<PAGE>
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(As last amended in Rel. No. 312905, eff. 4/26/93.)
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 quarterly period ended March 31, 1996
Commission File Number: 1-12286
MID-ATLANTIC REALTY TRUST
(Exact name of registrant as specified in its charter)
MARYLAND 52-1832411
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1306 Concourse Drive, Suite 200, Linthicum 21090
(Address of principal executive offices) (Zip Code)
(410) 684-2000
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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
6,034,776 Common Shares were outstanding as of March 31, 1996.
1
MID-ATLANTIC REALTY TRUST
AND SUBSIDIARIES
Part I. FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Part II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
Item 2. CHANGES IN SECURITIES
Item 3. DEFAULTS UPON SENIOR SECURITIES
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Item 5. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
2
Part I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
MID-ATLANTIC REALTY TRUST
Consolidated Balance Sheets
As of
March 31, December 31,
1996 1995
(UNAUDITED)
ASSETS
Properties:
Operating properties................$ 195,014,006 204,132,134
Less accumulated depreciation and
amortization ................... 39,372,853 39,430,308
------------- -------------
155,641,153 164,701,826
Development operations ............. 1,524,666 1,510,544
Property held for development or sale 8,177,502 8,179,378
------------ -------------
165,343,321 174,391,748
Cash and cash equivalents ........... 1,055,189 514,386
Notes and accounts
receivable - tenants and other...... 2,194,690 2,350,578
Due from joint venture partners ...... 1,640,800 1,599,581
Prepaid expenses and deposits ....... 201,574 449,850
Deferred financing costs ............. 3,242,608 3,215,156
------------ -------------
$ 173,678,182 182,521,299
============ =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses$ 2,579,719 4,604,848
Notes payable ....................... 11,600,000 21,530,143
Construction loan payable ........... - 10,099,510
Mortgages payable ................... 75,723,324 62,411,104
Convertible subordinated debentures.. 59,763,000 59,980,000
Deferred income...................... 1,261,542 1,222,673
Minority interest in
consolidated joint ventures ....... 1,774,240 1,734,799
------------ -------------
152,701,825 161,583,077
Shareholders' Equity:
Preferred shares of beneficial interest,
$.01 par value, authorized 2,000,000 shares,
issued and outstanding, none ..... - -
Common shares of beneficial interest,
$.01 par value, authorized
100,000,000, issued
and outstanding, 6,034,776 and
6,016,111, respectively .......... 60,348 60,161
Additional paid-in capital.......... 40,579,164 40,389,783
Distributions in excess of accumulated
earnings .................... (19,663,155) (19,511,722)
------------ ------------
20,976,357 20,938,222
------------ ------------
$173,678,182 182,521,299
============ ============
See accompanying notes to consolidated financial statements.
<PAGE> 3
<PAGE>
MID-ATLANTIC REALTY TRUST
Consolidated Statements of Operations
(UNAUDITED)
Three Months Ended
March 31,
1996 1995
REVENUES:
Rentals ............................$ 6,442,390 5,969,903
Gain on sales of properties
held for sale, net ........... - 4,559
Other .............................. 260,893 285,692
------------ -----------
6,703,283 6,260,154
COSTS AND EXPENSES:
Interest .......................... 3,165,836 2,910,017
Depreciation and amortization
of property and improvements ..... 1,333,933 1,203,777
Operating ......................... 841,975 794,464
General and administrative ......... 470,766 426,556
------------ -----------
5,812,510 5,334,814
EARNINGS FROM OPERATIONS
BEFORE MINORITY INTEREST .......... 890,773 925,340
Minority interest expense ............ (178,968) (197,342)
------------ -----------
EARNINGS FROM OPERATIONS ............ 711,805 727,998
Gain on life insurance proceeds ...... - 1,001,787
Gain (loss) on sales of operating
properties ........................ 521,716 (377,358)
------------ ------------
EARNINGS BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE....... 1,233,521 1,352,427
Cumulative effect of change in
accounting for percentage rents .. - 612,383
------------ -----------
NET EARNINGS .........................$ 1,233,521 1,964,810
============ ===========
PER SHARE DATA:
EARNINGS PER SHARE BEFORE CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
PRIMARY ....................$ 0.20 0.21
FULLY DILUTED .............. N/A 0.22
Cumulative effect of change in
accounting principle
PRIMARY ....................$ - 0.10
FULLY DILUTED .............. N/A 0.05
NET EARNINGS PER SHARE
PRIMARY ....................$ 0.20 0.31
============ ===========
FULLY DILUTED .............. N/A 0.27
============ ===========
See accompanying notes to consolidated financial statements.
