-----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, USh+vc2wC0GQKokVxrJ6TfSmG9JAT9i59uMFiKTW1tTf9PBOb9BfhfmymeC5aFwM n9yuXNlz+rF07s5slT9lMg== 0000950144-98-009380.txt : 19980812 0000950144-98-009380.hdr.sgml : 19980812 ACCESSION NUMBER: 0000950144-98-009380 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980811 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORIOLE HOMES CORP CENTRAL INDEX KEY: 0000074928 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 591228702 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-06963 FILM NUMBER: 98681907 BUSINESS ADDRESS: STREET 1: 1690 S CONGRESS AVE STE 200 CITY: DELRAY BEACH STATE: FL ZIP: 33445 BUSINESS PHONE: 4072742000 FORMER COMPANY: FORMER CONFORMED NAME: ORIOLE LAND & DEVELOPMENT CORP DATE OF NAME CHANGE: 19720615 10-Q 1 ORIOLE HOMES CORP. FORM 10-Q DATED 06/30/98 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended: June 30, 1998 Commission File No. 1-6963 ORIOLE HOMES CORP. ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Florida 59-1228702 - -------------------------------------- ----------------------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1690 S. Congress Ave., Suite 200 Delray Beach, Fl. 33445 - ---------------------------------------------------------- ---------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 274-2000 - -------------------------------------------------------------------------------- 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, 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 issuers classes of common stock, as of the close of the period covered by this report. Class Outstanding at July 30, 1998 - ------------------------------------- -------------------------------- Common Stock, Class A, par value $.10 1,864,149 Common Stock, Class B, par value $.10 2,761,375 2 PART 1 - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ORIOLE HOMES CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS
June 30, December 31, 1998 1997 (Unaudited) (Audited) ------------ ------------ Cash and cash equivalents $ 21,186,286 $ 19,830,523 Receivables Mortgage notes 266,104 267,323 Income taxes -- 765,437 ------------ ------------ 266,104 1,032,760 Inventories Land 53,732,799 58,120,681 Houses and condominiums completed or under construction 37,513,673 42,007,641 Model houses and condominiums 5,161,343 4,871,304 ------------ ------------ 96,407,815 104,999,626 Less estimated costs of completion included in inventories 8,876,691 11,597,567 ------------ ------------ 87,531,124 93,402,059 ------------ ------------ Property and equipment, at cost Land 620,454 654,936 Buildings 3,992,927 4,338,159 Furniture, fixtures and equipment 3,635,314 3,339,242 ------------ ------------ 8,248,695 8,332,337 Less accumulated depreciation 4,090,977 4,055,564 ------------ ------------ 4,157,718 4,276,773 ------------ ------------ Property and equipment held for sale, at cost 11,945,651 12,264,126 Investments in and advances to joint ventures 3,880,313 4,495,000 Other Prepaid expenses 2,434,402 2,275,569 Unamortized debt issuance costs 1,320,784 1,552,227 Land held for investment, at cost 2,127,009 2,354,398 Other assets 3,629,449 3,576,695 ------------ ------------ 9,511,644 9,758,889 ------------ ------------ Total assets $138,478,840 $145,060,130 ============ ============
See notes to consolidated financial statements -1- 3 ORIOLE HOMES CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS LIABILITIES AND SHAREHOLDERS' EQUITY
June 30, December 31, 1998 1997 (Unaudited) (Audited) ------------ ------------ Liabilities Line of credit $ 10,000 $ 10,000 Mortgage notes payable 12,331,358 12,438,445 Accounts payable and accrued liabilities 11,122,740 13,141,491 Customer deposits 7,293,546 6,389,145 Senior notes 61,306,558 66,184,074 ------------ ------------ Total liabilities 92,064,202 98,163,155 Shareholders' equity Class A common stock, $.10 par value Authorized - 10,000,000 shares Issued and outstanding - 1,864,149 in 1998 and in 1997 186,415 186,415 Class B common stock, $.10 par value Authorized - 10,000,000 shares Issued and outstanding - 2,761,375 in 1998 and in 1997 276,138 276,138 Additional paid-in capital 19,267,327 19,267,327 Retained earnings 26,684,758 27,167,095 ------------ ------------ Total shareholders' equity 46,414,638 46,896,975 ------------ ------------ Total liabilities and shareholders' equity $138,478,840 $145,060,130 ============ ============
