UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the period ended June 30, 1999
-----------------------------------------------------------
[ ] 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 0-27904
---------------------------------------------------------
ICON Cash Flow Partners, L.P., Series C
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3575099
- --------------------------------------------------------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
600 Mamaroneck Avenue, Harrison, New York 10528-1632
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(914) 698-0600
- --------------------------------------------------------------------------------
Registrant's telephone number, including area code
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.
[ x ] Yes [ ] No
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Balance Sheets
(unaudited)
<TABLE>
June 30, December 31,
1999 1998
Assets
<S> <C> <C>
Cash .................................................. $ 1,496,696 $ 1,983,281
----------- -----------
Investment in financings
Receivables due in installments ................... 451,806 645,067
Unearned income ................................... (33,862) (60,405)
Allowance for doubtful accounts ................... (27,847) (27,847)
----------- -----------
390,097 556,815
----------- -----------
Investment in finance leases
Minimum rents receivable .......................... 289,207 469,525
Estimated unguaranteed residual values ............ 11,901 77,884
Unearned income ................................... (17,941) (40,861)
Allowance for doubtful accounts ................... (26,969) (24,127)
----------- -----------
256,198 482,421
----------- -----------
Investment in unconsolidated joint venture ............ 37,728 56,960
----------- -----------
Other assets .......................................... 11,223 --
----------- -----------
Total assets .......................................... $ 2,191,942 $ 3,079,477
=========== ===========
Liabilities and Partners' Equity
Security deposits, deferred credits and other payables $ 64,976 $ 70,881
Accounts payable to General Partner and affiliates, net -- 175,586
----------- -----------
64,976 246,467
----------- -----------
Commitments and Contingencies
Partners' equity (deficiency)
General Partner ................................... (47,187) (144,078)
Limited partners (198,037 units outstanding,
$100 per unit original issue price) ............. 2,174,153 2,977,088
----------- -----------
Total partners' equity ................................ 2,126,966 2,833,010
----------- -----------
Total liabilities and partners' equity ................ $ 2,191,942 $ 3,079,477
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Operations
(unaudited)
<TABLE>
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1999 1998 1999 1998
---- ---- ---- ----
Revenues
Net gain on sales or remarketing
<S> <C> <C> <C> <C>
of equipment ...................... $ 42,163 $ 7,715 $ 39,587 $ 86,870
Finance income ...................... 20,682 46,398 47,567 100,387
Interest income and other ........... 17,461 32,396 33,525 87,303
Income from equity investment
in joint venture .................. 1,558 -- 3,499 --
-------- -------- -------- --------
Total revenues ...................... 81,864 86,509 124,178 274,560
-------- -------- -------- --------
Expenses
General and administrative .......... 12,982 21,100 25,312 36,968
Administrative expense reimbursements
- General Partner ................. 4,618 8,172 9,929 16,794
-------- -------- -------- --------
Total expenses ...................... 17,600 29,272 35,241 53,762
-------- -------- -------- --------
Net income ............................. $ 64,264 $ 57,237 $ 88,937 $220,798
======== ======== ======== ========
Net income allocable to:
Limited partners .................... $ 63,621 $ 56,665 $ 88,048 $218,590
General Partner ..................... 643 572 889 2,208
-------- -------- -------- --------
$ 64,264 $ 57,237 $ 88,937 $220,798
======== ======== ======== ========
Weighted average number of limited
partnership units outstanding ....... 198,037 198,037 198,037 198,332
======== ======== ======== ========
Net income per weighted average
limited partnership unit ............ $ .32 $ .29 $ .44 $ 1.10
======== ======== ======== ========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Changes in Partners' Equity
For the Six Months Ended June 30, 1999 and
the Year Ended December 31, 1998
(unaudited)
<TABLE>
Limited Partner Distributions
Return of Investment Limited General
Capital Income Partners Partner Total
(Per weighted average unit)
<S> <C> <C> <C> <C> <C>
Balance at
December 31, 1997 $ 3,995,292 (133,798) 3,861,494
Cash distributions
to partners $ 5.13 $ 3.87 (1,782,770) (18,017) (1,800,787)
Limited partnership
units redeemed
(208 units) (1,392) - (1,392)
Net income 765,958 7,737 773,695
----------- --------- -----------
Balance at
December 31, 1998 2,977,088 (144,078) 2,833,010
Cash distributions
to partners $ 4.06 $ .44 (890,983) (8,998) (899,981)