<PAGE> 4
<PAGE>
MID-ATLANTIC REALTY TRUST
Consolidated Statements of Cash Flows
(UNAUDITED)
Three Months Ended March 31,
1996 1995
Cash flows from operating activities:
Net earnings .......................$ 1,233,521 1,964,810
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depreciation and amortization .... 1,333,933 1,203,777
(Gain) loss on sales of operating
properties ..................... (521,716) 377,358
Minority interest in earnings, net 178,968 197,342
Gain on sales of properties held for
sale, net ...................... - (4,559)
Changes in operating assets and liabilities:
Decrease in operating assets .... 404,164 71,303
Decrease in operating
liabilities ................... (1,986,260) (1,351,804)
------------ -----------
Total adjustments ........... (590,911) 493,417
------------ ----------
NET CASH PROVIDED BY OPERATING
ACTIVITIES ........................ 642,610 2,458,227
Cash flows from investing activities:
Additions to properties ............ (1,167,820) (1,831,037)
Proceeds from sales of properties... 9,404,030 1,744,073
Receipts from minority partners .... 25,500 115,500
Payments to minority partners ...... (206,246) (236,579)
------------ ------------
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES ........................ 8,055,464 (208,043)
------------ ------------
Cash flows from financing activities:
Proceeds from notes payable ....... 19,180,565 14,350,000
Principle payments on notes payable (29,110,708) (22,602,317)
Proceeds from mortgages payable .... 18,900,000 7,700,000
Principal payments on mortgages
payable .......................... (5,587,780) (121,702)
Proceeds from construction loan
payable .......................... 194,222 -
Principle payments on construction loan
payable .......................... (10,293,732) -
Additions to deferred finance costs (175,897) (177,434)
Amortization of deferred finance costs 140,167 138,701
Shares purchased ................... (19,154) (43,916)
Dividends paid .................... (1,384,954) (1,384,109)
------------ -----------
NET CASH (USED IN) FINANCING
ACTIVITIES ................. (8,157,271) (2,140,777)
NET INCREASE IN CASH
AND CASH EQUIVALENTS ............... 540,803 109,407
CASH AND CASH EQUIVALENTS,
beginning of period ................ 514,386 344,522
------------ ------------
CASH AND
CASH EQUIVALENTS, end of period ...$ 1,055,189 453,929
In the first quarter of 1996, $217,000 in convertible debentures were
converted to 20,665 common shares of beneficial interest decreasing
convertible subordinated debentures by $217,000, decreasing deferred
financing costs by $8,278 and increasing shareholders' equity by $208,722.
During the three month period ended March 31, 1996, $35,823 in interest costs
were capitalized as construction period interest in development operations.
See accompanying notes to consolidated financial statements.
<PAGE> 5<PAGE>
MID-ATLANTIC REALTY TRUST
Notes To Consolidated Financial Statements
(UNAUDITED)
ORGANIZATION
Mid-Atlantic Realty Trust (the "Company", or "MART") was formed on June 29,
1993 and commenced operations effective with the completion of its initial
public share offering on September 11, 1993. The Company is the successor to
the operations of BTR Realty, Inc. (the predecessor to the company), (BTR),
and qualifies as a real estate investment trust (REIT) for Federal income tax
purposes.
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated balance sheet as of March 31, 1996 and the consolidated
statements of operations for the Company for the three month periods ended
March 31, 1996 and March 31, 1995 and the consolidated statements of cash
flows for the periods ended March 31, 1996 and March 31, 1995, have been
prepared by the Company without audit. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position and the results of operations have been
included. The results of operations for the period ended March 31, 1996 are
not necessarily indicative of the operating results for the full year.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these consolidated
financial statements be read in conjunction with the consolidated financial
statements and notes thereto included in the Mid-Atlantic Realty Trust
December 31, 1995 Annual Report to Shareholders.
Certain amounts for 1995 have been reclassified to conform to 1996
presentation.
