Delaware | 62-1612879 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
100 North Point Center East, Suite 600 Alpharetta, Georgia | 30022 |
(Address of principal executive offices) | (Zip code) |
Item 2.02 | Results of Operations and Financial Condition |
99.1 | Press Release, dated February 5, 2014, of Schweitzer-Mauduit International, Inc., announcing earnings for the quarter ended December 31, 2013. |
99.1 | Press Release, dated February 5, 2014, of Schweitzer-Mauduit International, Inc., announcing earnings for the quarter ended December 31, 2013. |
• | Fourth quarter net sales of $196.5 million increased 0.9% versus the prior-year quarter; full year net sales were $772.8 million, versus $778.5 million in 2012 |
• | Fourth quarter Adjusted Diluted Earnings Per Share from Continuing Operations (see non-GAAP reconciliations) was $0.91, versus $0.95 in the prior-year quarter and $3.82 in full year 2013 versus $3.77 in 2012 |
• | Fourth quarter results include a $37.2 million non-cash impairment charge with no associated tax benefit recorded related to the mothballed Philippine RTL mill; construction has been halted since 2011 |
• | Including the $37.2 million non-cash impairment charge, fourth quarter net loss of $9.7 million compared to net income of $16.5 million in the prior-year quarter; full year net income of $76.1 million in 2013 versus $79.8 million in 2012 |
• | During the fourth quarter, SWM acquired DelStar, Inc. for $231.3 million in cash and established a third reporting segment called Filtration; the transaction is expected to add approximately $0.25 to $0.27 to 2014 Adjusted Diluted Earnings Per Share from Continuing Operations, excluding the impact of purchase accounting items. |
• | Fourth quarter tobacco paper sales volumes, including the Chinese joint venture CTM (which is not included in Paper Segment results), decreased 8% versus the prior-year quarter; full year 2013 volumes were down 2% versus 2012 |
• | Fourth quarter Lower Ignition Propensity (LIP) cigarette paper sales volumes, which are part of the Paper Segment, increased 1% versus the prior-year quarter and increased 3% for full year 2013 versus 2012 |
• | Fourth quarter Reconstituted Tobacco Segment sales volumes decreased 7% versus the prior-year quarter and decreased 10% for full year 2013 compared to 2012 |
• | Changes in sales or production volumes, pricing or manufacturing costs of reconstituted tobacco products and cigarette paper for lower ignition propensity cigarettes due to changing customer demands, new technologies such as e-cigarettes, or otherwise; |
• | Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company’s understanding of, and entry into, new industries and technologies; |
• | Changes in the source and intensity of competition in our market segments; |
• | Our ability to attract and retain key personnel, due to our prior restructuring actions, the industry in which we operate or otherwise; |
• | Weather conditions, including potential impacts, if any, from climate change, known and unknown, seasonality factors that affect the demand for virgin tobacco leaf and natural disasters or unusual weather events; |
• | Higher commodity prices and lack of availability thereof, including energy, wood pulp and polymers, could impact the profitability of our products; |
• | Increases in operating costs due to inflation or otherwise, such as labor expense, compensation and benefits costs, including costs related to the comprehensive health care reform law enacted in the first quarter of 2010; |
