-----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, VtdHFPGGoymHmtBB2CCu/H+A8+wBUIMRnNacN4vn/Nxm1DFG/aw+LgtqEVuFqNiN ZEugIgxUBCrYivTDIo2cJA== /in/edgar/work/20000811/0000922811-00-000022/0000922811-00-000022.txt : 20000921 0000922811-00-000022.hdr.sgml : 20000921 ACCESSION NUMBER: 0000922811-00-000022 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRACK DATA CORP CENTRAL INDEX KEY: 0000922811 STANDARD INDUSTRIAL CLASSIFICATION: [6200 ] IRS NUMBER: 223181095 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-24634 FILM NUMBER: 694982 BUSINESS ADDRESS: STREET 1: 56 PINE STREET CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 2124224300 MAIL ADDRESS: STREET 1: 56 PINE STREET CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL MARKET INFORMATION INC DATE OF NAME CHANGE: 19940506 10-Q 1 0001.txt U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 Commission File Number 0-24634 TRACK DATA CORPORATION (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation) 22-3181095 (I.R.S. Employer Identification No.) 56 Pine Street New York, NY 10005 (Address of principal executive offices) (212) 422-4300 (Registrant's telephone number) 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 past 12 months (or 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 issuer's classes of common stock, as of the latest practicable date: As of July 31, 2000 there were 63,942,363 shares of common stock outstanding. PART I. FINANCIAL INFORMATION - ------- --------------------- Item 1. Financial Statements -------------------- See pages 2-8 Item 2. Management's Discussion and Analysis of Financial Condition and --------------------------------------------------------------- Results of Operations ----------------- See pages 9-11 Item 3. Quantitative and Qualitative Disclosures About Market Risk ---------------------------------------------------------------- See page 12 PART II. OTHER INFORMATION - -------- ----------------- See page 13 Track Data Corporation and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, DECEMBER 31, 2000 1999 -------- ----------- Unaudited Derived from audited financial statements ASSETS CASH $ 2,178,963 $ 5,665,833 ACCOUNTS RECEIVABLE - net 1,731,517 1,541,217 MARKETABLE SECURITIES 2,522,915 3,675,240 FIXED ASSETS - net 6,384,699 6,680,952 INVESTMENT IN AFFILIATE 1,427,285 1,342,285 EXCESS OF COST OVER NET ASSETS ACQUIRED - net 2,540,611 2,747,523 NET DEFERRED INCOME TAX ASSETS 450,000 450,000 OTHER ASSETS 3,542,129 2,953,411 --------- --------- TOTAL $20,778,119 $25,056,461 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Accounts payable and accrued expenses $ 4,369,038 $ 4,352,959 Note payable - bank 2,690,219 2,535,056 Notes payable - other 798,282 762,083 Capital lease obligations 1,741,475 2,006,094 Other liabilities 350,196 403,459 ----------- ----------- Total liabilities 9,949,210 10,059,651 ----------- ----------- STOCKHOLDERS' EQUITY Common stock - $.01 par value; 300,000,000 shares authorized; issued and outstanding - 63,934,363 shares in 2000 and 63,070,056 shares in 1999 639,344 630,701 Additional paid-in capital 26,087,020 24,944,796 Accumulated other comprehensive income 1,507,749 2,205,144 Deficit (17,405,204) (12,783,831) ------------ -------------- Total stockholders' equity 10,828,909 14,996,810 ------------ -------------- TOTAL $ 20,778,119 $ 25,056,461 ============ =============
See notes to condensed consolidated financial statements Track Data Corporation and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2000 AND 1999 (Unaudited)
2000 1999 -------- ------- REVENUES $25,923,244 $23,317,070 ----------- ----------- OPERATING COSTS AND EXPENSES: Direct operating costs 14,346,044 14,059,496 Selling and administrative expenses 12,275,543 9,107,940 Marketing and advertising 4,361,546 1,209,117 Gain on real property lease buyout - (350,000) Gain on sale of marketable securities (482,843) - Interest expense - net 129,327 187,969 ----------- ----------- Total 30,629,617 24,214,522 ----------- ----------- LOSS BEFORE EQUITY IN NET INCOME OF AFFILIATE AND INCOME TAXES (4,706,373) (897,452) EQUITY IN NET INCOME OF AFFILIATE 85,000 176,000 ----------- ----------- LOSS BEFORE INCOME TAXES (4,621,373) (721,452) INCOME TAXES - - ----------- ----------- NET LOSS $(4,621,373) $ (721,452) =========== =========== BASIC AND DILUTED NET LOSS PER SHARE $ (.073) $ (.012) =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING 63,522,000 59,900,000 =========== ===========
See notes to condensed consolidated financial statements Track Data Corporation and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2000 and 1999 (Unaudited)
