-----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, VKwjddtMAP1W08eC4SgRdF6eO/YCKFFbE68tIJSXfnqVE/FQIALQeF8Bx6+zF8kB U/6+ws84Cpm8ULfBVp3Vfw== 0000950123-00-004959.txt : 20000515 0000950123-00-004959.hdr.sgml : 20000515 ACCESSION NUMBER: 0000950123-00-004959 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: LEXINGTON CORPORATE PROPERTIES TRUST CENTRAL INDEX KEY: 0000910108 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133717318 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12386 FILM NUMBER: 629686 BUSINESS ADDRESS: STREET 1: 355 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126927260 MAIL ADDRESS: STREET 1: 355 LEXINGTON AVE STREET 2: 14TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: LEXINGTON CORPORATE PROPERTIES INC DATE OF NAME CHANGE: 19930816 10-Q 1 LEXINGTON CORPORATE PROPERTIES TRUST 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 [ ] 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 1-12386 LEXINGTON CORPORATE PROPERTIES TRUST (Exact name of registrant as specified in its charter) Maryland 13-3717318 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 355 Lexington Avenue 10017 New York, NY (Zip code) (Address of principal executive offices) (212) 692-7260 (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 --- --- Indicate the number of shares outstanding of each of the registrant's classes of common shares, as of the latest practicable date: 17,120,582 common shares, par value $.0001 per share on May 3, 2000. 2 PART I. - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2000 (Unaudited) and December 31, 1999 (in thousands, except share and per share data)
March 31, December 31, ASSETS: 2000 1999 ------- ---- ---- Real estate, at cost $ 695,980 $ 688,926 Less: accumulated depreciation and amortization 86,760 82,334 --------- --------- 609,220 606,592 Cash and cash equivalents 651 8,837 Restricted cash 2,214 2,470 Investment in and advances to joint ventures 18,184 11,523 Other assets, net 29,287 27,059 --------- --------- $ 659,556 $ 656,481 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY: Mortgages payable $ 306,045 $ 299,360 Credit facility 70,921 70,921 Subordinated notes payable, including accrued interest 1,936 1,973 Origination fees payable, including accrued interest 6,797 6,781 Accounts payable and other liabilities 6,291 6,168 --------- --------- 391,990 385,203 Minority interests 65,419 66,303 --------- --------- 457,409 451,506 --------- --------- Preferred shares, par value $0.0001 per share; authorized 10,000,000 shares. Class A Senior Cumulative Convertible Preferred, liquidation preference $25,000; 2,000,000 shares issued and outstanding 24,369 24,369 --------- --------- Common shares, par value $0.0001 per share; 287,888 shares issued and outstanding, liquidation preference $3,886 3,809 3,809 --------- --------- Shareholders' equity: Common shares, par value $0.0001 per share, authorized 40,000,000 shares, 16,815,715 and 16,905,285 shares issued and outstanding in 2000 and 1999, respectively 2 2 Additional paid-in-capital 239,376 240,339 Deferred compensation (1,281) (701) Accumulated distributions in excess of net income (62,138) (60,852) --------- --------- 175,959 178,788 Less: Notes receivable from officers/shareholders (1,990) (1,991) --------- --------- Total shareholders' equity 173,969 176,797 --------- --------- $ 659,556 $ 656,481 ========= =========
See accompanying notes to unaudited condensed consolidated financial statements. 3 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Quarters ended March 31, 2000 and 1999 (Unaudited and in thousands, except per share data)
2000 1999 ---- ---- Revenues: Rental $19,020 $18,862 Equity in earnings of joint ventures 402 -- Interest and other 188 299 ------- ------- 19,610 19,161 ------- ------- Expenses: Interest 7,434 7,141 Depreciation and amortization of real estate 4,426 4,439 Amortization of deferred expenses 293 243 General and administrative 1,286 1,010 Property operating 369 463 ------- ------- 13,808 13,296 ------- ------- Income before minority interests 5,802 5,865 Minority interests 1,331 1,502 ------- ------- Net income $ 4,471 $ 4,363 ======= ======= Net income per common share: Basic $ 0.23 $ 0.22 Diluted $ 0.23 $ 0.22
See accompanying notes to unaudited condensed consolidated financial statements. 4 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Quarters ended March 31, 2000 and 1999 (Unaudited and in thousands, except share data)
