-----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, Sd2fUYseDOl6pMb2anAKs0dGdLvMrABnpHaJoJds1MSfeWKOxgeL70fO4XLV9H32 pyGgd1QjkXSnuHfmFPm91Q== 0000820062-98-000016.txt : 19980817 0000820062-98-000016.hdr.sgml : 19980817 ACCESSION NUMBER: 0000820062-98-000016 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980814 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISSION VALLEY COMFORT SUITES LTD CENTRAL INDEX KEY: 0000810661 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 330213497 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-18080 FILM NUMBER: 98689097 BUSINESS ADDRESS: STREET 1: 1466 9TH AVE CITY: SAN DIEGO STATE: CA ZIP: 92101 BUSINESS PHONE: 6192261212 MAIL ADDRESS: STREET 1: 1466 9TH AVE CITY: SAN DIEGO STATE: CA ZIP: 92101 FORMER COMPANY: FORMER CONFORMED NAME: MOTELS OF AMERICA SERIES X DATE OF NAME CHANGE: 19900418 10QSB 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB - Quarterly or Transitional Report /X/ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 // TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from to Commission File Number 33-11224-LA Mission Valley Comfort Suites Ltd., A California Limited Partnership (Exact name of small business issuer as specified in its charter) California 33-0213497 (State or other jurisdiction of I.R.S. Employer incorporation or organization) Identification Number) 1466 9th Avenue, San Diego, CA 92101 (Address of principal executive offices) (619) 699-6100 (Issuer's telephone number) (Former name, former address and former fiscal year, if changed since last report) Check whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Exchange Act during the last 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes /x/ No / / State the number of limited partnership interests outstanding as of the latest practicable date: 5,900 PART I. -- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Incorporated herein is the following unaudited financial information: Balance Sheet as of June 30, 1998 and December 31, 1997. Statement of Operations for the three and six month periods ended June 30, 1998 and June 30, 1997. Statement of Cash Flows for the three and six month periods ended June 30, 1998 and June 30, 1997. Notes to Financial Statements. MISSION VALLEY COMFORT SUITES LTD. A California Limited Partnership Balance Sheet June 30, 1998 and December 31, 1997 (Unaudited) (Part 1 of 2)
June 30, December 31, ASSETS 1998 1997 -------------- ------------- ---------------- Current Assets: Cash and cash equivalents $ 315,960 $ 146,672 Accounts receivable 19,677 14,255 Operating supplies 15,958 15,011 Prepaid expenses 20,716 36,150 ----------- ----------- Total current assets 372,311 212,088 Investment property, at cost: Building and improvements 4,633,720 4,617,037 Furniture, fixtures & equipment 1,253,298 1,225,209 ------------ ------------ 5,887,018 5,842,246 Less accumulated depreciation 2,458,947 2,357,571 ------------ ------------- Total investment property, net of accumulated depreciation 3,428,071 3,484,675 Franchise fees, net (note 2) 25,417 26,667 ------------- -------------- $ 3,825,799 $ 3,723,430 ============ ==============
See accompanying notes to financial statements. Page 1 MISSION VALLEY COMFORT SUITES LTD. A California Limited Partnership Balance Sheet June 30, 1998 and December 31, 1997 (Unaudited) (Part 2 of 2)
LIABILITIES AND June 30, 1998 December 31, 1997 PARTNER'S CAPITAL ACCOUNTS ----------------- ------------------- ------------------------------ Current liabilities: Current portion on long-term debt $ 11,395 $ 9,891 Accounts payable and accrued expenses 79,240 67,510 Due to Affiliates (note 4) 35,983 28,629 ---------- ---------- Total current liabilities 126,618 106,030 ---------- ---------- Long-term debt, less current portion 177,570 197,190 Deferred rent liability (note 6) 1,439,082 1,453,917 ----------- ------------ Total liabilities 1,743,270 1,757,137 ------------ ------------ Partners' capital accounts: General partners: Capital contributions 31,210 31,210 Cumulative net earnings ( 87,162) (101,786) Cumulative cash distributions (212,140) (209,140) ------------ ------------- (268,092) (279,716) ------------ ------------- Limited partners: Capital contributions, net of offering costs 5,117,287 5,117,287 Cumulative net earnings (784,459) ( 916,070) Cumulative cash distributions (1,982,207) (1,955,208) ------------- ------------- 2,350,621 2,246,009 ------------- ------------- Total partners' capital accounts 2,082,529 1,966,293 ------------- ------------- $3,825,799 $3,723,430 ============= =============
