U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996.
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT
For the transition period from ____________________ to ________________
Commission File Number: 0-18798
IMAGING MANAGEMENT ASSOCIATES, INC.
(Exact Name of Small Business Issuer as Specified in Its Charter)
COLORADO 84-1110294
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
5143 West Woodmill Drive, Suite 23
Wilmington, Delaware 19808
(Address of Principal Executive Offices)
Telephone: (302) 633-6900
(Issuer's Telephone Number, Including Area Code)
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 No __X__
At August 16, 1996 there were 16,525,744 shares outstanding of the
Registrant's no par value Common Stock.
Transitional Small Business Disclosure Format (check one):
Yes No X
<TABLE>
IMAGING MANAGEMENT ASSOCIATES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
1996 1995
(UNAUDITED) (AUDITED)
<S> <C> <C>
ASSETS
Current Assets
Cash and Cash Equivalents $ 605 $ 68,458
Accounts Receivable, less allowance for doubtful 5,799,881 5,836,961
accounts of $4,494,198 and $3,976,736, respectively
Inventory 61,080 61,080
Prepaid Expenses 49,715 151,905
Current Poriton of notes receivable 78,252 78,252
_________ _________
Total Current Assets 5,989,533 6,196,656
Notes Receivable 63,545 92,465
Equipment and leasehold improvements, at
cost, net of accumulated depreciation
and amortization of $ 5,390,698 and
$5,014,777, respectively 1,778,820 2,154,741
Intangible assets, less accumulated
amortization of $543,887 and $ 448,914, respectively 861,725 957,171
Other Assets
Deposits 175,209 265,208
Receivables related parties 1,310,112 1,216,577
Other Assets 62,045 91,908
__________ ____________
Total Assets $ 10,240,988 $ 10,974,726
=========== ==============
</TABLE>
<TABLE>
IMAGING MANAGEMENT ASSOCIATES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
1996 1995
(UNAUDITED) (AUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
<C> <S> <S>
Current Liabilities:
Current portion of notes payable $ 1,305,525 $ 628,559
Current portion of capital lease obligations 2,133,799 2,759,831
Convertible debentures 31,000 31,000
Accounts Payable and accrued expenses 5,004,517 4,910,358
Loans Payable - Related parties 176,500 164,394
_________ _________
Total Current Liabilities 8,651,341 8,494,142
Long Term debt:
Notes Payable 60,294 138,328
Obligations under capital leases 164,591 204,063
Minority Interest in consolidated partnerships 71,395 77,489
_________ _________
Total Liabilities 8,947,621 8,914,022
_________ __________
Stockholders' Equity:
Common Stock - no par value, 100,000,000 shares
authorized,16,525,744 issued and
outstanding at June 30, 1996 and December 31, 1995
respectively 4,922,035 4,922,035
Retained Deficit (3,628,668) (2,861,331)
___________ ___________
Total Stockholders' Equity 1,293,367 2,060,704
___________ ____________
Total Liabilities and Stockholders' Equity $ 10,240,988 $ 10,974,726
=========== ===========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
</TABLE>
<TABLE>
IMAGING MANAGEMENT ASSOCIATES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 (UNAUDITED) JUNE 30 (UNAUDITED)
1996 1995 1996 1995
<C> <S> <S> <S> <S>
Revenues:
Management fee income $ 0 $ 4,936 $ 0 $ 4,936
Revenues from operations of centers 1,755,011 2,029,520 3,581,601 4,061,879
Other income 20,790 24,540 247,111 46,798
_________ _________ _________ _________
Total Revenue 1,775,801 2,058,996 3,828,712 4,113,613
_________ _________ _________ __________
Costs and Expenses:
Operating expenses 2,157,776 2,023,654 3,964,929 4,066,304
Depreciation and amortization of
equipment and leasehold improvements 205,554 340,723 375,921 558,852
Amortization of intangibles 31,657 29,972 63,315 70,346
