Marsh & McLennan Companies Inc · 10-Q · For 9/30/93

Filed On 5/13/94   ·   SEC File 1-05998   ·   Accession Number 62709-94-2

Quarterly Report   ·   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      14±    56K 

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SECURITIES AND EXCHANGE COMMISSION                
WASHINGTON, D.C.  20549               

FORM  10-Q                

Quarterly Report Pursuant to Section 13 or 15(d)                
of the Securities Exchange Act of 1934                

For quarter ended March 31, 1994                

Marsh & McLennan Companies, Inc.                
1166 Avenue of the Americas               
New York, New York  10036               
(212) 345-5000                

Commission file number 1-5998               
State of Incorporation:  Delaware               
I.R.S. Employer Identification No. 36-2668272               

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 _____.                       

As of April 29, 1994, there were outstanding 73,718,006               
shares of common stock, par value $1.00 per share, of the                       
registrant.                                                                     

                                                                · Download Table
                   PART I, FINANCIAL INFORMATION                 

                MARSH & McLENNAN COMPANIES, INC.                 
                        AND SUBSIDIARIES                         
                CONSOLIDATED STATEMENTS OF INCOME                
             (In millions, except per share figures)             
                           (Unaudited)                           


                                              Three Months Ended 
                                                   March 31,     
                                               1994*      1993   
                                                                 

Revenue                                        $910.2     $833.9 

Expense                                         681.8      646.7 

Operating Income                                228.4      187.2 

Interest Income                                   2.9        3.1 

Interest Expense                                (11.6)     (11.3)

Income Before Income Taxes and                                   
  Cumulative Effect of Accounting Change        219.7      179.0 

Income Taxes                                     89.0       71.6 

Income Before Cumulative Effect                                  
  of Accounting Change                          130.7      107.4 

Cumulative Effect of Accounting Change,                          
  Net of Income Tax Benefit                     (10.5)         - 

Net Income                                     $120.2     $107.4 

Per Share Data:                                                  
  Income Before Cumulative Effect                                
    of Accounting Change                        $1.77      $1.46 
  Cumulative Effect of Accounting Change         (.14)         - 
  Net Income                                    $1.63      $1.46 

Average Number of Shares Outstanding             73.9       73.3 

Dividends Declared                              $.675      $.675 

<FN>                                                             
* Reflects the adoption, effective January 1, 1994, of SFAS      
  No. 112, "Employers' Accounting for Postemployment Benefits."  

                                                                · Download Table
                 MARSH & McLENNAN COMPANIES, INC.                
                        AND SUBSIDIARIES                         
                   CONSOLIDATED BALANCE SHEETS                   
                    (In millions of dollars)                     
                           (Unaudited)                           


                                          March 31,  December 31,
                                            1994         1993    
                                                                 

ASSETS                                                           

Current assets:                                                  

Cash and cash equivalents                                        
(including interest-bearing amounts                              
of $305.2 at March 31, 1994 and                                  
$315.7 at December 31, 1993)               $  367.7     $  332.0 

Receivables-                                                     
  Commissions and fees                        664.9        617.0 
  Advanced premiums and claims                 84.4         80.7 
  Consumer finance and other                  258.8        198.2 
                                            1,008.1        895.9 

  Less-allowance for doubtful accounts        (42.9)       (42.9)
  Net receivables                             965.2        853.0 

Other current assets                          153.6        127.4 

    Total current assets                    1,486.5      1,312.4 

Consumer finance receivables, net             133.4        130.8 

Long-term securities                          295.0        363.6 

Fixed assets, net                             685.4        688.1 

Intangible assets                             655.5        660.1 

Other assets                                  446.3        391.6 

                                           $3,702.1     $3,546.6 

                                                                · Download Table
                 MARSH & McLENNAN COMPANIES, INC.                
                        AND SUBSIDIARIES                         
                   CONSOLIDATED BALANCE SHEETS                   
                    (In millions of dollars)                     
                           (Unaudited)                           


                                          March 31,  December 31,
                                             1994        1993    
                                                                 

LIABILITIES AND STOCKHOLDERS' EQUITY                             

Current liabilities:                                             

Short-term debt                            $  359.7     $  273.8 
Accrued compensation and employee benefits    109.2        173.5 
Accounts payable and accrued liabilities      496.6        375.6 
Accrued income taxes                          229.2        237.1 
Dividends payable                              49.8         49.9 

