<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(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, 1995.
/ / 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 0-19075
Jones Programming Partners 1-A, Ltd.
Exact name of registrant as specified in charter
Colorado #84-1088820
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
Address of principal executive office
(303) 792-3111
Registrant's telephone number
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
------ ------
<PAGE> 2
JONES PROGRAMMING PARTNERS 1-A, LTD.
INDEX
Page
Number
------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited Balance Sheets
June 30, 1995 and December 31, 1994 3-4
Unaudited Statements of Operations
Three and Six Months Ended June 30, 1995 and 1994 5
Unaudited Statements of Cash Flows
Six Months Ended June 30, 1995 and 1994 6
Notes to Unaudited Financial Statements
June 30, 1995 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 8-10
PART II. OTHER INFORMATION 11
2
<PAGE> 3
JONES PROGRAMMING PARTNERS 1-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1995 1994
--------- ------------
ASSETS
<S> <C> <C>
CASH AND CASH EQUIVALENTS $ 542,943 $ 668,088
RECEIVABLES:
Foreign income receivable 162,017 185,007
Domestic income receivable, net of unamortized
discount of $95 and $7,858 as of June 30, 1995 and
December 31, 1994, respectively 199,905 192,142
INVESTMENT IN AND ADVANCES FOR FILM PRODUCTION,
net of accumulated amortization of $7,586,043 and $7,458,205
as of June 30, 1995 and December 31, 1994, respectively 1,301,163 1,450,888
OTHER ASSETS -- 2,857
---------- ----------
Total assets $2,206,028 $2,498,982
=+======== ==========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
3
<PAGE> 4
JONES PROGRAMMING PARTNERS 1-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1995 1994
---------- ------------
<S> <C> <C>
LIABILITIES:
Accounts payable to affiliates $ 24,978 $ 1,100
Accrued distributions payable to partners 160,897 160,897
Accrued liabilities 5,340 7,513
----------- -----------
Total liabilities 191,215 169,510
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General partner -
Contributed capital 1,000 1,000
Distributions (31,177) (27,959)
Accumulated deficit (3,641) (3,712)
----------- -----------
Total general partner deficit (33,818) (30,671)
----------- -----------
Limited partners -
Contributed capital, net of offering costs
(12,743 units outstanding as of June 30, 1995
and December 31, 1994) 5,459,327 5,459,327
Distributions (3,086,486) (2,767,910)
Accumulated deficit (324,210) (331,274)
----------- -----------
Total limited partners' capital 2,048,631 2,360,143
----------- -----------
Total partners' capital 2,014,813 2,329,472
----------- -----------
Total liabilities and partners' capital $ 2,206,028 $ 2,498,982
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
4
<PAGE> 5
JONES PROGRAMMING PARTNERS 1-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
------------------------- ------------------------
1995 1994 1995 1994
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
GROSS REVENUES $ 70,138 $ 145,908 $ 172,382 $ 182,554
COSTS AND EXPENSES:
Costs of filmed entertainment 46,729 126,721 127,838 171,535
Distribution fees and expenses 8,282 2,477 32,766 39,784
Operating, general and administrative expenses 7,818 6,562 19,643 23,871
-------- --------- --------- ---------
Total costs and expenses 62,829 135,760 180,247 235,190
-------- --------- --------- ---------
OPERATING INCOME (LOSS) 7,309 10,148 (7,865) (52,636)
-------- --------- --------- ---------
INTEREST INCOME 7,292 5,057 15,000 9,609
-------- --------- --------- ---------
NET INCOME (LOSS) $ 14,601 $ 15,205 $ 7,135 $ (43,027)
======== ========= ========= =========
ALLOCATION OF NET INCOME (LOSS):
General Partner $ 146 $ 152 $ 71 $ (430)
======== ========= ========= =========
Limited Partners $ 14,455 $ 15,053 $ 7,064 $ (42,597)
======== ========= ========= =========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $ 1.13 $ 1.18 $ .55 $ (3.34)
======== ========= ========= =========
WEIGHTED AVERAGE NUMBER OF
LIMITED PARTNERSHIP UNITS
OUTSTANDING 12,743 12,743 12,743 12,743
======== ========= ========= =========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
5
<PAGE> 6
JONES PROGRAMMING PARTNERS 1-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Six Months Ended
June 30,
------------------------------
1995 1994
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 7,135 $ (43,027)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Amortization of filmed entertainment costs 127,838 171,535
Amortization of discount (7,763) (9,971)
Decrease in foreign income receivable 22,990 394,632
Decrease (increase) in other assets 2,857 (8,465)
Increase (decrease) in accounts payable to affiliates 23,878 (225,418)
Decrease in accrued liabilities (2,173) (3,036)
-------- --------
Net cash provided by operating activities 174,762 276,250
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in production advances 21,887 (9,155)
-------- --------
Net cash provided by (used in) investing activities 21,887 (9,155)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners (321,794) (321,794)
-------- --------
Net cash used in financing activities (321,794) (321,794)
-------- --------
Decrease in cash and cash equivalents (125,145) (54,699)
Cash and cash equivalents, beginning of period 668,088 834,066
-------- --------
Cash and cash equivalents, end of period $ 542,943 $ 779,367
======== ========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
6
<PAGE> 7
JONES PROGRAMMING PARTNERS 1-A, LTD.
