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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 QUARTER ENDED SEPTEMBER 30, 1998 COMMISSION FILE NUMBER 0-5426
THE WISER OIL COMPANY
A DELAWARE CORPORATION
I.R.S. EMPLOYER IDENTIFICATION NO. 55-0522128
8115 PRESTON ROAD, SUITE 400
DALLAS, TEXAS 75225
TELEPHONE (214) 265-0080
Former name, former address and former fiscal year, if changed since last
report. NONE
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, and (2) has been subject to such filing requirements
for the past 90 days.
x
----- ----
Yes No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
Class Outstanding at September 30, 1998
------------- ---------------------------------
$3 par value 8,951,965
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THE WISER OIL COMPANY
THE WISER OIL COMPANY
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The consolidated condensed financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. The financial statements
reflect all adjustments which are, in the opinion of management, necessary to
fairly present such information. Although the Company believes that the
disclosures are adequate to make the information presented not misleading,
certain information and footnote disclosures, including significant accounting
policies, normally included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted pursuant
to such rules and regulations. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and the notes
thereto included in the Company's latest annual report on Form 10-K.
2
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
1998 1997
-------------- -------------
(000's) except share data
ASSETS
Current Assets:
Cash and cash equivalents.................................... $ 1,346 $ 13,255
Accounts receivable.......................................... 9,397 13,765
Inventories.................................................. 928 1,007
Income taxes receivable...................................... 2,070 725
Prepaid expenses............................................. 1,438 438
--------- ---------
Total current assets....................................... 15,179 29,190
--------- ---------
Property, Plant and Equipment, at cost:
Oil and gas properties (successful efforts method)........... 366,443 346,655
Other properties............................................. 5,522 5,399
--------- ---------
371,965 352,054
Accumulated depreciation, depletion and amortization......... (147,316) (131,346)
--------- ---------
Net property, plant and equipment............................ 224,649 220,708
Other Assets.................................................. 3,726 4,658
--------- ---------
$ 243,554 $ 254,556
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable............................................. $ 10,302 $ 18,396
Accrued liabilities.......................................... 1,759 2,985
--------- ---------
Total current liabilities.................................. 12,061 21,381
--------- ---------
Long Term Debt................................................ 143,870 124,304
Deferred Benefit Cost......................................... 1,028 1,169
Deferred Income Taxes......................................... 6,183 10,278
Stockholders' Equity:
Common stock - $3 par value; 20,000,000 shares authorized;
shares issued - 9,128,169; shares outstanding - 8,951,965.... 27,385 27,385
Paid-in capital.............................................. 3,223 3,223
Retained earnings............................................ 51,440 68,630
Foreign currency translation................................. 1,093 915
Treasury stock; 176,204 shares, at cost...................... (2,729) (2,729)
--------- ---------
Total stockholders' equity................................. 80,412 97,424
--------- ---------
$ 243,554 $ 254,556
========= =========
The notes to financial statements included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1997 are an integral part of
these financial statements.
3
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(UNAUDITED)
FOR THE THREE MONTHS FOR THE NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
1998 1997 1998 1997
-------- -------- -------- --------
(000's except per share data)
Revenues:
Oil and gas sales......................... $ 13,338 $ 16,372 $ 45,883 $ 55,641
Dividends and interest.................... 32 407 244 864
Marketable security sales................. - - - 1,813
Other..................................... 463 248 1,140 2,108
-------- -------- -------- --------
13,833 17,027 47,267 60,426
-------- -------- -------- --------
Costs and Expenses:
Production and operating.................. 7,581 6,407 20,016 19,968
Purchased natural gas..................... 334 377 1,072 1,150
Depreciation, depletion and amortization.. 6,500 5,318 20,162 16,328
Exploration............................... 3,526 2,181 10,533 6,320
General and administrative................ 2,591 2,225 7,570 7,156
Interest expense.......................... 3,387 3,289 9,760 6,644
-------- -------- -------- --------
23,919 19,797 69,113 57,566
-------- -------- -------- --------
Earnings (Loss) Before Income Taxes......... (10,086) (2,770) (21,846) 2,860
Income Tax Expense (Benefit)................ (1,933) (892) (5,462) 541
-------- -------- -------- --------
NET INCOME (LOSS)........................... (8,153) (1,878) (16,384) 2,319
Retained Earnings, beginning of period...... 59,862 70,045 68,630 66,385
Dividends Paid.............................. (269) (269) (806) (806)
-------- -------- -------- --------
Retained Earnings, end of period............ $ 51,440 $ 67,898 $ 51,440 $ 67,898
======== ======== ======== ========
Weighted Average Outstanding Shares......... 8,952 8,950 8,952 8,950
======== ======== ======== ========
Earnings (Loss) Per Share:
Basic..................................... $ (0.91) $ (0.21) $ (1.83) $ 0.26
======== ======== ======== ========
Diluted................................... $ (0.91) $ (0.21) $ (1.83) $ 0.26
======== ======== ======== ========
Cash Dividends Per Share.................... $ 0.03 $ 0.03 $ 0.09 $ 0.09
======== ======== ======== ========
The notes to financial statements included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1997 are an integral part of
these financial statements.