  Total current liabilities                 1,244.5      1,109.9 

Fiduciary liabilities                       1,748.8      1,623.6 
Less - cash and cash equivalents held in                         
       a fiduciary capacity                (1,748.8)    (1,623.6)

                                                  -            - 

Long-term debt                                408.8        409.8 

Other liabilities                             673.2        661.6 

Commitments and contingencies                     -            - 

Stockholders' equity:                                            
Preferred stock, $1 par value, authorized                        
  6,000,000 shares, none issued                   -            - 
Common stock, $1 par value, authorized                           
  200,000,000 shares, issued 76,794,531                          
  shares at March 31, 1994 and                                   
  December 31, 1993                             76.8        76.8 
Additional paid-in capital                     172.5       173.5 
Retained earnings                            1,416.1     1,345.7 
Unrealized securities holding gains,                             
  net of income taxes                           99.9       138.6 
Cumulative translation adjustments            (159.6)     (157.5)
                                             1,605.7     1,577.1 
Less - treasury shares, at cost,                                 
 3,066,946 shares at March 31, 1994 and                          
 2,862,926 shares at December 31, 1993        (230.1)     (211.8)

 Total stockholders' equity                  1,375.6     1,365.3 

                                            $3,702.1    $3,546.6 

                                                                · Download Table
                 MARSH & McLENNAN COMPANIES, INC.                
                        AND SUBSIDIARIES                         
              CONSOLIDATED STATEMENTS OF CASH FLOWS              
                    (In millions of dollars)                     
                           (Unaudited)                           

                                              Three Months Ended 
                                                   March 31,     
                                                1994      1993   
                                                                 

Operating cash flows:                                            
Net income                                     $120.2     $107.4 
   Depreciation and amortization                 28.9       29.9 
   Deferred income taxes                         19.3       14.7 
   Other liabilities                              4.6        2.2 
   Cumulative effect of accounting change        10.5          - 
   Prepaid dealer commissions                   (63.8)     (48.5)
   Other, net                                    (5.2)      (4.8)
Net changes in operating working capital                         
  other than cash and cash equivalents -                         
   Receivables                                 (108.7)     (25.8)
   Other current assets                         (13.2)       3.6 
   Accrued compensation and employee benefits   (64.3)     (51.7)
   Accounts payable and accrued liabilities     121.1      (37.1)
   Accrued income taxes                          (4.5)      28.0 
   Effect of exchange rate changes               (1.5)       (.8)

   Net cash generated from operations            43.4       17.1 

Financing cash flows:                                            
Net change in debt                               83.9      110.7 
Purchase of treasury shares                     (32.2)     (12.4)
Issuance of common stock                         12.7       16.1 
Dividends paid                                  (49.9)     (49.5)

   Net cash provided by financing activities     14.5       64.9 

Investing cash flows:                                            
Additions to fixed assets                       (24.1)     (21.2)
Acquisitions                                     (1.2)         - 
Other, net                                        3.1      (33.9)

   Net cash used for investing activities       (22.2)     (55.1)

Effect of exchange rate changes on cash                          
 and cash equivalents                               -       (3.1)

Increase in cash & cash equivalents              35.7       23.8 

Cash & cash equivalents at beginning of period  332.0      371.1 

Cash & cash equivalents at end of period       $367.7     $394.9 

MARSH & McLENNAN COMPANIES, INC.              
AND SUBSIDIARIES                
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                
(Unaudited)               

1.  The consolidated financial statements included herein have                  
been prepared by the Company pursuant to the rules and                  
regulations of the Securities and Exchange Commission.                  
Certain information and footnote disclosures normally                   
included in financial statements prepared in accordance with            
generally accepted accounting principles have been omitted              
pursuant to such rules and regulations, although the Company            
believes that the disclosures are adequate to make the                  
information presented not misleading.  These consolidated               
financial statements should be read in conjunction with the             
financial statements and the notes thereto included in the              
Company's latest annual report on Form 10-K.                            

