-----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, WLf23mt/aWeHmCqvWwTeGz3eKLUaEeVVwdK9ZfAOVNjznfdh9vhj9ObjX+UanK8m 3hGJ2b/s/1WqvRNAseAgyw== 0001024401-00-000015.txt : 20000515 0001024401-00-000015.hdr.sgml : 20000515 ACCESSION NUMBER: 0001024401-00-000015 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: NORTHERN BORDER PARTNERS LP CENTRAL INDEX KEY: 0000909281 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 931120873 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-12202 FILM NUMBER: 627577 BUSINESS ADDRESS: STREET 1: 1400 SMITH ST STREET 2: C/O ENRON BLDG CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7138536161 MAIL ADDRESS: STREET 1: 1400 SMITH ST STREET 2: ENRON BUILDING RM 4524 CITY: HOUSTON STATE: TX ZIP: 77002 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 Commission File Number 1-12202 NORTHERN BORDER PARTNERS, L.P. (Exact name of registrant as specified in its charter) Delaware 93-1120873 (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) Number) Enron Building 1400 Smith Street Houston, Texas 77002 (Address of principal executive (Zip code) offices) (713) 853-6161 (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 [ ] 1 of 15 NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES TABLE OF CONTENTS Page No. PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Consolidated Statement of Income - Three Months Ended March 31, 2000 and 1999 3 Consolidated Balance Sheet - March 31, 2000 and December 31, 1999 4 Consolidated Statement of Cash Flows - Three Months Ended March 31, 2000 and 1999 5 Consolidated Statement of Changes in Partners' Capital - Three Months Ended March 31, 2000 6 Notes to Consolidated Financial Statements 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 13 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K 14 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (In Thousands, Except Per Unit Amounts) (Unaudited)
Three Months Ended March 31, 2000 1999 OPERATING REVENUES, NET $81,517 $78,895 OPERATING EXPENSES Operations and maintenance 12,874 12,763 Depreciation and amortization 15,502 13,449 Taxes other than income 7,883 7,635 Operating expenses 36,259 33,847 OPERATING INCOME 45,258 45,048 INTEREST EXPENSE 18,691 16,244 OTHER INCOME 22 1,921 MINORITY INTERESTS IN NET INCOME 8,623 9,094 NET INCOME TO PARTNERS $17,966 $21,631 NET INCOME PER UNIT $ .59 $ .72 NUMBER OF UNITS USED IN COMPUTATION 29,347 29,347 The accompanying notes are an integral part of these consolidated financial statements.
PART I. FINANCIAL INFORMATION (Continued) ITEM 1. FINANCIAL STATEMENTS (Continued) NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (In Thousands) (Unaudited)
March 31, December 31, ASSETS 2000 1999 CURRENT ASSETS Cash and cash equivalents $ 48,043 $ 22,927 Accounts receivable 35,792 30,238 Materials and supplies, at cost 5,840 4,410 Under recovered cost of service 733 3,068 Total current assets 90,408 60,643 TRANSMISSION PLANT Property, plant and equipment 2,406,456 2,410,133 Less: Accumulated provision for depreciation and amortization 679,523 664,777 Property, plant and equipment, net 1,726,933 1,745,356 INVESTMENTS AND OTHER ASSETS Investment in unconsolidated affiliate 33,647 31,895 Other 25,186 25,543 Total investments and other assets 58,833 57,438 Total assets $1,876,174 $1,863,437 LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES Current maturities of long-term debt $ 188,700 $ 183,617 Accounts payable 4,500 8,279 Accrued taxes other than income 28,804 26,608 Accrued interest 8,632 17,608 Accumulated provision for rate refunds 9,233 2,317 Total current liabilities 239,869 238,429 LONG-TERM DEBT, NET OF CURRENT MATURITIES 862,239 848,369 MINORITY INTERESTS IN PARTNERS' CAPITAL 249,812 250,450 RESERVES AND DEFERRED CREDITS 10,690 10,920 PARTNERS' CAPITAL General Partners 10,271 10,305 Common Units 503,293 504,964 Total partners' capital 513,564 515,269 Total liabilities and partners' capital $1,876,174 $1,863,437 The accompanying notes are an integral part of these consolidated financial statements.
