1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- --- EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 1995
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 1-3876
HOLLY CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 75-1056913
- ------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 Crescent Court, Suite 1600
Dallas, Texas 75201-6927
- ------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (214) 871-3555
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report
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
--- ---
8,253,514 shares of Common Stock, par value $.01 per share, were outstanding on
December 8, 1995.
2
HOLLY CORPORATION
INDEX
Page No.
--------
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet -
October 31, 1995 (Unaudited) and July 31, 1995 3
Consolidated Statement of Income (Unaudited) -
Three Months Ended October 31, 1995 and 1994 4
Consolidated Statement of Cash Flows (Unaudited) -
Three Months Ended October 31, 1995 and 1994 5
Notes to Consolidated Financial Statements (Unaudited) 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 4. Submission of Matters to a Vote of Securities Holders 12
Item 6. Exhibits and Reports on Form 8-K 12
2
3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
HOLLY CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollars in Thousands Except Per Share Amounts)
Unaudited
October 31, July 31,
1995 1995
-------- ---------
ASSETS
------
Current assets
Cash and cash equivalents $ 28,059 $ 13,432
Accounts receivable: Trade 39,136 37,733
Crude oil 42,326 48,092
-------- --------
81,462 85,825
Inventories: Crude oil and refined products 29,280 35,649
Materials and supplies 6,239 6,532
-------- --------
35,519 42,181
Income taxes receivable - 1,540
Prepayments and other 10,667 10,032
-------- --------
Total current assets 155,707 153,010
Properties, plants and equipment, at cost 253,904 249,814
Less accumulated depreciation, depletion and amortization 121,631 118,629
-------- --------
132,273 131,185
Other assets 2,240 3,189
-------- --------
$290,220 $287,384
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities
Accounts payable $101,193 $106,817
Accrued liabilities 13,831 13,702
Income taxes payable 3,099 476
Current maturities of long-term debt 10,775 14,275
-------- --------
Total current liabilities 128,898 135,270
Deferred income taxes 17,521 17,506
Long-term debt, less current maturities 58,065 54,565
Contingencies
Stockholders' equity
Preferred stock, $1.00 par value -
1,000,000 shares authorized; none issued - -
Common stock, $.01 par value - 20,000,000 shares
authorized; 8,650,282 shares issued 87 87
Additional capital 6,132 6,132
Retained earnings 80,086 74,803
-------- --------
86,305 81,022
Common stock held in treasury, at cost - 396,768 shares (569) (569)
Deferred charge - amount due from ESOP - (410)
-------- --------
Total stockholders' equity 85,736 80,043
-------- --------
$290,220 $287,384
======== ========
See accompanying notes.
3
4
HOLLY CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Dollars in Thousands Except Per Share Amounts)
Unaudited
Three Months Ended
October 31,
--------------------------------
1995 1994
---------- ----------
Revenues
Net Sales $164,719 $ 160,600
Miscellaneous 119 124
--------- ---------
164,838 160,724
Costs and expenses
Cost of sales 144,990 139,247
General and administrative 3,429 3,355
Depreciation, depletion and amortization 3,973 3,523
Exploration expenses, including dry holes 561 466
Miscellaneous 96 28
--------- ---------
153,049 146,619
--------- ---------
Income from operations 11,789 14,105
Other
Interest income 331 181
Interest expense (1,909) (2,120)
--------- ---------
(1,578) (1,939)
--------- ---------
Income before income taxes and cumulative effect
of change in accounting for turnarounds 10,211 12,166
Income tax provision
Current 4,168 4,501
Deferred (60) 413
--------- ---------
4,108 4,914
--------- ---------
Income before cumulative effect of
change in accounting method 6,103 7,252
Cumulative effect to August 1, 1994 of change
in accounting for turnarounds, net of taxes - 5,703
--------- ---------
Net income $ 6,103 $ 12,955
========= =========
Income per common share
Income before cumulative effect of
change in accounting method $ .74 $ .88
Cumulative effect to August 1, 1994 of change
in accounting for turnarounds, net of taxes - .69
--------- ---------
Net income $ .74 $ 1.57
======== =========
Cash dividends paid per share $ .10 $ .10
Average number of shares of common
stock outstanding (in thousands) 8,254 8,254
See accompanying notes.
