-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, THxWJCGVYlQQmSMt/voEPypAqw89wK8DSC0UF4aCqlpFU37XWY4UYsB4YmJpuh0+ zFDuIsBJgDj4FjzhJ54Hqw== 0000950134-98-004190.txt : 19980514 0000950134-98-004190.hdr.sgml : 19980514 ACCESSION NUMBER: 0000950134-98-004190 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980513 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHWEST PIPELINE CORP CENTRAL INDEX KEY: 0000110019 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 870269236 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07414 FILM NUMBER: 98617841 BUSINESS ADDRESS: STREET 1: 295 CHIPETA WAY CITY: SALT LAKE CITY STATE: UT ZIP: 84158-0900 BUSINESS PHONE: 8015838800 MAIL ADDRESS: STREET 1: 295 CHIPETA WAY CITY: SALT LAKE STATE: UT ZIP: 84158 10-Q 1 FORM 10-Q FOR QUARTER ENDED MARCH 31, 1998 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ------------- [X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 1998 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 1-7414 NORTHWEST PIPELINE CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 87-0269236 - ------------------------------- ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 295 Chipeta Way Salt Lake City, Utah 84108 ----------------------------------------------------- (Address of principal executive offices and Zip Code) (801) 583-8800 ----------------------------------------------------- (Registrant's telephone number, including area code) No Change ----------------------------------------------------- (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 --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class Outstanding at May 12, 1998 - -------------------------- --------------------------- Common stock, $1 par value 1,000 shares
The registrant meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format. 2 NORTHWEST PIPELINE CORPORATION TABLE OF CONTENTS
Page ---- PART I. FINANCIAL INFORMATION: Item 1. Financial Statements - Consolidated Statements of Income, three months ended March 31, 1998 and 1997..................................................... 1 Consolidated Balance Sheets as of March 31, 1998 and December 31, 1997 ................................................................ 2 Consolidated Statements of Cash Flows, three months ended March 31, 1998 and 1997 ............................................. 4 Notes to Consolidated Financial Statements .......................................... 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ....................................... 8 PART II. OTHER INFORMATION................................................................ 10
Certain matters discussed in this report, excluding historical information, include forward-looking statements. Although Northwest Pipeline Corporation believes such forward-looking statements are based on reasonable assumptions, no assurance can be given that every objective will be reached. Such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Northwest Pipeline Corporation's annual report on Form 10-K. ii 3 PART I. FINANCIAL INFORMATION Item 1. Financial Statements NORTHWEST PIPELINE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ================================================================================
Three Months Ended March 31, ------------------------- 1998 1997 -------- -------- (Thousands) OPERATING REVENUES .............................................. $ 71,218 $ 67,206 -------- -------- OPERATING EXPENSES: General and administrative ................................... 11,845 12,418 Operation and maintenance .................................... 8,267 8,940 Depreciation and amortization ................................ 13,099 11,989 Taxes, other than income taxes ............................... 3,763 4,418 -------- -------- 36,974 37,765 -------- -------- Operating income ........................................ 34,244 29,441 -------- -------- OTHER INCOME - net .............................................. 1,247 783 -------- -------- INTEREST CHARGES: Interest on long-term debt ................................... 7,214 8,369 Other interest ............................................... 2,599 1,285 Allowance for borrowed funds used during construction ........ (71) (215) -------- -------- 9,742 9,439 -------- -------- INCOME BEFORE INCOME TAXES ...................................... 25,749 20,785 PROVISION FOR INCOME TAXES ...................................... 9,559 6,292 -------- -------- NET INCOME ...................................................... $ 16,190 $ 14,493 ======== ======== CASH DIVIDENDS ON COMMON STOCK .................................. $ 12,000 $ 8,763 ======== ========
- ------------------- See accompanying notes. - 1 - 4 NORTHWEST PIPELINE CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) ================================================================================ ASSETS
