-----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, AHzRh5EqEpD5buFIcxdiaxnOyCF900FSWwpkewOkqDhYobEHbZiAuQCV8hr21vnf JSsdgucF/ZiBb92cbf7lLA== 0000778437-95-000025.txt : 19951103 0000778437-95-000025.hdr.sgml : 19951103 ACCESSION NUMBER: 0000778437-95-000025 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951102 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INDUSTRIAL PROPERTIES REIT INC CENTRAL INDEX KEY: 0000778437 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 756335572 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09016 FILM NUMBER: 95586856 BUSINESS ADDRESS: STREET 1: 6220 N BELTLINE RD STREET 2: STE 205 CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: 2145506053 MAIL ADDRESS: STREET 1: 6220 N BELTLINE ROAD STREET 2: SUITE 205 CITY: IRVING STATE: TX ZIP: 75063 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN INDUSTRIAL PROPERTIES REIT DATE OF NAME CHANGE: 19931203 FORMER COMPANY: FORMER CONFORMED NAME: TRAMMELL CROW REAL ESTATE INVESTORS DATE OF NAME CHANGE: 19931203 10-Q 1 3 UNITED STATES 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 September 30,1995............ OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ________________ Commission file number 1-9016 ___________________________ AMERICAN INDUSTRIAL PROPERTIES REIT (Exact name of registrant as specified in its charter) Texas 75-6335572 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6220 North Beltline Road, Suite 205 Irving, Texas 75063-2656 (Address of principal executive offices) (Zip code) (214) 550-6053 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ 9,075,400 Shares of Beneficial Interest were outstanding as of October 31, 1995. American Industrial Properties REIT Form 10-Q For the Quarter Ended September 30, 1995 INDEX Page Part I - Financial Information Item 1. Financial Statements Consolidated Statements of Operations for the three months and nine months ended September 30, 1995 and 1994 3 Consolidated Balance Sheets as of September 30, 1995 and December 31, 1994 4 Consolidated Statements of Cash Flows for the nine months ended September 30, 1995 and 1994 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II - Other Information Item 1. Legal Proceedings 10 Item 3. Defaults Upon Senior Securities 10 Item 6. Exhibits and Reports on Form 8-K 10 Signatures 12 American Industrial Properties REIT Consolidated Statements of Operations (unaudited, in thousands except share and per share data) Three Months EndedNine Months Ended September 30, September 30, 1995 1994 1995 1994 REVENUES Rents 2164 2103 6467 6177 Tenant reimbursements 634 683 2080 2036 Interest income 94 108 284 280 2892 2894 8831 8493 REAL ESTATE EXPENSES Property operating expenses: Property taxes 355 370 1056 1099 Property management fees 100 104 315 330 Utilities 127 134 345 361 General operating 192 202 531 618 Repairs and maintenance 69 67 293 225 Other property operating expe 87 71 221 242 Depreciation and amortization 663 846 2109 2511 Interest on 8.8% notes payabl 1334 1024 3373 2998 Interest on mortgages payable 394 171 1317 520 Amortization of original issue discount on Zero Coupon Notes due 1997 0 404 0 1155 Administrative expenses: Trust administration and over 323 307 1100 1072 Litigation and proxy costs 146 100 521 733 3790 3800 11181 11864 Loss from real estate operati -898 -906 -2350 -3371 Loss on sales of real estate 0 -191 0 Extraordinary loss on extinguishment of debt 0 -55 0 NET LOSS -898 -906 -2596 -3371 PER SHARE DATA Loss from real estate operati (0.10) (0.10) (0.26) (0.37) Loss on sales of real estate 0.00 0.00 (0.02) 0.00 Extraordinary loss on extinguishment of debt 0.00 0.00 (0.01) 0.00 Net Loss (0.10) (0.10) (0.29) (0.37) Distributions Paid 0.00 0.00 0.00 0.00 Number of shares outstanding 9075400 9075400 9075400 9075400
The accompanying notes are an integral part of these financial statements. American Industrial Properties REIT Consolidated Balance Sheets (in thousands, except share and per share data) September 30December 31, 1995 1994 (unaudited) ASSETS Real estate: Held for investment 96,937 95,033 Held for sale 5,406 8,810 102,343 103,843 Accumulated depreciation (22,810) (21,859) Net real estate 79,533 81,984 Cash and cash equivalents: Unrestricted 7,234 6,919 Restricted 684 602 Total cash and cash equivalents 7,918 7,521 Other assets, net 2,772 3,045 Total Assets 90,223 92,550 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: 8.8% notes payable 45,239 45,239 Mortgage notes payable 17,632 20,374 Accrued interest 3,845 504 Accounts payable, accrued expenses 1,383 1,682 and other liabilities Tenant security deposits 524 555 Total Liabilities 68,623 68,354 Shareholders' Equity: Shares of beneficial interest, $0.10 par value authorized 10,000,000 Shares; issued and outstanding 9,075,400 Shares 908 908 Additional paid-in capital 124,605 124,605 Retained earnings (deficit) (103,913)(101,317) Total Shareholders' Equity 21,600 24,196 Total Liabilities and Shareholders' Equi 90,223 92,550
