<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 18, 1995
(Date of earliest event reported)
BankAmerica Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-7377 94-1681731
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
Bank of America Center
555 California Street
San Francisco, California 94104
(Address of principal executive offices) (Zip Code)
415-622-3530
(Registrant's telephone number, including area code)
4063959
<PAGE>
Item 5. Other Events.
Attached hereto as Exhibit 99 is a copy of BankAmerica
Corporation's press release dated January 18, 1995 titled
"BankAmerica Fourth Quarter Earnings."
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
(a) Financial Statements of Businesses Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit Number Description
99 BankAmerica Corporation press release dated January 18, 1995
titled "BankAmerica Fourth Quarter Earnings."
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.
BANKAMERICA CORPORATION
(Registrant)
Date: January 18, 1995
By /s/ James H. Williams
James H. Williams
Executive Vice President
4063959 2
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation
press release dated
January 18, 1995
titled "BankAmerica
Fourth Quarter
Earnings."
4063959
<PAGE>
Exhibit 99
BankAmerica Corporation logo appears here.
BankAmerica Corporation News
For release:
Contact: Peter Magnani
(415) 953-2418
BANKAMERICA FOURTH QUARTER EARNINGS
SAN FRANCISCO, January 18, 1995 -- BankAmerica
Corporation today reported earnings per share for 1994 of
$5.36, an increase of 12 percent from $4.79 in 1993. Net
income for 1994 was $2,176 million, up 11 percent from the
amount reported in 1993.
Included in 1994 annual results were fourth-quarter
earnings per share of $1.41, based on quarterly earnings of
$591 million. Earnings per share for the fourth quarter of
1993 were $1.21, based on quarterly earnings of $496 million.
"We are very pleased with our increase in earnings per
share and with the overall performance of the corporation in
1994," Richard M. Rosenberg, chairman and chief executive
officer, said. "Increasing earnings per share was our most
important financial objective for the year. With advances in
each quarter of the past year, we achieved that goal.
Looking ahead, our most important goals are to sustain the
momentum we have established and to improve our return on
equity.
"We believe we are well positioned to benefit from an
improving California economy and continuing growth in most of
our other domestic and offshore markets. The challenge will
be to concentrate our resources in areas that have the
greatest potential for shareholders by making decisions to
increase or reduce investments appropriately."
- more -
<PAGE>
Results of Operations
---------------------
Net interest income for the fourth quarter of 1994 was up
$147 million from the amount reported for the fourth quarter
of 1993 and reflected the effects of mergers and acquisitions, as
well as continued growth in the loan portfolio. Although the net
interest margin for the fourth quarter of 1994 was down 10 basis
points from the same period a year ago, the corporation's net
interest margin has been relatively constant over the past three
quarters. The fourth quarter 1994 net interest margin was 4.53 percent,
while the third and second quarter net interest margins amounted to
4.51 percent and 4.49 percent, respectively.
The provision for credit losses was $100 million in the
fourth quarter of 1994, down $50 million from the amount reported
in the same period last year. Net credit losses for the fourth quarter
of 1994 totaled $36 million, down $176 million, or 83 percent, from
the amount reported in the same period last year. This decrease was
partially due to recoveries on foreign loans in Poland and Ecuador.
Noninterest income for the fourth quarter of 1994
decreased $68 million from the amount reported in the same
period last year. This decrease was primarily due to
declines in trading income, reduced income from assets pending
disposition, and lower net gains on sales of loans. These
declines were partially offset by an increase in total fees
and commissions resulting primarily from the corporation's
expanded midwestern corporate banking business.
Noninterest expense for the fourth quarter of 1994, which
includes the expanded operations from mergers and acquisitions
that closed in 1994, remained essentially unchanged from the amount
reported in the comparable period of 1993.
Balance Sheet Analysis
----------------------
Total loans at December 31, 1994 were up $2.2 billion
from the previous quarter. This portfolio growth reflected
the corporation's continued efforts to expand and diversify
the loan portfolio. Total nonaccrual assets at December 31,
1994 remained essentially unchanged from the previous
quarter.
(end of text, tables follow)
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
BankAmerica Corporation's financial information set forth in the
following tables reflects the effects of the merger with Continental
Bank Corporation (Continental) subsequent to its consummation on
August 31, 1994.
The corporation adopted Statement of Financial Accounting Standards
(SFAS) No. 115, "Accounting for Certain Investments in Debt and
Equity Securities," effective January 1, 1994. At that time, certain
held-to-maturity securities were transferred to available-for-sale
securities. In addition, certain debt-restructuring par bonds and other
instruments issued by foreign governments were reclassified from
loans to the securities portfolios.
