-----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, MicN4iPUESP/0I8RHczs5O+rIjtOdC74Y0oHaFOmHGeg1YGt0kZm5XpCOinoTZBz 6xRgnjFSFN6xcGDTTXO14A== 0000750334-98-000006.txt : 19980515 0000750334-98-000006.hdr.sgml : 19980515 ACCESSION NUMBER: 0000750334-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XX L P CENTRAL INDEX KEY: 0000750334 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 330050225 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14007 FILM NUMBER: 98619673 BUSINESS ADDRESS: STREET 1: 13760 NOEL RD STE 700 LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9724485800 MAIL ADDRESS: STREET 1: 13760 NOEL ROAD SUITE 700 LB 70 STREET 2: 13760 NOEL ROAD SUITE 700 LB 70 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHMARK INCOME INVESTORS LTD DATE OF NAME CHANGE: 19920413 10-Q 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 0-14007 -------- MCNEIL REAL ESTATE FUND XX, L.P. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 33-0050225 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 13760 Noel Road, Suite 600, LB70, Dallas, Texas, 75240 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (972) 448-5800 ----------------------------- 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 --- --- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MCNEIL REAL ESTATE FUND XX, L.P. BALANCE SHEETS (Unaudited)
March 31, December 31, 1998 1997 --------------- -------------- ASSETS - ------ Real estate investments: Land..................................................... $ 392,000 $ 392,000 Buildings and improvements............................... 3,888,579 3,882,558 -------------- ------------- 4,280,579 4,274,558 Less: Accumulated depreciation.......................... (1,350,394) (1,290,949) -------------- ------------- 2,930,185 2,983,609 Mortgage loan investments, net of allowance of $792,013 at March 31, 1998 and December 31, 1997........................................ 3,234,247 3,268,712 Mortgage loan investments - affiliate, net of allowance of $130,000 at March 31, 1998 and December 31, 1997........................................ 3,595,987 3,600,076 Cash and cash equivalents .................................. 631,242 1,824,293 Cash segregated for security deposits....................... 31,911 27,405 Interest and other accounts receivable...................... 106,834 140,025 Escrow deposits............................................. 205,387 162,652 Deferred borrowing costs, net of accumulated amortization of $64,205 and $60,222 at March 31, 1998 and December 31, 1997, respectively................. 97,289 101,272 Prepaid expenses and other assets........................... 4,200 4,200 -------------- ------------- $ 10,837,282 $ 12,112,244 ============== ============= LIABILITIES AND PARTNERS' EQUITY (DEFICIT) - ------------------------------------------ Mortgage note payable, net.................................. $ 2,653,907 $ 2,666,814 Accounts payable and other accrued expenses................. 43,135 61,994 Accrued property taxes...................................... 173,661 137,050 Payable to affiliates....................................... 267,576 203,444 Deferred revenue............................................ 25,573 27,229 Security deposits and deferred rental revenue............... 28,043 29,494 -------------- ------------- 3,191,895 3,126,025 -------------- ------------- Partners' equity (deficit): Limited partners - 60,000 limited partnership units authorized; 49,512 limited partnership units issued and outstanding at March 31, 1998 and December 31, 1997.... 7,940,437 9,282,684 General Partner.......................................... (295,050) (296,465) -------------- ------------- 7,645,387 8,986,219 -------------- ------------- $ 10,837,282 $ 12,112,244 ============== =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XX, L.P. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, --------------------------------- 1998 1997 -------------- -------------- Revenue: Rental revenue............................................. $ 337,688 $ 330,636 Interest income on mortgage loan investments............... 69,496 67,757 Interest income on mortgage loan investments - affiliate................................................. 108,214 15,137 Other interest income....................................... 22,163 37,053 ------------- ------------- Total revenue............................................. 537,561 450,583 ------------- ------------- Expenses: Interest.................................................... 61,304 62,131 Depreciation................................................ 59,445 85,587 Property taxes.............................................. 36,892 44,419 Personnel costs............................................. 40,797 41,862 Utilities................................................... 20,225 19,616 Repairs and maintenance..................................... 28,876 49,826 Property management fees - affiliates....................... 14,994 16,226 Other property operating expenses........................... 20,709 28,033 General and administrative.................................. 48,435 34,784 General and administrative - affiliates..................... 64,400 64,757 ------------- ------------- Total expenses............................................ 