Capital contribution
General Partner - 105,000 105,000
Net income 88,048 889 88,937
----------- --------- -----------
Balance at June 30, 1999 $ 2,174,153 $(47,187) $ 2,126,966
=========== ========= ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Statements of Cash Flows
For the Six Months Ended June 30,
(unaudited)
<TABLE>
1999 1998
---- ----
Cash flows from operating activities:
<S> <C> <C>
Net income .............................................. $ 88,937 $ 220,798
----------- -----------
Adjustments to reconcile net income to net
cash provided by operating activities:
Net gain on sales or remarketing of equipment .......... (39,587) (86,870)
Income from investment in unconsolidated joint venture . (3,499) --
Changes in operating assets and liabilities:
Collection of principal - non-financed receivables .... 310,022 535,774
Distribution from unconsolidated joint venture ........ 22,731 --
Security deposits, deferred credits and other payables (5,905) 83,756
Accounts payable to General Partner and affiliates, net (175,586) 44,191
Other, net ............................................ (49,703) 34,013
----------- -----------
Total adjustments ................................ 58,473 610,864
----------- -----------
Net cash provided by operating activities ............. 147,410 831,662
----------- -----------
Cash flows from investing activities:
Proceeds from sales of equipment ........................ 160,986 155,873
----------- -----------
Net cash provided by investing activities ............. 160,986 155,873
----------- -----------
Cash flows from financing activities:
Cash distributions to partners .......................... (899,981) (900,757)
Capital contribution - General Partner .................. 105,000 --
Redemption of limited partnership units ................. -- (1,392)
----------- -----------
Net cash used in financing activities ................. (794,981) (902,149)
----------- -----------
Net increase (decrease) in cash ............................ (486,585) 85,386
Cash at beginning of period ................................ 1,983,281 2,186,149
----------- -----------
Cash at end of period ...................................... $ 1,496,696 $ 2,271,535
=========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Financial Statements
June 30, 1999
(unaudited)
1. Basis of Presentation
The financial statements of ICON Cash Flow Partners, L.P., Series C (the
"Partnership") have been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission (the "SEC") and, in the opinion of
management, include all adjustments (consisting only of normal recurring
accruals) necessary for a fair statement of income for each period shown.
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 SEC rules and regulations.
Management believes that the disclosures made are adequate to make the
information represented not misleading. The results for the interim period are
not necessarily indicative of the results for the full year. These financial
statements should be read in conjunction with the financial statements and notes
included in the Partnership's 1998 Annual Report on Form 10-K.
2. Amendment to Partnership Agreement
The Partnership's original reinvestment period was to expire on June 19,
1996, five years after the final closing date. The General Partner distributed a
definitive consent statement to the limited partners to solicit approval of two
amendments to the Partnership agreement. A majority of the limited partnership
units outstanding responded affirmatively and the amendments were adopted
accordingly. These amendments are effective from and after June 19, 1996 and
include: (1) extending the reinvestment period for a maximum of four and one
half additional years and likewise delaying the start and end of the liquidation
period, and (2) eliminating the Partnership's obligation to pay the General
Partner $529,125 of the $634,125 accrued and unpaid management fees as of
December 31, 1997 and all additional management fees which would otherwise
accrue. In June 1999, the Partnership paid the remaining $105,000 of accrued
management fees to the General Partner. The General Partner subsequently
remitted this amount back to the Partnership as an additional capital
contribution.
3. Related Party Transactions
As a result of the approval of the amendments, as discussed in Note 2, the
General Partner did not accrue any management fees for the six months ended June
30, 1999 and 1998. The Partnership paid or accrued administrative expense
reimbursements of $9,929 and $16,794 during the six months ended June 30, 1999
and 1998, respectively, which were charged to operations.
In March 1998, the Partnership loaned ICON Cash Flow Partners, L.P., Series
B ("Series B"), an affiliate, $150,000. The loan bore interest at the rate of
11%. The loan was paid in full in June 1998. Series B paid $1,238 to the
Partnership for interest related to the note.
In December 1998 the Partnership and three affiliates, ICON Cash Flow
Partners L.P. Six ("L.P. Six"), ICON Cash Flow Partners L.P. Seven ("L.P.
