3
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
and Exchange Act of 1934
For The Quarter Ended September 30, 1998
Commission File Number 2-96042
CAPITAL BUILDERS DEVELOPMENT PROPERTIES,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 77-0049671
State or other jurisdiction of I.R.S. Employer
organization Identification No.
4700 Roseville Road, Suite 206, North Highlands, California 95660
(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (916)331-8080
Former name, former address and former fiscal year, if changed since
last year:
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 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
PART 1 - FINANCIAL INFORMATION
Capital Builders Development Properties
(A California Limited Partnership)
BALANCE SHEETS
September December 31
30
1998 1997
ASSETS
Cash and cash equivalents $38,736 $2,310
Accounts receivable, net 118,119 120,152
Investment property, at cost,
net of accumulated depreciation
and amortization of $1,315,455
and $1,227,226 at September 30,
1998 and December 31, 1997,
respectively 3,816,597 3,947,695
Lease commissions, net of accumulated
amortization of $72,275 and 58,098
at September 30, 1998, and December 31,
1997, respectively 61,883 80,188
Other assets, net of accumulated
amortization of $36,168 and
$17,382 at September 30, 1998, and
December 31, 1997, respectively 60,037 68,984
Total assets $4,095,372 $4,219,329
LIABILITIES AND PARTNERS' EQUITY
Notes payable $3,584,892 $3,503,398
Accounts payable and accrued
liabilities 90,169 88,257
Tenant deposits 42,395 51,989
Total liabilities $3,717,456 $3,643,644
Commitments and contingencies
Partners' Equity:
General partner (54,044) (52,067)
Limited partners 431,960 627,752
Total partners' equity $377,916 $575,685
Total liabilities and partners' equity $4,095,372 $4,219,329
See accompanying notes to the financial statements.
Capital Builders
Development
Properties
(A California
Limited Partnership)
STATEMENTS OF
OPERATIONS
THREE AND NINE
MONTHS ENDED
SEPTEMBER 30,
1998 1997
Three Nine Three Nine
Months Months Months Months
Ended Ended Ended Ended
Revenues
Rental and other
income $166,667 $516,465 $170,983 $816,785
Interest income 105 265 250 822
Total revenues 166,772 516,730 171,233 817,607
Expenses
Operating expenses 39,692 117,817 40,595 161,377
Repairs and
maintenance 20,216 61,327 42,603 113,687
Property taxes 13,807 42,105 17,451 57,012
Interest 85,482 253,199 78,681 390,932
General and
administrative 19,477 69,184 19,569 74,917
Depreciation and
amortization 55,627 170,867 58,482 239,229
Total expenses 234,301 714,499 257,381 1,037,154
Loss before minority
interest (67,529) (197,769) (86,148) (219,547)
Minority interest in
net loss
of joint venture - - - - - - - - - - - - 22,806
Gain from
disposition of joint
venture - - - - - - - - - - - - 1,127,913
Net (loss) income (67,529) (197,769) (86,148) 931,172
Allocated to general
partners (675) (1,977) (861) 9,312
Allocated to limited
partners ($66,854) ($195,792) ($85,287) $921,860
Net (loss) income per
limited
partnership unit ($4.85) ($14.20) ($6.19) $66.86
Average units
outstanding 13,787 13,787 13,787 13,787
See accompanying notes to the financial statements.