The accompanying notes are an integral part of these financial statements. American Industrial Properties REIT Consolidated Statements of Cash Flows (unaudited, in thousands) Nine Months Ended Sept. 30, Sept. 30, 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss (2,596) (3,371) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of original issue discount on Zero Coupon Notes due 1997 0 1,155 Depreciation and amortization 2,109 2,511 Loss on sales of real estate 191 0 Extraordinary loss on extinguishment of debt 55 0 Changes in operating assets and liabilities: Decrease in other assets 15 217 Increase in accrued interest 3,341 1,011 Increase (decrease) in accounts payable, accrued expenses and other liabilities and tenant security deposits (295) 56 Net Cash Provided By Operating Activities 2,820 1,579 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of real estate (1,309) 0 Capitalized improvements and leasing commission (793) (1,251) Net proceeds from sales of real estate 2,476 0 Net Cash Used In Investing Activities 374 (1,251) CASH FLOWS FROM FINANCING ACTIVITIES: Principal repayments on mortgage notes payable (2,742) (97) Prepayment penalty on extinguishment of debt (55) 0 Partial repurchase of Zero Coupon Notes 0 (158) Net Cash Used In Financing Activities (2,797) (255) Net Increase in Cash and Cash Equivalents 397 73 Cash and Cash Equivalents at Beginning of Perio 7,521 1,119 Cash and Cash Equivalents at End of Period 7,918 1,192 Cash Paid for Interest 1,349 2,507
American Industrial Properties REIT Notes to Consolidated Financial Statements September 30, 1995 (unaudited) Note 1 - Basis of Presentation The accompanying consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all of the disclosures required by generally accepted accounting principles or those contained in the Trust's Annual Report on Form 10-K. Accordingly, these financial statements should be read in conjunction with the audited financial statements of the Trust for the year ended December 31, 1994, included in the Trust's Annual Report on Form 10-K. The financial information included herein has been prepared in accordance with the Trust's customary accounting practices and has not been audited. In the opinion of management, the information presented reflects all adjustments necessary for a fair presentation of interim results. All such adjustments are of a normal and recurring nature. Certain amounts in prior year financial statements have been reclassified to conform with the current year presentation. Note 2 - Significant Accounting Policies Principles of Consolidation. The consolidated financial statements of the Trust include the accounts of American Industrial Properties REIT and its wholly-owned subsidiaries. Significant intercompany balances and transactions have been eliminated in consolidation. Real Estate. The Trust carries its real estate at the lower of depreciated cost or net realizable value. Management considers net realizable value for assets held for investment as the total of the estimated undiscounted future cash flows from the property. For assets held for sale, management considers net realizable value as estimated market value. Provisions for possible losses on real estate are recorded when management determines that the net book value of a specific real estate property is less than its net realizable value. At September 30, 1995, fourteen properties were classified as held for investment and one property was classified as held for sale. Should unforeseen factors cause additional properties to be classified as held for sale, significant adjustments to reduce the net book value of such properties could be required. Property improvements are capitalized while maintenance and repairs are expensed as incurred. Depreciation of buildings and capital improvements is computed using the straight-line method over forty years. Depreciation of tenant improvements is computed using the straight-line method over ten years. Other Assets. Other assets consists primarily of deferred rent receivable, prepaid leasing commissions and loan fees. Deferred rent receivable arises as the Trust recognizes rental income, including contractual rent increases or delayed rent starts, on a straight-line basis over the lease term. Leasing commissions are capitalized and amortized on a straight-line basis over the life of the lease. Loan fees are capitalized and amortized on a level yield basis over the term of the related loan. The Trust has recorded deferred rent receivable of $854,000 and $1,157,000 at September 30, 1995 and December 31, 1994, respectively. Income Taxes. The Trust qualifies as a real estate investment trust (a "REIT") under Federal income tax law as long as it meets certain asset, income, and ownership tests and it distributes 95% of its taxable income annually. No provisions for Federal income taxes have been required or recorded to date. American Industrial Properties REIT Notes to Consolidated Financial Statements (continued) September 30, 1995 (unaudited) Note 3 - Zero Coupon Notes In December 1993 and November 1994, the Trust partially in- substance defeased certain of its Zero Coupon Notes due 1997 (the "Notes") totaling $16,365,000 (face amount at maturity). At September 30, 1995, the accreted value of these Notes was $12,727,000. Note 4 - Litigation On May 1, 1995, the Trust filed a lawsuit against The Manufacturers Life Insurance Company ("MLI") in State District Court in Dallas, Texas. The Trust's lawsuit alleges that MLI, by declaring