UNITED STATES 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
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 1-3576
ST. JOSEPH LIGHT & POWER COMPANY
(Exact name of registrant as specified in its charter)
State of Missouri 44-0419850
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
520 Francis Street, P. O. Box 998, St. Joseph, Missouri 64502-0998
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (816) 233-8888
Former name, former address and former fiscal year, if
changed since last report.
Indicate by check mark whether the registrant (l) has filed
all reports required to be filed by Section l3 or l5(d) of
the Securities Exchange Act of l934 during the preceding l2
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
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest
practicable date.
Common Stock, without par value 7,869,460 shares
(Class) (Outstanding at July 31, 1996)
<PAGE>
PART I. - FINANCIAL INFORMATION
Item 1. Financial Statements
ST. JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
June 30
1996 1995
OPERATING REVENUES:
Electric
Retail sales & other $20,169,351 $17,978,718
Sales for resale 554,377 75,044
Other 2,213,491 2,370,815
$22,937,219 $20,424,577
OPERATING EXPENSES:
Production fuel $ 3,925,612 $ 3,299,538
Purchased power-
System energy 1,940,149 2,037,548
Resale 499,482 60,000
Gas purchased for
resale 405,289 402,686
Other operations 4,563,047 4,519,193
Maintenance 2,227,916 2,934,894
Depreciation 2,616,268 2,473,855
Taxes - General 1,622,932 1,558,545
Income 1,306,924 324,051
$19,107,619 $17,610,310
OPERATING INCOME $ 3,829,600 $ 2,814,267
OTHER INCOME & DEDUCTIONS:
Allowance for equity
funds used during
construction $ 74,301 $ 17,203
Other - including
income taxes on
nonutility operations 39,579 119,199
$ 113,880 $ 136,402
INCOME BEFORE INTEREST
CHARGES $ 3,943,480 $ 2,950,669
INTEREST CHARGES (Net):
Long-term debt $ 1,462,400 $ 1,498,082
Interest on bank notes 0 360
Other 34,547 32,085
Allowance for borrowed
funds used during
construction (47,188) (85,032)
$ 1,449,759 $ 1,445,495
NET INCOME AVAILABLE
FOR COMMON STOCK $ 2,493,721 $ 1,505,174
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,851,217 7,812,738
EARNINGS PER AVERAGE
COMMON SHARE $0.32 $0.19
DIVIDENDS PAID PER
COMMON SHARE $0.23 1/2 $0.23
STATEMENTS OF INCOME
(Unaudited)
Nine Months Ended
June 30
1996 1995
OPERATING REVENUES:
Electric
Retail sales & other $39,033,997 $36,663,484
Sales for resale 1,136,712 162,785
Other 6,385,572 6,398,424
$46,556,281 $43,224,693
OPERATING EXPENSES:
Production fuel $ 8,275,486 $ 6,768,754
Purchased power-
System energy 4,082,148 4,249,417
Resale 929,201 106,498
Gas purchased for
resale 1,851,995 1,654,039
Other operations 9,199,470 8,968,946
Maintenance 4,092,313 5,619,897
Depreciation 5,153,552 4,926,790
Taxes - General 3,295,413 3,248,674
Income 2,306,905 1,282,312
$39,186,483 $36,825,327
OPERATING INCOME $ 7,369,798 $ 6,399,366
OTHER INCOME & DEDUCTIONS:
Allowance for equity
funds used during
construction $ 151,611 $ 28,600
Other - including
income taxes on
nonutility operations (2,913) 586,128
$ 148,698 $ 614,728
INCOME BEFORE INTEREST
CHARGES $ 7,518,496 $ 7,014,094
INTEREST CHARGES (Net):
Long-term debt $ 2,924,800 $ 2,633,499
Interest on bank notes 0 118,170
Other 69,094 77,703
Allowance for borrowed
funds used during
construction (110,977) (124,733)
$ 2,882,917 $ 2,704,639
NET INCOME AVAILABLE
FOR COMMON STOCK $ 4,635,579 $ 4,309,455
