Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended March 31, 1995
Commission File Number 1-6798
_____________________________________
TRANSAMERICA FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 95-1077235
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1150 South Olive Street
Los Angeles, California 90015
(Address of principal executive offices)
(Zip Code)
(213) 742-4321
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes x No
------ ------
Number of shares of common stock, $10 par value, outstanding as of close
of business on May 10, 1995: 1,464,285 shares.
The registrant meets the conditions set forth in General Instructions
H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the
reduced disclosure format.
<PAGE>
Page 2
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements.
The following unaudited consolidated financial statements of
Transamerica Finance Corporation and Subsidiaries (the "Company"), for the
periods ended March 31, 1995 and 1994, do not include complete financial
information and should be read in conjunction with the Consolidated Financial
Statements filed with the Commission in the Registrant's Annual Report on Form
10-K for the year ended December 31, 1994. The financial information
presented in the financial statements included in this report reflects all
adjustments, consisting only of normal recurring accruals, which are, in the
opinion of management, necessary for a fair statement of results for the
interim periods presented.
The operations of the Company are subject to risk of interest rate
fluctuations to the extent that there is a difference between the cash flows
from the Company's interest-earning assets and the cash flows related to its
liabilities that mature or are repriced in specific periods. In the normal
course of its operations, the Company hedges some of its interest rate risk
with derivative financial instruments. These derivatives comprise primarily
interest rate swap agreements. Derivative financial instruments with a
notional amount of $736.9 million at March 31, 1995 and $744.1 million at
December 31, 1994 and designated as hedges of the Company's liabilities were
outstanding.
While the Company is exposed to credit risk in the event of nonperformance
by the other party, nonperformance is not anticipated due to the credit rating
of the counterparties. At March 31, 1995, the interest rate swap agreements
are with financial institutions rated A or better by one or more of the major
credit rating agencies. At March 31, 1995, the fair value of the Company's
derivative financial instruments was a net obligation of $0.8 million
comprising agreements with aggregate gross obligations of $5.5 million and
agreements with aggregate gross benefits of $4.7 million.
On March 15, 1994, the Company acquired substantially all the operating
assets of the Container Operations of Tiphook plc ("Tiphook"), a London-based
transportation equipment rental company, including certain dry cargo
containers, tank containers, tank chassis, operating leases and other assets
(collectively the "Container Operations") for $1,061.4 million in cash. The
Company assumed certain specified liabilities of the Container Operations
including trade accounts payable. The Company did not assume any borrowings,
tax liabilities or contingent liabilities of Tiphook. The acquired fleet of
standard containers and tank containers totaled 363,000 units. The
acquisition has been accounted for as a purchase and, accordingly, the
operations of Tiphook have been included in the Consolidated Statement of
Income from the date of acquisition.
Had the acquisition of the Container Operations been accomplished as of
January 1, 1994, revenues for the Company would have been approximately $400
million for the three months ended March 31, 1994. The pro forma effect on
net income would have been immaterial. This information is for illustrative
purposes only and is not necessarily indicative of the future results of the
operations of the combined company, or of the results of the operations of the
combined company that would have actually occurred had the transaction been in
effect for the periods presented.
<PAGE>
Page 3
On March 31, 1995, the Company acquired a portfolio of approximately 40,000
home equity loans from ITT Consumer Financial Corporation (ITT) for $1,029.3
million in cash which was funded primarily with long-term debt with the
remainder funded by short-term bank financing and a $131 million capital
contribution from its parent. For a discussion of this transaction see page 8
of this document.
********
The consolidated ratios of earnings to fixed charges were computed by
dividing earnings before fixed charges and income taxes by the fixed charges.
Fixed charges consist of interest and debt expense, and one-third of rent
expense, which approximates the interest factor.
