-----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, R5QaOozqBkHbCSc9fx4MERTcKygnWxUONvShYDvxS4XG08JHHaNNfTTHyF6Qdcao xqScJv6gYROz2/HGYsN+/Q== 0000950149-96-000611.txt : 19960517 0000950149-96-000611.hdr.sgml : 19960517 ACCESSION NUMBER: 0000950149-96-000611 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRONOS GLOBAL INCOME FUND XV LP CENTRAL INDEX KEY: 0000912605 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 943186624 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23886 FILM NUMBER: 96565069 BUSINESS ADDRESS: STREET 1: 444 MARKET ST STREET 2: 15TH FLR CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4156778990 10-Q 1 CRONOS GLOBAL INCOME FUND XV, LP 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number 0-23886 CRONOS GLOBAL INCOME FUND XV, L.P. (Exact name of registrant as specified in its charter) California 94-3186624 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 444 Market Street, 15th Floor, San Francisco, California 94111 (Address of principal executive offices) (Zip Code) (415) 677-8990 (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 . --- --- 2 CRONOS GLOBAL INCOME FUND XV, L.P. REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996 TABLE OF CONTENTS
PAGE PART I - FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets - March 31, 1996 (unaudited) and December 31, 1995 4 Statements of Operations for the three months ended March 31, 1996 and 1995 (unaudited) 5 Statements of Cash Flows for the three months ended March 31, 1996 and 1995 (unaudited) 6 Notes to Financial Statements (unaudited) 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of 10 Operations PART II - OTHER INFORMATION Item 5. Other Materially Important Events 12 Item 6. Exhibits and Reports on Form 8-K 13
2 3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements Presented herein are the Registrant's balance sheets as of March 31, 1996 and December 31, 1995, statements of operations for the three months ended March 31, 1996 and 1995, and statements of cash flows for the three months ended March 31, 1996 and 1995. 3 4 CRONOS GLOBAL INCOME FUND XV, L.P. BALANCE SHEETS (UNAUDITED)
March 31, December 31, 1996 1995 ------------- ------------- Assets Current assets: Cash, includes $1,282,346 at March 31, 1996 and $715,458 at December 31, 1995 in interest-bearing accounts $ 1,302,892 $ 717,359 Short-term investments 15,300,000 33,333,858 Net lease receivables due from Leasing Company (notes 1 and 2) 2,221,462 2,130,519 ------------- ------------- Total current assets 18,824,354 36,181,736 ------------- ------------- Container rental equipment, at cost 117,353,650 100,639,251 Less accumulated depreciation 7,940,989 6,375,758 ------------- ------------- Net container rental equipment 109,412,661 94,263,493 ------------- ------------- Organizational costs, net 2,284,529 2,424,105 ------------- ------------- $ 130,521,544 $ 132,869,334 ============= ============= Liabilities and Partners' Capital Current liabilities: Due to general partner (notes 1 and 3) $ 189,065 $ 118,059 Interest payable - 10,967 Due to manufacturers 3,781,300 4,250,500 ------------- ------------- Total current liabilities 3,970,365 4,379,526 ------------- ------------- Partners' capital (deficit): General partner (39,459) (41,287) Limited partners 126,590,638 128,531,095 ------------- ------------- Total partners' capital 126,551,179 128,489,808 ------------- ------------- $ 130,521,544 $ 132,869,334 ============= =============
The accompanying notes are an integral part of these statements 4 5 CRONOS GLOBAL INCOME FUND XV, L.P. STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, March 31, 1996 1995 ----------- ----------- Net lease revenue (notes 1 and 4) $ 3,124,126 $ 2,433,690 Other operating expenses: Depreciation and amortization 1,724,455 1,056,784 Other general and administrative expenses 43,584 24,762 ----------- ----------- 1,768,039 1,081,546 ----------- ----------- Earnings from operations 1,356,087 1,352,144 Other income (expense): Interest income 356,916 20,666 Net gain on disposal of equipment 21,428 1,971 Interest expense - (206,471) ----------- ----------- 378,344 (183,834) ----------- ----------- Net earnings $ 1,734,431 $ 1,168,310 =========== =========== Allocation of net earnings: General partner $ 185,481 $ 56,506 Limited partners 1,548,950 1,111,804 ----------- ----------- $ 1,734,431 $ 1,168,310 =========== =========== Limited partners' per unit share of net earnings $ .22 $ .42 =========== ===========