See accompanying notes to financial statements. Page 2 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Statement of Operations Three Months and Six Months Ended June 30, 1998 and June 30, 1997 (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED June 30, June 30, June 30, June 30, 1998 1997 1998 1997 ----------- ---------- ---------- ----------- Revenues: Room revenues $ 584,191 $ 492,526 $1,041,586 $950,081 Phone revenue 6,522 8,953 14,038 19,135 Interest income 598 244 1,514 315 Other income 8,411 9,178 34,075 16,793 ---------- ---------- ---------- ---------- 599,722 510,901 1,091,213 986,324 ---------- ---------- ---------- ---------- Expenses: Property operating expenses 207,421 173,018 367,910 327,354 Depreciation 50,683 48,434 101,376 96,722 General and administrative 47,401 49,226 104,694 101,573 REIT Proposal costs 0 9,092 0 9,092 Amortization 625 625 1,250 1,250 Management fees 36,059 30,639 64,342 59,165 Royalties and advertising 40,812 37,643 72,538 66,593 Real estate taxes 19,252 19,045 37,177 36,469 Interest expense 5,405 4,873 9,690 9,599 Lease expense 57,815 57,038 115,630 114,076 Marketing 10,985 11,066 28,090 30,192 Repairs & Maintenance 21,311 12,778 42,279 29,858 ---------- ---------- ---------- ---------- 497,769 453,477 944,976 881,943 ---------- ---------- ---------- ---------- Net earnings $101,953 $ 57,424 $ 146,237 $ 104,381 ========== ========== =========== =========== Net earnings per limited partnership interest $15.55 $ 8.76 $22.31 $15.92 ======= ======= ======= =======
See accompanying notes to financial statements. Page 3 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Statement of Cash Flows Three Months and Six Months Ended June 30, 1998 and June 30, 1997 (Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED June 30, June 30, 1998 1997 1998 1997 ------- ------- ------- -------- Cash flows from operating activities: Net earnings (loss) $ 101,953 $ 57,424 $ 146,237 $104,381 Adjustments to reconcile net income to cash: Depreciation and amortization 51,308 49,059 102,626 97,972 (Increase) decrease in: Accounts receivable 29,420 13,161 (5,422) 26,899 Operating supplies 1,629 629 (947) 188 Prepaid expenses 22,109 (31,766) 15,434 (16,021) Increase (decrease) in: Accounts payable and accrued expenses (219) 4,662 11,730 11,236 Due to/from Affiliates 25,267 (24,447) 7,354 (1,219) Deferred rent liability (7,418) (7,418) (14,835) (14,836) Net cash provided by ------------ ----------- ---------- ---------- (used in) operating activities 224,047 61,302 262,175 208,600 ------------ ----------- ---------- ---------- Cash flows from investing activities: Investment property expenditures 0 (8,079) (44,772) (10,394) ----------- ----------- ---------- ---------- Net cash used in investing activities 0 (8,079) (44,772) (10,394) ----------- ----------- ----------- --------- Cash flows from financing activities: Proceeds/(Payments) of notes payable (9,149) (8,447) (18,116) (12,421) Cash distributions to partners (29,999) (65,000) (29,999) (65,000) Net cash provided by (used ------------ ----------- ----------- --------- in) financing activities (39,148) (73,447) (48,115) (77,421) ------------ ----------- ---------- --------- Net increase in cash and cash equivalents 184,899 (20,223) 169,288 120,785 Cash and cash equivalents, beginning of period 131,061 216,550 146,672 75,541 ----------- ----------- ---------- ---------- Cash and cash equivalents, end of period 315,959 196,326 315,959 196,326 =========== =========== ========== ==========
See accompanying notes to financial statements. Page 4 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements June 30, 1998 Readers of this quarterly report should refer to the partnership audited financial statements and annual report Form 10-KSB (File No. 33-11224-LA) for the period ended December 31, 1997, as certain footnote disclosures which would substantially duplicate those contained in such financial reports have been omitted from this report. 1. THE PARTNERSHIP AND A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Mission Valley Comfort Suites Ltd., A California Limited Partnership (the Partnership), (formerly Motels of America Series X), a California Limited Partnership, was formed on September 18, 1987 pursuant to the California Revised Uniform Limited Partnership Act. The purpose of the Partnership is to construct, own, and operate a 122-room "suites only" motel under a franchise agreement with Choice Hotels International, Inc. The motel was opened in September 1988. As more fully discussed in Note 8, the motel was sold on July 2, 1998. The following is a summary of the Partnership's significant accounting policies: Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Investment Property Investment property is recorded at cost. Depreciation is computed using the straight-line method based on estimated useful lives of 5 to 35 years. Maintenance and repair costs are expensed as incurred, while significant improvements, replacements, and major renovations are capitalized. Franchise Fees Franchise fees are amortized over the 20-year life of the franchise agreement. Income Taxes No provision for income taxes has been made as any liability for such taxes would be that of the partners rather than the Partnership. Net Income per Interest Net income per interest is based upon the 90% allocated to limited partners divided by 5,900 limited partner interests outstanding throughout the year. (Continued) Page 5 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) 2. PARTNERSHIP AGREEMENT Net income or loss