the Trust in default and threatening acceleration of the notes, has breached the Note Purchase Agreement between MLI and the Trust and has unlawfully sought to coerce the Trust into relinquishing certain of its rights and further alleges that MLI has engaged in acts of bad faith and conspiracy. The lawsuit was subsequently amended to name as additional defendants Fidelity Management and Research Company and certain affiliates (the "Fidelity Entities"). The Trust is seeking recovery of damages of up to $20,000,000, plus an unspecified amount for punitive damages, and injunctive relief to prevent MLI and the Fidelity Entities from continuing to violate the Trust's rights. Due to the circumstances resulting in this litigation, the Trust elected not to make the semi-annual interest payment due on May 27, 1995. On June 13, 1995, the noteholder declared the entire principal amount outstanding of $45,239,000 and all accrued interest thereon immediately due and payable. The noteholder further indicated that effective June 13, 1995, interest on the principal amount outstanding would accrue at the default rate of 11.7% as provided in the Note Purchase Agreement. Although management disagrees with the imposition of the default rate by the noteholder based on the circumstances resulting in the litigation, generally accepted accounting principles require that interest be accrued at the default rate. Accordingly, the accompanying financial statements include accrued interest based on the default rate from June 13, 1995. In the event that the loan is determined to be immediately due and payable, and is not ultimately modified or restructured through the favorable resolution of the litigation or otherwise, the Trust will be forced to consider such action as it deems necessary to protect the interests of the Trust and its shareholders, including seeking protection under applicable bankruptcy laws. On October 3, 1995, The Manufacturers Life Insurance Company (U.S.A.), Inc. ("MLI-USA") intervened in the lawsuit asserting ownership of one of the notes. On the same day, MLI and MLI-USA filed counterclaims against the Trust seeking recovery of all amounts due under the notes. On October 19, 1995, the Trust filed answers to these counterclaims. On October 18, 1995, MLI filed an application for a temporary restraining order and injunction in the lawsuit, seeking to enjoin the Trust from paying a scheduled dividend to its shareholders on October 23, 1995. On October 20, 1995, the court, after hearing argument, denied MLI's application. On October 19, 1995, the Trust amended its lawsuit and filed an application for declaratory judgment and injunctive relief, stating that MLI had wrongfully declared a default and wrongfully accelerated the maturity of the notes. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The table below provides a reconciliation of net loss, funds from operations ("FFO") and funds available for distribution ("FAD") for the quarter and nine months ended September 30, 1995 and 1994. Management believes that the presentation of FFO and FAD will enhance the reader's understanding of the Trust's financial condition as well as provide comparability to other real estate investment trusts. Neither FFO or FAD should be considered an alternative to net income as an indicator of the Trust's operating performance or to cash flows from operations as a measure of liquidity. The determination of FFO is based on the definition adopted by the National Association of Real Estate Investment Trusts which is net income (computed in accordance with generally accepted accounting principles), adjusted to exclude gains or losses from debt restructuring and sales of property, depreciation and amortization and to include adjustments for unconsolidated partnerships and joint ventures. FAD is generally more indicative of the Trust's ability to make distributions as it includes the effect of the Trust's capital expenditures. (000) (000) Quarter Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Net loss $(898) $(906) $(2,596) $(3,371) Loss on sales of real estate 0 0 191 0 Extraordinary loss on extinguishment of debt 0 0 55 0 Depreciation and amortization 663 846 2,109 2,511 Amortization of OID on Zero Coupon Notes due 1997 0 404 0 1,155 Funds from operations ("FFO") (235) 344 (241) 295 Capitalized improvements and leasing commissions (297) (183) (793) (1,251) Funds available for distribution("FAD") $(532) $161 $(1,034) $(956)
Three Months Ended September 30, 1995 and 1994 The net loss of the Trust decreased by $8,000 when comparing the quarter ended September 30, 1995 to the same quarter in 1994. This was the result of a slight increase in net operating income, a decrease in depreciation and amortization (due in part to the sale of the Quadrant property in February 1995), the effect of the November 1994 financing (which effectively replaced the amortization of the original issue discount on the zero coupon notes with interest expense), and an increase in Trust administrative expenses due to the current litigation costs. FFO decreased by $579,000 when comparing the quarter ended September 30, 1995 to the same quarter in 1994. The is attributable to the November 1994 financing (the amortization of the