-----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, U2NNBPXpjmCGYsEZl6YxCj+/ajvBm+gr15eZZ0/VrtzRZ55foPwDMulqQ3le/rub iKBB5jIFHxoOupgd3+wQtg== 0000812564-98-000026.txt : 19981118 0000812564-98-000026.hdr.sgml : 19981118 ACCESSION NUMBER: 0000812564-98-000026 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESTORS FIRST STAGED EQUITY L P CENTRAL INDEX KEY: 0000768834 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 363310965 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-14470 FILM NUMBER: 98751127 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH STREET CITY: DENVER STATE: CO ZIP: 80222 10QSB 1 FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 QUARTERLY OR TRANSITIONAL REPORT U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1998 or [ ] TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from .........to......... Commission file number 0-14470 INVESTORS FIRST-STAGED EQUITY L.P. (Exact name of small business issuer as specified in its charter) Delaware 36-3310965 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 55 Beattie Place, P.O. Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 Issuer's telephone 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) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED BALANCE SHEET (in thousands, except unit data) (Unaudited) September 30, 1998 Assets Cash and cash equivalents $ 1,212 Receivables and deposits, net of allowance for doubtful accounts of $9 816 Restricted escrows 455 Other assets 1,546 Investment properties: Land $ 8,402 Buildings and related improvements 39,737 48,139 Less accumulated depreciation (25,458) 22,681 $ 26,710 Liabilities and Partners' Deficit Liabilities Accounts payable $ 66 Accrued interest 383 Tenant security deposit liabilities 439 Accrued property taxes 118 Other liabilities 91 Advances from affiliates of General Partner 323 Mortgage notes payable 43,149 Partners' Deficit General partner $ (360) Limited partners (16,267 units issued and outstanding) (17,499) (17,859) $ 26,710 See Accompanying Notes to Consolidated Financial Statements b) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except unit data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 1998 1997 1998 1997 Revenues: Rental income $ 2,059 $ 1,797 $ 6,050 $ 5,353 Other income 98 134 283 285 Total revenues 2,157 1,931 6,333 5,638 Expenses: Operating 685 648 2,017 2,040 General and administrative 59 50 198 122 Depreciation 475 438 1,403 1,299 Interest 835 824 2,501 3,044 Property taxes 119 127 346 356 Loss on disposition of property 49 -- 49 -- Total expenses 2,222 2,087 6,514 6,861 Loss before gain on sale of investment property and extraordinary item (65) (156) (181) (1,223) Gain on sale of investment property (Note D) -- -- -- 2,042 (Loss) income before extraordinary item (65) (156) (181) 819 Extraordinary item - gain (loss) on early extinguishment of debt 260 -- 270 (1,348) (Note C and E) Net income (loss) $ 195 $ (156) $ 89 $ (529) Net income (loss) allocated to general partner (1%) $ 2 $ (2) $ 1 $ (5) Net income (loss) allocated to limited partners (99%) 193 (154) 88 (524) Net income (loss) $ 195 $ (156) $ 89 $ (529) Net income (loss) per limited partnership unit: (Loss) income before extraordinary item $ (3.96) $ (9.47) $(11.00) $ 49.84 Extraordinary item 15.80 -- 16.41 (82.04) Net income (loss) $ 11.86 $ (9.47) $ 5.41 $(32.20) See Accompanying Notes to Consolidated Financial Statements c) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT (in thousands, except unit data) (Unaudited) Limited Partnership General Limited Units Partner Partners Total Original capital contributions 16,267 $ -- $ 48,802 $ 48,802 Partners' deficit at December 31, 1997 16,267 $ (361) $(17,587) $(17,948) Net income for the nine months ended September 30, 1998 -- 1 88 89 Partners' deficit at September 30, 1998 16,267 $ (360) $(17,499) $(17,859) See Accompanying Notes to Consolidated Financial Statements d) INVESTORS FIRST-STAGED EQUITY L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)
Nine Months Ended September 30, 1998 1997 Cash flows from operating activities: Net income (loss) $ 89 $ (529) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Gain on sale of investment property -- (2,042) Extraordinary (gain) loss on early extinguishment of debt (270) 1,348 Depreciation 1,403 1,299 Amortization of loan costs and leasing commissions 145 97 Loss on disposition of property 49 -- Change in accounts: Receivables and deposits (104) 41 Other assets (84) (189) Accounts payable 14 (60) Accrued interest 200 (651) Tenant security deposit liabilities 48 (66) Accrued property taxes 118 126 Other liabilities (10) (309) Net cash provided by (used in) operating activities 1,598 (935) Cash flows from investing activities: Proceeds from sale of investment property -- 4,360 Property improvements and replacements (723) (268) Withdrawals from restricted escrows 311 16 Net cash (used in) provided by investing activities (412) 4,108 Cash flows from financing activities: Payment of loan costs (106) (350) Payments on mortgage notes payable (2,511) (347) Repayment of mortgage note payable -- (11,725) Payment of mortgage fee -- (1,102) Proceeds from refinance of mortgage note payable -- 12,000 Advances to affiliates 3 37 Net cash used in financing activities (2,614) (1,487) Net (decrease) increase in cash and cash equivalents (1,428) 1,686 Cash and cash equivalents at beginning of period 2,640 1,557 Cash and cash equivalents at end of period $ 1,212 $ 3,243 Supplemental disclosure of cash flow information: Cash paid for interest $ 2,184 $ 3,575 See Accompanying Notes to Consolidated Financial Statements
e) INVESTORS FIRST-STAGED EQUITY L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Investors First- Staged Equity L.P. (the "Partnership") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. 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 MAERIL, Inc. (the "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 September 30, 1998, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 1998. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's annual report on Form 10-KSB for the fiscal year ended December 31, 1997. Certain reclassifications have been made to the 1997 information to conform to the 1998 presentation. BASIS OF CONSOLIDATION The accompanying consolidated financial statements of the Partnership include its 99% limited partnership interests in Serramonte, LP, VMS Apartments Portfolio II and VMS Apartments Portfolio III. The Partnership may remove the General Partner of Serramonte, LP, VMS Apartments Portfolio II and VMS Apartments Portfolio III; therefore, the partnerships are controlled and consolidated by the Partnership. All significant interpartnership balances have been eliminated. NOTE B - TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES The Partnership has no employees and is dependent on the General Partner and its affiliates for the management and administration of all partnership activities. Affiliates of the General Partner provide property management and asset management services to the Partnership. The General Partner or its affiliates may be reimbursed for direct expenses relating to the Partnership's administration and other costs charged on behalf of the Partnership. The Partnership has engaged the affiliates of the General Partner to provide day-to-day management of the Partnership's properties. These affiliates received approximately $306,000 and $288,000 of such fees for the nine months ended September 30, 1998 and 1997, respectively. An affiliate of the General Partner also provided partnership administration and management services for the Partnership. Reimbursements for direct expenses relating to these services totaled approximately $155,000 (including $40,000 of loan costs related to the refinancing of the properties in 1997) for the nine months ended September 30, 1998, and $108,000 for the nine months ended September 30, 1997. NOTE C - EARLY EXTINGUISHMENT OF DEBT At September 30, 1998, the total estimated future cash payments, on the Partnership's properties second mortgages, are less than the recorded balances. Therefore, in compliance with Financial Accounting Standards 15, the Partnership reduced the carrying balances to the estimated future cash payments of $1,573,000 (Richardson Highlands) and $3,355,000 (Rivercrest Village), recognizing an extraordinary gain of approximately $270,000 on the partial extinguishment of debt. NOTE D - SALE OF BUILDINGS AND LAND AT SERRAMONTE PLAZA On April 10, 1997, the Partnership sold three buildings and two parcels of land associated with Serramonte Plaza located in Daly City, California to an unaffiliated third party. The property was sold in an effort to maximize the Partnership's return on its investment. The sales price for the three buildings and two parcels of land was approximately $4,778,000 and was determined primarily by reference to appraised values. The sale resulted in net proceeds of $4,360,000, after payment of closing costs, and the gain on the sale amounted to approximately $2,042,000. The proceeds from the sale were used to reduce the mortgage debt secured by Serramonte Plaza. NOTE E - REFINANCE OF SERRAMONTE PLAZA In June 1997, the Partnership refinanced the mortgage indebtedness encumbering Serramonte Plaza. The previous mortgage note of approximately $7,365,000 was repaid from loan proceeds received from the refinancing. The new mortgage debt of $12,000,000 carries a stated interest rate of 8.67%, with a balloon payment due July 1, 2004. An extraordinary loss on early extinguishment