1
UNITED STATES
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 quarter ended September 30, 1994
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 1-1204
----------------------
AMERADA HESS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
13-4921002
(I.R.S. employer identification number)
1185 AVENUE OF THE AMERICAS, NEW YORK, N.Y.
(Address of principal executive offices)
10036
(Zip Code)
(Registrant's telephone number, including area code is (212) 997-8500)
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
------ -----
At September 30, 1994, 92,972,355 shares of Common Stock were outstanding.
2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME
(in thousands, except per share data)
Three Months Nine Months
Ended September 30 Ended September 30
----------------------- -------------------------
1994 1993 1994 1993
--------- ---------- --------- ------------
REVENUES
Sales (excluding excise taxes) and
other operating revenues $1,494,042 $1,248,867 $4,839,896 $ 4,228,777
Non-operating revenues 51,042 888 70,328 6,330
---------- ---------- --------- -------------
Total revenues 1,545,084 1,249,755 4,910,224 4,235,107
---------- ---------- --------- -------------
COSTS AND EXPENSES
Cost of products sold and operating expenses 1,024,745 817,537 3,226,332 3,046,756
Exploration expenses, including dry holes 62,168 78,609 184,542 207,098
Selling, general and administrative expenses 144,357 141,499 441,064 412,745
Interest expense 62,127 36,273 182,421 96,783
Depreciation, depletion and amortization 207,753 169,567 659,793 512,191
Lease impairment 11,305 13,931 36,839 41,092
Provision for income taxes 34,541 14,749 114,220 82,475
---------- ---------- --------- -------------
Total costs and expenses 1,546,996 1,272,165 4,845,211 4,399,140
---------- ---------- --------- -------------
INCOME (LOSS) BEFORE CUMULATIVE
EFFECT OF ACCOUNTING CHANGE (1,912) (22,410) 65,013 (164,033)
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING FOR INCOME TAXES - - - - - - 29,459
---------- ---------- --------- -------------
NET INCOME (LOSS) $ (1,912) $ (22,410) $ 65,013 $ (134,574)
========== ========== ========== =============
INCOME (LOSS) PER SHARE BEFORE
ACCOUNTING CHANGE $ (.02) $ (.24) $ .70 $ (1.77)
========== ========== ========== =============
NET INCOME (LOSS) PER SHARE $ (.02) $ (.24) $ .70 $ (1.45)
========== ========== ========== =============
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING (FULLY DILUTED BASIS) 92,994 92,591 92,961 92,597
COMMON STOCK DIVIDENDS PER SHARE $ .15 $ .15 $ .45 $ .45
See accompanying notes to consolidated financial statements.
1
3
PART I - FINANCIAL INFORMATION (CONT'D.)
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in thousands of dollars)
A S S E T S
September 30, December 31,
1994 1993
------------ ------------
CURRENT ASSETS
Cash and cash equivalents $ 36,366 $ 79,635
Accounts receivable 477,527 554,987
Inventories 1,009,386 853,393
Prepaid expenses 180,923 200,151
------------ ------------
Total current assets 1,704,202 1,688,166
------------ ------------
INVESTMENTS AND ADVANCES 133,898 137,161
------------ ------------
PROPERTY, PLANT AND EQUIPMENT
Total - at cost 14,244,286 13,787,240
Less reserves for depreciation, depletion,
amortization and lease impairment 7,750,108 7,052,328
------------ ------------
Property, plant and equipment - net 6,494,178 6,734,912
------------ ------------
OTHER ASSETS 101,420 81,307
------------ ------------
TOTAL ASSETS $ 8,433,698 $ 8,641,546
============ ============
L I A B I L I T I E S A N D S T O C K H O L D E R S ' E Q U I T Y
CURRENT LIABILITIES
Accounts payable - trade $ 284,808 $ 329,648
Accrued liabilities 563,361 613,791
Deferred revenue 20,566 128,566
Notes payable 16,000 117,900
Taxes payable 154,152 106,893
Current maturities of long-term debt 179,200 146,342
------------ ------------
Total current liabilities 1,218,087 1,443,140
------------ ------------
LONG-TERM DEBT 3,227,892 3,423,680
------------ ------------
CAPITALIZED LEASE OBLIGATIONS 90,203 91,094
------------ ------------
DEFERRED LIABILITIES AND CREDITS
Deferred income taxes 544,285 462,273
Other 228,904 192,448
------------ ------------
Total deferred liabilities and credits 773,189 654,721
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00
Authorized - 20,000,000 shares for issuance in series - - - -
Common stock, par value $1.00
Authorized - 200,000,000 shares
Issued - 92,972,355 shares at September 30, 1994;
92,586,855 shares at December 31, 1993 92,972 92,587
Capital in excess of par value 742,460 725,443
Retained earnings 2,472,513 2,449,325
Equity adjustment from foreign currency translation (183,618) (238,444)
------------ ------------
Total stockholders' equity 3,124,327 3,028,911
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,433,698 $ 8,641,546
============ ============
See accompanying notes to consolidated financial statements.