2000 1999 ------------ ----------- REVENUES $13,032,913 $11,661,518 ------------ ----------- OPERATING COSTS AND EXPENSES: Direct operating costs 7,236,889 7,017,893 Selling and administrative expenses 6,148,727 4,513,836 Marketing and advertising 2,301,535 916,218 Gain on real property lease buyout - (50,000) Loss on sale of marketable securities 57,028 - Interest expense - net 84,879 85,643 ----------- ----------- Total 15,829,058 12,483,590 ----------- ----------- LOSS BEFORE EQUITY IN NET INCOME OF AFFILIATE AND INCOME TAXES (2,796,145) (822,072) EQUITY IN NET INCOME OF AFFILIATE 53,000 136,000 ----------- ----------- LOSS BEFORE INCOME TAXES (2,743,145) (686,072) INCOME TAXES - - ----------- ----------- NET LOSS $(2,743,145) $ (686,072) =========== =========== BASIC AND DILUTED NET LOSS PER SHARE $ (.043) $ (.011) =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING 63,668,000 60,284,000 =========== ===========
See notes to condensed consolidated financial statements Track Data Corporation and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSS SIX MONTHS ENDED JUNE 30, 2000 (Unaudited)
Accumulated Additional Other Compre- Common Paid-in Comprehensive hensive Stock Capital Income Deficit Loss --------- ----------- -------------- ------- -------- BALANCE, JANUARY 1, 2000 $630,701 $24,944,796 $2,205,144 $(12,783,831) Net loss (4,621,373) $(4,621,373) Issuance of common stock in exchange for investment in private companies 3,263 466,580 Stock options and warrants exercised 5,381 1,141,341 Purchase and retirement of treasury stock (1) (767) Reversal of tax effect on stock options exercised (464,930) Unrealized loss on marketable securities - net of taxes (697,395) (697,395) ----------- Comprehensive loss $(5,318,768) =========== BALANCE, -------- ----------- ---------- ------------ JUNE 30, 2000 $639,344 $26,087,020 $1,507,749 $(17,405,204) ======== =========== ========== ============
See notes to condensed consolidated financial statements Track Data Corporation and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2000 and 1999 (Unaudited)
2000 1999 ------------ ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(4,621,373) $ (721,452) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization 1,639,731 1,924,514 Equity in net income of affiliate (85,000) (176,000) Gain on sale of marketable securities (482,843) - Other - 3,017 Changes in operating assets and liabilities: Accounts receivable (190,300) 63,275 Other assets (302,554) 210,775 Accounts payable and accrued expenses 16,079 (452,699) Other liabilities 129,438 6,108 ---------- ---------- Net cash (used in) provided by operating activities (3,896,822) 857,538 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets (572,791) (254,882) Net proceeds (purchase) of marketable securities 486,137 (50,929) Repayment of related party loans - 19,498 Repayment of (loans to) others 12,237 (15,850) -------- ---------- Net cash used in investing activities (74,417) (302,163) --------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Payments under capital lease obligations (785,913) (899,296) Net proceeds (payments) on note payable - bank 155,163 (1,042,858) Net proceeds from notes payable - other 36,199 30,562 Net (payments) proceeds on loans from employee savings program (189,808) 60,928 Purchase of treasury stock (768) (22,069) Proceeds from exercise of stock options 1,268,822 2,409,481 --------- ---------- Net cash provided by financing activities 483,695 536,748 --------- ---------- EFFECT OF EXCHANGE RATE DIFFERENCES ON CASH 674 881 --------- ---------- NET (DECREASE) INCREASE IN CASH (3,486,870) 1,093,004 CASH, BEGINNING OF PERIOD 5,665,833 883,580 ---------- ---------- CASH, END OF PERIOD $2,178,963 $1,976,584 ========== ========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for: Interest $ 206,897 $ 177,204 Income taxes 10,615 9,367 SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Equipment acquisitions financed by capital leases $ 519,215 $ 607,807 Investment in private companies acquired through issuance of common stock 469,843 500,000