<PAGE>
Page 4
TRANSAMERICA FINANCE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Amounts in millions, except for share data)
March 31, December 31,
1995 1994
ASSETS
Cash and cash equivalents. . . . . . . . . . . . . $ 0.9 $ 7.7
Investments - available for sale . . . . . . . . . 123.4 113.2
Finance receivables, net of unearned finance charges
and insurance premiums:
Consumer lending . . . . . . . . . . . . . . . 5,156.8 4,142.0
Commercial lending . . . . . . . . . . . . . . 2,880.4 2,772.6
--------- --------
Net finance receivables . . . . . . . . . . 8,037.2 6,914.6
Less allowance for losses. . . . . . . . . . . 241.1 203.8
--------- --------
7,796.1 6,710.8
Property and equipment - less accumulated depreciation:
Land, buildings and equipment. . . . . . . . . . 47.6 47.4
Equipment held for lease . . . . . . . . . . . . 2,702.7 2,606.6
Investments in and advances to affiliates. . . . . 138.0 259.6
Goodwill, less accumulated amortization. . . . . . 348.6 351.6
Assets held for sale . . . . . . . . . . . . . . . 247.2 225.0
Less valuation allowance . . . . . . . . . . . . . 45.0 67.4
--------- --------
202.2 157.6
Other assets . . . . . . . . . . . . . . . . . . . 816.5 700.3
--------- --------
$12,176.0 $10,954.8
========= ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt:
Unsubordinated . . . . . . . . . . . . . . . . . $ 8,683.7 $ 7,730.7
Subordinated . . . . . . . . . . . . . . . . . . 994.5 993.6
--------- --------
Total debt . . . . . . . . . . . . . . . . . . 9,678.2 8,724.3
Accounts payable and other liabilities . . . . . . 641.7 541.2
Income taxes payable . . . . . . . . . . . . . . . 125.3 107.0
Shareholder's equity:
Preferred stock - authorized, 250,000 shares
without par value; none issued
Common stock - authorized, 2,500,000 shares of
$10 par value;issued and outstanding,
1,464,285 shares . . . . . . . . . . . . . . . 14.6 14.6
Additional paid-in capital . . . . . . . . . . . 1,586.7 1,455.7
Retained earnings. . . . . . . . . . . . . . . . 132.7 124.3
Net unrealized loss from investments marked to
fair value . . . . . . . . . . . . . . . . . . (0.5) (3.2)
Foreign currency translation adjustments . . . . (2.7) (9.1)
--------- --------
Total shareholder's equity . . . . . . . . . . 1,730.8 1,582.3
--------- --------
$12,176.0 $10,954.8
========= =========
<PAGE>
Page 5
TRANSAMERICA FINANCE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in millions)
Three Months Ended
March 31,
1995 1994
REVENUES
Finance charges. . . . . . . . . . . . . . . . . . . $ 259.8 $ 231.2
Leasing revenues . . . . . . . . . . . . . . . . . . 169.0 113.6
Servicing fees . . . . . . . . . . . . . . . . . . . 0.1
Income from affiliates . . . . . . . . . . . . . . . 2.6 4.3
Other. . . . . . . . . . . . . . . . . . . . . . . . 21.1 10.8
--------- --------
Total revenues . . . . . . . . . . . . . . . . . . . 452.5 360.0
--------- --------
EXPENSES
Interest and debt expense. . . . . . . . . . . . . . . 146.7 101.9
Depreciation on equipment held for lease . . . . . . . 56.9 32.6
Salaries and other operating expenses. . . . . . . . . 144.3 133.2
Provision for losses on receivables. . . . . . . . . . 25.5 23.2
--------- --------
Total expenses . . . . . . . . . . . . . . . . . . . 373.4 290.9
--------- --------
Income before income taxes . . . . . . . . . . . . . . 79.1 69.1
Income taxes . . . . . . . . . . . . . . . . . . . . . 32.2 28.3
--------- --------
Net income . . . . . . . . . . . . . . . . . . . . . . $ 46.9 $ 40.8
========= ========
Ratio of earnings to fixed charges . . . . . . . . . . 1.53 1.65
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(Amounts in millions)
Three Months Ended March 31,