2
4
PART I - FINANCIAL INFORMATION (CONT'D.)
AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS
Nine Months Ended September 30
(in thousands)
1994 1993
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 65,013 $ (134,574)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Depreciation, depletion, amortization and lease impairment 696,632 553,283
Exploratory dry hole costs 113,023 127,303
Changes in operating assets and liabilities (173,961) (62,743)
Deferred income taxes and other items (27,245) (15,685)
---------- -----------
Net cash provided by operating activities 673,462 467,584
---------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (398,295) (1,132,346)
Other, including proceeds from sales of property, plant and equipment 53,443 5,982
---------- -----------
Net cash used in investing activities (344,852) (1,126,364)
---------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in notes payable (101,900) 123,902
Long-term borrowings 266,795 595,454
Repayment of long-term debt and capitalized lease obligations (483,760) (93,989)
Cash dividends paid (55,712) (41,611)
---------- -----------
Net cash provided by (used in) financing activities (374,577) 583,756
---------- -----------
EFFECT OF EXCHANGE RATE CHANGES ON CASH 2,698 3,105
---------- -----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (43,269) (71,919)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 79,635 141,014
---------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 36,366 $ 69,095
========== ===========
See accompanying notes to consolidated financial statements.
3
5
PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of dollars)
Note 1 - The financial statements included in this report reflect all
normal and recurring adjustments which, in the opinion of
management, are necessary for a fair presentation of the Company's
consolidated financial position at September 30, 1994 and December
31, 1993, and the consolidated results of operations for the three
and nine-month periods ended September 30, 1994 and 1993, and the
consolidated cash flows for the nine-month periods ended September
30, 1994 and 1993. The unaudited results of operations for the
interim periods reported are not necessarily indicative of results
to be expected for the year.
Certain notes and other information have been condensed or omitted
from these interim financial statements. Such statements,
therefore, should be read in conjunction with the consolidated
financial statements and related notes included in the 1993 Annual
Report to Stockholders, which have been incorporated by reference
in the Corporation's Form 10-K for the year ended December 31,
1993.
Note 2 - Inventories consist of the following:
September 30, December 31,
1994 1993
------------- -------------
Crude oil and other charge stocks $ 308,893 $ 299,015
Refined and other finished products 576,015 436,633
Materials and supplies 124,478 117,745
------------- -------------
Total inventories $ 1,009,386 $ 853,393
============= =============
Note 3 - In October 1994, the Corporation reached an agreement in principle
with its lenders to replace existing revolving credit facilities
in the United States and the United Kingdom (the "existing
facilities") with new revolving credit facilities (the "new
facilities"). The existing facilities have an aggregate capacity
of $2,451,000 and an outstanding balance of $1,861,000 as of
September 30, 1994. A substantial portion of the existing
facilities was due to be repaid in 1996 and 1997.
Borrowing capacity under the new facilities consists of $1,400,000
in the United States which becomes due in November 1999, and
$800,000 of reducing revolving credit in the United Kingdom which
begins to decline in 1999 and terminates in 2002. The new
facilities bear interest at .5% and .425% over the London
Interbank Offered Rate on the United States and United Kingdom
portion of the borrowings, respectively. Commitment fees of .2%
and .1875%, respectively, are required on the undrawn balances of
the United States facility and the United Kingdom facility.
6
PART I - FINANCIAL INFORMATION (CONT'D.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4 - The provision for income taxes consisted of the following:
Three months Nine months
ended Sept. 30 ended Sept. 30
------------------------- -------------------------
1994 1993 1994 1993
-------- -------- -------- --------
Current $ 49,770 $ 13,394 $ 98,475 $ 78,844
Deferred (15,229) 1,355 15,745 3,631
-------- -------- -------- --------
Total $ 34,541 $ 14,749 $114,220 $ 82,475
======== ======== ======== ========
On January 1, 1993, the Corporation changed its method of
accounting for income taxes in accordance with FAS No. 109,
Accounting for Income Taxes. The cumulative effect of this
accounting change at January 1, 1993 was to increase net income by
$29,459 ($.32 per share).
