SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
- - --- ACT OF 1934
For the quarterly period ended June 30, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- - --- EXCHANGE ACT OF 1934
Commission File Number 0-18491
CAPITAL MORTGAGE PLUS L.P.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 13-3502020
- - ------------------------------------------------------------- -----------------------------------
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
625 Madison Avenue, New York, New York 10022
- - ------------------------------------------------------------- ------------------------------------
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (212) 421-5333
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. Yes X No
--- ---
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
ASSETS
June 30, December 31,
1996 1995
------------ ------------
<S> <C> <C>
Investments in loans (Note 2) $ 27,681,332 $ 27,874,623
Cash and cash equivalents 820,076 1,218,363
Accrued interest receivable (net of allowance of $285,000 and
$285,000, respectively) 459,673 392,511
Loan origination costs (net of accumulated amortization $106,807 and
$95,115, respectively) 885,931 897,623
------------ ------------
Total assets $ 29,847,012 $ 30,383,120
============ ============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and other liabilities $ 18,009 $ 33,479
Due to general partner and affiliates (Note 3) 292,003 467,031
------------ ------------
Total liabilities 310,012 500,510
------------ ------------
Partners' capital (deficit):
Limited Partners (1,836,660 BACs issued and outstanding) 29,614,857 29,953,555
General Partner (77,857) (70,945)
------------ ------------
Total partners' capital 29,537,000 29,882,610
------------ ------------
Total liabilities and partners' capital $ 29,847,012 $ 30,383,120
============ ============
</TABLE>
See accompanying notes to financial statements
-2-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Revenues
Interest income:
Mortgage loans $ 606,080 $ 666,974 $1,227,624 $1,300,905
Temporary investments 10,735 18,801 23,326 37,434
Other income 563 463 1,126 926
---------- ---------- ---------- ----------
Total revenues 617,378 686,238 1,252,076 1,339,265
---------- ---------- ---------- ----------
Expenses
General and administrative 26,189 28,868 38,741 40,646
General and administrative - related
parties (Note 3) 57,244 64,873 110,510 125,384
Amortization 70,045 70,045 140,090 140,090
---------- ---------- ---------- ----------
Total expenses 153,478 163,786 289,341 306,120
---------- ---------- ---------- ----------
Net income $ 463,900 $ 522,452 $ 962,735 $1,033,145
========== ========== ========== ==========
Allocation of Net Income:
Limited Partners $ 454,622 $ 512,003 $ 943,480 $1,012,482
========== ========== ========== ==========
General Partner $ 9,278 $ 10,449 $ 19,255 $ 20,663
========== ========== ========== ==========
Net income per BAC $ .25 $ .28 $ .51 $ .55
========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements
-3-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
<TABLE>
<CAPTION>
Total Limited Partners General Partner
----------- ---------------- ---------------
<S> <C> <C> <C>
Partners' capital (deficit) - January 1, 1996 $29,882,610 $29,953,555 $(70,945)
Net income 962,735 943,480 19,255
Distributions (1,308,345) (1,282,178) (26,167)
----------- ----------- --------
Partners' capital (deficit) - June 30, 1996 $29,537,000 $29,614,857 $(77,857)
=========== =========== ========
</TABLE>
See accompanying notes to financial statements
-4-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
--------------------------
1996 1995
----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 962,735 $ 1,033,145
Adjustments to reconcile net income to net cash provided by operating
activities:
Amortization 140,090 140,090
Amortization of interest rate buydown (726) (726)
Increase in accrued interest receivable (67,162) (62,479)
(Decrease) increase in accounts payable and other liabilities (15,470) 212
(Decrease) increase in due to general partner and affiliates (175,028) 6,611
----------- -----------
Net cash provided by operating activities 844,439 1,116,853
----------- -----------
Cash flows from investing activities:
Increase in investment in loans 0 (430,578)
Receipt of principal on mortgage loans 65,619 62,175
----------- -----------
Net cash provided by (used in) investing activities 65,619 (368,403)
----------- -----------
Cash flows from financing activities:
Distributions to partners (1,308,345) (1,308,346)
----------- -----------
Net decrease in cash and cash equivalents (398,287) (559,896)
Cash and cash equivalents at beginning of period 1,218,363 1,877,953
----------- -----------
Cash and cash equivalents at end of period $ 820,076 $ 1,318,057
=========== ===========
</TABLE>
See accompanying notes to financial statements
-5-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
NOTE 1 - General
The unaudited financial statements have been prepared on the same
basis as the audited financial statements included in the Partnership's Form
10-K for the year ended December 31, 1995. In the opinion of the General
Partner, the accompanying unaudited financial statements contain all adjustments
(consisting only of normal recurring adjustments) necessary to present fairly
the financial position of the Partnership as of June 30, 1996, the results of
operations for the three and six months ended June 30, 1996 and 1995 and cash
flows for the six months ended June 30, 1996 and 1995. However, the operating
results for the six months ended June 30, 1996 may not be indicative of the
results for the year.
