(d) | Exhibit |
Exhibit Number | Description |
99.1 | Press release, dated May 9, 2016, announcing the unaudited results of operations of Tyson Foods, Inc. for its second quarter and six months ended April 2, 2016 |
TYSON FOODS, INC. | |||
Date: May 9, 2016 | By: | /s/ Dennis Leatherby | |
Name: | Dennis Leatherby | ||
Title: | Executive Vice President and | ||
Chief Financial Officer |
(in millions, except per share data) | Second Quarter | Six Months Ended | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Sales | $ | 9,170 | $ | 9,979 | $ | 18,322 | $ | 20,796 | |||||||
Operating Income | 704 | 547 | 1,480 | 1,056 | |||||||||||
Net Income | 434 | 311 | 895 | 621 | |||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2 | 1 | 2 | 2 | |||||||||||
Net Income Attributable to Tyson | $ | 432 | $ | 310 | $ | 893 | $ | 619 | |||||||
Net Income Per Share Attributable to Tyson | $ | 1.10 | $ | 0.75 | $ | 2.25 | $ | 1.49 | |||||||
Adjusted¹ Operating Income | $ | 704 | $ | 553 | $ | 1,480 | $ | 1,117 | |||||||
Adjusted¹ Net Income Per Share Attributable to Tyson | $ | 1.07 | $ | 0.75 | $ | 2.22 | $ | 1.52 |
• | Record second quarter operating income up 27% to $704 million compared to Q2'15 adjusted results |
• | Record second quarter total company operating margin of 7.7% |
◦ | Record second quarter Chicken segment operating margin at 12.7% |
◦ | Record second quarter Pork segment operating margin at 11.8% |
◦ | Prepared Foods segment operating margin at 10.9% |
• | Captured $144 million in total synergies; $67 million incremental synergies over Q2'15 |
• | Repurchased 6.9 million shares for $400 million, excluding shares repurchased to offset dilution from our equity compensation plan |
Sales | ||||||||||||||||||||
(for the second quarter and six months ended April 2, 2016, and March 28, 2015) | ||||||||||||||||||||
Second Quarter | Six Months Ended | |||||||||||||||||||
Volume | Avg. Price | Volume | Avg. Price | |||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | |||||||||||||
Chicken | $ | 2,737 | $ | 2,829 | 1.7 | % | (4.9 | )% | $ | 5,373 | $ | 5,609 | — | % | (4.2 | )% | ||||
Beef | 3,639 | 4,130 | 2.8 | % | (14.2 | )% | 7,253 | 8,521 | 0.3 | % | (15.2 | )% | ||||||||
Pork | 1,190 | 1,204 | 3.1 | % | (4.1 | )% | 2,403 | 2,744 | (0.7 | )% | (11.8 | )% | ||||||||
Prepared Foods | 1,804 | 1,871 | (0.3 | )% | (3.3 | )% | 3,700 | 4,004 | (4.0 | )% | (3.8 | )% | ||||||||
Other | 86 | 222 | (62.0 | )% | 2.2 | % | 185 | 527 | (65.4 | )% | 1.5 | % | ||||||||
Intersegment Sales | (286 | ) | (277 | ) | n/a | n/a | (592 | ) | (609 | ) | n/a | n/a | ||||||||
Total | $ | 9,170 | $ | 9,979 | (0.9 | )% | (7.3 | )% | $ | 18,322 | $ | 20,796 | (4.0 | )% | (8.2 | )% |
Operating Income (Loss) | ||||||||||||||||||||
(for the second quarter and six months ended April 2, 2016, and March 28, 2015) | ||||||||||||||||||||
Second Quarter | Six Months Ended | |||||||||||||||||||
Operating Margin | Operating Margin | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Chicken | $ | 347 | $ | 332 | 12.7 | % | 11.7 | % | $ | 705 | $ | 683 | 13.1 | % | 12.2 | % | ||||
Beef | 46 | (20 | ) | 1.3 | % | (0.5 | )% | 117 | (26 | ) | 1.6 | % | (0.3 | )% | ||||||
Pork | 140 | 99 | 11.8 | % | 8.2 | % | 298 | 221 | 12.4 | % | 8.1 | % | ||||||||
Prepared Foods | 197 | 160 | 10.9 | % | 8.6 | % | 404 | 231 | 10.9 | % | 5.8 | % | ||||||||
Other | (26 | ) | (24 | ) | n/a | n/a | (44 | ) | (53 | ) | n/a | n/a | ||||||||
Total | $ | 704 | $ | 547 | 7.7 | % | 5.5 | % | $ | 1,480 | $ | 1,056 | 8.1 | % | 5.1 | % |
Adjusted Operating Income (Loss) | ||||||||||||||||||||
(for the second quarter and six months ended April 2, 2016, and March 28, 2015) | ||||||||||||||||||||
Second Quarter | Six Months Ended | |||||||||||||||||||
Adjusted Operating Margin | Adjusted Operating Margin | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Chicken | $ | 347 | $ | 332 | 12.7 | % | 11.7 | % | $ | 705 | $ | 683 | 13.1 | % | 12.2 | % | ||||
