<PAGE>
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 March 31, 1997
--------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
---------------- -------------------
Commission File Number 0-23240
ML GLOBAL HORIZONS L.P.
-----------------------
(Exact Name of Registrant as
specified in its charter)
Delaware 13-3716393
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
c/o Merrill Lynch Investment Partners Inc.
Merrill Lynch World Headquarters - South Tower, 6th Fl.
World Financial Center New York, New York 10080-6106
-----------------------------------------------------
(Address of principal executive offices)
(Zip Code)
212-236-4161
--------------------------------------------------
(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. Yes X No
----- -----
This document contains 10 pages.
There are no exhibits and no exhibit index filed with this document.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ML GLOBAL HORIZONS L.P.
-----------------------
(a Delaware limited partnership)
-------------------------------
STATEMENTS OF FINANCIAL CONDITION
---------------------------------
March 31, December 31,
1997 1996
------------ ------------
ASSETS
- ------
Accrued interest $ 380,740 $ 349,232
Equity in commodity futures trading
accounts:
Cash and option premiums 86,338,972 87,463,878
Net unrealized profit on open 4,416,998 2,335,799
contracts
------------ ------------
TOTAL $ 91,136,710 $ 90,148,909
============ ============
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
LIABILITIES:
Profit shares payable $ 1,114,180 $ 1,434,200
Brokerage commissions payable 551,052 544,798
Incentive override payable 528,757 834,271
Redemptions payable 371,596 3,143,328
Administrative fees Payable 18,986 18,771
------------ ------------
Total liabilities 2,584,571 5,975,368
------------ ------------
PARTNERS' CAPITAL:
General Partner (8,985 and 8,985
Units) 1,374,007 1,284,420
Limited Partners (570,081 and
579,840 Units) 87,178,132 82,889,121
------------ ------------
Total partners' capital 88,552,139 84,173,541
------------ ------------
TOTAL $ 91,136,710 $ 90,148,909
============ ============
NET ASSET VALUE PER UNIT
(Based on 579,066 and 588,825 Units
outstanding) $ 152.92 $ 142.95
======== ========
2
<PAGE>
ML GLOBAL HORIZONS L.P.
-----------------------
(a Delaware limited partnership)
-------------------------------
STATEMENTS OF OPERATIONS
------------------------
For the three For the three
months ended months ended
March 31, 1997 March 31, 1996
-------------- --------------
REVENUES:
Trading profits (loss):
Realized $ 5,942,145 $ (2,339,711)
Change in unrealized 2,081,199 (759,725)
------------- --------------
Total trading results 8,023,344 (3,099,436)
------------- --------------
Interest income 1,082,462 997,932
------------- --------------
Total revenues 9,105,806 (2,101,504)
------------- --------------
EXPENSES:
Profit shares 1,122,057 22,327
Incentive override 528,757 573
Brokerage commissions 1,554,045 1,656,642
Administrative fees 53,588 -
------------- --------------
Total expenses 3,258,447 1,679,542
------------- --------------
NET INCOME (LOSS) $ 5,847,359 $ (3,781,046)
============= ==============
NET INCOME (LOSS) PER UNIT:
Weighted average number of units
outstanding 585,398 750,186
======= =======
Weighted average net income (loss)
per General Partner and
Limited Partner Unit $ 9.99 $ (5.04)
====== =======
See notes to financial statements.
3
<PAGE>
ML GLOBAL HORIZONS L.P.
-----------------------
(a Delaware limited partnership)
-------------------------------
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
-----------------------------------------
For the three months ended March 31, 1997 and 1996
--------------------------------------------------
<TABLE>
<CAPTION>
Limited General
Units Partners Partner Receivable Total
----- -------- ------- ---------- -----
<S> <C> <C> <C> <C> <C>
PARTNERS' CAPITAL,
DECEMBER 31, 1995 716,827 $ 91,708,172 $ 1,052,896 $ (3,620,575) $ 89,140,493
Subscriptions 68,925 4,847,918 6,296 3,620,575 8,474,789
Subscriptions receivable (11,812) - - (1,410,707) (1,410,707)
Net loss - (3,739,058) (41,988) - (3,781,046)
Redemptions (53,472) (6,378,597) - - (6,378,597)
------------- -------------- -------------- -------------- --------------
PARTNERS' CAPITAL,
MARCH 31, 1996 720,468 $ 86,438,435 $ 1,017,204 $ (1,410,707) $ 86,044,932
============= ============== ============== ============== ==============
PARTNERS' CAPITAL,
DECEMBER 31, 1996 588,825 $ 82,889,121 $ 1,284,420 $ $ 84,173,541
Net income - 5,757,772 89,587 - 5,847,359
Redemptions (9,759) (1,468,761) - _ (1,468,761)
------------- -------------- -------------- -------------- --------------
PARTNERS' CAPITAL,
MARCH 31, 1997 $ 579,066 $ 87,178,132 $ 1,374,007 $ - $ 88,552,139
============= ============== ============== ============== ==============
</TABLE>
See notes to financial statements.