396,077 447,241 ------------- ------------- Net income..................................................... $ 141,484 $ 3,342 ============= ============= Net income allocable to limited partners....................... $ 140,069 $ 3,309 Net income allocable to General Partner........................ 1,415 33 ------------- ------------- Net income..................................................... $ 141,484 $ 3,342 ============= ============= Net income per limited partnership unit........................ $ 2.83 $ .07 ============= ============= Distributions per limited partnership unit..................... $ 29.94 $ 15.15 ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XX, L.P. STATEMENTS OF PARTNERS' EQUITY (DEFICIT) (Unaudited) For the Three Months Ended March 31, 1998 and 1997
Total General Limited Partners' Partner Partners Equity (Deficit) --------------- -------------- ---------------- Balance at December 31, 1996.............. $ (318,863) $ 10,315,277 $ 9,996,414 Net income................................ 33 3,309 3,342 Distributions to limited partners......... - (749,994) (749,994) ------------- ------------- ------------- Balance at March 31, 1997................. $ (318,830) $ 9,568,592 $ 9,249,762 ============= ============= ============= Balance at December 31, 1997.............. $ (296,465) $ 9,282,684 $ 8,986,219 Net income................................ 1,415 140,069 141,484 Distributions to limited partners......... - (1,482,316) (1,482,316) ------------- ------------- ------------- Balance at March 31, 1998................. $ (295,050) $ 7,940,437 $ 7,645,387 ============= ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XX, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
Three Months Ended March 31, ------------------------------------------- 1998 1997 ------------------- ---------------- Cash flows from operating activities: Cash received from tenants........................ $ 364,529 $ 324,076 Cash paid to suppliers............................ (173,329) (229,469) Cash paid to affiliates........................... (15,262) (78,399) Interest received................................. 90,074 105,759 Interest received from affiliate.................. 108,131 12,222 Interest paid..................................... (55,301) (56,473) Property taxes paid............................... (281) (105) Property taxes escrowed........................... (46,800) (32,500) ----------------- -------------- Net cash provided by operating activities............ 271,761 45,111 ----------------- -------------- Cash flows from investing activities: Additions to real estate investments.............. (6,021) (3,769) Collection of principal on mortgage loan investments..................................... 34,465 33,669 Collection of principal on mortgage loan investments - affiliate......................... 4,089 - ----------------- -------------- Net cash provided by investing activities............ 32,533 29,900 ----------------- -------------- Cash flows from financing activities: Principal payments on mortgage note payable....... (15,029) (13,857) Distributions to limited partners................. (1,482,316) (749,994) ----------------- -------------- Net cash used in financing activities................ (1,497,345) (763,851) ----------------- -------------- Net decrease in cash and cash equivalents............ (1,193,051) (688,840) Cash and cash equivalents at beginning of period............................................ 1,824,293 3,188,257 ----------------- -------------- Cash and cash equivalents at end of period........... $ 631,242 $ 2,499,417 ================= ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XX, L.P. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income to Net Cash Provided by Operating Activities
Three Months Ended March 31, ---------------------------------------- 1998 1997 ---------------- --------------- Net income........................................... $ 141,484 $ 3,342 --------------- -------------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation...................................... 59,445 85,587 Amortization of deferred borrowing costs.......... 3,983 3,737 Amortization of discount on mortgage note payable......................................... 2,122 2,015 Changes in assets and liabilities: Cash segregated for security deposits........... (4,506) (3,918) Interest and other accounts receivable.......... 33,191 (2,631) Escrow deposits................................. (42,735) 100,866 Prepaid expenses and other assets............... - 834 Accounts payable and other accrued expenses...................................... (18,859) (56,549) Accrued property taxes.......................... 36,611 (86,643) Payable to affiliates........................... 64,132 2,584 Deferred revenue................................ (1,656) (1,656) Security deposits and deferred rental revenue....................................... (1,451) (2,457) --------------- -------------- Total adjustments............................. 130,277 41,769 --------------- -------------- Net cash provided by operating activities............ $ 271,761 $ 45,111 =============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XX, L.P. Notes to Financial Statements March 31, 1998 (Unaudited) NOTE 1. - ------- McNeil Real Estate Fund XX, L.P. (the "Partnership"), formerly known as Southmark Income Investors, Ltd., was organized on July 19, 1984 as a limited partnership under the provisions of the California Revised Uniform Limited Partnership Act. The general partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a Delaware limited partnership, an affiliate of Robert A. McNeil ("McNeil"). The principal place of business for the Partnership and the General Partner is 13760 Noel Road, Suite 700, Dallas, Texas 75240. In the opinion of management, the financial statements reflect all adjustments necessary for a fair presentation of the Partnership's financial position and results of operations. All adjustments were of a normal recurring nature. However, the results of operations for the three months ended March 31, 1998 are not necessarily indicative of the results to be expected for the year ending December 31, 1998. NOTE 2. - ------- The financial statements should be read in conjunction with the financial statements contained in the Partnership's Annual Report on Form 10-K for the year ended December 31, 1997, and the notes thereto, as filed with the Securities and Exchange Commission, which is available upon request by writing to McNeil Real Estate Fund XX, L.P., c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 600, LB70, Dallas, Texas 75240. NOTE 3. - ------- Certain prior period amounts have been reclassified to conform with the current period presentation. NOTE 4. - ------- The Partnership pays property management fees equal to 5% of the gross rental receipts for its properties to McNeil Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner, for providing property management services. Under the terms of its partnership agreement, the Partnership pays a disposition fee to an affiliate of the General Partner equal up to 3% of the gross sales price for brokerage services performed in connection with the sale of the Partnership's properties, provided, however, that in no event shall all real estate commissions (including the disposition fee) paid to all persons exceed the amount customarily charged in similar arms-length transactions. The fee is due and payable at the time the sale closes. The Partnership incurred $124,500 of such fees during 1997 in connection with the sale of 1130 Sacramento Condominiums. This amount represents 2.65% of the gross sales price. These fees have not yet been paid by the Partnership and are included in payable to affiliates on the Balance Sheets at March 31, 1998 and December 31, 1997. The Partnership reimburses McREMI for its costs, including overhead, of administering the Partnership's affairs. The Partnership is paying an asset management fee which is payable to the General Partner. Through 1999, the asset management fee is calculated as 1% of the Partnership's tangible asset value. Tangible asset value is determined by using the greater of (i) an amount calculated by applying a capitalization rate of 9% to the annualized net operating income of each property, (ii) a value of $10,000 per apartment unit or (iii) on 1130 Sacramento, the net book value of the property is used to arrive at the property tangible asset value. The property tangible asset value is then added to the book value of all other assets excluding intangible items. The fee percentage decreases subsequent to 1999. Compensation and reimbursements paid to or accrued for the benefit of the General Partner and its affiliates are as follows: Three Months Ended March 31, -------------------------- 1998 1997 --------- ---------- Property management fees..................... $ 14,994 $ 16,226 Charged to general and administrative - affiliates: Partnership administration................ 25,167 26,579 Asset management fee...................... 39,233 38,178 -------- --------- $ 79,394 $ 80,983 ======== ========= Payable to affiliates at March 31, 1998 and December 31, 1997 consisted primarily of unpaid property management fees, disposition fees, Partnership general and administrative expenses and asset management fees and are due and payable from current operations. NOTE 5. - ------- The Partnership's mortgage loan investments - affiliate are secured by first and second liens on Fort Meigs Plaza Shopping Center, which is owned by an affiliate of the General Partner. On April 20, 1998, Fort Meigs Plaza was sold to a non-affiliate for a gross sales price of $3.8 million. The Partnership received $3,615,354 as payment in full for both principal and interest receivable on the loans. NOTE 6. - ------- The mortgage loan investment secured by Idlewood Nursing Home matured in February 1998. On May 1, 1998, the Partnership received $2.4 million from the borrower as payment in full for both principal and interest receivable on the loan (the actual balance of the loan is greater than the book value). Since the Partnership owns an 83% participation interest in the note, $408,000 of the $2.4 million settlement is payable to the owner of the remaining 17% of the note. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- There has been no significant change in the operations of Sterling Springs Apartments; 1130 Sacramento Condominiums was sold in August 1997. The Partnership reported net income of $141,484 for the first three months of 1998 as compared to $3,342 for the same period in 1997. Revenues in 1998 increased to $537,561 from $450,583 in 1997, while expenses were $396,077 in 1998 as compared to $447,241 in 1997. Net cash provided by operating activities was $271,761 for the three months ended March 31, 1998. The Partnership expended $6,021 for capital improvements, made $15,029 in principal payments on its mortgage note payable and distributed $1,482,316 to the limited partners. After receiving $34,465 of principal on mortgage loan investments and $4,089 of principal on mortgage loan investments - affiliate, cash and cash equivalents totaled $631,242 at March 31, 1998, a net decrease of $1,193,051 from the balance at December 31, 1997. RESULTS OF OPERATIONS - --------------------- Revenue: Total revenue increased by $86,978 for the three month period ended March 31, 1998 as compared to the same period in 1997. The increase was mainly due to an increase in interest income on mortgage loan investments - affiliate, partially offset by a decrease in other interest income, as discussed below. In the first three months of 1998, interest income on mortgage loan investments - - affiliates increased by $93,077 as compared to the first three months of 1997. In 1993, the Partnership acquired a second lien loan on a property owned by an affiliate. The Partnership purchased the first lien loan on this property in December 1997. The first quarter of 1997 includes interest on the second lien loan only while 1998 includes interest on both the first and second lien loans. Other interest income decreased by $14,890 for the three month period ended March 31, 1998 as compared to the same period in 1997. The overall decrease was the result of a decrease in cash available for short-term investment in the first quarter of 1998, mainly due to the payment of distributions to limited partners. Expenses: Total expenses for the three month period ended March 31, 1998 decreased by $51,164 as compared to the same period in 1997. The decrease was mainly due to the sale of 1130 Sacramento Condominiums in August 1997, which incurred approximately $55,000 of expenses in the first quarter of 1997. Depreciation expense for the three months ended March 31, 1998 decreased by $26,142 in relation to the same period in 1997. The decrease was due to 1130 Sacramento Condominiums being classified as an asset held for sale by the Partnership effective April 15, 1997. In accordance with the Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of," the Partnership ceased recording depreciation on the asset at the time it was placed on the market for sale. For the quarter ended March 31, 1998, property taxes decreased by $7,527 in relation to the comparable period in the prior year, mainly due to the sale of 1130 Sacramento in the third quarter of 1997. Repairs and maintenance decreased by $20,950 for the first three months of 1998 as compared to the first three months of 1997. $4,355 of the decrease was attributable to 1130 Sacramento, which was sold in August 1997. The remaining decrease was due to a greater amount of turnover and expenses incurred to maintain occupancy at Sterling Springs Apartments in the first quarter of 1997. In the first three months of 1998, other property operating expenses decreased by $7,324 as compared to the first three months of 1997. The decrease was mainly due to a $5,000 deductible paid by the Partnership in the first quarter of 1997 for a minor tenant claim settled by the Partnership's insurance carrier. General and administrative expenses increased by $13,651 for the three months ended March 31, 1998 in relation to the comparable period in 1997. The increase was mainly due to costs incurred to explore alternatives to maximize the value of the Partnership (see Liquidity and Capital Resources). LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- The Partnership generated $271,761 of cash through operating activities for the first three months of 1998 as compared to $45,111 generated during the first three months of 1997. The increase in 1998 was partially due to an increase in interest received from affiliate and a decrease in cash paid to suppliers (see discussion of changes in corresponding revenue and expense accounts, above). In addition, there was a decrease in cash paid to affiliates in 1998. The Partnership distributed $1,482,316 and $749,994 to the limited partners during the three months ended March 31, 1998 and 1997, respectively. Short-term liquidity: At March 31, 1998, the Partnership held cash and cash equivalents of $631,242. This balance provides a reasonable level of working capital for the Partnership's immediate needs in operating its remaining property. In 1998, the operation of Sterling Springs Apartments, the Partnership's only remaining property, is expected to provide sufficient positive cash flow for normal operations. Management will perform routine repairs and maintenance on the property to preserve and enhance its value and competitiveness in the market. Capital improvements to the Partnership's property in 1998 are expected to be funded from operations of the property. The mortgage loan investment secured by Idlewood Nursing Home matured in February 1998. On May 1, 1998, the Partnership received $2.4 million from the borrower as