Capital Builders
Development Properties
(A California Limited
Partnership)
STATEMENTS OF CASH
FLOWS
THREE AND NINE MONTHS
ENDED SEPTEMBER 30,
1998 1997
Three Nine Three Nine
Months Months Months Months
Ended Ended Ended Ended
Cash flows from
operating activities:
Net (loss) income ($67,529) ($197,769) ($86,148) $931,172
Adjustments to
reconcile net (loss)
income to cash
flows provided by/
(used in) operating
activities:
Depreciation and
amortization 55,627 170,867 58,482 239,229
Minority interest in
joint venture - - - - - - - - - - - - (22,806)
Gain from Partnership
Interest - - - - - - - - - - - - (1,127,913)
Unpaid interest on
loan payable
to affiliate - - - - - - - - - - - - 55,347
Changes in assets and
liabilities:
(Increase)/Decrease
in accounts receivable (5,874) 2,033 (1,895) (22,500)
Increase in leasing
commissions (1,092) (1,092) (10,290) (26,061)
Decrease/(Increase)
in other assets 1,598 3,260 (1,653) 246
Increase/(Decrease)
in accounts
payable and
accrued liabilities 24,464 1,912 33,928 (58,595)
Increase/(Decrease)
in tenant deposits 1,104 (9,594) (4,898) (12,164)
Net cash provided
by/(used in)
operating activities 8,298 (30,383) (12,474) (44,045)
Cash flows from
investing activities:
Improvements to
investment properties - - - - (1,587) (23,102) (38,566)
Proceeds from sale of
Partnership - - - - - - - - - - - - 14,380
Net cash used in
investing
activities - - - - (1,587) (23,102) (24,186)
Cash flows from
financing activities:
Payments on notes
payable (9,721) (208,506) (8,866) (44,886)
Proceeds from notes
payable - - - - 290,000 25,373 166,956
Payment of loan fees
- - - - (13,098) - - - - (83,275)
Net cash (used
in)/provided
by financing
activities (9,721) 68,396 16,507 38,795
Net (Decrease)/Increase
in cash (1,423) 36,426 (19,069) (29,436)
Cash, beginning of
period 40,159 2,310 38,968 49,335
Cash, end of period $38,736 $38,736 $19,899 $19,899
See accompanying notes to the financial statements.
Capital Builders Development Properties
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1998 and December 31, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND
ORGANIZATION
A summary of the significant accounting policies applied in the
preparation of the accompanying financial statements follows:
Basis of Accounting
The financial statements of Capital Builders Development Properties
(The "Partnership") are prepared on the accrual basis and therefore
revenue is recorded as earned and costs and expenses are recorded as
incurred. Certain prior year amounts have been reclassified to
conform to current year classifications.
Principles of Presentation
In May 1997 the Partnership sold its 60% interest in Capital
Builders Roseville Venture to its affiliate, Capital Builders
Development Properties II. Capital Builders Development Properties
II, a California Limited Partnership, is an affiliate of the
Partnership as they have the same General Partner, Capital Builders,
Inc. The financial statements represent financial activity on a
consolidated basis until the time of the disposition of the majority-
owned subsidiary. All significant intercompany accounts and
transactions have been eliminated. The General Partner of Capital
Builders Development Properties, Capital Builders, Inc., has no
direct ownership interest in the joint venture, and did not receive
any compensation for the sale of the subsidiary.
Organization
Capital Builders Development Properties, a California Limited
Partnership, is owned under the laws of the State of California.
The Managing General Partner is Capital Builders, Inc., a California
corporation (CB).
The Partnership is in the business of real estate development and is
not a significant factor in its industry. The Partnership's
investment properties are located near major urban areas and,
accordingly, compete not only with similar properties in their
immediate areas but with hundreds of properties throughout the urban
areas. Such competition is primarily on the basis of locations,
rents, services and amenities. In addition, the Partnership
competes with significant numbers of individuals or organizations
(including similar companies, real estate investment trusts and
financial institutions) with respect to the purchase and sale of
land, primarily on the basis of the prices and terms of such
transactions.
Investment Properties
Long-lived assets and certain identifiable intangibles are reviewed
for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a
comparison of the carrying amount of an asset to future net cash
flows expected to be generated by the asset. If such assets are
considered to be impaired, the impairment to be recognized is
measured by the amount by which the carrying amount of the assets
exceed the fair value of the assets. Assets to be disposed of are
reported at the lower of the carrying amount or fair value less
costs to sell.
The Partnership's investment property consists of commercial land,
buildings and leasehold improvements that are carried net of
accumulated depreciation. Depreciation is provided for in amounts
sufficient to relate the cost of depreciable assets to operations
over their estimated service lives of three to forty years. The
straight-line method of depreciation is followed for financial
reporting purposes.
