-----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, Tk9Ni1k67wkDtCTnPtz0ijPNTXWA/+RF6wZsxP8pxdQNgJRJUEeH6mzxjqCl3AIs Ae4rfsDkdV0HYmQt/eE4Jg== 0001047469-99-020318.txt : 19990517 0001047469-99-020318.hdr.sgml : 19990517 ACCESSION NUMBER: 0001047469-99-020318 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JONES PROGRAMMING PARTNERS 2-A LTD CENTRAL INDEX KEY: 0000868610 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812] IRS NUMBER: 841088829 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-20944 FILM NUMBER: 99621345 BUSINESS ADDRESS: STREET 1: 9697 E MINERAL AVE STREET 2: C/O JONES ENTERTAINMENT GROUP LTD CITY: ENGLEWOOD STATE: CO ZIP: 80155-3309 BUSINESS PHONE: 3037923111 MAIL ADDRESS: STREET 1: P O BOX 3309 STREET 2: 9697 E MINERAL AVE CITY: ENGLEWOOD STATE: CO ZIP: 80155 FORMER COMPANY: FORMER CONFORMED NAME: JONES PROGRAMMING PARTNERS 2 DATE OF NAME CHANGE: 19600201 10-Q 1 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [x] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1999. [ ] 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 0-20944 Jones Programming Partners 2-A, Ltd. - -------------------------------------------------------------------------------- Exact name of registrant as specified in charter Colorado #84-1088819 - -------------------------------------------------------------------------------- State of organization I.R.S. employer I.D.# 9697 East Mineral Avenue, Englewood, Colorado 80112 --------------------------------------------------- Address of principal executive office (303) 792-3111 ----------------------------- Registrant's telephone number Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section l3 or l5(d) of the Securities Exchange Act of l934 during the preceding l2 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 _____ JONES PROGRAMMING PARTNERS 2-A, LTD. ------------------------------------ (A Limited Partnership) INDEX -----
Page Number ------ PART I. FINANCIAL INFORMATION Item 1. Financial Statements Unaudited Statements of Financial Position as of December 31, 1998 and March 31, 1999 3 Unaudited Statements of Operations for the Three Months Ended March 31, 1998 and 1999 4 Unaudited Statements of Cash Flows for the Three Months Ended March 31, 1998 and 1999 5 Notes to Unaudited Financial Statements as of March 31, 1999 6-7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-11 PART II. OTHER INFORMATION 12
2 JONES PROGRAMMING PARTNERS 2-A, LTD. ------------------------------------ (A Limited Partnership) UNAUDITED STATEMENTS OF FINANCIAL POSITION ------------------------------------------
December 31, March 31, ASSETS 1998 1999 ------ ----------------- ----------------- CASH AND CASH EQUIVALENTS $ 128,275 $ 182,597 ACCOUNTS RECEIVABLE 62,588 - INVESTMENT IN AND ADVANCES FOR FILM PRODUCTION, net of accumulated amortization of $3,881,251 and $3,882,256 as of December 31, 1998 and March 31, 1999, respectively (Note 3) 150,000 148,995 ----------- ----------- Total assets $ 340,863 $ 331,592 ----------- ----------- ----------- ----------- LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) ------------------------------------------- LIABILITIES: Accounts payable to affiliates $ 7,511 $ 7,405 Accrued liabilities 7,825 3,750 Accrued distributions payable to partners - 141,781 ----------- ----------- Total liabilities 15,336 152,936 ----------- ----------- PARTNERS' CAPITAL (DEFICIT): General partner- Contributed capital 1,000 1,000 Distributions (33,267) (34,685) Accumulated deficit (11,728) (11,779) ----------- ----------- Total general partner's deficit (43,995) (45,464) ----------- ----------- Limited partners - Contributed capital, net of offering costs (11,229 units outstanding as of December 31, 1998 and March 31, 1999) 4,823,980 4,823,980 Distributions (3,293,328) (3,433,691) Accumulated deficit (1,161,130) (1,166,169) ----------- ----------- Total limited partners' capital 369,522 224,120 ----------- ----------- Total partners' capital (deficit) 325,527 178,656 ----------- ----------- Total liabilities and partners' capital (deficit) $ 340,863 $ 331,592 ----------- ----------- ----------- -----------
The accompanying notes to these unaudited financial statements are an integral part of these unaudited financial statements. 3 JONES PROGRAMMING PARTNERS 2-A, LTD. ------------------------------------ (A Limited Partnership) UNAUDITED STATEMENTS OF OPERATIONS ----------------------------------