March 31, December 31, 1998 1997 ---------- ------------ (Thousands) PROPERTY, PLANT AND EQUIPMENT, at cost ..................... $1,483,191 $1,471,027 Less - Accumulated depreciation and amortization ........ 581,797 570,521 ---------- ---------- 901,394 900,506 Construction work in progress ........................... 14,657 18,819 ---------- ---------- 916,051 919,325 ---------- ---------- CURRENT ASSETS: Cash and cash equivalents ............................... 221 627 Advances to parent ...................................... 86,030 71,823 Accounts receivable - Trade .............................................. 18,522 26,873 Affiliated companies ............................... 1,537 668 Materials and supplies (principally at average cost) .... 10,656 10,619 Exchange gas due from others ............................ 8,134 12,859 Deferred income taxes ................................... 23,923 25,867 Prepayments and other ................................... 1,685 2,597 ---------- ---------- 150,708 151,933 ---------- ---------- OTHER ASSETS: Deferred charges ........................................ 54,046 54,181 ---------- ---------- $1,120,805 $1,125,439 ========== ==========
---------- See accompanying notes. - 2 - 5 NORTHWEST PIPELINE CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) ================================================================================ LIABILITIES AND STOCKHOLDER'S EQUITY
March 31, December 31, 1998 1997 ---------- ------------ (Thousands) CAPITALIZATION: Common stockholder's equity - Common stock, par value $1 per share; authorized and outstanding, 1,000 shares .......... $ 1 $ 1 Additional paid-in capital .......................... 262,844 262,844 Retained earnings ................................... 166,807 162,617 ---------- ---------- 429,652 425,462 Long-term debt, less current maturities ................. 406,425 408,287 ---------- ---------- 836,077 833,749 ---------- ---------- CURRENT LIABILITIES: Current maturities of long-term debt .................... 1,667 1,667 Accounts payable - Trade ............................................... 9,939 14,934 Affiliated companies ................................ 6,876 15,456 Accrued liabilities - Taxes, other than income taxes ...................... 6,529 4,044 Interest ............................................ 24,318 17,227 Employee costs ...................................... 5,551 8,103 Exchange gas due to others .......................... 5,486 9,650 Costs refundable through rate adjustments ........... 3,337 2,766 Reserve for estimated rate refunds .................. 77,352 74,083 Other ............................................... 7,562 8,705 ---------- ---------- 148,617 156,635 ---------- ---------- DEFERRED INCOME TAXES ...................................... 128,252 126,801 ---------- ---------- OTHER DEFERRED CREDITS ..................................... 7,859 8,254 ---------- ---------- CONTINGENT LIABILITIES AND COMMITMENTS...................... ---------- ---------- $1,120,805 $1,125,439 ========== ==========
---------- See accompanying notes. - 3 - 6 NORTHWEST PIPELINE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ================================================================================
Three Months Ended March 31, ------------------------- 1998 1997 -------- -------- (Thousands) OPERATING ACTIVITIES: Net income ................................................... $ 16,190 $ 14,493 Adjustments to reconcile to cash provided by operations - Depreciation and amortization ............................. 13,099 11,989 Provision for deferred income taxes ....................... 3,395 2,051 Amortization of deferred charges and credits .............. 170 (392) Sale of receivables ....................................... -- 10,000 Allowance for equity funds used during construction ....... (111) (199) Increase (decrease) from changes in: Accounts receivable and exchange gas due from others .... 12,207 (1,217) Inventory ............................................... (37) (5,020) Other current assets .................................... 1,483 9,889 Other assets and deferred charges ....................... (295) 4,869 Accounts payable and exchange gas due to others ......... (17,035) (2,962) Other accrued liabilities ............................... 9,151 15,689 Other deferred credits .................................. (111) 1,426 Other ..................................................... (7) (112) -------- -------- Net cash provided by operating activities .................... 38,099 60,504 -------- -------- INVESTING ACTIVITIES: Property, plant and equipment - Capital expenditures ...................................... (10,942) (15,030) Proceeds from sales ....................................... 1,234 -- Asset removal cost ........................................ -- (10) Changes in accounts payable ............................... (704) (9,713) Advances to parent ........................................... (14,207) (24,920) -------- -------- Net cash used by investing activities ........................ (24,619) (49,673) -------- -------- FINANCING ACTIVITIES: Principal payments on long-term debt ......................... (1,867) (1,667) Premium on early retirement of long-term debt ................ (19) -- Dividends paid ............................................... (12,000) (8,763) -------- -------- Net cash used by financing activities ........................ (13,886) (10,430) -------- -------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS .................................................. (406) 401 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ................ 627 240 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD ...................... $ 221 $ 641 ======== ========