Lease Commissions
Lease commissions are being amortized over the related lease terms.
Income Taxes
The Partnership does not provide for income taxes since all income
or losses are reported separately on the individual partners' tax
returns.
Revenue Recognition
Rental income is recognized on a straight-line basis over the life
of the lease, which may differ from the scheduled rental payments.
Net (Loss) Income per Limited Partnership Unit
The net (loss) income per Limited Partnership unit is computed based
on the weighted average number of units outstanding during the three
and nine months ended September 30 of 13,787 in 1998 and 1997.
Statement of Cash Flows
For purposes of statement of cash flows, the Partnership considers
all short-term investments with a maturity, at date of purchase, of
three months or less to be cash equivalents.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires Management 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 reporting period. Actual results
could differ from those estimates.
NOTE 2 - LIQUIDITY
Management was notified that one of Plaza do Oro's major office
tenants, occupying 12,052 square feet, has filed Chapter 11
Bankruptcy and will vacate its suite during November of 1998.
Although the tenant's lease does not expire until January 31, 2001,
it is unlikely that any future collections will be made on the
lease.
The loss of this tenant will have a significant negative impact on
the Partnership's cash flow, and unless Management is successful in
obtaining additional lease-up and/or additional sources of cash from
refinancing, the Partnership will be unable to meet current year
obligations.
Management is currently negotiating a 6,000 square foot lease with a
potential office tenant. It is also looking into obtaining
additional financing to provide additional working capital to meet
current year obligations.
NOTE 3 - RELATED PARTY EXPENSE REIMBURSEMENT AND FEE ARRANGEMENT
The Managing General Partner (Capital Builders, Inc.) and the
Associate General Partners are entitled to reimbursement of expenses
incurred on behalf of the Partnership and certain fees from the
Partnership. These fees include: a property management fee up to 6%
of gross revenues realized by the Partnership with respect to its
properties; a subordinated real estate commission of up to 3% of the
gross sales price of the properties; and a subordinated 25% share of
the Partnership's distributions of cash from sales or refinancing.
The property management fee currently being charged is 5% of gross
rental revenues collected.
All acquisition fees and expenses, all underwriting commissions, and
all offering and organizational expenses which can be paid are
limited to 20% of the gross proceeds from sales of Partnership units
provided the Partnership incurs no borrowing to develop its
properties. However, these fees may increase to a maximum of 33% of
the gross offering proceeds based upon the total acquisition and
development costs, including borrowing. Since the formation of the
Partnership, 27.5% of these fees were paid to the Partnership's
related parties, leaving a remaining maximum of 5.5% ($379,143) of
the gross offering proceeds. The ultimate amount of these costs
will be determined once the properties are fully developed and
leveraged.
The total management fees paid to the Managing General Partner were
$7,960 and $39,053 for the nine months ended September 30, 1998 and
1997, respectively, while total reimbursement of expenses was
$63,162 and $75,283, respectively. The Partnership has accrued
$29,098 of Management fees during 1998, and will continue to accrue
these fees until all vendor balances are brought current.
NOTE 4 - INVESTMENT PROPERTIES
The components of the investment property account are as follows:
September 30, 1998 December 31, 1997
Land $1,353,177 $1,353,177
Building and Improvements 3,289,420 3,287,832
Tenant Improvements 489,455 533,912
Investment properties, at cost 5,132,052 5,174,921
Less: accumulated depreciation
and amortization (1,315,455) (1,227,226)
Investment property, net $3,816,597 $3,947,695
NOTE 5 - NOTES PAYABLE
Notes Payable consist of the following at:
September 30, December 31,
1998 1997
Mini-permanent loan with a fixed interest
rate of 9.25%, requiring monthly
principal and interest payments of
$28,689, which is sufficient to amortize
the loan over 25 years. The loan is due
April 1, 2002. The note is
collateralized by a First Deed of Trust
on the land, buildings and improvements,
and is guaranteed by the General Partner. $3,294,892 $3,323,398
Land loan of $180,000 due March 31, 1998
was refinanced with a land loan of
$290,000 due May 1, 1999. The note
requires interest only payments and bears
interest at 12.5%. The note is secured
by Plaza de Oro's separately parceled
Phase II land and is guaranteed by the
General Partner. 290,000 180,000
Total Notes Payable $3,584,892 $3,503,398
NOTE 6 - LEASES
The Partnership leases its properties under long-term noncancelable
operating leases to various tenants. The facilities are leased
through agreements for rents based on the square footage leased.
