<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURTIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1995 Commission File No. 1-8876
ENSERCH EXPLORATION, INC.
Incorporated - State of Texas I.R.S. Identification No. 75-2017566
1817 Wood Street, Dallas, Texas 75201
Registrant's telephone number, including Area Code: 214-748-1110
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 twelve 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
---- ----
Number of shares of Common Stock of Registrant outstanding as of
May 12, 1995: 104,609,242.
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
ENSERCH EXPLORATION, INC.
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
<CAPTION>
Three Months
Ended March 31
------------------------
Pro Forma
1995 1994
---------- ----------
(In thousands except
per share amounts)
<S> <C> <C>
Revenues
Natural gas. . . . . . . . . . . . . . . . . . . . $ 31,885 $ 42,523
Oil and condensate . . . . . . . . . . . . . . . . 8,937 7,126
Natural gas liquids. . . . . . . . . . . . . . . . 737 409
Other. . . . . . . . . . . . . . . . . . . . . . . 94 153
-------- --------
Total . . . . . . . . . . . . . . . . . . . . . 41,653 50,211
-------- --------
Costs and Expenses
Production and operating . . . . . . . . . . . . . 8,801 7,647
Exploration. . . . . . . . . . . . . . . . . . . . 2,102 1,852
Depreciation and amortization. . . . . . . . . . . 19,061 21,014
General, administrative and other. . . . . . . . . 6,620 4,632
Taxes, other than income . . . . . . . . . . . . . 3,539 3,604
-------- --------
Total . . . . . . . . . . . . . . . . . . . . . 40,123 38,749
-------- --------
Operating Income . . . . . . . . . . . . . . . . . . 1,530 11,462
Other Income (Expense) - Net . . . . . . . . . . . . (24)
Interest Income. . . . . . . . . . . . . . . . . . . 1,026 1,807
Interest Expense . . . . . . . . . . . . . . . . . . (605) (292)
-------- --------
Income Before Income Taxes . . . . . . . . . . . . . 1,927 12,977
Income Taxes . . . . . . . . . . . . . . . . . . . . 675 4,542
-------- --------
Net Income . . . . . . . . . . . . . . . . . . . . . $ 1,252 $ 8,435
======== ========
Net Income Per Share of Common Stock . . . . . . . . $ .01 $ .08
======== ========
Average Common Shares Outstanding. . . . . . . . . . 104,582 104,581
======== ========
<FN>
See accompanying Notes.
</TABLE>
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<PAGE>
<PAGE>
<TABLE>
ENSERCH EXPLORATION, INC.
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, 1995
(In thousands)
<S> <C>
OPERATING ACTIVITIES
Net income . . . . . . . . . . . . . . . . . . . . . . . . $ 1,252
Depreciation and amortization. . . . . . . . . . . . . . . 19,061
Deferred income-tax expense. . . . . . . . . . . . . . . . 2,046
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . (9,212)
Changes in current operating assets and liabilities
Accounts receivable. . . . . . . . . . . . . . . . . . . (4,243)
Other current assets . . . . . . . . . . . . . . . . . . (1,663)
Accounts payable . . . . . . . . . . . . . . . . . . . . 3,243
Other current liabilities. . . . . . . . . . . . . . . . 1,679
--------
Net cash flows from operating activities . . . . . . . . 12,163
--------
INVESTING ACTIVITIES
Additions of property, plant and equipment . . . . . . . . (47,361)
Retirements of property, plant and equipment . . . . . . . (1,014)
Collection of note receivable from affiliated company. . . 86,077
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . (7,774)
--------
Net cash flows from investing activities . . . . . . . . 29,928
--------
FINANCING ACTIVITIES
Change in temporary advances with
affiliated companies . . . . . . . . . . . . . . . . . . (41,003)
Payments of capital lease obligations. . . . . . . . . . . (676)
--------
Net cash flows used for financing activities (41,679)
--------
Net Increase in Cash . . . . . . . . . . . . . . . . . . . . 412
Cash at Beginning of Period. . . . . . . . . . . . . . . . . 227
--------
Cash at End of Period. . . . . . . . . . . . . . . . . . . . $ 639
========
<FN>
See accompanying Notes.
</TABLE>
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<PAGE>
<PAGE>
<TABLE>
ENSERCH EXPLORATION, INC.