Beef | 46 | (20 | ) | 1.3 | % | (0.5 | )% | 117 | (26 | ) | 1.6 | % | (0.3 | )% | ||||||
Pork | 140 | 99 | 11.8 | % | 8.2 | % | 298 | 221 | 12.4 | % | 8.1 | % | ||||||||
Prepared Foods | 197 | 157 | 10.9 | % | 8.4 | % | 404 | 268 | 10.9 | % | 6.7 | % | ||||||||
Other | (26 | ) | (15 | ) | n/a | n/a | (44 | ) | (29 | ) | n/a | n/a | ||||||||
Total | $ | 704 | $ | 553 | 7.7 | % | 5.5 | % | $ | 1,480 | $ | 1,117 | 8.1 | % | 5.4 | % |
• | Prepared Foods operating income was adjusted for the following: |
◦ | Decrease of $8 million related to the legacy Hillshire Brands Company ("Hillshire Brands") plant fire insurance proceeds (net of costs). |
◦ | Increase of $5 million related to merger and integration costs. |
• | Other operating income was adjusted for the following: |
◦ | Increase of $9 million related to merger and integration costs. |
• | Prepared Foods operating income was adjusted for the following: |
◦ | Increase of $28 million of costs (net of insurance proceeds) related to a legacy Hillshire Brands plant fire. |
◦ | Increase of $9 million related to merger and integration costs. |
• | Other operating income was adjusted for the following: |
◦ | Increase of $24 million related to merger and integration costs. |
• | Chicken - Sales volume increased in the second quarter of fiscal 2016 as a result of stronger demand for our chicken products. For the six months of fiscal 2016, sales volume was flat as demand for our chicken products was offset by optimizing mix and our buy versus grow strategy. Average sales price decreased as feed ingredient costs declined, partially offset by mix changes. Operating income increased due to improved operational execution and lower feed ingredient costs. Feed costs decreased $80 million and $140 million during the second quarter and six months of fiscal 2016, respectively. |
• | Beef - Sales volume increased in the second quarter of fiscal 2016 due to an increase in live cattle processed as a result of higher fed cattle supplies. Sales volume increased for the six months of fiscal 2016 due to better demand for beef products despite a reduction in live cattle processed primarily due to the closure of our Denison, Iowa, facility in the fourth quarter of fiscal 2015. Average sales price decreased due to higher domestic availability of fed cattle supplies, which drove down livestock costs. Operating income increased due to more favorable market conditions associated with an increase in cattle supply which drove down fed cattle costs. |
• | Pork - Sales volume increased in the second quarter of fiscal 2016 driven by better demand for pork products. Sales volume decreased for the six months of fiscal 2016 due to the divestiture of our Heinold Hog Markets business in the first quarter of fiscal 2015. Excluding the impact of the divestiture, our sales volume grew 3.1% driven by better demand for pork products. Live hog supplies increased, which drove down livestock cost and average sales price. Operating income increased as we maximized our revenues relative to live hog markets and due to better plant utilization associated with higher volumes. |
• | Prepared Foods - Sales volume was relatively flat in the second quarter of fiscal 2016 but decreased for the six months of fiscal 2016 due to a change in sales mix in addition to the carryover effect of the 2015 turkey avian influenza occurrence into the first half of fiscal 2016. Average sales price decreased primarily due to a decline in input costs, partially offset by a change in product mix. Operating income improved due to mix changes as well as lower input costs of approximately $95 million and $220 million for the second quarter and six months of fiscal 2016, respectively. Additionally, Prepared Foods operating income was positively impacted by $111 million in