The corporation also adopted Financial Accounting Standards Board
Interpretation No. 39 (FIN 39), "Offsetting of Amounts Related to
Certain Contracts," effective January 1, 1994. To the extent allowed
by FIN 39, the corporation nets unrealized gains and losses on
certain off-balance-sheet instruments.
Since SFAS No. 115 does not allow retroactive application and the
corporation has elected not to restate prior periods under FIN 39,
prior period amounts have not been restated.
====================================================================
Table 1
Summary of Results
<TABLE>
<CAPTION>
Fourth Third Fourth
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 591 $ 547 $ 496
2 Earnings per common and common
equivalent share 1.41 1.36 1.21
3 Earnings per common share --
assuming full dilution 1.40 1.35 1.21
<CAPTION>
Year Ended
December 31
-----------------
1994 1993
------ ------
<S> <C> <C>
4 Net income $2,176 $1,954
5 Earnings per common and common
equivalent share 5.36 4.79
6 Earnings per common share --
assuming full dilution 5.33 4.76
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 2
Statistical Data
<TABLE>
<CAPTION>
Fourth Third Fourth
Quarter Quarter Quarter
1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Rate of return (based
on net income) on:
1 Average total assets 1.09% 1.07% 1.06%
2 Average common stockholders'
equity 13.24 13.12 12.48
3 Net interest margin/a/ 4.53 4.51 4.63
4 Full-time-equivalent staff
at period end (in thousands) 82.1 81.9 79.2
5 Employees at period
end (in thousands) 98.6 98.6 96.4
<CAPTION>
Year Ended
December 31
------------------
1994 1993
------ ------
<S> <C> <C>
Rate of return (based
on net income) on:
6 Average total assets 1.08% 1.05%
7 Average common stockholders'
equity 13.20 12.88
8 Net interest margin/a/ 4.50 4.69
</TABLE>
----------------------------------------------------------------------
/a/ The net interest margin is computed on a taxable-equivalent basis.
The taxable-equivalent basis adjustments to net interest income
were $7 million, $6 million, and $6 million for the fourth quarter
of 1994, the third quarter of 1994, and the fourth quarter of 1993,
respectively, and $24 million and $22 million for the years ended
December 31, 1994 and 1993, respectively.
======================================================================
Table 3
Credit Quality Ratios
<TABLE>
<CAPTION>
Dec. 31 Sept. 30 Dec. 31
1994 1994 1993
------- -------- -------
<S> <C> <C> <C>
1 Allowance for credit losses to
total loans 2.62% 2.61% 2.77%
2 Allowance for credit losses to
total nonaccrual assets 177.45 173.96 121.57
3 Annualized ratio of net credit
losses to average total loan
outstandings for the quarter
ended 0.10 0.32 0.67
4 Annualized ratio of net credit
losses to average total loan
outstandings for the year-to-
date period ended 0.37 0.46 0.89
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 4
Capital
<TABLE>
<CAPTION>
Dec. 31 Sept. 30 Dec. 31
1994 1994 1993
-------- --------- --------
<S> <C> <C> <C>
1 Total risk-based capital ratio/a/ 11.70%/b/ 11.54% 11.93%
2 Tier 1 risk-based capital ratio/a/ 7.30/b/ 7.18 7.53
3 Tier 1 leverage ratio/a/ 6.73/b/ 6.59/c/ 6.58
4 Common stockholders' equity to
total assets 7.34 7.26 7.58
5 Total stockholders' equity to
total assets 8.77 8.83 9.17
6 Total risk-based capital/a/
(in millions) $ 21,941/b/ $ 21,576 $ 18,842
7 Risk weighted assets (in millions) 186,803/b/ 186,958 157,890
8 Tier 1 risk-based capital/a/
(in millions) 13,658/b/ 13,430 11,896
</TABLE>
--------------------------------------------------------------------------
/a/ The Federal Reserve has issued final capital regulations on
the adoption of SFAS No. 109, which will become effective
April 1, 1995. These ratios reflect the new regulations.
/b/ Estimated.
/c/ The leverage ratio is based on period-end total assets rather
than average total assets since, due to the Continental
merger, this ratio is more indicative of future leverage
ratios. The ratio using Tier 1 capital based on average total
assets was 6.96% at September 30, 1994.
