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, 1995
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: 1-4351
SOUTHEASTERN PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
Delaware 13-5534018
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2001 N.W. 107th Avenue, Miami, FL 33172
(Address of principal executive offices) (Zip code)
(305) 593-6565
(Registrant's telephone number, including area code)
(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 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 [ ]
As of April 28, 1995, all of the voting stock of the registrant
(consisting of 1,000 shares of common stock, $1.00 par value) was held by the
registrant's parent, Triarc Companies, Inc., through a wholly-owned
subsidiary.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
<TABLE>
SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
December 31, March 31,
1994 1995
----- -----
(In thousands)
ASSETS (A) (Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 25,807 $ 8,230
Restricted cash 6,014 6,014
Marketable securities 9,152 9,094
Note receivable from RC/Arby's Corporation 6,550 9,500
Receivables, net 5,051 5,030
Finished goods inventories 997 1,134
Other current assets 250 222
-------- --------
Total current assets 53,821 39,224
Properties, net 10,921 10,994
Due from Triarc Companies, Inc., net 27,769 32,376
Investments in affiliates 83,995 86,515
Unamortized costs in excess of net assets of
acquired companies 7,447 7,325
Other assets 4,416 4,351
-------- --------
$188,369 $180,785
======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt $ 51,056 $ 42,336
Accounts payable 1,184 840
Accrued expenses 5,907 3,389
Net current liabilities of discontinued
operations 4,610 4,409
-------- --------
Total current liabilities 62,757 50,974
-------- --------
Long-term debt 567 547
Other liabilities 3,043 2,897
Net non-current liabilities of discontinued
operations 1,360 924
Stockholder's equity:
Common stock 1 1
Additional paid-in capital 120,081 120,081
Retained earnings 786 5,412
Net unrealized loss on marketable securities,
net of income taxes (226) (51)
-------- --------
Total stockholder's equity 120,642 125,443
-------- --------
$188,369 $180,785
======== ========
<FN>
(A) Derived from the audited consolidated financial statements as of
December 31, 1994.
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
<TABLE>
SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>
Three months ended
March 31,
--------------------
1994 1995
----- -----
(In thousands)
(Unaudited)
<S> <C> <C>
Net sales $ 9,823 $ 9,923
-------- --------
Costs and expenses:
Cost of sales 6,525 6,535
Selling, general and administrative 674 966
-------- --------
7,199 7,501
-------- --------
Operating profit 2,624 2,422
Other income (expense):
Interest expense (2,094) (1,833)
Equity in earnings of affiliates 1,930 2,520
Interest income from Triarc Companies, Inc.
and its subsidiaries 851 1,100
Other, net 679 417
-------- --------
Net income $ 3,990 $ 4,626
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
<TABLE>
SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
Three months ended
March 31,
--------------------
1994 1995
----- -----
(In thousands)
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income $ 3,990 $ 4,626
Adjustments to reconcile net income to
net cash used in operating activities:
Depreciation and amortization of properties 291 253
Amortization of deferred financing costs
and original issue discount 366 334
Amortization of costs in excess of net assets
of acquired companies 4 122
Equity in net earnings of affiliates (1,930) (2,520)
Interest income from Triarc Companies, Inc.
not realized in cash (851) (854)
Loss (gain) on sale of marketable securities (365) 168
Other, net (208) (132)
Changes in operating assets and liabilities:
Decrease (increase) in:
Receivables 1,059 69
Finished goods inventories (124) (137)
Other current assets (16) 28
Decrease in:
Accounts payable (938) (339)
Accrued expenses (2,534) (2,611)
-------- --------
Net cash and cash equivalents
used in operating activities (1,256) (993)
-------- --------
Cash flows from investing activities:
Purchases of marketable securities (5,927) (2,290)
Sales of marketable securities 4,022 2,449
Loan to RC/Arby's Corporation -- (2,950)
Capital expenditures (123) (362)
Proceeds from sale of subsidiary -- 728
Increase in amounts due from Triarc
Companies, Inc. (497) (253)
Loan to Triarc Companies, Inc. -- (3,500)
Purchase of notes receivable (1,239) --
Other, net 2 27
-------- --------
Net cash and cash equivalents
used in investing activities (3,762) (6,151)
-------- --------
Cash flows from financing activities:
Repayments of long-term debt (9,003) (9,018)
-------- --------
Net cash and cash equivalents
used in financing activities (9,003) (9,018)
-------- --------
Net cash used in continuing operations (14,021) (16,162)
Net cash used in discontinued operations (266) (1,415)
-------- --------
Net decrease in cash and cash equivalents (14,287) (17,577)
Cash and cash equivalents at beginning of period 22,813 25,807
-------- --------
Cash and cash equivalents at end of period $ 8,526 $ 8,230
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
<PAGE>
SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
March 31, 1995
(Unaudited)
1. Basis of Presentation
Southeastern Public Service Company and subsidiaries (the "Company") is
an indirect wholly-owned (71.1% owned prior to April 14, 1994) subsidiary of
Triarc Companies, Inc. ("Triarc").