Interest expense 74,537 79,899 165,257 170,760
Loss on disposal of asset 22,500 0 22,500 0
Equity in net loss of unconsolidated
partnerships 0 866 0 866
_________ _________ ________ ________
2,492,024 2,475,114 4,591,922 4,867,128
_________ __________ __________ __________
Loss before Minority Interest and
Income Taxes (716,223) (416,118) (763,210) (753,515)
Minority Interest in Net Loss (Profits) of
Consolidated Partnerships (231) 36,025 (4,127) 36,025
___________ ___________ __________ _________
Loss from continuing operations before
income taxes (716,455) (380,093) (767,337) (717,490)
benefits from income taxes 0 152,037 0 286,996
__________ __________ _________ __________
Loss from continuing operations (716,455) (228,056) (767,337) (430,494)
Income from discontinued operations 0 13,451 0 176,209
__________ __________ _________ ___________
Net Loss $ (716,455) $ (214,605) $ (767,337) $ (254,285)
========== =========== ===========
============
Net Loss Per Share
Primary ($0.01) ($0.01) ($0.02) ($0.02)
Fully diluted ($0.01) ($0.01) ($0.02) ($0.02)
Primary common stock and common stock
equivalents 16,525,744 16,525,744 16,525,744 16,525,744
Fully diluted common stock and
common stock equivalents 16,525,744 16,525,744 16,525,744 16,525,744
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
</TABLE>
<TABLE>
IMAGING MANAGEMENT ASSOCIATES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flow
For the Six Months Ended June 30, 1996 and June 30, 1995
Unaudited
1996 1995
Unaudited Unaudited
<C> <S> <S>
Cash Flows from operating activities
Net (loss) $ (767,337) $ (254,285)
Adjustments to reconcile net (loss) to net cash
(used in) operating activities
Depreciation and amortization 383,661 718,611
Minority interest in net income of consolidated
partnerships 4,127 (36,025)
loss on sale of asset 22,500
Deferred Income Taxes (11,243)
Equity in net income of unconsolidated partnerships (6,094) 866
(Increase) decrease in:
Accounts Receivable 37,080 146,180
Prepaid Expenses 102,190 (32,062)
Management fee receivable (4,936)
Other Assets 26,326 (27,075)
Increase (decrease) in:
Accounts payable and accrued expenses 94,160 15,480
Loans Related -related parties 12,106 48,981
_________ _________
Net Cash provided by (used in) operating activities (91,281) 564,492
_________ _________
Cash Flows from investing activities
Investments in and advances from (to) unconsolidated
partnerships 0 45,211
Capital Expenditures 0 (50,312)
Net cash used by investing activities $ 0 $ (5,101)
--------- ___________
Cash flows from financing activities
Net decrease in notes payable and capital
lease obligations $ (66,572) $ (568,982)
Sale of Asset 90,000
Proceeds from issuance of common stock and warrants - net 0 0
________ __________
Net Cash provided by financing activities 23,428 (568,982)
_________ __________
Net increase (decrease) in cash and cash equivalents (67,853) (9,591)
Cash and Cash equivalents at Beginning of period 68,458 (65,378)
_________ _________
Cash and Cash equivalents at end of period $ 605 $ 55,787
========== ==========
</TABLE>
[FN]
IMAGING MANAGEMENT ASSOCIATES, INC.
Notes to Consolidated Financial Statements
June 30, 1996 and 1995
1. In the opinion of management, the accompanying unaudited financial
statements contain all adjustments, consisting of normal recurring accruals,
necessary to represent fairly the financial position, as of June 30, 1996
and December 30, 1995 and the statements of operations for the three
and six months ending June 30, 1996 and 1995 and the statements of cash flows
for the six months ended June 30, 1996 and 1995.
The statements of operations for the three and six months ended
June 30, 1996 and 1995 are not necessarily indicative of results for
the full year.