2000 1999 ---- ---- Net cash provided by operating activities $ 8,880 $ 9,223 -------- -------- Cash flows from investing activities: Additions to real estate assets (7,054) (7,520) Investment in and advances to joint ventures (5,920) -- Real estate deposits (1,161) -- -------- -------- Net cash used in investing activities (14,135) (7,520) -------- -------- Cash flows from financing activities: Dividends to common and preferred shareholders (5,757) (5,770) Principal payments on debt, excluding normal amortization (13,093) -- Principal amortization payments (1,822) (3,274) Proceeds of mortgages and notes payable 21,600 5,175 Cash distributions to minority interests (1,559) (1,621) Proceeds from the issuance of common shares, net 275 190 Repurchase of common shares (2,522) (461) Other financing activities, net (53) -- -------- -------- Net cash used in financing activities (2,931) (5,761) -------- -------- Change in cash and cash equivalents (8,186) (4,058) Cash and cash equivalents, at beginning of period 8,837 11,084 -------- -------- Cash and cash equivalents, at end of period $ 651 $ 7,026 ======== ========
Supplemental Disclosure of Non-Cash Investing and Financing Activities: During 2000 and 1999, holders of an aggregate of 52,531 and 84,790 partnership units, respectively, redeemed such units for common shares of the Company. This redemption resulted in an increase in shareholders' equity and a corresponding decrease in minority interest of $601 and $1,084, respectively. During 2000 and 1999, the Company issued 73,800 and 69,850 common shares, respectively, to certain employees and trustees resulting in $664 and $877 of deferred compensation, respectively. These common shares vest ratably primarily over a 5 year period. See accompanying notes to unaudited condensed consolidated financial statements. 5 LEXINGTON CORPORATE PROPERTIES TRUST AND CONSOLIDATED SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2000 (Unaudited and dollars in thousands, except per share data) (1) The Company Lexington Corporate Properties Trust (the "Company") is a self-managed and self-administered real estate investment trust ("REIT") that acquires, owns and manages a geographically diversified portfolio of sixty-nine net leased office, industrial and retail properties. The real properties owned by the Company are subject to triple net leases to corporate tenants. The Company was organized in 1993 to combine and continue to expand the business of two affiliated limited partnerships. The Company has qualified as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). A real estate investment trust is generally not subject to Federal income tax on that portion of its real estate investment trust taxable income, which is distributed to its shareholders, provided that at least 95% of taxable income is distributed. Accordingly, no provision for Federal income taxes has been made. The unaudited financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the condition and results for the interim periods. For a more complete understanding of the Company's operations and financial position, reference is made to the financial statements previously filed with the Securities and Exchange Commission with the Company's Annual Report on Form 10-K for the year ended December 31, 1999. (2) Summary of Significant Accounting Policies Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting. The financial statements reflect the accounts of the Company and its majority-owned subsidiaries, including Lepercq Corporate Income Fund L.P. ("LCIF") and Lepercq Corporate Income Fund II L.P. ("LCIF II"). The Company is the sole general partner and majority limited partner of LCIF and LCIF II. Earnings Per Share. Basic net income per share is computed by dividing net income reduced by preferred dividends by the weighted average number of common shares outstanding during the period. Diluted net income per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options and the Company's other dilutive securities. The Company's preferred shares and exchangeable redeemable secured notes are excluded from the 2000 and 1999 computations since they are anti-dilutive. In addition, the operating partnership units are also excluded from the 1999 computation. 6 The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the quarters ended March 31, 2000 and 1999 (in thousands, except share and per share data).
