Page 1
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, 1997
----------------------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-10342
-------------------------------
BHC COMMUNICATIONS, INC.
------------------------
(Exact name of Registrant as specified in its charter)
Delaware 59-2104168
- ------------------------------ --------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
767 Fifth Avenue, New York, New York 10153
- ------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 421-0200
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
-------- --------
As of July 31, 1997 there were 5,202,305 shares of the issuer's
Class A Common Stock outstanding and 18,000,000 shares of the
issuer's Class B Common Stock outstanding.
<PAGE>
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<TABLE>
PART I -- FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
(UNAUDITED)
-------------------------------------
<CAPTION>
June 30, December 31,
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 201,760 $ 146,751
Marketable securities (substantially
all U.S. Government securities) 1,300,214 1,245,241
Accounts receivable, net 86,121 87,459
Film contract and, in 1996, prepaid
broadcast rights 46,786 115,498
Prepaid expenses and other current assets 53,668 52,354
------------ ------------
Total current assets 1,688,549 1,647,303
------------ ------------
INVESTMENTS 56,527 46,944
------------ ------------
FILM CONTRACT RIGHTS, less current portion 25,273 28,536
------------ ------------
PROPERTY AND EQUIPMENT, net 47,448 48,077
------------ ------------
INTANGIBLE ASSETS 308,449 313,079
------------ ------------
OTHER ASSETS 14,217 13,324
------------ ------------
$ 2,140,463 $ 2,097,263
============ ============
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
Page 3
<TABLE>
PART I -- FINANCIAL INFORMATION
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
(UNAUDITED)
-------------------------------------
<CAPTION>
June 30, December 31,
1997 1996
------------ ------------
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' INVESTMENT
- ----------------------------------------
CURRENT LIABILITIES:
Film contracts payable within one year $ 84,278 $ 97,222
Accounts payable and accrued expenses 61,710 77,477
Income taxes payable 73,826 35,543
----------- ------------
Total current liabilities 219,814 210,242
----------- ------------
FILM CONTRACTS PAYABLE AFTER ONE YEAR 57,317 80,837
----------- ------------
OTHER LIABILITIES 5,110 5,424
----------- ------------
MINORITY INTEREST 102,971 95,227
----------- ------------
SHAREHOLDERS' INVESTMENT:
Class A common stock - par value $.01 per share;
authorized 200,000,000 shares; outstanding
5,839,508 shares 58 58
Class B common stock - par value $.01 per share;
authorized 200,000,000 shares; outstanding
18,000,000 shares 180 180
Retained earnings 1,803,090 1,710,323
Treasury stock, at cost (50,478) (6,677)
Adjustment to reflect marketable
securities at market value 2,401 1,649
------------ ------------
1,755,251 1,705,533
------------ ------------
$ 2,140,463 $ 2,097,263
============ ============
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
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<TABLE>
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(UNAUDITED)
-----------------------------------------------
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
-------------------- --------------------
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
OPERATING REVENUES $ 118,835 $ 120,920 $ 219,953 $ 221,965
--------- --------- --------- ---------
OPERATING EXPENSES:
Television expenses 51,853 52,843 102,824 104,660
Selling, general and administrative 33,401 31,476 66,056 61,511
--------- --------- --------- ---------
85,254 84,319 168,880 166,171
--------- --------- --------- ---------
Operating income 33,581 36,601 51,073 55,794
--------- --------- --------- ---------
OTHER INCOME (EXPENSE):
Gain on change of ownership in
United Paramount Network, net - - 152,224 -
Interest and other income 20,632 20,021 40,640 42,503
Equity in United Paramount
Network loss (16,404) (34,990) (34,302) (67,744)
--------- --------- --------- ---------
4,228 (14,969) 158,562 (25,241)
--------- --------- --------- ---------
Income before income taxes
and minority interest 37,809 21,632 209,635 30,553
INCOME TAX PROVISION 15,200 11,000 83,900 15,300
--------- --------- --------- ---------
Income before minority interest 22,609 10,632 125,735 15,253
MINORITY INTEREST (5,191) (4,963) (8,827) (8,506)
--------- --------- --------- ---------
Net income $ 17,418 $ 5,669 $ 116,908 $ 6,747
========= ========= ========= =========
AVERAGE COMMON SHARES OUTSTANDING 23,399 24,025 23,529 24,106
========= ========= ========= =========
NET INCOME PER SHARE $ .74 $ .24 $ 4.97 $ .28
========= ========= ========= =========
</TABLE>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
<PAGE>