of debt of approximately $1,348,000 was realized during the second quarter of 1997 due to the payment of approximately $1,102,000 in early payment mortgage fees and a loss of approximately $246,000 on the write-off of unamortized loan costs. In conjunction with the refinancing, a capital improvement reserve of approximately $500,000 was established and approximately $348,000 in loan costs were incurred. These loan costs are included in "Other assets" and will be amortized over the term of the loan. NOTE F - TRANSFER OF CONTROL; SUBSEQUENT EVENT On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and into Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust, with AIMCO being the surviving corporation (the "Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control of the General Partner. In addition, AIMCO also acquired approximately 51% of the outstanding common shares of beneficial interest of Insignia Properties Trust ("IPT"), the sole shareholder of the General Partner. Also, effective October 1, 1998 IPT and AIMCO entered into an Agreement and plan of Merger pursuant to which IPT is to be merged with and into AIMCO or a subsidiary of AIMCO (the "IPT Merger"). The IPT Merger requires the approval of the holders of a majority of the outstanding IPT Shares. AIMCO has agreed to vote all of the IPT Shares owned by it in favor of the IPT Merger and has granted an irrevocable limited proxy to unaffiliated representatives of IPT to vote the IPT Shares acquired by AIMCO and its subsidiaries in favor of the IPT Merger. As a result of AIMCO's ownership and its agreement, the vote of no other holder of IPT is required to approve the merger. The General Partner does not believe that this transaction will have a material effect on the affairs and operations of the Partnership. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS The Partnership's investment properties consist of two apartment complexes and one commercial property. The following table sets forth the average occupancy for these properties for the nine months ended September 30, 1998 and 1997: Average Occupancy 1998 1997 Rivercrest Village Apartments Sacramento, California 89% 91% Richardson Highlands Apartments Marin City, California 99% 98% Serramonte Plaza Daly City, California 96% 87% The increase in occupancy at Serramonte Plaza was primarily due to the vacancy of one building during 1997 which accounted for approximately 8% of the property. This building was sold in April of 1997. Results of Operations The Partnership realized net income of approximately $89,000 for the nine months ended September 30, 1998, compared to a net loss of approximately $529,000 for the nine months ended September 30, 1997. For the three months ended September 30, 1998, the Partnership realized net income of approximately $195,000 compared to a net loss of approximately $156,000 for the three months ended September 30, 1997. The increase in net income for the three and nine months ended September 30, 1998 compared to the corresponding period of 1997, resulted primarily from the recognition of an extraordinary gain of approximately $270,000 on the partial extinguishment of debt at September 30, 1998 resulting from the paydown of the second mortgages. Offsetting this gain for the three and nine months ended September 30, 1998, is a loss on disposition of property of approximately $49,000 realized due to the write off of roofs at Richardson Highlands and Rivercrest Village Apartments. For the three and nine months ended September 30, 1997, a gain on sale of investment property of approximately $2,042,000 was realized on the sale of buildings and land at Serramonte Plaza in April 1997 (See "Note D"). Partially offsetting this gain was an extraordinary loss on early extinguishment of debt of approximately $1,348,000 realized on the refinance of Serramonte Plaza during the same period (See "Note E"). The decrease in net loss before gain on sale of investment property and extraordinary item for the three and nine month periods ended September 30, 1998, is attributable to an increase in rental income and a decrease in interest expense. Rental income increased due to increased occupancy at Richardson Highlands Apartments which was partially offset by a decrease in occupancy at Rivercrest Village Apartments. The increase in rental income was also due to rental rate increases at all properties. Interest expense decreased due to the refinancing of the first mortgages on Serramonte Plaza, Richardson Highland and Rivercrest Village and the pay down of Richardson Highland and Rivercrest Village's second mortgages. The pay down of these second mortgages caused the total estimated future cash payments to be less than the recorded balances; therefore, the Partnership reduced the carrying balance