Seven") and ICON Income Fund Eight A L.P. ("Eight A") formed ICON Boardman
Funding LLC ("ICON BF"), for the purpose of acquiring a lease with Portland
General Electric. (See Note 4 for additional information relating to the joint
venture.)
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Notes to Financial Statements - Continued
4. Investments in Joint Ventures
The Partnership Agreement allows the Partnership to invest in joint
ventures with other limited partnerships sponsored by the General Partner
provided that the investment objectives of the joint ventures are consistent
with that of the Partnership.
In December 1998 the Partnership and three affiliates, L.P. Six, L.P. Seven
and Eight A formed ICON BF, for the purpose of acquiring a lease with Portland
General Electric. The purchase price totaled $27,421,810, and was funded with
cash and non-recourse debt assumed in the purchase price. The Partnership, L.P.
Six, L.P. Seven and Eight A received a .5%, .5%, .5% and 98.5% interest,
respectively, in ICON BF. The Partnership's original investment was recorded at
cost of $56,960 and is adjusted by its share of earnings, losses and
distributions, thereafter. Simultaneously with the acquisition of the Portland
General Electric lease by ICON BF, a portion of the rent receivable in excess of
the senior debt payments was acquired by L.P. Six from ICON BF for $3,801,108.
On March 30, 1999, ICON BF acquired L.P. Six's investment in a portion of
the rent in excess of the senior debt payments for $3,097,637 and financed, with
a third party, all of the rent receivable in excess of the senior debt payments.
ICON BF received $7,643,867 from the financing. There was no gain or loss to
L.P. Six on this transaction. The proceeds from the financing, net of the
purchase of L.P. Six's investment, were distributed to the members of ICON BF in
accordance with their ownership interests.
Information as to the financial position of ICON BF as of and for the six
months ended June 30, 1999 is summarized below:
June 30, 1999
Assets $26,061,621
===========
Liabilities $18,516,096
===========
Equity $ 7,545,525
===========
Partnership's share of equity $ 37,728
===========
Six Months Ended
June 30, 1999
Net income $ 699,768
===========
Partnership's share of net income $ 3,499
===========
Distributions $ 4,546,230
===========
Partnership's share of distributions $ 22,731
===========
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
June 30, 1999
Item 2. General Partner's Discussion and Analysis of Financial Condition and
Results of Operations
The Partnership's portfolio consisted of a net investment in financings,
finance leases and equity investment in unconsolidated joint venture
representing 57%, 38%, and 5% of total investments at June 30, 1999,
respectively, and 47%, 53% and 0% of total investments at June 30, 1998,
respectively.
Results of Operations for the Three Months Ended June 30, 1999 and 1998
For the three months ended June 30, 1999 and 1998, the Partnership did not
enter into any new leases or financing agreements. At June 30, 1999 the weighted
average remaining transaction term of the portfolio was 14 months.
Revenues for the three months ended June 30, 1999 were $81,864 representing
a decrease of $4,645 or 5% from 1998. The decrease in revenues was due to a
decrease in finance income of $25,716 or 55%, and a decrease in interest income
and other of $14,935 or 46% from 1998. These decreases were partially offset by
an increase in net gain on sales or remarketing of equipment of $34,448 or 447%
and an increase in income from an investment in an unconsolidated joint venture
of $1,558. The decrease in finance income was due to a decrease in the average
size of the finance lease portfolio from 1998 to 1999. The decrease in interest
income and other was due to a decrease in interest income resulting from a
decrease in the average cash balance from 1998 to 1999, and a decrease in
collection of late charges. The increase in net gain on sales or remarketing of
equipment resulted from an increase in the number of leases maturing and an
increase in the amount of underlying equipment being sold or remarketed for
which proceeds received were in excess of the remaining carrying value. In
December 1998, the Partnership, along with three affiliates, contributed to a
joint venture, ICON Boardman Funding LLC ("ICON BF"), which acquired a finance
lease with Portland General Electric. Therefore, the Partnership earned income
from an unconsolidated joint venture in the second quarter of 1999 compared to
no comparable income in the second quarter of 1998 when the partnership had no
investment in unconsolidated joint ventures.
Expenses for the three months ended June 30, 1999 were $17,600 representing
a decrease of $11,672 or 40%. The decrease in expenses was due to a decrease in
general and administrative expense of $8,118 or 38% and a decrease in
administrative expense reimbursements of $3,554 or 43%. The decreases in general
and administrative expense and administrative expense reimbursements were a
result of a decrease in the average size of the finance lease portfolio from
1998 to 1999.