original issue discount on the zero coupon notes in 1994 is not included in the FFO calculation whereas the subsequent interest expense is) and the higher administrative expenses in 1995. FAD decreased by $693,000 due to these same factors and the higher level of tenant improvements and leasing commissions in 1995. These expenditures are indicative of the Trust's leasing activity and, over time, will decrease as the portfolio occupancy stabilizes. Nine Months Ended September 30, 1995 and 1994 The net loss of the Trust decreased by $775,000 when comparing the first nine months of 1995 to the same period in 1994. This decrease resulted from the following: i) increased net operating income from property operations as overall occupancy and rental rates continued to improve; ii) a decrease in Trust administrative expenses due primarily to the high level of expenses related to contested proxy costs incurred in the first nine months of 1994; iii) a decrease in depreciation and amortization expense due to the sale of the Quadrant property in February 1995; iv) the effect of the November 1994 financing and the defeasance of the Trust's zero coupon notes; and, v) a loss related to the sale of the Quadrant property in February 1995 and the prepayment penalty associated with the payoff of a mortgage loan in May 1995. FFO for the nine months ended September 30, 1995 decreased by $536,000 from the same period in 1994 as a result of the November 1994 financing (the amortization of the original issue discount on the zero coupon notes in 1994 is not included in the FFO calculation whereas the subsequent interest expense is), the increase in net operating income of the properties and the decrease in Trust administrative expenses. FAD for the nine months ended September 30, 1995 was $78,000 lower than the year earlier period due to these same factors and the higher level of tenant improvements and leasing commissions in 1994. These expenditures are indicative of the Trust's leasing activity and, over time, will decrease as the portfolio occupancy stabilizes. The overall occupancy of the Trust's portfolio on September 30, 1995 was 95%. On a same property basis, overall occupancy increased to 95% at September 30, 1995 from 92% a year earlier. Same property revenue increased by 6.4% and net operating income increased by 9.9% when comparing the nine months ended September 30, 1995 to the same period in 1994. The increase in net operating income resulted from increased revenues due to improving occupancy and rental rates, as well as a slight decrease in operating expenses. Liquidity and Capital Resources At September 30, 1995, the Trust had approximately $7.2 million in unrestricted cash reserves. These reserves could be decreased significantly should the Trust elect to purchase additional real estate properties or effect a refinancing or reduction of existing debt, including the unsecured debt described below. The Trust intends to continue efforts to recapitalize its debt structure and, should such an opportunity materialize, the Trust may seek to retire existing debt obligations with proceeds from secured debt financings, property sales, cash on hand or a combination of these sources. Such a transaction could require the Trust to utilize significantly all of its unrestricted cash reserves. As more fully described in Part II, Item 1. Legal Proceedings, the Trust is currently involved in litigation with its unsecured noteholder. Effective June 13, 1995, the noteholder declared the entire principal amount of $45,239,000 and accrued interest immediately due and payable and began accruing interest on the outstanding principal amount at the default rate of 11.7%. Although management disagrees with the imposition of the default rate by the noteholder based on the circumstances resulting in the litigation, generally accepted accounting principles require that the Trust accrue interest at the default rate. Management intends to vigorously defend against the actions of the defendants and believes that the Trust's claims will ultimately be resolved favorably to the Trust. However, there is no assurance as to the ultimate resolution of this litigation. Accordingly, in the event that the loan is determined to be immediately due and payable, and is not ultimately modified or restructured through the favorable resolution of the litigation or otherwise, the Trust will be forced to consider such action as it deems necessary to protect the interests of the Trust and its shareholders, including seeking protection under applicable bankruptcy laws. The costs of pursuing this litigation and defending against the actions of the defendants are expected to be significant and could adversely affect the Trust's resources and liquidity. The Trust has entered into negotiations with MLI regarding the settlement of the litigation, including the purchase by the Trust of the unsecured notes payable held by MLI at a discount. There can be no assurance that the Trust will be able to consummate a purchase of the notes with MLI or otherwise effect a settlement of this litigation. Based upon the Trust's current liquidity, and in view of the improving performance of the Trust's properties, the Trust declared a $0.04 distribution payable on