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<TABLE>
BHC COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(UNAUDITED)
-----------------------------------------------
<CAPTION>
Six Months
Ended June 30,
------------------------
1997 1996
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 116,908 $ 6,747
Adjustments to reconcile net income to net cash
provided from operating activities:
Film contract payments (47,734) (44,857)
Film contract amortization 46,523 43,773
Prepaid broadcast rights 17,051 4,207
Depreciation and other amortization 9,565 9,591
Equity in United Paramount Network loss 34,302 67,744
Gain on change of ownership in United
Paramount Network, net (152,224) -
Minority interest 8,827 8,506
Other 975 (2,846)
Changes in assets and liabilities:
Accounts receivable 1,338 (1,275)
Other assets (4,670) (1,745)
Accounts payable and other liabilities (3,391) (2,137)
Income taxes 38,742 2,058
----------- -----------
Net cash provided from operating activities 66,212 89,766
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from United Paramount Network 116,261 -
Disposition (purchase) of marketable securities, net (47,744) 99,772
Investment in United Paramount Network (2,850) (76,600)
Other investments (3,159) (12,846)
Capital expenditures, net (4,306) (5,785)
Other (30) (44)
----------- -----------
Net cash provided from investing activities 58,172 4,497
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of special dividend (23,599) -
Purchases of treasury stock (43,924) (32,567)
Capital transactions of subsidiary (1,852) (19,475)
----------- -----------
Net cash used in financing activities (69,375) (52,042)
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 55,009 42,221
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 146,751 72,179
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 201,760 $ 114,400
=========== ===========
<FN>
The accompanying notes to condensed consolidated financial statements
are an integral part of these statements.
</TABLE>
<PAGE>
Page 6 BHC COMMUNICATIONS, INC.
------------------------
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
-----------------------------------------------------
1. PRINCIPLES OF CONSOLIDATION:
The accompanying condensed consolidated financial statements include
the accounts of BHC Communications, Inc. and its subsidiaries. BHC, a
majority owned (77% at June 30, 1997) subsidiary of Chris-Craft Industries,
Inc., operates eight television stations, three wholly owned and five owned
by United Television, Inc. (UTV), 59% owned by BHC at June 30, 1997. The
interest of UTV shareholders other than BHC in the net income and net
assets of UTV is set forth as minority interest in the accompanying
condensed consolidated statements of income and condensed consolidated
balance sheets, respectively. Intercompany accounts and transactions have
been eliminated.
The financial information included herein has been prepared by BHC,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to
such rules and regulations. However, BHC believes that the disclosures
herein are adequate to make the information presented not misleading. It
is suggested that these condensed consolidated financial statements be read
in conjunction with the financial statements and the notes thereto included
in BHC's latest annual report on Form 10-K. The information furnished
reflects all adjustments (consisting only of normal recurring adjustments)
which are, in the opinion of management, necessary for a fair statement of
the results for the interim periods. The results for these interim periods
are not necessarily indicative of results to be expected for the full year,
due to seasonal factors, among others. Certain prior year amounts have
been restated to conform with the 1997 presentation.
2. MARKETABLE SECURITIES:
In accordance with Statement of Financial Accounting Standards (SFAS)
No. 115, "Accounting for Certain Investments in Debt and Equity
Securities", BHC classifies its marketable securities as available-for-
sale.
At June 30, 1997, BHC's marketable securities, which consisted
substantially of U.S. Government securities, had a carrying value of
$1,296,574,000 and a fair value of $1,300,214,000. The difference of
$3,640,000 ($2,401,000 net of income taxes and minority interest) is
reflected as an increase to shareholders' investment in the accompanying
condensed consolidated balance sheet. Of the investments in U.S.
Government securities, 92% mature within one year and all within two years.
At December 31, 1996, BHC's marketable securities, which consisted
substantially of U.S. Government securities, had a carrying value
of$1,243,205,000 and a fair value of $1,245,241,000. The difference of
<PAGE>
Page 7
$2,036,000 ($1,649,000 net of income taxes and minority interest) is
reflected as an increase to shareholders' investment in the accompanying
condensed consolidated balance sheet.