The accompanying unaudited condensed consolidated financial statements
of the Company have been prepared in accordance with Rule 10-01 of Regulation
S-X promulgated by the Securities and Exchange Commission and, therefore, do
not include all information and footnotes necessary for a fair presentation
of financial position, results of operations and cash flows in conformity
with generally accepted accounting principles. In the opinion of the
Company, however, the accompanying condensed consolidated financial
statements contain all adjustments, consisting only of normal recurring
adjustments, necessary to present fairly the Company's financial position as
of December 31, 1994 and March 31, 1995 and its results of operations and
cash flows for the three-month periods ended March 31, 1994 and 1995. This
information should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's Annual Report on Form
10-K for the year ended December 31, 1994 ("Form 10-K").
Certain amounts included in the prior period's condensed consolidated
financial statements have been reclassified to conform with the current
period's presentation.
2. Public Gas Merger
As reported in Form 10-K, on March 31, 1995 Public Gas Company ("Public
Gas"), a 99.7% owned subsidiary, entered into a letter of intent with
National Propane Corporation ("National Propane"), an indirect wholly-owned
subsidiary of Triarc, whereby Public Gas will be merged with and into
National Propane during the second quarter of 1995. In consideration
thereof, the Company will receive a proportionate number of shares of common
stock of the surviving corporation based upon the relative fair values of
Public Gas and National Propane. Since the Company's voting interest will
enable it to exert significant influence over the surviving corporation, the
Company has continued to reflect the liquefied petroleum gas ("LP Gas")
business as a continuing operation.
3. Discontinued Operations
As of March 31, 1995 the Company has completed the sale of substantially
all of its discontinued operations, but there remain, however, certain
environmental and other liabilities to be liquidated (the estimates of which
have been previously accrued) as well as certain contingent assets which may
be collected (the benefits of which have not been recorded). The contingent
assets are principally comprised of two notes from the sale of the
refrigeration business in the amounts of $4,295,000 (discounted value
$3,327,000) and $3,000,000 (discounted value $2,486,000). The Company
expects the liquidation of the remaining liabilities associated with the
discontinued operations will not have a material impact on its consolidated
financial position or results of operations.
4. Investments in Affiliates
Investments in affiliates consisted of the following (in thousands):
<TABLE>
<CAPTION> December 31, March 31,
1994 1995
----- -----
<S> <C> <C>
Graniteville Company $ 83,722 $ 86,308
CFC Holdings Corp. 273 207
-------- --------
$ 83,995 $ 86,515
======== ========
</TABLE>
Equity in earnings of affiliates consisted of the following (in
thousands):
<TABLE>
<CAPTION> Three months ended
March 31,
----------------------
1994 1995
----- -----
<S> <C> <C>
Graniteville Company $ 1,801 $ 2,586
CFC Holdings Corp. 129 (66)
-------- --------
$ 1,930 $ 2,520
======== ========
</TABLE>
Under its present credit facility, Graniteville Company ("Graniteville"),
a 50% owned affiliate (49% owned prior to August 30, 1994), is permitted to
pay dividends or make loans or advances to its stockholders, including the
Company, in an amount equal to 50% of the net income of Graniteville
accumulated from the beginning of the first fiscal year commencing on or
after December 20, 1994, provided that the outstanding principal balance of
Graniteville's term loan is less than $50,000,000 at the time of the payment
(the outstanding principal balance was $58,000,000 as of March 31, 1995) and
certain other conditions are met. Accordingly, Graniteville is unable to pay
any dividends or make any loans or advances to the Company prior to December
31, 1995.
Summary consolidated results of operations of Graniteville for the three
months ended March 31, 1994 and 1995 are as follows (in thousands):
<TABLE>
<CAPTION> Three months ended
March 31,
---------------------
1994 1995
----- -----
<S> <C> <C>
Operating revenues $ 129,990 $ 145,056
Operating profit 7,661 8,932
Net income 3,686 5,172
</TABLE>
5. Income Taxes
There is no provision for income taxes for the three months ended March
31, 1994 and 1995 due to the utilization of net operating loss carryforwards
previously recognized in deferred income taxes.