DEFERRED FINANCE COSTS
Effective January 1, 1996 the Company changed its reporting of amortization
of deferred finance costs. During the year ended December 31, 1995 and
previously, the annual amortization of deferred finance costs was reported in
the depreciation and amortization of property and improvements expense line
on the consolidated statements of operations. On January 1, 1996, the
Company began reporting the annual amortization of deferred finance costs in
the interest expense line on the consolidated statement of operations. The
comparative prior year interest and depreciation and amortization expense
line items have been reclassified to reflect this change.
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
Effective January 1, 1995 the Company changed its accounting treatment for
percentage rent. Percentage rent revenues are based on store sales for
certain periods and are charged according to a percentage over a breakpoint
amount of sales for the period according to the lease agreement. During the
year ended December 31, 1994 and previously, percentage rent was recognized
as rental revenues in the period when the actual percentage rent was billed
and received. The new method recognizes percentage rent as rental revenues
in the period when the actual percentage rent is earned. The Company began
on January 1, 1995 estimating the percentage rent earned from major tenants
and recorded the amounts monthly as receivable. The cumulative effect of this
change on January 1, 1995 was $612,383. The Company believes that this
change is preferable since it provides better matching of revenues and
expenses.
GAIN ON LIFE INSURANCE PROCEEDS
In January, 1995, the Company received $1,002,000 in life insurance
proceeds as a result of the death of a former BTR general partner and
officer.
NET EARNINGS PER SHARE
Due to the additional earnings from the cummulative effect of change in
accounting for percentage rents, net earnings per share, for the three months
ended March 31, 1995, when calculated on a fully diluted basis was dilutive.
Therefore, net earnings per share was reported on both a primary and a fully
dilutive basis.
Primary net earnings per share of common share and common share equivalents
were computed by dividing net earnings by the primary weighted average number
of common share and common share equivalents outstanding for each period.
The weighted primary weighted average number of common shares and common
share equivalents for the periods ended March 31, 1996 and March 31, 1995 was
6,021,564 and 6,290,751, respectively.
Fully diluted net earnings per share of common share and common share
equivalents were computed by dividing net earnings plus comvertible debenture
interest and convertible debenture amortization expense by the fully diluted
weighted average number of common share and common share equivalents (assumes
conversion of convertible debentures described below) outstanding for each
period. The fully diluted weighted average number of common shares and
common share equivalents for the periods ended March 31, 1996 and March 31,
1995 was 11,717,203 and 12,005,037, respectively. For the period ended March
31, 1996, the fully diluted earnings per share calculations were
anti-dilutive and therefore not reported.
CONVERTIBLE SUBORDINATED DEBENTURES
The Company sold $60,000,000 in convertible subordinated debentures in
September, 1993. During the three months ended March 31, 1996, $217,000 in
debentures were converted to 20,665 common shares of beneficial interest.
The balance of the debentures, of $59,763,000, convertible at $10.50 per
share, if fully converted, would produce an additional 5,691,714 shares.
CONTINUED
<PAGE> 6
<PAGE>
MID-ATLANTIC REALTY TRUST
Notes To Consolidated Financial Statements
(UNAUDITED)
MART INCENTIVE STOCK OPTION PLANS
MART has an Omnibus Share Plan "Plan", under which Trustees, officers and
employees may be granted awards of stock options, stock appreciation rights,
performance shares and restricted stock. The purpose of the Plan is to
provide equity-based incentive compensation based on long-term appreciation
in value of MART's shares and to promote the interests of MART and its
shareholders by encouraging greater management ownership of MART's shares.
Pursuant to the Plan, the Company authorized on February 1, 1994 the
availability of 300,000 shares for the Plan. Upon inception at February 1,
1994, trustees, officers and key employees were granted 256,000 stock
options. During 1995 additional grants and cancellations of stock options
totaled 1,332 and 3,000, respectively. The outstanding stock options at
March 31, 1996, totaling 254,332, allow holders to purchase one share of MART
for $10.50 per share. Of outstanding stock options, 254,332 were vested and
exercisable at March 31, 1996. The closing price of MART shares at March 31,
1996 was $9.75 per share. No options were exercised during the period ended
March 31, 1996 and based on the market value of MART shares, the options, if
converted, would be anti-dilutive producing fewer weighted average shares for
the three months ended March 31, 1996.