Minimum annual base rental payments under these leases for the years
ending December 31 are as follows:
1998 $541,631
1999 310,254
2000 277,652
2001 243,590
2002 104,178
Total $1,477,305
NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS
The following methods and assumptions were used by the Partnership
in estimating it's fair value disclosures for financial instruments.
Cash and cash equivalents
The carrying amount approximates fair value because of the
liquid nature of the instrument.
Notes payable
The fair value of the Partnership's notes payable is estimated
based on the quoted market prices for the same or similar
issues or on the current rates offered to the Partnership for
debt of the same remaining maturities.
The estimated fair values of the Partnership's financial instruments
are as follows:
September 30, 1998 December 31, 1997
Carrying Estimated Carrying Estimated
Amount Fair Value Amount Fair Value
Assets
Cash and cash equivalents $38,736 $38,736 $2,310 $2,310
Liabilities
Note payable $3,294,892 $3,294,892 $3,323,398 $3,323,398
Note payable $290,000 $290,000 $180,000 $180,000
NOTE 8 - COMMITMENTS AND CONTINGENCIES
The Partnership is involved in litigation primarily arising in the
normal course of its business. In the opinion of Management, the
Partnership's recovery or liability, if any, under any pending
litigation would not materially affect its financial condition or
operations.
NOTE 9 - PROSPECTIVE ACCOUNTING PRONOUNCEMENTS
Accounting for Derivative Instruments and Hedging Activity
In June 1998, the FASB issued SFAS No. 133, Accounting for Derivative
Instruments and Hedging Activities. SFAS No. 133 is effective for
all fiscal quarters of fiscal years beginning after June 15, 1999.
Management believes that the adoption of SFAS No. 133 will not have a
material impact on the financial statements due to the Partnership's
inability to invest in such instruments as stated in the Partnership
agreement.
Accounting for the Costs of Computer Software Developed or Obtained
for Internal Use
In March 1998, the American Society of Certified Public Accountants
(AICPA) issued Statement of Position (SOP) 98-1, Accounting for the
Costs of Computer Software Developed or Obtained for Internal Use.
SOP 98-1 provides guidance on accounting for the costs of computer
software developed or obtained for internal use. It specifies that
computer software meeting certain characteristics be designated as
internal-use software and sets forth criteria for expensing
capitalizing, and amortizing certain costs related to the development
or acquisition of internal-use software. SOP 98-1 is effective for
fiscal years beginning after December 15, 1998. Management does not
expect that adoption of SOP 98-1 will have a material impact on the
Partnership's financial statements.
Reporting on the Costs of Start-Up Activities
In April 1998, the AICPA issued SOP 98-5, Reporting on the Costs of
Start-Up Activities. SOP 98-5 provides guidance on the financial
reporting of start-up costs and organization costs. It requires
costs of start-up activities and organization costs to be expensed as
incurred. SOP 98-5 is effective for fiscal years beginning after
December 15, 1998. Management does not expect that adoption of SOP
98-5 will have a material impact on the Partnership's financial
statements.
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Year 2000 Compliance
The potential impact of the Year 2000 compliance issue on the real
estate industry could be material, as virtually every aspect of the
industry and processing of transactions will be affected. Due to the
size of the task facing the real estate industry, the Partnership may
be adversely affected by the problem, depending on whether it and the
entities with which it does business address this issue successfully.
The impact of Year 2000 issues on the Partnership will then depend
not only on corrective actions that the Partnership takes, but also
on the way in which Year 2000 issues are addressed by governmental
agencies, businesses and other third parties that provide services or
data to, or received services or data from, the Partnership, or whose
financial condition or operational capability is important to the
Partnership.