6. Transactions with Affiliates
In August 1994, the Company entered into a credit arrangement with
RC/Arby's Corporation ("RCAC"), an indirect wholly-owned subsidiary of
Triarc, and in accordance therewith received a promissory note from RCAC (the
"RCAC Note") maturing in September 1995 pursuant to which the Company may
lend up to $9,500,000. Loans under the promissory note bear interest at 11
7/8%, payable quarterly. As of March 31, 1995, the Company had made loans
under the RCAC Note of $9,500,000. During the three months ended March 31,
1995 the Company recorded $359,000 of interest income on the RCAC Note which
has been included in Other, net in the condensed consolidated statement of
operations. The RCAC Note was fully repaid on May 5, 1995.
In September 1994, the Company entered into a credit arrangement with
Triarc and in accordance therewith received a demand promissory note from
Triarc (the "Demand Note") pursuant to which the Company may make loans of
unspecified amounts to Triarc. Loans under the Demand Note bear interest at
the prime rate plus 1 1/4%. As of March 31, 1995 the Company had made loans
under the Demand Note of $3,500,000. Additionally, as of April 27, 1995 the
loans under the Demand Note had increased to $4,400,000. Due to the short-
term length of the loans made under the Demand Note, interest income during
the three months ended March 31, 1995 was insignificant.
In addition, the Company continues to have certain related party
transactions of the same nature and general magnitude as those described in
Note 17 to the consolidated financial statements contained in Form 10-K.
7. Contingencies
The Company continues to have legal and environmental contingencies of
the same nature and general magnitude as those described in Note 20 to the
consolidated financial statements contained in Form 10-K.
After considering amounts provided in previous periods, the Company does
not believe that the contingencies referred to above, as well as ordinary
routine litigation, will have a material adverse effect on its consolidated
financial position or results of operations.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
INTRODUCTION
The "Management's Discussion and Analysis of Financial Condition and
Results of Operations" included herein should be read in conjunction with
"Item 7. - Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the Annual Report on Form 10-K for the year ended
December 31, 1994 ("Form 10-K") of Southeastern Public Service Company (the
"Company").
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1995 COMPARED WITH THREE MONTHS ENDED MARCH 31,
1994
Net sales increased $0.1 million to $9.9 million in the three months
ended March 31, 1995 as a result of higher average selling prices and sales
volume of liquefied petroleum gas ("LP Gas").
Operating profit decreased $0.2 million to $2.4 million in the three
months ended March 31, 1995 resulting from an increase in selling, general
and administrative of $0.3 million partially offset by an increase in gross
profit of $0.1 million reflecting higher sales. Selling, general and
administrative increased primarily due to (i) $0.1 million of increased
amortization of costs in excess of net assets of acquired companies, (ii) a
$0.1 million increase in management services charged to the continuing
operations of the Company and (iii) general inflationary cost increases.
Interest expense decreased $0.3 million to $1.8 million in the three
months ended March 31, 1995 due to a lower level of debt outstanding during
1995 as a result of the annual $9.0 million sinking fund requirement made on
February 1, 1995 on the 11 7/8% senior subordinated debentures due February
1, 1998 (the "Debentures").
Equity in earnings of affiliates increased $0.6 million to $2.5 million
in the three months ended March 31, 1995 due to increased earnings at
Graniteville Company ("Graniteville"). Net income at Graniteville increased
$1.5 million during the 1995 quarter resulting from increased operating
profit of $1.3 million and increased other income of $2.8 million less
increased interest expense of $1.6 million and higher income taxes of $1.0
million. The increase in operating profit reflected higher gross profit of
$1.1 million principally due to increased volume in the indigo-dyed
sportswear segment due to improved market conditions reflecting the continued
turnaround in the denim market which commenced in late 1994 and in the
utility wear segment reflecting stronger demand, significantly offset by
increases in the cost of cotton, Graniteville's primary raw material. Other
income at Graniteville increased $2.8 million in the 1995 quarter due to a
$1.9 million insurance recovery and a $1.2 million gain from the sale of real
estate. Interest expense increased principally due to an increase in
interest rates on Graniteville's floating-rate debt and, to a lesser extent,
higher borrowing levels.
Interest income from Triarc Companies, Inc. and its subsidiaries
increased $0.2 million to $1.1 million in the three months ended March 31,
1995 due to loans to RC/Arby's Corporation ("RCAC"), a subsidiary of Triarc
Companies, Inc. ("Triarc"), the Company's indirect parent.