See notes to consolidated financial statements -2- 4 ORIOLE HOMES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Six Months Ended Three Months Ended June 30, June 30, ------------------------------- ------------------------------- 1998 1997 1998 1997 ------------ ------------ ------------ ------------ Revenues Sales of houses and condominiums $ 38,497,335 $ 45,224,074 $ 13,165,057 $ 25,445,526 Sales of land -- 5,500 -- -- Other operating revenues 1,995,904 1,653,009 1,024,981 826,472 Interest, rentals and other income 1,654,351 1,826,177 722,832 1,013,831 Gain on sale of property and land held for investment, net 790,581 501,533 599,668 501,420 ------------ ------------ ------------ ------------ 42,938,171 49,210,293 15,512,538 27,787,249 ------------ ------------ ------------ ------------ Costs and Expenses Cost of houses and condominiums sold 33,246,929 40,217,979 11,232,729 22,419,822 Inventory valuation adjustment -- 17,050,000 -- 8,350,000 Fixed asset valuation adjustment -- 4,525,000 -- 4,525,000 Cost of land sold -- 3,246 -- -- Costs relating to other operating revenues 1,622,507 1,691,347 767,545 889,397 Selling, general and administrative expenses 7,817,984 9,183,521 3,601,873 4,906,947 Interest costs incurred 4,562,278 5,061,222 2,244,133 2,473,807 Interest capitalized (deduct) (3,829,190) (4,713,245) (1,825,078) (2,313,443) ------------ ------------ ------------ ------------ 43,420,508 73,019,070 16,021,202 41,251,530 ------------ ------------ ------------ ------------ (Loss) before provision for (benefit from) income taxes (482,337) (23,808,777) (508,664) (13,464,281) Provision for (benefit from) income taxes -- (307,261) -- 342,319 ------------ ------------ ------------ ------------ Net (loss) $ (482,337) $(23,501,516) $ (508,664) $(13,806,600) ============ ============ ============ ============ Net loss per Class A and B common share available for common stockholders - Basic $ (.10) $ (5.08) $ (.11) $ (2.98) ============ ============ ============ ============ Weighted average number of common stock outstanding - Basic 4,625,524 4,625,524 4,625,524 4,625,524 ============ ============ ============ ============ Net loss per Class A and B common share available for common stockholders - Diluted $ (.10) $ (5.08) $ (.11) $ (2.98) ============ ============ ============ ============ Weighted average number of common stock outstanding - Diluted 4,625,524 4,625,524 4,625,524 4,625,524 ============ ============ ============ ============
See notes to consolidated financial statements -3- 5 ORIOLE HOMES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30, ------------------------------- 1998 1997 ------------ ------------ Cash flows from operating activities Net (loss) $ (482,337) $(23,501,516) Adjustments to reconcile net (loss) to net cash provided by operating activities Depreciation 615,461 689,322 Amortization 403,927 274,555 Deferred income taxes -- 458,176 Gain on sale of property and land held for investment, net (790,581) (501,533) (Increase) decrease in operating assets Receivables 766,656 2,400,922 Inventories 5,904,875 487,040 Inventory valuation adjustment -- 17,050,000 Fixed asset valuation adjustment -- 4,525,000 Other assets (211,587) (663,246) Increase (decrease) in operating liabilities Accounts payable and accrued liabilities (2,018,751) (658,155) Customer deposits 904,401 3,852,161 ------------ ------------ Total adjustments 5,574,401 27,914,242 ------------ ------------ Net cash provided by operating activities 5,092,064 4,412,726 ------------ ------------ Cash flows from investing activities Return on investment in joint ventures 614,687 1,868,000 Capital expenditures (404,680) (338,186) Proceeds from the sale of property and equipment 1,210,779 1,060,182 ------------ ------------ Net cash provided by investing activities 1,420,786 2,589,996 ------------ ------------ Cash flows from financing activities Payment of mortgage note (107,087) (99,719) Borrowings under line of credit agreement -- 9,100,000 Repayments under line of credit agreement -- (11,700,000) Repurchase of senior notes (5,050,000) -- ------------ ------------ Net cash (used in) financing activities (5,157,087) (2,699,719) ------------ ------------ Net increase in cash and cash equivalents 1,355,763 4,303,003 Cash and cash equivalents at beginning of period 19,830,523 2,409,376 ------------ ------------ Cash and cash equivalents at end of period $ 21,186,286 $ 6,712,379 ============ ============ Supplemental disclosures of cash flow information Cash paid during the period for: Interest (net of amount capitalized) $ 869,240 $ 262,916 Income taxes $ 2,627 $ --
See notes to consolidated financial statements -4- 6 ORIOLE HOMES CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated balance sheet as of June 30, 1998 and the related statements of operations and cash flows for the three months and six months ended June 30, 1998 and 1997 of Oriole Homes Corp. and its subsidiaries have been prepared by the Company without audit. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the unaudited interim periods have been reflected herein. Certain footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 1997 annual report on Form 10K. Certain reclassifications have been made to conform to the current year presentation. 