<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Under Section 13
or 15 (d) of the Securities
Exchange Act of 1934
----------------------
For the Quarter Ended
June 30, 1997 Commission File Number 0-18650
- --------------------- -------------------------------
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
(Exact name of Registrant as specified in its charter)
------------------------------------------------------
Delaware 36-3639399
- ---------------- ---------------------------
State or other IRS Employer Identification
jurisdiction of Number
incorporation or
organization
1300 E. Woodfield Road, Suite 312 Schaumburg, Illinois 60173
- --------------------------------- --------------------------
Address of principal City, State, Zip Code
executive offices
Registrant's telephone number: (847) 240-6200
--------------
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.
(1) Yes x No
-- ---
(2) Yes x No
-- ---
<PAGE> 2
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1997
PART I - FINANCIAL INFORMATION
Item 1.
Index to Financial Statements
Balance Sheets
June 30, 1997 (unaudited) 3
December 31, 1996 4
Statements of Revenue and Expenses (unaudited)
For the three months ended June 30, 1997 5
For the three months ended June 30, 1996 6
For the six months ended June 30, 1997 7
For the six months ended June 30, 1996 8
Statements of Changes in Partners' Equity
For the six months ended June 30, 1997
(unaudited) 9
Statements of Cash Flows (unaudited)
For the six months ended June 30, 1997 10
For the six months ended June 30, 1996 11
Notes to Financial Statements (unaudited) 12
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations 13 - 15
PART II - OTHER INFORMATION
Items 1-6. 16
2
<PAGE> 3
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
BALANCE SHEETS
June 30, 1997
Unaudited
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $2,309,062 $ 5,038,290 $ 7,347,352
Net investment in direct
financing leases 309 1,815,274 1,815,583
Diverted and other assets, net 312,149 1,091,397 1,403,546
Datronic assets, net - - -
---------- ----------- -----------
$2,621,520 $ 7,944,961 $10,566,481
========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and
accrued expenses $ 16,020 $ 73,287 $ 89,307
Lessee rental deposits 36,363 161,234 197,597
---------- ----------- -----------
Total liabilities 52,383 234,521 286,904
Total partners' equity 2,569,137 7,710,440 10,279,577
---------- ----------- -----------
$2,621,520 $ 7,944,961 $10,566,481
========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
BALANCE SHEETS
By Class of Limited Partner
December 31, 1996
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $2,357,430 $3,986,042 $ 6,343,472
Due from management company 12,674 47,002 59,676
Net investment in direct
financing leases 4,491 3,011,385 3,015,876
Diverted and other assets, net 312,149 1,091,397 1,403,546
Datronic assets, net - - -
---------- ---------- -----------
$2,686,744 $8,135,826 $10,822,570
========== ========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and
accrued expenses $ 57,989 $ 233,827 $ 291,816
Lessee rental deposits 45,101 200,059 245,160
---------- ---------- -----------
Total liabilities 103,090 433,886 536,976
Total partners' equity 2,583,654 7,701,940 10,285,594
---------- ---------- -----------
$2,686,744 $8,135,826 $10,822,570
========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income $ 3,057 $ 86,817 $ 89,874
Interest income 18,544 72,062 90,606
--------- --------- ---------
21,601 158,879 180,480
--------- --------- ---------
Expenses:
General Partner's expense
reimbursement 83,932 300,723 384,655
Professional fees 19,548 72,949 92,497
Other operating expenses 270 1,164 1,434
Credit for lease losses (69,936) (244,524) (314,460)
--------- --------- ---------
33,814 130,312 164,126
--------- --------- ---------
Net earnings (loss) $ (12,213) $ 28,567 $ 16,354
========= ========= =========
Net earnings (loss) -
General Partner $ (122) $ 286 $ 164
========= ========= =========
Net earnings (loss) -
Limited Partners $ (12,091) $ 28,281 $ 16,190
========= ========= =========
Net earnings (loss) per limited
partnership unit $ (.27) $ .18
====== =======
Weighted average number
of limited partnership
units outstanding 44,468 155,509
====== =======
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Revenue:
Lease income $ 40,445 $ 294,224 $ 334,669
Interest income 16,243 84,986 101,229
--------- --------- ---------
56,688 379,210 435,898
--------- ---------- ---------
Expenses:
Management fees-New Era 71,099 261,395 332,494
General Partner's expense
reimbursement 16,579 57,968 74,547
Professional fees 22,134 81,908 104,042
Other operating expenses 745 2,940 3,685
--------- --------- ---------
110,557 404,211 514,768
--------- --------- ---------
Net loss $ (53,869) $ (25,001) $ (78,870)
========= ========= =========
Net loss -
General Partner $ (539) $ (250) $ (789)
========= ========= =========
Net loss -
Limited Partners $ (53,330) $ (24,751) $ (78,081)
========= ========= =========
Net loss per limited
partnership unit $(1.20) $ (.16)
====== =======
Weighted average number
of limited partnership
units outstanding 44,468 155,509
====== =======
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- -----------
<S> <C> <C> <C>
Revenue:
Lease income $ 6,483 $ 192,558 $ 199,041
Interest income 32,254 133,255 165,509
--------- --------- ----------
38,737 325,813 364,550
--------- --------- ----------
Expenses:
General Partner's expense
reimbursement 183,364 657,833 841,197
Professional fees 35,832 133,601 169,433
Other operating expenses 4,636 17,289 21,925
Credit for lease losses (170,578) (491,410) (661,988)
--------- --------- ----------
53,254 317,313 370,567
--------- --------- ----------
Net earnings (loss) $ (14,517) $ 8,500 $ (6,017)
========= ========= ==========
Net earnings (loss) -
General Partner $ (145) $ 85 $ (60)
========= ========= ==========
Net earnings (loss) -
Limited Partners $ (14,372) $ 8,415 $ (5,957)
========= ========= ==========
Net earnings (loss) per limited
partnership unit $ (.32) $ .05
====== =======
Weighted average number
of limited partnership
units outstanding 44,468 155,509
====== =======
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ----------
<S> <C> <C> <C>
Revenue:
Lease income $ 56,140 $ 527,601 $ 583,741
Interest income 29,778 154,254 184,032
--------- --------- ----------
85,918 681,855 767,773
--------- --------- ----------
Expenses:
Management fees-New Era 142,205 532,623 674,828
General Partner's expense
reimbursement 74,575 260,745 335,320
Professional fees 47,558 172,340 219,898
Other operating expenses 6,637 24,784 31,421
--------- --------- ----------
270,975 990,492 1,261,467
--------- --------- ----------
Net loss $(185,057) $(308,637) $ (493,694)
========= ========= ==========
Net loss -
General Partner $ (1,851) $ (3,086) $ (4,937)
========= ========= ==========
Net loss -
Limited Partners $(183,206) $(305,551) $ (488,757)
========= ========= ==========
Net loss per limited
partnership unit $(4.12) $ (1.96)
====== =======
Weighted average number
of limited partnership
units outstanding 44,468 155,509
====== =======
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 9
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENT OF CHANGES IN PARTNERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
General Limited Limited Total
Partner's Partners' Partners' Partners'
Equity Equity Equity Equity
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Balance, December 31, 1996 $(356,167)* $2,640,683 $8,001,078 $10,285,594
Net earnings (loss) (60) (14,372) 8,415 (6,017)
Allocation of General
Partner's equity 356,227 (57,174) (299,053) -
--------- ---------- ---------- ---------
Balance, June 30, 1997 $ - $2,569,137 $7,710,440 $10,279,577
========= ========== ========== ===========
</TABLE>
* Balance as previously reported was $0 due to allocation of $57,029 and
$299,138 to Liquidating and Continuing Limited Partners' Equity,
respectively.
See accompanying notes to financial statements.
9
<PAGE> 10
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows from operating
activities:
Net earnings (loss) $ (14,517) $ 8,500 $ (6,017)
Adjustments to reconcile net earnings
(loss) to net cash used in operating
activities:
Credit for lease losses (170,578) (491,410) (661,988)
Changes in assets and liabilities:
Accounts payable and accrued
expenses (41,969) (160,540) (202,509)
Lessee rental deposits (8,738) (38,825) (47,563)
Due from management company 12,674 47,002 59,676
---------- ---------- ----------
(223,128) (635,273) (858,401)
---------- ---------- ----------
Cash flows from investing activities:
Principal collections on leases 174,760 1,687,521 1,862,281
---------- ---------- ----------
Net increase (decrease) in cash
and cash equivalents (48,368) 1,052,248 1,003,880
Cash and cash equivalents:
Beginning of year 2,357,430 3,986,042 6,343,472
---------- ---------- ----------
End of second quarter $2,309,062 $5,038,290 $7,347,352
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows from operating
activities:
Net loss $ (185,057) $ (308,637) $ (493,694)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Changes in assets and
liabilities:
Accounts payable and
accrued expenses (19,272) (72,196) (91,468)
Lessee rental deposits 41,023 147,620 188,643
Due to management company 77 274 351
---------- ---------- ----------
(163,229) (232,939) (396,168)
---------- ---------- ----------
Cash flows from investing
activities:
Principal collections on leases 260,385 2,202,954 2,463,339
Principal collections on
installment contracts
receivable 67,953 237,592 305,545
Release of restricted cash 20,152 70,460 90,612
---------- ---------- ----------
348,490 2,511,006 2,859,496
---------- ---------- ----------
Cash flows from financing
activities:
Distributions to Limited
Partners - (1,757,252) (1,757,252)
Distributions to General Partner - (8,570) (8,570)
---------- ---------- ----------
- (1,765,822) (1,765,822)
---------- ---------- ----------
Net increase in cash
and cash equivalents 185,261 512,245 697,506
Cash and cash equivalents:
Beginning of year 1,977,211 1,432,420 3,409,631
---------- ---------- ----------
End of second quarter $2,162,472 $1,944,665 $4,107,137
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
(Unaudited)
NOTE 1 - ORGANIZATION:
Datronic Equipment Income Fund XVIII, L.P., a Delaware Limited Partnership (the
"Partnership"), was formed on April 12, 1989 for the purpose of acquiring and
leasing both high- and low-technology equipment. Reference is made to Notes 3,
4, 5, and 6 to the Partnership's financial statements included in the 1996 Form
10-K for a discussion of the alleged diversion of Partnership assets in 1991
and 1992 and the subsequent litigation and settlement, change in general
partner, new classes of limited partners established and amendments to the
Partnership Agreement that occurred.