See notes to condensed consolidated financial statements Track Data Corporation and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SIX MONTHS ENDED JUNE 30, 2000 and 1999 (Unaudited) 1. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2000, and the results of operations and of cash flows for the six months ended June 30, 2000 and 1999. The results of operations for the six months ended June 30, 2000 are not necessarily indicative of results that may be expected for any other interim period or for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 1999 included in the Company's Annual Report on Form 10-K. The accounting policies used in preparing these financial statements are the same as those described in the December 31, 1999 financial statements. 2. During the six months ended June 30, 2000, options to purchase 864,307 shares were exercised at prices of $0.75 to $5.00, aggregating net proceeds to the Company of $1,146,722. In June 2000, the Company granted options to purchase 914,700 shares of its common stock at $1.50 per share to its officers and employees. 3. The Company charges all costs incurred to establish the technological feasibility of a product or product enhancement to research and development expense. Research and development expenses were $178,600 and $183,155 for the six months ended June 30, 2000 and 1999, respectively. 4. Segment Information The Company operates in one business segment providing real-time financial market data, fundamental research, news, charting, and analytical services to institutional and individual investors through dedicated telecommunication lines and the Internet. The Company's revenues are derived from the following sources:
Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 Institutional $ 7,356,836 $ 7,125,843 $14,581,830 $14,447,993 Individual 5,676,077 4,535,675 11,341,414 8,869,077 ------------ ----------- ----------- ----------- $ 13,032,913 $11,661,518 $25,923,244 $23,317,070 ============ =========== =========== ===========
5. The Company owns 762,210 shares of Edgar Online, Inc. ("EOL"), an Internet-based supplier of business, financial and competitive intelligence derived from U.S. Securities and Exchange Commission data. EOL completed a public offering of its common stock in May 1999. During the six months ended June 30, 2000, the Company sold 48,362 shares of EOL, realizing a gain of $534,633. The Company carries this investment at $2,522,915, the market value at June 30, 2000. The difference between the cost and fair market value of these securities, net of deferred taxes, is classified as accumulated other comprehensive income as a component of stockholders' equity. 6. The Company has a software development agreement with Third Millennium Technology, Inc. ("TMT"), a corporation controlled by a director of the Company. Fees paid to TMT consist of a declining scale fee per user of the Company's myTrack service and certain additional fees are payable in connection with revenues from online trading. Such fees amounted to $89,157 and $43,298 for the six months ended June 30, 2000 and 1999. In addition, the Company paid a termination fee of $40,000 during the second quarter of 2000. Under the termination agreement, monthly fees continue through June 2001. The Company offers online trading through its myTrack service utilizing Track Securities Corporation ("TSC") as its broker-dealer. TSC is a broker-dealer owned and operated by a director of the Company. The Company is licensing its myTrack trading system to a subsidiary of TSC. The Company is receiving $2.25 per trade pursuant to the agreement, which aggregated $2,041,639 in 2000. In addition, TSC pays a share of the marketing and advertising costs incurred by the Company, which aggregated $409,024 in 2000. At June 30, 2000, the amount due from TSC of $436,303 is included in other assets and was paid in July, 2000. Further, the director has a five-year consulting agreement with the Company pursuant to which he is to be paid an annual fee of the greater of $50,000 or 5% of the after-tax earnings, if any, from trading activities. The fee was $25,000 for the six months ended June 30, 2000. The Company obtained its own broker-dealer license and terminated the license agreement with TSC effective July 1, 2000. 7. In May 2000, the Company acquired approximately 2% of iAnalyst, Inc. ("IA") and Silicon Summit Technologies Inc. ("SST"), both privately held companies, in exchange for an aggregate of 326,280 shares of the Company's common stock. The Company registered these shares. IA provides the individual investor Internet-based access to independent equity research analysts. SST is a leading provider of e-finance solutions and services for B4B electronic securities trading. Further, in May 2000, the Company's preliminary agreements to acquire 10% of MainStreetIPO.com and FlexTrader.com were terminated. 8. Comprehensive (loss) income is as follows:
Three Months Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 ------ ------ ------ ------ Net loss $(2,743,145) $ (686,072) $(4,621,373) $(721,452) Unrealized (loss) gain on marketable securities-net of taxes (1,405,551) 2,215,680 (697,395) 2,215,680 ----------- ---------- ----------- ----------- Comprehensive (loss) income $(4,148,696) $1,529,608 $(5,318,768) $1,494,228 =========== ========== =========== ==========