Other, net decreased $0.3 million to $0.4 million in the three months
ended March 31, 1995 resulting from a $0.6 million decline from the sale of
marketable securities (reflecting a gain of $0.4 million in the 1994 period
and a loss of $0.2 million in the 1995 period) and a $0.2 million decline in
income from other items, partially offset by a $0.5 million increase in
interest income.
The three months ended March 31, 1994 and 1995 did not result in
provisions for income taxes due to the utilization of net operating and other
loss and tax credit carryforwards.
The Company reported net income of $4.6 million for the three months
ended March 31, 1995 compared with net income for the three months ended
March 31, 1994 of $4.0 million for the reasons discussed above.
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents and marketable securities, excluding
restricted cash, decreased $17.6 million during the three months ended March
31, 1995 to $17.3 million. Such decrease reflects (i) scheduled repayments
of long-term debt of $9.0 million, (ii) a $3.5 million loan to Triarc (iii) a
$3.0 million loan to RCAC, (iv) net cash used by operations of $1.0 million,
(v) net cash used in discontinued operations of $1.4 million less (vi) an
increase in cash from other items, net of $0.3 million.
On July 22, 1993 the Company's Board of Directors authorized the sale or
liquidation of its utility and municipal services, refrigeration and natural
gas and oil ("NG&O") business segments which have been accounted for as
discontinued operations in the Company's consolidated financial statements.
In February 1995, the Company completed the sale of the stock of the
remaining operations of the NG&O segment for net proceeds of $0.7 million and
as of March 31, 1995 the Company has completed the sale of substantially all
of its discontinued operations. There remain, however, certain environmental
and other liabilities to be liquidated (the estimates of which have been
previously accrued) as well as certain contingent assets which may be
collected (the benefits of which have not been recorded). The contingent
assets are principally comprised of two notes from the sale of the
refrigeration business in the amounts of $4.3 million and $3.0 million of
which $0.1 million is scheduled to be collected in 1995.
In addition, on July 22, 1993 the Company's Board of Directors authorized
the sale or liquidation of the LP Gas business which is comprised of Public
Gas Company ("Public Gas"), a 99.7% owned subsidiary. As reported in Form
10-K, on March 31, 1995 Public Gas entered into a letter of intent with
National Propane Corporation ("National Propane"), an indirect wholly-owned
subsidiary of Triarc, whereby Public Gas will be merged with and into
National Propane during the second quarter of 1995. In consideration thereof,
the Company will receive a proportionate number of shares of common stock of
the surviving corporation based upon the relative fair values of Public Gas
and National Propane.
In connection with such merger the Company intends to repurchase the
Debentures ($45.0 million principal amount as of March 31, 1995) prior to
maturity during 1995. The Company presently anticipates financing such
repurchase with collection of a $26.5 million promissory note (the "Note")
due from Triarc (see subsequent discussion), the Company's available cash and
marketable securities ($17.3 million at March 31, 1995) and $9.5 million
received on May 5, 1995 with respect to the collection of the promissory note
from RCAC. Although the Company is informed that it is Triarc's intention to
repay the Note, there can be no assurance that Triarc will be able to obtain
sufficient cash to do so. Accordingly, there can also be no assurance that
the Debentures will be repurchased prior to maturity.
At March 31, 1995 the Company had a receivable from Triarc of $32.4
million including the Note and a demand promissory note (the "Demand Note")
with a principal amount of $3.5 million at March 31, 1995. The accrued and
unpaid interest on the Note totaled $2.4 million at March 31, 1995, which is
net of $3.4 million of offsets for amounts otherwise payable to Triarc for
facilities relocation and corporate restructuring and other charges. The
Note bears interest at the annual rate of 13% and is due on August 1, 1998.
Loans under the Demand Note bear interest at the prime rate plus 1 1/4%,
payable in cash. As previously discussed the Company anticipates that Triarc
will repay the Note during 1995 in connection with transactions related to
the intended early retirement of the Debentures. If the Debentures are not
retired and Triarc does not repay the Note, the Company expects that to the
extent it realizes the interest on the Note from Triarc, such realization
will be through offsets of future amounts otherwise due Triarc and,
therefore, such interest will not provide cash flows to the Company. Should
such offsets not be adequate, the Company expects to be required to make
loans to Triarc approximating the amount of any cash interest received.
In August 1994 the Company entered into a credit arrangement with RCAC
and in accordance therewith received a promissory note (the "RCAC Note")
maturing in September 1995 pursuant to which the Company may lend up to $9.5
million. Loans under the RCAC Note bear interest at 11 7/8%, payable
quarterly in cash. As of March 31, 1995, the Company had made loans under
the RCAC Note of $9.5 million. The RCAC Note was fully repaid on May 5,
1995.