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,836,676 7,814,006
EARNINGS PER AVERAGE
COMMON SHARE $0.59 $0.55
DIVIDENDS PAID PER
COMMON SHARE $0.47 $0.46
STATEMENTS OF INCOME
(Unaudited)
Twelve Months Ended
June 30
1995 1994
OPERATING REVENUES:
Electric
Retail sales & other $83,312,598 $76,293,460
Sales for resale 2,026,091 652,587
Other 11,513,517 11,545,859
$96,852,206 $88,491,906
OPERATING EXPENSES:
Production fuel $16,045,830 $15,457,621
Purchased power-
System energy 9,426,594 8,004,138
Resale 1,614,549 420,458
Gas purchased for
resale 2,943,715 2,617,136
Other operations 19,666,195 18,782,613
Maintenance 8,260,730 10,602,626
Depreciation 10,248,611 9,871,310
Taxes - General 6,379,711 6,421,144
Income 5,583,228 2,930,110
$80,169,163 $75,107,156
OPERATING INCOME $16,683,043 $13,384,750
OTHER INCOME & DEDUCTIONS:
Allowance for equity
funds used during
construction $ 261,522 $ 47,458
Other - including
income taxes on
nonutility operations 154,685 515,116
$ 416,207 $ 562,574
INCOME BEFORE INTEREST
CHARGES $17,099,250 $13,947,324
INTEREST CHARGES (Net):
Long-term debt $ 5,849,600 $ 4,764,999
Interest on bank notes 80 262,809
Other 138,663 131,098
Allowance for borrowed
funds used during
construction (255,676) (157,850)
$ 5,732,667 $ 5,001,056
NET INCOME AVAILABLE
FOR COMMON STOCK $11,366,583 $ 8,946,268
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,824,642 7,819,502
EARNINGS PER AVERAGE
COMMON SHARE $1.45 $1.14
DIVIDENDS PAID PER
COMMON SHARE $0.93 $0.91
[FN] See Note to Financial Statement.
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
BALANCE SHEETS
<CAPTION>
June 30, December 31,
1996 1995
(Unaudited)
<C> <C>
<S>
ASSETS
UTILITY PLANT:
Electric $290,352,740 $283,958,833
Other 9,659,060 9,624,603
$300,011,800 $293,583,436
Less-Reserves for
depreciation 144,735,494 140,391,437
$155,276,306 $153,191,999
Construction work in
progress 7,155,645 7,505,407
$162,431,951 $160,697,406
OTHER INVESTMENTS $ 2,044,271 $ 1,727,267
CURRENT ASSETS:
Cash and cash equivalents $ 332,848 $ 287,319
Temporary investments 4,431,699 6,201,584
Receivables, less reserves 7,260,580 7,567,875
Accrued utility revenue 4,820,193 3,594,938
Fuel, at average cost 2,282,295 4,015,138
Materials and supplies, at
average cost 5,677,077 5,500,452
Prepayments and other 1,519,099 1,208,038
$ 26,323,791 $ 28,375,344
DEFERRED CHARGES
Debt expense $ 1,610,578 $ 1,668,452
Lease payments receivable 3,474,257 3,535,986
Prepaid pension expense 9,701,108 8,836,140
Regulatory assets 14,155,422 14,126,115
Other 467,823 363,505
$ 29,409,188 $ 28,530,198
$ 220,209,201 $ 219,330,215
CAPITALIZATION & LIABILITIES
CAPITALIZATION (See statements):
Common stock and retained
earnings $ 83,298,456 $ 81,393,532
Long-term debt 73,100,000 73,100,000
$ 156,398,456 $ 154,493,532
CURRENT LIABILITIES:
Outstanding checks in
excess of cash balances $ 1,701,006 $ 2,523,453
Accounts payable 5,316,499 7,935,124
Accrued income & general taxes 2,644,322 721,469
Accrued interest 1,953,611 1,961,342
Accrued vacation 1,268,478 1,122,925
Other 392,954 394,990
$ 13,276,870 $ 14,659,303
DEFERRED CREDITS AND
NON-CURRENT LIABILITIES:
Capital lease obligations $ 3,354,404 $ 2,511,699
Deferred income taxes 29,695,983 29,303,855
Investment tax credit 4,704,615 4,910,823
Accrued claims and benefits 1,110,089 1,699,204
Deferred revenues 2,431,394 2,490,578
Regulatory liabilities 7,287,180 7,287,180
Other 1,950,210 1,974,041
$ 50,533,875 $ 50,177,380
$220,209,201 $219,330,215
<FN> See Note to Financial Statements.