NOTE 2 - BASIS OF FINANCIAL STATEMENTS:
The accompanying financial statements should be read in conjunction with the
Partnership's financial statements included in the 1996 Form 10-K. The
financial information furnished herein is unaudited but in the opinion of
Management includes all adjustments necessary (all of which are normal
recurring adjustments) for a fair presentation of financial condition and
results of operations.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
Distributions to Liquidating Limited Partners were suspended after payment of
the July 1, 1995 distribution. Distributions to the Continuing Limited
Partners were suspended after payment of the April 1, 1996 distribution.
12
<PAGE> 13
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis of liquidity and capital resources covers
material changes in the Partnership's financial condition from December 31,
1996 through June 30, 1997. The discussion and analysis of results of
operations is for the three and six month periods ended June 30, 1997 as
compared to the corresponding periods in 1996.
Financial Condition, Liquidity and Capital Resources
During the six months ended June 30, 1997, Partnership assets continued to be
converted to cash in order to pay Partnership operating expenses, liquidate
Partnership liabilities and increase cash balances to provide cash reserves for
the ultimate liquidation of the Partnership.
Net investment in direct financing leases decreased approximately $1,200,000
during the six months ended June 30, 1997. This decrease is primarily
attributable to principal collections of approximately $1,862,000, partially
offset by a credit for lease losses of approximately $662,000.
Accounts payable and accrued expenses decreased approximately $203,000 during
the six months ended June 30, 1997 primarily due to payment of accrued legal
fees and sales and use taxes.
Lessee rental deposits decreased approximately $48,000 resulting from payments
made to lessees at the end of lease term.
Partners' equity decreased during the six months ended June 30, 1997 due to a
net loss of approximately $6,000.
During the six months ended June 30, 1997, the Partnership's operating
activities resulted in a use of approximately $858,000 of cash. This was due
principally to a net loss of approximately $6,000, decreases in accounts
payable and lessee rental deposits of approximately $250,000, and a non-cash
credit provision for lease losses of approximately $662,000, partially offset
by a decrease in due from management company of approximately $60,000. During
the period, cash flows from investing activities aggregated approximately
$1,862,000 relating to principal collections on leases.
The Partnership's sources of liquidity on both a long-term and short-term basis
are expected to come principally from cash-on-hand and cash receipts from
lessees under leases owned by the Partnership. In addition, the Partnership's
sources of liquidity on a long-term basis are expected to include proceeds from
the sale of Diverted and other assets and portions of the Partnership's lease
portfolio which may be sold in bulk. Management believes that its sources of
13
<PAGE> 14
liquidity in the short and long-term are sufficient to meet its operating cash
obligations, provide for the ongoing pursuit of litigation and an orderly
liquidation of the Partnership. Distributions to the Liquidating Limited
Partners were suspended after the July 1, 1995 distribution and distributions
to the Continuing Limited Partners were suspended after the April 1, 1996
distribution.
The continued operation and eventual liquidation of the Partnership involves
numerous complex issues which have to be resolved. These issues relate to the
timing and realizability of lease-related assets, Diverted and other assets,
Datronic assets, litigation and the liquidation of the other Datronic
Partnerships (see Notes 3, 5 and 9 to the Partnership's financial statements
included in the 1996 Form 10-K). These issues make it difficult to predict the
time and costs necessary to operate and liquidate the Partnership in an orderly
manner. As a result of these uncertainties, it is unlikely that any additional
distributions will be made until all remaining assets are liquidated and the
pending litigation is resolved. The amount of future distributions, if any, to
the Limited Partners is likely to be significantly less than the amount of
partners' equity reflected in the June 30, 1997 Balance Sheets (see the
financial statements included in Item 1).