synergies, of which $41 million was incremental synergies in the second quarter of fiscal 2016 above the $70 million of synergies realized in the second quarter of fiscal 2015. For the six months of fiscal 2016, Prepared Foods was positively impacted by $206 million in synergies, of which $81 million was incremental synergies in fiscal 2016 above the $125 million of synergies realized in the six months of fiscal 2015. The positive impact of these synergies to operating income were partially offset with heavy investments in innovation, new product launches and the strengthening of our brands. |
• | Chicken – USDA data shows an increase in chicken production around 2% in fiscal 2016 compared to fiscal 2015. Based on current futures prices, we expect lower feed costs in fiscal 2016 compared to fiscal 2015 of approximately $200 million. Many of our sales contracts are formula based or shorter-term in nature, but there may be a lag time for price changes to take effect. For fiscal 2016, we now believe our Chicken segment's operating margin should be more than 12%, up from our previous estimate of more than 11% and above our new normalized range of 9-11%. |
• | Beef – We expect industry fed cattle supplies to increase around 1% in fiscal 2016 compared to fiscal 2015. Although we generally expect adequate supplies in regions we operate our plants, there may be periods of imbalance of fed cattle supply and demand. For fiscal 2016, we believe our Beef segment's operating margin will be in its normalized range of 1.5-3.0%. |
• | Pork – We expect industry hog supplies to increase around 2% in fiscal 2016 compared to fiscal 2015. For fiscal 2016, we believe our Pork segment's operating margin will be around 10%. |
• | Prepared Foods – We expect lower raw material costs of approximately $300 million in fiscal 2016. As we continue to invest heavily in innovation, new product launches and the strengthening of our brands, we believe the operating margin of our Prepared Foods segment should be near the low-end of its normalized range of 10-12% in fiscal 2016. |
• | Other – Other includes our foreign operations related to raising and processing live chickens in China and India in addition to third-party merger and integration costs. We now expect Other operating loss should increase to approximately $85 million in fiscal 2016 from our previous estimate of $70 million. |
• | Sales – We believe sales will approximate $37 billion. This is down from fiscal 2015 due to declines in beef, pork and chicken prices. |
• | Capital Expenditures – We expect capital expenditures to approximate $850 million for fiscal 2016. |
• | Net Interest Expense – We expect net interest expense to approximate $245 million for fiscal 2016. |
• | Liquidity – We expect total liquidity, which was $1.2 billion at April 2, 2016, to remain in line with our minimum liquidity target of $1.2 billion. |
• | Share Repurchases – For the remainder of fiscal 2016, we expect to continue our share repurchases under our share repurchase program. As of April 2, 2016, 56.2 million shares remain authorized for repurchases. The timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, market conditions, liquidity targets, our debt obligations and regulatory requirements. During the third quarter of fiscal 2016 to date, we repurchased approximately 3 million shares for $200 million, excluding shares repurchased to offset dilution from our equity compensation plans. |
Three Months Ended | Six Months Ended | ||||||||||||||
April 2, 2016 | March 28, 2015 | April 2, 2016 | March 28, 2015 | ||||||||||||
Sales | $ | 9,170 | $ | 9,979 | $ | 18,322 | $ | 20,796 | |||||||
Cost of Sales | 7,987 | 8,990 | 15,938 | 18,851 | |||||||||||
Gross Profit | 1,183 | 989 | 2,384 | 1,945 | |||||||||||
Selling, General and Administrative | 479 | 442 | 904 | 889 | |||||||||||
Operating Income | 704 | 547 | 1,480 | 1,056 | |||||||||||