</TABLE>
PAGE
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF CAPITALIZATION
<CAPTION> June 30, December 31,
1996 1995
(Unaudited)
<C> <C>
<S>
COMMON STOCK AND RETAINED EARNINGS:
Common stock--authorized 50,000,000
shares, without par value, issued
9,252,748 shares $ 33,816,099 $ 33,816,099
Retained earnings 65,518,590 64,560,183
Other paid-in capital 612,947 380,148
Less-treasury stock, at cost,
1,380,462 and 1,440,010 shares
respectively (16,649,180) (17,362,898)
$ 83,298,456 $ 81,393,532
LONG-TERM DEBT:
First Mortgage Bonds -
9.44% Series due
February 1, 2021 $ 22,500,000 $ 22,500,000
Unsecured Pollution Control Bonds-
5.85% Series due
February 1, 2013 $ 5,600,000 $ 5,600,000
Medium-term notes-
5.77% due December 8, 1998 $ 5,000,000 $ 5,000,000
7.13% due November 29, 2013 1,000,000 1,000,000
7.16% due November 29, 2013 9,000,000 9,000,000
7.17% due December 1, 2023 7,000,000 7,000,000
7.33% due November 30, 2023 3,000,000 3,000,000
8.36% due March 15, 2005 20,000,000 20,000,000
$ 45,000,000 $ 45,000,000
Total Long-Term Debt $ 73,100,000 $ 73,100,000
Total Capitalization $156,398,456 $154,493,532
<FN> See Note to Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ST JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION> Six Months Ended June 30
1996 1995
<C> <C>
<S>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,635,579 $ 4,309,455
Adjustments to reconcile net income
to cash provided by operating
activities:
Depreciation 5,153,552 4,926,790
Pension expense (717,923) (509,856)
Other post retirement
benefits (488,063) (446,296)
Deferred taxes and investment
credit 185,920 (115,421)
Allowance for equity funds used
during construction (151,611) ( 28,600)
Gain from sale of
unit coal trains -- (805,874)
Net changes in working capital items
not considered elsewhere:
Accounts receivable and accrued
utility revenues (917,960) 1,000,466
Fuel 1,732,843 (374,149)
Accounts payable and
outstanding checks (3,441,072) (3,430,581)
Accrued income and
general taxes 1,922,853 2,124,770
Other, net (351,900) 243,146
Net changes in regulatory
assets and liabilities (29,307) 88,987
Net changes in other assets
and liabilities (169,108) (175,738)
Net cash provided by
operating activities $ 7,363,803 $ 6,807,099
CASHFLOWS FROM INVESTING ACTIVITIES:
Gross additions to plant $(5,959,312) $(10,212,761)
Allowance for borrowed funds
used during construction 110,977 124,733
Investments 1,452,881 (7,721,144)
Proceeds from sale of unit
coal trains -- 930,870
Other 40,634 (96,133)
Net cash used in investing
activities $(4,354,820) $(16,974,435)
CASHFLOWS FROM FINANCING ACTIVITIES:
Decrease in notes payable -- $(6,300,000)
Long-term debt issued -- 20,000,000
Common stock purchased (17,446) (50,153)
Common stock issued 731,164 --
Dividends paid (3,677,172) (3,594,560)
Net cash provided by (used in)
financing activities ($2,963,454) $10,055,287
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 45,529 $ (112,049)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR $ 287,319 $ 407,392
CASH AND CASH EQUIVALENTS
AT END OF YEAR $ 332,848 $ 295,343
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid during year:
Interest $2,080,751 $ 2,456,820
Income taxes $1,690,000 $ 927,000
<FN>For purposes of the Statements of Cash Flows,
the Company considers all highly liquid debt
instruments purchased with an original maturity
of three months or less to be cash equivalents.
<FN> See Note to Financial Statements.
</TABLE>
PAGE
<PAGE>
<TABLE>
ST. JOSEPH LIGHT & POWER COMPANY
STATEMENTS OF RETAINED EARNINGS
(Unaudited)
<CAPTION> Three Months Ended
June 30
1996 1995
<C> <C>
<S>
Balance at beginning
of period $63,025,035 $59,917,165
Net income 2,493,721 1,505,174
$65,518,756 $61,422,339
Dividends on common stock 166 (700)
Balance at end of period $65,518,590 $61,423,039
<CAPTION> Six Months Ended
June 30
1996 1995
<C> <C>
Beginning at beginnng
of period $64,560,183 $60,708,144
Net Income 4,635,579 4,309,455
$69,195,762 $65,017,599
Dividends on common stock 3,677,172 3,594,560
Balance at end of period $65,518,590 $61,423,039
<CAPTION> Twelve Months Ended
June 30
1996 1995
<C> <C>
<S>
Balance at beginning
of period $61,423,039 $59,593,787
Net Income 11,366,583 8,946,268
$72,789,622 $68,540,055
Dividends on common stock 7,271,032 7,117,016
Balance at end of period $65,518,590 $61,423,039
<FN> See Note to Financial Statements.