4
<PAGE>
ML GLOBAL HORIZONS L.P.
(A Delaware Limited Partnership)
-------------------------------
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting
of only normal recurring adjustments) necessary to present fairly the
financial position of ML Global Horizons L.P. (the "Partnership" or the
"Fund") as of March 31, 1997 and the results of its operations for the three
months ended March 31, 1997 and 1996. However, the operating results for the
interim periods may not be indicative of the results expected for the full
year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with general accepted accounting
principles have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and notes
thereto included in the Partnership's Annual Report on Form 10-K filed with
the Securities and Exchange Commission for the year ended December 31, 1996
(the "Annual Report").
2. FAIR VALUE AND OFF-BALANCE SHEET RISK
The Partnership's revenues by reporting category for the three months ended
March 31, 1997 and March 31, 1996 were as follows:
1997 1996
---- ----
Interest rate $ (96,219) $ 402,982
Stock indices 974,299 (492,339)
Commodities 4,303,136 (1,622,793)
Currencies 2,079,428 493,781
Energy (1,014,735) (286,979)
Metals 1,777,435 (1,594,088)
---------------- -------------
$ 8,023,344 $(3,099,436)
================ =============
Fair Value
----------
The contract/notional values of the Partnership's open derivative instrument
positions as of March 31, 1997 and December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
-------------------------------------------- --------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Interest rate $ 27,199,365 $ 483,695,364 $ 163,675,871 $ 19,289,797
Stock indices 11,012,543 7,835,875 2,370,250 -
Commodities 44,469,218 4,560,725 15,801,477 20,321,987
Currencies 26,436,549 63,144,078 98,847,573 98,585,409
Energy 173,820 5,006,163 9,062,561 -
Metals 34,738,302 13,793,168 8,173,590 36,875,178
------------------ ------------------ ------------------ ------------------
$ 144,029,797 $ 578,035,373 $ 297,931,322 $ 175,072,371
================== ================== ================== ==================
</TABLE>
Substantially all of the Partnership's derivative instruments outstanding as
of March 31, 1997 expire within one year.
5
<PAGE>
The contract/notional values of the Partnership's exchange-traded and non-
exchange-traded open derivative instrument positions as of March 31, 1997 and
December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
-------------------------------------------- --------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Exchange
traded $ 96,558,577 $ 524,669,673 $ 222,862,462 $ 120,557,546
Non-Exchange
traded 47,471,220 53,365,700 75,068,860 54,514,825
------------------ ------------------ ------------------ ------------------
$ 144,029,797 $ 578,035,373 $ 297,931,322 $ 175,072,371
================== ================== ================== ==================
</TABLE>
The average fair value of the Partnership's derivative instrument positions
which were open as of the end of each calendar month during the three months
ended March 31, 1997 and the year ended December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
-------------------------------------------- --------------------------------------------
Commitment to Commitment to Commitment to Commitment to
Purchase (Futures, Sell (Futures, Purchase (Futures, Sell (Futures,
Options & Forwards) Options & Forwards) Options & Forwards) Options & Forwards)
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Interest rate $ 152,483,919 $ 228,670,629 $ 375,821,929 $ 235,768,354
Stock indices 14,409,881 4,743,784 18,182,219 6,017,446
Commodities 42,472,394 10,344,456 31,215,320 16,934,584
Currencies 62,734,075 113,932,712 129,897,769 155,721,135
Energy 2,841,191 7,969,028 10,495,884 828,215
Metals 31,744,421 21,131,483 16,886,459 41,387,905
------------------ ------------------ ------------------ ------------------
$ 306,685,881 $ 386,792,092 $ 582,499,580 $ 456,657,639
================== ================== ================== ==================
</TABLE>
As of March 31, 1997 and December 31, 1996, $55,482,003 and $55,365,300 of the
Partnership's assets, respectively, were held in segregated accounts at MLF in
accordance with Commodity Futures Trading Commission regulations.
