-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Cjm/ac46aIpGEaDj5lEFlSDLhxmW/ye5Gw8dM2xF79k5mL9vlkgzoaLtKr/nQHmd nP4tco0kRvW+a7wGhuAf6g== 0000950152-02-007860.txt : 20021029 0000950152-02-007860.hdr.sgml : 20021029 20021029132810 ACCESSION NUMBER: 0000950152-02-007860 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20020830 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENESEE & WYOMING INC CENTRAL INDEX KEY: 0001012620 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 060984624 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-31456 FILM NUMBER: 02801103 BUSINESS ADDRESS: STREET 1: 66 FIELD POINT ROAD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036293722 MAIL ADDRESS: STREET 1: 66 FIELD POINT ROAD CITY: GREENWICH STATE: CT ZIP: 06830 8-K/A 1 l96875ae8vkza.htm 8-K/A Amended 8-K
 

SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

Form 8-K/A

CURRENT REPORT

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

         
  Date of Report (Date of earliest event reported):   August 30, 2002  
     
 

GENESEE & WYOMING INC.

(Exact Name of registrant specified in its charter)
         
Delaware   0-20847   06-0984624
 
 
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)
     
  66 Field Point Road
Greenwich, Connecticut 06830
(Address of principal executive offices)
 
  Registrant’s telephone number: (203) 629-3722  

 

Item 2. Acquisition or Disposition of Assets.

On August 28, 2002, the Registrant completed the purchase of all of the issued and outstanding shares of common stock (the “Shares”) of Utah Railway Company (“URC”) from Arava Natural Resources Company, Inc. (“ANRC”) for approximately $55.7 million in cash, including transaction costs. The acquisition was consummated pursuant to the terms of a Stock Purchase Agreement, dated as of August 19, 2002, among the Registrant, ANRC and Mueller Industries, Inc. (“MLI”) (the “Stock Purchase Agreement”). The Registrant purchased the shares of URC and made an election under Section 338 (h)(10) of the U.S. Tax Code to treat the stock purchase as an asset purchase and, therefore, will receive the stepped up basis of the assets for tax purposes. The purchase price was allocated to current assets ($4.3 million), property and equipment ($18.1 million) and intangible assets ($35.9 million) less assumed current liabilities ($2.6 million).

URC (either directly or through its wholly-owned subsidiary, Salt Lake City Southern Railroad Company, Inc.) operates over 46 miles of owned track and 374 miles of track under track access agreements. The tracks over which URC operates run from Ogden, Utah to Grand Junction, Colorado. In addition, URC serves industrial customers in and around Salt Lake City, Utah through trackage rights from the Utah Transit Authority. The Registrant (through URC, its new wholly-owned subsidiary) intends to continue to use the assets of URC for the same purposes to which they were previously devoted.

The Registrant funded the acquisition under the Third Amended and Restated Revolving Credit Agreement dated as of August 17, 1999 among the Registrant, certain subsidiaries, Fleet National Bank (f/k/a BankBoston, N.A.) and the banks named therein.

No material relationship exists between ANRC or MLI and the Registrant or any of its affiliates, any director or officer of the Registrant, or any associate of any such director or officer.

The foregoing information contained in this Form 8-K with respect to the acquisition is qualified in its entirety by reference to the complete text of the Stock Purchase Agreement, which is filed herewith as an Exhibit.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

     (a)-(b) Financial statements of business acquired and pro forma financial information and exhibits.

     The audited financial statements, unaudited financial statements and unaudited pro forma financial statements are included herein as Exhibit 99.1.

     (c)  Exhibits.

     The exhibits listed below and in the accompanying Exhibit Index are filed as part of this Current Report on Form 8-K.

