-----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, Tcp2lyOut0w5XuX9GnHJaep89tSqHYp4t697MTwfoeIb4JXYml0J5udMkNpnX/zV 8FmuogrQplJZTl9U/Evkdw== 0000907242-00-000009.txt : 20000515 0000907242-00-000009.hdr.sgml : 20000515 ACCESSION NUMBER: 0000907242-00-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONARCH CASINO & RESORT INC CENTRAL INDEX KEY: 0000907242 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 880300760 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-22088 FILM NUMBER: 626979 BUSINESS ADDRESS: STREET 1: 1175 W MOANA LANE STREET 2: STE 200 CITY: RENO STATE: NV ZIP: 89509 BUSINESS PHONE: 7758253355 MAIL ADDRESS: STREET 1: 1175 W MOANA LANE STREET 2: STE 200 CITY: RENO STATE: NV ZIP: 89509 10-Q 1 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 March 31, 2000 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 No. 0-22088 MONARCH CASINO & RESORT, INC. (Exact name of registrant as specified in its charter) ------------------------- NEVADA 88-0300760 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1175 W. MOANA LANE, SUITE 200 RENO, NEVADA 89509 (Address of principal (Zip code) executive offices) Registrant's telephone number, including area code: (775) 825-3355 ------------------------- NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report.) 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 ___ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES ___ NO ___ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of May 3, 2000, there were 9,436,275 shares of Monarch Casino & Resort, Inc. $0.01 par value common stock outstanding. PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MONARCH CASINO & RESORT, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31, ---------------------------- 2000 1999 ------------ ------------ (Unaudited) (Unaudited) Revenues Casino...................................... $ 14,048,729 $ 10,050,707 Food and beverage........................... 6,775,376 4,561,487 Hotel....................................... 4,109,261 2,362,892 Other....................................... 809,776 633,056 ------------ ------------ Gross revenues........................... 25,743,142 17,608,142 Less promotional allowances................. (3,093,416) (2,674,607) ------------ ------------ Net revenues............................. 22,649,726 14,933,535 ------------ ------------ Operating expenses Casino...................................... 5,833,903 4,528,476 Food and beverage........................... 4,251,636 2,530,308 Hotel....................................... 1,616,464 707,598 Other....................................... 307,076 216,772 Selling, general and administrative......... 5,958,071 4,831,231 Depreciation and amortization............... 2,499,755 1,177,944 ------------ ------------ Total operating expenses................. 20,466,905 13,992,329 ------------ ------------ Income from operations................... 2,182,821 941,206 ------------ ------------ Other expense Interest expense............................ 2,039,109 619,935 ------------ ------------ Total other expense...................... 2,039,109 619,935 ------------ ------------ Income before income taxes............... 143,712 321,271 Provision for income taxes.................... 50,508 109,232 ------------ ------------ Net Income............................... $ 93,204 $ 212,039 ============ ============ Income per share of common stock Net income Basic..................................... $ 0.01 $ 0.02 Diluted................................... $ 0.01 $ 0.02 Weighted average number of common shares and potential common shares outstanding Basic..................................... 9,436,275 9,436,275 Diluted................................... 9,483,785 9,510,369
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. -2- MONARCH CASINO & RESORT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31, 2000 1999 ------------ ------------ (Unaudited) ASSETS Current assets Cash............................................ $ 4,116,575 $ 6,367,507 Receivables, net................................ 2,363,576 1,954,447 Related party receivables....................... 84,432 83,205 Inventories..................................... 1,253,822 1,456,602 Prepaid expenses................................ 1,953,381 1,600,249 Prepaid federal income taxes.................... 443,870 443,870 Deferred income taxes........................... 1,278,795 1,174,626 ------------ ------------ Total current assets......................... 11,494,451 13,080,506 ------------ ------------ Property and equipment Land............................................ 10,339,530 10,339,530 Land improvements............................... 3,077,298 3,034,095 Buildings....................................... 78,712,595 78,432,078 Furniture and equipment......................... 49,827,384 49,392,494 Building improvements........................... 4,487,226 4,462,520 ------------ ------------ 146,444,033 145,660,717 Less accumulated depreciation and amortization.. (30,463,069) (27,964,180) ------------ ------------ Net property and equipment................... 115,980,964 117,696,537 ------------ ------------ Other assets, net................................. 825,704 877,382 ------------ ------------ Total assets................................. $128,301,119 $131,654,425 ============ ============
