for the third quarter
of 1998 resulted from an increase in net income, which was attributable to the
factors described above.
Several new laws and regulations affecting the healthcare industry were adopted
and additional regulations were proposed, at both the state and federal levels,
during the last several years, including 1996, 1997, and 1998. Additional
healthcare reform legislation also is being considered at the federal level.
All of the legislation and regulation could have a significant adverse impact
on the Company, its related investments and the stockholders of the Company.
The Company is continuing to monitor and evaluate the impact of such changes in
laws and regulations.
14
<PAGE> 15
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
To the knowledge of the Company's management, there are no material pending
legal proceedings, other than ordinary routine litigation incidental to the
business of the Company, or its Partially Owned Operations, to which the
Company or any of its Partially Owned Operations is a party or of which any of
their property is the subject.
15
<PAGE> 16
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On April 29, 1998, the annual stockholders meeting of the Company was held.
Directors elected at the meeting were:
<TABLE>
<CAPTION>
Number of Votes
------------------
For Withheld
----- --------
<S> <C> <C>
Anthony Brannan, M.D. (term expiring 2002) 188 0
Norman Castellano, M.D. (term expiring 2002) 187 1
Michael Westbury, M.D. (term expiring 1999) 188 0
</TABLE>
Other directors whose term of office continued after the meeting were:
Lane France, M.D. William Luria, M.D.
Allen Miller, M.D. Benedict Maniscalco, M.D.
N. Bruce Edgerton, M.D. Michael Wasylik, M.D.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
27 - Financial Data Schedule (for SEC use only)
b. Reports on Form 8-K
None
16
<PAGE> 17
SIGNATURES
November 3, 1998
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.
ST. JOSEPH'S PHYSICIAN ASSOCIATES, INC.
---------------------------------------
(Registrant)
Date: November 3, 1998 /s/ Anthony Brannan, M.D.
--------------------------------------
Anthony Brannan, M.D., President
St. Joseph's Physician Associates, Inc.
Date: November 3, 1998 /s/ William Luria, M.D.
-------------------------------------
William Luria, M.D., Treasurer and
Principal Financial Officer
St. Joseph's Physician Associates, Inc.
17
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ST. JOSEPH'S
PHYSICIAN ASSOCIATES, INC. 9/30/98 BALANCE SHEET AND INCOME STATEMENT FOR THE
THREE MONTHS ENDED 9/30/98 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FORM 10-QSB FOR THE QUARTERLY PERIOD ENDED 9/30/98.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,223,810
<SECURITIES> 0
<RECEIVABLES> 30,010
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,275,748
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,420,713
<CURRENT-LIABILITIES> 29,453
<BONDS> 0
0
0
<COMMON> 693,184
<OTHER-SE> 676,088
<TOTAL-LIABILITY-AND-EQUITY> 1,420,713
<SALES> 0
<TOTAL-REVENUES> 156,108
<CGS> 0
<TOTAL-COSTS> 104,578
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 51,530
<INCOME-TAX> 18,552
<INCOME-CONTINUING> 32,978
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32,978
<EPS-PRIMARY> 77.00
<EPS-DILUTED> 0
</TABLE>