PART I. FINANCIAL INFORMATION (Continued) ITEM 1. FINANCIAL STATEMENTS (Continued) NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (In Thousands) (Unaudited)
Three Months Ended March 31, 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES: Net income to partners $ 17,966 $ 21,631 Adjustments to reconcile net income to partners to net cash provided by operating activities: Depreciation and amortization 15,554 13,452 Minority interests in net income 8,623 9,094 Provision for rate refunds 6,916 -- Changes in components of working capital (11,685) (7,619) Other 13 194 Total adjustments 19,421 15,121 Net cash provided by operating activities 37,387 36,752 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in unconsolidated affiliate (2,109) -- Capital expenditures for property, plant and equipment (380) (57,368) Net cash used in investing activities (2,489) (57,368) CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions to Unitholders and General Partners (19,671) (18,290) Distributions to Minority Interests (9,261) (11,404) Issuance of long-term debt 20,000 65,000 Long-term debt financing costs (101) -- Retirement of long-term debt (749) (5,674) Net cash provided by (used in) financing activities (9,782) 29,632 NET CHANGE IN CASH AND CASH EQUIVALENTS 25,116 9,016 Cash and cash equivalents-beginning of period 22,927 41,042 Cash and cash equivalents-end of period $ 48,043 $ 50,058 Supplemental Disclosures of Cash Flow Information: Cash paid for: Interest (net of amount capitalized) $ 27,820 $ 20,405 Changes in components of working capital: Accounts receivable $ (5,554) $ (9,649) Materials and supplies (1,430) 468 Under recovered cost of service 2,335 3,290 Accounts payable (256) 176 Accrued taxes other than income 2,196 2,371 Accrued interest (8,976) (4,275) Total $(11,685) $ (7,619) The accompanying notes are an integral part of these consolidated financial statements.
PART I. FINANCIAL INFORMATION (Continued) ITEM 1. FINANCIAL STATEMENTS (Continued) NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (In Thousands) (Unaudited)
Total General Common Partners' Partners Units Capital Partners' Capital at December 31, 1999 $10,305 $504,964 $515,269 Net income to partners 561 17,405 17,966 Distributions to partners (595) (19,076) (19,671) Partners' Capital at March 31, 2000 $10,271 $503,293 $513,564 The accompanying notes are an integral part of this consolidated financial statement.
PART I. FINANCIAL INFORMATION - (Continued) ITEM 1. FINANCIAL STATEMENTS - (Continued) NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated financial statements included herein have been prepared by Northern Border Partners, L.P. (the "Partnership") without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods. Certain information and notes normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. However, the Partnership believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 1999. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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 reporting period. Actual results could differ from those estimates. The Partnership owns a 70% general partner interest in Northern Border Pipeline Company ("Northern Border Pipeline"). Black Mesa Holdings, Inc., Black Mesa Pipeline Operations, L.L.C. and NBP Energy Pipelines, L.L.C. ("NBP Energy") are wholly-owned subsidiaries of the Partnership. NBP Energy owns a 39% common membership interest in Bighorn Gas Gathering, L.L.C., which was acquired in December 1999 and is reflected as an investment in unconsolidated affiliate on the consolidated balance sheet. 2. In October 1998, Northern Border Pipeline filed a certificate application with the Federal Energy Regulatory Commission ("FERC") to seek approval to expand and extend its pipeline system into Indiana ("Project 2000"). When completed, Project 2000 would afford shippers on the expanded and extended pipeline system access to industrial gas consumers in northern Indiana. The certificate application was subsequently amended by Northern Border Pipeline in March and December 1999. On March 16, 2000, the FERC issued an order granting Northern Border Pipeline's application for a certificate to construct and operate the proposed facilities. The FERC approved Northern Border Pipeline's request for rolled-in rate treatment based upon the proposed project costs. Upon completion of acquisition of necessary right-of-way, permits and equipment, construction will proceed. The capital expenditures for Project 2000 are estimated to be approximately $94 million. 