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. -3- MONARCH CASINO & RESORT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31, 2000 1999 ------------ ------------ (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt............ $ 7,425,206 $ 7,333,921 Accounts payable................................ 5,138,143 7,238,084 Accounts payable construction................... 310,488 942,264 Accrued expenses................................ 6,115,134 5,156,363 Federal income taxes payable.................... 283,622 213,686 ------------ ------------ Total current liabilities.................... 19,272,593 20,884,318 Long-term debt, less current maturities........... 80,315,983 82,235,509 Deferred income taxes............................. 2,750,758 2,666,017 Commitments and contingencies..................... Stockholders' equity Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued................. - - Common stock, $.01 par value, 30,000,000 shares authorized; 9,536,275 issued; 9,436,275 outstanding.......................... 95,363 95,363 Additional paid-in capital...................... 17,241,788 17,241,788 Treasury stock.................................. (329,875) (329,875) Retained earnings............................... 8,954,509 8,861,305 ------------ ------------ Total stockholders' equity................... 25,961,785 25,868,581 ------------ ------------ Total liabilities and stockholders' equity... $128,301,119 $131,654,425 ============ ============
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. -4- MONARCH CASINO & RESORT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, ---------------------------- 2000 1999 ------------ ------------ (Unaudited) (Unaudited) Cash flows from operating activities: Net income.................................. $ 93,204 $ 212,039 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization............. 2,545,132 1,223,205 Gain on disposal of assets................ (87,980) - Deferred income taxes..................... (19,428) (37,738) (Increase) decrease in receivables, net... (410,356) 56,424 Decrease (increase) in inventories........ 202,780 (83,249) (Increase) decrease in prepaid expenses... (353,132) 439,981 Decrease (increase) in other assets....... 5,435 (31,678) Decrease in accounts payable.............. (2,099,941) (152,477) Increase in accrued expenses, and federal income taxes payable......... 1,028,707 700,310 ------------ ------------ Net cash provided by operating activities.................... 904,421 2,326,817 ------------ ------------ Cash flows from investing activities: Proceeds from sale of assets................ 87,980 - Acquisition of property and equipment....... (759,263) (17,741,284) (Decrease) increase in accounts payable construction.............. (631,776) 7,954 ------------ ------------ Net cash used in investing activities.... (1,303,059) (17,733,330) ------------ ------------ Cash flows from financing activities: Proceeds from long-term debt................ - 15,795,368 Principal payments on long-term debt........ (1,852,294) (282,950) ------------ ------------ Net cash (used in) provided by financing activities................. (1,852,294) 15,512,418 ------------ ------------ Net (decrease) increase in cash......... (2,250,932) 105,905 Cash at beginning of period................... 6,367,507 4,919,143 ------------ ------------ Cash at end of period......................... $4,116,575 $ 5,025,048 ============ ============ Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest................ $1,536,395 $ 315,664 Capitalized interest........................ - $ 529,224 Supplemental schedule of non-cash investing and financing activities: The Company financed the purchase of property and equipment in the following amounts........................... $ 24,053 $ 306,867
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of these statements. -5- MONARCH CASINO & RESORT, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Monarch Casino & Resort, Inc. ("Monarch") was incorporated in 1993. Golden Road Motor Inn, Inc. ("Golden Road") operates the Atlantis Casino Resort (the "Atlantis"), a hotel/casino facility in Reno, Nevada and owns a 16-acre site adjacent to the Atlantis which is . Unless stated otherwise, the "Company" refers collectively to Monarch and its wholly owned subsidiary, Golden Road. The consolidated financial statements include the accounts of Monarch and Golden Road. Intercompany balances and transactions are eliminated. Use of Estimates In preparing these financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the year. Actual results could differ from those estimates. Reclassifications Certain amounts in the 1999 consolidated financial statements have been reclassified to conform with the 2000 presentation. These reclassifications had no effect on the Company's previously reported net income. Related Party Receivables Receivables from officers, employees, or affiliated companies are primarily for banquet related services and are priced at the retail value of the goods or services provided. NOTE 2. INTERIM FINANCIAL STATEMENTS The accompanying condensed consolidated financial statements for the three month periods ended March 31, 2000 and March 31, 1999 are unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the Company's financial position and results of operations for such periods, have been included. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 1999. The results for the three month period ended March 31, 2000 are not necessarily indicative of the results that may be expected for the year ending December 31, 2000, or for any other period. -6- NOTE 3. EARNINGS PER SHARE In 1997, the Company adopted the provisions of Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings Per Share." SFAS No. 128 replaces previously reported earnings per share with "basic" earnings per share and "diluted" earnings per share. Basic earnings per share is computed by dividing reported net earnings by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the additional dilution for all potentially dilutive securities such as stock options. reflects the potential dilution that could occur if options to issue common stock were exercised into common stock. The following is a reconciliation of the number of shares (denominator) used in the basic and diluted earnings per share computations (shares in thousands):
Three Months ended March 31, ----------------------------------- 2000 1999 ---------------- ---------------- Per Share Per Share Shares Amount Shares Amount ------ --------- ------ --------- Net Income Basic..................... 9,436 $0.01 9,436 $0.02 Effect of dilutive stock options............ 48 - 74 - ------ --------- ------ --------- Diluted................... 9,484 $0.01 9,510 $0.02 ====== ========= ====== ========
The following options were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares and their inclusion would be antidilutive:
Three Months ended March 31, ---------------------------- 2000 1999 ----------- ----------- Options to purchase shares of common stock (in thousands)..... 19 2 Exercise prices.................. $5.25-$6.00 $ 8.06 Expiration dates................. 6/03-2/10 6/99
-7- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS STATEMENT ON FORWARD-LOOKING INFORMATION Certain information included herein contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as statements relating to anticipated expenses, capital spending and financing sources. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made herein. These risks and uncertainties include, but are not limited to, those relating to competitive industry conditions, and expansion of Indian casinos in California, Reno-area tourism conditions, dependence on existing management, leverage and debt service (including sensitivity to fluctuations in interest rates), the regulation of the gaming industry (including actions affecting licensing), outcome of litigation, domestic or global economic conditions, changes in federal or state tax laws or the administration of such laws. RESULTS OF OPERATIONS Comparison of Operating Results for the Three Month Periods Ended March 31, 2000 and 1999 For the three month period ended March 31, 2000, the Company had net income of $93 thousand, or $0.01 per share, on net revenues of $22.6 million, a decrease from net income of $212 thousand, or $.02 per share, on net revenues of $14.9 million for the three months ended March 31, 1999. Income from operations for the three months ended March 31, 2000 totaled $2.2 million, compared to $941 thousand for the same period in 1999. The Company's first quarter of 2000 net revenue represents a new first quarter record for the Company, but net income and earnings per share were negatively impacted primarily by construction disruption and start-up expenses related to the Company's Atlantis expansion project (the "Atlantis Expansion") due to a 112.2% increase in depreciation and amortization and a 228.9% increase in interest expense compared to last year's first quarter. and the absence of a major event comparable to the four month American Bowling Congress Tournament in 1999's first quarter results In the Reno area market, the January through March period encompassing the Company's first quarter has traditionally been marked by weather-related seasonality, with winter storms producing moderate to severe travel delays and difficulties for visitors to the region. The impact of the weather this year and the absence of a major event were relatively minor when compared to the negative impact that construction disruption and start-up expenses was relatively minor. The Company incurred ongoing expansion related expenses throughout the first quarter of 1999 with no meaningful offsetting revenues from new capacity coming on line. The Atlantis Expansion consists of the enclosed overhead "skywalk" structure connecting the Atlantis with its 16 acre site across South Virginia Street from the Atlantis (the "Skywalk") and a new 27- story hotel tower containing additional casino and public space (the "Hotel Tower Project"). The Company completed the Skywalk during the third week of March 1999 and began bringing on line certain areas of the Hotel Tower Project during April 1999. The remainder of the Hotel Tower Project will be phased in over a period ending sometime late in the quarter ending June 30, 1999. Casino revenues were up 39.8% in the first quarter of 2000 compared to the first quarter of 1999, reflecting increases in both slot and table game win. Slot revenues were up 41.0% in the first quarter of 2000 compared to the first quarter of 1999 due to an increase in the volume of slot machine play and an increase in the number of slot machines on average for the quarter. Table game revenue in the first quarter of 2000 increased 33.0% from the first quarter of 1999 due to an increase in table game drop and an increase in the number of table games on average for the quarter. Casino operating expenses amounted to 41.5% of casino revenues in the first quarter of 2000, compared to 45.1% in the first quarter of 1999, with the difference due primarily to a decrease in operating and complimentaries costs. -8- Food and beverage revenues increased increased 48.5% in the first quarter of 2000 compared to the first quarter of 1999 due primarily to the opening of two new restaurants, an additional beverage lounge, and expansion of the buffet. While food and beverage operating margins remained relatively constant, reported food and beverage expenses amounted to to 62.8% of food and beverage revenues during the first quarter of 2000, an improvement from compared to 55.5% in the first quarter of 1999, which was primarily caused by classifying certain food and beverage costs in accordance with accounting requirements prescribed by the Securities and Exchange Commission. Hotel revenueswere essentially flat in the 2000 first quarter decreasing increased %73.9% from the 1999 first quarter, due to the opening of the new hotel tower with 385 rooms. The Atlantis' average daily room rate ("ADR") decreased was $50.67 in the first quarter of 2000 compared to $49.95 in the first quarter of 1999. Hotel operating expenses in the 2000 first quarter were 39.3% of hotel revenues, compared to 29.9% in the 1999 first quarter, as a result of increased payroll and operating costs for the expanded hotel in general and specifically for the new concierge tower. Other revenues increased increased 27.9% in the 2000 first quarter compared to the 1999 first quarter, primarily reflecting the opening of a logo gift shop. Other expenses in the 2000 first quarter amounted to to 37.9% of other revenues, compared to 34.2% in the 1999 first quarter as a result of higher gift shop operating costs and a decrease in the 2000 first quarter bad debt recoveries compared to the 1999 first quarter. Selling, general and administrative expenses amounted to to 26.3% of net revenues in the first quarter of 2000, compared to 32.4% in the first quarter of 1999. Thisincrease decrease is primarily due to higher personnel costs and higher economies of payroll and operating costs as a result of the expansion, whereby these costs did not increase as rapidly as revenues increased. Interest expense for the 2000 first quarter totaled $ $2.0 thousandmillion, an decrease increase of of 228.9%, from $575 620 thousand in the 1999 first quarter. The decrease increase reflects lower average interest rates on the Company's debt and the capitalization of certain interest costs in the 2000 period. the Company's increased debt due to the Atlantis expansion and an increase in interest rates. In the 2000 first quarter, the Company did not capitalize any interest costs; however, during the 1999 first quarter, $529 thousand in interest costs were capitalized. OTHER FACTORS AFFECTING CURRENT AND FUTURE RESULTS The recent constitutional amendment approved by California voters allowing the expansion of Indian casinos in California will have an impact on casino revenues in Nevada in general, and many analysts have predicted the impact will be more significant on the Reno-Lake Tahoe market. The extent of this impact is difficult to predict, but the Company believes that the impact on the Company will be mitigated to an extent due to the Atlantis' emphasis on Reno area residents as a significant base of its business. However, if other Reno area casinos suffer business losses due to increased pressure from California Indian casinos, they may intensify their marketing efforts to Reno area residents as well. However, the Company's numerous amenities such as a wide array of restaurants and other venues are a key factor in the Company's ability to attract Reno area residents which competitor facilities will not easily be able to match. -9- The Company also believes that the legalization of unlimited land-based casino gaming in or near any major metropolitan area in the Atlantis' key marketing areas, such as San Francisco or Sacramento, could have a material adverse effect on its business. The gaming industry represents a significant source of tax revenues to the State of Nevada. A recent proposal in Nevada would increase the tax on gaming revenues from 6.25% to 