CONDENSED BALANCE SHEETS
(March 31, 1995 Unaudited)
<CAPTION>
March 31 December 31
1995 1994
--------- -----------
(In thousands)
<S> <C> <C>
ASSETS
Current Assets
Cash. . . . . . . . . . . . . . . . . . . . . . . . $ 639 $ 227
Accounts receivable - trade . . . . . . . . . . . . 14,051 16,667
Accounts receivable - affiliated companies. . . . . 18,446 11,587
Note receivable - affiliated company. . . . . . . . 86,077
Other . . . . . . . . . . . . . . . . . . . . . . . 4,173 2,510
---------- ----------
Total current assets . . . . . . . . . . . . . . 37,309 117,068
---------- ----------
Property, Plant and Equipment (at cost):
Gas and oil properties (full-cost method) . . . . . 2,119,298 2,070,051
Other . . . . . . . . . . . . . . . . . . . . . . . 12,899 15,346
---------- ----------
Total. . . . . . . . . . . . . . . . . . . . . . 2,132,197 2,085,397
Less accumulated depreciation and amortization. . . 856,573 839,087
---------- ----------
Net property, plant and equipment. . . . . . . . 1,275,624 1,246,310
---------- ----------
Other Assets . . . . . . . . . . . . . . . . . . . . 16,528 6,634
---------- ----------
Total. . . . . . . . . . . . . . . . . . . . . . $1,329,461 $1,370,012
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable - trade. . . . . . . . . . . . . . $ 55,380 $ 57,631
Accounts payable - affiliated companies . . . . . . 2,762 5,042
Temporary advances - affiliated companies (net) . . 60,529 101,532
Current portion of capital lease obligations. . . . 4,760 4,760
Other . . . . . . . . . . . . . . . . . . . . . . . 3,404 1,725
---------- ----------
Total current liabilities. . . . . . . . . . . . 126,835 170,690
---------- ----------
Capital Lease Obligations. . . . . . . . . . . . . . 150,419 151,095
---------- ----------
Deferred Income Taxes. . . . . . . . . . . . . . . . 292,169 290,123
---------- ----------
Other Liabilities. . . . . . . . . . . . . . . . . . 32,895 32,223
---------- ----------
Common Shareholders' Equity
Common stock (200,000 shares authorized;
104,609 and 104,581 shares outstanding). . . . . 104,609 104,581
Paid in capital. . . . . . . . . . . . . . . . . . 621,566 621,300
Retained earnings. . . . . . . . . . . . . . . . . 1,252
Unamortized restricted stock compensation. . . . . (284)
---------- ----------
Common shareholders' equity. . . . . . . . . . . 727,143 725,881
---------- ----------
Total. . . . . . . . . . . . . . . . . . . . . . $1,329,461 $1,370,012
========== ==========
<FN>
See accompanying Notes.
</TABLE>
-3-
<PAGE>
<PAGE>
ENSERCH EXPLORATION, INC.
Notes to Condensed Financial Statements
1. On December 30, 1994, through a series of transactions, Enserch
Exploration, Inc. (EEX) acquired all of the operating properties of Enserch
Exploration Partners, Ltd. (EP) and EP received common stock of EEX. EP
was then liquidated, and its partners received one share of EEX common
stock for each limited and general partnership interest held. The ENSERCH
companies also received EP's interests in and assumed EP's obligations
under certain equipment lease arrangements (the equipment was
simultaneously subleased to EEX) and assumed approximately $395 million
principal amount of EP's indebtedness, plus accrued interest.
EEX had no operations in 1994. The pro forma statements of income of EEX
for 1994 represent EP's results adjusted to reflect (1) the assumption by
ENSERCH companies of $395 million of EP's debt, (2) the 1% general partner
interest previously not included in EP's results, (3) the changes in
offshore facilities and equipment lease terms, (4) the cost allocation for
management of certain corporate services, and (5) a provision for corporate
income taxes that were not payable by EP as a partnership.
2. Earnings per share applicable to common stock are based on the weighted
average number of common shares outstanding during the period, including
common equivalent shares when dilutive.
3. In April 1995, EEX entered into a definitive agreement to acquire 100% of
the capital stock of DALEN Corporation for $340 million plus the assumption
of $115 million of bank debt. Also in April 1995, a Mobil Corporation
affiliate exercised its option to acquire a 40% working interest in EEX's
Garden Banks unit.
4. Components of current liabilities in the December 1994 balance sheet have
been reclassified.
5. In the opinion of management, all adjustments (consisting only of normal
recurring accruals) necessary for a fair presentation of the results of
operations for the interim periods included herein have been made.