For the Three Months Ended March 31, -------------------------- 1998 1999 --------- ----------- GROSS REVENUES $ 85 $ 1,005 COSTS AND EXPENSES: Costs of filmed entertainment 85 1,005 Operating, general and administrative expenses 4,316 5,875 --------- ---------- Total costs and expenses 4,401 6,880 --------- ---------- OPERATING LOSS (4,316) (5,875) ---------- ----------- OTHER INCOME: Interest income 6,385 785 --------- ---------- Total other income 6,385 785 --------- ---------- NET INCOME (LOSS) $ 2,069 $ (5,090) --------- ---------- --------- ---------- ALLOCATION OF NET INCOME (LOSS): General Partner $ 21 $ (51) --------- ---------- --------- ---------- Limited Partners $ 2,048 $ (5,039) --------- ---------- --------- ---------- NET INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT $ .18 $ (.45) --------- ---------- --------- ---------- WEIGHTED AVERAGE NUMBER OF LIMITED PARTNERSHIP UNITS OUTSTANDING 11,299 11,299 --------- ---------- --------- ----------
The accompanying notes to these unaudited financial statements are an integral part of these unaudited financial statements. 4 JONES PROGRAMMING PARTNERS 2-A, LTD. ------------------------------------ (A Limited Partnership) UNAUDITED STATEMENTS OF CASH FLOWS ----------------------------------
For the Three Months Ended March 31, ------------------------------ 1998 1999 ------------ ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 2,069 $ (5,090) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of filmed entertainment costs 85 1,005 Net change in assets and liabilities: Decrease in accounts receivable 74,823 62,588 Increase (decrease) in accrued liabilities 461 (4,075) Decrease in accounts payable to affiliates (6,905) (106) ------------ ---------- Net cash provided by operating activities 70,533 54,322 ------------ ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to partners (141,781) - ------------ ---------- Net cash used in financing activities (141,781) - ------------ ---------- INCREASE (DECREASE) in cash and cash equivalents (71,248) 54,322 Cash and cash equivalents, beginning of period 526,005 128,275 ------------ ---------- Cash and cash equivalents, end of period $ 454,757 $ 182,597 ------------ ---------- ------------ ----------
The accompanying notes to the unaudited financial statements are an integral part of these unaudited financial statements. 5 JONES PROGRAMMING PARTNERS 2-A, LTD. ------------------------------------ (A Limited Partnership) NOTES TO UNAUDITED FINANCIAL STATEMENTS --------------------------------------- (1) BASIS OF PRESENTATION --------------------- This Form 10-Q is being filed in conformity with the SEC requirements for unaudited financial statements and does not contain all of the necessary footnote disclosures required for a fair presentation of the Statements of Financial Position and Statements of Operations and Cash Flows in conformity with generally accepted accounting principles. However, in the opinion of management, this data includes all adjustments, consisting only of normal recurring accruals, necessary to present fairly the financial position of Jones Programming Partners 2-A, Ltd. (the "Partnership") as of December 31, 1998 and March 31, 1999 and its results of operations and its cash flows for the three month periods ended March 31, 1998 and 1999. Results of operations for these periods are not necessarily indicative of results to be expected for the full year. (2) TRANSACTIONS WITH AFFILIATED ENTITIES ------------------------------------- Jones Entertainment Group, Ltd. ("General Partner") is entitled to reimbursement from the Partnership for its direct and indirect expenses allocable to the operations of the Partnership, which shall include, but not be limited to, rent, supplies, telephone, travel, legal expenses, accounting expenses, preparation and distribution of reports to investors and salaries of any full or part-time employees. Because the indirect expenses incurred by the General Partner on behalf of the Partnership are immaterial, the General Partner generally does not charge indirect expenses to the Partnership. The General Partner charged $2,442 and $2,162 to the Partnership for direct expenses to the Partnership for the three months ended March 31, 1998 and 1999, respectively. (3) INVESTMENT IN AND ADVANCES FOR FILM PRODUCTION ---------------------------------------------- "Charlton Heston Presents: The Bible" ----------------------------------- In May 1992, the General Partner, on behalf of the Partnership, entered into an agreement with Agamemnon Films, an unaffiliated party, to produce four one-hour programs for television, entitled "Charlton Heston Presents: The Bible" (the "Bible Programs"). The production costs of the Bible Programs were approximately $2,370,000, which included a $240,000 production