The gross unrealized profit and the net unrealized profit (loss) on the
Partnership's open derivative instrument positions as of March 31, 1997 and
December 31, 1996 were as follows:
<TABLE>
<CAPTION>
1997 1996
---- ----
Gross Net Gross Net
Unrealized Unrealized Unrealized Unrealized
Profit Profit (Loss) Profit Profit (Loss)
---------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Exchange
traded $ 5,076,770 $ 3,934,962 $ 3,583,032 $ 2,072,327
Non-Exchange
traded 1,380,353 482,036 1,075,337 263,472
------------- ---------------- -------------- ----------------
$ 6,457,123 $ 4,416,998 $ 4,658,369 $ 2,335,799
============= ================ ============== ================
</TABLE>
Item 2: Management's Discussion and Analysis of Financial Condition and Results
-----------------------------------------------------------------------
of Operation
------------
Operational Overview: Advisor Selections
- ----------------------------------------
The Fund's success depends on Merrill Lynch Investment Partners Inc.
("MLIP")'s ability to select Advisors and the Advisors' ability to recognize and
capitalize on trends and other profit opportunities in different sectors of the
world economy. MLIP's Advisor selection procedure and the Advisors' trading
methods are confidential, so that substantially the only information that can be
furnished regarding the Fund's results of operations is its performance record,
as set forth above. Unlike most operating businesses, general economic or
seasonal conditions have no direct effect on the profit potential of the Fund,
while, at the same time, its past performance is not necessarily indicative of
future results. Because of the speculative nature of its trading, operational or
economic trends have little relevance to the Fund's results. MLIP believes,
however, that there are certain market conditions
6
<PAGE>
- -- for example, markets with strong price trends C in which the Fund has a
better likelihood of being profitable than in others.
As of April 1, 1997, the Partnership's assets were allocated as follows:
<TABLE>
<CAPTION>
TRADING ADVISOR MARKETS TRADED % ALLOCATION
- --------------- -------------- ------------
<S> <C> <C>
John W. Henry & Co., Inc. Financial Instruments and Metals 24.04
Chesapeake Capital Corporation Diversified Program 37.12
ARA Portfolio Management Company Diversified Program 13.48
Di Tomasso Group Inc. Turbo Program 6.44
Willowbridge Associate Inc. XLIM Program 9.46
Graham Capital Management, L.P. Natural Resource Program 9.46
------
100.00%
</TABLE>
MLIP reserves the right to change both allocations and Advisor
selections at any time without advance notice to existing investors. MLIP
expects, from time to time, to make allocations to Advisors other than those
currently retained by the Fund.
MLIP has no timetable or schedule for making Advisor changes or
reallocations, and generally intends to make a medium- to long-term commitment
to all Advisors selected. However, there can be no assurance as to the
frequency or number of the Advisor changes which may take place in the future,
or as to how long any of the current Advisors will continue (or be permitted by
MLIP to continue) managing assets for the Fund.
Results of Operations - General
- -------------------------------
MLIP believes that multi-Advisor futures funds should be regarded as
medium- to long-term investments but, unlike an operating business, it is
difficult to identify "trends" in the Fund's operations and virtually impossible
to make any predictions regarding future results based on results to date.
Markets in which sustained price trends occur with some frequency tend
to be more favorable to managed futures investments than "whipsaw," "choppy"
markets, but (i) this is not always the case, (ii) it is impossible to predict
when trending markets will occur and (iii) different Advisors are affected
differently by trends in general as well as by particular types of trends.
The Fund controls credit risk in its trading in the derivatives markets
by trading only through Merrill Lynch entities which MLIP believes to be
creditworthy. The Fund attempts to control the market risk inherent in its
derivatives trading by utilizing a multi-advisor, multi-strategy structure.
This structure purposefully attempts to diversify the Fund's Advisor group among
different strategy types and market sectors in an effort to reduce risk
(although the Fund's portfolio currently emphasizes technical and trend-
following approaches).