-4-
<PAGE>
<PAGE>
INDEPENDENT ACCOUNTANTS' REPORT
Enserch Exploration, Inc.:
We have reviewed the accompanying condensed balance sheet of Enserch
Exploration, Inc. as of March 31, 1995, and the related condensed statements
of income and cash flows for the three months then ended. These financial
statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical review
procedures to financial data, and making inquiries of persons responsible for
financial and accounting matters. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective
of which is the expression of an opinion regarding the financial statements
taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to such condensed financial statements for them to be in
conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet of Enserch Exploration, Inc., as of December 31,
1994, (not presented herein); and in our report dated February 10, 1995, we
expressed an unqualified opinion on that balance sheet. In our opinion, the
information set forth in the accompanying condensed balance sheet as of
December 31, 1994, is fairly stated in all material respects, in relation to
the balance sheet from which it has been derived.
DELOITTE & TOUCHE LLP
Dallas, Texas
April 26, 1995
-5-
<PAGE>
<PAGE>
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
RESULTS OF OPERATIONS -On December 30, 1994, through a series of transactions,
Enserch Exploration, Inc. (EEX) acquired all of the operating properties of
Enserch Exploration Partners, Ltd. (EP). Accordingly, EEX had no operations
in 1994. All references to 1994 are to the pro forma results for EEX, which
represent the adjusted results of EP. EEX had first-quarter 1995 net income
of $1.3 million ($.01 per share), compared with $8.4 million ($.08 per share)
for the first quarter of 1994, reflecting a decline in both prices and sales
volumes for natural gas. Operating income for the first three months of 1995
was $1.5 million versus $11.5 million for the year-ago period.
First-quarter 1995 revenues were $42 million, compared with $50 million for
the same period last year. Natural-gas revenues of $32 million were 25% below
the first quarter of 1994. The average natural-gas price received fell from
$2.32 per thousand cubic feet (Mcf) in the first quarter of 1994 to $2.22 per
Mcf in the first quarter of 1995. The average price received benefited from
gas price hedge positions and longer term contracts at prices above current
spot market prices. Natural-gas sales volumes from production were
14.4 billion cubic feet (Bcf) versus 18.4 Bcf in the year-earlier period. The
decline in sales volumes reflects lower output from Gulf of Mexico properties,
partially due to maintenance work; lower output from East Texas fields,
partially due to timing differences on annual delivery requirements on
reserves sold in 1988; and reduced expenditures for replacing gas production
because of lower gas prices.
Oil and condensate revenues of $8.9 million were $1.8 million higher than the
first quarter of 1994, with sales volumes of 533 thousand barrels up 11% from
the year-earlier period. The average price per barrel of oil for the first
quarter was $16.77, compared with $14.85 for the first quarter last year.
EEX uses gas and oil swaps, collars and futures agreements to hedge volatile
product prices for a portion (normally 30 to 70 percent) of anticipated future
gas and oil production. Hedges increased gas revenues by $3.0 million in the
first quarter of 1995, compared with virtually no impact on revenues in the
1994 first quarter. Hedges reduced first-quarter 1995 oil revenues by
$.1 million but added $.7 million in the first quarter of 1994. At March 31,
1995, EEX had outstanding swaps, collars and futures agreements extending
through June 1996 to exchange payments on some 13.3 Bcf of gas and 1.2 million
barrels (MMBbls) of oil on which EEX had $1.4 million of net unrealized gains.
At March 31, 1995, realized gains on hedging activities of $.6 million were
deferred.
Costs and expenses for the first quarter of 1995 of $40 million were slightly
higher than the $39 million for the year-earlier period. Production and
operating costs were $1.2 million above the first quarter of 1994 due to
higher maintenance costs. General, administrative and other expenses for the
first quarter of 1995 reflect a $1.2 million provision for the deductible
portion of injuries and damages claims, while first-quarter 1994 included a
$.6 million reduction from reserves for such claims no longer required.
Depreciation and amortization decreased 9% due to the decline in production,
-6-
<PAGE>
<PAGE>
partially offset by a higher-per-unit amortization of capitalized costs caused
by higher onshore exploratory expenditures and the cost of equipment under
capital leases. Product prices are subject to seasonal and other
fluctuations. A decline in prices from March levels or other factors, without
mitigating circumstances, could cause a future write-down of capitalized costs
and a noncash charge against income.
Interest income for the first quarter of 1995 decreased $.8 million from the
prior first quarter due to the collection of a note receivable from an ENSERCH
affiliate in February 1995.
Operating results for 1995 will be impacted by the third-quarter commencement
of production from Garden Banks Block 388. Revenues from the early levels of
production on the two pre-drilled wells may not be sufficient to cover
operating costs, amortization and the equipment lease costs on the floating
production platform and related facilities. Some operating costs and
amortization vary with production; however, other costs and the equipment
lease costs are essentially fixed. Operating results are expected to improve
significantly for 1996 as production begins from several development wells and
equipment lease and other fixed costs are spread over significantly more
production.