3. Northern Border Pipeline filed a rate proceeding with the FERC in May 1999 for, among other things, a redetermination of its allowed equity rate of return. The total annual cost of service increase due to Northern Border Pipeline's proposed changes is approximately $30 million. A number of Northern Border Pipeline's shippers and competing pipelines have filed interventions and protests. In June 1999, the FERC issued an order in which the proposed changes were suspended until December 1, 1999, after which the proposed changes were implemented with subsequent billings subject to refund. For the three months ended March 31, 2000, Northern Border Pipeline recorded a $6.9 million provision for rate refunds, which is netted against operating revenues on the consolidated statement of income. The June order and a subsequent clarification issued by the FERC in August 1999 set for hearing not only Northern Border Pipeline's proposed changes but also several issues raised by intervenors including the appropriateness of Northern Border Pipeline's cost of service tariff; rolled-in rate treatment of The Chicago Project, which was Northern Border Pipeline's expansion and extension project placed in service in December 1998; capital project cost containment mechanism ("PCCM") amount recorded for The Chicago Project; depreciation schedule and creditworthiness standards. A procedural schedule has been established which provides for the hearing to commence in July 2000. At this time, the Partnership can give no assurance as to the outcome on any of these issues. As agreed to in a prior rate case settlement, the PCCM was implemented to limit Northern Border Pipeline's ability to include cost overruns on The Chicago Project in rate base and to provide incentives for cost underruns. The PCCM amount is computed by comparing the final cost of The Chicago Project to the budgeted cost, adjusted for the effects of inflation and project scope changes as defined in the prior rate case settlement. Testimony filed by the FERC staff and intervenors in the current rate case proceeding has proposed changes to the PCCM computation, which would result in rate base reductions ranging from $32 million to $43 million. Although the Partnership believes the PCCM computation has been made in accordance with the terms of the prior rate case settlement, it is unable to predict at this time whether any adjustments will be required. Should developments in the current rate case result in rate base reductions, a non-cash charge to write down transmission plant would result and such charge could be material to the operating results of the Partnership. 4. Net income per unit is computed by dividing net income, after deduction of the general partners' allocation, by the weighted average number of outstanding common units. The general partners' allocation is equal to an amount based upon their collective 2% general partner interest adjusted for incentive distributions. The distribution to partners amount shown on the accompanying consolidated statement of changes in partners' capital includes incentive distributions to the general partners of approximately $0.2 million. On April 17, 2000, the Partnership declared a cash distribution of $0.65 per unit ($2.60 per unit on an annualized basis) for the quarter ended March 31, 2000. The distribution is payable May 15, 2000, to unitholders of record at April 28, 2000. PART I. FINANCIAL INFORMATION - (Continued) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES Results of Operations Northern Border Partners, L.P. (the "Partnership") owns a 70% general partner interest in Northern Border Pipeline Company ("Northern Border Pipeline"). Northern Border Pipeline's revenue is derived from agreements with various shippers for the transportation of natural gas. It transports gas under a Federal Energy Regulatory Commission ("FERC") regulated tariff that provides an opportunity to recover all of the operations and maintenance costs of the pipeline, taxes other than income taxes, interest, depreciation and amortization, an allowance for income taxes and a regulated return on equity. Northern Border Pipeline is generally allowed to collect from its shippers a return on regulated rate base as well as recover that rate base through depreciation and amortization. The return amount Northern Border Pipeline may collect from its shippers declines as the rate base is recovered. Billings for the firm transportation agreements are based on contracted volumes to determine the allocable share of the cost of service and are not dependent upon the percentage of available capacity actually used. First Quarter 2000 Compared With First Quarter 1999 Operating revenues, net increased $2.6 million (3%) for the first quarter of 2000, as compared to the same period in 1999, due primarily to recovery of increased depreciation and amortization expense and interest expense by Northern Border Pipeline. Depreciation and amortization expense increased $2.1 million (15%) for the first quarter of 2000, as compared to the same period in 1999, due primarily to an increase in the depreciation rate applied to Northern Border Pipeline's transmission plant from 2.0% to 2.3%. The increase in the depreciation rate was approved as part of a previous rate case settlement. Interest expense increased $2.5 million (15%) for the first quarter of 2000, as compared to the same period in 1999. Interest expense for Northern Border Pipeline increased approximately $1.9 million, due primarily to an increase in interest rates between 1999 and 2000. Interest expense for the Partnership increased approximately $0.6 million, due to additional borrowings and an increase in interest rates. The additional