4
THE WISER OIL COMPANY
THE WISER OIL COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
FOR THE NINE MONTHS
ENDED SEPTEMBER 30,
---------------------
1998 1997
---------- ---------
(000's)
Cash Flows From Operating Activities:
Net Income (Loss)............................................. $(16,384) $ 2,319
Adjustments to reconcile net income to operating cash flows:
Depreciation, depletion and amortization.................... 20,162 16,328
Deferred income taxes....................................... (4,095) 29
Marketable securities and property sale gains............... (571) (3,750)
Foreign currency translation................................ 178 (22)
Exploration expense......................................... 10,533 6,320
Amortization of other assets................................ 418 67
Other Changes:
Accounts receivable....................................... 4,368 2,398
Inventories............................................... 79 (313)
Income taxes receivable................................... (1,345) 498
Prepaid expenses.......................................... (1,000) 11
Other assets.............................................. 578 -
Accounts payable.......................................... (8,094) (2,067)
Accrued liabilities....................................... (1,226) 3,693
Deferred benefits cost.................................... (141) 147
-------- --------
Operating Cash Flows................................... 3,460 25,658
-------- --------
Cash Flows From Investing Activities:
Capital and exploration expenditures.......................... (37,012) (58,299)
Proceeds from sales of property, plant and equipment.......... 2,963 3,107
Proceeds from marketable securities sales..................... - 1,929
-------- --------
Investing Cash Flows................................... (34,049) (53,263)
-------- --------
Cash Flows From Financing Activities:
Long term debt issued......................................... 19,486 125,000
Payments on long term debt.................................... - (78,654)
Debt issuance costs and fees.................................. - (5,210)
Common stock issued........................................... - 162
Dividends paid................................................ (806) (806)
-------- --------
Investing Cash Flows................................... 18,680 40,492
-------- --------
Net Increase (Decrease) In Cash.................................. (11,909) 12,887
Cash and Cash Equivalents, beginning of period................... 13,255 5,870
-------- --------
Cash and Cash Equivalents, end of period......................... $ 1,346 $ 18,757
======== ========
The notes to financial statements included in the Company's Annual Report on
Form 10-K for the year ended December 31, 1997 are an integral part of these
financial statements.
5
THE WISER OIL COMPANY
THE WISER OIL COMPANY
NOTES TO FINANCIAL STATEMENTS
NOTE 1. COMPREHENSIVE INCOME
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards No. 130 "Reporting Comprehensive Income"("SFAS 130") which
establishes standards for reporting and display of comprehensive income and its
components in a full set of general purpose financial statements. Comprehensive
income includes net income and other comprehensive income, which includes, but
is not limited to, unrealized gains for marketable securities and future
contracts, foreign currency translation adjustments and minimum pension
liability adjustments. The impact of adopting SFAS No. 130 on the nine months
ended September 30, 1998 and September 30, 1997 is as follows:
September 30,
--------------------
1998 1997
---------- --------
Net Income (Loss)............................... $(16,384) $2,319
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments...... 178 (22)
Unrealized gains on marketable securities..... - (360)
-------- ------
Comprehensive income (loss)..................... $(16,206) $1,937
======== ======
NOTE 2. NEW ACCOUNTING STANDARDS
During 1998, the Financial Accounting Standards Board issued SFAS No. 131
"Disclosure about Segments of an Enterprise and Related Information", SFAS No.
132 "Employers' Disclosure about Pensions and Other Postretirement Benefits" and
SFAS No. 133 "Accounting for Derivative Instruments and Hedging Activities". The
new disclosure requirements of SFAS No. 131 and 132 are not expected to
materially change the Company's disclosures and SFAS No. 133 is not applicable
to the Company at this time.