1995 1994
Balance at beginning of year . . . . . . . . . . . . . $ 124.3 $ 87.1
Net income . . . . . . . . . . . . . . . . . . . . . . 46.9 40.8
Cash dividends declared. . . . . . . . . . . . . . . . (38.5)
--------- --------
Balance at end of period . . . . . . . . . . . . . . . $ 132.7 $ 127.9
========= =========
<PAGE>
Page 6
TRANSAMERICA FINANCE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in millions)
Three Months Ended March 31,
1995 1994
OPERATING ACTIVITIES
Net income . . . . . . . . . . . . . . . . . . . $ 46.9 $ 40.8
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization of goodwill. . . 63.0 38.5
Provision for losses on receivables. . . . . . 25.5 23.2
Amortization of discount on long-term debt . . 2.0 6.1
Change in accounts payable and other liabilities 50.9 64.9
Change in income taxes payable . . . . . . . . 18.3 41.9
Other. . . . . . . . . . . . . . . . . . . . . 17.6 10.4
--------- ---------
Net cash provided by operating activities. . 224.2 225.8
--------- ---------
INVESTING ACTIVITIES
Finance receivables originated or purchased. . . ( 4,401.8) (3,692.3)
Finance receivables collected or sold. . . . . . 4,166.2 3,418.4
Purchase of property and equipment . . . . . . . (154.4) (114.3)
Sales of property and equipment. . . . . . . . . 13.7 6.9
Purchase of investments. . . . . . . . . . . . . (10.3) (5.5)
Sales or maturities of investments . . . . . . . 2.8 3.6
Increase in investments in and advances to affiliates 121.6 66.3
Purchase of finance receivables and other assets
from ITT Consumer Financial Corporation. . . . (1,029.3)
Purchase of the container division assets of Tiphook
plc (1,061.4)
Other. . . . . . . . . . . . . . . . . . . . . . (9.1) (16.5)
-------- --------
Net cash used byinvesting activities . . . . (1,300.6) (1,394.8)
--------- --------
FINANCING ACTIVITIES
Proceeds from debt financing . . . . . . . . . . 2,691.9 2,831.6
Payments of debt . . . . . . . . . . . . . . . . (1,753.3) (1,753.5)
Capital contributions from parent company. . . . 131.0 81.0
--------- ---------
Net cash provided by financing activities. . 1,069.6 1,159.1
--------- ---------
Decrease in cash and cash equivalents. . . . . . (6.8) (9.9)
Cash and cash equivalents at beginning of year . 7.7 29.3
--------- ---------
Cash and cash equivalents at end of period . . . $ 0.9 $ 19.4
========== ===========
<PAGE>
Page 7
TRANSAMERICA FINANCE CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS
OF OPERATIONS
The following table sets forth revenues and net income by line of business
for the periods indicated:
Three Months Ended March 31,
Revenues Net Income
1995 1994 1995 1994
(Amounts in millions)
Consumer lending . . . . . . . $171.8 $162.6 $ 17.7 $ 21.2
Commercial lending . . . . . . . 103.4 80.6 16.7 9.3
Leasing . . . . . . . . . . . . 175.7 116.7 16.3 13.0
Unallocated items. . . . . . . . 1.6 0.1 (0.9) 0.2
Amortization of goodwill . . . . (2.9) (2.9)
------- ------ ------ ------
Total revenues and net income. . . . . $ 452.5 $ 360.0 $ 46.9 $ 40.8
======= ======= ====== ======
Consumer Lending
Consumer lending net income for the first quarter of 1995 was $17.6 million
compared to $21.2 million for the first quarter of 1994. Consumer lending
income before the amortization of goodwill for the first quarter of 1995
decreased $3.5 million (17%) from the first quarter of 1994 mainly due to
reduced yields, increased interest expense and an increased provision for
losses on receivables. Reduced yields reflected lower pricing introduced in
mid-1994 to counteract increased competition (principally in California) and a
decline in mortgage refinancing activity which substantially reduced fee
income.