The accompanying notes are an integral part of these statements 5 6 CRONOS GLOBAL INCOME FUND XV, L.P. STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, March 31, 1996 1995 ------------ ------------ Net cash provided by operating activities $ 3,331,890 $ 2,158,583 Net cash provided by (used in) investing activities: Proceeds from sale of container rental equipment 127,886 12,235 Purchase of container rental equipment (16,405,451) (7,746,927) Acquisition fees paid to general partner (820,273) (618,050) ------------ ------------ Net cash used in investing activities (17,097,838) (8,352,742) ------------ ------------ Cash flows provided by (used in) financing activities: Capital contributions - 14,641,600 Underwriting commissions - (1,464,160) Offering and organizational expenses (9,317) (369,803) Distribution to partners (3,673,060) (1,120,733) Borrowings from revolving credit facility - 6,644,573 Repayments to revolving credit facility - (11,258,648) Loan origination costs - (875) ------------ ------------ Net cash provided by (used in) financing activities (3,682,377) 7,071,954 ------------ ------------ Net increase (decrease) in cash and cash equivalents (17,448,325) 877,795 Cash and cash equivalents at January 1 34,051,217 1,732,203 ------------ ------------ Cash and cash equivalents at March 31 $ 16,602,892 $ 2,609,998 ============ ============ Supplemental disclosure for cash flow information: Cash paid during the period for: Interest $ 8,003 $ 113,550 ============ ============
The accompanying notes are an integral part of these statements 6 7 CRONOS GLOBAL INCOME FUND XV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (1) Summary of Significant Accounting Policies (a) Nature of Operations Cronos Global Income Fund XV, L.P. (the "Partnership") is a limited partnership organized under the laws of the State of California on August 26, 1993, for the purpose of owning and leasing marine cargo containers, special purpose containers and container-related equipment. Cronos Capital Corp. ("CCC") is the general partner and, with its affiliate Cronos Containers Limited (the "Leasing Company"), manages and controls the business of the Partnership. (b) Leasing Company and Leasing Agent Agreement The Partnership has entered into a Leasing Agent Agreement whereby the Leasing Company has the responsibility to manage the leasing operations of all equipment owned by the Partnership. Pursuant to the Agreement, the Leasing Company is responsible for leasing, managing and re-leasing the Partnership's containers to ocean carriers and has full discretion over which ocean carriers and suppliers of goods and services it may deal with. The Leasing Agent Agreement permits the Leasing Company to use the containers owned by the Partnership, together with other containers owned or managed by the Leasing Company and its affiliates, as part of a single fleet operated without regard to ownership. Since the Leasing Agent Agreement meets the definition of an operating lease in Statement of Financial Accounting Standards (SFAS) No. 13, it is accounted for as a lease under which the Partnership is lessor and the Leasing Company is lessee. The Leasing Agent Agreement generally provides that the Leasing Company will make payments to the Partnership based upon rentals collected from ocean carriers after deducting direct operating expenses and management fees to CCC and the Leasing Company. The Leasing Company leases containers to ocean carriers, generally under operating leases which are either master leases or term leases (mostly two to five years). Master leases do not specify the exact number of containers to be leased or the term that each container will remain on hire but allow the ocean carrier to pick up and drop off containers at various locations; rentals are based upon the number of containers used and the applicable per-diem rate. Accordingly, rentals under master leases are all variable and contingent upon the number of containers used. Most containers are leased to ocean carriers under master leases; leasing agreements with fixed payment terms are not material to the financial statements. Since there are no material minimum lease rentals, no disclosure of minimum lease rentals is provided in these financial statements. (c) Basis of Accounting The Partnership utilizes the accrual method of accounting. Revenue is recognized when earned. The Partnership has determined that for accounting purposes the Leasing Agent Agreement is a lease, and the receivables, payables, gross revenues and operating expenses attributable to the containers managed by the Leasing Company are, for accounting purposes, those of the Leasing Company and not of the Partnership. Consequently, the Partnership's balance sheets and statements of operations display the payments to be received by the Partnership from the Leasing Company as the Partnership's receivables and revenues. 