2. The results of operations for the three months and the six months ended June 30, 1998 are not necessarily indicative of the results for the entire year. 3. Inventory valuation adjustment Statement of Financial Accounting Standards ("SFAS") No. 121 requires that long-lived assets held and used by the Company be reviewed for impairment whenever events or changes indicate that the net book value of the asset may not be recoverable. An impairment loss is recognized if the sum of the undiscounted expected future cash flows from the use of the assets is less than the net book value of the assets. The Company periodically reviews the carrying value of its assets and, if such reviews indicate the potential for lack of recovery of the net book value, adjusts the assets accordingly. In this regard, the Company recorded in the first quarter of 1997 a non-cash inventory valuation adjustment totaling $8,700,000 or $1.88 per common share, reducing certain land inventory to its estimated fair value less cost to sell. The inventory adjustment pertained to land for approximately 1,000 unsold housing units located in five developments. In addition, the Company recorded, in the second quarter of 1997, an inventory valuation adjustment of $8,350,000 or $1.81 per common share related to certain land inventory in the amount of $8,150,000 for approximately 1,200 unsold housing units and the contingent sale portion of a land sale in the amount of $200,000. Deteriorating market conditions during the first half of 1997 caused the Company to lower selling prices in order to maintain acceptable sales levels and absorb then current inventory, resulting in the inventory valuation adjustment. 4. Fixed asset adjustment The Company recorded in the second quarter of 1997 a fixed asset valuation adjustment of $4,525,000, or $.98 per common share, related to a rental apartment project. During the second quarter, management decided to dispose of this rental project and, therefore, reduced its carrying amount to its fair value less cost to sell. 5. These adjustments were based in part on management estimates and assumptions that affected the reported valuation of the assets and the amount of revenues and expenses. Actual future results could differ from these estimates. -5- 7 ORIOLE HOMES CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 6. Backlog of contracts for sales of houses and condominiums
June 30, 1998 December 31, 1997 ---------------------------- ---------------------------- Units Amounts Units Amounts ----------- ----------- ----------- ----------- Single-family homes 171 $29,865,404 152 $27,683,438 Multi-family 147 20,165,998 91 12,730,745 ----------- ----------- ----------- ----------- Total 318 $50,031,402 243 $40,414,183 =========== =========== =========== ===========
7. Senior notes On January 13, 1993, the Company issued its 12 1/2% Senior Notes ("Notes"), due January 15, 2003. The Notes have a face value of $70,000,000 and were issued at a discount of $1,930,600. The Notes are senior unsecured obligations of the Company subject to redemption at the Company's option on or after January 15, 1998 at 105% of the principal amount and thereafter at prices declining annually to 100% of the principal amount on or after January 15, 2001. The indenture under which the Notes were issued requires sinking fund payments of $17,500,000 on January 15, 2001 and January 15, 2002. The indenture contains provisions restricting the amount and type of indebtedness the Company may incur, the purchase by the Company of its stock and the payment of cash dividends. At June 30, 1998, dividend payments are restricted and will be restricted until the Company posts cumulative net income in excess of $62,200,000. During the six months ended June 30, 1998, the Company repurchased $5,050,000 of Senior Notes to be used as part of the sinking fund and has accumulated approximately $7,700,000 toward the $17,500,000 payment due January 15, 2001. 8. Line of credit A revolving loan agreement (line of credit) with a bank, collateralized by land, provides up to $10,000,000 of borrowings, at an interest rate of prime plus 1.5%, of which $9,990,000 is available at June 30, 1998. The agreement expires June 30, 1999. The line of credit can be used to finance ongoing development and construction of residential real estate and short-term capital needs and only requires monthly interest payments. The agreement has no compensating balance arrangements and contains typical restrictions and covenants, the most restrictive of which include that: a. the Company shall maintain, at all times through the life of the loan, its consolidated tangible net worth at not less than $42,000,000, and; b. the Company's ability to incur additional debt is restricted. 