Revenues increased $9.2 million (6%) in the first quarter of 1995 compared
to 1994's first quarter mainly due to increased finance charges resulting from
higher average finance receivables outstanding which more than offset the
decline in the yield.
Interest expense increased $9.8 million (17%) in the first quarter of 1995
over the first quarter of 1994 due to the cost of increased borrowings as a
result of the higher level of finance receivables outstanding and an increase
in short-term interest rates. The provision for losses on receivables
increased $4.1 million (25%) due to growth in net finance receivables compared
to 1994's first quarter and increased credit losses mainly due to the higher
level of finance receivables. Credit losses, net of recoveries, on an
annualized basis as a percentage of average consumer finance receivables
outstanding, net of unearned finance charges and insurance premiums, were
1.82% for the first quarter of 1995 compared to 1.89% for the first quarter of
1994.
Net consumer finance receivables outstanding, excluding $955 million of net
finance receivables purchased from ITT on March 31, 1995, increased $59.8
million (1%) in the first quarter of 1995 compared to a decrease of $23.5
million (1%) in the first quarter of 1994. Net consumer finance receivables
at March 31, 1995, excluding the receivables purchased on March 31, 1995,
included $3.4 billion of real estate secured loans, principally first and
second mortgages secured by residential properties, of which 44% are located
in California. Company policy generally limits the amount of cash advanced on
any one loan, plus any existing mortgage, to between 70% and 80% (depending on
location) of the appraised value of the mortgaged property, as determined by
qualified independent appraisers at the time of loan origination.
<PAGE>
Page 8
Delinquent finance receivables, which are defined as receivables
contractually past due 60 days or more, excluding the receivables purchased
from ITT on March 31, 1995, were $93.5 million (2.12% of finance receivables
outstanding) at March 31, 1995 compared to $90.2 million (2.08% of finance
receivables outstanding) at December 31, 1994. The increase reflects higher
delinquent non-real estate secured receivables offset in part by a decline in
delinquent real estate secured receivables. The increase in delinquent non-
real estate secured receivables reflects the changing mix of products in the
portfolio and the introduction of new products with higher delinquency
experience. Management has established an allowance for losses equal to 2.83%
of net consumer finance receivables outstanding at March 31, 1995 and December
31, 1994, excluding the receivables purchased from ITT on March 31, 1995.
Generally, by the time an account secured by residential real estate
becomes past due 90 days, foreclosure proceedings have begun, at which time
the account is moved from finance receivables to other assets and is written
down to the estimated realizable value of the collateral if less than the
account balance. After foreclosure, repossessed assets are carried at the
lower of cost or fair value less estimated selling costs and are reclassified
to assets held for sale. Accounts in foreclosure and repossessed assets held
for sale, excluding $28.7 million of repossessed assets purchased from ITT on
March 31, 1995, totaled $235.2 million at March 31, 1995 compared to $226.1
million at December 31, 1994. The increase reflects higher inventory in
California and in other states. The increase in California is due to
California's continuing weak real estate market and resultant longer disposal
times. The increase in other states is mainly due to the higher level of
finance receivables in such states. Since future improvement may be impacted
by factors such as economic conditions and the state of the real estate market,
the extent and timing of any change in the trend of foreclosures and
repossessed assets remains uncertain.
On March 31, 1995, the consumer lending operation purchased from ITT net
consumer finance receivables of $1,011 million with an estimated fair value of
$955 million and repossessed assets at an estimated fair value of $28.7
million for $1,029.3 million in cash. The purchased receivables were all real
estate secured, of which 14% are located in California. As a result, the
total consumer finance portfolio at March 31, 1995 included $4.4 billion of
real estate secured loans, of which 37% are located in California. The
purchased receivables included $145.5 million of receivables contractually
past due 60 days or more with an estimated fair value of $107.6 million,
representing 10.87% of the purchased finance receivables outstanding. An
allowance for losses of $52.5 million has been established for the purchased
receivables. The $109.1 million excess of the cash purchase price over the
estimated fair value of the acquired assets (net of assumed liabilities of $11
million associated with the portfolio) has been included in other assets as
customer renewal rights. The consumer lending operation did not assume any
borrowings, tax liabilities or contingent liabilities of ITT. The purchase
price has been allocated to the assets acquired based on the best information
currently available as to the fair value of those assets. Investigations and
evaluations to be carried out subsequent to the acquisition may provide a more
accurate assessment of those fair values, in which case some modification of
the allocation will be required.