On September 14, 1995, the Company authorized the availability of 180,000
shares for a "New Plan", the 1995 Stock Option Plan, subject to the approval
of shareholders. The New Plan granted a number of shares equal to
approximately 56% of the number under the current Plan, or 141,300. One third
of the shares, or 47,100, vested on September 30, 1995, exercisable at $8
15/16 per share. The balance of the shares will vest on the first and second
anniversary thereof, to be priced at the market price on the close of
business each date of vesting. No options were exercised during the period
September 30, 1995 through March 31, 1996 and based on the market value of
MART shares, the options, if converted, would be dilutive producing 3,925
shares. This dilution of shares combined with the conversion of convertible
debentures would be anti-dilutive.
ACQUISTION OF OUTSTANDING SHARES
On February 14, 1995, the MART Board of Trustees approved a stock
repurchase plan which authorizes the repurchase of up to approximately
310,000 shares. The Company purchased 277,200 shares during the year ended
December 31, 1995 for $2,234,616, at an average cost of $8.06 per share. On
February 12, 1996 the MART Board of Trustees increased by 100,000 the
authorized number of shares that may be repurchased up to 410,000. During
the three months ended March 31, 1996 the Company purchased an additional
2,000 shares at an average cost of $9.58 per share.
SHAREHOLDERS' EQUITY
During the three months ended March 31, 1996, shareholders' equity changed
for the following items:
- Net earnings of $1,233,521.
- Dividend paid by MART of $1,384,954.
- Shares purchased by MART of $19,154.
- Common shares and Additional paid-in capital
increased by $208,722 due to conversion of $217,000
in debentures.
<PAGE> 7
<PAGE>
Part I. FINANCIAL INFORMATION
Item 2.
MID-ATLANTIC REALTY TRUST
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion compares the operations for the three month period
ended March 31, 1996 with the operations for the three month period ended
March 31, 1995.
Comparison of three months ended March 31, 1996 to three months ended March
31, 1995
Rental revenues increased by $472,000 or 8% to $6,442,000 for the three
months ended March 31, 1996 from $5,970,000 for the three months ended March
31, 1995. The purchase of the Brandywine Commons Shopping Center in
November, 1995 and the opening of the Owings Mills New Town Shopping Center
in November, 1995 contributed $799,000 in additional revenues for the period.
Occupancy and rental rate increases contributed to rental increases of
approximately $208,000. The increases were offset by $353,000 in rental
revenue decreases attributable to the sale in February, 1995 of the Regal Row
warehouse project, the sale in January, 1996 of the Dolton Bowling Center,
the sale in January, 1996 of the Park Sedona Center, and the sale in
December, 1995 of the McRay Shopping Center. In addition, $182,000 in rental
decreases were primarily related to vacancies and lower percentage rents.
Gain on sales of properties held for sale decreased by $4,000.
Other income decreased by $25,000 to $261,000 from $286,000 primarily due
to rental insurance proceed income in 1995.
As a result of the above changes total revenues increased by $443,000 to
$6,703,000 from $6,260,000.
Interest expense increased by $249,000 to $3,166,000 from $2,917,000
primarily due to the increased debt for the development of the Owings Mills
New Town.
Depreciation and amortization increased by $137,000 to $1,334,000 from
$1,197,000 primarily due to depreciation increases related to the purchase of
the Brandywine Commons, the development of Owings Mills New Town and the
Harford Mall Annex offset by decreases related to the sale of Park Sedona.
Operating expenses increased by $48,000 to $842,000 from $794,000 primarily
due to the purchase of Brandywine Commons. Although snow removal expenses
were higher than expected, the additional landlord portion of the expenses
did not increase operating expenses significantly for the three months ended
March 31, 1996.
General and administrative expenses increased by $44,000 to $471,000 from
$427,000 due primarily to higher payroll expenses, $22,000, and higher
insurance and license fee expenses, $18,000.
Minority interest expense decreased by $18,000 to $179,000 from $197,000
generally due to lower earnings in minority interest ventures in 1996.
Earnings from operations decreased by $16,000 to $712,000 from $728,000.
For the three month period ended March 31, 1995, MART had a loss on the sale
of the Regal Row warehouse operating property of $377,000, a cumulative
effect of a change in accounting for percentage rents of $612,000 and a gain
on life insurance proceeds of $1,002,000, which, when combined with earnings
from operations resulted in net earnings of $1,965,000 for the period. In
the three month period ended March 31, 1996, MART recognized a gain on sales
of operating properties of $522,000 (which included gains on the sales of
Park Sedona of $160,000 and the Dolton Bowl of $362,000), which, when
combined with earnings from operations, resulted in net earnings of
$1,234,000 for the period.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings - In the ordinary course of business, the Company
is involved in legal proceedings. However, there are no material legal
proceedings pending against the Company.