Performance Summary
- -------------------
During the first three months of 1996, the Fund's average month-end Net
Assets equalled $89,187,754, and the Fund recognized gross trading losses of
$3,099,436 or 3.48% of average month-end Net Assets. Brokerage commissions of
$1,656,642 or 1.86% of average month-end Net Assets before fees, Profit Shares
of $22,327 or .03% of average month-end Net Assets and Incentive Overrides of
$573 or .001% of average month-end Net Assets were paid. Interest income (at an
average rate of approximately 4% per annum) of $997,932 or 1.12% of average
month-end Net Assets, resulted in a loss (without reduction for organizational
and initial offering cost reimbursement payments) of $3,781,046 or 4.24% of
average month-end Net Assets, and a 3.96% decrease in the Net Asset Value per
Unit since December 31, 1995.
During the first three months of 1997, the Fund's average month-end Net
Assets equalled $86,834,992, and the Fund recognized gross trading gains of
$8,023,344 or 9.24% of average month-end Net Assets. Brokerage commissions of
$1,554,045 or 1.79%, Administrative fees of $53,588 or .06% of average month-end
Net Assets before fees, Profit Shares of $1,122,057 or 1.29% of average month-
end Net Assets and Incentive Overrides of $528,757 or .61% of average month-end
Net Assets were paid. Interest Income of $1,082,462 or 1.24% of average month-
end Net Assets, resulted in a net income of $5,847,359 or 6.73% of average
month-end net assets, and a 6.97% increase in the Net Asset Value per Unit since
December 31, 1996.
During the first three months of 1997 and 1996, the fund experienced 5
profitable months and 1 unprofitable months.
MONTH-END NET ASSET VALUE PER UNIT
7
<PAGE>
Jan. Feb. Mar.
------- ------- -------
1996 $125.91 $117.82 $119.43
1997 $146.53 $151.84 $152.92
Importance of Market Factors
- ----------------------------
Comparisons between the Fund's performance during a given period in one
fiscal year to the same period in a prior year are unlikely to be meaningful
given the uncertainty of the markets traded by the Fund. In general, MLIP
expects that the Fund is most likely to trade successfully in markets which
exhibit strong and sustained price trends. The current Advisor group is heavily
biased towards technical, systematic, trend-following methods. Consequently,
one would expect that in trendless, "choppy" markets the Fund would likely be
unprofitable, while in markets in which major price movements occur, the Fund
would have its best profit potential (although there could be no assurance that
the Fund would, in fact, trade profitably). However, trend-followers not
infrequently will miss major price movements, and market corrections can result
in rapid and material losses (sometimes as much as 5% or more in a single day)
for multi-advisor funds. Although MLIP monitors market conditions and Advisor
performance in overseeing the Fund's trading, MLIP does not attempt to "market
forecast" or to "match" trading styles with anticipated market conditions.
Rather, MLIP concentrates on quantitative and qualitative analysis of
prospective Advisors, as well as on statistical studies of the historical
performance parameters of different Advisor combinations, in selecting Advisors
and allocating and reallocating Fund assets among them.
Because managed futures advisors' strategies are proprietary and
confidential and market movements unpredictable, selecting advisors to implement
a speculative trading strategy involves considerable uncertainty. Furthermore,
the concentration of the Fund's current Advisor portfolio, both in terms of the
number of managers retained and the common emphasis of their strategies on
technical trend-following methods, increases the risk that significant losses
may be incurred in adverse markets.
Performance in Major Price Movements
- ------------------------------------
MLIP believes that the profit potential of a managed futures product
such as the Fund can be increased in markets in which major price movements
occur. There have, however, been prolonged periods in the futures markets
without significant price movements during which "whipsaw" markets, in which
prices appear to be moving in one direction but then quickly reverse, prevail.
Such periods may recur with considerable frequency, and most futures traders
would expect it to be very difficult to achieve profitability in such markets.
There can be, in any event, no assurance that any Advisor will trade profitably
or that major market movements will occur.
Liquidity
- ---------
The Fund's assets are generally held as cash or cash equivalents which
are used to margin the Fund's futures positions and earn interest income and
withdrawn, as necessary, to pay redemptions and expenses.
Although Units may be redeemed at any month-end, no one who cannot afford
to commit funds to a comparatively illiquid investment should subscribe to the
Fund (redemption penalties apply through the end of the first twelve months
after a Unit is issued). MLIP believes that investors who are not prepared to
regard the Fund as a medium- to long-term investment should not purchase Units.
MLIP may consider making distributions to investors under certain
circumstances (for example, if substantial profits are recognized); however,
MLIP has not done so to date and does not presently intend to do so.
