-----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, Hnav4eOXPojFA5gIqngAzRNjxFVRbJFUNa3SAy3kudnxI+mArR7K98L2T3O6dhan BIw9YIcIIPo+x6i1V8zimQ== 0000722886-96-000007.txt : 19960816 0000722886-96-000007.hdr.sgml : 19960816 ACCESSION NUMBER: 0000722886-96-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MRI BUSINESS PROPERTIES FUND LTD CENTRAL INDEX KEY: 0000722886 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 942919856 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13104 FILM NUMBER: 96613755 BUSINESS ADDRESS: STREET 1: ONE INSIGNIA FINANCIAL PLZ PO BOX 1089 STREET 2: C/O INSIGNIA FINANCIAL GROUP INC CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8642391513 MAIL ADDRESS: STREET 1: C/O INSIGNIA FINANCIAL GROUP INC STREET 2: P O BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 FORMER COMPANY: FORMER CONFORMED NAME: CENTURY PROPERTIES FUND 84 DATE OF NAME CHANGE: 19831018 10-Q 1 FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report (As last amended in Rel. No. 312905, eff. 4/26/93.) U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the quarterly period ended June 30, 1996 [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period.........to......... (Amended by Exchange Act Rel. No. 312905, eff. 4/26/93) Commission file number 0-13104 MRI BUSINESS PROPERTIES FUND, LTD. (Exact name of registrant as specified in its charter) California 94-2919856 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Insignia Financial Plaza Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 Issuer's phone number Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 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 . PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) MRI BUSINESS PROPERTIES FUND, LTD. CONSOLIDATED BALANCE SHEETS (in thousands)
June 30, September 30, 1996 1995 (Unaudited) (Note) Assets Cash and cash equivalents $ 667 $ 3,795 Receivables and other assets 6,108 474 Deferred costs, net 225 414 Investment Properties Real estate 14,967 25,239 Accumulated depreciation (5,707) (10,225) Investment Properties 9,260 15,014 $ 16,260 $ 19,697 Liabilities and Partners' Capital (Deficit) Liabilities Accounts payable and accrued liabilities $ 248 $ 528 Due to affiliate -- 50 Mortgage note payable 1,075 1,110 Partners' Capital (Deficit): General partners (1,111) (1,049) Limited partners 16,048 19,058 14,937 18,009 $ 16,260 $ 19,697 Note: The balance sheet at September 30, 1995, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See Accompanying Notes to Consolidated Financial Statements
b) MRI BUSINESS PROPERTIES FUND, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
For the Nine Months Ended June 30, June 30, 1996 1995 Revenues: Commercial operations $ 2,496 $ 2,446 Hotel lease -- 85 Interest income 82 108 Gain on sale of property 65 2,097 Total revenues 2,643 4,736 Expenses: Hotel operations -- 59 Commercial operations 1,408 1,402 Depreciation 464 642 Interest 75 308 General and administrative 385 352 Provision for impairment of value -- 2,400 Total expenses 2,332 5,163 Income (loss) before extraordinary item 311 (427) Extraordinary item: Gain on extinguishment of debt -- 4,596 Net income $ 311 $ 4,169 Net income allocated to general partners $ 6 $ 1,288 Net income allocated to limited partners 305 2,881 Net income $ 311 $ 4,169 Net income per limited partnership unit: Income (loss) before extraordinary item $ 3.71 $ (9.69) Extraordinary item -- 44.76 Net income $ 3.71 $ 35.07 Distribution per limited partnership unit $ 40.35 $ -- See Accompanying Notes to Consolidated Financial Statements
b) MRI BUSINESS PROPERTIES FUND, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
For the Three Months Ended June 30, June 30, 1996 1995 Revenues: Commercial operations $ 813 $ 795 Interest income 19 45 Gain on disposal of property 65 -- Total revenues 897 840 Expenses: Commercial operations 497 441 Depreciation 134 171 Interest 25 25 General and administrative 139 102 Provisions for impairment of value -- 2,400 Total expenses 795 3,139 Net income (loss) $ 102 $ (2,299) Net income (loss) allocated to general partners $ 2 $ (46) Net income (loss) allocated to limited partners 100 (2,253) Net income (loss) $ 102 $ (2,299) Net income (loss) per limited partnership unit: $ 1.22 $ (27.42) See Accompanying Notes to Consolidated Financial Statements