Results of Operations
Lease income decreased approximately $245,000 and $385,000 for the three and
six month periods ended June 30, 1997 as compared to the corresponding periods
in 1996. These decreases were primarily due to declining lease portfolios and
in the second quarter of 1996 the one time receipt of approximately $325,000 of
income resulting from transactions with PCR (see Note 12 of the Partnership's
financial statements included in the 1996 Form 10-K), partially offset by a
$200,000 provision to provide for the return of lease overpayment to lessees
previously recorded as lease income.
Interest income decreased approximately $11,000 and $19,000 for the three and
six month periods ended June 30, 1997 as compared to the corresponding periods
in 1996, primarily due to an early payoff of an installment contract receivable
in December 1996 and the recognition in the second quarter of 1996 of interest
previously earned on restricted cash balances, partially offset by additional
interest earned in the 1997 period as a result of increased cash balances.
Management fees-New Era represent amounts paid New Era for managing the
Partnership on a day-to-day basis pursuant to a Management Agreement which was
terminated effective June 30, 1996. Accordingly, fees paid to New Era amounted
to zero for the three and six months ended June 30, 1997 as compared to
approximately $332,000 and $675,000 for the same periods in 1996. Subsequent
to June 30, 1996, LRC has assumed responsibility for the day-to-day management
of the Partnership and the corresponding costs and expenses are included in
General Partner's expense reimbursement (see Note 8 to the Partnership's
financial statements included in the 1996 Form 10-K).
14
<PAGE> 15
The General Partner's expense reimbursement represents amounts paid to LRC in
its capacity as general partner in excess of what LRC received as partner
distributions. LRC was paid approximately $385,000 for the three months ended
June 30, 1997 and $841,000 for the six months then ended. This compares to
total payments of $75,000 and $344,000 (including $8,000 in partner
distributions), respectively, for the comparable three and six month periods of
1996. The increases of $310,000 and $497,000, respectively, for the three and
six month periods primarily represent incremental expenses associated with
LRC's assumption of the day-to-day management of the Partnership's operations
effective July 1, 1996. These expenses were previously included in Management
Fees-New Era (see Note 8 to the Partnership's financial statements included in
their 1996 Form 10-K). Included in the 1997 expenses is $66,000 representing a
one time expense associated with the relocation of former New Era employees to
reduced office space. Further, in 1996, the LRC expense reimbursement
reflected the benefit of $124,000 representing the early payoff of management
and consulting fees associated with PCR (see Note 12 to the Partnership's
financial statements in the 1996 Form 10-K).
Professional fees decreased approximately $12,000 and $50,000 for the three and
six month periods ended June 30, 1997 as compared to the corresponding periods
in 1996, primarily due to decreased legal fees relating to Partnership claims
against former accountants and others, audit fees, and collection fees.
The $314,000 and $662,000 credit for lease losses for the three and six months
ended June 30, 1997 reflects recoveries on the Master Lease with CRCA (see Note
12 to the Partnership's financial statements included in the 1996 Form 10-K),
as well as the impact from Management's ongoing assessment of potential losses
inherent in the lease portfolio.
15
<PAGE> 16
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to Item 3 - Legal Proceedings in the Partnership's December
31, 1996 Form 10-K, for a discussion of material legal proceedings 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
See Exhibit Index.
(b) Reports on Form 8-K
None.
16
<PAGE> 17
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized, on the 12th day of August 1997.
DATRONIC EQUIPMENT INCOME FUND XVIII, L.P.
Registrant
By: /s/DONALD D. TORISKY
------------------------------------
Donald D. Torisky
Chairman and Chief Executive Officer,
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XVIII, L.P.
By: /s/ROBERT P. SCHAEN
-----------------------------------------
Robert P. Schaen
Vice Chairman and Chief Financial Officer,
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XVIII, L.P.
17
<PAGE> 18
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ----------- -----------
27 Financial Data Schedule, which is
submitted electronically to the
Securities and Exchange Commission
for information only and not filed.
18
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANICAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AND THE STATEMENTS OF REVENUE AND EXPENSES AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH REPORT ON FORM 10-Q
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 7,347,352
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,566,481
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 10,279,577
<TOTAL-LIABILITY-AND-EQUITY> 10,566,481
<SALES> 0
<TOTAL-REVENUES> 364,550
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 21,925
<LOSS-PROVISION> (661,988)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,017)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