Certain information and note disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the year ended December 31,
1995.
On January 1, 1996, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 121, "Accounting for Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed of". This standard requires that
long-lived assets and certain identifiable intangibles held and used by an
entity be reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable.
On January 1, 1996, the Partnership adopted SFAS No. 122,
"Accounting for Mortgage Servicing Rights". This standard eliminates the
distinction between rights to service mortgage loans for others that are
acquired through loan origination activities and those acquired through purchase
transactions.
The adoption of these standards has not materially affected the
Partnership's reported earnings, financial condition or cash flows, because this
is essentially the same method utilized previously to measure and record asset
impairments or to record mortgage servicing rights.
Certain balances have been reclassified from prior year's to
conform to the current year's presentation.
NOTE 2 - Investments in Loans
The Partnership has funded five mortgage loans and originated five
noninterest bearing equity loans in the aggregate amount of $29,220,325.
Information relating to investments in mortgage loans and equity
loans as of June 30, 1996 is as follows:
-6-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
NOTE 2 - Investment in Loans (continued)
<TABLE>
<CAPTION>
Amounts Advanced
---------------------------------------------------------------------
Number of Date of Final Total Investments Investments
Apartment Invest- Maturity Mortgage Amounts in Loans at in Loans at
Property/Location Units ment Date Loans Equity Loans Advanced 6/30/96 (F) 12/31/95 (F)
- - ---------------------- ---------- -------- -------- ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Mortenson Manor Apts./ 104 8/90 8/30 $ 4,974,090 $ 577,885 $ 5,551,975 $ 5,138,063 $ 5,179,892
Ames, IA
Windemere Apts./ 204 9/90 9/30 8,110,300 736,550 8,846,850 8,375,757 8,425,212
Wichita, KS
Fieldcrest III Apts./ 112 8/91 8/31 3,343,700 383,300 3,727,000 3,536,029 3,558,414
Dothan, AL
Holly Ridge II Apts./ 144 3/93 3/33 5,310,100 684,400 5,994,500 5,773,293 5,811,445
Gresham, OR
Willow Trace Apts./ 152 6/93 6/28 4,420,000 680,000 5,100,000 4,858,190 4,899,660
Tuscaloosa, AL
---------------------------------------------------------------------
Total $26,158,190 $ 3,062,135 $29,220,325 $27,681,332 $27,874,623
=====================================================================
</TABLE>
(RESTUBBED TABLE)
<TABLE>
<CAPTION>
Interest earned by the Partnership during 1996
--------------------------------------------------------------------------------------
Non-contingent Contingent
---------------------------------------- -----------------------
Default Annual Cash Flow
Construc- Base Interest Interest Yield Participation Total
tion Amount/ Amount/ Amount/ Amount/ Interest
Rate (A) Rate (B) Rate (C) Rate (D) Rate (E) Earned
--------- ------------- --------- -------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Mortenson Manor Apts./ 13.00% $ 154,156 $ 48,373 $ 0 $ 0 $ 202,529
Ames, IA 6.45% 1.98% 0.97% 30.00%
Windemere Apts./ 13.00% 317,396 64,588 0 0 381,984
Wichita, KS 7.95% 1.60% 1.09% 30.00%
Fieldcrest III Apts./ 10.18% 143,369 1,169 0 8,216 152,754
Dothan, AL 8.68% 0.07% 1.36% 30.00%
10.25% 214,527 43,783 N/A 0 258,310
Holly Ridge II Apts./ 8.25% 1.64% 25.00%
Gresham, OR
Willow Trace Apts./ N/A 180,777 28,346 N/A 22,924 232,047
Tuscaloosa, AL 8.37% 1.287% 30.00%
--------------------------------------------------------------------------------------
Total $1,010,225 $186,259 $ 0 $31,140 $1,227,624
======================================================================================
</TABLE>
(END OF RESTUBBED)
(A) The Partnership did not receive any construction interest during 1996, as
construction was completed prior to 1995 on all properties.