Note 5 - Foreign currency exchange transactions, reflected in selling,
general and administrative expenses, amounted to losses of $2,223
and $5,502, respectively, for the three and nine-month periods
ended September 30, 1994, compared to a loss of $2,565 and a gain
of $44 for the corresponding periods of 1993. The net effect,
after applicable income taxes, amounted to losses of $1,242 and
$3,362, respectively, for the three and nine-month periods ended
September 30, 1994, compared to losses of $2,619 and $1,056 for
the corresponding periods of 1993.
Note 6 - Interest cost related to certain long-term construction projects
has been capitalized in accordance with FAS No. 34. During the
three and nine-month periods ended September 30, 1993, interest
cost of $26,911 and $88,997, respectively, was capitalized. There
was no interest capitalized for the corresponding periods of 1994.
Note 7 - The Corporation uses futures, forward, option and swap contracts
to reduce the impact of volatility in the prices of crude oil,
natural gas and refined products. These contracts correlate to
movements in the value of inventory and the prices of crude oil
and natural gas, and as hedges, any gains or losses are recorded
as part of the transaction hedged. Net unrealized gains resulting
from the Corporation's petroleum hedging activities were not
material at September 30, 1994.
5
7
PART I - FINANCIAL INFORMATION (CONT'D.)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION.
RESULTS OF OPERATIONS
The results of operations for the third quarter of 1994
amounted to a net loss of $2 million ($.02 per share) compared
with a net loss of $22 million ($.24 per share) in the third
quarter of 1993. In the first nine months of 1994, the
Corporation had net income of $65 million ($.70 per share)
compared with a net loss of $135 million ($1.45 per share) in the
first nine months of 1993.
The results for the third quarter of 1994 include a net gain
of $41 million ($.44 per share) from the sale of the Corporation's
interest in an undeveloped United Kingdom North Sea natural gas
field. The results for the first nine months of 1993 included
income of $29 million ($.32 per share) from the cumulative effect
of the change in accounting for income taxes required by Statement
of Financial Accounting Standards No. 109 and a charge of $11
million ($.11 per share) from the refinancing of long-term notes.
Following is a summary of net income by major operating
activity (in millions):
Three months Nine months
ended Sept. 30 ended Sept. 30
------------------- -----------------
1994 1993 1994 1993
------ ------ ------ -----
Exploration and production $ 65 $ 12 $ 132 $ 107
Refining and marketing (14) (5) 70 (182)
Corporate administration,
including interest expense,
and other operating activities (53) (29) (137) (60)
------- ------- ------ -------
Total $ (2) $ (22) $ 65 $(135)
======= ====== ====== =====
Excluding the gain from the sale of the natural gas field
referred to above, earnings from exploration and production
activities increased by $12 million in the third quarter of 1994
and decreased by $16 million in the first nine months of 1994,
compared with the corresponding periods of 1993. The increase in
the third quarter of 1994 was primarily due to higher United
Kingdom crude oil and natural gas sales volumes, partially offset
by lower crude oil and natural gas selling prices and sales volumes
in the United States. The decrease in exploration and production
earnings in the nine months ended September 30, 1994 was primarily
due to lower average worldwide crude oil selling prices. The
Corporation's average selling prices, including the effects of
hedging, were as follows:
6
8
PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
Three months Nine months
ended Sept. 30 ended Sept. 30
-------------------- -------------------
1994 1993 1994 1993
------ ------ ------ ------
Crude oil and natural gas liquids
(per barrel)
United States $15.67 $16.57 $15.06 $17.36
Foreign 16.20 16.25 15.76 17.58
Natural gas (per Mcf)
United States 1.82 2.15 2.02 2.07
Foreign 1.72 1.54 1.75 1.60
The Corporation's net daily worldwide crude oil and natural
gas production was as follows:
Three months Nine months
ended Sept. 30 ended Sept. 30
----------------------- ---------------------
1994 1993 1994 1993
-------- -------- -------- --------
Crude oil and natural gas liquids
(barrels per day)
United States 66,013 71,634 68,807 71,775
Foreign 167,630 136,954 180,928 135,004
------- ------- ------- -------
Total 233,643 208,588 249,735 206,779
======= ======= ======= =======
Natural gas (Mcf per day)
United States 384,858 487,317 441,686 502,651
Foreign 321,793 270,634 402,545 353,405
------- ------- ------- -------
Total 706,651 757,951 844,231 856,056
======= ======= ======= =======
The increase in foreign crude oil production resulted
primarily from the Scott Field in the United Kingdom, which
commenced production in September 1993. United States natural gas
production was lower as a result of natural field decline and
voluntary production curtailments due to low natural gas prices.