4
5
HOLLY CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
Unaudited
Three Months Ended
October 31,
----------------------------
1995 1994
-------- --------
Cash flows from operating activities
Net income $ 6,103 $ 12,955
Adjustments to reconcile net income
to net cash provided by operating activities
Depreciation, depletion and amortization 3,973 3,523
Deferred income taxes (60) 413
Dry hole costs and leasehold impairment 112 2
Cumulative effect to August 1, 1994 of
change in accounting for turnarounds - (5,703)
(Increase) decrease in operating assets
Accounts receivable 4,363 18,156
Inventories 6,662 6,551
Income taxes receivable 1,540 697
Prepayments and other (685) 253
Increase (decrease) in operating liabilities
Accounts payable (5,624) (21,947)
Accrued liabilities 204 1,625
Income taxes payable 2,628 3,656
Other, net 438 (2,514)
-------- --------
Net cash provided by operating activities 19,654 17,667
Cash flows from financing activities
Cash dividends (825) (825)
-------- --------
Net cash used for financing activities (825) (825)
Cash flows from investing activities
Additions to properties, plants and equipment (4,202) (3,736)
-------- --------
Net cash used for investment activities (4,202) (3,736)
-------- --------
Cash and cash equivalents
Increase for the period 14,627 13,106
Beginning of year 13,432 3,297
-------- --------
End of period $ 28,059 $ 16,403
======== ========
Supplemental disclosure of cash flow information
Cash paid during period for
Interest $ 278 $ 290
Income taxes $ - $ 100
See accompanying notes.
5
6
HOLLY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A - Presentation of Financial Statements
In the opinion of the Company, the accompanying consolidated financial
statements, which have not been audited by independent accountants (except for
the consolidated balance sheet as of July 31, 1995), reflect all adjustments
(consisting only of normal recurring adjustments) necessary to present fairly
the Company's consolidated financial position as of October 31, 1995, the
consolidated results of operations for the three months ended October 31, 1995
and 1994, and consolidated cash flows for the three months ended October 31,
1995 and 1994.
Certain notes and other information have been condensed or omitted.
Therefore, these financial statements should be read in conjunction with the
consolidated financial statements and related notes included in the Company's
Annual Report on Form 10-K for the fiscal year ended July 31, 1995.
References herein to the "Company" are for convenience of presentation
and may include obligations, commitments or contingencies that pertain solely
to one or more affiliates of the Company. Results of operations for the first
three months of fiscal 1996 are not necessarily indicative of the results to be
expected for the full year.
Note B - Debt
In November 1995, the Company completed the funding from a group of
insurance companies of a new private placement of Senior Notes in the amount of
$39 million and the extension of $21 million of previously outstanding Senior
Notes. The new $39 million Series C Notes have a 10-year life, require equal
annual principal payments of $5,571,000 beginning December 15, 1999, and bear
interest at 7.62%. The new $21 million Series D Notes, for which previously
issued Series B Notes were exchanged, have a ten-year life, require equal
annual principal payments of $3,000,000 beginning December 15, 1999, and bear
interest at an initial rate of 10.16%, with reductions to 7.82% for the periods
subsequent to the original maturity dates of the exchanged Series B Notes.
Both the new notes and the extension notes have other terms and conditions
similar to the previously outstanding Senior Notes. At October 31, 1995,
$3,500,000 of current maturities have been reclassified to long-term as result
of this transaction.
Maturities of long-term debt subsequent to October 31, 1995 for the next
five fiscal years are as follows: 1996 -- $10,775,000; 1997 -- $10,775,000;
1998 - $10,775,000; 1999 -- $5,175,000 and 2000 -- $13,746,000.
6
7
HOLLY CORPORATION
Notes to Consolidated Financial Statements (Continued)
Note C - Contingencies
In July 1993, the United States Department of Justice (DOJ), on behalf
of the United States Environmental Protection Agency (EPA), filed a suit
against the Company's subsidiary, Navajo Refining Company (Navajo) alleging
that, beginning in September 1990 and continuing through the present, Navajo
has violated and continues to violate the Resource Conservation and Recovery
Act (RCRA) and implementing regulations of the EPA by treating, storing and
disposing of certain hazardous wastes without compliance with regulatory
requirements. The Company believes that the parties are in the final stage of
negotiating a resolution of the litigation. If settled as anticipated, the
Company would close the existing evaporation ponds of its wastewater management
system at a cost believed to be substantially less than $1 million. The
settlement also contemplates that the Company would implement one of several
alternatives to the existing wastewater treatment system. Depending upon which
approach is utilized, the Company could incur total costs of approximately $3
million over the next several years. The costs to implement an alternative
wastewater treatment system would be capitalized and amortized over the future
useful life of the resulting asset in accordance with generally accepted
accounting principles. The settlement with the DOJ also is expected to involve
the payment of civil penalty of less than $2 million. In fiscal 1993, the
Company recorded a $2 million reserve for the litigation.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Results of Operations
Net income for the first quarter ended October 31, 1995 was $6.1 million
as compared to $13.0 million, which included a gain of $5.7 million for an
accounting change, for the first quarter of the prior year.