and cash distributions from operations of the Partnership are allocated 90% to the limited partners and 10% to the general partner. Profits from the sale or other disposition of Partnership property are to be allocated to the general partner until its capital account equals zero; thereafter, to the limited partners until their capital accounts equal their capital contributions reduced by prior distributions of cash from sale or refinancing plus an amount equal to a cumulative but not compounded annual 8% return thereon which cumulative return shall be reduced (but not below zero) by the aggregate amount of prior distributions of cash available for distribution; thereafter, gain shall be allocated 15% to the general partner and 85% to the limited partners. Loss from sale shall be allocated 1% to the general partner and 99% to the limited partners. 3. FRANCHISE AGREEMENT The Partnership has entered into a twenty-year franchise agreement with Choice Hotels International, Inc. to provide the Partnership with consultation in the areas of design, construction and operation of the motel. The agreement required the payment of initial franchise fees of $50,000 and requires ongoing royalty and chain-affiliated advertising fees based on a percentage of gross room revenues. After the sale of the motel on July 2, 1998 (see Note 8), the partnership notified Choice Hotels International (Choice) that it was electing to terminate the franchise agreement. Under the terms of the franchise agreement, the partnership may be liable to Choice for certain fees and other costs resulting from the sale of the motel and the election to terminate the franchise agreement. The buyer is presently negotiating with Choice regard- ing a possible new franchise agreement, and the buyer has agreed to indemnify the partnership for any and all claims made by Choice related to the sale of the motel and the election to terminate the franchise agreement. 4. RELATED PARTY TRANSACTIONS The motel is operated pursuant to a management agreement with GHG Hospitality, Inc. (GHG), the general partner. The agreement provides for the payment of monthly management fees of 6% of gross revenues. The Partnership has agreed to reimburse GHG for certain expenses related to services performed in maintaining the books and administering the affairs of the Partnership. GHG and an affiliate, GMS Management Services, Inc. (GMS), formerly Grosvenor Management Services, Inc., allocate to the Partnership certain marketing, accounting, and maintenance salaries and certain other expenses directly related to the operation of the Partnership. (Continued) Page 6 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) 4. RELATED PARTY TRANSACTIONS (Continued) Fees and reimbursements for partnership administration expenses paid to GHG and GMS for the three months and the six months ended June 30, 1998 and June 30, 1997 are as follows:
Three Months Ended Six Months Ended 6/30/98 6/30/97 6/30/98 6/30/97 --------- --------- --------- ---------- Management Fees $36,059 $30,639 $64,342 $59,165 Reimbursement for partnership administration expenses $ 9,237 $ 9,387 $18,477 $18,774 Salaries and other allocated expenses $17,118 $19,804 $34,822 $39,758
In addition, all motel employees are paid by GMS. For the six months ended June 30, 1998, the Partnership reimbursed GMS $221,046. for the wages of these employees which includes a one percent processing fee. At June 30, 1998, $35,983. was due to GHG and GMS relating to reimbursement for these operating expenses. 5. LONG-TERM DEBT The Partnership has a note payable which is due in monthly installments of $2,175, including 8% interest, through April 2013. In March 1997, The Partnership voluntarily began making monthly payments of $4,350 in order to retire the note earlier that scheduled and reduce interest expense over the term of the note. The note is secured by a trust deed on the Partnership's motel. The balance outstanding was $188,965. as of June 30,1998 and $224,490. as of June 30, 1997. The fair value of long-term debt approximates its carrying amount based on borrowing rates currently available to the Partner- ship for loans with similar terms. (Continued) Page 7 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) LONG TERM DEBT (continued) Principal payments on this note, based on the required monthly principal and interest payments of $2,175, are due as follows:
7/1/98 - 12/31/98 $ 5,583 1999 11,858 2000 12,842 2001 13,908 2002 15,063 Thereafter 129,711 ---------- $ 188,965 ==========