While the Company believes that the disclosures presented are
adequate to make the information, not misleading, these financial statements
should be read in conjunction with the financial statements and accompanying
notes included on the Company's annual report on Form 10-KSB for the fiscal
year ended December 31, 1995.
2. Earnings per share are based on the weighted average number of shares
of common stock outstanding including common stock equivalents.
IMAGING MANAGEMENT ASSOCIATES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Plan of Operations
The Company's financial performance depends substantially upon the
scan volume of its MRI and other diagnostic imaging equipment and the
payment it receives for such scans. Since a majority of the Company's
expenses are fixed, increased revenues as a result of higher scan volume
and payment it receives for scans significantly improve the Company's
profitability. Conversely, lower scan volume and lower payment per
scan results in lower profitability.
The health care industry is highly regulated and very competitive. The
current health care environment is characterized by increasing cost
containment pressures, which have resulted in decreased revenues per scan.
As discussed in the "Liquidity and Capital Resources" below,
management is pursuing the following alternatives to address its working
capital deficit of $2,661,809 at June 30, 1996 and the arrears or defaults
under its principal equipment leases and to provide the anticipated cash
requirements for its present operations for the next 12 months:
(i) the sale of the operating assets of the North Jersey Imaging
Center and the Company's 60th Street MRI Center; (ii) restructuring of
principal lease obligations; (iii) discontinuing or relocating
unprofitable modalities at certain centers; (iv) downsizing its executive
staff and reducing the size of its corporate offices; (v) financing of
accounts receivable; (vi) increasing productivity to its remaining core
group of centers; and (vii) re-opening its St. Petersburg, Florida Center.
Results of Operations for the Three and Six Months Ended June 30, 1996
Compared to the Three and Six Months Ended June 30, 1995.
Total revenues from continuing operations of $1,775,801 and
$3,828,712 for the three and six months ended June 30, 1996 decreased by 14%
and 7%, respectively, from total revenues from continuing operations for the
corresponding periods in 1995. Revenues for the second quarter of 1996 were
adversely affected by managed care's increased scrutinizing of the utilization
of "high tech" procedures such as MRI and decreased revenue per scan as a
result of the changing health care market place.
The Company's total revenues for the first two quarters of 1995 and its
operating expenses were computed without reflecting the operating results of
the Company's former Jersey City Imaging Center ("JCIC"), which was sold on
August 31, 1995. The results of operations of JCIC for the first two
quarters of 1995 are reflected on the Company's Statement of Operations as
income (loss) from discontinued operations.
The Company's operating expenses from continuing operations for the
three months ended June 30, 1996 of $2,157,776 increased by 7% from operating
expenses for the corresponding period in 1995, while operating expenses from
continuing operations decreased for the six months ended June 30, 1996 by 2.5%
to $3,964,929. The Company is continuing to implement a plan to decrease its
operating expenses to better adapt the Company to the changing health care
marketplace. This plan includes restructuring of the financing of MRI
equipment leases, selling the operating assets of its 60th Street MRI
Center and the North Jersey Imaging Center and discontinuing unprofitable
modalities.
Depreciation and amortization from continuing operations decreased by
40% and 33%, respectively, to $205,554 and $375,921 for the three and six
months ended June 30, 1996.
The Company's operations do not reflect the operations of the
Company's imaging center in Orlando, Florida subsequent to the second quarter
of fiscal 1992, due to pending litigation with the manager of that Center.
Commencing in the second quarter of 1992, the Company was denied access to
the Center and the manager refused to remit revenues of the Center to the
Company and commenced legal proceedings against the manager.
The Company's total costs and expenses from continuing operations of
$2,492,024 for the three months ended June 30, 1996 represent a 1% increase
from the corresponding period in 1995. Total cost and expenses from continuing
operations of $4,591,922 for the six months ended June 30, 1996, represent a 6%
decrease from the corresponding period in 1995. The Company's loss from
operations was primarily a result of (i) the fixed nature of the Company's
costs; (ii) the increased utilization of the Company's centers by HMO' s
with their lower reimbursement per scan; (iii) overall cost containment
within the insurance industry; and (iv) the reduced number of scans performed
at certain centers.