c) MRI BUSINESS PROPERTIES FUND, LTD. CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (DEFICIT) (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partners' Partners Total Original capital contributions 82,158 $ -- $ 82,158 $ 82,158 Partners' (deficit) capital at September 30, 1995 82,158 $(1,049) $ 19,058 $ 18,009 Distributions paid to partners -- (68) (3,315) (3,383) Net income for the nine months ended June 30, 1996 -- 6 305 311 Partners' (deficit) capital at June 30, 1996 82,158 $(1,111) $ 16,048 $ 14,937 See Accompanying Notes to Consolidated Financial Statements
d) MRI BUSINESS PROPERTIES FUND, LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
For the Nine Months ended June 30, June 30, 1996 1995 Cash flows from operating activities: Net income $ 311 $ 4,169 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of property (65) (2,097) Extraordinary gain on extinguishment of debt -- (4,596) Provision for impairment of value -- 2,400 Depreciation 464 642 Amortization 122 100 Provision for doubtful receivables -- 9 Changes in accounts: Receivables and other assets (473) (110) Deferred costs (8) (62) Accounts payable and accrued liabilities (279) (21) Due to affiliate (50) -- Net cash provided by operating actitivies 22 434 Cash flows from investing activities Net proceeds from sale of property 300 26,400 Property improvements and replacements (33) (1,075) Net cash provided by investing activities 267 25,325 Cash flows from financing activities: Repayment of notes payable -- (27,051) Mortgage notes payable payments (34) (39) Distribution to partners (3,383) -- Net cash used in financing activities (3,417) (27,090) Decrease in cash and cash equivalents (3,128) (1,331) Cash and cash equivalents at beginning of period 3,795 5,031 Cash and cash equivalents at end of period $ 667 $ 3,700 Supplemental disclosure of cash flow information Interest paid in cash during the period $ 70 $ 1,209 Supplemental disclosure of non-cash investing activity: Proceeds receivable on sale of property $ 5,182 $ -- See Accompanying Notes to Consolidated Financial Statements
e) MRI BUSINESS PROPERTIES FUND, LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of NPI Equity Investments II, Inc. ("NPI Equity" or the "Managing General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended June 30, 1996, are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 1996. For further information, refer to the financial statements and footnotes thereto included in the Partnership's annual report on Form 10-K for the year ended September 30, 1995. Certain reclassifications have been made to the 1995 information to conform to the 1996 presentation. Note B - Transactions with Affiliated Parties MRI Business Properties Fund, Ltd. (the "Partnership") has no employees and is dependent on its general partner and its affiliates for the management and administration of all partnership activities. The Partnership Agreement provides for payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following transactions with affiliates of Insignia Financial Group, Inc. ("Insignia"), National Property Investors, Inc. ("NPI"), and affiliates of NPI were charged to expense in 1996 and 1995:
For the Nine Months Ended June 30, 1996 1995 Reimbursement for services of affiliates (included in general and administrative expenses) $114,000 $60,000
For the period from January 19, 1996, to June 30, 1996, the Partnership insured its properties under a master policy through an agency and insurer unaffiliated with the Managing General Partner. An affiliate of the Managing General Partner acquired, in the acquisition of a business, certain financial obligations from an insurance agency which was later acquired by the agent who placed the current year's master policy. The current agent assumed the financial obligations to the affiliate of the Managing General Partner who received payments on these obligations from the agent. The amount of the Partnership's insurance premiums accruing to the benefit of the affiliate of the Managing General Partner by virtue of the agent's obligations is not significant. The managing general partner of the Partnership is Montgomery Realty Company- 83 ("Montgomery"), a California limited partnership of which Fox Realty Investors ("FRI"), a California general partnership, is the managing general partner. Effective March 31, 1996, Montgomery Realty Corporation, a California corporation, withdrew as the co-general partner in Montgomery. The associate general partner of the Partnership is MRI Associates, Ltd., a California limited partnership, of which FRI is the general partner, and Two Broadway Associates II, an affiliate of Merrill Lynch, Pierce, Fenner & Smith, Incorporated, is the limited partner. On December 6, 1993, NPI Equity became the managing general partner of FRI. As a result, NPI Equity