and overhead fee paid to the General Partner. In return for agreeing to fund these production costs, the Partnership acquired all rights to the Bible Programs in all markets and in all media in perpetuity. The Partnership subsequently assigned half of its ownership of the Bible Programs to an unaffiliated party for an investment of $1,000,000 toward the production costs for the Bible Programs. After consideration of the reimbursement, the Partnership's total investment in the Bible Programs was $1,369,764. In June 1998, the Partnership fully recovered its remaining net investment in this film. From inception to March 31, 1999, the Partnership has recognized $1,770,906 of revenue from this film, of which $769,411 was retained by the distributors of the film for their fees and marketing costs and $1,001,495 was received by the Partnership as of March 31, 1999. "The Whipping Boy" ---------------- In August 1993, the Partnership acquired the film rights to the Newbury Award-winning book "The Whipping Boy." "The Whipping Boy" was produced as a two hour telefilm which premiered in the North American television market on The Disney Channel. The film's final cost was approximately $4,100,000. As of March 31, 1999, the Partnership had invested $2,661,487 in the film, which included a $468,000 production and overhead fee paid to the General Partner. The film was co-produced by the General Partner and Gemini Films, a German company. The completed picture was delivered to The Disney Channel in the second quarter of 1994. From inception to March 31, 1999, the Partnership has recognized $2,274,741 of gross revenue from this film, of which $2,100,000 represents the initial license fee from The Disney Channel that was used to finance the film's production. Of the remaining $174,741, $8,408 has been retained by the distributors of the film for their fees and marketing costs and $166,333 has been received by the Partnership as of March 31, 1999. The Partnership's net 6 investment in the film, after consideration of amortization, was $148,995 as of March 31, 1999. The Partnership plans to recover its remaining investment in this film from net revenues generated from domestic and international home video and television markets or from the sale of the Partnership's interests in the film. 7 JONES PROGRAMMING PARTNERS 2-A, LTD. ------------------------------------ (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF --------------------------------------- FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------- FINANCIAL CONDITION ------------------- Liquidity and Capital Resources - ------------------------------- The Partnership's principal sources of liquidity are cash on hand and amounts received from the domestic and international distribution of its programming. As of March 31, 1999, the Partnership had $182,597 in cash. It is not anticipated that the Partnership will invest in any additional programming projects, but instead will focus on the distribution and/or sale of its existing programming projects. Given the near completion of the second cycle distribution of the Partnership's programming, as previously announced, regular quarterly distributions were suspended beginning with the quarter ended September 30, 1998. However, upon further evaluation by the General Partner of the cash reserves and cash operating needs of the Partnership, an additional quarterly cash flow distribution totaling $141,781 was declared for the three months ended March 31, 1999, which will be paid in May 1999. The Partnership will retain a certain level of working capital, including any necessary reserves, to fund its operating activities. It is anticipated that any future distributions will only be made once proceeds are received from the sale of the Partnership's assets. The General Partner, on behalf of the Partnership, is currently considering the sale of the Partnership's interests in its programming projects. If the General Partner or one of its affiliates exercises its right to purchase the Partnership's interests in a programming project, however, the sales price for such a transaction will be at least equal to the average of three independent appraisals of the programming project's fair market value. The General Partner has no obligation to purchase any assets of the Partnership. Any sale of all or substantially all of the Partnership's assets will be subject to the approval of the Partnership's limited partners prior to closing of the sale. The General Partner cannot predict at this time when or at what price the Partnership's interests in its programming projects ultimately