---------- See accompanying notes. - 4 - 7 NORTHWEST PIPELINE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ================================================================================ (1) GENERAL The accompanying, unaudited interim financial statements of Northwest Pipeline Corporation ("Pipeline"), included herein, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations; however, Pipeline believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of Pipeline, all adjustments, which include only normal operating adjustments, have been made to present fairly the financial position of Pipeline as of March 31, 1998 and December 31, 1997, and the results of operations and cash flows for the three month periods ended March 31, 1998 and 1997. The results of operations for the periods presented are not necessarily indicative of the results for the respective complete years. It is suggested that these condensed financial statements be read in conjunction with the statements and the notes thereto included in Pipeline's 1997 Annual Report Form 10-K. Effective May 1, 1997, Pipeline became a wholly-owned subsidiary of Williams Interstate Natural Gas Systems, Inc., which is a wholly-owned subsidiary of The Williams Companies, Inc. ("Williams"). Prior to May 1, 1997, Pipeline was a wholly-owned subsidiary of Williams. Cash payments for interest were $1.8 million and $7 million, net of interest capitalized, in the three month periods ended March 31, 1998 and 1997, respectively. No payments were made to Williams for income taxes in the three month periods ended March 31, 1998 and 1997. (2) BASIS OF PRESENTATION The financial position of Pipeline as of March 31, 1998 and December 31, 1997 and the results of operations and cash flows for the three month periods ended March 31, 1998 and 1997 include the operating results of NWP Enterprises ("Enterprises") a wholly owned subsidiary of Pipeline, since its incorporation on January 2, 1997. (3) LONG-TERM DEBT AND BANKING ARRANGEMENTS Pipeline shares in a $1 billion Revolving Credit Facility with Williams and four affiliated companies. Pipeline's maximum borrowing availability, subject to prior borrowing by other affiliated companies, is $400 million, none of which was used by Pipeline at March 31, 1998. Interest rates vary with current market conditions. The Facility contains restrictions which limit, under certain circumstances, the issuance of additional debt, the attachment of liens on any assets and any change of ownership of Pipeline. Any borrowings by Pipeline under this Facility are not guaranteed by Williams and are based on Pipeline's financial need and credit worthiness. Pipeline has also arranged various uncommitted lines-of-credit at market interest rates. Pipeline's credit facilities are subject to Pipeline's continued credit worthiness. (4) CONTINGENT LIABILITIES AND COMMITMENTS Pending Rate Cases On April 1, 1993, Pipeline began collecting new rates, subject to refund, under its rate case filed October 1, 1992 ("1993 Rate Case"). On May 31, 1995, Pipeline received an order from the Federal Energy Regulatory Commission ("FERC") on this rate case, which among other issues, supported an equity rate of return of 13.2 percent. In a further order issued on July 19, 1996, FERC required an Administrative Law Judge ("ALJ") to reconsider the long-term growth component of the equity rate of return formula, and upheld its May 31, 1995 decision on all other issues. On October 22, 1996, the ALJ issued an initial decision which recommended an equity rate of return of 11.62 percent. Pipeline took exception to this decision before the FERC. On June 11, - 5 - 8 NORTHWEST PIPELINE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ================================================================================ 1997, the FERC issued an order revising its approved equity rate of return to 12.59 percent based on a new policy for industry-wide application that requires the use of forecasts of growth in the gross domestic product as the long-term growth component of the rate of return formula. On July 11, 1997, Pipeline and several parties in the case sought rehearing of the June 11 rate of return on equity decision, seeking to have the FERC reconsider various aspects of its new rate of return on equity policy. On October 16, 1997, the FERC issued an opinion denying rehearing and reaffirming its previous policy pronouncements concerning rate of return on equity, but convened a conference on January 30, 1998 to consider, on an industry-wide basis, issues with respect to pipeline rates of return. Pipeline has sought judicial review of the FERC's order. In addition, Pipeline expects the FERC to further scrutinize its new rate of return on equity policy in rate proceedings of other pipelines or in a further rulemaking proceeding. On November 1, 1994, Pipeline began collecting new rates, subject to refund, under the provisions of its rate case filed April 29, 1994 ("1994 Rate Case"). This filing sought a revenue increase for a projected deficiency caused by increased costs and the impact of a transportation contract terminated subsequent to the 1993 Rate Case. On November 14, 1995, Pipeline filed an uncontested settlement proposal with the FERC. The FERC approved the Settlement in a Letter Order dated February 14, 1996 and no rehearing petitions were filed with respect to that order. During the second quarter of 1996, Pipeline finalized and paid the settlement refunds. The settlement