Excluding the effects of the change in accounting for turnarounds, net
income decreased in the current year's first quarter as compared to the same
period of fiscal 1995. Refinery margins, were less than in the first quarter
of the prior year as crude oil costs were slightly higher and product prices
were slightly lower in the current year's first quarter as compared to the
prior year's first quarter. Partially offsetting the lower margins in the
fiscal 1996 first quarter was an increase of 5% in sales volumes over the prior
year's first quarter. Revenues increased in the quarter ended October 31, 1995
from the prior year's comparable period as a result of the greater sales
volumes, partially offset by the decrease in product prices.
7
8
HOLLY CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
Effective August 1, 1994, the Company changed its method of accounting
for turnaround costs. Turnarounds consist of preventive maintenance on major
processing units as well as the shutdown and restart of all units, and
generally are scheduled at two to three year intervals. Previously, the
Company estimated the costs of the next scheduled turnaround and ratably
accrued the related expenses prior to the actual turnaround. To provide for a
better matching of turnaround costs with revenues, the Company changed its
accounting method for turnaround costs to one that results in the amortization
of costs incurred over the period until the next scheduled turnaround. The
cumulative effect of this accounting change through the 1994 fiscal year was an
increase in net income in the first quarter of fiscal 1995 of $5.7 million.
Financial Condition
Cash flows from operations during the three months ended October 31,
1995 exceeded capital expenditures and dividends paid, resulting in a net
increase of cash and cash equivalents of $14.6 million. Working capital
increased during the three months ended October 31, 1995 by $9.1 million to
$26.8 million. At October 31, 1995, the Company had $25 million of borrowing
capacity under the Credit Agreement which can be used for short term working
capital needs. The Company believes that these sources of funds, together with
future cash flows from operations and a new private placement and extension of
debt as described below should provide sufficient resources, financial strength
and flexibility for the Company to satisfy its liquidity needs, capital
requirements, and debt service obligations and to permit the payment of
dividends for the foreseeable future.
Net cash provided by operating activities amounted to $19.7 million in
the first three months of fiscal 1996, as compared to $17.7 million in the same
period of the prior year. The change in the method of accounting for
turnaround costs did not have any effect on cash provided from operations. The
net change in working capital accounts for both periods was comparable.
8
9
HOLLY CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
Cash flows used for investing activities were $4.2 million in the first
three months of fiscal 1996, as compared to $3.7 million in the same period of
the prior year, all of which amounts were for capital expenditures. The
Company has adopted capital budgets totalling $44 million for fiscal 1996. The
major components of this budget are projects relating to the Company's 60,000
barrel per day Navajo Refinery in Artesia, New Mexico. The projects involve
refinery upgrades to improve product yields, a joint venture to ship liquid
petroleum gas (LPGs) to Mexico, and construction of a new 12" pipeline from the
Navajo Refinery to El Paso, Texas.
The Company believes its presently scheduled capital projects will
improve product yields and enhance refining profitability. The first of these
projects, a UOP Isomerization unit, will increase the refinery's internal
octane generating capabilities and will result in improved light product
yields. This unit is expected to be operational during the fourth quarter of
fiscal 1996. In addition, the Company has determined to make certain
state-of-the-art upgrades to its fluid catalytic cracking unit (FCC), which
will improve FCC high value product yields. Engineering and equipment
procurement for this project will proceed during fiscal 1996, with completion
and realization of benefits occurring during fiscal 1997. The total estimated
cost of these two projects is $12.5 million.
The Company has entered into a joint venture with Mapco and Amoco
Pipeline to transport LPGs to Mexico. In connection with this project, a new
12" pipeline will be constructed from the Navajo refinery in Artesia, New
Mexico to El Paso, Texas which should result in reduced operating expenses at
current throughputs and position Navajo to transport higher volumes in the
event of future refinery expansion. The new line will replace an 8" pipeline
currently used by Navajo which, in turn, is to be transferred to the joint
venture. The Company's total net cash investment in the project, including a
25% interest in the joint venture, is estimated to be $22 million.
The remainder of the approved capital budgets will be for various
refinery improvements, environmental and safety enhancements and approximately
$2 million for oil and gas exploration and production activities.