Natural gas production in Canada and the United Kingdom increased.
Increased depreciation, depletion and amortization charges
and higher production expenses in the third quarter and nine
months of 1994 were principally due to the increased United
Kingdom crude oil and natural gas production. Such charges are
expected to remain at current levels consistent with the higher
production. Exploration expenses were lower in the third quarter
and nine months of 1994, primarily in the United States,
reflecting the Corporation's overall objective of restraining
capital spending. In the first nine months of 1994, selling,
general and administrative expenses in the United States were
higher, largely from expenses related to the further consolidation
of exploration and production operations in Houston. For the nine
months ended September 30, 1994, foreign effective income tax
rates were higher, principally due to the effect of the Petroleum
Revenue Tax in the United Kingdom.
7
9
PART I - FINANCIAL INFORMATION (CONT'D.)
RESULTS OF OPERATIONS (CONTINUED)
Future exploration and production earnings will be impacted
by changes in crude oil and natural gas selling prices,
exploration expenses, effective income tax rates and other
factors.
Refining and marketing operations had a loss of $14 million
in the third quarter of 1994 compared with a loss of $5 million in
the third quarter of 1993. The change was primarily due to lower
margins on gasolines and distillates, reflecting competitive
industry conditions. In the first nine months of 1994, refining
and marketing operations had income of $70 million compared with a
loss of $182 million in the first nine months of 1993. In spite
of refined product selling prices that were approximately $1.00
per barrel lower in the first nine months of 1994 than in the
comparative period of 1993, refined product margins improved, as
the cost of crude oil was significantly lower in 1994. Earnings
in the first nine months of 1994 benefited from the cold winter
weather, which strengthened margins for distillates and residual
fuel oils in the early part of the year. Income taxes (benefits)
were not recorded on a substantial portion of the 1994 income and
1993 loss of refining and marketing operations, reflecting the net
operating loss carryforward of a refining subsidiary.
The operation of the fluid catalytic cracking unit in the
Virgin Islands has increased the Corporation's production of
gasoline and contributed to improved operating results over the
first nine months of 1994. Total refined product sales volumes
amounted to 126 million barrels in the first nine months of 1994
compared with 99 million barrels in the corresponding period of
1993. Sales of gasoline were higher because of increased
production from the Virgin Islands refinery. Distillate sales
also increased because of the marketing of premium diesel fuel.
Refining and marketing earnings will continue to be volatile
because of competitive industry conditions and supply and demand
factors, including the effects of weather.
Corporate administration, including interest expense, and
other operating activities (principally transportation), had net
expenses of $53 million in the third quarter of 1994 and $137
million in the first nine months of 1994, compared with $29
million and $60 million in the corresponding periods of 1993. The
results for the first nine months of 1993 include $29 million from
the cumulative effect of the change in accounting for income taxes
and a charge of $11 million from the refinancing of long-term
notes. The increase in Corporate expenses in 1994 was due to
higher interest expense, since interest is no longer being
capitalized on the Corporation's major construction projects,
which are completed and in operation.
Consolidated sales and other operating revenues increased
by 20% in the third quarter of 1994 and 14% in the first nine
months of 1994 compared with the corresponding periods of 1993.
The increases were primarily due to higher refined product sales
volumes and the increased proportion of gasoline sales. The sale of
the undeveloped natural gas field in the United Kingdom in the
third quarter of 1994 is reflected in non-operating revenues in the
income statement.
8
10
PART I - FINANCIAL INFORMATION (CONT'D.)
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities, including changes
in operating assets and liabilities, amounted to $673 million in
the first nine months of 1994 compared with $468 million in the
first nine months of 1993. The increase was primarily due to
improved operating results. Cash provided by operating activities
exceeded capital expenditures of $398 million in the first nine
months of 1994. The excess cash flow was primarily used to repay
debt. In the first nine months of 1993, capital expenditures of
$1,132 million exceeded cash flow, primarily because of spending
on the Corporation's North Sea projects and the upgrading of the
Virgin Islands refinery.
Total debt was $3,423 million at September 30, 1994 compared
with $3,688 million at December 31, 1993. The debt to total
capitalization ratio was 52% at September 30, 1994 compared with
nearly 55% at year-end 1993. At September 30, 1994, the
Corporation has additional borrowing capacity available under
existing revolving credit agreements, principally in the United
States and United Kingdom, of $672 million and additional unused
lines of credit under uncommitted arrangements with banks of $710
million.