Net income for the three months ended June 30, 1999 and 1998 was $64,264
and $57,237, respectively. The net income per weighted average limited
partnership unit was $.32 and $.29 for 1999 and 1998, respectively.
Results of Operations for the Six Months Ended June 30, 1999 and 1998
For the six months ended June 30, 1999 and 1998, the Partnership did not
enter into any new leases or financing agreements. At June 30, 1999 the weighted
average remaining transaction term of the portfolio was 14 months.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
Revenues for the six months ended June 30, 1999 were $124,178 representing
a decrease of $150,382 or 55% from 1998. The decrease in revenues was due to a
decrease in interest income and other of $53,778 or 62%, a decrease in finance
income of $52,820 or 53%, and a decrease in net gain on sales or remarketing of
equipment of $47,283 or 54%. These decreases were partially offset by an
increase in income from an investment in an unconsolidated joint venture of
$3,499. The decrease in interest income and other was due to a decrease in
interest income resulting from a decrease in the average cash balance from 1998
to 1999, and a decrease in collection of late charges. The decrease in finance
income was due to a decrease in the average size of the finance lease portfolio
from 1998 to 1999. The decrease in net gain on sales or remarketing of equipment
resulted from a decrease in the number of leases maturing and a decrease in the
amount of underlying equipment being sold or remarketed for which proceeds
received were in excess of the remaining carrying value. In December 1998, the
Partnership, along with three affiliates, contributed to a joint venture, ICON
Boardman Funding LLC ("ICON BF"), which acquired a finance lease with Portland
General Electric. Therefore, the Partnership earned income from an
unconsolidated joint venture for the six months ended June 30, 1999 compared to
no comparable income in the six months ended June 30, 1998 when the partnership
had no investment in unconsolidated joint ventures.
Expenses for the six months ended June 30, 1999 were $35,241 representing a
decrease of $18,521 or 34%. The decrease was due to a decrease in general and
administrative expense of $11,656 or 32% and a decrease in administrative
expense reimbursements of $6,865 or 41%. The decreases in general and
administrative expense and administrative expense reimbursements were a result
of a decrease in the average size of the finance lease portfolio from 1998 to
1999.
Net income for the six months ended June 30, 1999 and 1998 was $88,937 and
$220,798, respectively. The net income per weighted average limited partnership
unit was $.44 and $1.10 for 1999 and 1998, respectively.
Liquidity and Capital Resources
The Partnership's primary sources of funds for the six months ended June
30, 1999 and 1998 were net cash provided by operations of $147,410 and $831,662,
respectively, and proceeds from sales of equipment of $160,986 and $155,873,
respectively. These funds were used to fund cash distributions and to make a
loan to an affiliate in 1998.
Cash distributions to limited partners for the six months ended June 30,
1999 and 1998, which were paid monthly, totaled $890,983 and $891,749,
respectively, of which $88,048 and $218,590 was investment income and $802,935
and $673,159 was a return of capital, respectively. The monthly annualized cash
distribution rate for the six months ended June 30, 1998 and June 30, 1999 was
9%, of which .89% and 2.2% was investment income and 8.11% and 6.8% was a return
of capital, respectively, calculated as a percentage of each partner's initial
capital contribution. The limited partner distribution per weighted average unit
outstanding for the six months ended June 30, 1999 and 1998 was $4.50, of which
$.44 and $1.10 was investment income and $4.06 and $3.40 was a return of
capital, respectively.
The Partnership's original reinvestment period was to expire on June 19,
1996, five years after the final closing date. The General Partner distributed a
definitive consent statement to the limited partners to solicit approval of two
amendments to the Partnership agreement. A majority of the limited partnership
units outstanding responded affirmatively and the amendments were adopted
accordingly. These amendments are effective from and after June 19, 1996 and
include: (1) extending the reinvestment period for a maximum of four and one
half additional years and likewise delaying the start and end of the liquidation
period, and (2) eliminating the Partnership's obligation to pay the General
Partner $529,125 of
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
the $634,125 accrued and unpaid management fees as of December 31, 1997 and all
additional management fees which would otherwise accrue. In June 1999, the
Partnership paid the remaining $105,000 of accrued management fees to the
General Partner. The General Partner subsequently remitted this amount back to
the Partnership as an additional capital contribution.