6
THE WISER OIL COMPANY
THE WISER OIL COMPANY
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 3. SUMMARY OF GUARANTIES OF 9 1/2% SENIOR SUBORDINATED NOTES
In May 1997, the Company issued $125 million aggregate principal amount of
its 9 1/2% Senior Subordinated Notes due 2007 pursuant to an offering exempt
from registration under the Securities Act of 1933. The notes are unsecured
obligations of the Company, subordinated in right of payment to all existing and
any future senior indebtedness of the Company. The notes rank pari passu with
any future senior subordinated indebtedness and senior to any future junior
subordinated indebtedness of the Company. The notes are fully and
unconditionally guaranteed, jointly and severally, on an unsecured, senior
subordinated basis by certain wholly owned subsidiaries of the Company (the
"Subsidiary Guarantors"). At the time of the initial issuance of the notes,
Wiser Oil Delaware, Inc., The Wiser Marketing Company, Wiser Delaware LLC,
T.W.O.C., Inc. and The Wiser Oil Company of Canada were the Subsidiary
Guarantors (the "Initial Subsidiary Guarantors"). Except for five wholly owned
subsidiaries that are inconsequential to the Company on a consolidated basis,
the Initial Subsidiary Guarantors comprise all of the Company's direct and
indirect subsidiaries.
Sections 13 and 15(d) of the Securities Exchange Act of 1934 require
presentation of the following unaudited summarized financial information of the
Subsidiary Guarantors. The Company has not presented separate financial
statements and other disclosures concerning each Subsidiary Guarantor because
such information is not material to investors. There are no significant
contractual restrictions on distributions from each of the Subsidiary Guarantors
to the Company.
7
THE WISER OIL COMPANY
THE WISER OIL COMPANY
NOTES TO FINANCIAL STATEMENTS (continued)
THE WISER OIL COMPANY
SUBSIDIARY GUARANTORS
--------------------------------------------
The Wiser
WISER T.W.O.C. MARKETING COMBINED
Canada(1) INC. COMPANY TOTAL
----------- --------- --------- ---------
(000's)
REVENUES
- --------
FOR THE QUARTER ENDED SEPTEMBER 30,1998...... $ 3,014 $ - $ 493 $ 3,507
For the quarter ended September 30, 1997..... 3,867 49 554 4,470
FOR THE NINE MONTHS ENDED SEPTEMBER 30,1998.. 10,573 1 1,593 12,167
For the nine months ended September 30,1997.. 11,268 1,957 1,641 14,866
INCOME (LOSS) BEFORE INCOME TAXES
- ---------------------------------
FOR THE QUARTER ENDED SEPTEMBER 30,1998...... $(1,530) $ (6) $ 27 $(1,509)
For the quarter ended September 30, 1997..... (255) 44 65 (146)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,1998.. (3,016) (14) 183 (2,847)
For the nine months ended September 30,1997.. (3,176) 1,944 181 (1,051)
NET INCOME (LOSS)
- -----------------
FOR THE QUARTER ENDED SEPTEMBER 30,1998...... $(1,071) $ (4) $ 19 $(1,056)
For the quarter ended September 30, 1997..... (179) 31 46 (102)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,1998.. (2,111) (10) 128 (1,993)
For the nine months ended September 30,1997.. (2,223) 1,361 127 (735)
CURRENT ASSETS
- --------------
SEPTEMBER 30,1998............................ $ 2,974 $ 18 $ 260 $ 3,252
December 31, 1997............................ 4,808 44 165 5,017
TOTAL ASSETS
- ------------
SEPTEMBER 30,1998............................ $52,708 $ 18 $ 619 $53,345
December 31, 1997............................ 52,083 44 492 52,619
CURRENT LIABILITIES
- -------------------
SEPTEMBER 30,1998............................ $ 4,684 $ - $ 314 $ 4,998
December 31, 1997............................ 6,646 - 250 6,896
NONCURRENT LIABILITIES
- ----------------------
SEPTEMBER 30,1998............................ $ - $ - $ - $ -
December 31, 1997............................ 9,474 - - 9,474
STOCKHOLDER'S EQUITY
- --------------------
SEPTEMBER 30,1998............................ $48,024 $ 18 $ 305 $48,347
December 31, 1997............................ 35,963 44 242 36,249
(1) Includes the accounts of Wiser Oil Delaware, Inc., Wiser Delaware LLC and
The Wiser Oil Company of Canada.
See other notes to financial statements included in the Company's Annual Report
on Form 10-K for the year ended December 31, 1997.