Loss from continuing operations before minority interest and taxes was
$716,223 and $763,210 for the three and six months ended June 30, 1996 which
represented and increase of 72% and 1% from the losses for the corresponding
periods in 1995.
The Company had no benefit for income taxes from continuing
operations for the three and six months ended June 30, 1996 and a benefit of
$152,037 and $286,996 for the three and six months ended June 30, 1995.
As a result of the foregoing, the Company had a net loss of $716,455 and
$767,337 for the three and six months ended June 30, 1996, as compared to a net
loss of $214,605 and $254,285 for the three and six months ended June 30,
1995. Primary and fully diluted net loss per share from continuing operations
was $.01 and $.02, respectively, for the three and six months ended June 30,
1996 and the corresponding periods in 1995.
Liquidity and Capital Resources
During the first six months of 1996, the Company funded its losses with
cash generated from operations and extending terms with creditors, including
lessors of diagnostic imaging equipment. At June 30, 1996, the Company had a
working capital deficit of $2,661,809 as compared to a working capital deficit
of $2,297,486 at December 31, 1995. Cash and cash equivalents at June 30,
1996 was $605 as compared to $68,458 at December 31, 1995.
The Company's net cash used by operating activities for the six months
ended June 30, 1996, of $91,281 was primarily attributable to the Company's net
loss from operations (net of adjustments for noncash items) of $363,143, offset
by an increase in accounts payable and accrued expenses of $94,160, decrease in
accounts receivable of $37,080 and a decrease in prepaid expenses of $102,190.
The increase in accounts payable and accrued expenses was a result of the
Company extending terms with creditors.
Financing activities used a total of $23,428, resulting from the sale of
contract rights and a deposit for magnetic resonance imaging equipment in the
amount of $90,000 less a net decrease in notes payable and capital lease
obligations of $66,572. Cash and cash equivalents decreased by $67,458 to $605
at June 30, 1996.
The Company's ability to meet its current obligations is primarily
dependent on its ability to maintain future revenues from existing assets while
reducing the costs to generate such revenues, and/or by terminating unprofitable
operations and either redeploying the assets to profitable locations or
disposing of assets. Revenue on a per procedure basis may be difficult to
maintain due to declining reimbursements. In addition, a number of
uncertainties exist that could have an impact on the Company's future
business prospects including: (i) changes in health care legislation which
may limit reimbursement; (ii) numerous competitive factors in the health
care industry, including the increased proliferation of managed care and
overall cost containment in the insurance industry; and (iii) the increased
utilization of the Company's centers by managed care entities and their lower
reimbursement rate per scan.
Highline Financial Services, Inc. ("Highline") has informed the Company
that the Company is in default under leases for four magnetic resonance imaging
("MRI") units utilized at the Company's Cherry Hill, New Jersey, Wilmington,
Delaware and Saddlebrook, New Jersey centers, which MRI units are currently
leased directly to the Company or leased to Leonard F. Vernon and Joseph F.
Rooney, Jr. and subleased to the Company. (Drs. Vernon and Rooney, who are
officers and directors of the Company, have entered into the leases on behalf of
the Company and at no cost to the Company.) Highline has informed the
Company that it has not reached agreement on the buy-out of three of the MRI
units and the release of liability from the lease of MRI equipment located at
the Sand Lake Imaging Center. Highline has noted that: no agreement has been
signed by the parties, the Company's objections concerning the draft of a
proposed buy-out agreement have not been resolved, and that no monthly
payments have been made to Highline as provided for under the draft buy-out
agreement. The Company has, however, made an initial payment of $200,000 to
Highline for the buy-out. Highline is presently pursuing litigation against
the Company and Drs. Vernon and Rooney with regard to the four leases for rent
and possession of the MRI equipment. See "Item 1 - Legal Proceedings" and
"Item 3 Defaults of Senior Securities".