The financial information contained herein reflects all                 
adjustments which are, in the opinion of management,                    
necessary for a fair presentation of the results of                     
operations for the three month periods ended March 31, 1994             
and 1993.                                                               

2.  Fiduciary Cash and Liabilities                                              

In its capacity as an insurance broker or agent, the Company            
collects premiums from insureds and, after deducting its                
commissions, remits the premiums to the respective insurance            
underwriters; the Company also collects claims or refunds               
from underwriters on behalf of insureds.  Unremitted                    
insurance premiums and claims are held in a fiduciary                   
capacity.  Interest income on these fiduciary funds,                    
included in revenue, amounted to $16.9 million and $21.6                
million for the three months ended March 31, 1994 and 1993,             
respectively.                                                           

Net uncollected premiums and claims and the related payables            
amounting to $3.0 billion at March 31, 1994 and $2.7 billion            
at December 31, 1993, are not included in the accompanying              
Consolidated Balance Sheets.                                            

3.  Net Income Per Share                                                        

Net income per share is computed by dividing net income by              
the average number of shares of common stock outstanding.               
Common stock equivalents (relating principally to stock                 
options), which have been excluded from the calculation                 
because their dilutive effect is immaterial, are shown below            
for the three month periods ended March 31, 1994 and 1993.              

                                                                · Download Table

(in millions of shares)                        
                               1994        1993
                                               

Primary                          .7         1.1

Fully Diluted                    .7         1.2

4.  Supplemental Disclosure to the Consolidated Statements                      
of Cash Flows                                                           

The following schedule provides details of changes in the               
Company's short-term and long-term debt.  Although a portion            
of the Company's commercial paper borrowings is classified              
as long-term debt in the Consolidated Balance Sheets,                   
borrowings and repayments of commercial paper are shown                 
below based on original maturities.                                     

                                                                · Download Table

                                       Three Months Ended 
                                            March 31,     
(In millions of dollars)                1994        1993  
                                                          

Net change in debt with maturities                        
  of three months or less              $138.2     ($ 70.3)
Borrowings with maturities                                
  over three months                      46.6       222.7 
Repayments of debt with maturities                        
  over three months                    (100.9)      (41.7)
Net increase in debt                   $ 83.9      $110.7 

Interest paid during the three months ended March 31, 1994              
and 1993 was $12.0 million and $12.6 million, respectively.             

Income taxes paid during the three months ended March 31,               
1994 and 1993 were $74.0 million and $22.1 million,                     
respectively.                                                           

5.  Income Taxes                                                                

Taxing authorities periodically challenge positions taken by            
the Company on its tax returns.  On the basis of present                
information and advice received from counsel, it is the                 
opinion of the Company's management that any assessments                
resulting from current tax audits will not have a material              
adverse effect on the Company's consolidated results of                 
operations or its consolidated financial position.                      

6.  Claims, Lawsuits and Other Contingencies                                    

The Company and its subsidiaries are subject to claims and              
lawsuits that arise in the ordinary course of business,                 
consisting principally of alleged errors and omissions in               
connection with the placement of insurance or reinsurance               
and in rendering consulting and investment services.  Some              
of these claims and lawsuits seek damages, including                    
punitive damages, in amounts which could, if assessed, be               
significant.                                                            

Among these is a group of claims relating to reinsurance                
contracts placed by reinsurance broking subsidiaries of the             
Company that were called into question by certain                       
reinsurers.  In general, these contracts concern so-called              
run-off exposures under which some or all remaining                     
liability for claims against Lloyd's syndicates or other                
London insurers on policies written during a specified                  
period of time were assumed by the reinsurers.  The initial             
disputes concerning these contracts, primarily between                  
reinsurers and cedants, have largely been resolved by                   
negotiation, arbitration or litigation.  More recently,                 
related disputes have arisen, including litigation, between             
the members of syndicates, their underwriting and members'              
names agencies and, to a lesser extent, subsidiaries of the             
Company.  The Company believes that its subsidiaries                    
performed their reinsurance broking services in conformity              
with accepted and customary practices in the London market.             