             
Exhibit Number   Description
 
    2.1       Stock Purchase Agreement dated August 19, 2002, among the Registrant, Arava Natural Resources Company, Inc. and Mueller Industries, Inc. (incorporated herein by reference to Exhibit 2.1 of

2

 

             
Exhibit Number   Description
 
            Genesee & Wyoming Inc.’s Current Report on Form 8-K, as filed with the Commission on August 30, 2002)
             
    23.1       Consent of Ernst & Young LLP
             
    99.1       Audited financial statements, unaudited financial statements and unaudited pro forma financial statements.

3

 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
  GENESEE & WYOMING INC.
(Registrant)
 
  By:   /s/   John C. Hellmann
Name:   John C. Hellmann
Title:   Chief Financial Officer

October 29, 2002

4

 

INDEX TO EXHIBITS

             
Exhibit Number   Description
 
    2.1       Stock Purchase Agreement dated August 19, 2002, among the Registrant, Arava Natural Resources Company, Inc. and Mueller Industries, Inc. (incorporated herein by reference to Exhibit 2.1 of Genesee & Wyoming Inc.’s Current Report on Form 8-K, as filed with the Commission on August 30, 2002)
             
    *23.1       Consent of Ernst & Young LLP
             
    *99.1       Audited financial statements, unaudited financial statements and unaudited pro forma financial statements.

* Exhibit filed with this Report.