Item 2. Changes in Securities - None
Item 3. Defaults upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - The
Annual Meeting of Shareholders is to be held on May 17, 1996. At this time,
matters which appeared on the April 10, 1996 proxy statement will be
submitted for approval.
<PAGE> 8<PAGE>
MID-ATLANTIC REALTY TRUST
Item 5. Other Information -
Summary Financial Data
The following sets forth summary financial data which has been prepared by
the Company without audit. Management believes the following data should be
used as a supplement to the historical statements of operations. The data
should be read in conjunction with the historical financial statements and
the notes thereto for MART.
MID-ATLANTIC REALTY TRUST
Summary Financial Data
(In thousands, except per share data)
Three months
ended March 31,
1996 1995
Revenues $6,703 $6,260
Net earnings $1,234 $1,965
Net earnings per share
-primary $0.20 $0.31
-fully diluted N/A $0.27
OTHER FINANCIAL DATA:
Funds from operations
(FFO) (1)(2)-primary $2,046 $1,927
FFO - fully diluted (2) $3,263 $3,148
Weighted average number of
shares outstanding - primary 6,022 6,291
Weighted average number of shares
outstanding - fully diluted 11,717 12,005
SELECTED CASH FLOW DATA:
Net cash flow provided by
operating activities $643 $2,458
Funds from operations - (primary) Reconciliation to Net Earnings
Net earnings 1,234 1,965
Less: Non Recurring items -
Cumulative effect of change
accounting for percentage
rents - (612)
Gain on Life Insurance
Proceeds - (1,002)
Add: Depreciation &
Amortization 1,334 1,204
Less: Gains on Sales or
Add: Loss on Sales (522) 372
---------- --------
Funds from operations (FFO)-
primary 2,046 1,927
========= ========
(1) Funds from operations as defined by the National Association of Real
Estate Investment Trusts, Inc. (NAREIT) - Funds from operations means net
income (computed in accordance with generally accepted accounting
principles), excluding cumulative effects of changes in accounting
principles, extraordinary or unusual items, and gains (or losses) from debt
restructuring and sales of property, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures. FFO
does not represent cash flows from operations as defined by generally
accepted accounting principles (GAAP). FFO is not indicative that cash flows
are adequate to fund all cash needs and is not to be considered as an
alternative to net income as defined by GAAP. The presentation of funds from
operations is not normally included in financial statements prepared in
accordance with GAAP.
(2) Effective January 1, 1996 the Company adopted changes to the NAREIT
definition of funds from operations. Certain amounts for 1995 have been
reclassified to conform to the 1996 presentation.
Item 6. Exhibits and Reports on Form 8-K -
Exhibit No. 27 - Financial Data Schedule
Filed thru EDGAR
<PAGE> 9
<PAGE>
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
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.
MID-ATLANTIC REALTY TRUST AND
SUBSIDIARIES
(Registrant)
Date 5/14/96 By /s/ F. Patrick Hughes
F. Patrick Hughes
President
Principal Executive Officer
Date 5/14/96 By /s/ Paul G. Bollinger
Paul G. Bollinger
Controller
Principal Financial Officer
<PAGE> 10<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 1,055
<SECURITIES> 0
<RECEIVABLES> 2,195
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS><F1> 0
<PP&E> 165,343
<DEPRECIATION> 39,373
<TOTAL-ASSETS> 173,678
<CURRENT-LIABILITIES><F1> 0
<BONDS> 135,486
<COMMON> 60
0
0
<OTHER-SE> 20,916
<TOTAL-LIABILITY-AND-EQUITY> 173,678
<SALES> 0
<TOTAL-REVENUES> 6,703
<CGS> 0
<TOTAL-COSTS> 5,813
<OTHER-EXPENSES> 179
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,166
<INCOME-PRETAX> 1,234
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,234
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,234
<EPS-PRIMARY> .20
<EPS-DILUTED> .21
<FN>
<F1> Mid-Atlantic Realty Trust (MART) is in the specialized real estate
<F1> industry for which the current/noncurrent distinction is deemed in
<F1> practice to have little or no relevance. Therefore, MART prepares
<F1> unclassified balance sheets wlhich do not report current assets or
<F1> current liabilities.
</FN>
</TABLE>