became responsible for the operation and management of the business and affairs of the Partnership and the other investment partnership sponsored by FRI and/or its affiliates. The Managing General Partner is a wholly owned subsidiary of NPI. Pursuant to a series of transactions which closed during the first half of 1996, affiliates of Insignia acquired (i) control of NPI Equity, the managing general partner of FRI, and (ii) all of the issued and outstanding shares of stock of Fox Capital Management Corporation ("FCMC"). In connection with these transactions, affiliates of Insignia appointed new officers and directors of NPI Equity and FCMC. Note C - Gain on Sale of Property and Extraordinary Gain on Extinguishment of Debt On October 24, 1994, the Partnership sold its Dallas Marriott Quorum Hotel for $29,815,000. After repayment of the first and second mortgage loan balances of $22,221,000 (including $170,000 of accrued interest) and $5,000,000, respectively, deferred interest of $750,000 and closing costs and adjustments of $515,000, the cash received by the Partnership was $1,329,000. Under the terms of the agreement, cash in the hotel's bank account of approximately $1,980,000 was retained by the purchaser to be used as a partial repayment of the second loan. Accrued but unpaid interest of approximately $4,596,000 on the second loan was forgiven by the lender. The sale resulted in a gain of $2,097,000 and an extraordinary gain on extinguishment of debt of $4,596,000. On June 28, 1996, the Partnership sold Norwood Tower Office Building for $5,725,000. After the payment of closing costs and related expenses of approximately $243,000, the Partnership received proceeds of $300,000 as of June 30, 1996, and the remaining proceeds of $5,182,000 in July, 1996. This sale resulted in a gain of $65,000 for financial statement purposes. Note D - Subsequent Event On July 24, 1996, the Partnership sold its Mardot II property to an unrelated third party for $2,600,000. The Partnership received cash of approximately $2,368,000 in July, 1996. Note E - Pro Forma Financial Information The following pro forma consolidated balance sheet as of June 30, 1996, and the pro forma consolidated statements of operations for the twelve months ended September 30, 1995, and the nine months ended June 30, 1996, give effect to the sale of Mardot II. The adjustments related to the pro forma consolidated balance sheet assume the transaction was consummated at June 30, 1996, while the adjustments to the pro forma consolidated income statements assume the transaction was consummated at the beginning of the year presented. The sale occurred on July 24, 1996. The pro forma adjustments required are to eliminate the assets, liabilities and operating activity of Mardot II and to reflect consideration received for the property. These pro forma adjustments are not necessarily reflective of the results that actually would have occurred if the sale had been in effect as of and for the periods presented or what may be achieved in the future. PRO FORMA CONSOLIDATED BALANCE SHEET June 30, 1996 (Unaudited) (in thousands)
Pro Forma Historical Adjustments Pro Forma Assets Cash and cash equivalents $ 667 $ 2,368 $ 3,035 Deferred costs, net 225 (8) 217 Other assets 6,108 (1) 6,107 Investment properties: Real estate 14,967 (2,784) 12,183 Accumulated depreciation (5,707) 834 (4,873) Real estate, net 9,260 (1,950) 7,310 $ 16,260 $ 409 $ 16,669 Liabilities and Partners' Equity Liabilities Accrued expenses and other liabilities $ 248 $ (31) $ 217 Mortgage notes payable 1,075 -- 1,075 1,323 (31) 1,292 Partners' Capital 14,937 440 15,377 $ 16,260 $ 409 $ 16,669
Note E - Pro Forma Financial Information (continued) PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended September 30, 1995 (in thousands, except unit data)
Pro Forma Historical Adjustments Pro Forma (Audited) Revenues: Commercial operations $ 3,223 $ (368) $ 2,855 Hotel lease 85 -- 85 Interest income 139 -- 139 Gain on sale of properties 2,097 -- 2,097 Total revenues 5,544 (368) 5,176 Expenses: Hotel operations 78 -- 78 Commercial operations 1,957 (106) 1,851 Interest 333 -- 333 Depreciation 762 (69) 693 General and administrative 471 -- 471 Provision for impairment of value 2,400 -- 2,400 Total expenses 6,001 (175) 5,826 Net loss before extraordinary item (457) (193) (650) Extraordinary item: Gain on extinguishment of debt 4,596 -- 4,596 Net income (loss) $ 4,139 $ (193) $ 3,946 Net income (loss) per limited partnership unit: Loss before extraordinary item $ (10.05) $ (2.30) $ (12.35) Extraordinary item 44.76 -- 44.76 Net income (loss) $ 34.71 $ (2.30) $ 32.41
