<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, 1998 Commission File Number 0-19466
- -------------------- -------------------------------
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
----------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 36-3684373
- ------------------- ---------------------------
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 XIX, L.P.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1998
PART I - FINANCIAL INFORMATION
Item 1.
Index to Financial Statements
Balance Sheets
June 30, 1998 (unaudited) 3
December 31, 1997 4
Statements of Revenue and Expenses (unaudited)
For the three months ended June 30, 1998 5
For the three months ended June 30, 1997 6
For the six months ended June 30, 1998 7
For the six months ended June 30, 1997 8
Statements of Changes in Partners' Equity
For the six months ended June 30, 1998
(unaudited) 9
Statements of Cash Flows (unaudited)
For the six months ended June 30, 1998 10
For the six months ended June 30, 1997 11
Notes to Financial Statements (unaudited) 12 - 13
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations 14 - 15
PART II - OTHER INFORMATION
Items 1-6. 16
2
<PAGE> 3
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
BALANCE SHEETS
June 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
----------- ---------- -------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $1,044,367 $1,670,555 $2,714,922
Investments in commercial lease
paper, net 821 9,717 10,538
Net investment in direct
financing leases -- 1,826,254 1,826,254
Diverted and other assets, net 778,877 3,816,267 4,595,144
Datronic assets, net -- -- --
---------- ---------- ----------
$1,824,065 $7,322,793 $9,146,858
========== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and accrued
expenses $ 6,176 $ 51,004 $ 57,180
Lessee rental deposits 39,819 200,840 240,659
---------- ---------- ----------
Total liabilities 45,995 251,844 297,839
Total partners' equity 1,778,070 7,070,949 8,849,019
---------- ---------- ----------
$1,824,065 $7,322,793 $9,146,858
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
BALANCE SHEETS
December 31, 1997
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
----------- ------------ ---------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 1,199,924 $ 1,874,453 $ 3,074,377
Investments in commercial lease
paper, net 2,072 22,939 25,011
Net investment in direct
financing leases -- 2,866,165 2,866,165
Diverted and other assets, net 778,877 3,816,267 4,595,144
Datronic assets, net -- -- --
----------- ----------- -----------
$ 1,980,873 $ 8,579,824 $10,560,697
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and
accrued expenses $ 6,814 $ 55,502 $ 62,316
Lessee rental deposits 41,971 253,663 295,634
----------- ----------- -----------
Total liabilities 48,785 309,165 357,950
Total partners' equity 1,932,088 8,270,659 10,202,747
----------- ----------- -----------
$ 1,980,873 $ 8,579,824 $10,560,697
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1998
(Unaudited)
Liquidating Continuing
Limited Limited
Partners Partners Total
------------- ------------ -------
Revenue:
Lease income $ 256 $ 84,049 $ 84,305
Interest income 4,597 27,510 32,107
--------- --------- ---------
4,853 111,559 116,412
--------- --------- ---------
Expenses:
General Partner's expense
reimbursement 29,659 203,852 233,511
Professional fees 60,683 306,853 367,536
Other operating expenses 2,190 15,106 17,296
Credit for lease losses (1,931) (9,462) (11,393)
--------- --------- ---------
90,601 516,349 606,950
--------- --------- ---------
Net loss $ (85,748) $(404,790) $(490,538)
========= ========= =========
Net loss -
General Partner $ (857) $ (4,048) $ (4,905)
========= ========= =========
Net loss -
Limited Partners $ (84,891) $(400,742) $(485,633)
========= ========= =========
Net loss per limited
partnership unit $ (2.51) $ (2.42)
========= =========
Weighted average number
of limited partnership units
outstanding 33,858 165,901
========= =========
See accompanying notes to financial statements.