LIQUIDITY AND FINANCIAL RESOURCES - Net cash flows from operating activities
were $12 million in the first quarter of 1995. Investing activities provided
$30 million during the period, which included $86 million from the collection
of the note receivable from an affiliated company and a $47 million
requirement for property additions. Temporary advances from affiliates were
reduced by $41 million.
Originally planned property, plant and equipment additions for 1995 total
$155 million. However, expenditures will be reduced if cash flows from
operations prove to be less than anticipated. The expenditures exclude costs
of the floating production platform and related facilities for the Garden
Banks project, which are being provided under lease arrangements with an
ENSERCH affiliate.
Total capitalization at March 31, 1995 was $882 million, with common
shareholders' equity representing 82% of the total, virtually unchanged from
year-end 1994.
EEX intends to utilize substantially all of its internally generated cash flow
for growth of the company. Internally generated cash flow may be supplemented
by borrowings to fund temporary cash deficiencies. EEX has a $100 million
temporary credit arrangement with ENSERCH of which $57 million was outstanding
at March 31, 1995. In May, a $350 million independent facility with a group
of banks was arranged.
RECENT EVENTS - Acquisition of DALEN Corporation (DALEN) - On April 13, 1995,
EEX entered into a definitive agreement, subject to regulatory review and
approval, to acquire 100% of the capital stock of DALEN for $340 million and
the refinancing of $115 million of DALEN's bank debt. The closing is expected
by early June 1995. The purchase price will be funded initially through EEX
bank lines. A $150 million bridge loan will be used to refinance DALEN's bank
-7-
<PAGE>
<PAGE>
debt and reduce advances from ENSERCH. The bridge loan is expected to be paid
later in the year with the proceeds of a $150 million asset-based financing.
EEX intends to issue common stock in a public offering later this year to
repay all or a portion of the EEX bank line financing used to make the
acquisition. The common stock issue is expected to increase the public
ownership in EEX from less than 1% to approximately 20%. DALEN's exploration
and production activities are primarily focused in the Gulf Coast, Gulf of
Mexico and Mid-Continent areas.
Garden Banks - Also in April 1995, a Mobil Corporation affiliate exercised its
option to acquire a 40% working interest in EEX's Garden Banks unit for
undisclosed consideration. Mobil will also be funding 40% of the costs of the
production system and drilling and completion costs. Production at Garden
Banks is expected to begin in the third quarter of 1995, with initial
production from the first two wells expected to aggregate approximately nine
thousand barrels per day. A third well is expected to be drilled and
connected to the system by year-end, with additional wells added throughout
1996.
Green Canyon - DeGolyer and MacNaughton (D&M), independent petroleum
engineers, have recently recognized gross proven reserve levels at Green
Canyon Block 254 to be 50 MMBbls of oil and 102 Bcf of natural gas.
Separately, a Mobil Corporation affiliate has signed a letter of intent to
purchase a 40% interest in the Green Canyon project, which is subject to
mutually acceptable consummation documents. Also, Reading & Bates signed a
letter of intent to purchase a 20% interest in the project. EEX will have a
40% interest and will remain operator. The Green Canyon project provides a
significant addition to EEX's proven reserves. Proven reserves for EEX
recognized by D&M at December 31, 1994, which did not include the Green Canyon
project, were 46.1 MMBbls of oil and 1,042 Bcf of natural gas.
-8-
<PAGE>
<PAGE>
<TABLE>
ENSERCH EXPLORATION, INC.