7 8 CRONOS GLOBAL INCOME FUND XV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (d) Financial Statement Presentation These financial statements have been prepared without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting procedures have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and accompanying notes in the Partnership's latest annual report on Form 10-K. The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. The interim financial statements presented herewith reflect all adjustments of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the financial condition and results of operations for the interim periods presented. (2) Net Lease Receivables Due from Leasing Company Net lease receivables due from the Leasing Company are determined by deducting direct operating payables and accrued expenses, base management fees payable, and reimbursed administrative expenses payable to CCC, the Leasing Company, and its affiliates from the rental billings payable by the Leasing Company to the Partnership under operating leases to ocean carriers for the containers owned by the Partnership. Net lease receivables at March 31, 1996 and December 31, 1995 were as follows:
March 31, December 31, 1996 1995 ---------- ------------ Lease receivables, net of doubtful accounts of $248,187 at March 31, 1996 and $201,958 at December 31, 1995 $4,164,304 $3,857,584 Less: Direct operating payables and accrued expenses 945,144 740,754 Damage protection reserve 590,040 537,205 Base management fees 315,938 361,199 Reimbursed administrative expenses 91,720 87,907 ---------- ---------- $2,221,462 $2,130,519 ========== ==========
(3) Due to General Partner The amount due to CCC at March 31, 1996 and December 31, 1995 consists of acquisition fees. 8 9 CRONOS GLOBAL INCOME FUND XV, L.P. NOTES TO UNAUDITED FINANCIAL STATEMENTS (4) Net Lease Revenue Net lease revenue is determined by deducting direct operating expenses, management fees and reimbursed administrative expenses to CCC, the Leasing Company, and its affiliates from the rental revenue billed by the Leasing Company under operating leases to ocean carriers for the containers owned by the Partnership. Net lease revenue for the three months ended March 31, 1996 and 1995 were as follows:
Three Months Ended March 31, March 31, 1996 1995 ---------- ---------- Rental revenue $4,911,247 $3,431,980 Rental equipment operating expenses 1,145,699 558,587 Base management fees 338,120 248,000 Reimbursed administrative expenses 303,302 191,703 ---------- ---------- $3,124,126 $2,433,690 ========== ==========
(5) Equipment Purchases As of March 31, 1996, the Partnership had purchased the following types of equipment:
Purchased from Purchased Container Total Equipment Type from CCC Manufacturers Purchased -------------- --------- -------------- --------- Dry Cargo Containers: Twenty-foot 8,357 16,652 25,009 Forty-foot 2,884 5,300 8,184 Forty-foot high-cube 397 900 1,297 Refrigerated Cargo Containers: Twenty-foot 163 300 463 Forty-foot high-cube 100 - 100 Tank Containers: 24,000-liter 133 81 214
The aggregate purchase price (excluding acquisition fees) of the equipment acquired by the Partnership through March 31, 1996 was $112,071,196, of which $108,289,996 was paid from the Net Proceeds of this offering, and $3,781,300 remained payable to equipment manufacturers. Of the aggregate, $39,848,185 of equipment thereof had been acquired from CCC or its affiliates, and $72,223,011 of equipment thereof had been acquired from third-party container manufacturers located in Taiwan, South Korea, India, Indonesia, the People's Republic of China, Italy and the United Kingdom. Equipment acquired from CCC or its affiliates had been purchased by CCC and its affiliates as new equipment, and was resold to the Partnership at cost, minus the net revenues earned by CCC in operating the equipment prior to its resale to the Partnership. At March 31, 1996, the Partnership has committed to purchase from container manufacturers an additional three 24,000-liter tank containers, at an aggregate manufacturers' invoice cost of approximately $75,924 during the second quarter of 1996. The Partnership expects to fully invest the remaining unused proceeds from this offering in container equipment by the end of May 1996. 9 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations It is suggested that the following discussion be read in conjunction with the Registrant's most recent annual report on Form 10-K. 1) Material changes in financial condition between March 31, 1996 and December 31, 1995. The Registrant initiated its offering of limited partnership interests to the public subsequent to December 17, 1993. The Registrant commenced operations on February 22, 1994 when the minimum subscription proceeds of $2,000,000 was obtained from at least 100 investors (excluding from such count, Pennsylvania residents, the general partner, and affiliates of the general partner). At December 15, 1995, the termination date of the offering, the Registrant had raised $143,031,380 through the offering of limited partnership interests, from which it had paid brokerage commissions, reimbursed CCC for public offering expenses, and purchased equipment. The following table sets forth the use of said subscription proceeds as of March 31, 1996.