The Corporation has reached an agreement in principle with
lenders in the United States and the United Kingdom to refinance
its revolving credit facilities. The existing facilities have a
capacity of $2,451 million at September 30,1994 ($1,861 million
outstanding) and will be replaced with new facilities having a
capacity of $2,200 million. A substantial portion of the existing
facilities was due to be repaid in 1996 and 1997. The new
facilities are due in 1999 and thereafter. The borrowing
arrangements are more fully described in Note 3 to the financial
statements.
The Corporation uses futures, forward, option and swap
contracts to mitigate the effect on its business of volatility in
the prices of crude oil, natural gas and refined products. At
September 30, 1994, the Corporation has open forward sales
positions on approximately 13% of its anticipated worldwide crude
oil production over the next twelve months and has option
contracts, which result in varyiing degrees of protection against
declines in market prices, covering an additional 6% of crude oil
production. The Corporation has open forword sales positions on
approximately 3% of its anticipated United States natural gas
production for the next twelve months and has option contracts,
with varying degrees of price protection, covering an additonal
18% of its natural gas production. The Corporation has also
hedged approximately 8% of its annual natural gas purchase
requirements. The Corporation has hedges (primarily short
futures and options) covering approximately 18% of its refining
and marketing inventories and has short positions covering the
sale of an additional 15% of refined products to be manufactured
in the latter part of 1994 and early 1995. The Corporation also
has hedged approximately 3% of its annual refinery crude oil
purchase requirements. As market conditions change, the
Corporation will adjust its hedging strategies.
9
11
PART I - FINANCIAL INFORMATION (CONT'D.)
LIQUIDITY AND CAPITAL RESOURCES (CONTINUED)
Capital expenditures in the first nine months of 1994
amounted to $398 million compared with $1,132 million in the first
nine months of 1993. Capital expenditures in the first nine
months of 1993 included $652 million related to the Corporation's
three major projects. The three major projects were the
development of the Scott oil field and the Everest and Lomond
natural gas fields and related facilities in the United Kingdom
North Sea and the construction of the fluid catalytic cracking
complex in the Virgin Islands, all of which were completed in 1993
and are in operation.
Capital expenditures for the remainder of 1994 are estimated
to be approximately $200 million and will be financed by
internally generated funds.
10
12
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
As reported in Registrant's Annual Report on Form 10-K for
the fiscal year ended December 31, 1993, the Registrant is
currently the subject of an investigation by U.S. Attorneys for
federal judicial districts in New Jersey and the U.S. Virgin
Islands and by the United States Environmental Protection Agency
with respect to possible violations of federal environmental and
other laws and regulations in connection with hazardous waste
handling at the petroleum refinery in St. Croix, U.S. Virgin
Islands owned and operated by Registrant's wholly-owned
subsidiary, Hess Oil Virgin Islands Corp. ("HOVIC").
That investigation apparently focuses on whether or not certain
spent catalyst generated at the HOVIC refinery should have been
managed as a hazardous waste under the Resource Conservation and
Recovery Act ("RCRA"), and, if it should have been managed as a
hazardous waste, whether or not such catalyst was stored beyond
the time period permitted under RCRA and whether or not Registrant
and/or HOVIC failed to comply with certain environmental reporting
requirements related thereto. The Registrant is also now the
subject of an investigation by U.S. Attorneys for the federal
judicial district in Arizona arising out of the shipment of such
catalyst to a third party in Arizona. This investigation
apparently focuses on whether or not Registrant, HOVIC or such
third party failed to comply in a timely manner with certain
reporting obligations in connection with the shipment of such
catalyst under the Comprehensive Environmental Response,
Compensation, and Liability Act. It is not possible at this time
for Registrant to state what the outcome of these investigations
will be, or, if any proceedings arising out of the investigations
were to be commenced against the Registrant or HOVIC, what claims
would be asserted or what relief would be sought.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
None
(b) Reports on Form 8-K
The Registrant filed no report on Form 8-K during the
three months ended September 30, 1994.
11
13
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.
AMERADA HESS CORPORATION
(REGISTRANT)
By /s/ Leon Hess
----------------------------
LEON HESS
CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER
By /s/ John Y. Schreyer
----------------------------
JOHN Y. SCHREYER
EXECUTIVE VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Date: November 10, 1994
12
5
1,000
9-MOS
DEC-31-1994
JAN-01-1994
SEP-30-1994
$36,366
0
477,527
0
1,009,386
1,704,202
14,244,286
7,750,108
8,433,698
1,218,087
3,227,892
92,972
0
0
3,031,355
8,433,698
4,839,896
4,910,224
3,226,332
3,226,332
0
0
182,421
179,233
114,220
65,013
0
0
0
65,013
0.70
0.70