2000 1999 ---- ---- BASIC Net income $ 4,471 $ 4,363 Less preferred dividends (630) (630) ------------- ----------- Net income attributed to common shareholders $ 3,841 $ 3,733 ============= =========== Weighted average number of common shares outstanding 16,923,635 17,043,056 ============= =========== Net income per common share - basic: $ 0.23 $ 0.22 ============= =========== DILUTED Net income attributed to common shareholders $ 3,841 $ 3,733 Add incremental income attributed to assumed conversion of dilutive securities 1,286 -- ------------- ----------- Net income attributed to common shareholders $ 5,127 $ 3,733 ============= =========== Weighted average number of shares used in calculation of basic earnings per share 16,923,635 17,043,056 Add incremental shares representing: Shares issuable upon exercise of employee share options 64,743 22,858 Shares issuable upon conversion of dilutive securities 5,720,161 -- ------------- ----------- Weighted average number of shares used in calculation of diluted earnings per common share 22,708,539 17,065,914 ============= =========== Net income per common share - diluted: $ 0.23 $ 0.22 ============= ===========
Use of Estimates. Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. Reclassifications. Certain amounts included in the 1999 financial statements have been reclassified to conform to the 2000 presentation. (3) Investments in Real Estate The Company purchased a property in Hampton, Virginia leased to Nextel of the Mid-Atlantic Inc. for $6,700. The lease, which expires January 2010, provides for annual revenues of $719. The purchase price was partially funded through a $4,600 mortgage, which bears interest at 8.26%, matures April 2010 and provides for annual debt service payments of $415. The following unaudited pro forma operating information for the three months ended March 31, 2000 and 1999 has been prepared as if the 2000 and 1999 acquisitions and dispositions had been consummated as of January 1, 1999. The information does not purport to be indicative of what the operating results of the Company would have been had the 7 acquisitions and dispositions been consummated on that date or to be indicative of operating results which can be expected for future periods. The unaudited pro forma amounts are as follows:
Pro forma Three Months Ended March 31, 2000 1999 ---- ---- Revenues $ 19,785 $ 19,931 Net income $ 4,519 $ 4,654 Net income per common share: Basic $ 0.23 $ 0.24 Diluted $ 0.23 $ 0.23
(4) Investments in Joint Ventures The Company's joint venture with an institutional investor purchased two properties in 2000 for $51,400, of which $33,725 was funded through non recourse mortgages which mature in 2010 ($15,925) and 2012 ($17,800) and have a weighted average interest rate of 8.18%. The leases, which expire in October 2009 and April 2011, provide for annual rental revenue of approximately $6,077. (5) Minority Interests In conjunction with several of the Company's acquisitions, sellers were given interests in LCIF or LCIF II as a form of consideration. All of such interests are redeemable at certain times for common shares on a one-for-one basis at various dates through May 2006. As of March 31, 2000, the total number of limited partnership units of LCIF and LCIF II outstanding was 5,707,429. These units, subject to certain adjustments through the date of redemption, have distributions per unit in varying amounts up to $1.20 per annum. Minority interests in the accompanying consolidated financial statements include the interests in such partnerships held by parties other than the Company. (6) Subsequent Events The Company declared a dividend of $0.30 and $0.315 per share, respectively, to its common and preferred shareholders of record on May 1, 2000 to be paid on May 15, 2000. The Company contributed its property located in Herndon, Virginia net leased to NEC America, Inc. to its joint venture with an institutional partner. The Company realized approximately $4,600 in proceeds from the contribution. The Company sold its leasehold property in Houston, Texas net leased to Toys R Us for $4,000 and will use such proceeds to complete a tax-free exchange. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements When used in this Form 10-Q Report, the words "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially. In particular, among the factors that could cause actual results to differ materially are continued qualification as a real estate investment trust, general business and economic conditions, competition, increases in real estate construction costs, interest rates, accessibility of debt and equity capital markets and other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters and illiquidity of real estate investments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. General The Company, which has elected to qualify as a real estate investment trust under the Internal Revenue Code of 1986, acquires and manages net-leased commercial properties. As of March 31, 2000, the Company