Percentage of Amount Gross Proceeds ------ -------------- Gross Subscription Proceeds $143,031,380 100.0% Public Offering Expenses: Underwriting Commissions 14,303,138 10.0% Offering and Organization Expenses 2,977,857 2.1% ------------ ----- Total Public Offering Expenses 17,280,995 12.1% ------------ ----- Net Proceeds 125,750,385 87.9% Acquisition Fees 5,414,494 3.8% Working Capital Reserve 1,430,314 1.0% Unexpended Proceeds 10,615,681 7.4% ------------ ----- Gross Proceeds Invested in Equipment $108,289,896 75.7% ============ =====
During the first quarter of 1996, the Registrant expended $16,405,451 of unused proceeds to purchase an additional 1,450 twenty-foot, 1,400 forty-foot, and 200 forty-foot high-cube dry cargo containers, as well as 300 twenty-foot refrigerated cargo containers and 49 24,000-liter tank containers. The Registrant's cash and short-term investment balances as of March 31, 1996 included $10,615,681 in unused proceeds from the offering of limited partnership interests, together with interest earned thereon, and amounts reserved as working capital. At March 31, 1996, the Registrant had committed to purchase from container manufacturers an additional three 24,000-liter tank containers at an aggregate manufacturer's invoice cost of $75,924. The Registrant expects to fully invest the remaining unused proceeds from this offering in container equipment by the end of May 1996. 10 11 The statements contained in the following discussion are based on current expectations. These statements are forward looking and actual results may differ materially. The container leasing market generally softened during the fourth quarter of 1995 and has remained so during the first quarter of 1996. At March 31, 1996, container inventories remained at larger-than-usual levels, resulting in market conditions that subjected the Registrant's fleet to fluctuating utilization levels. Additionally, utilization rates of the Registrant's fleet have been further influenced by the Registrant's efforts to invest the remaining proceeds from its offering. During the first quarter of 1996, the Leasing Company has implemented various marketing strategies, including but not limited to, offering incentives to shipping companies and repositioning containers to high demand locations in order to counter these market conditions. The Leasing Company expects the Registrant to recognize the benefits of these efforts during the next few quarters of 1996. However, per-diem rental rates have recently become subject to downward pressures within the container leasing market. A reduction in per-diem rental rates, combined with current utilization levels, could impact the Registrant's results from operations during the remainder of 1996. 2) Material changes in the results of operations between the three-month periods ended March 31, 1996 and 1995. Net lease receivables due from the Leasing Company are determined by deducting direct operating payables and accrued expenses, base management fees payable, and reimbursed administrative expenses payable to the general partner and its affiliates from the rental billings payable by the Leasing Company to the Registrant. Net lease revenue for the first quarter of 1996 was $3,124,126, an increase of approximately 28% over the first quarter of 1995. Gross rental revenue (a component of net lease revenue) for the quarter was $4,911,247, an increase of 43% over the first quarter of 1995. During 1996, gross rental revenue was primarily impacted by an increase in the Registrant's average fleet size. Average dry cargo container per-diem rental rates declined approximately 4% when compared to the same period in the prior year. Average refrigerated and tank container per-diem rates increased approximately 1% and 3%, respectively, when compared to the same period in the prior year. The Registrant's fleet size, as measured in twenty-foot equivalent units ("TEU"), and average utilization rates at March 31, 1996 and March 31, 1995 were as follows:
March 31, March 31, 1996 1995 --------- --------- Fleet size (measured in twenty-foot equivalent units (TEU)) Dry cargo containers 42,387 25,605 Refrigerated containers 596 353 Tank containers 193 88 Average utilization Dry cargo containers 80.2% 87.2% Refrigerated containers 64.0% 99.9% Tank containers 89.7% 76.9%