borrowings were made primarily for the acquisition of a 39% common membership interest in Bighorn Gas Gathering, L.L.C. ("Bighorn") in December 1999 (see Note 1 - Notes to Consolidated Financial Statements). Other income decreased $1.9 million for the first quarter of 2000, as compared to the same period in 1999. The 1999 results included $1.5 million of other non-operating income. Liquidity and Capital Resources General In August 1999, Northern Border Pipeline completed a private offering of $200 million of 7.75% Senior Notes due 2009, which notes were subsequently exchanged in a registered offering for notes with substantially identical terms ("Senior Notes"). The proceeds from the Senior Notes were used to reduce indebtedness under a June 1997 credit agreement. In June 1997, Northern Border Pipeline entered into a credit agreement ("Pipeline Credit Agreement") with certain financial institutions. The Pipeline Credit Agreement is comprised of a term loan and a $200 million five-year revolving credit facility, both maturing in June 2002. At March 31, 2000, $439.0 million was outstanding under the term loan and $15.0 million was outstanding under the five-year revolving credit facility. At March 31, 2000, Northern Border Pipeline also had outstanding $250 million of senior notes issued in a private placement under a July 1992 note purchase agreement. The note purchase agreement provides for four series of notes, Series A through D, maturing between August 2000 and August 2003. The Series A Notes with a principal amount of $66 million mature in August 2000. Northern Border Pipeline anticipates borrowing on the revolving credit facility to repay the Series A Notes. In November 1997, the Partnership entered into a credit agreement ("Partnership Credit Agreement") with certain financial institutions to borrow under a revolving credit facility. The maturity date of the Partnership Credit Agreement is November 2000. The amount available to be borrowed under the revolving credit facility is $104 million and at March 31, 2000, $95 million had been borrowed. In December 1999, the Partnership entered into a one-year credit agreement ("1999 Credit Agreement") with a single financial institution to borrow up to an aggregate principal amount of $25 million under a revolving line of credit. The 1999 Credit Agreement is to be used for capital contributions to Northern Border Pipeline or for acquisitions by the Partnership. If the Partnership Credit Agreement is terminated, the 1999 Credit Agreement automatically terminates. At March 31, 2000, $24.5 million had been borrowed on the 1999 Credit Agreement. As indicated above, both of the Partnership's credit facilities mature in 2000. The Partnership plans to refinance these facilities with long-term credit facilities at a level that could also be used to finance additional capital contributions to the Partnership's existing businesses and other acquisitions or investments by the Partnership. In February 1999, the Partnership filed two registration statements with the Securities and Exchange Commission ("SEC"). One registration statement was for a proposed offering of $200 million in Common Units and debt securities to be used by the Partnership for general business purposes including repayment of debt, future acquisitions, capital expenditures and working capital. The other registration statement was for a proposed offering of 3,210,000 Common Units that are presently owned by Northwest Border Pipeline Company, a general partner, and PEC Midwest, L.L.C., of which the Partnership will not receive any proceeds. Short-term liquidity needs will be met by internal sources and through the credit facilities discussed above. Long-term capital needs may be met through the ability to issue long-term indebtedness as well as additional limited partner interests of the Partnership either through the registration statements previously discussed or separate registrations. Cash Flows From Operating Activities Cash flows provided by operating activities increased $0.6 million to $37.4 million for the first quarter of 2000, as compared to the same period in 1999, primarily due to recovery of increased depreciation and amortization expense by Northern Border Pipeline and the billings collected subject to refund related to Northern Border Pipeline's current rate proceeding (see Note 3 - Notes to Consolidated Financial Statements). These increases were partially offset by a reduction in working capital primarily due to a decrease in accrued interest. Interest on Northern Border Pipeline's Senior Notes is payable semi-annually in March and September. Cash Flows From Investing Activities The investment in unconsolidated affiliate of $2.1 million for the first quarter of 2000 reflects capital contributions to Bighorn for construction of gas gathering facilities. The Partnership has agreed to acquire additional ownership in Bighorn in June 2000 for $20.8 million and to make additional capital contributions to Bighorn for construction of gas gathering facilities. The Partnership's capital contributions to Bighorn are estimated to be approximately $10 million in 2000. The Partnership anticipates financing its obligations using the credit facilities referred to previously. Capital expenditures of $0.4 million for the first quarter of 2000 are primarily related to Project 2000 (see Note 2 - Notes to Consolidated Financial Statements). For the comparable period in 1999, capital expenditures were $57.4 million and included $51.9 for The Chicago Project, which was Northern Border Pipeline's expansion and extension project placed in service in December 1998. The remaining capital expenditures for 1999 were primarily related to renewals and replacements of Northern Border Pipeline's existing facilities. Total capital expenditures for 2000 are estimated to be $27 million, including $15 million for Project 2000. The remaining capital expenditures planned for 2000 are primarily for renewals and replacements of Northern Border Pipeline's existing facilities. Northern Border Pipeline currently anticipates funding its 2000 capital expenditures primarily by using internal sources and borrowing on its revolving credit facility. Cash Flows From Financing Activities Cash flows used in financing activities were $9.8 million for the first quarter of 2000 as compared to cash flows provided by financing activities of $29.6 million for the first quarter of 1999. Cash distributions to the unitholders and the general partners increased $1.4 million to $19.7 million reflecting an increase in the quarterly distribution from $0.61 per Unit to $0.65 per Unit. Distributions paid to minority interest holders decreased $2.1 million to $9.3 million for the first quarter of 2000 as compared to the same period of 1999. The distribution for 1999 included distributions for four months activity from Northern Border Pipeline, rather than three months, resulting from a change in the timing of distribution payments. Borrowings under the Pipeline Credit Agreement decreased $50 million to $15 million for the first quarter of 2000 as compared to the same period in 1999. Borrowings in 1999 were used to finance a portion of the capital expenditures for The Chicago Project. Borrowings under the Partnership Credit Agreement were $5.0 million for the first quarter of 2000 as compared to repayments of $5.0 million for the first quarter of 1999. The first quarter of 2000 borrowings will be used for capital contributions to Bighorn including the $2.1 million already contributed during the first quarter. Information Regarding Forward Looking Statements The statements in this Quarterly Report that are not historical information are 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 forward looking statements include the discussions in "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Notes to Consolidated Financial Statements" regarding Northern Border Pipeline's efforts to pursue opportunities to further increase its capacity. Although the Partnership believes that its expectations regarding future events are based on reasonable assumptions within the bounds of its knowledge of its business, it can give no assurance that its goals will be achieved or that its expectations regarding future developments will be realized. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include industry results, future demand for natural gas, availability of supplies of Canadian natural gas, political and regulatory developments that impact FERC proceedings involving Northern Border Pipeline, Northern Border Pipeline's success in sustaining its positions in such proceedings or the success of intervenors in opposing Northern Border Pipeline's positions, Northern Border Pipeline's ability to replace its rate base as it is depreciated and amortized, competitive developments by Canadian and U.S. natural gas transmission peers, political and regulatory developments in Canada, and conditions of the capital markets and equity markets. PART I. FINANCIAL INFORMATION - (Concluded) ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES The Partnership's interest rate exposure results from its variable rate borrowings from commercial banks. To mitigate potential fluctuations in interest rates, the Partnership maintains a significant portion of its consolidated debt portfolio in fixed rate debt. The Partnership also uses interest rate swap agreements to manage the portion of its fixed rate debt. Since December 31, 1999, there has not been any material change to the Partnership's interest rate exposure. PART II. OTHER INFORMATION NORTHERN BORDER PARTNERS, L.P. AND SUBSIDIARIES ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits. None. (b) Reports on Form 8-K. None. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NORTHERN BORDER PARTNERS, L.P. (A Delaware Limited Partnership) Date: May 12, 2000 By: JERRY L. PETERS Jerry L. Peters Chief Financial and Accounting Officer EX-27 2 ARTICLE 5 FDS FOR 1ST QUARTER 10-Q
5 1,000 3-MOS DEC-31-2000 MAR-31-2000 1,171 46,872 35,792 0 5,840 90,408 2,406,456 679,523 1,876,174 239,869 862,239 0 0 0 513,564 1,876,174 0 81,517 0 36,259 0 0 18,691 17,966 0 17,966 0 0 0 17,966 0.59 0.59
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