had ownership interests in sixty-nine real estate properties. Liquidity and Capital Resources Real Estate Assets. As of March 31, 2000, the Company's real estate assets were located in twenty-nine states and contained an aggregate of approximately 11.9 million square feet of net rentable space. The Properties are subject to tenant triple net leases, which are generally characterized as a lease in which the tenant pays all or substantially all of the cost and cost increases for real estate taxes, capital expenditures, insurance and ordinary maintenance of the Property. All of the sixty-nine Properties are currently leased. During the three months ended March 31, 2000, the Company made acquisitions totaling $58,100 including two made for its institutional joint venture. The Company's principal sources of liquidity are revenue generated from the Properties, interest on cash balances, amounts available under its credit facility and amounts that may be raised through the sale of securities in private or public offerings. For the quarter ended March 31, 2000, the leases on the Properties generated $19,020 in revenue compared to $18,862 during the same period in 1999. Dividends. The Company has made quarterly distributions since October, 1986 without interruption. The Company paid a dividend of $.27 per share to shareholders in respect of each of the calendar quarters of 1995 and the first quarter of 1996; $.28 per share in respect of the second and third quarters of 1996; $.29 per share in respect of the fourth quarter of 1996, each of the calendar quarters of 1997 and the first and second quarters of 1998 and $0.30 per share in respect of the third and fourth quarters of 1998 and all of the quarters of 1999. The Company declared a dividend in respect of the first quarter of 2000, in the amount of $.30 per share to shareholders of record as of May 1, 2000 to be paid on May 15, 2000. The Company's annualized dividend rate is currently $1.20 per share. UPREIT Structure. The Company's UPREIT structure permits the Company to effect acquisitions by issuing to a seller, as a form of consideration, interests in partnerships controlled by the Company. All of such interests are redeemable at certain times for common shares on a one-for-one basis and all of such interests require the Company to pay certain distributions to the holders of such interests. The Company accounts for these interests in a manner similar to a minority interest holder. The number of common shares that will be outstanding in the future should be expected to increase, and minority interest expense should be expected to decrease, from time to time, as such partnership interests are redeemed for common shares. The table set forth below provides certain information with respect to such partnership interests as of March 31, 2000. Mortgage Financing. The Company refinanced a $13,100, 8.875% balloon payment due in March 2000 with a $17,000, 8.1% mortgage that requires monthly principal and interest payments of $126 with a balloon payment of $15,200 due in February, 2010. 9
Current Total Redeemable Annualized Annualized for Shares of Number Per Unit Distribution Common Shares as of: of Units Distribution ($000) - ------------------- ------------ ------------ -------------- At any time 3,928,580 $ 1.20 $ 4,714 At any time 1,271,073 1.08 1,373 At any time 133,050 1.12 149 January 2003 17,901 - - March 2004 43,734 0.27 12 March 2004 27,314 - - November 2004 29,976 - - March 2005 29,384 - - January 2006 187,163 - - February 2006 29,886 - - May 2006 9,368 0.29 3 ------------ ---- ---------- Total 5,707,429 $ 1.10 $ 6,251 ============ ==== ==========
Financing Revolving Credit Facility. As of March 31, 2000, the amount outstanding on the Company's credit facility was $70,921, bore interest at 7.52% per annum and had $11,487 available for additional borrowings. Debt Service Requirements. The Company's principal liquidity needs are the payment of interest and principal on outstanding mortgage debt. As of March 31, 2000, a total of forty-nine properties were subject to outstanding mortgages, which had an aggregate principal amount of $306,045. The weighted average interest rate on the Company's debt, including line of credit borrowings, on such date was approximately 7.72%. Lease Obligations. Since the Company's tenants bear all or substantially all of the cost of property maintenance and capital improvements, the Company does not anticipate significant needs for cash for property maintenance or repairs. The Company generally funds property expansions with additional secured borrowings, the repayment of which is funded out of rental increases under the leases covering the expanded properties. Results of Operations
Quarter ended March 31, Increase Selected Income Statement Data 2000 1999 (Decrease) ---- ---- ---------- Total revenues $ 19,610 $ 19,161 $ 449 Rental 19,020 18,862 158 Equity in earnings of joint ventures 402 - 402 Interest and other 188 299 (111) Total expenses 13,808 13,296 512 Interest 7,434 7,141 293 Depreciation & amortization of real estate 4,426 4,439 (13) General & administrative 1,286 1,010 276 Property operating 369 463 (94) Net income 4,471 4,363 108