In December 1998 the Partnership and three affiliates, L.P. Six, L.P. Seven
and Eight A formed ICON Boardman Funding LLC, for the purpose of acquiring a
lease with Portland General Electric. The purchase price totaled $27,421,810,
and was funded with cash and non-recourse debt assumed in the purchase price.
The Partnership, L.P. Six, L.P. Seven and Eight A received a .5%, .5%, .5% and
98.5% interest, respectively, in the joint venture. The Partnership's original
investment was recorded at cost and is adjusted by its share of earnings, losses
and distributions, thereafter. Simultaneously with the acquisition of the
Portland General Electric lease by ICON BF, a portion of the rent receivable in
excess of the senior debt payments was acquired by L.P. Six from ICON BF for
$3,801,108.
On March 30, 1999, ICON BF acquired L.P. Six's investment in a portion of
the rent in excess of the senior debt payments for $3,097,637 and financed, with
a third party, all of the rent receivable in excess of the senior debt payments.
ICON BF received $7,643,867 from the financing. There was no gain or loss to
L.P. Six on this transaction. The proceeds from the financing, net of the
purchase of L.P. Six's investment, were distributed to the members of ICON BF in
accordance with their ownership interests.
As of June 30, 1999 there were no known trends or demands, commitments,
events or uncertainties which are likely to have any material effect on
liquidity. As cash is realized from operations, sales of equipment and
borrowings, the Partnership will continue to pay distributions while retaining
sufficient cash to meet its reserve requirements and recurring obligations as
they become due.
Year 2000 Issue
The Year 2000 issue arose because many existing computer programs have been
written using two digits rather than four to define the applicable year. As a
result, programs could interpret dates ending in "00" as the year 1900 rather
than the year 2000. In certain cases, such errors could result in system
failures or miscalculations that disrupt the operation of the affected
businesses.
The Partnership uses computer information systems provided by the General
Partner and has no computer information systems of its own. The software related
to the General Partner's primary computer information systems are provided by
third party vendors. The General Partner has formally communicated with these
vendors and has received assurance that their programs are Year 2000 compliant.
In addition, the General Partner has gathered information about the Year 2000
readiness of significant vendors and third-party servicers and continues to
monitor developments in this area. All of the General Partner's peripheral
computer technologies, such as its network operating system and third party
software applications, including payroll and electronic banking have been
evaluated and have been found to be Year 2000 compliant. The ultimate impact of
the Year 2000 issue on the Partnership will depend to a great extent on the
manner in which the issue is addressed by the Partnership's lessees. Each of the
Partnership's lessees will have a material self interest in resolving any Year
2000 issue, however, non-compliance on the part of a lessee could result in lost
or delayed revenues to the Partnership. The effect of this risk to the
Partnership is not determinable.
The General Partner is responsible for costs relating to the assessment and
development of its Year 2000 compliance remediation plan, as well as the testing
of the hardware and software owned or licensed for its personal computers. The
General Partner's costs incurred to date and expected future costs are not
material.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K
No reports on Form 8-K were filed by the Partnership during the quarter ended
June 30, 1999.
<PAGE>
ICON Cash Flow Partners, L.P., Series C
(A Delaware Limited Partnership)
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.
ICON CASH FLOW PARTNERS, L.P., Series C
File No. 33-36376 (Registrant)
By its General Partner,
ICON Capital Corp.
August 12, 1999 /s/ Patricia A. Walsh
- --------------- -----------------------------------------
Date Patricia A. Walsh
Vice President and Controller
(Principal financial and account officer
of the General Partner of the Registrant)
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000866878
<NAME> ICON Cash Flow Partners, L.P., Series C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 1,496,696
<SECURITIES> 0
<RECEIVABLES> 741,013
<ALLOWANCES> 54,816
<INVENTORY> 0
<CURRENT-ASSETS> * 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,191,942
<CURRENT-LIABILITIES> ** 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,126,966
<TOTAL-LIABILITY-AND-EQUITY> 2,191,942
<SALES> 90,653
<TOTAL-REVENUES> 124,178
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 35,241
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 88,937
<EPS-BASIC> 0.44
<EPS-DILUTED> 0.44
<FN>
* The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
** The Partnership has an unclassified balance sheet in its financial
statements due to the nature of its industry. A value of "0" was used for
current assets and liabilities.
</FN>
</TABLE>