October 23, 1995 to shareholders of record on October 12, 1995. Future distributions will be evaluated on a quarterly basis. The initial capitalization of the Trust included $179,698,000 face amount at maturity of Zero Coupon Notes due 1997 (the "Notes") secured by first or second liens on all of the Trust's properties. In November 1994, the Trust completed a $14,500,000 refinancing of two properties. The proceeds of this refinancing were used to partially in-substance defease a portion of the outstanding Notes. This partial defeasance resulted in the release to the Trust of approximately $7.1 million in restricted funds previously held by the Trustee as well as the release of the liens securing the Notes which encumbered the Trust's properties. At September 30, 1995, the face amount at maturity and the accreted value of the defeased Notes were $16,365,000 and $12,727,000, respectively. Capitalized improvements and leasing commissions were $793,000 for the nine months ended September 30, 1995 as compared to $1,251,000 for the same period in 1994. This decrease is primarily related to the significant increase in overall occupancy which occurred during the first nine months of 1994. In August 1995, the Trust purchased a 72,000 square foot warehouse/distribution property in Arlington, Texas for $1.3 million. The Trust expects an initial unleveraged yield in excess of 12% on this property. At September 30, 1995, the Trust had $17,632,000 in mortgage debt outstanding. Of this amount, $1,945,000 represented variable rate financing (with a weighted average interest rate of 10.75%) and $15,687,000 represented fixed rate financing (with a weighted average interest rate of 8.85%). PART II. OTHER INFORMATION Item 1.Legal Proceedings. On May 1, 1995, the Trust filed a lawsuit against The Manufacturers Life Insurance Company ("MLI") in the 134th Judicial District Court in Dallas, Texas. The suit alleges that MLI, which on April 21, 1995, had declared the Trust in default for non-monetary violations of the Note Purchase Agreement, had breached the Note Purchase Agreement between MLI and the Trust and had unlawfully sought to coerce the Trust into relinquishing certain of its rights. Specifically, the suit alleges that MLI and certain other entities had engaged in acts of bad faith and conspiracy in an attempt to force the Trust to consent to the transfer of the notes to a third party. On May 26, 1995, a First Amended Petition, Application for Declaratory Judgment, and Application for Injunctive Relief was filed, naming Fidelity Management and Research Company, Fidelity Galileo Fund L.P., Belmont Capital Partners II, L.P., Fidelity Puritan Trust, and Fidelity Management Trust Company (together, the "Fidelity Entities") as additional defendants. On June 26, 1995, a Second Amended Petition, Application for Declaratory Judgment, and Application for Injunctive Relief was filed, specifying damages to the Trust of up to $20,000,000, plus an unspecified amount for punitive damages. On October 3, 1995, The Manufacturers Life Insurance Company (U.S.A.), Inc. ("MLI-USA") intervened in the lawsuit asserting ownership of one of the notes. On the same day, MLI and MLI-USA filed counterclaims against the Trust seeking recovery of all amounts due under the notes. On October 19, 1995, the Trust filed answers to these counterclaims. On October 18, 1995, MLI filed an Application for Temporary Restraining Order and Injunctions in the lawsuit, seeking to enjoin the Trust from paying a scheduled dividend to its shareholders on October 23, 1995. On October 20, 1995, the court, after hearing argument, denied MLI's Application. On October 19, 1995, a Third Amended Petition, Application for Declaratory Judgment, and Application for Injunctive Relief was filed by the Trust, stating that MLI had wrongfully declared a default and wrongfully accelerated the maturity of the notes. The Trust has entered into negotiations with MLI regarding the settlement of the litigation, including the purchase by the Trust of the unsecured notes payable held by MLI at a discount. There can be no assurance that the Trust will be able to consummate a purchase of the notes with MLI or otherwise effect a settlement of this litigation. Item 3.Defaults Upon Senior Securities. Reference is made to Item 3., Defaults Upon Senior Securities, in the Trust's Form 10-Q for the period ending June 30, 1995. As of September 30, 1995, the Trust has $45,239,000 in principal indebtedness to MLI and approximately $3,744,000 of accrued interest thereon. The accrued interest reflects a default rate of 11.7% effective June 13, 1995. Item 6.Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit No. Description 27.1 (filed herewith) Financial Data Schedule (b) Reports on Form 8-K None. 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. AMERICAN INDUSTRIAL PROPERTIES REIT (Registrant) Date: November 2, 1995 /s/ MARC A. SIMPSON Marc A. Simpson, Vice President and Chief Financial Officer (principal accounting and financial officer) EX-27.1 2
5 1000 9-MOS DEC-31-1995 SEP-30-1995 7918 0 0 0 0 0 102343 22810 90223 0 0 908 0 0 20692 90223 0 8831 0 11181 0 (191) 4690 (2596) 0 (2596) 0 (55) 0 (2596) (.29) (.29)
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