resolved substantially all the issues in this rate case except one regarding Pipeline's postage stamp rate design. A hearing was conducted in July 1996; and subsequently, a decision upholding Pipeline's position was issued by the ALJ. During the first quarter of 1998, the FERC affirmed the ALJ's decision. On February 1, 1996, Pipeline began collecting new rates, subject to refund, under the provisions of its rate case filed August 1, 1995 ("1995 Rate Case"). On October 18, 1996, the Commission issued an order approving a settlement concerning certain liquid revenue credit issues relating to Pipeline's agreement with an affiliate to have liquid hydrocarbon products extracted from Pipeline's transportation stream at Ignacio, Colorado. The litigation of all remaining issues took place in late 1996. Pipeline's rate application seeks a revenue increase for increases in rate base related primarily to the Northwest Natural and Expansion II facilities placed into service December 1, 1995 and increased operating costs primarily associated with an increase in headquarters office rent. During the first quarter of 1998, the ALJ issued an Initial Decision. The ALJ found that the facts of this case continue to support Pipeline's capital structure of 55% equity and 45% debt. The ALJ also determined that Pipeline fits within the average risk range for determining pipeline return on equity. However, the ALJ allowed a return on equity of 11.2 percent. Pipeline is seeking FERC review of this and other aspects of the ALJ decision. On March 1, 1997, Pipeline began collecting new rates, subject to refund, under the provisions of its rate case filed August 30, 1996 ("1996 Rate Case"). The application sought an increase in rates due to a proposed use of a higher depreciation rate which also considers a net negative salvage value for Pipeline's facilities, higher operating costs and a redesign of Pipeline's rates because of impacts relating to the sale of Pipeline's south-end facilities in the third quarter of 1996. On July 22, 1997, Pipeline filed a settlement which would resolve all issues in this rate case. On November 25, 1997, the FERC, over the objection of one dissenting party, issued an order approving all aspects of the settlement. The one dissenting party sought and was denied rehearing of the FERC's order. That party has now sought judicial review of the FERC's decisions. Pipeline has reflected in its financial statements adjustments as necessary to reflect the provisions of the settlement. Significant Litigation In October 1995, Pipeline received a judge's order following a non-jury trial involving claims arising from a transportation agreement of a former customer. In the decision, which was amended in January 1996, it was held that Pipeline was liable to the former customer in the amount of $5.3 million, plus interest. Pipeline is appealing the decision. On July 18, 1996, an individual filed a lawsuit in the United States District Court for the District of Columbia against 70 natural gas pipelines and other gas purchasers or former gas purchasers. All of the Williams' natural gas pipeline subsidiaries were named as defendants in the lawsuit. The plaintiff claimed, on - 6 - 9 NORTHWEST PIPELINE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ================================================================================ behalf of the United States under the False Claims Act, that the pipelines had incorrectly measured the heating value or volume of gas purchased by the defendants. The plaintiff claimed that the United States had lost royalty payments as a result of these practices. In 1997, the court dismissed the plaintiff's case and issued a ruling that the plaintiff must refile the suit against each of the pipelines individually. The plaintiff made such filings and the court is currently determining whether or not to accept the case. Other Legal and Regulatory Matters In addition to the foregoing, various other proceedings are pending against Pipeline incidental to its operations. Summary of Contingent Liabilities Management believes that the ultimate resolution of the foregoing matters, after consideration of amounts accrued, insurance coverage or other indemnification arrangements, will not have a materially adverse effect upon Pipeline's future financial position, results of operations, and future cash flow requirements. Other Matters In February 1997, Enterprises entered into a new agreement for the sale, with limited recourse, of certain receivables of Pipeline. Net proceeds to Enterprises are limited to $15 million of which $10 million was utilized at March 31, 1998. - 7 - 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This analysis discusses financial results of Pipeline's operations for the quarters ended March 31, 1998 and 1997. Variances due to changes in price and volume do not have a significant impact on revenues, because under its straight-fixed-variable rate design methodology, the majority of Pipeline's overall cost of service is recovered through firm capacity reservation charges in its transportation rates. RESULTS OF OPERATIONS Quarter Ended March 31, 1998 vs. Quarter Ended March 31, 1997 Operating revenues increased $4 million, or 6%, due primarily to increased short-term firm transportation revenues and new transportation rates effective March 1, 1997. Pipeline's transportation service