will be sold. Any direct costs incurred by the General Partner on behalf of the Partnership in soliciting and arranging for the sale of the Partnership's programming projects will be charged to the Partnership. It is anticipated that the net proceeds from the sale of the Partnership's interests in its programming will be distributed to the partners after such sale. Based on the General Partner's estimates of value and indications of value obtained from unaffiliated parties, it is probable that the distributions of the proceeds from the sales of the Partnership's programming projects, together with all prior distributions paid to the limited partners, will return to the limited partners less than 70% of their initial capital contributions to the Partnership. The General Partner believes that the Partnership has, and will continue to have, sufficient liquidity to fund its operations and to meet its obligations. Cash flow from operating activities will be generated primarily from the Partnership's programming projects as follows: "Charlton Heston Presents: The Bible" ----------------------------------- In 1992, the General Partner, on behalf of the Partnership, entered into an agreement with Agamemnon Films, an unaffiliated party, to produce four one-hour programs for television, entitled "Charlton Heston Presents: The Bible" (the "Bible Programs") for Arts and Entertainment Network ("A&E"). The production costs of the Bible Programs were approximately $2,370,000, which included a $240,000 production and overhead fee to the General Partner. In return for agreeing to fund these production costs, the Partnership acquired all rights to the Bible Programs in all markets and in all media in perpetuity. In order to reduce the Partnership's financial exposure, the General Partner, on behalf of the Partnership, assigned one-half of the Partnership's interest in the Bible Programs to GoodTimes Home Video Corporation ("GoodTimes"), an unaffiliated entity directly involved in the specialty home video and international television distribution business, for an investment by 8 GoodTimes of $1,000,000. The Partnership and GoodTimes funded Jones Documentary Film Corporation ("JDFC"), which in turn contracted with Agamemnon Films for the production of the Bible Programs. JDFC was formed to insulate the Partnership and GoodTimes from certain risks and potential liabilities associated with the production of programming in foreign countries because the Bible Programs were filmed on location in the Holy Lands. The Partnership and JDFC granted the General Partner the exclusive rights to distribute the Bible Programs. To accomplish this, the General Partner, on its own behalf, and GoodTimes entered into an agreement to form J/G Distribution Company to distribute the Bible Programs. J/G Distribution Company was formed in June 1992 and the Partnership granted it the sole and exclusive right to exhibit and distribute, and to license others to exhibit and distribute, the Bible Programs in all markets, all languages, and all media in perpetuity. J/G Distribution Company holds the copyright for the benefit of the Partnership (50 percent interest) and GoodTimes (50 percent interest). J/G Distribution Company is currently distributing the Bible Programs in the retail home video market. As of March 31, 1999, gross sales made by J/G Distribution Company totaled $3,041,644, of which $1,520,822 has been retained by J/G Distribution Company for its fees and marketing costs, with the remaining $1,520,822 paid 50 percent to the Partnership and 50 percent to Goodtimes. Additionally, $250,000 was received directly by the Partnership as its share of the initial license fee from A&E. The Partnership recovered its remaining net investment in the Bible Programs in June 1998. "The Whipping Boy" ---------------- In August 1993, the Partnership acquired the film rights to the Newbury Award-winning book "The Whipping Boy." The project was co-developed by the Partnership and The Disney Channel and produced by the General Partner and German and French co-production partners. The completed telefilm was delivered to The Disney Channel in the second quarter of 1994 and premiered in the North American television market in July 1994. As of March 31, 1999, the Partnership had invested $2,661,487 in the film, which included a $468,000 production and overhead fee payable to the General Partner. The Partnership has received approximately $2,100,000 from The Disney Channel for licensing certain rights to the film to The Disney Channel. The Partnership was responsible for approximately one-half of the $4,100,000 