(B) Base interest on the mortgages is that amount that is insured/co-insured by
HUD and is being shown net of service fee.
(C) Default Interest is the minimum amount due over the base rate, and is not
contingent upon cash flow. This interest is secured by Partnership
interests. Fieldcrest's default rate was reduced during 11/95, as per the
Additional Interest documents, to 0.07% over the Base Rate.
(D) Annual Yield is the amount over the default rate and is contingent upon
property cash flow.
(E) Cash Flow Participation is the percent of cash flow due to the Partnership
after payment of the Annual Yield and is contingent upon property cash flow.
Fieldcrest and Willow Trace provided sufficient cash flow in 1995 to pay the
Partnership a participation during 1996.
(F) The Investments in Loans amount reflects the unpaid balance of the mortgage
loans and the unamortized balance of the equity loan.
-7-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
NOTE 2 - Investments in Loans (continued)
Investments in loans January 1, 1996 $27,874,623
Additions:
Fieldcrest III discount amortization 726
Deductions:
Amortization of equity loans (128,398)
Collection of principal - Mortenson (17,750)
- Windemere (18,766)
- Fieldcrest III (6,331)
- Holly Ridge (9,635)
- Willow Trace (13,137)
-----------
Investments in loans June 30, 1996 $27,681,332
===========
The Mortenson and Windemere mortgage loans are co-insured by HUD
and Related Mortgage Corporation ("RMC"), an affiliate of the General Partner.
The Fieldcrest III, Holly Ridge and Willow Trace mortgage loans are insured by
HUD.
The equity loans are non-interest bearing and are secured by the
assignment of the owner/developers' interests in the projects. The equity loans
are not insured by HUD or any other party and, for financial statement reporting
purposes, are considered to be premiums paid to obtain the mortgage loans. These
premiums are being amortized over the average expected lives of the respective
mortgages.
All loans have call provisions effective ten years following final
endorsement and a grace period. The Partnership presently expects to dispose of
such loans within 10 to 15 years after acquisition.
At June 30, 1996, all of the loans due to the Partnership are
current (when taking into account the modification agreement discussed below).
Mortenson has not paid its default interest of approximately $165,000 for each
of the years ended December 31, 1994 and 1993. As a result, an allowance in the
amount of $285,000 was established at December 31, 1994 relating to the default
interest. During May 1995, the property paid approximately $45,000 of the
default interest for 1994, which was not included in the allowance at December
31, 1994.
The operations of Mortensen have not been able to support the
payment of the required interest. Accordingly, effective January 1, 1995 the
Partnership entered into a modification agreement whereby the annual yield was
modified to a cumulative yield of 9.4% per annum from the Permanent Loan Date
and the Default Rate was defined as 8.43% per annum. The modification agreement
also provided that pre-1995 accrued interest not accrue further interest on and
after January 1, 1995, and shall be paid solely out of Capital Proceeds prior to
the calculation of participation percentages. Mortensen also agreed to defer the
management fee payable up to the Default Rate. Pursuant to this modification
agreement, default interest for the six months ended June 30, 1996 and the year
ended December 31, 1995 in the amounts of approximately $48,000 and $98,000,
respectively, have been accrued.