=======================================================================
Table 5
Common and Preferred Stock Data
<TABLE>
<CAPTION>
Dec. 31 Sept. 30 Dec. 31
1994 1994 1993
--------- --------- ---------
<S> <C> <C> <C>
1 Book value per common share $42.63 $42.02 $39.58
2 Closing price per common share 39.50 44.13 46.38
Cash dividend per common share:
3 Quarter-to-date 0.40 0.40 0.35
4 Year-to-date 1.60 1.20 1.40
Common stock cash dividends
(in millions):
5 Quarter-to-date 149 140 125
6 Year-to-date 571 422 497
Preferred stock cash dividends
(in millions):
7 Quarter-to-date 67 60 60
8 Year-to-date 248 181 241
9 Number of common shares outstanding
(in thousands): 371,182 370,206 357,912
Average number of common and common
equivalent shares outstanding
(in thousands):
10 Quarter-to-date 373,922 357,962 359,547
11 Year-to-date 359,793 355,084 357,680
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 6
Selected Average Balance Sheet Components
<TABLE>
<CAPTION>
Fourth Third Fourth
Quarter Quarter Quarter
(in millions) 1994 1994 1993
-------- -------- --------
<S> <C> <C> <C>
1 Loans $138,576 $129,499 $125,231
2 Earning assets 177,819 168,759 161,133
3 Total assets 214,649 203,232 186,706
4 Deposits 153,121 145,942 140,967
5 Common stockholders' equity 15,702 14,719 13,874
6 Total stockholders' equity 18,982 17,827 16,852
</TABLE>
=======================================================================
Table 7
Business Sectors
<TABLE>
<CAPTION>
Year Ended December 31, 1994/a/
--------------------------------------
(dollar amounts in billions, Average Average Return
except for net income which Net Total Total on
is in millions) Income Assets Deposits Assets
------- ------- -------- ------
<S> <C> <C> <C> <C>
1 Consumer banking $ 898 $ 65 $ 77 1.38%
2 U.S. Corporate and
foreign banking 644 68 26 0.95
3 Commercial real estate 328 10 2 3.47
4 Middle market banking 232 14 7 1.66
5 Non-California banks/b/ 52 24 23 0.21
6 Private banking, investment
management, and personal
trust 2 3 5 0.06
7 Other 20 18 5 0.11
------ ---- ----
$2,176 $202 $145 1.08%
====== ==== ====
</TABLE>
-----------------------------------------------------------------------
/a/ Amounts are preliminary and reflect the corporation's business-
sector allocation methodologies at December 31, 1994.
/b/ Excluding Seafirst Corporation and Bank of America Illinois,
which are reflected within the applicable business sectors.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 8
Loan Outstandings
<TABLE>
<CAPTION>
Dec. 31 Sept. 30 Dec. 31
(in millions) 1994 1994 1993
-------- --------- --------
<S> <C> <C> <C>
Domestic
Consumer:
1 Residential first mortgages $ 33,818 $ 33,033 $ 30,483
2 Installment/a/ 17,432 16,890 15,332
3 Individual lines of credit/a/ 8,427 8,367 8,486
4 Credit card 8,020 7,420 7,474
5 Other/a/ 467 539 274
-------- ------- -------
6 Total consumer 68,164 66,249 62,049
Commercial:
7 Commercial and industrial 28,814 29,021 20,486
8 Loans secured by real estate 10,277 9,823 9,251
9 Construction and development
loans secured by real estate 3,616 3,929 4,418
10 Financial institutions 2,872 2,601 2,170
11 Agricultural 1,840 1,721 1,679
12 Lease financing 1,814 1,694 1,715
13 Loans for purchasing or carrying
securities 1,529 1,495 3,090
14 Other 1,623 1,642 1,478
-------- -------- --------
15 Total commercial 52,385 51,926 44,287
-------- -------- --------
16 Total domestic loans 120,549 118,175 106,336
Foreign
17 Commercial and industrial 13,496 13,331 11,448
18 Banks and other financial
institutions 2,516 2,629 2,279
19 Governments and official
institutions 896 1,220 3,429
20 Other 3,455 3,336 3,064
-------- -------- --------
21 Total foreign loans 20,363 20,516 20,220
-------- -------- --------
22 Total Loans $140,912 $138,691 $126,556
======== ======== ========
</TABLE>
-----------------------------------------------------------------------
/a/ Installment loans, individual lines of credit, and other
consumer loans included the following aggregate amounts that
were collateralized by junior mortgages on residential real
estate:$13,589 million at December 31, 1994, $13,658 million
at September 30, 1994, and $12,847 million at December 31,
1993.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 9
Selected Credit Quality Data
<TABLE>
<CAPTION>
Dec. 31 Sept. 30 Dec. 31
(in millions) 1994 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Nonaccrual Assets:
1 Construction and development
loans secured by real estate $ 647 $ 672 $1,037
2 Commercial and industrial 489 427 588
3 Commercial loans secured by real
estate 347 412 570
4 Consumer 382 408 459
5 Foreign, excluding restructuring
country related 124 145 197
------ ------ ------
6 Total 1,989 2,064 2,851
7 Restructuring country related 91 20 35
------ ------ ------
8 Total Nonaccrual Assets $2,080 $2,084 $2,886
====== ====== ======
9 Restructured loans $ 97 $ 130 $ 134
10 Loans past due 90 days or more
and still accruing interest/a/ 436 420 578
11 Other real estate owned 555 570 517
</TABLE>
--------------------------------------------------------------------------
/a/ Includes consumer loans of $292 million, $238 million, and
$328 million at December 31, 1994, September 30, 1994, and
December 31, 1993, respectively.