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION
This Form 10-Q is being filed in conformity with the SEC requirements
for unaudited financial statements and does not contain all of the
necessary footnote disclosures required for a fair presentation of the
Balance Sheets and Statements of Operations and Cash Flows in
conformity with generally accepted accounting principles. However, in
the opinion of management, this data includes all adjustments,
consisting only of normal recurring accruals, necessary to present
fairly the financial position of Jones Programming Partners 1-A, Ltd.
(the "Partnership") as of June 30, 1995 and December 31, 1994 and its
results of operations and its cash flows for the three and six month
periods ended June 30, 1995 and 1994. Results of operations for these
periods are not necessarily indicative of results to be expected for
the full year. Certain prior year amounts have been reclassified to
conform to the 1995 presentation.
(2) TRANSACTIONS WITH AFFILIATED ENTITIES
The General Partner is entitled to reimbursement from the Partnership
for its direct and indirect expenses allocable to the operations of the
Partnership, which shall include, but not be limited to, rent,
supplies, telephone, travel, legal expenses, accounting and auditing
expenses, preparation and distribution of reports to investors and
salaries of any full or part-time employees. Although the General
Partner is entitled to reimbursement for all direct and indirect
expenses allocable to the Partnership, the Partnership was charged
$3,693 and $1,977 for direct expenses only for the three month periods
ended June 30, 1995 and 1994, respectively. For the six month periods
ended June 30, 1995 and 1994, $5,393 and $1,720, respectively, were
charged to the Partnership for such expenses.
(3) INVESTMENT IN AND ADVANCES FOR FILM PRODUCTION
"The Little Kidnappers"
In January 1990, the General Partner, on behalf of the Partnership,
entered into an agreement with Jones Maple Leaf Productions ("Maple
Leaf") to produce a full-length feature film for television entitled
"The Little Kidnappers." The total film cost was approximately
$3,200,000. Of this amount, the Partnership invested approximately
$2,794,000, which included a production and overhead fee of $300,000
paid to the General Partner. As of June 30, 1995, the Partnership's net
investment in the film, after consideration of amortization, is
$124,877. From inception to June 30, 1995, the Partnership has
recognized approximately $2,886,000 of gross revenue from this film,
which includes the initial license fees of approximately $1,365,000
from The Disney Channel and the Canadian Broadcasting Corporation,
which was used to finance the film's production.
"The Story Lady"
In April 1991, the General Partner, on behalf of the Partnership,
entered into an agreement with NBC Productions, Inc. ("NBC") for the
production of a full-length made-for-television film entitled "The
Story Lady." The total cost of the film was approximately $4,300,000.
Of this amount, the Partnership invested approximately $1,183,000 in
return for world-wide distribution rights to this film, excluding
United States and Canadian broadcast television rights. Included in the
total amount invested is a production and overhead fee of $120,000 paid
to the General Partner. As of June 30, 1995, the Partnership's net
investment in the film, after consideration of amortization, was
$13,260. From inception to June 30, 1995, the Partnership has
recognized approximately $1,491,000 of revenue from this film.
"Curacao"
In October 1992, the General Partner, on behalf of the Partnership,
entered into an agreement with Showtime Networks, Inc. ("Showtime") for
the production of a full-length made-for-television film entitled
"Curacao." The total cost of the film was approximately $4,410,000. In
addition to the costs of production, the Partnership paid the General
Partner $500,000 as a production and overhead fee for services rendered
in connection with arranging the Showtime pre-sale and supervising
production of this picture. As of June 30, 1995, the Partnership's net
investment in the film, after consideration of amortization, was
$1,163,026. From inception to June 30, 1995, the Partnership has
recognized approximately $3,806,000 of gross revenue from this film,
which includes the initial license fee and home video advance from
Showtime of $2,650,000, which was used to finance the film's
production.