-8-
<PAGE>
CAPITAL MORTGAGE PLUS L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
NOTE 3 - Related Parties
The costs incurred to related parties for the three and six months
ended June 30, 1996 and 1995 were as follows:
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
1996 1995 1996 1995
-------- -------- -------- --------
Partnership management
fees (a) $ 38,267 $ 38,267 $ 76,533 $ 76,533
Expense reimbursement (b) 18,977 26,606 33,977 48,851
-------- -------- -------- --------
$ 57,244 $ 64,873 $110,510 $125,384
======== ======== ======== ========
(a) A Partnership management fee for managing the affairs of the
Partnership equal to .5% per annum of invested assets is payable out of cash
flow to the General Partner. As of June 30, 1996 and December 31, 1995, a
balance of $267,556 and $382,355, respectively, was due to the General Partner
for these fees.
(b) The General Partner and its affiliates perform services for
the Partnership which include, but are not limited to: accounting and financial
management, register, transfer and assignment functions, asset management,
investor communications, printing services and other administrative services.
The amount of reimbursement from the Partnership is limited by the provisions of
the Partnership Agreement. An affiliate of the General Partner performs assets
monitoring for the Partnership. These services include site visits and
evaluations of the performance of the properties securing the loans. As of June
30, 1996 and December 31, 1995, the General Partner and its affiliates were due
$24,447 and $84,676, respectively, relating to these costs.
RMC is a co-insurer on the Mortenson and Windemere mortgage loans
in which the Partnership has invested. RMC is entitled to a mortgage insurance
premium which is paid by the mortgagors.
NOTE 4 - Subsequent Event
It is anticipated that during August 1996, a distribution of
$640,997 and $13,082 will to be paid to BACholders and the General Partner,
respectively, representing the 1996 second quarter distribution.
-9-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Capital Resources and Liquidity
The Partnership received $36,733,200 in gross proceeds from the
sale of BACs pursuant to twenty-one investor closings during the period July 28,
1989 through May 23, 1991, resulting in net proceeds of approximately
$32,031,000 available for investment, after payment of sales commissions,
offering and organization expenses, loan origination fees and establishment of a
working capital reserve. As of June 30, 1996, $29,220,325 of the net proceeds
available for investment have been used to fund five mortgage loans and five
noninterest bearing equity loans. The remaining proceeds of the Offering of
approximately $2,800,000 were temporarily invested and are being utilized as a
working capital reserve. No further issuance of BACs is anticipated.
Other sources of Partnership funds included interest earned on (1)
investments in mortgage loans, and (2) net offering proceeds which were invested
in money market instruments pending investment of mortgage loans.
During the six months ended June 30, 1996, Partnership cash and
cash equivalents decreased by approximately $398,000. Cash provided by operating
activities and collections of principal were approximately $844,000 and $66,000,
respectively, and distributions paid to partners approximated $1,308,000.
Included in the adjustments to reconcile the net income to cash flow from
operations is amortization of approximately $139,000.
In addition, the General Partner has allowed the accrual without
payment of the partnership management fee through 1992 in an aggregate amount
equal to approximately $268,000. Since 1992, substantially all partnership
management fees and expense reimbursements have been paid. In future years, a
portion of the working capital reserve may be used to pay accrued and unpaid
fees and/or distributions in the event that cash generated from operations is
not sufficient to maintain current distribution levels and repay such fees.
Distributions in 1996 and prior years have been supplemented by a portion of
working capital reserves.
The Partnership anticipates that cash generated from operations
and invested in temporary investments, including the working capital reserve,
will be sufficient to cover anticipated expenses in 1996.
Distributions of approximately $1,282,000 made to the limited
partners or BACs holders for each of the six months ended June 30, 1996 and 1995
were made from adjusted cash flow from operations and, to a lesser extent, from
working capital reserves, which is considered to be a return of capital. A total
of approximately $26,000 was distributed to the General Partner during each of
the six months ended June 30, 1996 and 1995.