==========================================================================
Table 10
Analysis of Change in Nonaccrual Assets
<TABLE>
<CAPTION>
Fourth Third Second First
Quarter Quarter Quarter Quarter
(in millions) 1994 1994 1994 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
1 Balance, beginning
of period $2,084 $2,222 $2,498 $2,886
Additions:
2 Loans placed on
nonaccrual status 362 200 269 227
3 Acquired in the
Continental merger - 245 - -
Deductions:
4 Sales (9) (167) (4) (30)
5 Restored to accrual
status (107) (145) (169) (195)
6 Foreclosures (32) (19) (32) (72)
7 Charge-offs (19) (47) (37) (40)
8 Other, primarily
payments (199) (205) (303) (278)
------ ------ ------ ------
9 Balance, End
of Period $2,080 $2,084 $2,222 $2,498
====== ====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 11
Net Credit Losses (Recoveries)
<TABLE>
<CAPTION>
Fourth Third Fourth
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Domestic consumer:
1 Residential first mortgages $ 12 $ 13 $ 10
2 Credit card 79 74 95
3 Other consumer 52 43 67
Domestic commercial:
4 Commercial and industrial (10) (25) 9
5 Loans secured by real estate (1) 3 7
6 Construction and development
loans secured by real estate (9) 20 20
7 Financial institutions, agricultural,
lease financing, loans for
purchasing or carrying securities,
and other commercial (6) (5) -
---- ---- ----
8 Total domestic 117 123 208
9 Foreign (81) (17) 4
---- ---- ----
10 Total Net Credit Losses $ 36 $106 $212
==== ==== ====
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Fourth Third Fourth
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $2,796 $2,510 $2,329
2 Interest-bearing deposits in banks 108 87 54
3 Federal funds sold 11 16 6
4 Securities purchased under
resale agreements 106 84 54
5 Trading account assets 124 116 102
6 Available-for-sale and held-to-
maturity securities 334 340 331
------ ------ ------
7 Total interest income 3,479 3,153 2,876
Interest Expense
8 Deposits 1,019 868 715
9 Federal funds purchased 15 6 4
10 Securities sold under repurchase
agreements 93 82 46
11 Other short-term borrowings 84 71 56
12 Long-term debt 245 211 177
13 Subordinated capital notes 11 11 13
------ ------ ------
14 Total interest expense 1,467 1,249 1,011
------ ------ ------
15 Net interest income 2,012 1,904 1,865
16 Provision for credit losses 100 110 150
------ ------ ------
17 Net interest income after
provision for credit losses 1,912 1,794 1,715
Noninterest Income
18 Deposit account fees 316 301 302
19 Credit card fees 90 86 95
20 Trust fees 83 69 72
21 Other fees and commissions 304 279 268
22 Net trading account related 11 57 46
23 Foreign exchange trading related 43 63 55
24 Net gain (loss) on available-for-sale
securities (1) (2) 16
25 Net gain on sales of assets 28 33 45
26 Venture capital activities 40 33 53
27 Other income 137 156 167
------ ------ ------
28 Total noninterest income 1,051 1,075 1,119
Noninterest Expense
29 Salaries 785 741 729
30 Employee benefits 179 186 138
31 Occupancy 187 171 182
32 Equipment 160 145 174
33 Amortization of intangibles 107 100 115
34 Communications 86 79 81
35 Regulatory fees and related expenses 76 72 74
36 Professional services 60 54 73
37 Other expense 329 390 408
------ ------ ------
38 Total noninterest expense 1,969 1,938 1,974
------ ------ ------
39 Income before income taxes 994 931 860
40 Provision for income taxes 403 384 364
------ ------ ------
41 Net Income $ 591 $ 547 $ 496
====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Year Ended
December 31
-----------------
(in millions) 1994 1993
------- -------
<S> <C> <C>
Interest Income
1 Loans, including fees $ 9,806 $ 9,463
2 Interest-bearing deposits in banks 325 194
3 Federal funds sold 55 35
4 Securities purchased under
resale agreements 351 174
5 Trading account assets 473 372
6 Available-for-sale and held-to-
maturity securities 1,374 1,389
------- -------