A subsidiary of the Company, Balis & Co., Inc., is one of               
many defendants in several lawsuits pending in the United               
States District Court for the Eastern District of                       
Pennsylvania which emanated from a fire that occurred at One            
Meridian Plaza Center in Philadelphia, Pennsylvania, on                 
February 23 and 24, 1991.  It is alleged that the fire                  
started on a floor occupied by Balis, that Balis violated an            
alleged duty to segregate, store and safekeep flammable and             
combustible liquids, and that Balis negligently failed to               
properly supervise a contractor who it is alleged used and              
improperly stored such materials.    Defendants in various              
actions, including Balis, have asserted or will assert                  
cross-claims against each other, and Balis is responding to             
the claims asserted against it.                                         

On the basis of present information, available insurance                
coverage and advice received from counsel, it is the opinion            
of the Company's management that the disposition or ultimate            
determination of these claims and lawsuits will not have a              
material adverse effect on the Company's consolidated                   
results of operations or its consolidated financial                     
position.                                                               

7.  Cumulative Effect of Accounting Changes                                     

Effective January 1, 1994, the Company adopted SFAS No. 112             
"Employers' Accounting for Postemployment Benefits," which              
requires the Company to accrue for the cost of certain                  
benefits provided to former or inactive employees after                 
employment but before retirement.  The cumulative effect of             
adopting this standard resulted in a noncash charge, net of             
income taxes, of $10.5 million or $.14 per share.                       

8.  Reclassification                                                            

Certain reclassifications have been made to the prior year              
financial statements to conform with the current year                   
presentation.                                                           

Marsh & McLennan Companies, Inc. and Subsidiaries             
Management's Discussion and Analysis of               
Financial Condition and Results of Operations               
First Quarter Ended March 31, 1994                

General                                                                         
Marsh & McLennan Companies, Inc. and Subsidiaries (the "Company")               
is a professional services firm with insurance services, consulting             
and investment management businesses.  More than 25,000 employees               
provide analysis, advice and transactional capabilities to clients              
worldwide.                                                                      

This management's discussion and analysis of financial condition                
and results of operations should be read in conjunction with the                
Company's latest annual report on Form 10-K.                                    

The consolidated results of operations follow:                                  

                                                                · Download Table

(In millions, except                                             
 per share figures)                         1994            1993 
                                                                 

Revenue:                                                         
Insurance Services                         $533.1          $504.3
Consulting                                  222.4           215.3
Investment Management                       154.7           114.3
                                            910.2           833.9

Expense:                                                         
Compensation and Benefits                   432.6           415.3
Other Operating Expenses                    249.2           231.4
                                            681.8           646.7

Operating Income                           $228.4          $187.2

Operating Income Margin                     25.1%           22.4%

Revenue, which is derived mainly from commissions and fees,                     
increased 9% from the first quarter of 1993 primarily reflecting                
strong growth by the Company's investment management segment and                
the activities of Marsh & McLennan Risk Capital.                                

Operating expenses increased 5% from the first quarter of 1993                  
largely due to additional costs in the investment management                    
segment commensurate with the higher volume of business.                        

The translated values of revenue and expense from the Company's                 
international insurance services and consulting operations are                  
subject to fluctuations due to changes in currency exchange rates.              
However, the net impact of currency exchange rate fluctuations on               
the Company's results of operations has not been material.                      

Effective January 1, 1994, the Company adopted Statement of                     
Financial Accounting Standards (SFAS) No. 112, "Employers'                      
Accounting for Postemployment Benefits."  A noncash charge                      
reflecting the cumulative effect of this accounting change, net of              
income taxes, totaled $10.5 million or $.14 per share.                          

Insurance Services                                                              
The results of operations for the Company's insurance services                  
segment are presented below:                                                    

                                                                · Download Table


(In millions of dollars)                      1994           1993
                                                                 

Revenue:                                                         
Insurance Broking                           $341.5         $326.8
Reinsurance Broking                          104.5           90.7
Insurance Program Management                  70.2           65.2
Interest Income on Fiduciary Funds            16.9           21.6
                                             533.1          504.3

Expense                                      366.7          360.1
Operating Income                            $166.4         $144.2
Operating Income Margin                      31.2%          28.6%

Insurance Broking Revenue                                                       
Insurance broking revenue, which is received from a predominantly               
corporate clientele, increased 4% from the first quarter of 1993.               
These results include incremental income of approximately $13                   
million realized on a portion of Marsh & McLennan Risk Capital's                
holdings in an insurer that the Company was instrumental in                     
originating.  Excluding the impact of this transaction, first                   
quarter 1994 insurance broking revenue was essentially unchanged                
from the same period of 1993.  On a year-over-year basis, primary               
and excess casualty premium rates were flat to slightly down in                 
North America, while property rates for complex risks and                       
catastrophe coverage were higher worldwide.                                     