</TABLE>
<PAGE>
ST. JOSEPH LIGHT & POWER COMPANY
NOTE TO FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES
General: The unaudited financial statements included herein
have been prepared by the Company, 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, although
the Company believes that the disclosures are adequate to
make the information presented not misleading. See Notes to
Financial Statements included in the Company's 1995 Annual
Report to Shareholders incorporated by reference in the
Company's 1995 Annual Report on Form 10-K. There are no
significant differences in the Company's interim and annual
accounting policies. However, due to estimates inherent in
the accounting process for other than annual periods, the
accuracy of the amounts in the interim financial statements
is in some respects dependent upon facts that will exist and
reviews that will be performed by the Company later in the
fiscal year. The information contained in these financial
statements reflects all adjustments which are, in the opinion
of management, necessary to state fairly the results of the
interim periods.
The results for the three and six month periods ended
June 30, 1996 are not necessarily indicative of the results
for the entire year 1996.
Restatement: All common share information presented in these
statements has been restated to give retroactive effect to
the two-for-one stock split which was effective July 15, 1996.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
In the electric and natural gas utility industries
generally, results of operations show a seasonal pattern
influenced primarily by the weather. The Company expects
that its historical pattern of higher revenues and earnings
in the third quarter will be more pronounced as a result of
rate-design changes implemented in June 1995 which increase
electric rates from June through September and decrease rates
from October through May.
RESULTS OF OPERATIONS -
Comparison of the quarters ended June 30, 1996 and 1995
Electric retail sales and other revenues increased 12%
for the quarter while sales increased 8%. The following
factors contributed to the increase:
* weather extremes increased sales to residential
customers;
* improving economic conditions in the service
territory increased sales to commercial
and industrial customers;
* rate-design changes implemented in June 1995
reduced winter and increased summer prices to
reflect seasonal production costs; and
* an allocations case which will annually increase
electric and natural gas operating revenues by
$500,000 and $50,000, respectively, and decrease
industrial steam operating revenues by $550,000 was
effective in June 1995.
Sales for resale and related purchased power expense
continued to expand reflecting increased demand from regional
utilities and energy marketers for low-cost power.
Other operating revenues decreased 7% primarily due to
the industrial steam segment. While industrial steam sales
increased 11% for the period, revenues decreased 10%
reflecting a rate reduction for a major customer and the
change in revenues due to the allocations case discussed
above.
System energy costs increased 10% while retail sales
increased 8%. The excess of the increase in cost over the
increased volume was a result of increased usage of the
less-efficient Lake Road facility caused by record demands,
partially offset by lower unit coal prices.
The decrease in maintenance expense for the quarter
reflects the scheduled overhaul of a boiler and turbine at
the Lake Road plant during the 1995 period.
The decrease in other income was primarily
attributable to a gain on the sale of securities in 1995.
Comparison of the six months ended June 30, 1996 and 1995
Electric retail sales and other revenues increased 7%
while sales for the period increased 8%. The increase is
primarily a result of the following factors:
* weather extremes during both summer and winter
increased sales, especially to residential
customers;
* economic improvement in the company's service
territory increased sales to commercial and
industrial customers; and
* an allocations case which will annually increase
electric and natural gas operating revenues by
$500,000 and $50,000, respectively, and decrease
industrial steam operating revenues by $550,000
was effective in June 1995.
Sales for resale and related purchased power expenses
increased reflecting increased transactions with regional
utilities and energy marketers.
Other operating revenues remained relatively stable.
Natural gas revenues were up 12% primarily due to cooler than
normal winter temperatures which increased heating
requirements. Offsetting the natural gas increase was a 10%
reduction in revenues for the industrial steam segment
despite increased steam sales. The decrease in revenues
reflects the reduced revenues resulting from June 1995
allocation case and a rate decrease for a major customer.
System energy costs increased 12% while retail sales
increased 8%. The record demands for the period required the
increase usage of the less-efficient Lake Road generating
facility.
The increase in gas purchased for resale reflects the
increase in natural gas sales.
Other operations expense increased 3% for the period
primarily as a result of the payroll and related compensation
benefits.
Maintenance expense decreased significantly due to the
scheduled overhaul at the Lake Road plant during the 1995
period.
Other income was down due to the 1995 gain on the sale
of the unit coal trains.
Interest charges increased 7% primarily as a result of
the issuance of $20 million of medium-term notes in March
1995.