5
<PAGE> 6
DATRONIC EQUIPMENT INCOME FUND XIX, 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 $ 1,673 $ 161,370 $ 163,043
Interest income 5,533 35,086 40,619
--------- --------- ---------
7,206 196,456 203,662
--------- --------- ---------
Expenses:
General Partner's
expense reimbursement 58,993 322,515 381,508
Professional fees 16,738 97,882 114,620
Other operating expenses 226 1,522 1,748
Credit for lease losses (11,051) (54,146) (65,197)
--------- --------- ---------
64,906 367,773 432,679
--------- --------- ---------
Net loss $ (57,700) $(171,317) $(229,017)
========= ========= =========
Net loss -
General Partner $ (577) $ (1,713) $ (2,290)
========= ========= =========
Net loss -
Limited Partners $ (57,123) $(169,604) $(226,727)
========= ========= =========
Net loss per limited
partnership unit $ (1.69) $ (1.02)
========= =========
Weighted average number
of limited partnership units
outstanding 33,858 165,901
========= =========
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ----------- -----------
<S> <C> <C> <C>
Revenue:
Lease income $ 519 $ 182,725 $ 183,244
Interest income 9,252 59,517 68,769
----------- ----------- -----------
9,771 242,242 252,013
----------- ----------- -----------
Expenses:
General Partner's expense
reimbursement 62,158 425,144 487,302
Professional fees 101,161 509,123 610,284
Other operating expenses 4,973 29,749 34,722
Provision for lease losses (4,503) (22,064) (26,567)
----------- ----------- -----------
163,789 941,952 1,105,741
----------- ----------- -----------
Net loss $ (154,018) $ (699,710) $ (853,728)
=========== =========== ===========
Net loss -
General Partner $ (1,540) $ (6,997) $ (8,537)
=========== =========== ===========
Net loss -
Limited Partners $ (152,478) $ (692,713) $ (845,191)
=========== =========== ===========
Net loss per limited
partnership unit $ (4.50) $ (4.18)
=========== ===========
Weighted average number
of limited partnership units
outstanding 33,858 165,901
=========== ===========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
\
DATRONIC EQUIPMENT INCOME FUND XIX, 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 $ 4,013 $ 355,777 $ 359,790
Interest income 10,361 70,525 80,886
--------- --------- ---------
14,374 426,302 440,676
--------- --------- ---------
Expenses:
General Partner's
expense reimbursement 113,393 634,380 747,773
Professional fees 31,978 187,142 219,120
Other operating expenses 3,476 19,020 22,496
Credit for lease losses (35,459) (103,738) (139,197)
--------- --------- ---------
113,388 736,804 850,192
--------- --------- ---------
Net loss $ (99,014) $(310,502) $(409,516)
========= ========= =========
Net loss -
General Partner $ (990) $ (3,105) $ (4,095)
========= ========= =========
Net loss -
Limited Partners $ (98,024) $(307,397) $(405,421)
========= ========= =========
Net loss per limited
partnership unit $ (2.90) $ (1.85)
========= =========
Weighted average number
of limited partnership units
outstanding 33,858 165,901
========= =========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 9
DATRONIC EQUIPMENT INCOME FUND XIX, 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, 1997* $ -- $ 1,932,088 $ 8,270,659 $ 10,202,747
Distributions to partners -- -- (500,000) (500,000)
Net loss (8,537) (152,478) (692,713) (853,728)
Allocation of General
Partner's Equity 8,537 (1,540) (6,997) --
------------ ------------ ------------ ------------
Balance, June 30, 1998 $ -- $ 1,778,070 $ 7,070,949 $ 8,849,019
============ ============ ============ ============
</TABLE>
* Balances are net of $74,954 and $678,650, of General Partner's equity
previously allocated to Liquidating and Continuing Limited Partners'
Equity.
See accompanying notes to financial statements.