Note E - Pro Forma Financial Information (continued) PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS For the Nine Months Ended June 30, 1996 (Unaudited) (in thousands, except unit data)
Pro Forma Historical Adjustments Pro Forma Revenues: Commercial operations $ 2,496 $ (275) $ 2,221 Interest income 82 -- 82 Gain on sale of properties 65 -- 65 Total revenues 2,643 (275) 2,368 Expenses: Commercial operations 1,408 (95) 1,313 Interest 75 -- 75 Depreciation 464 (54) 410 General and administrative 385 -- 385 Total expenses 2,332 (149) 2,183 Net income (loss) $ 311 $ (126) $ 185 Net income (loss) per limited partnership unit $ 3.71 $ (1.50) $ 2.21
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Partnership's investment properties consist of three office buildings, one office/warehouse complex and one shopping center located in Colorado, Arizona, Texas, and Georgia. The following table sets forth the average occupancy of the properties for the nine months ended June 30, 1996 and 1995: Average Occupancy Property 1996 1995 Resource Park West Office Building Lakewood, Colorado 99% 99% Priest Office Building Tempe, Arizona 100% 100% Mardot II Building Tempe, Arizona (sold July 24, 1996) 100% 100% Parkway Village Shopping Center Atlanta, Georgia 74% 64% Norwood Tower Office Building Austin, Texas (sold June 28, 1996) N/A 97% During fiscal 1994, one of Parkway Village Shopping Center's tenants moved out. Although this space was temporarily filled by a month-to-month tenant in early fiscal 1995, this tenant also vacated in April 1995. A portion of this space has been leased in the 1996 fiscal year. The Partnership reported net income of approximately $311,000 for the nine months ended June 30, 1996, versus a net income of approximately $4,169,000 for the corresponding period of 1995. The decrease in net income can be attributed to the fact that there was a $2,097,000 gain that was recognized on the sale of the Marriott Quorum hotel and the corresponding $4,596,000 gain on the extinguishment of debt related to the same sale. These gains were recognized in fiscal year 1995. Despite the recognition of these gains, there was a $2,400,000 impairment of value recognized on Norwood Tower Office Building. This impairment partially offset the gains. The sale of the Marriott Quorum Hotel resulted in lower depreciation and interest expense for the nine months ended June 30, 1996. These decreases, as well as having no impairment of value recognized in fiscal year 1996, resulted in higher income before extraordinary items. On June 28, 1996, the Partnership sold Norwood Tower Office Building for $5,725,000. The Partnership had received $300,000 in proceeds on this sale at June 30, 1996. In July 1996, the Partnership received the remaining sales proceeds of approximately $5,182,000. A financial statement gain on the sale of the building of approximately $65,000 was recognized at June 30, 1996. For the three month period ended June 30, 1996, the Partnership reported net income of approximately $102,000 versus a net loss of $2,299,000 for the corresponding three months of 1995. The increase in net income can be attributed to the recognition of the $2,400,000 impairment of value on Norwood Tower Office Building discussed in the preceding paragraph. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of its investment properties to assess the feasibility of increasing rents, maintain or increasing occupancy levels and protecting the Partnership from increases in expense. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Managing General Partner will be able to sustain such a plan. At June 30, 1996, the Partnership had unrestricted cash of approximately $667,000 as compared to approximately $3,700,000 at June 30, 1995. Net cash provided by operating activities decreased as compared to June 30, 1995, due to changes in accounts receivable and other assets in connection with the sale of Norwood Tower Office Building. The Partnership also recorded an increase in other assets related to the requirement under Section 444 of the Internal Revenue Code to deposit funds of $700,000 with the Internal Revenue Service due to its fiscal year end of September 30. The total deposit with the Internal Revenue Service will be refunded in fiscal year 1997. Net cash provided by investing activities decreased due to the proceeds for the sale of the Marriott Quorum Hotel of $26,400,000 received in 1995. The sale of Norwood Tower Office Building generated proceeds of approximately $300,000 at June 30, 1996. Net cash used in