Changes in the results of operations for the Company were primarily due to the growth of its portfolio and costs associated with such growth. The Company formed two joint ventures during the latter part of 1999 resulting in the recognition of income from joint ventures in 2000. The increase in interest expense is due to the growth of the Company's portfolio and an increase in the weighted average borrowing rate. The increase in general and administrative expense relates primarily to the amortization of deferred 10 compensation. The reduction in property operating expenses results from the portfolio being fully occupied in 2000 and having one vacant property in 1999. Funds From Operations Management believes that Funds From Operations enhances an investor's understanding of the Company's financial condition, results of operations and cash flows and believes it is an appropriate performance measure for an equity REIT which provides an indication of a REIT's ability to make cash distributions. Funds From Operations is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT) as "net income (or loss) (computed in accordance with generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures." The Company's method of calculating Funds From Operations excludes other non-recurring revenue and expense items and may be different from methods used by other REITs and, accordingly, is not comparable to such other REITs. Funds From Operations should not be considered an alternative to net income as an indicator of operating performance or to cash flows from operating activities as determined in accordance with GAAP, or as a measure of liquidity to other consolidated income or cash flow statement data as determined in accordance with GAAP. The following table reflects the calculation of the Company's Funds From Operations and cash flow activities for the quarters ended March 31, 2000 and 1999.
Quarter ended March 31 , 2000 1999 ---- ---- Net income $ 4,471 $ 4,363 Add back: Depreciation and amortization of real estate 4,426 4,439 Minority interest's share of net income 1,286 1,446 Amortization of leasing commissions 33 -- Deemed conversion of notes payable 82 -- Joint venture adjustment 397 -- -------- -------- Funds From Operations $ 10,695 $ 10,248 ======== ======== Cash flows from operating activities $ 8,880 $ 9,223 Cash flows from investing activities (14,135) (7,520) Cash flows from financing activities (2,931) (5,761)
For the quarters ended March 31, 2000 and 1999, the Company's dividends paid to shareholders and distributions paid to unitholders amounted to approximately 69.8% and 73.2% of the Company's Funds From Operations, respectively. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company's exposure to market risk relates to its variable rate unsecured credit facility. As of March 31, 2000 and 1999, the Company's variable rate indebtedness represented 18.7% and 15.1% of total long-term indebtedness, respectively. During the quarters ended March 31, 2000 and 1999, this variable rate indebtedness had a weighted average interest rate of 7.52% and 6.66%, respectively, and had the weighted average interest rate been 100 basis points higher, the Company's net income would have been reduced by approximately $177 and $140, respectively. 11 PART II - OTHER INFORMATION ITEM 1. Legal Proceedings - not applicable. ITEM 2. Changes in Securities - not applicable. ITEM 3. Defaults under the Senior Securities - not applicable. ITEM 4. Submission of Matters to a Vote of Security Holders - not applicable. ITEM 5. Other Information - not applicable. ITEM 6. Exhibits and Reports on Form 8-K. (a) Exhibits - Exhibit No. Exhibit ----------- ------- 27 Financial Data Schedule as of and for the three months ended March 31, 2000 (b) Reports on Form 8-K filed during the quarter ended March 31, 2000. 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. Lexington Corporate Properties Trust Date: May 12, 2000 By: /s/ E. Robert Roskind ---------------------- ---------------------------------------- E. Robert Roskind Chairman and Co-Chief Executive Officer Date: May 12, 2000 By: /s/ Patrick Carroll ---------------------- ---------------------------------------- Patrick Carroll Chief Financial Officer and Treasurer EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AND THE CONDENSED CONSOLIDATED STATEMENT OF INCOME AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2000 AS CONTAINED IN THE COMPANY'S FORM 10Q FOR SUCH PERIOD AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10Q. DOLLARS ARE IN THOUSANDS, EXCEPT PER SHARE DATA. 1,000 U.S. DOLLARS 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 1 2,865 0 0 0 0 0 695,980 86,760 659,556 0 385,699 24,369 0 2 173,967 659,556 0 19,610 0 4,795 293 0 7,434 5,802 0 4,471 0 0 0 4,471 0.23 0.23
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