Long term debt was paid in full in connection with the sale of the motel on July 2, 1998 (see Note 8). 6. LEASE The Partnership leases the land underlying its motel under an operating lease which expires in 2046. Prior to April 1, 1993, rents were subject to annual increases based on the greater of 2-1/2% or the increase in the Consumer Price Index. The total minimum rentals over the life of the lease, including the effects of the 2-1/2% minimum annual increases, were being recognized on the straight-line basis as required by generally accepted accounting principles. Effective April 1,1993, the lease was amended to lower the rent payment to $20,000 per month. Rents are still subject to annual increases based on the increase in the Consumer Price Index, but the maximum annual increase is 5% and there is no minimum annual increase. The rent payment was $21,744. per month as of June 30, 1998 As a result of the amendment to the lease agreement, a deferred rent liability of $1,594,894, which was incurred prior to April 1, 1993, is being credited to income on a straight-line basis over the remaining term of the lease. The Partnership is required to pay real estate taxes, insurance, and maintenance for the leased land and improvements thereon. Future minimum lease payments are due as follows:
1998 $ 260,928 1999 260,928 2000 260,928 2001 260,928 2002 260,928 Thereafter 11,580,751 ----------------- $12,764,068 =================
The lease was assumed by the buyer in connection with the sale of the motel on July 2, 1998 (see Note 8). (Continued) Page 8 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) 7. ADJUSTMENTS In the opinion of the general partner, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation have been made to the accompanying figures as of and for the six months ended June 30, 1998. 8. SUBSEQUENT EVENT On July 2, 1998 after obtaining a majority approval of the limited partners holding a majority of the Partnership's limited partner interests, the motel was sold for $5,000,000. in cash. The sale resulted in a gain of $2,804,199. for financial statement purposes. Net cash proceeds from the sale were $4,647,699. after deducting the payment of the first trust deed on the motel and closing costs. In July 1998, the Partnership paid a liquidating distri- bution of $4,446,371.($753.62 per limited partner interest) and an operating distribution of $115,301. ($17.59 per limited partner interest). Summarized pro forma balance sheet information (unaudited) for the Partnership before and after the sale and cash distributions to partners, as if these transactions had occurred on June 30, 1998, is as follows:
Effects of Sale As and Cash Pro Reported Distributions Forma --------------- ---------------- ----------- Cash $ 315,960 $ 86,027 $ 401,987 Other current assets 56,351 (15,895) 40,456 Investment property, net 3,428,071 (3,428,071) - Franchise fees, net 25,417 (25,417) - -------------- ---------------- ------------ Total assets $ 3,825,799 $ (3,383,356) $ 442,443 ============== ================ ========== Current liabilities $ 126,618 $ (9,231) $ 117,387 Long-term debt, less current portion 177,570 (177,570) - Deferred rent liability 1,439,082 (1,439,082) - Partners' capital 2,082,529 (1,757,473) 325,056 -------------- ----------------- ----------- Total liabilities and partners' capital $ 3,825,799 $ (3,383,356) $ 442,443 ============== ================= ===========
A final liquidating distribution will be paid after management has determined that all liabilities and potential claims, including the costs to administer the affairs of the partnership through the date of final liquidation and dis- solution, have been paid at which time the Partnership will be dissolved. (Continued) Page 9 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Condition: On February 6, 1987, the Partnership commenced its public offering pursuant to its Prospectus. On March 21, 1988, the Partnership completed the public offering. The Partnership received $5,117,287 (net of offering costs of $782,713) from the sale of limited partnership interests. These funds were available for investment in property, to pay legal fees and other costs related to the investments, to pay operating expenses, and for working capital. The majority of the proceeds were used to acquire and construct the property identified in Item 2 above. As a result of cost overruns related to the acquisition and construction of the motel, the Partnership borrowed $200,000 from the party that is the lessor under its land lease. In 1993, the note was amended to add accrued interest of $60,000 to the principal balance so that the new balance was $260,000. The note is payable in monthly installments of $2,175, including interest at 8%, over a 20-year period. The note is secured by a trust deed on the Partnership's motel. In March 1997, the Partnership voluntarily began making monthly pay- ments of $4,350 in order to retire the note earlier than scheduled and reduce interest expense over the term of the note. The balance outstanding on the note was $188,965. as of June 30, 1998. An independent appraisal valued the Partnership's investment property at $4,000,000 as of July 23, 1997. The carrying amount of investment property on the Partnership's financial statements was $3,428,071. as of June 30, 1998. The deferred rent liability represents amounts accrued under the Partnership's land lease prior to April 1, 1993. Under the original land lease, annual rent increases were based on the greater of 2-1/2% or the increase in the Consumer Price Index. The Partnership was required by generally