• | Employee retention and labor shortages, changes in employment, wage and hour laws and regulations in the U.S. and France, including loi de Securisation de l'emploi, equal pay initiatives, additional anti-discrimination rules or tests and different interpretations of exemptions from overtime laws; |
• | New regulatory initiatives by the U.S. Food and Drug Administration or other regulatory agencies; |
• | New reports as to the effect of smoking on human health; |
• | Changes in general economic, financial and credit conditions in the U.S. and elsewhere, including the impact thereof on currency (including any weakening of the euro) and interest rates; |
• | Existing and future governmental regulation and the enforcement thereof, including regulation relating to the tobacco industry and the environment; |
• | The success of, and costs associated with, current or future restructuring initiatives, including the granting of any needed governmental approvals; |
• | Changes in the discount rates, revenue growth, cash flow growth rates or other assumptions used by the Company in its assessment for impairment of assets and adverse economic conditions or other factors that would result in significant impairment charges; |
• | The failure of one or more suppliers; |
• | A failure of any insurance company or counterparties to our currency or interest rate swaps and hedges; |
• | The number, type, outcomes (by judgment or settlement) and costs of legal, regulatory or administrative proceedings; |
• | Labor activities at our facilities and new regulations or changes in existing regulations and procedures by the National Labor Relations Board or other authorities; |
• | Risks associated with acquisitions or other strategic transactions, including acquired liabilities, retaining customers from businesses acquired, achieving any expected synergies from acquired businesses, difficulties in integrating acquired businesses or implementing strategic transactions generally and risks associated with international acquisition transactions; |
• | Risks associated with dispositions, including post-closing claims being made against us, disruption to our other businesses during a sale process or thereafter, credit risks associated with any buyer of such disposed assets and our ability to collect funds due from any such buyer; |
• | Risks associated with our legal entity and business realignment initiatives, including changes in law, treaties, timing of execution and regulatory determinations; |
• | Increased taxation on tobacco products; |
• | Costs and timing of implementation of any upgrades to our information technology systems, any failure by us to comply with any privacy or data security laws or any failure by us to protect against theft of customer and corporate sensitive information; and |
• | Other factors described in this document and from time to time in documents that we file with the SEC. |
Three Months Ended December 31, | ||||||||||
2013 | 2012 | % Change | ||||||||
Net Sales | $ | 196.5 | $ | 194.7 | 0.9 | % | ||||
Cost of products sold | 134.6 | 129.4 | 4.0 | |||||||
Gross Profit | 61.9 | 65.3 | (5.2 | ) | ||||||
Selling expense | 5.7 | 6.6 | (13.6 | ) | ||||||
Research expense | 4.2 | 2.7 | 55.6 | |||||||
General expense | 14.3 | 17.1 | (16.4 | ) | ||||||
Total nonmanufacturing expenses | 24.2 | 26.4 | (8.3 | ) | ||||||
Restructuring and impairment expense | 38.4 | (0.6 | ) | N.M. | ||||||
Operating (Loss) Profit | (0.7 | ) | 39.5 | N.M. | ||||||
Interest expense | 0.9 | 0.8 | 12.5 | |||||||
Other income, net | 2.7 | 1.2 | N.M. | |||||||
Income from Continuing Operations before Income Taxes and Income from Equity Affiliates | 1.1 | 39.9 | (97.2 | ) | ||||||
Provision for income taxes | 13.0 | 11.9 | 9.2 | |||||||
Income from equity affiliates | 0.7 | 1.8 | (61.1 | ) | ||||||