Commercial Lending
Commercial lending net income for the first quarter of 1995 was $14.3
million compared to $6.9 million for the first quarter of 1994. Income before
the amortization of goodwill for the first quarter of 1995 increased $7.4
million (79%) over the first quarter of 1994. The increase, which resulted
mainly from stronger margins, included a $2.8 million after tax gain from the
sale in 1995 of a portfolio of consumer rediscount loans. Stronger margins,
which continued into the first quarter, were a result of the higher spread
between the indices at which the commercial lending operation lent to
customers and the indices at which funds were borrowed. Lower operating
expenses and a lower provision for losses on receivables also contributed to
the increase.
<PAGE>
Page 9
Revenues in the first quarter of 1995 increased $22.8 million (28%) over the
first quarter of 1994 mainly due to a higher average portfolio yield
attributable to higher interest rates and the gain on sale of the rediscount
loan portfolio.
Interest expense increased $13.2 million (54%) in the first quarter of
1995 over the first quarter of 1994 due to an increased average rate on
borrowings resulting from higher short-term interest rates. Operating
expenses declined $0.5 million (2%) mainly as a result of the elimination of
expenses incurred in the management of the rent-to-own receivables portfolio
which was sold, at no gain or loss, in January 1995. The provision for losses
on receivables declined $1.7 million (26%) principally due to the sale of the
consumer rediscount loan portfolio, which allowed current reserve levels to
cover existing receivables. Credit losses, net of recoveries, on an
annualized basis as a percentage of average commercial finance receivables
outstanding, net of unearned finance charges, were 0.76% for the first quarter
of 1995 compared to a negative 0.13% for the first quarter of 1994 when
recoveries on previously recorded losses exceeded credit losses.
In February 1995, commercial lending sold for cash a portfolio consisting
of consumer rediscount loans with a net outstanding receivable balance of $118
million. The transaction resulted in an after tax gain of $2.8 million.
Also, in March 1995, the commercial lending operation made a decision to exit
its operations in Puerto Rico. This decision resulted in the reclassification
of $47.5 million of net finance receivables and $9.4 million of other assets
to assets held for sale. Amounts for prior periods have not been
reclassified.
Net commercial finance receivables outstanding increased $107.8 million
(4%) in 1995 from December 31, 1994 due to growth in inventory finance
receivables resulting from increased volume which more than offset the sale of
the consumer rediscount portfolio and the reclassification of Puerto Rico
receivables to assets held for sale. Management has established an allowance
for losses equal to 2.42% of net commercial finance receivables outstanding at
March 31, 1995 compared to 3.12% at December 31, 1994. This decrease is
primarily the result of reclassifying the Puerto Rico receivables, which had a
larger reserve requirement, to assets held for sale.
Delinquent receivables, which are defined as the instalment balance for
inventory finance and business credit receivables and the receivable balance
for all other receivables over 60 days past due, were $8.3 million (0.28% of
receivables outstanding) at March 31, 1995 compared to $17.7 million (0.63% of
receivables outstanding) at December 31, 1994. Delinquent receivables
declined primarily due to the reclassification of the Puerto Rico receivables
portfolio to assets held for sale.
Nonearning receivables, which are defined as balances from borrowers that
are over 90 days delinquent or at such earlier time as full collectibility
becomes doubtful were $14.9 million (0.51% of receivables outstanding) at
March 31, 1995 compared to $21.9 million (0.78% of receivables outstanding) at
December 31, 1994. Nonearning receivables declined primarily due to the
reclassification of the Puerto Rico receivables portfolio to assets held for
sale.