The Partnership's State of Readiness
The Partnership engages the services of third-party software vendors
and service providers for substantially all of its electronic data
processing. Thus, the focus of the Partnership is to monitor the
progress of its primary software providers toward Year 2000
compliance.
The Partnership's Year 2000 compliance program has been divided into
phases, all of them common to all sections of the process: (1)
inventorying date-sensitive information technology and other business
systems; (2) assigning priorities to identified items and assessing
the efforts required for Year 2000 compliance of those determined to
be material to the Partnership; (3) upgrading or replacing material
items that are determined not to be Year 2000 compliant and testing
material items; (4) assessing the status of third party risks; and
(5) designing and implementing contingency and business continuation
plans.
In the first phase, the Partnership is conducting a thorough
evaluation of current information technology systems and software.
Non-information technology systems such as climate control systems,
elevators and security equipment will also be surveyed.
In phase two of the process, results from the inventory are assessed
to determine the Year 2000 impact and what actions are required to
obtain Year 2000 compliance. For the Partnership's internal systems,
application upgrades of software are needed. The Partnership has
opted for a course of action that will result in upgrading or
replacing all critical internal systems.
The third phase includes the upgrading, replacement and/or retirement
of systems, and testing. This stage of the Year 2000 process is
ongoing and is scheduled to be completed by the second quarter of
1999.
The fourth phase, assessing third party risks, includes the process
of identifying and prioritizing critical suppliers and customers at
the direct interface level. This evaluation includes communicating
with the third parties about their plans and progress in addressing
Year 2000 issues.
Contingency Plan
The final phase of the Partnership's Year 2000 compliance program
relates to contingency plans. The Partnership maintains contingency
plans in the normal course of business designed to be deployed in the
event of various potential business interruptions.
Costs
As the Company relies upon third-party software vendors and service
providers for substantially all of its electronic data processing,
the primary cost of the Year 2000 Project has been and will continue
to be the reallocation of internal resources and, therefore, does not
represent incremental expense to the Partnership.
Risks
Failure to correct a material Year 2000 problem could result in an
interruption in, or a failure of, certain normal business activities
or operations. The Partnership believes that, with the
implementation of new or upgraded business systems and completion of
the Year 2000 Project as scheduled, the possibility of significant
interruptions of normal operations due to the failure of those
systems will be reduced. However, the Partnership is also dependent
upon the power and telecommunications infrastructure within the
United States. The most reasonably likely worst case scenario would
be that the Partnership may experience disruption in its operations
if any of these third-party suppliers reported a system failure.
Although the Partnership's Year 2000 Project will reduce the level of
uncertainty about the compliance and readiness of its material third-
party providers, due to the general uncertainty over Year 2000
readiness of these third-party suppliers, the Partnership is unable
to determine at this time whether the consequences of Year 2000
failures will have a material impact.
Liquidity and Capital Resources
The Partnership commenced operations on September 19, 1985 upon the
sale of the minimum number of Limited Partnership Units. The
Partnership's initial source of cash was from the sale of Limited
Partnership Units. Through the offering of Units, the Partnership
has raised $6,893,500 (represented by 13,787 Limited Partnership
Units). Cash generated from the sale of Limited Partnership Units
has been used to acquire land and for the development of a mixed use
commercial project and a 60% interest in a commercial office
project.
During the nine months ended September 30, 1998, a net increase in
cash of $36,426 was recognized by the Partnership. This was the
result of refinancing Plaza de Oro's land loan ($180,000) with a
$290,000, 12 month, 12.5% interest only loan, which provided
approximately $90,000 in cash reserves during the second quarter.
Since the refinancing, cash reserves have been utilized to make debt
service payments and fund cash used in operating activities.