7
<PAGE> 8
JONES PROGRAMMING PARTNERS 1-A, LTD.
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION
Liquidity and Capital Resources
The Partnership's principal sources of liquidity are cash on hand and amounts
received from the domestic and international distribution of the Partnership's
programming. The Partnership had $542,943 in cash as of June 30, 1995. It is not
anticipated that the Partnership will invest in any additional programming
projects, but instead will focus on the distribution of its existing projects.
The Partnership has outstanding amounts receivable from unaffiliated
distributors totaling approximately $362,000 as of June 30, 1995. Approximately
$162,000 of this amount will be paid to the Partnership as collected by the
distributors and $200,000 of this amount, which represents the final payment for
the domestic home video rights for "The Little Kidnappers," is due in October
1995.
In December 1994, the Partnership declared a distribution of $160,897 which was
paid to the partners in February 1995. In March 1995, the Partnership declared a
distribution of $160,897, which was paid to the partners in May 1995. In June
1995, the Partnership declared a distribution of $160,897, which will be paid to
the partners in August 1995. These distributions are made using cash on hand,
interest income and cash provided by operating activities. Distributions are
expected to continue, although no determination has been made regarding any
specific level of future distributions. Distributions reduce the financial
flexibility of the Partnership.
The General Partner believes that the Partnership has, and will continue to
have, sufficient liquidity to conduct its operations and to meet its obligations
during 1995. Liquidity will come primarily from the Partnership's programming
projects as follows:
"The Little Kidnappers"
During 1990, the Partnership invested approximately $2,794,000 in a film
entitled "The Little Kidnappers." Network pre-sales to The Disney Channel and
the Canadian Broadcasting Corporation totaling approximately $1,365,000 were
collected by the Partnership upon delivery. The Partnership received $200,000
from The Disney Channel and is expected to receive an additional $100,000 in
1996 for the relicensing of "The Little Kidnappers" to The Disney Channel for an
additional five years beginning January 1, 1994.
The Partnership advanced funds as production advances to Maple Leaf to complete
the film. In return for such production advances, the Partnership received all
distribution rights in perpetuity in all markets except Canada. The General
Partner, on behalf of the Partnership, licensed the film to The Disney Channel
and Maple Leaf licensed the film to the Canadian Broadcasting Corporation.
Aggregate license fees of approximately $1,365,000 were received from these
licensees. The original Disney Channel license expired in September 1993. The
General Partner has relicensed the film to The Disney Channel for an additional
license period of five years beginning January 1, 1994 for an additional fee of
$300,000. As of June 30, 1995, the Partnership had received $200,000 from The
Disney Channel and is expected to receive the remaining $100,000 in 1996. The
Canadian Broadcasting Corporation license expired in the second quarter of 1994
and was not renewed. The Partnership subsequently engaged an unaffiliated
distribution company to further exploit the Canadian market.
In April 1991, the General Partner, on behalf of the Partnership, entered into a
distribution agreement with an unaffiliated party granting rights to distribute
"The Little Kidnappers" in the non-theatrical domestic markets (defined as 16mm
sales and rentals, in-flight, oil rigs, ships at sea, military installations,
libraries, restaurants, hotels, motels or other institutional or commercial
enterprises). As of June 30, 1995, gross sales made under this arrangement
totaled $94,190, of which $23,548 was retained by the distributor for its fees.
In July 1991, the General Partner, on behalf of the Partnership, entered into an
agreement with another unaffiliated party that purchased the rights to
distribute "The Little Kidnappers" in the domestic home video market for a
period not to exceed five years. Under this agreement, the Partnership is to
receive a guaranteed minimum of $500,000. The Partnership received $100,000 upon
execution of the agreement and delivery of the film, which occurred in October
1991. The Partnership discounted the remaining $400,000 at an imputed interest
rate of 8%, which created a discount of $79,157. This discount is being
amortized over a four-year period. The Partnership received $50,000 in October
1992, $75,000 in October 1993, $75,000 in October 1994, and is scheduled to
receive $200,000 in October 1995 as full payment for the $500,000 domestic home
video guarantee.