Assets held for sale at March 31, 1995 totaled $34.7 million, net of a
$42.7 million valuation allowance, and consisted of rent-to-own finance
receivables of $6.1 million, Puerto Rico assets of $56.9 million and other
assets of $14.4 million. Assets held for sale at December 31, 1994 totaled
$10.9 million, net of a $65.1 million valuation allowance, and consisted of
rent-to-own finance receivables of $72.4 million and other assets of $3.6
million. Of the finance receivables held for sale at March 31, 1995, $7.9
million were classified as delinquent and $5.8 million were classified as
nonearning compared to $24.5 million classified as both delinquent and
nonearning at December 31, 1994.
<PAGE>
Page 10
Leasing
Leasing net income for the first quarter of 1995 was $15.8 million
compared to $12.5 million for the first quarter of 1994. Leasing income
before the amortization of goodwill for the first quarter of 1995 increased
$3.3 million (26%) over the first quarter of 1994 mainly due to more on hire
standard and tank containers, and European trailers. In addition, higher
gains were experienced on the sale of equipment and increased earnings in the
finance lease business due to a larger lease portfolio. Partially offsetting
these increases were lower earnings in the rail trailer business, which
experienced a downturn in utilization.
Revenues for the first quarter of 1995 increased $59 million (51%) over
the first quarter of 1994. The increase was primarily due to a larger
standard and tank container fleet, principally as a result of the acquisition
of the container division assets of Tiphook plc in March 1994, and higher
utilization in the standard and tank container lines.
Expenses for the first quarter of 1995 increased $53.2 million (55%) over
the first quarter of 1994 mainly due to higher ownership and operating costs
due to the larger container fleet.
The combined utilization of standard containers, refrigerated containers,
domestic containers, tank containers and chassis averaged 84% for the first
quarter of 1995 compared to 82% during the first quarter of 1994. Rail
trailer utilization was 78% for the first quarter of 1995 compared to 90% in
the first quarter of 1994. European trailer utilization was 96% for the first
quarters of 1995 and 1994.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Omitted in accordance with General Instructions H. See "Management's
Discussion and Analysis of the Results of Operations" following the financial
statements of the Registrant (Item 1).
<PAGE>
Page 11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits.
EX-12 Computation of Ratio of Earnings to Fixed Charges.
EX-27 Financial Data Schedule.
b) Reports on Form 8-K. None.
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.
TRANSAMERICA FINANCE CORPORATION
(Registrant)
By RAYMOND A. GOLAN
Raymond A. Golan, Vice President and Controller
(Chief Accounting Officer)
Date: May 11, 1995
EXHIBIT EX-12
TRANSAMERICA FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31,
1995 1994
(Dollar amounts in millions)
Fixed charges:
Interest and debt expense. . . . . . . . . . . $ 146.7 $ 101.9
One-third of rent expense. . . . . . . . . . . 3.9 4.8
------- --------
Total. . . . . . . . . . . . . . . . . . . . $ 150.6 $ 106.7
======= ========
Earnings:
Income before income taxes . . . . . . . . . . $ 79.1 $ 69.1
Fixed charges. . . . . . . . . . . . . . . . . 150.6 106.7
------- --------
Total. . . . . . . . . . . . . . . . . . . . $ 229.7 $ 175.8
======= ========
Ratio of earnings to fixed charges . . . . . . . 1.53 1.65
======= ========
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000,000
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995,
<CASH> 1
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,750
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,176
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 15
0
0
<OTHER-SE> 1,716
<TOTAL-LIABILITY-AND-EQUITY> 12,176
<SALES> 0
<TOTAL-REVENUES> 453
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 201
<LOSS-PROVISION> 26
<INTEREST-EXPENSE> 147
<INCOME-PRETAX> 79
<INCOME-TAX> 32
<INCOME-CONTINUING> 47
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 47
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