During the third quarter, Management received notification that one
of Plaza de Oro's major office tenants, occupying 12,052 square
feet, filed Chapter 11 Bankruptcy and will be vacating its suite
during November of 1998. The loss of this tenant will have a
significant negative impact on the Partnership's ability to meet its
current obligations. It is Management's intention to aggressively
market the project's vacant space and attempt to obtain additional
financing to meet its obligations and future leasing costs.
Management is currently negotiating a 6,000 square foot lease with a
prospective office tenant, and a 9,800 square foot lease for the
planned phase II pad building. The Phase II building will be built
after a lease is secured and a construction loan is obtained.
It is estimated that it will cost the Partnership approximately
$112,000 in tenant improvement costs and leasing commissions to
stabilize Phase I. In order for the Partnership to pay for these
costs, it will be necessary to obtain additional loan proceeds
secured by Phase I. Management is currently evaluating methods to
obtain additional loan proceeds, as well as evaluating potential
sale scenarios for Plaza de Oro. If a sale of the property is
achieved, the Partnership would be dissolved.
Results of Operations
The Partnership's total revenues decreased by $4,461 (2.6%) for the
third quarter ended September 30, 1998 as compared to the third
quarter ended September 30, 1997, while expenses also decreased by
$23,080 (9%) for the same respective period, all resulting in a
decrease in net loss of $18,619 (21.6%).
The decrease in revenues is due primarily to a decrease in occupancy
at Plaza de Oro.
The decrease in expenses for the third quarter 1998 as compared to
1997 is primarily due to the recarpeting and repainting of Plaza de
Oro's office building lobby and common area, which was performed
during the third quarter of 1997.
The Partnership's total revenues decreased by $300,877 (36.8%) for
the nine months ended September 30, 1998 as compared to September 30,
1997, while expenses also decreased by $322,655 (31.1%) for the same
respective period. In addition, the minority interest in net loss
decreased by $22,806 (100%) in 1998 compared to 1997, and a gain of
$1,127,913 was recognized during the nine months ended September 30,
1997 for the sale of its 60% interest in the Capital Builders
Roseville Venture, all resulting in a decrease in net income of
$1,128,941 (121.2%) for the nine months ended September 30, 1998 as
compared to September 30, 1997.
The decrease in revenues is due primarily to the sale of the
Partnership's joint venture interest on May 1, 1997. The sale
decreased reported revenues by $242,630 since the Partnership no
longer owns 60% of the Roseville Joint Venture (Capital Professional
Center), as it did during the nine months ended September 30, 1997.
The Partnership's remaining property, Plaza de Oro, experienced a
decrease in revenue of $58,247 due to a decrease in occupancy and the
Partnership recognizing $36,000 of income during 1997 due to the
refinancing of its permanent loan, in which back-end loan fees which
had been previously amortized over the life of the loan were forgiven
by the Lender. Management is currently working on an aggressive
marketing program and anticipates the lease-up of the project during
the next two quarters.
Total expenses decreased by $322,655 for the nine months ended
September 30, 1998, as compared to September 30, 1997, primarily due
to the sale of its 60% interest in Capital Builders Roseville Venture
on May 1, 1997. As of September 30, 1998, the Statement of
Operations did not include any joint venture expenses, where as of
September 30, 1997, expenses of $299,645 were included.
The Partnership's remaining property, Plaza de Oro, also recognized a
decrease in operating expenses due to the recarpeting and repainting
of its office building lobby and common area during 1997.
PART II - OTHER INFORMATION
Item 1 - Legal Proceeding
The Partnership is not a party to, nor is
the Partnership's property the subject of, any
material pending legal proceedings.
Item 2 - Not applicable
Item 3 - Not applicable
Item 4 - Not applicable
Item 5 - Not applicable
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 Exchange Act of 1934,
the registrant has dully caused this report to be signed on its
behalf by the undersigned, hereunto dully authorized.
CAPITAL BUILDERS DEVELOPMENT PROPERTIES
a California Limited Partnership
By: Capital Builders, Inc.
Its Corporate General Partner
Date: November 12, 1998 By:
Michael J. Metzger
President
Date: November 12, 1998 By:
Kenneth L. Buckler
Chief Financial Officer