The Company has been informed by Marine Midland Business Loans,
Inc., that it is in default on a settlement agreement relating to a lease for
MRI equipment used and located at the 60th Street MRI Center. The Company is
negotiating an agreement for the sale of the operating assets of its 60th
Street MRI Center and the buy-out of the MRI equipment for $256,000, to
satisfy the default.
In order to reduce the outstanding obligations on the MRI equipment and
fixtures located at the Company's former Metropolitan Imaging Center, the
Company, in October 1995, with the cooperation of the equipment lessor,
relocated the MRI equipment with a third party. The Company also plans to
re-open its MRI center in St. Petersburg, Florida after renovations to the
center and an upgrade to the MRI equipment is completed.
Should the Company not be able to reach agreements with its principal
equipment lessors, the lessors may exercise their remedies under the leases,
including repossession of the equipment and acceleration of all future
amounts due under the leases.
The Company is pursuing other alternatives to improve its cash flow and
reduce its expenses which include: (i) the sale of the operating assets of the
North Jersey Imaging Center and the Company's 60th Street MRI Center, both
located in West New York, New Jersey; (ii) discontinue or relocate
unprofitable modalities at certain centers; (iii) downsizing its executive
staff and reducing the size of its corporate offices; (iv) financing of the
accounts receivable at certain centers; (v) increasing productivity of the
remaining core group of Centers and (vi) acquiring or developing business
opportunities in other health care fields and utilizing the Company's
existing resources to achieve efficiencies.
The Company has no bank lines of credit available. Medical equipment
purchases, capital improvements, acquisitions and center development have been
funded through third party capital lease, debt obligations, private sales of
securities, exercise of warrants and internally generated cash flow. The debt
is generally secured by the equipment, and sometimes other assets of the
Centers. Interest rates in connection with the leases and borrowings range
between ten and eighteen percent.
The Company's cash flow has been and will in the future be adversely
affected by the slow paying process of third party carriers. These third party
carriers include Blue Cross, Blue Shield, Medicare, worker's compensation
carriers, as well as other third party carriers such as HMO's. Reimbursement
times for these carriers vary from 30 days to over 180 days.
IMAGING MANAGEMENT ASSOCIATES, INC.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
1. In May, 1996, a complaint was filed in an action entitled
Highline Financial Services, Inc. v. Kirkwood Milltown Imaging Associates, LP
d/b/a Kirkwood Milltown MRI, LTD, Joseph F. Rooney, Jr. and Leonard F.
Vernon in the Superior Court of the State of Delaware in and for New Castle
County (C.A. No. 960-05-121 JOH). The Complaint seeks damages of
approximately $450,000 for rent and a writ of replevin to remove the MRI
equipment at the Wilmington, Delaware center. The Company has agreed to
indemnify, defend and hold harmless Drs. Vernon and Rooney for any claims,
damages or losses they suffer as a result of this lease. The Company has filed
an answer to the Complaint with affirmative defenses. The Company has admitted
that it is in arrears on the lease, but in an amount far less than the amount
claimed. Replevin has been ordered by the Court subject to final determination
of the actual amount owed on the lease.
2. In July, 1996, a complaint was filed in an action entitled
Highline Financial Services, Inc. v. Imaging Management Associates, Inc., in
the Superior Court of New Jersey Law Division: Camden County (Docket #511996).
The Complaint involves a lease between Highline for MRI equipment at the
Cherry Hill, New Jersey center and seeks: damages of approximately
$465,000 for rent; and possession of the MRI equipment at the Cherry Hill,
New Jersey center or in the alternative $225,000 for the MRI equipment.
The Company has filed an answer with affirmative answers to the Complaint.