to the estimated future cash payments of $1,573,000 (Richardson Highlands) and $3,355,000 (Rivercrest Village), recognizing an extraordinary gain of approximately $270,000 on the partial extinguishment of debt at September 30, 1998. Included in operating expense for the nine months ended September 30, 1998, is approximately $53,000 of major repairs and maintenance comprised primarily of exterior painting and exterior building repairs at the Richardson Highlands Apartments. For the nine months ended September 30, 1997, approximately $129,000 of major repairs and maintenance comprised primarily of exterior painting, major landscaping, and exterior building repairs at all of the properties is included in operating expense. As part of the ongoing business plan of the Partnership, the General Partner monitors the rental market environment of each of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the 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 General Partner will be able to sustain such a plan. Liquidity and Capital Resources The Partnership held cash and cash equivalents of approximately $1,212,000 at September 30, 1998, compared to approximately $2,640,000 at September 30, 1997. The net decrease in cash and cash equivalents for the nine months ended September 30, 1998 was approximately $1,428,000. The net increase in cash and cash equivalents for the nine months ended September 30, 1997 was approximately $1,686,000. The net cash provided by operating activities increased primarily due to the increase in net income as described above and an increase in accrued interest at September 30, 1998. The increase in accrued interest is a result of the timing of mortgage interest payments. Net cash used in financing activities increased due to an increase in property improvements and replacements. The increase was partially offset by withdrawals from the capital improvement and replacement reserve escrows to be used to purchase these improvements and replacements. In addition, the Partnership received proceeds from the sale of Serramonte Plaza in 1997. Net cash used in financing activities increased due to the increased payments on the mortgage note payable. 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 and to comply with federal, state and local legal and regulatory requirements. Such assets are currently thought to be sufficient for any near-term need of the Partnership. The General Partner is currently assessing the need for capital improvements at each of the Partnership's properties. To the extent that additional capital improvements are required, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term. The mortgage indebtedness of approximately $43,149,000, matures from January 2000 until January 2008, with balloon payments due at maturity. The General Partner will attempt to refinance such remaining indebtedness or sell the properties prior to such maturity dates. If the properties cannot be refinanced or sold for a sufficient amount, the Partnership will risk losing such properties through foreclosure. Future cash distributions will depend on the levels of net cash generated from operations, refinancings, property sales and the availability of cash reserves. The Partnership's distribution policy will be reviewed on a quarterly basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations to permit distributions to its partners in 1998 or subsequent periods. Transfer of Control; Subsequent Event On October 1, 1998, Insignia Financial Group, Inc. completed its merger with and into Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust, with AIMCO being the surviving corporation (the "Insignia Merger"). As a result of the Insignia Merger, AIMCO acquired control of the General Partner. In addition, AIMCO also acquired approximately 51% of the outstanding common shares of beneficial interest of Insignia Properties Trust ("IPT"), the sole shareholder of the General Partner. Also, effective October 1, 1998 IPT and AIMCO entered into an Agreement and plan of Merger pursuant to which IPT is to be merged with and into AIMCO or a subsidiary of AIMCO (the "IPT Merger"). The IPT Merger requires the approval of the holders of a majority of the outstanding IPT Shares. AIMCO has agreed to vote all of the IPT Shares owned by it in favor of the IPT Merger and has granted an irrevocable limited proxy to unaffiliated representatives of IPT to vote the IPT Shares acquired by AIMCO and its subsidiaries in favor of the IPT Merger. As a result of AIMCO's ownership and its agreement, the vote of no other holder of IPT is required to approve the merger. The General Partner does not believe that this transaction will have a material effect on the affairs and operations of the Partnership. Year 2000 General Description of the Year 