Track Data Corporation and Subsidiaries MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The Company provides real-time financial market data, news, fundamental research, charting and analytical services to institutional and individual investors through dedicated telecommunication lines and the Internet. The Company offers online trading through its myTrack Internet-based personal investment service. myTrack is an Internet-based software application that is not restricted by the limitations of an HTML browser-based static system offered by virtually all of its well-known competitors. myTrack delivers a continuous dynamic stream of live market data and investors' real-time online trading activity. Results of Operations Three Months ended June 30, 2000 and 1999 Revenues for the three months ended June 30, 2000 and 1999 were $13,032,913 and $11,661,518, respectively, an increase of 12%. The revenue increase in 2000 is due to myTrack's online trading and market data services. The Company obtained its own broker-dealer license in the third quarter of 2000. Prior thereto, trading revenues include only revenues from the licensing of its trading system, rather than a full amount of commissions paid by customers. If full commissions were recognized, total revenues for 2000 would have been $17,293,913, $4,261,000 greater than reported revenues, and costs and expenses would have increased by a similar amount. Direct operating costs were $7,236,889 for the three months ended June 30, 2000 and $7,017,893 for the similar period in 1999. Direct operating costs as a percentage of revenues were 56% in 2000 and 60% in 1999. Direct operating costs include direct payroll, direct telecommunication costs, computer supplies, depreciation and equipment lease expense and the amortization of software development costs. Selling and administrative expenses were $6,148,727 and $4,513,836 in the 2000 and 1999 periods, respectively, an increase of 36%. Selling and administrative expenses as a percentage of revenues was 47% in 2000 and 39% in 1999. The dollar and percentage increase in 2000 compared to 1999 was principally due to increased payroll and related expenses for myTrack's online trading and market data services. Online trading was first introduced in the second quarter of 1999. Marketing and advertising costs increased significantly in 2000 to $2,301,535 from $916,218 in 1999. These costs were incurred in connection with the Company's myTrack online trading (introduced in June 1999) and market data systems. The Company is currently spending approximately $500,000 per month on marketing and advertising. As a result of the above mentioned factors, the Company realized a loss before equity in net income from an affiliate of $2,796,145 in the 2000 period compared to a loss of $822,072 in 1999. The equity in net income from an affiliate was $53,000 and $136,000 in 2000 and 1999, respectively. Six Months ended June 30, 2000 and 1999 Revenues for the six months ended June 30, 2000 and 1999 were $25,923,244 and $23,317,070, respectively, an increase of 11%. The revenue increase in 2000 is due to myTrack's online trading and market data services. The Company obtained its own broker-dealer license in the third quarter of 2000. Prior thereto, trading revenues included only revenues from the licensing of its trading system, rather than a full amount of commissions paid by customers. If full commissions were recognized, total revenues for 2000 would have been $34,931,244, $9,008,000 greater than reported revenues, and costs and expenses would have increased by a similar amount. Direct operating costs were $14,346,044 for the first six months of 2000 and $14,059,496 for the similar period in 1999. Direct operating costs as a percentage of revenues were 55% in 2000 and 60% in 1999. Selling and administrative expenses were $12,275,543 and $9,107,940 in the 2000 and 1999 periods, respectively, an increase of 35%. Selling and administrative expenses as a percentage of revenues was 47% in 2000 and 39% in 1999. The dollar and percentage increase in 2000 compared to 1999 was principally due to increased payroll and related expenses for myTrack's online trading and market data services. Online trading was first introduced in the second quarter of 1999. Marketing and advertising costs increased significantly in 2000 to $4,361,546 from $1,209,117 in 1999. These costs were incurred in connection with the Company's myTrack online trading (introduced in June 1999) and market data systems. In 1999, the Company relocated certain of its personnel to other office space and realized a gain on the landlord buy-out of the lease of approximately $350,000. In 2000, the Company realized a gain of approximately $540,000 on the sale of certain