Other (Income) Expense: | |||||||||||||||
Interest income | (1 | ) | (1 | ) | (3 | ) | (3 | ) | |||||||
Interest expense | 64 | 71 | 131 | 148 | |||||||||||
Other, net | (3 | ) | (6 | ) | (4 | ) | (7 | ) | |||||||
Total Other (Income) Expense | 60 | 64 | 124 | 138 | |||||||||||
Income before Income Taxes | 644 | 483 | 1,356 | 918 | |||||||||||
Income Tax Expense | 210 | 172 | 461 | 297 | |||||||||||
Net Income | 434 | 311 | 895 | 621 | |||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2 | 1 | 2 | 2 | |||||||||||
Net Income Attributable to Tyson | $ | 432 | $ | 310 | $ | 893 | $ | 619 | |||||||
Weighted Average Shares Outstanding: | |||||||||||||||
Class A Basic | 318 | 334 | 321 | 335 | |||||||||||
Class B Basic | 70 | 70 | 70 | 70 | |||||||||||
Diluted | 393 | 415 | 396 | 416 | |||||||||||
Net Income Per Share Attributable to Tyson: | |||||||||||||||
Class A Basic | $ | 1.14 | $ | 0.78 | $ | 2.32 | $ | 1.55 | |||||||
Class B Basic | $ | 1.02 | $ | 0.71 | $ | 2.11 | $ | 1.42 | |||||||
Diluted | $ | 1.10 | $ | 0.75 | $ | 2.25 | $ | 1.49 | |||||||
Dividends Declared Per Share: | |||||||||||||||
Class A | $ | 0.150 | $ | 0.100 | $ | 0.350 | $ | 0.225 | |||||||
Class B | $ | 0.135 | $ | 0.090 | $ | 0.315 | $ | 0.203 | |||||||
Sales Growth | (8.1 | )% | (11.9 | )% | |||||||||||
Margins: (Percent of Sales) | |||||||||||||||
Gross Profit | 12.9 | % | 9.9 | % | 13.0 | % | 9.4 | % | |||||||
Operating Income | 7.7 | % | 5.5 | % | 8.1 | % | 5.1 | % | |||||||
Net Income Attributable to Tyson | 4.7 | % | 3.1 | % | 4.9 | % | 3.0 | % | |||||||
Effective Tax Rate | 32.7 | % | 35.6 | % | 34.0 | % | 32.4 | % |
April 2, 2016 | October 3, 2015 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 254 | $ | 688 | |||
Accounts receivable, net | 1,493 | 1,620 | |||||
Inventories | 2,993 | 2,878 | |||||
Other current assets | 187 | 195 | |||||
Total Current Assets | 4,927 | 5,381 | |||||
Net Property, Plant and Equipment | 5,166 | 5,176 | |||||
Goodwill | 6,670 | 6,667 | |||||
Intangible Assets, net | 5,125 | 5,168 | |||||
Other Assets | 623 | 612 | |||||
Total Assets | $ | 22,511 | $ | 23,004 | |||
Liabilities and Shareholders’ Equity | |||||||
Current Liabilities: | |||||||
Current debt | $ | 79 | $ | 715 | |||
Accounts payable | 1,456 | 1,662 | |||||
Other current liabilities | 1,075 | 1,158 | |||||
Total Current Liabilities | 2,610 | 3,535 | |||||
Long-Term Debt | 6,270 | 6,010 | |||||
Deferred Income Taxes | 2,516 | 2,449 | |||||
Other Liabilities | 1,308 | 1,304 | |||||
Total Tyson Shareholders’ Equity | 9,791 | 9,691 | |||||
Noncontrolling Interests | 16 | 15 | |||||
Total Shareholders’ Equity | 9,807 | 9,706 | |||||
Total Liabilities and Shareholders’ Equity | $ | 22,511 | $ | 23,004 |
Six Months Ended | |||||||
April 2, 2016 | March 28, 2015 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 895 | $ | 621 | |||
Depreciation and amortization | 348 | 347 | |||||
Deferred income taxes | 85 | 12 | |||||
Other, net | 18 | 36 | |||||
Net changes in operating assets and liabilities | (241 | ) | (208 | ) | |||
Cash Provided by Operating Activities | 1,105 | 808 | |||||
Cash Flows From Investing Activities: | |||||||
Additions to property, plant and equipment | (355 | ) | (435 | ) | |||
Purchases of marketable securities | (22 | ) | (17 | ) | |||
Proceeds from sale of marketable securities | 23 | 15 | |||||
Proceeds from sale of businesses | — | 142 | |||||
Other, net | 2 | 4 | |||||
Cash Used for Investing Activities | (352 | ) | (291 | ) | |||
Cash Flows From Financing Activities: | |||||||
Payments on debt | (673 | ) | (715 | ) | |||
Borrowings on revolving credit facility | 300 | 1,080 | |||||
Payments on revolving credit facility | — | (905 | ) | ||||
Purchases of Tyson Class A common stock | (826 | ) | (150 | ) | |||
Dividends | (108 | ) | (75 | ) | |||
Stock options exercised | 78 | 34 | |||||