3. UNITED PARAMOUNT NETWORK:
In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed the United Paramount Network, a fifth broadcast television
network which premiered in January 1995. BHC owned 100% of UPN from its
inception through January 15, 1997, when Viacom completed the exercise of
its option to acquire a 50% interest in UPN. The purchase price included
$155 million in cash (an amount equal to one-half of BHC's aggregate cash
contributions to UPN through the exercise date, plus interest), additional
cash available for ongoing UPN expenditures, as well as a non-cash
contribution of UPN development costs previously incurred by Viacom. UPN
distributed $116,261,000 to BHC pursuant to the option exercise, and BHC
recorded a net pretax gain on the exercise of $152,224,000, in the first
quarter of 1997. BHC and Viacom now share equally in UPN funding
requirements and in UPN losses.
UPN has been organized as a partnership, and BHC accounts for its
partnership interest under the equity method. The carrying value of such
interest totalled $8,904,000 at June 30, 1997 and $1,394,000 at December
31, 1996, and is included in Investments in the accompanying condensed
consolidated balance sheets. UPN is still in its early development and is
expected to continue to incur significant start-up losses and to require
significant funding for the next several years. However, BHC believes that
the substantial portion of its share of such funding requirements in 1997
and 1998 will be offset by the proceeds of the Viacom option exercise.
UPN's condensed statements of operations are as follows (in
thousands):
Three Months Six Months
Ended June 30, Ended June 30,
-------------------- --------------------
1997 1996 1997 1996
--------- --------- --------- ---------
Operating revenues* $ 17,228 $ 14,156 $ 32,909 $ 25,064
Operating expenses* 50,449 49,152 97,965 91,754
--------- --------- --------- ---------
Operating loss (33,221) (34,996) (65,056) (66,690)
Other income (expense), net 412 6 1,114 (1,054)
--------- --------- --------- ---------
Loss before interest
on BHC advances (32,809) (34,990) (63,942) (67,744)
Interest on BHC advances
(eliminated in consolidation) - (3,248) - (5,771)
--------- --------- --------- ---------
Net loss $ (32,809) $ (38,238) $ (63,942) $ (73,515)
========= ========= ========= =========
* With respect to certain of its programming, UPN derives
no revenue and incurs no programming expense.
<PAGE>
Page 8
4. SHAREHOLDERS' INVESTMENT:
As of June 30, 1997, there were outstanding 18,000,000 shares of Class
B common stock, all held by Chris-Craft, and 5,295,625 shares of Class A
common stock, after reflecting as treasury stock BHC's pro rata interest in
its Class A common shares held by UTV and 410,700 Class A common shares
purchased by BHC during 1997. At June 30, 1997, 821,613 shares of Class A
common stock remain authorized for purchase. In January 1997, BHC Board of
Directors declared a special cash dividend of $1.00 per share on BHC's
Class A and Class B common stock. The dividend, totalling $23.6 million,
was paid in February 1997.
Capital transactions of subsidiary, as set forth in the accompanying
condensed consolidated statements of cash flows, reflect purchases by UTV
of its common shares totalling $2,430,000 and $20,914,000 in the first six
months of 1997 and 1996, respectively, and proceeds to UTV of $2,511,000
and $3,435,000 in the first six months of 1997 and 1996, respectively, from
the exercise of stock options, as well as UTV's dividend of $.50 per share
in both periods, all net of intercompany eliminations.
5. COMMITMENTS:
Commitments of BHC's television stations for film contracts entered
into but not available for broadcasting at June 30, 1997 aggregated
approximately $202.5 million, including $75.6 million applicable to UTV.
BHC also has a remaining commitment to invest over time up to $30.6
million, including $19.8 million applicable to UTV, in management buyout
limited partnerships.
BHC expects to make significant expenditures developing UPN. See
Note 3.
<PAGE>
Page 9
BHC COMMUNICATIONS, INC.
------------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
--------------------------------------------
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
Liquidity and Capital Resources
- -------------------------------
BHC's financial position is strong and highly liquid. Cash and marketable
securities totalled $1.50 billion at June 30, 1997, and BHC has no debt
outstanding. BHC expended significant funds in 1996 and 1995 to develop
the United Paramount Network, but cash flow provided from BHC's operating
activities in those years substantially exceeded such BHC funding of UPN.
BHC believes that the substantial portion of its share of such funding
requirements for 1997 and 1998 will be offset by the proceeds of the Viacom
option exercise, described below.
BHC's operating cash flow is generated primarily by its core television
station group. Broadcast cash flow reflects station operating income plus
depreciation and film contract amortization less film contract payments.