payment in full for both principal and interest receivable on the loan (the actual balance of the loan is greater than the book value). Since the Partnership owns an 83% participation interest in the note, $408,000 of the $2.4 million settlement is payable to the owner of the remaining 17% of the note. The first and second lien mortgage loan investments - affiliate secured by Fort Meigs Plaza matured in March 1998 and September 1997, respectively. The borrowing partnership sold the property to a non-affiliate in April 1998 for $3.8 million. The Partnership received $3,615,354 as payment in full for both principal and interest receivable on the loans. For 1998, management expects that cash from operations of its property and principal and interest collections on the mortgage loan investments, along with the present balance of cash and cash equivalents held, will allow the Partnership to meet its obligations as they come due. Long-term liquidity: The Partnership's property, Sterling Springs Apartments, is encumbered with mortgage debt. The mortgage is not due until 2003. In the event that the Partnership acquires ownership of other properties through foreclosure, the cash and cash equivalent balances presently held will provide a source for the maintenance and improvement of the properties. Because the timing and number of properties which may be foreclosed is uncertain, there is no assurance that the balances presently held will be sufficient for needed capital improvements. At present, there are no commitments nor any known needs for improvements to the properties securing the Partnership's loans except for Idlewood Nursing Home which is in need of approximately $300,000 in capital improvements. The Partnership has no existing lines of credit from outside sources. Another possible source of funds is the sale of the Partnership's mortgage loan investments or of the properties securing the Partnership's mortgage loans. Such sales are possibilities only, and since the Partnership does not control the properties securing its loans, sales of those properties may occur only if initiated by the borrower or in the event of foreclosure by the Partnership. There is no assurance that any sales can be contracted or closed to coincide with the Partnership's future cash needs. For the long term, the Partnership will remain dependent on operations of the property it owns or of the properties securing its loans as the primary source of debt repayment, until the properties can be sold. Pursuant to the Partnership's previously announced liquidation plans, the Partnership has recently retained PaineWebber, Incorporated as its exclusive financial advisor to explore alternatives to maximize the value of the Partnership. The alternatives being considered by the Partnership include, without limitation, a transaction in which limited partnership interests in the Partnership are converted into cash. The General Partner of the Partnership or entities or persons affiliated with the General Partner will not be involved as a purchaser in any of the transactions contemplated above. Any transaction will be subject to certain conditions including (i) approval by the limited partners of the Partnership, and (ii) receipt of an opinion from an independent financial advisory firm as to the fairness of the consideration received by the Partnership pursuant to such transaction. Finally, there can be no assurance that any transaction will be consummated, or as to the terms thereof. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Document Description ------- --------------------- 4. Amended and Restated Limited Partnership Agreement dated March 30, 1992. (Incorpo- rated by reference to the Current Report of the registrant on Form 8-K dated March 30, 1992, as filed on April 10, 1992). 11. Statement regarding computation of Net Income per Limited Partnership Unit: Net income per limited partnership unit is computed by dividing net income allocated to the limited partners by the weighted average number of limited partnership units outstanding. Per unit information has been computed based on 49,512 limited partnership units outstanding in 1998 and 1997. 27. Financial Data Schedule for the quarter ended March 31, 1998. (b) Reports on Form 8-K. A Form 8-K with respect to Item 2 dated April 20, 1998 was filed on May 5, 1998 regarding the payoff of the Fort Meigs Plaza mortgage loan investments - affiliate and the Idlewood Nursing Home mortgage loan investment. MCNEIL REAL ESTATE FUND XX, L.P. 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: McNEIL REAL ESTATE FUND XX, L.P. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner May 14, 1998 By: /s/ Ron K. Taylor - ------------ ----------------------------------------- Date Ron K. Taylor President and Director of McNeil Investors, Inc. (Principal Financial Officer) May 14, 1998 By: /s/ Carol A. Fahs - ------------ ----------------------------------------- Date Carol A. Fahs Vice President of McNeil Investors, Inc. Principal Accounting Officer) EX-27 2
5 3-MOS DEC-31-1998 MAR-31-1998 631,242 0 106,834 0 0 0 4,280,579 (1,350,394) 10,837,282 0 2,653,907 0 0 0 7,645,387 10,837,282 337,688 537,561 162,493 221,938 112,835 0 61,304 141,484 0 141,484 0 0 0 141,484 0 0
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