Other, net | 40 | 10 | |||||
Cash Used for Financing Activities | (1,189 | ) | (721 | ) | |||
Effect of Exchange Rate Changes on Cash | 2 | (11 | ) | ||||
Decrease in Cash and Cash Equivalents | (434 | ) | (215 | ) | |||
Cash and Cash Equivalents at Beginning of Year | 688 | 438 | |||||
Cash and Cash Equivalents at End of Period | $ | 254 | $ | 223 |
Six Months Ended | Fiscal Year Ended (a) | Twelve Months Ended (a) | ||||||||||||
April 2, 2016 | March 28, 2015 | October 3, 2015 | April 2, 2016 | |||||||||||
Net income | $ | 895 | $ | 621 | $ | 1,224 | $ | 1,498 | ||||||
Less: Interest income | (3 | ) | (3 | ) | (9 | ) | (9 | ) | ||||||
Add: Interest expense | 131 | 148 | 293 | 276 | ||||||||||
Add: Income tax expense | 461 | 297 | 697 | 861 | ||||||||||
Add: Depreciation | 305 | 296 | 609 | 618 | ||||||||||
Add: Amortization (b) | 39 | 46 | 92 | 85 | ||||||||||
EBITDA | $ | 1,828 | $ | 1,405 | $ | 2,906 | $ | 3,329 | ||||||
Adjustments to EBITDA: | ||||||||||||||
Add: China impairment | $ | — | — | 169 | 169 | |||||||||
Add: Merger and integration costs | — | 33 | 57 | 24 | ||||||||||
Add: Prepared Foods network optimization impairment charges | — | — | 59 | 59 | ||||||||||
Add: Denison plant closure | — | — | 12 | 12 | ||||||||||
Add: Costs (insurance proceeds, net of costs) related to a legacy Hillshire Brands plant fire | — | 28 | (8 | ) | (36 | ) | ||||||||
Less: Gain on sale of the Mexico operation | — | — | (161 | ) | (161 | ) | ||||||||
Less: Gain on sale of equity securities | — | — | (21 | ) | (21 | ) | ||||||||
Total Adjusted EBITDA | $ | 1,828 | $ | 1,466 | $ | 3,013 | $ | 3,375 | ||||||
Total gross debt | $ | 6,725 | $ | 6,349 | ||||||||||
Less: Cash and cash equivalents | (688 | ) | (254 | ) | ||||||||||
Less: Short-term investments | (2 | ) | (3 | ) | ||||||||||
Total net debt | $ | 6,035 | $ | 6,092 | ||||||||||
Ratio Calculations: | ||||||||||||||
Gross debt/EBITDA | 2.3x | 1.9x | ||||||||||||
Net debt/EBITDA | 2.1x | 1.8x | ||||||||||||
Gross debt/Adjusted EBITDA | 2.2x | 1.9x | ||||||||||||
Net debt/Adjusted EBITDA | 2.0x | 1.8x |
(a) | Adjusted EBITDA for fiscal year ended October 3, 2015 and twelve months ended April 2, 2016 was based on 53-weeks due to an additional week in the fourth quarter of fiscal 2015. |
(b) | Excludes the amortization of debt discount expense of $4 million and $5 million for the six months ended April 2, 2016, and March 28, 2015, respectively, $10 million for the fiscal year ended October 3, 2015, and $9 million for the twelve months ended April 2, 2016, as it is included in Interest expense. |
Second Quarter | Six Months Ended | ||||||||||||||||||||||||||||||
Pre-Tax Impact | EPS Impact | Pre-Tax Impact | EPS Impact | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||
Reported net income per share attributable to Tyson | $ | 1.10 | $ | 0.75 | $ | 2.25 | $ | 1.49 | |||||||||||||||||||||||
Add: Net costs (insurance proceeds) related to a legacy Hillshire Brands plant fire | $ | — | $ | (8 | ) | — | (0.02 | ) | $ | — | $ | 28 | — | 0.04 | |||||||||||||||||
Add: Merger and integration costs | $ | — | $ | 14 | — | 0.02 | $ | — | $ | 33 | — | 0.05 | |||||||||||||||||||
Less: Recognition of previously unrecognized tax benefit | $ | — | $ | — | (0.03 | ) | — | $ | — | $ | — | (0.03 | ) | (0.06 | ) | ||||||||||||||||
Adjusted net income per share attributable to Tyson | $ | 1.07 | $ | 0.75 | $ | 2.22 | $ | 1.52 |
Second Quarter | Six Months Ended | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Reported operating income | $ | 704 | $ | 547 | $ | 1,480 | $ | 1,056 | |||||||
Add: Net costs (insurance proceeds) related to a legacy Hillshire Brands plant fire | — | (8 | ) | — | 28 | ||||||||||
Add: Merger and integration costs | — | 14 | — | 33 | |||||||||||
Adjusted operating income | $ | 704 | $ | 553 | $ | 1,480 | $ | 1,117 |
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