The relationship between film contract payments and related amortization
may vary greatly between periods (payments exceeded amortization by $1.2
million and $1.1 million in the first six months of 1997 and 1996), and is
dependent upon the mix of programs aired and payment terms of the stations'
contracts. Reflecting such minor variance between periods, broadcast cash
flow for the first six months of 1997 mirrored station earnings, which
declined 7%, as explained below. Although broadcast cash flow is often
used in the broadcast television industry as an ancillary measure, it is
not synonymous with operating cash flow computed in accordance with
generally accepted accounting principles, and should not be considered
alone or as a substitute for measures of performance computed in accordance
with generally accepted accounting principles.
BHC's cash flow additionally reflects earnings associated with its cash and
marketable securities, which increased to $1.50 billion at June 30, 1997,
from $1.39 billion at December 31, 1996. Such increase primarily reflects
the $116.3 million distribution from UPN, described below. Operating cash
flow for the six month period declined to $66.2 million from $89.8 million,
as 1997 income tax payments related to the UPN distribution are reflected
as a reduction of operating cash flow, while the distribution is reported
as a cash flow from investing activities. Operating cash flow for the six
months essentially offset the payments for dividends and treasury stock
purchases described below.
In January 1997, BHC declared a special cash dividend of $1.00 per share,
aggregating $23.6 million, which was paid in February 1997. BHC plans to
consider annually the payment of a special dividend.
<PAGE>
Page 10
Since April 1990, BHC's Board of Directors has authorized the purchase of
up to 6,800,000 Class A common shares. Through June 30, 1997, 5,978,387
shares were purchased for a total cost of $402.0 million, including $43.8
million in 1997. From 1993 through June 30, 1997, UTV purchased 1,382,876
of its common shares at an aggregate cost of $86.7 million, of which $2.4
million was expended in the first six months of 1997, and at June 30, 1997,
801,149 UTV shares remained authorized for purchase.
BHC intends to expand its operations in the media, entertainment and
communications industries and to explore business opportunities in other
industries. BHC believes it is capable of raising significant additional
capital to augment its already substantial financial resources, if desired,
to fund such additional expansion.
In July 1994, BHC, along with Viacom Inc.'s Paramount Television Group,
formed UPN, a fifth broadcast television network which premiered in January
1995. BHC owned 100% of UPN from its inception through January 15, 1997,
when Viacom completed the exercise of its option to acquire a 50% interest
in UPN. The purchase price included $155 million in cash (an amount equal
to one-half of BHC's aggregate cash contributions to UPN through the
exercise date, plus interest), additional cash available for ongoing UPN
expenditures, as well as a non-cash contribution of UPN development costs
previously incurred by Viacom. UPN distributed $116.3 million to BHC
following the closing, and BHC recorded a net pretax gain of $152.2 million
on the transaction. BHC and Viacom now share equally in UPN losses and
funding requirements. BHC funding of UPN totalled $145.6 million in 1996
and $128.6 million in 1995. UPN is still in its early development, and is
expected for the next several years to continue to incur substantial start-
up losses and to require significant funding. However, BHC believes that
the substantial portion of its share of such funding requirements for 1997
and 1998 will be offset by the proceeds of the Viacom option exercise.
BHC's television stations make commitments for programming that will not be
available for telecasting until future dates. At June 30, 1997,
commitments for such programming totalled approximately $202.5 million,
including $75.6 million applicable to UTV. BHC also has a remaining
commitment to invest over time up to $30.6 million, including $19.8 million
applicable to UTV, in management buyout limited partnerships. BHC capital
expenditures generally have not been material in relation to its financial
position, and the related capital expenditure commitments at June 30, 1997
(including any related to UPN) were not material. BHC expects that its
expenditures for UPN, future film contract commitments and capital
requirements for its present business will be satisfied primarily from
operations, marketable securities or cash balances.
Results of Operations
- ---------------------
BHC second quarter net income increased to $17,418,000, or $.74 per share,
from last year's $5,669,000, or $.24 per share. The increase in net income
<PAGE>
Page 11
is primarily due to a 53% reduction in the amount of United Paramount
Network start-up losses included in BHC's operating results, which reflects
BHC's reduced ownership interest in UPN. In January, as set forth above,
Viacom Inc. acquired a 50% interest in UPN, which previously had been 100%
owned by BHC.