8
<PAGE> 9
In the third quarter of 1990, the General Partner, on behalf of the Partnership,
entered into a distribution agreement with an unaffiliated party, granting the
rights to distribute "The Little Kidnappers" in international television and
international home video markets for a period of five years, which ends in
November 1995. As of June 30, 1995, gross sales made under this arrangement
totaled $1,133,123 of which $356,351 was retained by the distributor for its
fees and marketing costs. The remaining $776,772 will be paid to the Partnership
as collected by the distributor. As of June 30, 1995, the Partnership had
received $758,146 of such amount. The remaining $18,626 will be paid to the
Partnership over the next three to twenty-four months as collected by the
distributor. Such collections by the distributor will generally occur as the
film becomes available for exhibition within the respective territories. The
Partnership plans to recover its remaining investment in this film from net
revenues generated in remaining worldwide television and home video markets.
"The Story Lady"
In 1991, the General Partner, on behalf on the Partnership, entered into an
agreement with NBC Productions, Inc. ("NBC") for the production of a full-length
made-for-television film entitled "The Story Lady." The total cost of the film
was approximately $4,300,000, and the Partnership has invested its share of
approximately $1,183,000 in return for all distribution rights to this film
after the contractual airings by NBC Productions, Inc., which have been
completed.
In 1992, the General Partner, on behalf of the Partnership, entered into a
distribution agreement with an unaffiliated party, granting rights to distribute
"The Story Lady" in the non-theatrical domestic markets. As of June 30, 1995,
gross sales made under this arrangement totaled $300,969, of which $75,241 was
retained by the distributor for its fees. The remaining $225,728 has been
received by the Partnership. The General Partner, on behalf of the Partnership,
entered into an agreement with The Disney Channel, granting The Disney Channel
exclusive domestic television rights to the film for one year, from June 1994
until June 1995, for a license fee of $40,000. Of this license fee, $26,667 was
received in July 1994, with the remaining balance of $13,333 received in April
1995. In addition, the film was distributed in the domestic home video market by
the General Partner and a third party consultant beginning in the second quarter
of 1994. As of June 30, 1995, net sale proceeds under this arrangement totaled
$99,312, which were applied towards the General Partner's recoupment of its
total distribution costs of $109,781. Upon full recoupment of the General
Partner's remaining distribution costs of $10,469, any additional sales, net of
fees, will flow to the Partnership.
The Partnership has sub-licensed certain international distribution rights to a
distribution affiliate of NBC for approximately eight years, after which these
rights will revert to the Partnership. As of June 30, 1995, gross sales made by
this distributor totaled $1,117,295, of which $291,669 was retained by the
distributor for its fees and marketing costs, with the remaining $825,626
belonging to the Partnership. As of June 30, 1995, the Partnership had received
$782,235 of such amounts. The remaining $43,391 will be paid to the Partnership
over the next three to twenty-four months as collected by the distributor.
"Curacao"
In October 1992, the General Partner, on behalf of the Partnership, entered into
an agreement with Showtime Networks, Inc. ("Showtime") for the production of a
full-length made-for-television film entitled "Curacao." The total cost of the
film was approximately $4,410,000. In addition to the costs of production, the
Partnership paid the General Partner $500,000 as a production and overhead fee
for services rendered in connection with arranging the Showtime pre-sale and
supervising production of this picture.
The Partnership has received license fees and a home video advance totaling
$2,650,000 from Showtime in return for granting Showtime the right to market
domestic pay television rights to the film for 42 months and for the right to
market domestic home video rights for seven years. Home video revenues in excess
of $875,000 will be shared 50/50 between the Partnership and Showtime until
Showtime has received $1,875,000 after which the Partnership will receive all of
the home video revenues. It is unlikely that the Partnership will receive any
additional revenues beyond the original Showtime advance from the domestic home
video distribution of "Curacao."
In May 1993, the General Partner, on behalf of the Partnership, entered into a
distribution agreement with an unaffiliated party, granting rights to distribute
"Curacao" in the non-theatrical domestic markets. As of June 30, 1995, gross
sales made under this arrangement totaled $117,358, of which $29,340 was
retained by the distributor for its fees.
The Partnership has contracted with an unaffiliated international sales agent to
market all other rights worldwide. The General Partner has approved an agreement
negotiated by the international sales agent with an unaffiliated party to market
international theatrical and home video rights. The terms of such agreement
provide for an advance payment of $950,000 against international theatrical and
home video revenues in return for the exclusive rights to distribute the film in
the above media for 10 years. This unaffiliated party is entitled to a 35
percent distribution fee on net theatrical rentals and will pay the Partnership
a royalty equal to
9
<PAGE> 10
30 percent of home video sales. The net receipts to the Partnership will be
reduced by fees due to the international sales agent. As of June 30, 1995, the
Partnership had recorded international gross revenues of $1,037,143, of which
$305,517 was retained by the distributor for its fees and marketing costs, and
the remaining $731,626 had been received by the Partnership as of June 30, 1995.