accepted accounting principles to record rent expense and a deferred rent liability based on projecting the 2-1/2% minimum annual rent increase over the 60-year term of the lease. Effective April 1, 1993, the land lease was amended. Under the amended land lease, annual rent increases are based on the lesser of the increase in the Consumer Price Index or 5%, and there is no minium annual increase. Consequently, rent expense is now being recognized based on the amount due each month rather than on the straight-line basis. In addition, the deferred rent liability accrued prior to April 1, 1993, is being credited to income on a straight-line basis over the remaining term of the lease. Based on an informal survey of a sample of limited partners conducted by the general partner, now that the partnership is nearing its 10th year, the majority of the limited partners surveyed wanted the motel to be sold and the partnership dissolved. Consequently, the hotel brokerage firm of Hotel Partners International was engaged by the partnership to market the hotel for sale to qualified buyers at the highest and best selling price. The initial listing price was $5,000,000. Marketing packages were sent out to hundreds of potential buyers and the level of interest was high. (Continued) Page 10 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) In June 1998 the Partnership entered into a Hotel Purchase and Sale Agreement with Piyal, LLC whereby Piyal would purchase the motel from the Partnership for $5,000,000. (the purchase price). The Purchase Price was payable in cash at Closing. The Purchase was subjected to a downward adjustment of $3,333. per day if the limited partners' approval was not received by July 2, 1998. On July 2, 1998 after receiving a majority approval of the limited partners the motel was sold to Piyal, LLC (an entity controlled by Tarsadia Hotels) for $5,000,000. Since the investors promptly returned their votes approving the sale prior to the deadline, there was no reduction in the selling price. This selling price exceeded the last appraised value of the motel ($4 million) as well as the hotel broker's opinion of value ($4.4 to $4.6 million). The proceeds of sale were used to pay: the loan owed to the ground lessor; broker's commissions; closing costs; and room taxes for June 1998. The net proceeds less a reserve of $300,000. were disbursed on 7/24/98 in the amount of $753.62 per unit, totaling $4,446,371. In addition an operating distribution of $115,301. was paid. The partnership will remain in existence through the remainder of the year and will be required to continue to file quarterly reports with the SEC. Once any contingent and unexpected claims have been satisfied the partnership can be dissolved. The general partner hopes to accomplish this dissolution by the end of March, 1999 when the partnership will be mailing the final K-1's reporting the sale but there is no guaranty this will occur by this date. At the time of the dissolution the partnership will pay the second and final liquidating distribution of any remaining funds held. Results of Operations: For the three months ended June 30, 1998, room revenues were $584,191. the occupancy rate was 79.6% and the average daily rate was $66.09. This compares to the three months ended June 30, 1997 when room revenues were $492,526., the occupancy rate was 72.6% and the average daily rate was $61.06. And for the six months ended June 30, 1998, room revenues were $1,041,586. the occupancy rate was 71.7% and the average daily rate was $65.81. This compares to the six months ended June 30, 1997 when room revenues were $950,081., the occupancy rate was 72.9% and the average daily rate was $59.00. (Continued) Page 11 MISSION VALLEY COMFORT SUITES LTD., A California Limited Partnership Notes to Financial Statements (Continued) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) The effect of current operations on liquidity was net cash provided by operating activities of $262,175. for the six months ended June 30, 1998, and $208,600. for the six months ended June 30, 1997. Seasonality: The motel business is seasonal with the third quarter being the strongest due to the tourist business and the last half of the fourth quarter and the first half of the first quarter being the weakest. It is not unusual for the motel operations to have a negative cash flow during this weak period. Page 12 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. (REGISTRANT) Mission Valley Comfort Suites Ltd., A California Limited Partnership By: GHG Hospitality, Inc. Corporate General Partner By:(SIGNATURE) /s/ Stephen D. Burchett (NAME AND TITLE) Stephen D. Burchett, Vice President (DATE) August 12, 1998 By:(SIGNATURE) /s/ Sylvia Mellor Clark (NAME AND TITLE) Sylvia Mellor Clark, Controller (DATE) August 12, 1998 Page 12 EX-27 2
5 6-MOS DEC-31-1998 JUN-30-1998 196,326 0 11,896 0 15,352 262,017 5,825,455 2,259,819 3,855,570 80,051 0 0 0 0 0 3,855,570 0 986,324 0 872,344 0 0 9,599 104,381 0 104,381 0 0 0 104,381 15.92 15.92
-----END PRIVACY-ENHANCED MESSAGE-----