5 EX-23.1 3 l96875aexv23w1.txt CONSENT OF INDEPENDENT ACCOUNTANTS EXHIBIT 23.1 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement on Form S-3 (File No. 333-73026) of Genesee & Wyoming Inc., of our report dated January 24, 2002, with respect to the consolidated financial statements of Utah Railway Company, included in the current report on Form 8-K/A dated August 30, 2002, filed with the Securities and Exchange Commission. /s/ Ernst & Young LLP Salt Lake City, Utah October 25, 2002 EX-99.1 4 l96875aexv99w1.txt FINANCIAL STATEMENTS EXHIBIT 99.1
ACQUIRED BUSINESS: UTAH RAILWAY COMPANY FINANCIAL STATEMENTS: Report of Independent Public Accountant...............................................2 Consolidated Balance Sheets as of December 29, 2001 and December 30, 2000.....................................................................3 Consolidated Statements of Income and Retained Earnings for the Years Ended December 29, 2001 and December 30, 2000..............................................5 Consolidated Statements of Cash Flows for the Years Ended December 29, 2001 and December 30, 2000....................................................................6 Notes to Financial Statements.........................................................7 UNAUDITED FINANCIAL STATEMENTS: Consolidated Balance Sheets as of June 29, 2002 and December 29, 2001...................................................................13 Consolidated Statements of Income for the Six-Months Ended June 29, 2002 and June 30, 2001.....................................................15 Consolidated Statements of Cash Flows for the Six-Months Ended June 29, 2002 and June 30,2001........................................................................16 Notes to Unaudited Financial Statements..............................................17 GENESEE & WYOMING INC.: UNAUDITED PRO FORMA FINANCIAL STATEMENTS: Introduction.........................................................................18 Pro Forma Combined Balance Sheet as of June 30, 2002.................................20 Pro Forma Combined Statement of Income for the Year Ended December 31, 2001...................................................................22 Pro Forma Combined Statement of Income for the Six-Months Ended June 30, 2001.................................................................23 Notes to Unaudited Pro Forma Combined Financial Statements...........................24
Report of Independent Auditors The Board of Directors and Shareholder Utah Railway Company We have audited the accompanying consolidated balance sheets of Utah Railway Company (an indirect wholly owned subsidiary of Mueller Industries, Inc.) as of December 29, 2001 and December 30, 2000, and the related consolidated statements of income and retained earnings and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Utah Railway Company at December 29, 2001 and December 30, 2000, and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States. Ernst & Young LLP January 24, 2002 2 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Balance Sheets
DECEMBER 29, DECEMBER 30, 2001 2000 -------------------------- ASSETS Current assets: Cash and cash equivalents $ 2,398,647 $ 2,116,623 Accounts receivable 5,294,004 4,383,564 Inventories 730,342 862,458 Prepaid expenses and other 135,724 19,073 -------------------------- Total current assets 8,558,717 7,381,718 Accounts receivable from Mueller - 3,097,331 Property, plant and equipment, net 18,344,792 18,551,620 Intangible assets, net of amortization of $608,248 in 2001 and $454,423 in 2000 676,268 830,093 -------------------------- Total assets $27,579,777 $29,860,762 ==========================
3 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Balance Sheets (continued)
DECEMBER 29, DECEMBER 30, 2001 2000 ----------------------------- LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities: Accounts payable $ 4,127,042 $ 2,877,230 Accrued wages and other employee costs 499,153 430,168 Other current liabilities 43,488 38,829 Dividend payable 2,865,764 - ----------------------------- Total current liabilities 7,535,447 3,346,227 Deferred income taxes 5,488,737 5,424,321 ----------------------------- Total liabilities 13,024,184 8,770,548 Commitments - - Shareholder's equity: Common stock, $100 par value; shares authorized 35,000; issued and outstanding 30,698 3,064,800 3,064,800 Discount on common stock (1,000,000) (1,000,000) Additional paid-in capital 8,289,202 8,289,202 Retained earnings 4,201,591 10,736,212 ----------------------------- Total shareholder's equity 14,555,593 21,090,214 ----------------------------- Total liabilities and shareholder's equity $ 27,579,777 $ 29,860,762 =============================
See accompanying notes. 4 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Statements of Income and Retained Earnings YEAR ENDED DECEMBER 29, DECEMBER 30, 2001 2000 ----------------------------- Operating revenues $ 23,399,235 $ 24,667,082 Operating expenses: Track maintenance 2,369,905 1,993,963 Equipment maintenance 4,115,885 4,733,498 Transportation 9,871,259 9,573,968 General and administrative 1,690,499 1,288,735 ----------------------------- 18,047,548 17,590,164 ----------------------------- Operating income 5,351,687 7,076,918 Interest income 150,347 430,601 ----------------------------- Income before income taxes 5,502,034 7,507,519 Income tax expense: Current 1,972,239 2,371,584 Deferred 64,416 724,979 ----------------------------- 2,036,655 3,096,563 ----------------------------- Net income 3,465,379 4,410,956 Retained earnings at the beginning of the year 10,736,212 6,325,256 Dividend (10,000,000) - ----------------------------- Retained earnings at the end of the year $ 4,201,591 $ 10,736,212 ============================= See accompanying notes. 5 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Statements of Cash Flows