Under its present credit facility agreement, Graniteville is unable to
pay any dividends or make any loans or advances to its stockholders,
including the Company, prior to December 31, 1995, and Graniteville's ability
to do so thereafter will be limited. Accordingly, any current income from
the investment in Graniteville will not provide cash flows to the Company in
1995.
The Company is required to make an annual $9.0 million sinking fund
payment on the Debentures and to pay interest on such Debentures semi-
annually on February 1 and August 1 of each year. On February 1, 1995 the
Company made its $9.0 million sinking fund payment together with interest of
$3.2 million. As previously discussed, the Company intends to repurchase the
remaining $45.0 million principal amount of the Debentures prior to maturity
in 1995.
The indenture pursuant to which the Debentures were issued contains a
provision which limits to $100.0 million the aggregate amount of specified
kinds of indebtedness that the Company and its consolidated subsidiaries can
incur. At March 31, 1995 such indebtedness was $42.9 million resulting in
allowable additional indebtedness, if the Company desired to make such
borrowings and if such financing could be obtained, of $57.1 million.
The Company has $6.0 million of restricted cash of which $5.25 million
supports letters of credit which collateralize certain performance and other
bonds relating to the former utility and municipal services segment and $0.75
million represents funds held in escrow resulting from the sale of the
natural gas and oil business. The Company currently anticipates the release
of $2.5 million supporting a portion of the letters of credit collateralizing
bonds later in the second quarter of 1995 which will then be available for
general corporate purposes. The performance and related warranties secured
by the bonds remaining after the release of $2.5 million will not be
substantially completed until 1996 with a small portion extending into 1997.
The funds held in escrow, net of charges thereto, revert to the Company in
August 1995 ($0.25 million) and August 1996 ($0.5 million).
The Company had cash and cash equivalents used in operating activities of
$1.0 million during the three months ended March 31, 1995. Such amount
consisted of $4.6 million of net income less (i) net non-cash adjustments of
$2.6 million and (ii) net changes in operating assets and liabilities of $3.0
million. It is anticipated that cash flows from operating activities for
1995 will approximate break-even. Significant cash requirements for the
remainder of 1995, excluding requirements related to the intended early
retirement of the Debentures discussed above, will include approximately $2.6
million of cash used by discontinued operations. The Company believes that
its existing cash and cash equivalents and marketable securities will be more
than sufficient to enable the Company to meet its short-term cash
requirements.
CONTINGENCIES
The Company continues to have legal and environmental contingencies of
the same nature and general magnitude as those described in "Item 7. -
Management's Discussion and Analysis of Financial Condition and Results of
Operations" contained in the Form 10-K. After considering amounts provided
in prior periods, the Company does not believe that the contingencies
referred to above, as well as ordinary routine litigation, will have a
material adverse effect on its consolidated financial position or results of
operations.
<PAGE>
SOUTHEASTERN PUBLIC SERVICE COMPANY AND SUBSIDIARIES
PART II. OTHER INFORMATION
Nothing to report.
<PAGE>
SOUTHEASTERN PUBLIC SERVICE COMPANY 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.
SOUTHEASTERN PUBLIC SERVICE COMPANY
Date: May 19, 1995 BY: /S/ JOSEPH A. LEVATO
---------------------
Joseph A. Levato
Executive Vice President and
Chief Financial Officer
(On behalf of the Company)
/S/ FRED H. SCHAEFER
---------------------
Fred H. Schaefer
Vice President and
Chief Accounting Officer
(Principal accounting officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
condensed consolidated financial statemnets included in the accompaying Form
10-Q of Southeastern Public Service Company for the three-month period ended
March 31, 1995 and is qualified in its entirety by reference to such Form 10-Q.
</LEGEND>
<CIK> 0000092050
<NAME> SOUTHEASTERN PUBLIC SERVICE COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 8,230
<SECURITIES> 6,014
<RECEIVABLES> 5,030
<ALLOWANCES> 0
<INVENTORY> 1,134
<CURRENT-ASSETS> 39,224
<PP&E> 25,108
<DEPRECIATION> 14,114
<TOTAL-ASSETS> 180,785
<CURRENT-LIABILITIES> 50,974
<BONDS> 0
<COMMON> 1
0
0
<OTHER-SE> 125,442
<TOTAL-LIABILITY-AND-EQUITY> 180,785
<SALES> 9,923
<TOTAL-REVENUES> 9,923
<CGS> 6,535
<TOTAL-COSTS> 6,535
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,833
<INCOME-PRETAX> 4,626
<INCOME-TAX> 0
<INCOME-CONTINUING> 4,626
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,626
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