9
10
HOLLY CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
Cash flows used for financing activities amounted to $.8 million in the
first three months of fiscal 1996, as compared to $.8 million in the same
period of the prior year, all of which were for dividends. In November 1995,
the Company completed the funding from a group of insurance companies of a new
private placement of Senior Notes in the amount of $39 million and the
extension of $21 million of previously outstanding Senior Notes. This private
placement is intended to finance the Company's $44 million capital budget for
the 1996 fiscal year, and to enhance the Company's future investment
flexibility and financial strength. The $39 million of new Senior Notes will
have a 10 year maturity, with equal annual principal payments of $5.6 million
beginning at the end of the fourth year, and an interest rate of 7.62%. The
extension of $21 million of previously issued Series B Notes extends the final
maturity of these notes from June 2001 to December 2005, with the first
principal payment date changed from June 1996 to December 1999, and with an
interest rate of 7.82% for the period subsequent to the original maturity date.
Both the new notes and the extension notes have other terms and conditions
similar to the previously outstanding Senior Notes. With the closing of this
transaction, maturities of long-term debt for the next five fiscal years are
now as follows: 1996 -- $10,775,000; 1997 -- $10,775,000; 1998 -- $10,775,000;
1999 -- $5,175,000 and 2000 -- $13,746,000.
Diamond Shamrock, Inc., an independent refiner and marketer, completed
in November 1995 the construction of a 409-mile, ten-inch refined products
pipeline from its McKee refinery near Dumas, Texas to El Paso, the Company's
largest market. Diamond Shamrock announced that this pipeline will have an
initial capacity of 27,000 BPD, and that Diamond Shamrock intends to use its
pipeline to supply fuels to the El Paso, New Mexico, Arizona and northern
Mexico markets. The Diamond Shamrock pipeline should substantially increase
the supply of products in the Company's principal markets.
In June 1995, an investor group announced that it was negotiating to
purchase an existing crude oil pipeline running from West Texas to a refinery
near Houston as part of the investor group's plan to reverse the line and
extend it for use in transporting refined products from the Gulf Coast to El
Paso. There have been periodic reports since then that the group is taking
steps to attempt to bring the project to fruition. If such a project were to
be consummated, there would be a substantial increase in supply for the
Company's markets. Neither the viability of this project nor its long-term
ramifications can presently be ascertained.
10
11
HOLLY CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)
At times in the past, the common carrier pipelines used by the Company
to serve the Tucson and Phoenix markets have been operated at or near their
capacity. In addition, the common carrier pipeline used by the Company to
serve the Albuquerque market currently is operating at or near capacity. As a
result, the volume of refined products that the Company and other shippers have
been able to deliver to these markets at times has been limited. In general,
there is no assurance that the Company will not experience future constraints
on its ability to deliver its products through common carrier pipelines or that
any existing constraints will not worsen. In particular, the flow of
additional product into El Paso for shipment to Arizona, either as a result of
the new Diamond Shamrock pipeline or otherwise, could result in the
reoccurrence of such constraints.
In July 1993, the United States Department of Justice (DOJ), on behalf
of the United States Environmental Protection Agency (EPA), filed a suit
against the Company's subsidiary, Navajo Refining Company (Navajo) alleging
that, beginning in September 1990 and continuing through the present, Navajo
has violated and continues to violate the Resource Conservation and Recovery
Act (RCRA) and implementing regulations of the EPA by treating, storing and
disposing of certain hazardous wastes without compliance with regulatory
requirements. The Company believes that the parties are in the final stages of
negotiating a resolution of the litigation. If settled as anticipated, the
Company would close the existing evaporation ponds of its wastewater management
system at a cost believed to be substantially less than $1 million. The
settlement also contemplates that the Company would implement one of several
alternatives to the existing wastewater treatment system. Depending upon which
approach is utilized, the Company could incur total costs of approximately $3
million over the next several years. The costs to implement an alternative
wastewater treatment system would be capitalized and amortized over the future
useful life of the resulting asset in accordance with generally accepted
accounting principles. The settlement with the DOJ also is expected to involve
the payment of a civil penalty of less than $2 million. In fiscal 1993, the
Company recorded a $2 million reserve for the litigation.
11
12
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
In July 1993, the DOJ, acting on behalf of the EPA, filed a complaint in
the United States District Court for the District of New Mexico alleging that
Navajo, beginning in September 1990 and continuing until the present, had
violated and continues to violate the RCRA and implementing regulations of the
EPA by treating, storing and disposing of certain hazardous wastes without
necessary authorization and without compliance with regulatory requirements.
The complaint seeks a court order directing Navajo to comply with these
regulatory standards and civil penalties for the alleged non- compliance. The
Company believes that the parties are in the final stages of negotiations that
should resolve the litigation. Based on these negotiations, the Company would
close the existing evaporation ponds of its wastewater management system and
implement an alternative wastewater treatment system. Any settlement with DOJ
and EPA also is expected to involve payment of a civil penalty. See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and Note C to the Consolidated Financial Statements.