7 Total interest income 12,384 11,627
Interest Expense
8 Deposits 3,337 2,971
9 Federal funds purchased 27 16
10 Securities sold under repurchase
agreements 351 158
11 Other short-term borrowings 275 201
12 Long-term debt 810 727
13 Subordinated capital notes 42 113
------ ------
14 Total interest expense 4,842 4,186
------ ------
15 Net interest income 7,542 7,441
16 Provision for credit losses 460 803
------- -------
17 Net interest income after
provision for credit losses 7,082 6,638
Noninterest Income
18 Deposit account fees 1,201 1,198
19 Credit card fees 343 354
20 Trust fees 285 294
21 Other fees and commissions 1,111 1,083
22 Net trading account related 120 244
23 Foreign exchange trading related 237 325
24 Net gain on available-for-sale securities 24 61
25 Net gain on sales of assets 126 106
26 Venture capital activities 136 129
27 Other income 564 479
------- -------
28 Total noninterest income 4,147 4,273
Noninterest Expense
29 Salaries 2,936 2,886
30 Employee benefits 703 573
31 Occupancy 690 684
32 Equipment 589 610
33 Amortization of intangibles 411 421
34 Communications 323 330
35 Regulatory fees and related expenses 290 309
36 Professional services 225 268
37 Other expense 1,345 1,402
------- -------
38 Total noninterest expense 7,512 7,483
-------- -------
39 Income before income taxes 3,717 3,428
40 Provision for income taxes 1,541 1,474
------- -------
41 Net Income $ 2,176 $ 1,954
======= =======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
<TABLE>
<CAPTION>
Dec. 31 Sept. 30 Dec. 31
(in millions) 1994 1994 1993
-------- --------- --------
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 13,578 $ 12,493 $ 10,482
2 Interest-bearing deposits in banks 6,371 4,884 2,988
3 Federal funds sold 640 570 2,050
4 Securities purchased under resale
agreements 5,259 4,474 3,549
5 Trading account assets 6,941 7,103 6,866
6 Available-for-sale securities 9,849 11,166 3,282
7 Held-to-maturity securities 8,167 8,700 16,415
8 Loans 140,912 138,691 126,556
9 Less: Allowance for credit losses 3,690 3,625 3,508
-------- -------- --------
10 Net loans 137,222 135,066 123,048
11 Premises and equipment, net 3,955 3,935 3,631
12 Customers' acceptance liability 1,069 833 851
13 Accrued interest receivable 1,449 1,221 982
14 Goodwill, net 4,296 4,394 3,973
15 Identifiable intangibles, net 2,149 2,213 2,191
16 Unrealized gains on off-balance-
sheet instruments 6,267 7,783 -
17 Other assets 8,263 9,395 6,625
-------- -------- --------
18 Total Assets $215,475 $214,230 $186,933
======== ======== ========
Liabilities & Stockholders' Equity
Deposits in domestic offices:
19 Interest-bearing $ 90,374 $ 91,872 $ 89,134
20 Noninterest-bearing 34,956 33,006 31,578
Deposits in foreign offices:
21 Interest-bearing 27,454 25,981 19,608
22 Noninterest-bearing 1,610 1,807 1,298
-------- -------- --------
23 Total deposits 154,394 152,666 141,618
24 Federal funds purchased 3,283 1,690 220
25 Securities sold under repurchase
agreements 5,505 5,278 4,229
26 Other short-term borrowings 5,053 5,796 3,523
27 Acceptances outstanding 1,069 833 851
28 Accrued interest payable 831 719 505
29 Unrealized losses on off-balance-
sheet instruments 6,571 8,007 -
30 Other liabilities 4,450 5,202 4,728
31 Long-term debt 14,823 14,504 13,508
32 Subordinated capital notes 605 605 607
-------- -------- --------
33 Total liabilities 196,584 195,300 169,789
Stockholders' Equity
34 Preferred stock 3,068 3,368 2,979
35 Common stock 581 580 560
36 Additional paid-in capital 7,743 7,732 7,118
37 Retained earnings 7,854 7,480 6,502
38 Net unrealized losses on available-
for-sale securities (326) (201) -
39 Common stock in treasury, at cost (29) (29) (15)
-------- -------- --------
40 Total stockholders' equity 18,891 18,930 17,144
-------- -------- --------
41 Total Liabilities and
Stockholders' Equity $215,475 $214,230 $186,933
======== ======== ========
</TABLE>
<PAGE>