RESULTS OF OPERATIONS
Revenues of the Partnership decreased $75,770, from $145,908 for the three
months ended June 30, 1994 to $70,138 for the three months ended June 30, 1995.
Revenues of the Partnership decreased $10,172, from $182,554 for the six months
ended June 30, 1994 to $172,382 for the six months ended June 30, 1995. These
decreases were primarily the result of a decrease in international and domestic
sales of "Curacao" which were $16,586 and $71,297, respectively, for the three
and six month periods ended June 30, 1995 as compared to $83,072 and $83,072,
respectively, for the same periods in 1994. International and domestic sales for
"The Little Kidnappers" decreased $3,981 and $18,871, respectively, for the
three and six month periods ended June 30, 1995 as compared to the same periods
in 1994. International and domestic revenues for "The Story Lady" decreased
$5,303 for the three month period ended June 30, 1995 and increased $20,474 for
the six month period ended June 30, 1995 compared to the same periods in 1994.
Filmed entertainment costs decreased $79,992, from $126,721 for the three months
ended June 30, 1994 to $46,729 for the three months ended June 30, 1995 and
decreased $43,697, from $171,535 for the six months ended June 30, 1994 to
$127,838 for the six months ended June 30, 1995. These decreases were the result
of the overall decreases in revenues as mentioned above. Filmed entertainment
costs are amortized over the life of the film in the ratio that current gross
revenues bear to anticipated total gross revenues.
Distribution fees and expenses increased $5,805, from $2,477 for the three
months ended June 30, 1994 to $8,282 for the three months ended June 30, 1995.
Distribution fees and expenses decreased $7,018, from $39,784 for the six months
ended June 30, 1994 to $32,766 for the six months ended June 30, 1995. These
changes were the result of decreases in domestic and international sales of the
Partnership's programming as well as changes in the mix of domestic and
international sales of the Partnership's programming. These distribution fees
and expenses relate to the compensation due and costs incurred by unaffiliated
parties in selling the Partnership's programming in the international television
and home video markets. The timing and amount of distribution fees and expenses
vary depending upon the individual market in which programming is distributed.
Operating, general and administrative expenses increased $1,256, from $6,562 for
the three months ended June 30, 1994 to $7,818 for the three months ended June
30, 1995. Operating, general and administrative expense decreased $4,228, from
$23,871 for the six months ended June 30, 1994 to $19,693 for the six months
ended June 30, 1995. These changes were primarily the result of changes in the
amount of royalties paid to the writer of the "The Little Kidnappers," which
totaled $569 and $5,332, respectively, for the three and six months ended June
30, 1995 as compared to $485 and $13,222, respectively, for the similar periods
in 1994. Direct expenses charged to the Partnership by the General Partner also
increased $1,716 for the three month period ended June 30, 1995 compared to the
same period in 1994.
Interest income increased $2,235, from $5,057 for the three months ended June
30, 1994 to $7,292 for the three months ended June 30, 1995 and increased
$5,391, from $9,609 for the six months ended June 30, 1994 to $15,000 for the
six months ended June 30, 1995. These increases in interest income were the
result of higher average yields being earned on cash balances invested during
1995 as compared to 1994.
10
<PAGE> 11
Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
11
<PAGE> 12
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.
JONES PROGRAMMING PARTNERS 1-A, LTD.
BY: JONES ENTERTAINMENT GROUP, LTD.
General Partner
By: /s/ Theodore A. Henderson
---------------------------------------
Theodore A. Henderson
Principal Financial and Accounting Officer
Dated: August 14, 1995
12
<PAGE> 13
EXHIBIT INDEX
Exhibit No. Exhibit Description Page
----------- ------------------- ----
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 542,943
<SECURITIES> 0
<RECEIVABLES> 361,922
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,206,028
<CURRENT-LIABILITIES> 191,215
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 2,014,813
<TOTAL-LIABILITY-AND-EQUITY> 2,206,028
<SALES> 0
<TOTAL-REVENUES> 172,382
<CGS> 0
<TOTAL-COSTS> 180,247
<OTHER-EXPENSES> (15,000)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 7,135
<INCOME-TAX> 0
<INCOME-CONTINUING> 7,135
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,135
<EPS-PRIMARY> .55
<EPS-DILUTED> .55
</TABLE>