accounted for 95% of operating revenues in each of the first quarters of 1998 and 1997. Additionally, 3% and 4% of operating revenues represented gas storage service for the quarters ended March 31, 1998 and 1997, respectively. Operating expenses decreased $.8 million, or 2%, due primarily to lower operation and maintenance and general and administrative expenses, partially offset by increased depreciation expenses associated with Pipeline's new rates effective March 1, 1997. Operating income increased $4.8 million, or 16%, primarily due to increased short-term firm transportation revenues and decreased operation and maintenance and general and administrative expenses. Interest on long-term debt decreased $1.2 million as a result of the 1997 early retirement of over $200 million of high-interest debentures under a Williams-wide debt restructuring plan. Other interest increased $1.3 million due to higher revenues subject to refund. The following table summarizes volumes and capacity for the periods indicated:
Quarter Ended March 31, ------------------------------------ 1998 1997 ------------- -------------- Total Gas volumes throughput (TBtu) 208 200 Average Daily Transportation Volumes (TBtu) 2.6 2.2 Average Daily Firm Reserved Capacity (TBtu) 2.5 2.4
FINANCIAL CONDITION AND LIQUIDITY Pipeline anticipates 1998 capital expenditures will total approximately $73.4 million, of which $10.9 million has been expended through March 31, 1998. Funds necessary to complete capital projects are expected to come from several sources, including Pipeline's operations and the return of funds previously advanced to Williams. In addition, Pipeline expects to be able to obtain financing, when necessary, on reasonable terms. To allow flexibility in the timing of issuance of long-term securities, financing may be provided on an interim basis with bank debt and from sources discussed below. Pipeline shares in a $1 billion Revolving Credit Facility with Williams and four affiliated companies. Pipeline's maximum borrowing availability, subject to prior borrowing by other affiliated companies, is $400 million, none of which was used by Pipeline at March 31, 1998. Interest rates vary with current market conditions. The Facility contains restrictions which limit, under certain circumstances, the issuance of additional debt, the attachment of liens on any assets and any change of ownership of Pipeline. Any borrowings by Pipeline under this Facility are not guaranteed by Williams and are based on Pipeline's financial need and credit worthiness. Pipeline has also arranged various uncommitted lines-of-credit at market interest rates. Pipeline's credit facilities are subject to Pipeline's continued credit worthiness. - 8 - 11 OTHER Pipeline owns and operates an interstate natural gas pipeline system, including facilities for mainline transmission and gas storage. Pipeline's transmission and storage activities are subject to regulation by the FERC under the Natural Gas Act of 1938 and under the Natural Gas Policy Act of 1978, and, as such, its rates and charges for the transportation, the extension, enlargement or abandonment of its jurisdictional facilities, and its accounting, among other things, are subject to regulation. Pipeline is also subject to the National Environmental Policy Act and other Federal and state legislation regulating the environmental aspects of its business. Management believes that Pipeline is in substantial compliance with existing environmental requirements. Pipeline believes that, with respect to any capital expenditures required to meet applicable standards and regulations, FERC would grant the requisite rate relief so that, for the most part, such expenditures and a return thereon would be permitted to be recovered. Pipeline believes that compliance with applicable environmental requirements is not likely to have a material effect upon Pipeline's earnings, cash flow or competitive position. Pipeline believes that strong economies in the Pacific Northwest and the growing preference for natural gas in response to environmental concerns support future expansions of its mainline capacity, although no significant expansions are in the development stage at the present time. Reference is made to Note 4 of Notes to Consolidated Financial Statements for information about regulatory, judicial and business developments which cause operating and financial uncertainties. - 9 - 12 PART II. OTHER INFORMATION The information required by items in Part II is omitted because the items are inapplicable, the answer is negative or substantially the same information is included elsewhere in this report or has been previously reported by the Registrant. - 10 - 13 SIGNATURE 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. NORTHWEST PIPELINE CORPORATION ---------------------------------- Registrant By: /s/ Curtis C. Kennedy ---------------------------------- Curtis C. Kennedy Controller (Duly Authorized Officer and Chief Accounting Officer) Date: May 12, 1998 - 11 - 14 INDEX TO EXHIBITS
EXHIBIT NUMBER EXHIBIT - ------- ------- 27 Financial Data Schedule
EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1998 MAR-31-1998 221 0 20,059 0 10,656 150,708 1,483,191 581,797 1,120,805 148,617 406,425 0 0 1 429,651 1,120,805 0 71,218 0 36,974 0 0 9,742 25,749 9,559 16,190 0 0 0 16,190 0 0
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