(Loss) Income from Continuing Operations | (11.2 | ) | 29.8 | N.M. | ||||||
(Loss) income from Discontinued Operations | 1.5 | (13.3 | ) | N.M. | ||||||
Net Income (Loss) | $ | (9.7 | ) | $ | 16.5 | N.M. | ||||
Net Income (Loss) per Share - Basic: | ||||||||||
(Loss) Income per share from continuing operations | $ | (0.35 | ) | $ | 0.97 | N.M. | ||||
(Loss) income per share from discontinued operations | 0.05 | (0.44 | ) | N.M. | ||||||
Net (loss) income per share – basic | $ | (0.30 | ) | $ | 0.53 | N.M. | ||||
Net Income (Loss) per Share – Diluted: | ||||||||||
(Loss) Income per share from continuing operations | $ | (0.35 | ) | $ | 0.96 | N.M. | ||||
(Loss) income per share from discontinued operations | 0.04 | (0.43 | ) | N.M. | ||||||
Net (loss) income per share – diluted | $ | (0.31 | ) | $ | 0.53 | N.M. | ||||
Cash Dividends Declared Per Share | $ | 0.36 | $ | 0.150 | ||||||
Weighted Average Shares Outstanding: | ||||||||||
Basic | 31,099,500 | 30,654,900 | ||||||||
Diluted | 31,312,900 | 31,018,900 |
Year Ended December 31, | ||||||||||
2013 | 2012 | % Change | ||||||||
Net Sales | $ | 772.8 | $ | 778.5 | (0.7 | )% | ||||
Cost of products sold | 520.1 | 519.0 | 0.2 | |||||||
Gross Profit | 252.7 | 259.5 | (2.6 | ) | ||||||
Selling expense | 20.9 | 21.9 | (4.6 | ) | ||||||
Research expense | 15.3 | 9.9 | 54.5 | |||||||
General expense | 50.3 | 54.6 | (7.9 | ) | ||||||
Total nonmanufacturing expenses | 86.5 | 86.4 | 0.1 | |||||||
Restructuring and impairment expense | 41.3 | 21.4 | 93.0 | |||||||
Operating Profit | 124.9 | 151.7 | (17.7 | ) | ||||||
Interest expense | 2.9 | 3.3 | (12.1 | ) | ||||||
Other income, net | 5.7 | 1.2 | N.M. | |||||||
Income from Continuing Operations before Income Taxes and Income from Equity Affiliates | 127.7 | 149.6 | (14.6 | ) | ||||||
Provision for income taxes | 53.0 | 49.5 | 7.1 | |||||||
Income from equity affiliates | 3.8 | 4.0 | (5.0 | ) | ||||||
Income from Continuing Operations | 78.5 | 104.1 | (24.6 | ) | ||||||
Loss from Discontinued Operations | (2.4 | ) | (24.3 | ) | (90.1 | ) | ||||
Net Income | $ | 76.1 | $ | 79.8 | (4.6 | )% | ||||
$ | 76.1 | $ | 79.8 | |||||||
Net Income (Loss) per Share - Basic: | ||||||||||
Income per share from continuing operations | $ | 2.51 | $ | 3.33 | (24.6 | )% | ||||
Loss per share from discontinued operations | (0.07 | ) | (0.79 | ) | (91.1 | ) | ||||
Net income per share – basic | $ | 2.44 | $ | 2.54 | (3.9 | )% | ||||
Net Income (Loss) per Share – Diluted: | ||||||||||
Income per share from continuing operations | $ | 2.49 | $ | 3.29 | (24.3 | )% | ||||
Loss per share from discontinued operations | (0.08 | ) | (0.78 | ) | (89.7 | ) | ||||
Net income per share – diluted | $ | 2.41 | $ | 2.51 | (4.0 | )% | ||||
Cash Dividends Declared Per Share | $ | 1.36 | $ | 0.45 | ||||||
Weighted Average Shares Outstanding: | ||||||||||
Basic | 31,056,700 | 30,986,200 | ||||||||
Diluted | 31,238,300 | 31,341,900 |
December 31, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 272.0 | $ | 151.2 | |||
Accounts receivable | 107.6 | 95.4 | |||||
Inventories | 132.8 | 111.6 | |||||
Other current assets | 22.6 | 23.8 | |||||
Property, plant and equipment, net | 393.2 | 401.4 | |||||
Goodwill | 118.7 | 5.7 | |||||
Other noncurrent assets | 176.9 | 97.6 | |||||
Total Assets | $ | 1,223.8 | $ | 886.7 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current debt | $ | 4.2 | $ | 4.2 | |||
Other current liabilities | 139.7 | 122.7 | |||||
Long-term debt | 381.2 | 151.8 | |||||
Pension and other postretirement benefits | 28.7 | 41.5 | |||||
Deferred income tax liabilities | 80.3 | 28.4 | |||||
Other noncurrent liabilities | 28.3 | 26.3 | |||||