SUMMARY OF OPERATING DATA (UNAUDITED)
<CAPTION>
Three Months
Ended March 31
---------------------
Pro Forma
1995 1994
------- -------
<S> <C> <C>
Operating Income (in millions) . . . . . . . . . . . $ 1.5 $ 11.5
======= =======
Revenues (in millions)
Natural gas . . . . . . . . . . . . . . . . . . . . $ 31.9 $ 42.5
Oil and condensate . . . . . . . . . . . . . . . . 8.9 7.1
Natural gas liquids . . . . . . . . . . . . . . . . .7 .4
Other revenues - net. . . . . . . . . . . . . . . . .1 .2
------- -------
Total. . . . . . . . . . . . . . . . . . . . . . $ 41.6 $ 50.2
======= =======
Sales Volumes
Natural gas (MMcf) . . . . . . . . . . . . . . . . 14,361 18,367
Oil and condensate (MBbl) . . . . . . . . . . . . . 533 480
Natural gas liquids (MBbl). . . . . . . . . . . . . 66 41
Total volumes (MMcfe) (a) . . . . . . . . . . . . . 17,468 21,091
Average Sales Price
Natural gas (per Mcf) . . . . . . . . . . . . . . . $ 2.22 $ 2.32
Oil and condensate (per Bbl). . . . . . . . . . . . 16.77 14.85
Natural gas liquids (per Bbl) . . . . . . . . . . . 11.17 9.98
Total product revenue (per Mcfe) (a). . . . . . . . 2.38 2.37
Cost and Expenses in Equivalent Energy
Content (per Mcfe) (a)
Production and operating (b). . . . . . . . . . . . $ .50 $ .36
Exploration . . . . . . . . . . . . . . . . . . . . .12 .09
Depreciation and amortization . . . . . . . . . . . 1.09 1.00
General, administrative and other . . . . . . . . . .38 .22
Taxes, other than income. . . . . . . . . . . . . . .20 .17
Net Wells
Drilled . . . . . . . . . . . . . . . . . . . . . . 15 16
Productive. . . . . . . . . . . . . . . . . . . . . 10 8
<FN>
(a) For the purpose of providing a common unit of measure, oil and natural gas
liquids have been converted to Mcf equivalents (Mcfe) on the basis of
relative energy content: one barrel of oil equals 5.33 Mcfe and one barrel
of natural gas liquids equals 4.0 Mcfe.
(b) Excludes related production, severance and ad valorem taxes.
</TABLE>
-9-
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
A lawsuit was filed on February 7, 1995, in the United States District
Court for the Southern District of Texas, Galveston Division, against
certain defendants by a plaintiff who allegedly suffered personal
injuries while working aboard an offshore rig. The Company is required
contractually to indemnify these defendants. The plaintiff seeks $4.5
million in actual damages, interest and costs. In the opinion of
management, the Company will incur no liability from this claim that
would be considered material for financial reporting purposes.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
EXHIBIT (15) - Letter of Deloitte & Touche LLP dated
May 10, 1995, regarding unaudited
interim financial statements
(b) A Current Report on Form 8-K dated December 30, 1994, was filed on
January 6, 1995 (conversion of Enserch Exploration Partners, Ltd.
into Enserch Exploration, Inc.).
-10-
<PAGE>
<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.
ENSERCH EXPLORATION, INC.
(Registrant)
Dated May 10, 1995 By /s/Gary J. Junco
----------------------------------------
Gary J. Junco
President and Chief Operating Officer
Dated May 10, 1995 By /s/J. W. Pinkerton
----------------------------------------
J. W. Pinkerton
Vice President and Controller
-11-
<PAGE>
EXHIBIT (15)
Enserch Exploration, Inc:
We have made a review, in accordance with standards established by the
American Institute of Certified Public Accountants, of the unaudited interim
condensed financial information of Enserch Exploration, Inc. for the
period ended March 31, 1995, as indicated in our report dated April 26, 1995;
because we did not perform an audit, we expressed no opinion on that
information.
We are aware that our report referred to above, which is included in your
Quarterly Report on Form 10-Q for the quarter ended March 31, 1995, is
incorporated by reference in Registration Statement No. 33-57715 on Form S-8.
We also are aware that the aforementioned report, pursuant to Rule 436(c)
under the Securities Act, is not considered a part of the Registration
Statement prepared or certified by an accountant or a report prepared or
certified by an accountant within the meaning of Sections 7 and 11 of that
Act.
DELOITTE & TOUCHE LLP
Dallas, Texas
May 10, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
QUARTERLY REPORT ON FORM 10-Q OF ENSERCH EXPLORATION, INC. FOR THE QUARTER ENDED
MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000931006
<NAME> ENSERCH EXPLORATION, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> MAR-31-1995
<CASH> 639
<SECURITIES> 0
<RECEIVABLES> 32,497
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 37,309
<PP&E> 2,132,197
<DEPRECIATION> (856,573)
<TOTAL-ASSETS> 1,329,461
<CURRENT-LIABILITIES> 126,835
<BONDS> 0
<COMMON> 727,143
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,329,461
<SALES> 0
<TOTAL-REVENUES> 41,653
<CGS> 0
<TOTAL-COSTS> 40,123
<OTHER-EXPENSES> 24
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 605
<INCOME-PRETAX> 1,927
<INCOME-TAX> 675
<INCOME-CONTINUING> 1,252
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,252
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