Reinsurance Broking Revenue                                                     
Reinsurance broking revenue in the first quarter of 1994 increased              
15% from the first quarter of 1993.  Marsh & McLennan Risk Capital              
contributed approximately $12 million to the increase resulting                 
from the realization of a portion of its holdings in a reinsurer.               
Excluding this transaction, revenue increased approximately 2% in               
the first quarter of 1994 compared with 1993 reflecting, in part,               
the impact of increased capacity for property catastrophe                       
reinsurance and new business.                                                   

Insurance Program Management Revenue                                            
In the first quarter of 1994, insurance program management revenue              
increased 8% compared with the first quarter of 1993.  These                    
results reflect increased insurance placed on behalf of                         
associations and their members and small businesses and from                    
services provided to corporations and institutions.                             

Interest Income on Fiduciary Funds                                              
Interest income on fiduciary funds decreased 21% in the first                   
quarter of 1994 primarily due to lower average short-term interest              
rates on funds held outside the United States.                                  

Expense                                                                         
Expenses for insurance services rose 2% in the first quarter of                 
1994 reflecting the impact of cost containment measures.  The                   
increase over the first quarter of 1993 primarily reflects                      
provisions for excess office space on certain of the Company's                  
operating leases.                                                               

Consulting                                                                      
The results of operations for the Company's consulting segment are              
presented below:                                                                

                                                                · Download Table

(In millions of dollars)                     1994            1993
                                                                 

Revenue                                     $222.4         $215.3
Expense                                      201.5          195.7
Operating Income                            $ 20.9         $ 19.6
Operating Income Margin                       9.4%           9.1%

Revenue                                                                         
Revenue for consulting services increased 3% in 1994 compared with              
the first quarter of 1993.  Excluding the net impact of the                     
disposition of Clayton Environmental Consultants during the second              
quarter of 1993 and several acquisitions, consulting revenue                    
increased approximately 5% in the first quarter of 1994 compared                
with the first quarter of 1993.  Retirement consulting activity,                
which represented approximately 48% of the consulting segment, had              
modest worldwide growth of approximately 3%.  Health care                       
consulting, primarily U.S. based, reflected increased demand as                 
revenue grew 4%, while strong revenue growth of 10% and 12% was                 
experienced in the global practices of general management and                   
compensation consulting, respectively.                                          

Expense                                                                         
Expenses for the consulting segment increased 3% in the first                   
quarter of 1994.  Excluding the net impact of acquisitions and                  
dispositions, 1994 expenses increased approximately 5%.  Reflecting             
higher demand for its services, staff levels increased in general               
management consulting.                                                          

Investment Management                                                           
The results of operations for the Company's investment management               
segment are presented below:                                                    

                                                                · Download Table


(In millions of dollars)                     1994            1993
                                                                 

Revenue                                     $154.7         $114.3
Expense                                      101.7           76.5
Operating Income                            $ 53.0         $ 37.8
Operating Income Margin                      34.2%          33.1%

Assets managed by Putnam, which consist of approximately two-thirds             
fixed income and one-third equity securities, are presented below:              

                                                                · Download Table

(In billions of dollars)                      1994           1993
                                                                 

Quarter-end Assets                                               
Mutual Funds                                 $64.5          $50.2
Institutional Accounts                        26.7           20.2
                                             $91.2          $70.4

Average Assets                               $92.9          $67.7

Assets under management are affected by fluctuations in bond and                
stock market prices, by investments and withdrawals for current and             
new fund shareholders and clients, by the development of new                    
investment products and by investment performance and service to                
clients.                                                                        

Revenue                                                                         
First quarter revenue for Putnam increased 35% in 1994 compared                 
with the first quarter 1993 reflecting continued strong growth in               
the level of assets under management on which management fees are               
earned.  The higher asset level primarily reflects institutional                
and mutual fund sales offset, in part, by a recent decline in                   
securities market valuations.                                                   