Item 4. Submission of Matters to a Vote of Securities Holders
At the annual meeting of stockholders of December 14, 1995, all seven of
the management's nominees for directors as listed in the proxy statement were
elected.
SCHEDULE OF VOTES CAST FOR EACH DIRECTOR
Total Shares Voted Total Shares Voted
"For" "Withheld"
------------------- ------------------
Matthew P. Clifton 7,004,855 17,461
Marcus R. Hickerson 7,006,259 16,057
A. J. Losee 7,005,133 17,183
Thomas K. Matthews, II 7,002,351 19,965
Robert G. McKenzie 7,005,867 16,449
Lamar Norsworthy 7,004,855 17,461
Jack P. Reid 7,004,855 17,461
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits: See Index to Exhibits on page 14.
(b) Reports on Form 8-K: None.
12
13
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HOLLY CORPORATION
--------------------------
(Registrant)
Date: December 14, 1995 By /S/Henry A.Teichholz
--------------------------
Henry A. Teichholz
Vice President, Treasurer
and Controller
(Duly Authorized Principal
Financial and Accounting
Officer)
13
14
HOLLY CORPORATION
INDEX TO EXHIBITS
(Exhibits are numbered to correspond to the exhibit
table in Item 601 of Regulation S-K)
Exhibit
Number Description
------ -----------
4.1 - Third Amendment to First Amended and Restated Credit Agreement, dated as of November 15, 1995,
among Holly Corporation, Navajo Refining Company, Holly Petroleum, Inc., Navajo Pipeline Co.,
Navajo Holdings, Inc., Lea Refining Company, Navajo Western Asphalt Company, Montana Refining
Company, a Partnership and Navajo Crude Oil Marketing Company, NationsBank of Texas, N.A., as
Agent, and NationsBank of Texas, N.A., Banque Paribas, The First National Bank of Boston, and
The Bank of Nova Scotia.
4.2 - Guaranty, dated as of November 1, 1995, of Navajo Crude Oil Marketing Company and Navajo
Western Asphalt Company in favor of New York Life Insurance Company, John Hancock Mutual Life
Insurance Company, John Hancock Variable Life Insurance Company, Confederation Life Insurance
Company, The Penn Insurance and Annuity Company, The Penn Mutual Life Insurance Company, The
Manhattan Life Insurance Company, The Union Central Life Insurance Company, Safeco Life
Insurance Company, American International Life Assurance Company of New York, Pan-American Life
Insurance Company and Jefferson-Pilot Life Insurance Company.
4.3 - Letter of Consent, Waiver and Amendment, dated as of November 15, 1995, among Holly
Corporation, and New York Life Insurance Company, John Hancock Mutual Life Insurance Company,
John Hancock Variable Life Insurance Company, Confederation Life Insurance Company, The Penn
Insurance and Annuity Company, The Penn Mutual Life Insurance Company, The Manhattan Life
Insurance Company, The Union Central Life Insurance Company, Safeco Life Insurance Company,
American International Life Assurance Company of New York, Pan-American Life Insurance Company
and Jefferson-Pilot Life Insurance Company.
14
15
Exhibit
Number Description
------ -----------
4.4 - 7.62% Series C Senior Note of Holly Corporation, dated as of November 21, 1995, to John Hancock
Mutual Life Insurance Company, with schedule attached thereto of five other substantially
identical Notes which differ only in the respects set forth in such schedule.
4.5 - Series D Senior Note of Holly Corporation, dated as of November 21, 1995, to John Hancock
Mutual Life Insurance Company, with schedule attached thereto of three other substantially
identical Notes which differ only in the respects set forth in such schedule.
4.6 - Note Agreement of Holly Corporation, dated as of November 15, 1995, to John Hancock Mutual Life
Insurance Company, with schedule attached thereto of five other substantially identical Note
Agreements which differ only in the respects set forth in such schedule.
4.7 - Guaranty, dated as of November 15, 1995, of Navajo Refining Company, Navajo Pipeline Company,
Lea Refining Company, Navajo Holdings, Inc., Navajo Western Asphalt Company and Navajo Crude
Oil Marketing Company in favor of John Hancock Mutual Life Insurance Company, John Hancock
Variable Life Insurance Company, Alexander Hamilton Life Insurance Company of America, The Penn
Mutual Life Insurance Company, AIG Life Insurance Company an Pan-American Life Insurance
Company.
27 - Financial Data Schedule
15