8
THE WISER OIL COMPANY
THE WISER OIL COMPANY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
COMPARISON OF QUARTERS ENDED SEPTEMBER 30, 1998 AND SEPTEMBER 30, 1997
Revenues for the third quarter of 1998 decreased $3.2 million or 19% from
the third quarter of 1997, due primarily to lower oil prices. Oil sales for the
third quarter of 1998 were $3.2 million lower than the third quarter of 1997 as
the average price received for oil sales in the third quarter of 1998 was $11.96
per barrel, down $5.34 per barrel or 31% from the third quarter of 1997. Net oil
production for the third quarter of 1998 was 556,000 barrels, down 2% from
570,000 barrels in the third quarter of 1997. Gas sales for the third quarter of
1998 were $0.2 million higher than the third quarter of 1997. Net gas production
for the third quarter of 1998 was 3,516 MMCF, up 605 MMCF or 21% from the third
quarter of 1997 due primarily to additional production from wells drilled in
South Texas and new production from the Portage field in Canada. The average
price received for gas sales during the third quarter of 1998 was $1.69 per mcf,
a decrease of $0.28 per mcf or 14% from the third quarter of 1997. During the
third quarter of 1998, there were no adjustments to oil and gas sales from the
Company's hedging activities compared to a reduction of $0.3 million in oil and
gas sales in the third quarter of 1997. There were no sales of marketable
securities in the third quarter of 1998 and 1997, respectively.
Production and operating expense for the third quarter of 1998 increased
$1.2 million or 18% primarily as a result of acquiring additional working
interests in the Wellman field. On a BOE basis (excluding 137 MMCF and 162 MMCF
of gas purchased for resale during the third quarter of 1998 and 1997,
respectively), production and operating expense during the third quarter of 1998
increased to $6.33 per BOE or 7% from $5.91 per BOE during the third quarter of
1997. Depreciation, depletion and amortization, ("DD&A") for the third quarter
of 1998, increased $1.2 million or 22% over the third quarter of 1997 due
primarily to higher DD&A from the Maljamar field in New Mexico. Exploration
expense for the third quarter of 1998 was $3.5 million, up $1.3 million from the
third quarter of 1997 due primarily to higher dry hole expense in Peru and South
Texas. General and administrative expense in the third quarter of 1998 was $0.4
million higher than the third quarter of 1997 due to bad debt expense and
increased salaries and wages. Interest expense during the third quarter of 1998
was $0.1 million or 3% higher than the third quarter of 1997 due to borrowings
under the Credit Agreement in the third quarter of 1998. The effective income
tax rate during the third quarter of 1998 was 19% compared to 32% in the third
quarter of 1997.
The Company realized a net loss of $8.2 million and net loss per share of
$0.91 in the third quarter of 1998 compared to a net loss of $1.9 million and
net loss per share of $0.21 during the third quarter of 1997. The Company's
Canadian operations incurred a pre-tax loss of $1.5 million during the third
quarter of 1998 compared to a pre-tax loss of $0.2 million during the third
quarter of 1997.
9
THE WISER OIL COMPANY
THE WISER OIL COMPANY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 1998 AND SEPTEMBER 30, 1997
Revenues for the first nine months of 1998 decreased $13.2 million or 22%
from the first nine months of 1997, due primarily to lower oil and gas prices.
Oil sales for the first nine months of 1998 were $9.7 million lower than the
first nine months of 1997 as the average price received for oil sales in the
first nine months of 1998 was $12.87 per barrel, down $5.30 per barrel or 29%
from the first nine months of 1997. Net oil production for the first nine
months of 1998 was 1,831,000 barrels, up slightly from 1,830,000 barrels in the
first nine months of 1997. Gas sales for the first nine months of 1998 were $0.9
million higher than the first nine months of 1997 as net gas production for the
first nine months of 1998 was 10,714 MMCF, up 1,740 MMCF or 19% from the first
nine months of 1997 due primarily to additional production from wells drilled in
South Texas and new production from the Portage field in Canada. The average
price received for gas sales during the first nine months of 1998 was $1.87 per
mcf, a decrease of $0.27 per mcf or 13% from the first nine months of 1997.
During the first nine months of 1998, there were no adjustments to oil and gas
sales from the Company's hedging activities compared to a reduction of $2.1
million in oil and gas sales in the first nine months of 1997. The Company
liquidated its remaining portfolio of marketable securities during 1997.
Accordingly, there were no sales of marketable securities in the first nine
months of 1998 compared to $1.8 million in gain from sales of marketable
securities in the first nine months of 1997.