2000 Issue and the Nature and Effects of the Year 2000 on Information Technology (IT) and Non-IT Systems The Year 2000 Issue is the result of computer programs being written using two digits rather than four to define the applicable year. The Partnership is dependent upon the General Partner and its affiliates for management and administrative services ("Managing Agent"). Any computer programs or hardware that have date-sensitive software or embedded chips may recognize a date using "00" as the year 1900 rather than the year 2000. This could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in similar normal business activities. The Managing Agent has determined that it will be required to modify or replace significant portions of its software and certain hardware so that those systems will properly utilize dates beyond December 31, 1999. The Managing Agent presently believes that with modifications or replacements of existing software and certain hardware, the Year 2000 Issue can be mitigated. However, if such modifications and replacements are not made, or are not completed timely, the Year 2000 Issue could have a material impact on the operations of the Managing Agent and the Partnership. Status of Progress in Becoming Year 2000 Compliant The Managing Agent's plan to resolve the Year 2000 Issue involves the following four phases: assessment, remediation, testing and implementation. To date, the Managing Agent has fully completed its assessment of all information systems that could be significantly affected by the Year 2000, and has begun the remediation, testing and implementation phase on both hardware and software systems. Assessments are continuing in regards to embedded systems in operating equipment. The Managing Agent anticipates having all phases complete by June 1, 1999. In addition to the areas the Partnership is relying on the Managing Agent to verify compliance with, the Partnership has certain operating equipment, primarily at the property sites, which needed to be evaluated for Year 2000 compliance. The focus of the General Partner was to the security systems, elevators, heating-ventilation-air-conditioning systems, telephone systems and switches, and sprinkler systems. The General Partner is currently engaged in the identification of all non-compliant operational systems, and is in the process of estimating the costs associated with any potential modifications or replacements needed to such systems in order for them to be Year 2000 compliant. It is not expected that such costs would have a material adverse affect upon the operations of the Partnership. Risk Associated with the Year 2000 The General Partner believes that the Managing Agent has an effective program in place to resolve the Year 2000 issue in a timely manner and has appropriate contingency plans in place for critical applications that could affect the Partnership's operations. To date, the General Partner is not aware of any external agent with a Year 2000 issue that would materially impact the Partnership's results of operations, liquidity or capital resources. However, the General Partner has no means of ensuring that external agents will be Year 2000 compliant. The General Partner does not believe that the inability of external agents to complete their Year 2000 resolution process in a timely manner will have a material impact on the financial position or results of operations of the Partnership. However, the effect of non-compliance by external agents is not readily determinable. Other Certain items discussed in this quarterly report may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act") and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Partnership to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Such forward-looking statements speak only as of the date of this quarterly report. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates of revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: 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 September 30, 1998. SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MAERIL, Inc. (Registrant) By: MAERIL, Inc. General Partner By: /s/ Patrick Foye Patrick Foye Executive Vice President By: /s/ Timothy R. Garrick Timothy R. Garrick Vice President - Accounting (Duly Authorized Officer) Date: November 16, 1998 EX-27 2
5 This schedule contains summary financial information extracted from Investors First-Staged Equity L.P. 1998 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000768834 INVESTORS FIRST-STAGED EQUITY L.P. 1,000 9-MOS DEC-31-1998 SEP-30-1998 1,212 0 816 9 0 0 48,139 25,458 26,710 0 43,149 0 0 0 (17,859) 26,710 0 6,333 0 6,514 0 0 2,501 0 0 0 0 0 0 89 5.41 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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