Stockholders’ equity | 561.4 | 511.8 | |||||
Total Liabilities and Stockholders’ Equity | $ | 1,223.8 | $ | 886.7 |
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
Net income | $ | 76.1 | $ | 79.8 | |||
Less: Loss from discontinued operations | (2.4 | ) | (24.3 | ) | |||
Income from continuing operations | 78.5 | 104.1 | |||||
Depreciation and amortization | 37.3 | 38.5 | |||||
Impairment | 37.2 | 20.2 | |||||
Deferred income tax provision | 17.3 | 13.1 | |||||
Pension and other postretirement benefits | 1.1 | 1.0 | |||||
Stock-based compensation | 3.2 | 6.9 | |||||
Income from equity affiliate | (3.8 | ) | (4.0 | ) | |||
Excess tax benefits of stock-based awards | (0.5 | ) | (1.4 | ) | |||
Cash dividends received from equity affiliates | 3.7 | 3.0 | |||||
Other items | 1.0 | (0.1 | ) | ||||
Net changes in operating working capital | 0.8 | (3.2 | ) | ||||
Net cash provided (used) by operating activities of: | |||||||
Continuing operations | 175.8 | 178.1 | |||||
Discontinued operations | 2.3 | (3.5 | ) | ||||
Cash Provided by Operations | 178.1 | 174.6 | |||||
Capital spending | (29.1 | ) | (27.2 | ) | |||
Capitalized software costs | (0.5 | ) | (0.9 | ) | |||
Investment in equity affiliates | — | (21.0 | ) | ||||
Acquisitions, net of cash | (231.3 | ) | — | ||||
Other investing | 7.2 | (2.6 | ) | ||||
Cash Used for Investing | (253.7 | ) | (51.7 | ) | |||
Cash dividends paid to SWM stockholders | (39.5 | ) | (14.1 | ) | |||
Changes in short-term debt | — | (1.9 | ) | ||||
Proceeds from issuances of long-term debt | 455.6 | 43.0 | |||||
Payments on long-term debt | (228.1 | ) | (31.8 | ) | |||
Purchases of treasury stock | (1.7 | ) | (50.0 | ) | |||
Proceeds from exercise of stock options | 0.5 | 2.8 | |||||
Excess tax benefits of stock-based awards | 0.5 | 1.4 | |||||
Cash Provided by (Used in) Financing | 187.3 | (50.6 | ) | ||||
Effect of Exchange Rate Changes on Cash | 9.1 | 2.4 | |||||
Increase in Cash and Cash Equivalents | $ | 120.8 | $ | 74.7 |
Net Sales | |||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||||||||
Paper | $ | 130.3 | $ | 133.8 | (2.6 | )% | $ | 543.4 | $ | 545.0 | (0.3 | )% | |||||||||
Reconstituted Tobacco | 62.0 | 60.9 | 1.8 | 225.2 | 233.5 | (3.6 | ) | ||||||||||||||
Filtration | 4.2 | — | N.M. | 4.2 | — | N.M. | |||||||||||||||
Total Consolidated | $ | 196.5 | $ | 194.7 | 0.9 | % | $ | 772.8 | $ | 778.5 | (0.7 | )% |
Operating Profit (Loss) | |||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||
Return on Net Sales | Return on Net Sales | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Paper | $ | 22.5 | $ | 25.1 | 17.3 | % | 18.8 | % | $ | 102.5 | $ | 84.4 | 18.9 | % | 15.5 | % | |||||||||||
Reconstituted Tobacco | (15.7 | ) | 23.7 | (25.3 | ) | 38.9 | 46.4 | 90.3 | 20.6 | 38.7 | |||||||||||||||||
Filtration | (1.1 | ) | — | (26.2) | N.A. | (1.1 | ) | — | (26.2 | ) | N.A. | ||||||||||||||||
Unallocated | (6.4 | ) | (9.3 | ) | (22.9 | ) | (23.0 | ) | |||||||||||||||||||
Total Consolidated | $ | (0.7 | ) | $ | 39.5 | (0.4 | )% | 20.3 | % | $ | 124.9 | $ | 151.7 | 16.2 | % | 19.5 | % |
Restructuring and Impairment Expenses and Purchase Accounting Adjustments | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Paper | $ | 0.7 | $ | (0.1 | ) | $ | 2.4 | $ | 17.9 | ||||||
Reconstituted Tobacco | 37.7 | 0.1 | 38.6 | 4.1 | |||||||||||
Filtration | 1.1 | — | 1.1 | — | |||||||||||
Unallocated | — | (0.6 | ) | 0.3 | (0.6 | ) | |||||||||
Total Consolidated | $ | 39.5 | $ | (0.6 | ) | $ | 42.4 | $ | 21.4 |
Adjusted Operating Profit (Loss) from Continuing Operations* | |||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||