YEAR ENDED DECEMBER 29, DECEMBER 30, 2001 2000 --------------------------- OPERATING ACTIVITIES Net income $ 3,465,379 $ 4,410,956 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 660,293 670,955 Deferred income taxes 64,416 724,979 Changes in assets and liabilities: Accounts receivable (910,440) 2,491,564 Inventories, prepaid expenses and other 15,465 (107,054) Accounts payable 1,249,812 (489,753) Accrued wages and other employee costs 68,985 (11,015) Other current liabilities 4,659 (3,787,439) --------------------------- Net cash provided by operating activities 4,618,569 3,903,193 INVESTING ACTIVITIES Accounts receivable and advances due from Mueller, net 3,097,331 (3,097,331) Accounts payable to Mueller - (4,680,375) Purchases of property, plant and equipment and other (299,640) (97,154) --------------------------- Net cash provided by (used in) investing activities 2,797,691 (7,874,860) FINANCING ACTIVITIES Dividends paid to parent (7,134,236) - --------------------------- Net increase (decrease) in cash and cash equivalents 282,024 (3,971,667) Cash and cash equivalents at the beginning of the year 2,116,623 6,088,290 --------------------------- Cash and cash equivalents at the end of the year $ 2,398,647 $ 2,116,623 ===========================
See accompanying notes. 6 UTAH RAILWAY COMPANY (AN INDIRECT WHOLLY OWNED SUBSIDIARY OF MUELLER INDUSTRIES, INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 29, 2001 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS Utah Railway Company (the Company) was incorporated in 1912 to provide rail transportation for coal production from central Utah coal mines to connections with other railroads for distribution to customers. The Company's operations traverse a total of 420 miles of track, of which the Company wholly owns 46 miles. The remaining 374 miles are operated under trackage rights over railroad owned by another carrier. In 1997 the Company also began a switching operation primarily in the Salt Lake City, Provo and Ogden metropolitan areas. Switching operations consist of accepting freight from other carriers for delivery to rail-served customers and/or accepting loads of freight from such customers for delivery to long-haul railroad carriers to be transported to final destinations. The Company is a wholly owned subsidiary of Arava Natural Resources Company, Inc. (Arava), which is a wholly owned subsidiary of Mueller Industries, Inc. (Mueller). The Company serves five major customers, which are either coal producers, power plants or other railroads located in Utah and the western United States pursuant to certain long-term contracts. Based on the size and diversity of the customers, management believes the concentration of credit risk associated with these transactions is acceptable given the underlying credit strength of these customers. Historical credit losses have not been significant. At December 29, 2001 and December 30, 2000, customers accounting for more than 10% of total revenues numbered two. PRINCIPLES OF CONSOLIDATION In 1999 the Company purchased for approximately $675,000 all shares of the Salt Lake City Southern Railroad Company, which owns certain trackage and has defined trackage rights in the Salt Lake City metropolitan area. The acquisition was accounted for using the purchase method. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. 7 UTAH RAILWAY COMPANY (AN INDIRECT WHOLLY OWNED SUBSIDIARY OF MUELLER INDUSTRIES, INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) DEFINITION OF ACCOUNTING PERIOD The Company's fiscal year-end is the last Saturday in December. INVENTORIES Inventories consist of materials and supplies and are valued at the lower of cost or market on a first-in, first-out (FIFO) basis. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment was stated at fair value as of December 28, 1990, with subsequent additions recorded at cost. The Company utilizes the Retirement-Replacement-Betterment (RRB) accounting convention for fixed assets. Under RRB accounting, the initial costs of installing track are capitalized. The capitalized costs of track are not depreciated and remain capitalized until the track is retired. The cost of replacing existing track is expensed as incurred as is regular maintenance related thereto. Betterments are capitalized but not depreciated, and the current cost of the part replaced by betterment is expensed. Depreciation on depreciable components of fixed assets is provided on the straight-line method over estimated useful lives of five to 50 years. INTANGIBLE ASSETS The Company has recorded intangible assets. The value in excess of amounts allocable to identifiable assets and trackage rights are amortized using the straight-line method over 20 and 5 years, respectively. The Company evaluates the carrying value of long-lived assets for potential impairment on an ongoing basis. REVENUE RECOGNITION Revenue from transportation and switching operations is generally recognized at the completion of the service. 