production cost, with the balance of the production budget funded by Gemini Films and other co-production partners and/or territorial advances from the film's international distributors. The amount contributed to the production budget by the Partnership was partially reimbursed by the license advances totaling $2,100,000 received from the Disney Channel. Gemini Films has, in perpetuity, the copyright and all exploitation rights to the film in German language territories (defined as Germany, Austria, German-speaking Switzerland and German-speaking Luxembourg). Although these exploitation rights remain the sole property of Gemini Films, Gemini Films accounts to the Partnership for any revenue therefrom. The Partnership owns the worldwide copyright, excluding German language territories, in perpetuity. Although the Partnership owns all exploitation rights in all media in North America, which is defined as the United States, Canada and their respective territories and possessions, the Partnership accounts to Gemini Films for any revenue generated therefrom. From the movie's North American revenues, the Partnership is entitled to recover its investment plus interest. Thereafter, the Partnership receives 90 percent of all North American revenues and Gemini Films receives 10 percent of such revenues. With respect to international revenues from the movie's distribution, after Gemini Films recovers $250,000 of its investment in the movie's production budget, any funded overages and interest out of net international revenues, the Partnership will receive 20 percent of net international revenues and Gemini Films will receive 80 percent. In March 1995, the General Partner, on behalf of the Partnership, entered into an agreement with an unaffiliated party granting rights to distribute "The Whipping Boy" in the non-theatrical domestic markets. Non-theatrical markets include 16mm sales and rentals, in-flight, oil rigs, ships at sea, military installations, libraries, restaurants, hotels, motels or other institutional or commercial enterprises. As of March 31, 1999, gross sales made under this agreement totaled $39,353, of which $8,408 was retained by the distributor for its fees. The remaining $30,945 had been received by the Partnership as of March 31, 1999. In May 1995, the General Partner, on behalf of the Partnership, entered into a distribution agreement with an unaffiliated party granting rights to distribute "The Whipping Boy" in the domestic home video market for a period not to exceed five years. As of March 31, 1999, net sales earned and received by the Partnership under this agreement totaled $135,121. 9 The General Partner and Gemini Films selected Canal Plus Distribution as the company to distribute and exploit the movie outside of North America. Canal Plus Distribution earns distribution fees of 15 percent of the film's gross receipts outside of North America, and it is reimbursed for its expenses capped at 10 percent of the film's gross receipts outside of North America (excluding dubbing costs). Canal Plus Distribution is responsible for accounting and remitting to Gemini Films the net revenues from the film's distribution in all markets and in all media outside of North America. Gemini Films is responsible for forwarding the Partnership's share of such revenues within 10 days of receipt of such funds from Canal Plus. During the fourth quarter of 1996, the General Partner reassessed the anticipated total gross revenue remaining from the distribution of "The Whipping Boy" in available international and domestic television markets. Based on revised television sales projections by unexploited territory, a reduction was made to the Partnership's estimate of total gross revenue to be recognized from the future distribution of the film. Accordingly, based on the reduced revenue projections for the film (primarily in international television revenue), a determination was made by the General Partner that the Partnership's net investment in "The Whipping Boy" of $952,731 exceeded the film's estimated net realizable value of approximately $375,000 as of December 31, 1996. As a result, the Partnership recorded a write-down of film production cost of $575,000 to reduce the unamortized cost of the film to its estimated net realizable value as of December 31, 1996. Likewise, in the fourth quarter of 1998, the General Partner again reassessed the anticipated gross revenue remaining from the distribution of the "The Whipping Boy" based on revised estimated television sales projections and actual results of the film's distribution in comparison to the film's prior projections. A