Return on Net Sales | Return on Net Sales | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Paper | $ | 23.2 | $ | 25.0 | 17.8 | % | 18.7 | % | $ | 104.9 | $ | 102.3 | 19.3 | % | 18.8 | % | |||||||||||
Reconstituted Tobacco | 22.0 | 23.8 | 35.5 | 39.1 | 85.0 | 94.4 | 37.7 | 40.4 | |||||||||||||||||||
Filtration | — | — | — | N.A. | — | — | — | N.A. | |||||||||||||||||||
Unallocated | (6.4 | ) | (9.9 | ) | (22.6 | ) | (23.6 | ) | |||||||||||||||||||
Total Consolidated | $ | 38.8 | $ | 38.9 | 19.7 | % | 20.0 | % | $ | 167.3 | $ | 173.1 | 21.6 | % | 22.2 | % |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating (loss) profit from continuing operations | $ | (0.7 | ) | $ | 39.5 | $ | 124.9 | $ | 151.7 | ||||||
Plus: Restructuring & impairment expense (income) | 38.4 | (0.6 | ) | 41.3 | 21.4 | ||||||||||
Plus: Purchase accounting adjustments | 1.1 | — | 1.1 | — | |||||||||||
Adjusted Operating Profit from Continuing Operations | $ | 38.8 | $ | 38.9 | $ | 167.3 | $ | 173.1 | |||||||
Net (Loss) income from continuing operations | $ | (11.2 | ) | $ | 29.8 | $ | 78.5 | $ | 104.1 | ||||||
Plus: Restructuring & impairment expense (income), net of tax | 37.9 | (0.4 | ) | 39.9 | 14.9 | ||||||||||
Plus: Purchase accounting adjustments, net of tax | 0.7 | — | 0.7 | — | |||||||||||
Plus: Income tax valuation allowance | 1.1 | — | 1.1 | — | |||||||||||
Adjusted Net Income from Continuing Operations | $ | 28.5 | $ | 29.4 | $ | 120.2 | $ | 119.0 | |||||||
Net (loss) income per share - diluted | $ | (0.31 | ) | $ | 0.53 | $ | 2.41 | $ | 2.51 | ||||||
Plus: Loss per share from discontinued operations | (0.04 | ) | 0.43 | 0.08 | 0.78 | ||||||||||
(Loss) income from continuing operations per diluted share | (0.35 | ) | 0.96 | 2.49 | 3.29 | ||||||||||
Plus: Restructuring & impairment expense (income) per share | 1.21 | (0.01 | ) | 1.28 | 0.48 | ||||||||||
Plus: Purchase accounting adjustments per share | $ | 0.02 | $ | — | $ | 0.02 | $ | — | |||||||
Plus: Income tax valuation allowance per share | $ | 0.03 | $ | — | $ | 0.03 | $ | — | |||||||
Adjusted Diluted Earnings Per Share from Continuing Operations | $ | 0.91 | $ | 0.95 | $ | 3.82 | $ | 3.77 | |||||||
(Loss) income from continuing operations | $ | (11.2 | ) | $ | 29.8 | $ | 78.5 | $ | 104.1 | ||||||
Plus: Interest expense | 0.9 | 0.8 | 2.9 | 3.3 | |||||||||||
Plus: Income tax provision | 13.0 | 11.9 | 53.0 | 49.5 | |||||||||||
Plus: Depreciation & amortization | 10.3 | 9.8 | 37.3 | 38.5 | |||||||||||
Plus: Restructuring & impairment expense (income) | 38.4 | (0.6 | ) | 41.3 | 21.4 | ||||||||||
Adjusted EBITDA from Continuing Operations | $ | 51.4 | $ | 51.7 | $ | 213.0 | $ | 216.8 | |||||||
Cash provided by operating activities of continuing operations | $ | 54.6 | $ | 49.9 | $ | 175.8 | $ | 178.1 | |||||||
Less: Capital spending | (8.9 | ) | (6.8 | ) | (29.1 | ) | (27.2 | ) | |||||||
Less: Capitalized software costs | (0.1 | ) | (0.4 | ) | (0.5 | ) | (0.9 | ) | |||||||
Free Cash Flow from Continuing Operations | $ | 45.6 | $ | 42.7 | $ | 146.2 | $ | 150.0 | |||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
Total Debt | $ | 385.4 | $ | 156.0 | |||||||||||
Less: Cash | 272.0 | 151.2 | |||||||||||||
Net Debt | $ | 113.4 | $ | 4.8 | |||||||||||
2014E | |||||||||||||||
2014E Diluted Earnings Per Share from Continuing Operations | $ | 3.15 | |||||||||||||
Plus: Purchase accounting inventory step-up amortization per share | 0.07 | ||||||||||||||
Plus: Purchase accounting intangible asset amortization per share | 0.06 | ||||||||||||||
Plus: CTS start-up expenses per share | 0.12 | ||||||||||||||
2014E Adjusted Diluted Earnings Per Share from Continuing Operations | $ | 3.40 |
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