financing activities decreased due to the satisfaction in fiscal 1995 of approximately $27,051,000 in mortgages that were encumbering the Marriott Quorum Hotel. In the second fiscal quarter of 1996, approximately $3,383,000 was distributed to the limited and general partners. An affiliate of the Managing General Partner has made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. The Partnership has no outstanding amounts due under this line of credit. Based on present plans, management does not anticipate the need to borrow in the near future. Other than cash and cash equivalents, the line of credit is the Partnership's only unused source of liquidity. A significant portion of the unoccupied space at Parkway Village Shopping Center is currently being marketed to potential long term tenants. In addition, a tenant occupying approximately 41% of Parkway Village Shopping Center may not renew its lease, which expires on October 31, 1996. The re-leasing of these spaces might require significant expenditures for tenant installations and leasing commissions. If the spaces are not re-leased, it will have a significant negative impact on the Partnership's operations. The sale of Norwood Tower Office Building was consummated on June 28, 1996 for a contract sales price of $5,725,000. The Partnership received net proceeds of approximately $5,482,000 from this sale (including an earnest money deposit of $300,000). The sale of Mardot II was consummated on July 24, 1996, for $2,600,000. All of the Partnership's remaining properties are currently under contract for sale. The sale of Priest Office Building, which is subject to the purchaser's due diligence review and other customary conditions, is expected to close during the fourth fiscal quarter of 1996. The sales of Parkway Village and Resource Park West Office Building, which are subject to the purchaser's due diligence review and other customary conditions, are expected to close during the first fiscal quarter of 1997. The contract purchase price for Priest Office Building, Parkway Village, and Resource Park West Office Building is approximately $1,675,000, $3,100,000, and $4,025,000 respectively. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the various properties to adequately maintain the physical assets and other operating needs of the Partnership. Such assets are currently thought to be sufficient for any near-term needs of the Partnership. The mortgage indebtedness of $1,075,000 is collateralized by Resource Park West and has a balloon payment due in January 1999, at which time the property will either be refinanced or sold. At this time, it appears that the investment objective of capital growth will not be attained and that a significant portion of invested capital will not be returned to investors. The extent to which invested capital is returned to investors is dependent upon the performance of the Partnership's remaining properties; and the markets in which such properties are located; and the sales price of the remaining properties. Upon sale of all properties and termination of the Partnership, the general partners may be required to contribute certain funds to the Partnership in accordance with the Partnership Agreement. The Partnership paid approximately $3,383,000 in distributions to the partners in the first nine months of fiscal year 1996. Future cash distributions will depend on the levels of net cash generated from operations, property sales, and the availability of cash reserves. No cash distributions were made in 1995. PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended June 30, 1996. 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. MRI BUSINESS PROPERTIES FUND, LTD. By: MONTGOMERY REALTY COMPANY 83, its Managing General Partner By: FOX REALTY INVESTORS, its Managing General Partner By: NPI EQUITY INVESTMENTS, II INC. its managing general partner By: /s/ William H. Jarrard, Jr. William H. Jarrard, Jr. President and Director By: /s/ Ronald Uretta Ronald Uretta Principal Financial Officer and Principal Accounting Officer Date: August 14, 1996 EX-27 2
5 This schedule contains summary financial information extracted from MRI Business Properties Fund L.P. 1996 Third Quarter 10-Q and is qualified in its entirety by reference to such 10-Q filing. 0000722886 MRI BUSINESS PROPERTIES FUND L.P. 1,000 9-MOS SEP-30-1996 JUN-30-1996 667 0 0 0 0 0 14,967 (5,707) 16,260 0 1,075 0 0 0 14,937 16,260 0 2,643 0 2,332 0 0 75 0 311 0 0 0 0 311 3.71 0 The Registrant has an unclassified balance sheet. Multiplier is 1.
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