Production and operating expense for the first nine months of 1998 was
$20.0 million, up slightly from the first nine months of 1997 primarily as a
result of acquiring additional working interests in the Wellman field offset by
cost cutting measures implemented at the Maljamar and Wellman fields. On a BOE
basis (excluding 442 MMCF and 463 MMCF of gas purchased for resale during the
first nine months of 1998 and 1997, respectively), production and operating
expense during the first nine months of 1998 decreased to $5.29 per BOE from
$5.74 per BOE during the first nine months of 1997. DD&A for the first nine
months of 1998, increased $3.8 million or 23% over the first nine months of 1997
due primarily to higher DD&A from the Maljamar field in New Mexico and from the
South Texas properties acquired in June 1997. Exploration expense for the first
nine months of 1998 was $10.5 million, up $4.2 million from the first nine
months of 1997 due primarily to higher dry hole and seismic expense. General and
administrative expense in the first nine months of 1998 was $0.4 million higher
than the first nine months of 1997 due to bad debt expense and increased
salaries and wages. Interest expense during the first nine months of 1998 was
$9.8 million, up $3.1 million or 47% from the first nine months of 1997 due to
the increase in long term debt associated with the issuance of $125 million of
Senior Subordinated Notes in May 1997 and borrowings under the Credit Agreement
in the first nine months of 1998. The effective income tax rate during the first
nine months of 1998 was 25% compared to 19% in the first nine months of 1997.
The Company realized a net loss of $16.4 million and net loss per share of
$1.83 in the first nine months of 1998 compared to net income of $2.3 million
and earnings per share of $0.26 during the first nine months of 1997. The
Company's Canadian operations incurred a pre-tax loss of $3.0 million
10
THE WISER OIL COMPANY
THE WISER OIL COMPANY
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
COMPARISON OF NINE MONTHS ENDED SEPTEMBER 30, 1998 AND SEPTEMBER 30, 1997
(CONTINUED)
during the first nine months of 1998 compared to a pre-tax loss of $3.2 million
during the first nine months of 1997.
Operating cash flows during the first nine months of 1998 were $3.5
million, down $22.2 million from the first nine months of 1997 primarily as a
result of decreased oil and gas sales combined with higher interest expense and
a reduction in accounts payable. Capital and exploration expenditures during
the first nine months of 1998 were $37.0 million, down $21.3 million from $58.3
million during the first nine months of 1997. In light of the reduced cash flows
received in 1998 compared to 1997, the Company has reduced its capital and
exploration budget for 1998 by approximately $10 million. On a cash basis, the
Company paid $0.2 million and $6.2 million in interest expense in the third
quarter of 1998 and nine months ended September 30, 1998, respectively. No
income taxes were paid in the third quarter of 1998 or the nine months ended
September 30, 1998.
Effective September 30, 1998 the Credit Agreement was amended to relax
certain financial ratios related to Consolidated Funded Debt and Consolidated
Interest Coverage from September 30, 1998 through March 30,1999. In addition,
the Borrowing Base under the Credit Agreement was reduced from $80 million to
$25 million effective September 30, 1998.
On November 10, 1998, the Company borrowed $6.0 million under the Credit
Agreement to refinance certain short term obligations and for general corporate
purposes. Accordingly, $4.5 million of short term obligations were classified
as long term debt at September 30, 1998.
YEAR 2000 ISSUE
The Company has assessed and continues to assess the impact of the year 2000
("Y2K") issue on its reporting systems and operations. The Y2K issue exists
because many computer systems and applications currently use two-digit date
fields to designate a year. As the century date occurs, two-digit date systems
will recognize the year 2000 as 1900 or not at all. This inability to recognize
the year 2000 may cause systems to process critical financial and operational
information incorrectly. The Company anticipates that its significant computer
systems and software used in both office and field locations will be Y2K
compliant during 1998. Management does not estimate future expenditures related
to the Y2K issue to be material.
11
THE WISER OIL COMPANY
THE WISER OIL COMPANY
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
The information required by this Item 6 (a) is set forth in the Index
to Exhibits accompanying this quarterly report and is incorporated
herein by reference.
(b) Reports on Form 8-K
None.
12
THE WISER OIL COMPANY
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.
THE WISER OIL COMPANY
--------------------------
(Registrant)
Date: November 12, 1998 /s/ Andrew J. Shoup, Jr.
-----------------------------------------
Andrew J. Shoup, Jr.
President and
Chief Executive Officer
Date: November 12, 1998 /s/ Lawrence J. Finn
-----------------------------------------
Lawrence J. Finn
Vice President, Finance and
Chief Financial Officer
13
THE WISER OIL COMPANY
THE WISER OIL COMPANY
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------ -------
4.13a + First Amendment to Credit Agreement dated September 30, 1998
among The Wiser Oil Company, as borrowers, and NationsBank of
Texas, N.A., as agent, and The Financial Institutions Listed on
the Signature Pages thereto, as Banks.
27 Financial Data Schedule
+ Filed herewith.
14