9. Income taxes At June 30, 1998, the Company has no deferred tax benefit related to its net operating loss as the Company's ability to realized these benefits is not "more likely than not" as defined by FASB Statement No. 109 "Accounting for Income Taxes". -6- 8 ORIOLE HOMES CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10. New accounting pronouncements The Financial Accounting Standards Board has issued Statement of Financial Standards Nos. 130 ("SFAS 130"), "Reporting Comprehensive Income", and 131 ("SFAS 131"), "Disclosures about Segments of an Enterprise and Related Information". SFAS 130 prescribes standards for reporting comprehensive income and its components. SFAS 131 establishes guidance as to the required disclosure for reporting segment information. The Company has adopted these standards, which have no impact on the Company. 11. Commitments and contingencies The Company is involved, from time to time, in litigation arising in the ordinary course of business, none of which is expected to have a material adverse effect on the Company's consolidated financial position or results of operations. The Company is also subject to the normal obligations associated with entering into contracts for the purchase, development and sale of real estate in the routine conduct of its business. -7- 9 Grant Thornton LLP Certified Public Accountants 200 East Broward Boulvevard, Suite 2000 Fort Lauderdale, Florida 33301 Board of Directors Oriole Homes Corp. We have reviewed the accompanying consolidated balance sheet of Oriole Homes Corp. and Subsidiaries as of June 30, 1998, and the related consolidated statements of operations and cash flows for the three-month and six-month periods then ended. These financial statements are the responsibility of the company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical review procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated financial statements for them to be in conformity with generally accepted accounting principles. Miami, Florida August 6, 1998 -8- 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, 1998 COMPARED TO THREE MONTHS ENDED JUNE 30, 1997 The Company's revenues from home sales decreased $12.3 million (48.3%) to $13.2 million during the second quarter of 1998 as compared to 1997 primarily as a result of a reduction in the number of homes delivered. Oriole delivered 82 homes in the 1998 second quarter compared to 162 in the same period in 1997. The average selling price of homes delivered increased about 2.2%, from $157.1 to $160.5. The number of contracts signed at 144 and the aggregate dollar value of those contracts at $22.3 million decreased in the 1998 second quarter from 193 and $31.5 million, respectively, in the same period in 1997. Other operating revenues and Interest, rentals and other income remained at approximately the same level in the second quarter of 1998 when compared to the same period in 1997. Cost of home sales decreased to $11.2 million (50.0%) in 1998 from $22.4 million in 1997 as a result of a decrease in the number of homes delivered. As a percentage of home sales, cost of sales decreased to 85.3% from 88.1% in the second quarter of 1997, as the result of the increase in average selling price previously mentioned and a reduction in direct construction costs and the inventory valuation adjustment in 1997. Selling, general and administrative expenses decreased by $1.3 million but as a percentage of revenues increased to 23.2% from 17.7% of revenues for the same period in 1997 due to the corresponding reduction of home deliveries, as previously discussed. In the prior year quarter ended June 30, 1997 there was a net loss of $13.8 million ($2.98 per share) primarily due to a non-cash pre-tax charge of $8.4 million to write-down the value of certain land inventory and $4.5 million to write-down the cost of a rental apartment project to estimated fair market value, less cost to sell. This compares to a net loss of $0.5 million ($0.11 per share) for the current period ended June 30, 1998. SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SIX MONTHS ENDED JUNE 30, 1997 The Company's revenues from home sales decreased $6.7 million (14.9%) to $38.5 million in the six month period of 1998 as compared to 1997 as a result of the number of homes delivered. Oriole delivered 233 homes in the 1998 first quarter compared to 282 in the same period in 1997. The average selling price of homes delivered in 1998 increased about 3.0%, from $160.4 to $165.2. The number of contracts signed at 308 and the aggregate dollar value of those contracts at $48.1 million decreased in the 1998 first six months from 455 and $71.7 million, respectively, for the same period in 1997. Other operating revenues and Interest, rentals and other income increased to $4.4 million in the six month period of 1998 from $4.0 million in 1997 primarily due to an increase in interest earned on available cash. Cost of home sales decreased to $33.2 million (17.3%) in 1998 from $40.2 million in 1997 as a result of a decrease in the number of homes delivered. As a percentage of home sales, cost of sales decreased to 86.4% from 88.9% in the first six months of 1997, as the result of the increase in average selling price previously mentioned and the reduction in direct construction costs and the inventory