11.25%. If enacted, this proposal would have a material impact on the Company's results of operations. LIQUIDITY AND CAPITAL RESOURCES For the three months ended March 31, 2000, net cash provided by operating activities totaled $ $904 millionthousand.. Net cash used in investing activities for the same period totaled $1.3 million, which consisted primarily of acquisitions of property and equipment at the Atlantis. Net cash used for financing activities totaled $ $1.9 million as the Company used funds to fund the costs of the Atlantis Expansionreduce long-term debt. As a result, at March 31, 2000, the Company had cash of $ $4.1 million, compared to $5.06.4 million at December 31, 1999. The Company has an $80 million construction and reducing revolving credit facility with a group of banks (the "Credit Facility"). The principal terms of the Credit Facility are summarized in the Company's Annual Report on Form 10-K for the year ended December 31, 19981999. At March 31, 2000, the outstanding balance of the Credit Facility was $ $79.3 million. The Company also has available a second bank credit facility on which it may borrow up to $4.5 million. The principal terms of this second bank credit facility are also summarized in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. At March 31, 2000, the outstanding balance on this second bank credit facility was $ thousand. In addition to the potential funding requirements associated with the Atlantis Expansion, tThe Company continues to monitor expansion and development opportunities at its other Reno site and elsewhere in Nevada and in other jurisdictions. The decision by the Company to proceed with any substantial project will require the Company to secure adequate financing on acceptable terms. No assurances can be made that if such projects are pursued that adequate financing would be available on acceptable terms, if at all. The Company believes that its existing cash balances, cash flow from operations and borrowings available under the Credit Facility will provide the Company with sufficient resources to fund its operations, meet its existing debt obligations and fund its capital expenditure requirements; however, the Company's operations are subject to financial, economic, competitive, regulatory, and other factors, many of which are beyond its control. If the Company is unable to generate sufficient cash flow, it could be required to adopt one or more alternatives, such as reducing, delaying or eliminating planned capital expenditures, selling assets, restructuring debt or obtaining additional equity capital. -10- YEAR 2000 The Company has undertaken an assessment of the information systems and software used in its operations to determine whether or not those systems were Year 2000 compliant, and implemented plans to upgrade or replace systems and/or software that was determined not to be Year 2000 compliant. Based on that assessment, and the plans made as a result thereof, the Company believes that its critical information systems are Year 2000 compliant or will be made Year 2000 compliant before the end of 1999. The Company begun, and is continuing to assess, potential issues related to the Year 2000 other than those relating to the Company's internal information systems, such as critical supplier readiness and potential problems associated with embedded technologies, and will develop and implement plans to correct any deficiencies found. The costs of addressing the Company's Year 2000 issues have not been fully determined, but are not currently expected to be material to the Company's financial position; however, should the Company and/or its critical suppliers fail to identify and/or correct material Year 2000 issues, such failure could impact the Company's ability to operate as it did before the Year 2000, and subsequently have a material impact on the Company's operating results or financial position. In such an event, the Company will address issues as they arise and strive to minimize any impact on the Company's operations. PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit No. Description ----------- ----------- 27.01 Financial Data Schedule (b) Reports on Form 8-K None. -11- 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. MONARCH CASINO & RESORT, INC. (Registrant) Date: May 11, 2000 By: /s/ BEN FARAHI ------------------------------------ Ben Farahi, Co-Chairman of the Board, Secretary, Treasurer and Chief Financial Officer(Principal Financial Officer and Duly Authorized Officer)
-12- EXHIBIT INDEX Exhibit No. Description Page No. - ----------- ----------- -------- 27.01 Financial Data Schedule
-13- EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM REGISTRANT'S CONDENSED CONSOLIDATED FINANCIAL STATMENTS AS OF MARCH 31, 2000 AND THE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS. 3-MOS DEC-31-2000 MAR-31-2000 4,116,575 0 2,448,008 0 1,253,822 11,494,451 146,444,033 30,463,069 128,301,119 19,272,593 80,315,983 0 0 95,363 25,866,422 128,301,119 0 22,649,726 0 12,009,079 2,499,755 0 2,039,109 143,712 50,508 93,204 0 0 0 93,204 0.01 0.01
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