The level of future distributions will depend on results of
operations. Furthermore, the expiration of the Guaranteed Rate Guaranty Periods,
two of which expired in 1993, one of which expired in 1995, one of which expired
in 1996 and one of which will expire during 1997 may have an adverse affect on
future distributions if contingent interest is not realized on the mortgage
loans.
Management is not aware of any trends or events, commitments or
uncertainties that will impact liquidity in a material way. Management believes
the only impact would be from laws that have not yet been adopted. All base
interest and the principal of the Partnership's investments in mortgage loans
are insured or co-insured by HUD and a private mortgage lender (which is an
affiliate of the General Partner). The Partnership's investments in uninsured
non-interest bearing equity loans (which represent approximately 10% of the
Partnership's portfolio) are secured by a Partnership interest in properties
which are diversified by location so that if one area of the country is
experiencing downturns in the economy, the remaining properties may be
experiencing upswings. However, the geographic diversification of the portfolio
may not protect against a general downturn in the national economy.
-10-
<PAGE>
Results of Operations
On January 1, 1996, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 121, "Accounting for Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed of". This standard requires that
long-lived assets and certain identifiable intangibles held and used by an
entity be reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable.
On January 1, 1996, the Partnership adopted SFAS No. 122,
"Accounting for Mortgage Servicing Rights". This standard eliminates the
distinction between rights to service mortgage loans for others that are
acquired through loan origination activities and those acquired through purchase
transactions.
The adoption of these standards has not materially affected the
Partnership's reported earnings, financial condition or cash flows, because this
is essentially the same method utilized previously to measure and record asset
impairments or to record mortgage servicing rights.
Three and Six Months Ended June 30, 1996
Compared with Three and Six Months Ended June 30, 1995
Results of operations for the three and six three months ended
June 30, 1996 and 1995 consisted primarily of interest income of approximately
$606,000 and $667,000 and approximately $1,228,000 and $1,301,000, respectively,
earned from investments in mortgage loans.
Interest income on mortgage loans decreased approximately $61,000
and $73,000 for the three and six months ended June 30, 1996, respectively, as
compared to the same periods in 1995. This was primarily due to an overaccrual
of default interest for Mortensen in 1995, which was adjusted in the fourth
quarter as a result of a modification agreement which became effective as of
January 1, 1995, as well as a reduction of Fieldcrest's default interest rate
during November 1995.
Interest income from temporary investments decreased approximately
$8,000 and $14,000 for the three and six months ended June 30, 1996,
respectively, as compared to the same periods in 1995 primarily due to lower
cash and cash equivalents balances.
General and administrative expenses-related parties decreased by
approximately $8,000 and $15,000 for the three and six months ended June 30,
1996, respectively, as compared to the same periods in 1995 primarily due to an
over-accrual of expense reimbursements at June 30, 1995.
-11-
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
There are no material legal proceedings pending against or
involving the Partnership.
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
27 Financial Data Schedule (filed herewith).
(b) Reports on Form 8-K - No reports on Form 8-K were filed during
the quarter.
-12-
<PAGE>
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.
CAPITAL MORTGAGE PLUS L.P.
By: CIP Associates, Inc.
General Partner
Date: August 13, 1996 By: /s/ Alan Hirmes
-------------------------------
Alan Hirmes
Vice President
Date: August 13, 1996 By: /s/ Lawrence J. Lipton
-------------------------------
Lawrence J. Lipton
Treasurer
(Principal Financial and Accounting Officer)
-14-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted from the financial
statements for Capital Mortgage Plus L.P. and is qualified in its entirety by
reference to such financial statements
</LEGEND>
<CIK> 0000845875
<NAME> Capital Mortgage Plus L.P.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 820,076
<SECURITIES> 0
<RECEIVABLES> 28,141,005
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 885,931
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 29,847,012
<CURRENT-LIABILITIES> 310,012
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 29,537,000
<TOTAL-LIABILITY-AND-EQUITY> 29,847,012
<SALES> 0
<TOTAL-REVENUES> 1,252,076
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 289,341
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 962,735
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 962,735
<EPS-PRIMARY> .51
<EPS-DILUTED> 0
</TABLE>