valuation adjustment in 1997. Selling, general and administrative expenses decreased by $1.4 million and also decreased to 18.2% of revenues in the first six months of 1998 as compared to 18.7% in the same period in 1997. This improvement was the result of the implementation of certain strategic initiatives designed to enhance operating efficiencies, including a workforce reduction program and consolidation of facilities. In the prior year first six months ended June 30, 1997 there was a net loss of $23.5 million ($5.08 per share) primarily due to a non-cash pre-tax charge of $17.1 million to write-down the value of -9- 11 certain land inventory and of $4.5 million to write-down the cost of a rental apartment project to estimated fair market value, less cost to sell. This compares to a net loss of $0.5 million ($0.10 per share) for the comparable period ended June 30, 1998. LIQUIDITY AND CAPITAL RESOURCES The Company's financing needs depend primarily upon sales volume, asset turnover, land acquisition, construction volume and the market value of non-residential parcels of land. In the past, the Company has financed its working capital needs through funds generated by operations, the sale of investment property held for resale, the periodic issuance of common stock and long-term borrowings. During the first six months of 1998, the Company used a portion of available cash provided by operations to purchase $5.05 million of senior notes and decrease other liabilities in part by accelerating payment of payables to its vendors in consideration for discounts ranging from 2.0% to 6.0%. At June 30, 1998, the Company had approximately $21.2 million in cash and cash equivalents and the availability of substantially all of it's $10.0 million revolving line of credit. Oriole also has an outstanding balance of about $12.0 million of a purchase money mortgage at an interest rate of 7.15%, collateralized by land and buildings. Of this balance, $0.2 million is due in 1998 and the balance is payable by 2003. The Company had no firm commitments for capital expenditures as of the balance sheet date. The Company believes that current cash resources, cash from operations and borrowings under its line of credit will be sufficient to meet anticipated working capital requirements through June 30, 1999. -10- 12 PART II - OTHER INFORMATION ITEM 5. OTHER INFORMATION On May 21, 1998, the Securities and Exchange Commission (the "SEC") adopted changes to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the shareholder proposal rule), and related rules. Pursuant to these rule changes, the SEC returned to its pre-1992 practice of reviewing on a case-by-case basis whether shareholder proposals raise significant social policy issues, and therefore are includable in an issuer's proxy statement, or whether the proposal may be excluded as "ordinary business." In addition, the SEC amended Rule 14a-4, which governs a company's use of its discretionary proxy voting authority with respect to a shareholder proposal that the shareholder has not sought to include in the proxy statement pursuant to Rule 14a-8. New Rule 14(c)(1) sets a 45 day advance notice requirement. If a shareholder fails to notify the company at least 45 days prior to the month and day of mailing the prior year's proxy statement, then management will be permitted to use their discretionary voting authority when the proposal is raised at the company's annual meeting, without any discussion of the matter in the proxy statement. In the case of Oriole, the deadline for notice to Oriole for shareholder proposals that are not sought to be included in the proxy statement with respect to the 1999 Annual Meeting is March 15, 1999. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K The June 30, 1998 unaudited Financial Statements included in this form 10-Q have been reviewed by Grant Thornton LLP in accordance with established professional standards and procedures for such a review. Reports on Form 8K (a) Exhibits 27 Financial Data Schedule (b) There were no reports on Form 8-K for the three months ended June 30, 1998. -11- 13 SIGNATURES Pursuant to the requirements of Section 13, 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. ORIOLE HOMES CORP. ------------------ (Registrant) DATE: 8/6/98 /s/ R.D. Levy - -------------------------- -------------------------------------- R.D. Levy, Chairman of the Board, Chief Executive Officer, Director DATE: 8/6/98 /s/ J. Pivinski - -------------------------- -------------------------------------- J. Pivinski, Vice President - Finance, Treasurer, Chief Financial Officer -12- EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 21,186,286 0 266,104 0 87,531,124 0 26,649,923 10,546,554 138,478,840 0 73,647,916 462,553 0 0 45,952,085 138,478,840 38,497,335 42,938,171 33,246,929 34,869,436 7,817,984 0 733,088 (482,337) 0 (482,337) 0 0 0 (482,337) (.10) (.10)
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