Utilization rates of the Registrant's fleet may continue to fluctuate and will eventually stabilize, as the Registrant fully invests the remaining unused net proceeds from its offering in container equipment through the first half of 1996. Rental equipment operating expenses were 23% of the Registrant's gross lease revenue during the three-month period ended March 31, 1996, as compared to 16% during the three-month period ended March 31, 1995. This increase was largely attributable to an increase in costs associated with the Registrant's growing fleet, and costs associated with fluctuating utilization levels, including handling, storage and repositioning. The Registrant disposed of 40 twenty-foot, two forty-foot, and two forty-foot high-cube marine dry cargo containers during 1996, as compared to 54 twenty-foot and 13 forty-foot marine dry cargo containers during 1995. The decision to repair or dispose of a container is made when it is returned by a lessee. This decision is influenced by various factors including the age, condition, suitability for continued leasing, as well as the geographical location of the container when disposed. These factors also influence the amount of sales proceeds received and the related gain on container disposals. 11 12 PART II - OTHER INFORMATION Item 5. Other Materially Important Events Equipment Acquisitions Pursuant to its undertakings made in its Registration Statement No. 33-69356, Section 7.2 (h) of the Partnership Agreement, the Registrant had purchased the following types of equipment as of March 31, 1996:
Purchased Registrant's Purchased from from Container Total Average Cost Equipment Type the General Partner Manufacturers Purchased Per Container -------------- ------------------- -------------- --------- ------------- Dry Cargo Containers: Twenty-foot 8,357 16,652 25,009 $ 2,366 Forty-foot 2,884 5,300 8,184 $ 3,784 Forty-foot high-cube 397 900 1,297 $ 4,061 Refrigerated Cargo Containers: Twenty-foot 163 300 463 $ 19,889 Forty-foot high-cube 100 - 100 $ 23,094 Tank Containers: 24,000-liter 133 81 214 $ 24,031
The aggregate purchase price (excluding acquisition fees) of the equipment acquired by the Registrant through March 31, 1996, was $112,071,196, of which $108,289,896 was paid from the Net Proceeds of this offering, and $3,781,300 remained payable to equipment manufacturers. Of the aggregate, $39,848,185 of equipment thereof had been acquired from CCC or its affiliates, and $72,223,011 of equipment thereof had been acquired from third-party container manufacturers located in Taiwan, South Korea, India, Indonesia, the People's Republic of China, Italy, and the United Kingdom. Equipment acquired from CCC or its affiliates had been purchased by CCC or its affiliates as new equipment, and was resold to the Registrant at cost, minus the net revenues earned by CCC in operating the equipment prior to its resale to the Registrant. At March 31, 1996, the Registrant has committed to purchase from container manufacturers an additional three 24,000-liter tank containers, at an aggregate manufacturers' invoice cost of approximately $75,924. 12 13 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits
Exhibit No. Description Method of Filing ------- ----------- ---------------- 3(a) Limited Partnership Agreement of the Registrant, * amended and restated as of December 15, 1993 3(b) Certificate of Limited Partnership of the ** Registrant 10 Form of Leasing Agent Agreement with Cronos *** Containers Limited 27 Financial Data Schedule Filed with this document
(b) Reports on Form 8-K In lieu of filing a current report on Form 8-K, the Registrant has provided in Part II, Item 5 hereof, a description of its purchase of marine cargo containers during the three-month period ended March 31, 1996. - ---------------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 17, 1993, included as part of Registration Statement on Form S-1 (No. 33-69356) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-69356) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-69356) 13 14 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. CRONOS GLOBAL INCOME FUND XV, L.P. By Cronos Capital Corp. The General Partner By /s/ JOHN KALLAS --------------------------------------- John Kallas Vice President, Chief Financial Officer Principal Accounting Officer Date: May 14, 1996 14 15 EXHIBIT INDEX
Exhibit No. Description Method of Filing ------- ----------- ---------------- 3(a) Limited Partnership Agreement of the Registrant, * amended and restated as of December 15, 1993 3(b) Certificate of Limited Partnership of the ** Registrant 10 Form of Leasing Agent Agreement with Cronos *** Containers Limited 27 Financial Data Schedule Filed with this document
- ---------------- * Incorporated by reference to Exhibit "A" to the Prospectus of the Registrant dated December 17, 1993, included as part of Registration Statement on Form S-1 (No. 33-69356) ** Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-69356) *** Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-69356) EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE SHEET AT MARCH 31, 1996 (UNAUDITED) AND THE STATEMENT OF OPERATIONS FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996 (UNAUDITED) AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS INCLUDED AS PART OF ITS QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD MARCH 31, 1996. 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 16,602,892 0 2,221,462 0 0 18,824,354 117,353,650 7,940,989 130,521,544 3,970,365 0 0 0 0 126,551,179 130,521,544 0 3,124,126 0 1,768,039 0 0 0 0 0 0 0 0 0 1,734,431 0 0
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