determination was made by the General Partner that the Partnership's net investment in "The Whipping Boy" of $344,907 exceeded the film's estimated net realizable value of $150,000 as of December 31, 1998, resulting in a write-down of $194,907. The film's estimated net realizable value was calculated based on an estimate of anticipated revenues remaining over the life of the film from international and domestic television distribution, net of estimated distribution fees and costs, as of December 31, 1998. These revenue projections were estimated by the General Partner and the film's distributor based on the film's prior distribution history, the remaining international and domestic territories available to the film for future television, and the General Partner's and the distributor's previous distribution experience with other films. As of March 31, 1999 the Partnership's net investment in the film, after consideration of amortization and the write-downs discussed above, was $148,995. The Partnership plans to recover its remaining net investment in this film from the net revenues generated from remaining international and domestic television markets or from sale of the Partnership's interests in the film. Impact of the Year 2000 Issue (unaudited) - ----------------------------------------- The Year 2000 issue is the result of many computer programs being written such that they will malfunction when reading a year of "00." This problem could cause system failure or miscalculations causing disruptions of business processes. In conjunction with its affiliates, the General Partner has initiated an assessment of its computer applications to determine the extent of the problem. Based on this assessment, the General Partner has determined that the majority of its computer applications supporting business processes, including accounting and investor services, are designed to handle the Year 2000 appropriately. The General Partner believes there will be no financial impact to the Partnership due to the Year 2000 issue. RESULTS OF OPERATIONS --------------------- Revenues of the Partnership increased $920, from $85 to $1,005 for the three months ended March 31, 1998 and 1999, respectively. This increase was the result of an increase in the distribution of "The Whipping Boy" for the three months ended March 31, 1999 as compared to the similar period in 1998. Filmed entertainment costs increased $920, from $85 to $1,005 for the three months ended March 31, 1998 and 1999, respectively. This increase was the result of increased revenues from the Partnership's programming as discussed above. Filmed entertainment costs are amortized over the life of the film in the ratio that current gross revenues bear to anticipated total gross revenues. Operating, general and administrative expenses increased $1,559, from $4,316 to $5,875 for the three months ended March 31, 1998 and 1999, respectively. This increase was due primarily to increased direct costs allocable to the 10 operations of the Partnership that were charged to the Partnership by affiliates of the General Partner for the three months ended March 31, 1999 as compared to the similar period in 1998. The increase in direct costs allocable to the Partnership's operations resulted mainly from the increase in direct time spent by the affiliates of the General Partner on the accounting and administrative functions of the Partnership. Interest income decreased $5,600, from $6,385 to $785 for the three months ended March 31, 1998 and 1999, respectively. This decrease was the result of lower levels of invested cash balances in the three months ended March 31, 1999 as compared to the same period in 1998. Limited Partners' net income (loss) per partnership unit changed $(.63), from $.18 to $(.45) for the three months ended March 31, 1998 and 1999, respectively. This change was due to the results of operations as discussed above. 11 Part II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. a) Exhibits 27) Financial Data Schedule b) Reports on Form 8-K None 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. JONES PROGRAMMING PARTNERS 2-A, LTD. BY: JONES ENTERTAINMENT GROUP, LTD. General Partner By: /s/ Steven W. Gampp ------------------------------------ Steven W. Gampp Vice President/Finance and Treasurer (Principal Financial Officer) Dated: May 14, 1999 13 EX-27 2 EXHIBIT 27
5 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 182,597 0 0 0 0 182,597 0 0 331,592 152,936 0 0 0 0 178,656 331,592 0 1,005 0 (6,880) 0 0 785 (5,090) 0 (5,090) 0 0 0 (5,090) (.45) (.45)
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