Capital Resources
- -----------------
Units are offered for sale as of the beginning, and may be redeemed as
of the end, of each month. Only whole Units are sold, and only whole Units may
be redeemed.
The amount of capital raised for the Fund should not have a significant
impact on its operations, as the Fund has no significant capital expenditure or
working capital requirements other than for moneys to pay trading losses, fees
and charges. Within broad ranges of capitalization, the Advisors' trading
positions should increase or decrease in approximate proportion to the size of
the Fund account managed by each of them, respectively.
The Fund raises additional capital only through the sale of Units and
trading profits (if any). The Fund is prohibited from borrowing under the terms
of the Limited Partnership Agreement.
Due to the nature of the Fund's business, substantially all its assets
are represented by cash, United States government obligations and short-term
foreign sovereign debt obligations, while the Fund maintains its market exposure
through open futures and forward contract positions.
8
<PAGE>
Inflation is not a significant factor in the Fund's profitability,
although inflationary cycles can give rise either to the type of major price
movements or to the "whipsaw markets" which can have a materially favorable or
adverse impact on the Fund's profitability.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are no pending proceedings to which the Partnership or the General
Partner is a party.
John W. Henry & Company, Inc. ("JWH") is one of the Advisors retained by
the Fund, managing approximately 24% of the Fund's assets committed to trading
as of April 1, 1997. In September 1996, JWH was named as a co-defendant in a
class action lawsuits brought in the California Superior Court, Los Angeles
County and in the New York Supreme Court, New York County. In November, JWH was
named as a co-defendant in a class action complaint filed in Superior Court of
the State of Delaware for Newcastle County that contained the same allegations
as the New York and California complaints. The actions, which seek unspecified
damages, purport to be brought on behalf of investors in certain Dean Witter,
Discover & Co. ("Dean Witter") commodity pools, some of which are advised by
JWH, and are primarily directed at Dean Witter's alleged fraudulent selling
practices in connection with the marketing of those pools. JWH is essentially
alleged to have aided and abetted or directly participated with Dean Witter in
those allegations vigorously, and is convinced that it will be shown to have
acted properly and in the best interest of the investors.
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
--------
There are no exhibits required to be filed as part of this document.
(b) Reports on Form 8-K
-------------------
There were no reports on Form 8-K filed during the first three months
of fiscal 1997.
9
<PAGE>
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.
ML GLOBAL HORIZONS L.P.
By: MERRILL LYNCH INVESTMENT PARTNERS INC.
(General Partner)
Date: May 13, 1997 By /s/JOHN R. FRAWLEY, JR.
-----------------------
John R. Frawley, Jr.
President, Chief Executive Officer
and Director
Date: May 13, 1997 By /s/MICHAEL A. KARMELIN
----------------------
Michael A. Karmelin
Chief Financial Officer,
and Director
10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION, CONSOLIDATED STATEMENTS
OF OPERATIONS, CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000904918
<NAME> ML GLOBAL HORIZONS LP
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1997 JAN-01-1996
<PERIOD-END> MAR-31-1997 MAR-31-1996
<CASH> 0 0
<RECEIVABLES> 91,136,710 89,596,866
<SECURITIES-RESALE> 0 0
<SECURITIES-BORROWED> 0 0
<INSTRUMENTS-OWNED> 0 0
<PP&E> 0 0
<TOTAL-ASSETS> 91,136,710 89,596,866
<SHORT-TERM> 0 0
<PAYABLES> 2,584,571 3,551,934
<REPOS-SOLD> 0 0
<SECURITIES-LOANED> 0 0
<INSTRUMENTS-SOLD> 0 0
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 88,552,139 86,044,932
<TOTAL-LIABILITY-AND-EQUITY> 91,136,710 89,596,866
<TRADING-REVENUE> 8,023,344 (3,099,436)
<INTEREST-DIVIDENDS> 1,082,462 997,932
<COMMISSIONS> 3,258,447 1,679,542
<INVESTMENT-BANKING-REVENUES> 0 0
<FEE-REVENUE> 0 0
<INTEREST-EXPENSE> 0 0
<COMPENSATION> 0 0
<INCOME-PRETAX> 5,847,359 (3,781,046)
<INCOME-PRE-EXTRAORDINARY> 5,847,359 (3,781,046)
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 5,847,359 (3,781,046)
<EPS-PRIMARY> 9.99 (5.04)
<EPS-DILUTED> 9.99 (5.04)
</TABLE>