Expense                                                                         
Expenses for Putnam increased 33% in the first quarter of 1994.                 
Compensation and benefits expense increased due to growth in staff              
necessary to meet the demands of new business, incentive                        
compensation levels commensurate with strong operating performance              
and normal salary progressions.  Other operating expenses rose in               
1994 due to the increased volume of business and higher client                  
service-related expenses, such as communications and information                
system costs.                                                                   

Interest Income and Expense                                                     
Interest income earned on corporate funds decreased to $2.9                     
million in the first quarter of 1994 from $3.1 million in 1993.                 
Interest expense increased to $11.6 million in the first quarter of             
1994 from $11.3 million in 1993 primarily due to an increase in                 
commercial paper borrowings, partially offset by lower interest                 
rates on those borrowings.                                                      

Income Taxes                                                                    
The Company's consolidated domestic and foreign tax rates for the               
first quarter were 40.5% of income before income taxes in 1994 and              
40% in 1993.  The overall tax rates are higher than the U.S.                    
statutory rates primarily because of the impact of state and local              
income taxes.                                                                   

Liquidity and Capital Resources                                                 
The Company's cash and cash equivalents aggregated $367.7 million               
at the end of the first quarter of 1994, as compared with $332.0                
million at the end of 1993.  In the first quarter of 1994, the                  
Company generated $43.4 million of cash from operations compared                
with $17.1 million in 1993.  These amounts reflect the net income               
earned by the Company adjusted for noncash charges and working                  
capital changes.  Receivables and accounts payable and accrued                  
liabilities increased in the first quarter of 1994 primarily due to             
the higher volume of business in investment management.                         

Cash flow from operations includes the net cash requirements of                 
Putnam's prepaid dealer commissions, which amounted to $63.8                    
million in the first quarter of 1994 compared with $48.5 million in             
the first quarter of 1993.  The long-term portion of these prepaid              
dealer commissions is included in other assets in the Consolidated              
Balance Sheets.  The cash requirement for prepaid dealer                        
commissions is expected to continue, although at a diminished                   
level, in 1994.                                                                 

The Company's capital expenditures, which amounted to $24.1 million             
in the first quarter of 1994 and $21.2 million in 1993, have                    
primarily related to computer equipment purchases and the                       
refurbishing and modernizing of office facilities.                              

The insurance coverage for potential liability resulting from                   
alleged errors and omissions in the professional services provided              
by the Company includes elements of both risk retention and risk                
transfer.  The Company believes it has adequately reserved for the              
self-insurance contingencies.  Payments related to the respective               
self-insured layers are made as claims are resolved and generally               
extend over a considerable number of years.  The long-term portion              
of this liability is included in other liabilities in the                       
Consolidated Balance Sheets.                                                    

The Company's policy for funding its qualified U.S. defined benefit             
retirement plan is to contribute amounts at least sufficient to                 
meet the funding requirements set forth in U.S. employee benefit                
and tax laws.  The plan is currently well funded; consequently, the             
Company has not been able to make a tax deductible contribution                 
since 1986.  Because this situation is expected to continue, a 1994             
cash contribution is currently not anticipated.  The related long-              
term pension liability is included in other liabilities in the                  
Consolidated Balance Sheets.                                                    

The Company subsidizes certain health care and life insurance                   
benefits provided to its retired employees.  The cost of these                  
postretirement benefits for employees in the United States is                   
accrued during the period up to the date employees are eligible to              
retire but is funded by the Company as incurred.  This                          
postretirement liability is included in other liabilities in the                
Consolidated Balance Sheets.                                                    

MARSH & McLENNAN COMPANIES, INC.                
AND SUBSIDIARIES                

SIGNATURE                 

Pursuant to the requirements of the Securities Exchange Act of                  
1934, the Company has duly caused this report to be signed this                 
13th day of May, 1994 on its behalf by the undersigned, thereunto               
duly authorized and in the capacity indicated.                                  

              MARSH & McLENNAN COMPANIES, INC.

    By:/s/FRANK J. BORELLI
       Senior Vice President and
     Chief Financial Officer

Dates Referenced Herein   and   Documents Incorporated By Reference

This 10-Q Filing		Date		Other Filings
		3/31/93
For The Period Ended		9/30/93
		12/31/93		11-K
		1/1/94		DEF 14A
		3/31/94		DEF 14A
		4/29/94
Filed On / Filed As Of		5/13/94
Top				List All Filings