shares of Edgar Online, Inc. Interest expense decreased to $129,327 in the 2000 period compared to $187,969 in 1999 due to decreased borrowings. As a result of the above mentioned factors, the Company realized a loss before equity in net income from an affiliate of $4,706,373 in the 2000 period compared to a loss of $897,452 in 1999. The equity in net income from an affiliate was $85,000 and $176,000 in 2000 and 1999, respectively. Liquidity and Capital Resources During the six months ended June 30, 2000 cash used by operating activities was $3,896,822 compared to cash provided by operating activities of $857,538 in the six months ended June 30, 1999. The decrease in 2000 was primarily due to the loss from operations in that period. Cash flows used in investing activities was $74,417 and $302,163 for the six months ended June 30, 2000 and 1999, respectively. Cash flows from investing activities in 2000 included proceeds from the sale of marketable securities of $486,000. Cash flows from financing activities in the six months ended June 30, 2000 and 1999 was $483,695 and $536,748, respectively. The Company has a line of credit with a bank. The line is collateralized by the assets of the Company and is guaranteed by its principal stockholder. Interest is charged at 1.75% above the bank's prime rate and is due on demand. The Company may borrow up to 80% of eligible accounts receivable and is required to maintain a compensating balance of 10% of the outstanding loans. The line of credit is sufficient for the Company's cash requirements, however, the Company plans to spend substantial amounts for advertising its myTrack Internet-based online trading and market data system. The Company recently reduced its advertising costs and plans to seek additional financing and or dispose of certain of its marketable securities to support its advertising costs in the future. There are no major capital expenditures anticipated beyond the normal replacement of equipment and additional equipment to meet customer requirements. Inflation and Seasonality To date, inflation has not had a significant impact on the Company's operations. The Company's revenues are not affected by seasonality. Disclosures in this Form 10-Q contain certain forward-looking statements, including without limitation, statements concerning the Company's operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including without limitation, changes in external market factors, changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally, the emergence of new or growing competitors, various other competitive factors and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this Form 10-Q will in fact occur. Quantitative and Qualitative Disclosures About Market Risk The Company is exposed to interest rate change market risk with respect to its credit facility with a financial institution which is priced based on the prime rate of interest. At June 30, 2000, $2,690,000 was outstanding under the credit facility. Changes in the prime interest rate during fiscal 2000 will have a positive or negative effect on the Company's interest expense. Such exposure will increase accordingly should the Company maintain higher levels of borrowing during 2000. The Company has investments in marketable securities consisting principally of its investments in Innodata Corporation and Edgar Online, Inc., both publicly traded companies listed on Nasdaq. The market value of such securities is dependent on future market conditions for these companies over which the Company has little or no control. PART II. OTHER INFORMATION - -------- ----------------- Item 1. Legal Proceedings. Not Applicable. ----------------- Item 2. Changes in Securities and Use of Proceeds. Not Applicable. ----------------------------------------- Item 3. Defaults upon 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. (a) Exhibits. -------- Exhibit 27. Financial Data Schedule (b) Reports on Form 8-K. The Company filed no reports on Form 8-K ------------------- during the quarter ended June 30, 2000. 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. TRACK DATA CORPORATION
Date: 8/11/00 /s/ -------------------------- Barry Hertz Chairman of the Board Chief Executive Officer Date: 8/11/00 /s/ -------------------------- Martin Kaye Executive Vice President, Principal Financial Officer
EX-27 2 0002.txt FINANCIAL DATA SCHEDULE WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 3MOS DEC-31-2000 JUNE-30-2000 2,178,963 2,522,915 1,731,517 0 0 0 6,384,699 0 20,778,119 0 0 0 0 639,344 0 20,778,119 0 25,923,244 14,346,044 30,629,617 0 0 129,327 (4,621,373) 0 0 0 0 0 (4,621,373) (.073) (.073)
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