For the first six months of 1997, BHC net income rose to $116,908,000, or
$4.97 per share, from $6,747,000, or $.28 per share, in last year's
corresponding period. The increase in year to date earnings primarily
reflects the net pretax gain of $152,224,000 on Viacom's acquisition of its
UPN interest, as well as the resulting reduction in the amount of UPN
start-up losses recorded by BHC.
Demand for television advertising in several key areas has been lackluster
in 1997. Operating revenues at BHC's core television station group
declined 2% in the second quarter and declined less than 1% in the first
six months of 1997. After a $1.1 million increase in certain retirement
plan expense, second quarter station group earnings declined 4%, to
$40,694,000 from last year's $42,450,000. Six month station earnings
declined 7%, to $62,244,000 from $67,018,000. Earnings at BHC's television
production subsidiaries were about flat for the quarter, but rose strongly
in the six month period.
Operating income declined 8% to $33,581,000 from $36,601,000, in the second
quarter, and declined 9%, to $51,073,000 from $55,794,000, in the six month
period. Such declines additionally reflect each period's proration of the
increase, to $12 million from $8 million, in the annual management fee paid
to Chris-Craft.
UPN's second quarter and six month losses were slightly less than last
year's. The amount of UPN losses included in BHC's financial statements,
which are recorded under the equity method of accounting, declined
significantly, to $16,404,000 from $34,990,000 in the quarter, and to
$34,302,000 from $67,744,000 in the six months, reflecting BHC's reduced
ownership interest.
Interest and other income consists mostly of amounts earned on BHC's cash
and marketable securities holdings. Interest and other income totalled
$20,632,000 in this year's second quarter, compared to $20,021,000 in 1996,
and totalled $40,640,000 in the six month period, compared to $42,503,000
last year. The decline in the six month amount primarily reflects smaller
1997 gains on sales of securities.
Minority interest reflects the interest of shareholders other than BHC in
the net income of UTV, 59% owned by BHC at June 30, 1997 and 58% owned by
BHC at June 30, 1996.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
------------------------------------------------------------------
Not applicable.
<PAGE>
Page 12
BHC COMMUNICATIONS, INC.
------------------------
PART II. OTHER INFORMATION
--------------------------
Item 4. Submission of Matters to a Vote of Security Holders.
----------------------------------------------------
The following matters were submitted to a vote of security holders at
the Registrant's annual meeting of stockholders which was held on May 5,
1997.
The following were elected directors, each receiving the number of
votes set opposite his name:
Broker
For Withheld Non-votes
--- -------- ---------
John L. Eastman 184,574,191 62,887 -0-
William D. Siegel 184,571,396 65,682 -0-
The selection of Price Waterhouse LLP as BHC's auditors for the
current year was ratified by the following vote:
Broker
For Against Abstain Non-votes
--- ------- ------- ---------
184,614,232 8,006 18,478 -0-
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
(a) The following exhibits are filed herewith:
Exhibit No. Description
----------- -----------
27 Financial Data Schedule
(b) No report on Form 8-K was filed during the quarter for which
this report is filed.
<PAGE>
Page 13
SIGNATURE
---------
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.
BHC COMMUNICATIONS, INC.
------------------------
(Registrant)
By: /s/ JOELEN K. MERKEL
-----------------------------
Joelen K. Merkel
Vice President and Treasurer
(Principal Accounting Officer)
Date: August 14, 1997
<PAGE>
<PAGE>
Page 14
EXHIBIT INDEX
Incorporated by
Reference to: Exhibit No. Exhibit
- ------------- ----------- -------
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM 10Q DATED
JUNE 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 201760
<SECURITIES> 1300214
<RECEIVABLES> 91744
<ALLOWANCES> 5623
<INVENTORY> 0
<CURRENT-ASSETS> 1688549
<PP&E> 141797
<DEPRECIATION> 94349
<TOTAL-ASSETS> 2140463
<CURRENT-LIABILITIES> 219814
<BONDS> 0
0
0
<COMMON> 238
<OTHER-SE> 1755013
<TOTAL-LIABILITY-AND-EQUITY> 2140463
<SALES> 0
<TOTAL-REVENUES> 219953
<CGS> 0
<TOTAL-COSTS> 168880
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 209635
<INCOME-TAX> 83900
<INCOME-CONTINUING> 116908
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 116908
<EPS-PRIMARY> 4.97
<EPS-DILUTED> 0
</TABLE>