9
<PAGE> 10
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
------------ ---------- ------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (154,018) $ (699,710) $ (853,728)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Credit for lease losses (4,503) (22,064) (26,567)
Changes in assets and liabilities:
Accounts payable and accrued
expenses (638) (4,498) (5,136)
Lessee rental deposits (2,152) (52,823) (54,975)
----------- ----------- -----------
(161,311) (779,095) (940,406)
----------- ----------- -----------
Cash flows from investing activities:
Principal collections on leases 4,503 1,061,975 1,066,478
Repayments of commercial lease paper 1,251 13,222 14,473
----------- ----------- -----------
5,754 1,075,197 1,080,951
----------- ----------- -----------
Cash flows from financing activities:
Distributions to Limited Partners -- (500,000) (500,000)
----------- ----------- -----------
Net decrease in cash and
cash equivalents (155,557) (203,898) (359,455)
Cash and cash equivalents:
Beginning of year 1,199,924 1,874,453 3,074,377
----------- ----------- -----------
End of second quarter $ 1,044,367 $ 1,670,555 $ 2,714,922
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
DATRONIC EQUIPMENT INCOME FUND XIX, 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 loss $ (99,014) $ (310,502) $ (409,516)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Credit for lease losses (35,459) (103,738) (139,197)
Changes in assets and liabilities:
Accounts payable and accrued
expenses (21,469) (125,132) (146,601)
Lessee rental deposits (22,558) (142,081) (164,639)
Due from management company 7,747 51,383 59,130
----------- ----------- -----------
(170,753) (630,070) (800,823)
----------- ----------- -----------
Cash flows from investing activities:
Principal collections on leases 42,506 1,704,927 1,747,433
Repayments of commercial lease paper 5,159 43,021 48,180
----------- ----------- -----------
47,665 1,747,948 1,795,613
----------- ----------- -----------
Cash flows from financing activities:
Distributions to Limited Partners -- (1,000,154) (1,000,154)
Distributions to General Partner -- (8,238) (8,238)
----------- ----------- -----------
-- (1,008,392) (1,008,392)
----------- ----------- -----------
Net increase (decrease) in
cash and cash equivalents (123,088) 109,486 (13,602)
Cash and cash equivalents:
Beginning of year 1,446,892 2,130,637 3,577,529
----------- ----------- -----------
End of second quarter $ 1,323,804 $ 2,240,123 $ 3,563,927
=========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
DATRONIC EQUIPMENT INCOME FUND XIX, L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1998
(Unaudited)
NOTE 1 - ORGANIZATION:
Datronic Equipment Income Fund XIX, L.P., a Delaware Limited Partnership (the
"Partnership"), was formed on December 22, 1989 for the purpose of acquiring and
leasing both high-and low-technology equipment. See Notes 5, 8, and 10 to the
Partnership's financial statements included in the 1997 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
which 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 1997 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. See Note 2 to the Partnership's financial statements included in the
1997 Form 10-K.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
Distributions to Liquidating Limited Partners were suspended after payment of
the October 1, 1995 distribution. Distributions to Continuing Limited Partners
were suspended after payment of the January 1, 1998 distribution.
NOTE 4 - SETTLEMENT OF LITIGATION:
On May 5, 1998, Lease Resolution Corporation (LRC), on behalf of Datronic
Equipment Income Funds XVI, XVII, XVIII, XIX, XX and Datronic Finance Income
Fund I, reached an agreement to settle all claims of the aforementioned
partnerships against Weiss & Co. ("Settlement Agreement"). (See Note 8 to the
financial statements included in the Partnership's 1997 Form 10-K). The
Settlement Agreement is contingent upon subsequent approval by the United States
District Court for the Northern District of Illinois, Eastern Division (the
"District Court") dismissing Weiss & Co. as a party defendant. Pursuant to the
terms of the Settlement Agreement, Weiss & Co. has agreed to pay LRC, on behalf
of the aforementioned partnerships, $2.4 million. LRC expects to determine the
appropriate allocation of these proceeds among the Partnerships, net of
contingent attorneys fees of $600,000, during the third quarter after
considering all relevant factors associated with the Settlement. Weiss & Co. has
transferred $2.4 million to an escrow account; this amount will be transferred
to LRC no later than 30 days following the
12
<PAGE> 13
District Court entering an order of dismissal of Weiss & Co. The District Court
has scheduled a hearing for August 19, 1998 to entertain the motion of dismissal
of Weiss & Co. as a party defendant.
On June 10, 1998, a verdict was rendered finding Price Waterhouse liable for
negligence, but not guilty of breach of contract. On July 20, LRC and Price
Waterhouse both filed post trial motions requesting relief from the Court. The
Court is not expected to rule on these motions for several months.
13
<PAGE> 14
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, 1997
through June 30, 1998. The discussion and analysis of results of operations is
for the three and six month periods ended June 30, 1998 as compared to the
corresponding periods in 1997.