Highline has filed a motion with the Court to obtain possession of the MRI
Equipment.
3. In May 1995, a complaint was filed in an action entitled
Highline Financial Services, Inc. v. Joseph F. Rooney, Jr. and Leonard F. Vernon
C.A. No. 95-05-59 (Delaware Superior Court in and for New Castle County)
against officers of the Company. The Complaint seeks damages in the amount of
$380,521.24 plus attorneys fees and costs arising out of an alleged breach of a
lease agreement for imaging equipment located at the Sand Lake Imaging Center
in Orlando, Florida. The Company has agreed to indemnify, defend and hold
harmless Drs. Vernon and Rooney for any claims, damages or losses they suffer
as a result of leases which they entered into with Highline Financial Services,
Inc. on behalf of the Company. A trial date has been set for October 1996. The
Court has determined that the Company is liable on the lease, but the issue of
damages will be decided by the Court after trial.
4. The Company understands that Highline has filed, but has not
served, a Complaint seeking damages and a return of the MRI equipment located
at the Saddlebrook, New Jersey Center.
The Company's intentions are to complete a buy-out of the three
MRI units located at the Cherry Hill, New Jersey, Wilmington, Delaware and
Saddlebrook, New Jersey Centers and obtain the release of liability from the
lease for the MRI equipment located at the Sand Lake Imaging Center. Failing a
buy-out or settlement with Highline, the Company will vigorously defend itself
in the preceding actions.
Item 3. Defaults of Senior Securities
Highline has informed the Company that it is in default under leases for
four MRI units currently leased directly to the Company or leased to Leonard F.
Vernon and Joseph F. Rooney, Jr. (officers and directors of the Company) and
subleased to the Company. Highline as also informed the Company that it has
not reached agreement on the buy-out of three of the MRI units, and the release
of liability from the lease of MRI equipment located at the Sand Lake Imaging
Center. Highline has noted that no agreement has been signed by the parties,
the Company's objections concerning the draft of a proposed buy-out agreement
have not been resolved and that no monthly payments have been made to Highline
as provided for under the draft buy-out agreement. The Company has, however,
made an initial payment of $200,000 to Highline for the buy-out. Highline is
presently pursuing litigation against the Company and Drs. Vernon and Rooney
with regard to the four leases. See "Item 1 - Legal Proceedings".
See "Management's Discussion and Analysis of Financial
Conditions and Results of Operations - Liquidity and Capital Resources" for a
discussion of defaults monthly payment obligation on other equipment leases.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K
None.
IMAGING MANAGEMENT ASSOCIATES, INC.
Date: August 20, 1996 By: /s/ Leonard F. Vernon
Leonard F. Vernon, Chairman of the
Board, President and Chief
Executive Officer
Date: August 20, 1996 By: /s/ Joseph F. Rooney
Joseph F. Rooney, Executive
Vice President, Secretary, Treasurer
Director and Principal and
Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted
from the Company's Form 10-QSB for the quarter ended June 30,
1996 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<CASH> 605
<SECURITIES> 0
<RECEIVABLES> 5,779,881
<ALLOWANCES> 4,494,198
<INVENTORY> 61,080
<CURRENT-ASSETS> 5,989,533
<PP&E> 1,778,820
<DEPRECIATION> 5,390,698
<TOTAL-ASSETS> 10,240,988
<CURRENT-LIABILITIES> 8,651,341
<BONDS> 0
<COMMON> 4,922,035
0
0
<OTHER-SE> (3,628,668)
<TOTAL-LIABILITY-AND-EQUITY> 10,240,988
<SALES> 1,755,011
<TOTAL-REVENUES> 1,775,801
<CGS> 0
<TOTAL-COSTS> 2,492,024
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 74,537
<INCOME-PRETAX> (716,455)
<INCOME-TAX> 0
<INCOME-CONTINUING> (716,455)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (716,455)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