Comparison of the twelve months ended June 30, 1996 and 1995
Electric retail sales and other revenues increased 9%
while sales for the period increased 8%. The increase is
primarily a result of the following factors:
* weather extremes during both summer and winter
increased sales, especially to residential
customers;
* the full-year impact of the rate-design change; and
* an allocations case which will annually increase
electric and natural gas operating revenues by
$500,000 and $50,000, respectively, and decrease
industrial steam operating revenues by $550,000 was
effective in June 1995.
Sales for resale and related purchased power expenses
increased due to expanded transactions with regional
utilities and energy marketers.
Other operating revenues decreased slightly for the
period due to the industrial steam segment. While industrial
steam sales increased 5%, revenues decreased 9% as a result
of the June 1995 allocation case reduction and a rate
decrease for a major customer. Partially offsetting the
decrease, natural gas revenues increased 12% primarily due to
cooler than normal winter temperatures which impacted heating
requirements.
System energy costs increased 9% primarily due to
increased retail sales. A fall outage at the Iatan plant,
the Company's most efficient unit, resulted in the Company
utilizing more expensive purchased power. Partially
offsetting the increase was the amortization of previously
incurred ash disposal costs in the previous period.
The increase in gas purchased for resale was the
result of increased natural gas sales.
Other operations expense increased 5% for the period
primarily as a result of increased consulting expenses and
environmental compliance costs.
Maintenance expense decreased significantly due to a
reduction in maintenance requirements at the Company's Lake
Road plant.
The decrease in other income was primarily
attributable to the 1995 gain on the sale of the unit coal
trains, partially offset by increased investment income.
Interest charges increased 15%, primarily as a result
of the issuance of $20 million of medium-term notes in March
1995.
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 1996, the Company had $4.8 million in cash
and temporary investments. At August 1, 1996, the Company
had $5.5 million in unused committed lines of credit and $5.0
million in other unused borrowing facilities. Financial
coverages are at levels in excess of those required for
issuance of debt and preferred stock.
The Company's short-term construction program (net of
allowance for funds used during construction) is currently
projected at $8.6 million for the remainder of 1996 and about
$76 million for the five-year period ending 2000.The Company
expects to finance these expenditures through internally
generated funds and the issuance of short-term debt and
common equity.
PART II. - OTHER INFORMATION
Item 1. Legal Proceedings.
None.
Item 2. Changes in the Rights of the Company's Security
Holders.
None.
Item 3. Default Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders
a. The annual meeting of common stockholders was
held May 15, 1996.
b. The following persons were elected Directors
of the Company to serve until the 1999 annual meeting
of common stockholders.
Richard M. Burridge (3,072,659 votes for; 73,324 withheld)
Robert L. Simpson (3,078,104 votes for; 66,987 withheld)
Gerald R. Sprong (3,077,027 votes for; 68,956 withheld)
c. The appointment of Arthur Andersen LLP as
independent auditors for 1996 was approved.
(3,075,618 votes for; 26,490 against; and 43,874 withheld)
d. The approval of the long-term incentive plan
for non-employee directors was approved.
(2,505,251 votes for; 499,654 against; and 141,077 withheld)
Item 5. Other Information.
a. The Company renegotiated three-year agreements
with its physical and clerical bargaining units effective
August 1, 1996. The agreements cover approximately sixty
percent of the Company's employees.
b. The Company has contracted to purchase up to
100 megawatts of capacity and energy from Nebraska Public
Power District beginning in mid-2000 and running through
mid-2011. The contract will help the Company provide energy
to meet the growing needs of its customers into the next century.
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibit 27 - Financial Data Schedule
b. No Current Report on Form 8-K was filed during
the quarter ended June 30, 1996.
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.
ST. JOSEPH LIGHT & POWER COMPANY
(Registrant)
Dated: August 9, 1996
/s/ L. J. STOLL
Vice President-Finance,Treasurer
and Assistant Secretary
(Duly Authorized Officer)
<TABLE> <S> <C>
<ARTICLE> UT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 162431951
<OTHER-PROPERTY-AND-INVEST> 2044271
<TOTAL-CURRENT-ASSETS> 26323791
<TOTAL-DEFERRED-CHARGES> 29409188
<OTHER-ASSETS> 0
<TOTAL-ASSETS> 220209201
<COMMON> 17166919
<CAPITAL-SURPLUS-PAID-IN> 612947
<RETAINED-EARNINGS> 65518590
<TOTAL-COMMON-STOCKHOLDERS-EQ> 83298456
0
0
<LONG-TERM-DEBT-NET> 73100000
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 3354404
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<EARNINGS-AVAILABLE-FOR-COMM> 4635579
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