Liquidity and Capital Resources
During the six months ended June 30, 1998, Partnership assets continued to be
converted to cash in order to pay Partnership operating expenses, liquidate
Partnership liabilities, make distributions to limited partners and provide for
the ultimate liquidation of the Partnership.
During the six months ended June 30, 1998, the Partnership's cash and cash
equivalents decreased by $359,000 to $2,715,000 at June 30, 1998 from $3,074,000
at December 31, 1997. This decrease is primarily due to the use of cash in
operations of $940,000 and distributions to partners of $500,000, partially
offset by cash receipts from collections on leases of $1,066,000 and from
commercial lease paper of $14,000.
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 leases
owned by the Partnership. The lease portfolio is scheduled to be substantially
run out by the end of 2000, unless it is determined that it is in the
Partnership's best interest to dispose of the remaining portfolio earlier
through a bulk sale. In addition, the Partnership's sources of liquidity on a
long-term basis include proceeds from the sale of Diverted and other assets.
Management believes that its sources of liquidity in the short and long-term are
sufficient to meet its operating cash requirements, provide for ongoing pursuit
of litigation, and an orderly liquidation of the Partnership.
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 the amount to be realized from the liquidation of lease-related
assets, Diverted and other assets, Datronic assets, litigation and the
liquidation of the other Datronic Partnerships. 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 significant 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, in all likelihood, will be
significantly less than the amount of partners' equity reflected in the June 30,
1998 balance sheets (see Partnership's financial statements included in Item 1).
14
<PAGE> 15
Results of Operations
The Partnership had a net loss of $491,000 and $854,000 for the three and six
months ended June 30, 1998, respectively, in the aggregate for all classes of
partners. This compares to an aggregate net loss of $229,000 and $409,000 for
the same periods in 1997, respectively. Differences in operating results between
Liquidating and Continuing Limited Partners are attributable to lease income,
acquisition costs, and expenses associated with new lease investments made since
the March 4, 1993 Settlement. Liquidating Limited Partners do not participate in
these post Settlement activities. Significant factors affecting overall
operating results for the three and six month periods ended June 30, 1998 as
compared to the same periods in 1997 include the following:
Lease income:
Since August 1996, the Partnership has been in its Liquidation Phase which
prohibits investing in any new leases. Accordingly, the lease portfolio has
continued to decrease as collections are made, resulting in a continued decline
in lease income for the three and six months ended June 30, 1998 as compared to
the corresponding periods in 1997.
Interest income:
Interest income decreased for the three and six months ended June 30, 1998 as
compared to the corresponding periods in 1997 as a result of decreased invested
cash balances.
General Partner's expense reimbursement:
The decrease for the three and six month periods ended June 30, 1998 is
primarily due to changes in the premium payments for D&O insurance, relocation
costs and reductions in staff and related costs. Through the first quarter 1997,
D&O insurance premiums were paid on an annual basis; however, in September 1997
a one-time premium was paid that extended coverage through the ultimate
liquidation date of the Partnership. Included in the second quarter 1997 is a
one-time charge for relocating staff to reduced office space.
Professional fees:
The 1998 increase reflects fees paid in connection with the ongoing litigation
against the Partnership's former accountants. As of August 14, 1998 the
litigation process continues. This increase is partially offset by the
decreasing level of professional services required in such areas as collections,
consulting and auditing. These decreases are the result of the decrease in the
Partnership's lease portfolio and related activities.
Credit for lease losses:
This credit primarily reflects collections on previously reserved balances.
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, 1997 Form 10-K for a discussion of material legal proceedings involving the
Partnership.
Reference is made to Part I, Item 1, Note 4 for a discussion of legal
proceedings involving claims against Weiss & Co. and Price Waterhouse.
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 14th day of August 1998.
DATRONIC EQUIPMENT INCOME FUND XIX, 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 XIX, 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 XIX,
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 containes summary financial information extraced 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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 2,714,922
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 9,146,858
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,849,019
<TOTAL-LIABILITY-AND-EQUITY> 9,146,858
<SALES> 0
<TOTAL-REVENUES> 252,013
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 34,722
<LOSS-PROVISION> (26,567)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (853,728)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