8 UTAH RAILWAY COMPANY (AN INDIRECT WHOLLY OWNED SUBSIDIARY OF MUELLER INDUSTRIES, INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) INTERLINE TRANSACTIONS Accounts receivable and accounts payable reflect certain interline transactions with other railroads which the Company is required to enter into as part of settling freight payments received from customers. This industry system follows Railway Accounting Rules as adopted by member railroads of The Association of American Railroads, of which the Company is a member. At year-end, in accordance with industry practice, revenue is recorded for estimated unsettled freight not yet part of the industry's interline accounting system. INCOME TAXES The Company is included in the consolidated federal and state income tax returns filed by Mueller. The Company and Mueller have an agreement for the allocation of federal and state income taxes, the general result of which is to have the tax liability of the Company determined on a stand-alone basis. CASH EQUIVALENTS Temporary investments with maturities of three months or less are considered to be cash equivalents. These investments are stated at cost, which approximates fair value. LITIGATION AND OTHER MATTERS The Company is involved in certain litigation as a result of claims that arise in the ordinary course of business, which management believes will not have a material adverse effect on the Company's financial condition or results of operations. 9 UTAH RAILWAY COMPANY (AN INDIRECT WHOLLY OWNED SUBSIDIARY OF MUELLER INDUSTRIES, INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. 2. PROPERTY, PLANT AND EQUIPMENT Components of property, plant and equipment are as follows: DECEMBER 29, DECEMBER 30, 2001 2000 -------------------------------- Land and track $13,682,986 $13,656,385 Other roadway 1,149,382 1,149,382 Buildings and equipment 5,949,944 5,863,617 Construction-in-progress 219,492 32,779 -------------------------------- 21,001,804 20,702,163 Less accumulated depreciation (2,657,012) (2,150,543) -------------------------------- Property, plant and equipment, net $18,344,792 $18,551,620 ================================ Depreciation expense for fiscal years 2001 and 2000 was $506,469 and $513,129, respectively. 3. TRANSACTIONS WITH AFFILIATES Total management fees paid to the parent and to Mueller amounted to $479,000 in 2001 and $479,000 in 2000 and are included in general and administrative expenses. Payments to the parent for reimbursement of liability insurance and other expenses totaled $503,000 and $496,000 in 2001 and 2000, respectively. Total payments to the parent for participation in the parent's 401(k) plan totaled $176,000 in 2001 and $170,000 in 2000. At December 30, 2000, accounts receivable from Mueller included cash advances made by the Company. The balance bore no interest and was repaid during 2001. 10 UTAH RAILWAY COMPANY (AN INDIRECT WHOLLY OWNED SUBSIDIARY OF MUELLER INDUSTRIES, INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 3. TRANSACTIONS WITH AFFILIATES (CONTINUED) On December 20, 2001, the Company declared a dividend on its retained earnings and assets to Arava. As of December 29, 2001, the Company had paid $7,134,236, with the remaining balance classified as a current liability. 4. INCOME TAXES Income tax expense consists of the following:
DECEMBER 29, DECEMBER 30, 2001 2000 ----------------------------------------- Current: Federal $1,714,430 $2,061,573 State 257,809 310,011 ----------------------------------------- 1,972,239 2,371,584 Deferred: Federal 58,943 663,379 State 5,473 61,600 ----------------------------------------- 64,416 724,979 ----------------------------------------- $2,036,655 $3,096,563 =========================================
Under a tax-sharing agreement between Mueller and the Company, the current portion of income tax expense is payable to Mueller. The Company made payments to Mueller for its income tax expense for $2,036,655 in 2001 and a prepayment of $2,930,600 in 2000. Deferred taxes relate primarily to differences in the book and tax basis of property, plant and equipment. 5. EMPLOYEE BENEFIT PLANS The Company participates in Mueller's employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code. Most employees of the Company (other than those covered by certain collective bargaining agreements) may participate by deferring from 1% to 15% of their eligible compensation. For 2001, the Company's matching percentage was 100% of the first 3% of each employee's contribution and 50% of the next 2% of each employee's contribution. For 2000, the Company's matching percentage was 50% of the first 8% of each employee's contribution. The Company match vests immediately. Compensation expense for the 401(k) match was not material in 2001 or 2000. 11 UTAH RAILWAY COMPANY (AN INDIRECT WHOLLY OWNED SUBSIDIARY OF MUELLER INDUSTRIES, INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 6. COMMITMENTS The Company leases locomotives under operating leases that expire beginning in 2008. The Company is required to make additional rental payments when it exceeds certain mileage limits stated in the leases. Future minimum payments under noncancelable operating leases with initial terms of one year or more are as follows: 2002 $ 868,400 2003 868,400 2004 868,400 2005 868,400 2006 786,300 Thereafter 1,515,500 -------------------- $ 5,775,400 ==================== The Company has a maintenance agreement with the locomotive lessor. Under the terms of the maintenance contract, the lessor is required to provide all labor, materials, tools, equipment and supplies to service each locomotive under lease through 2006. Future payments under the maintenance contract are $889,900 for fiscal years 2002 through 2005 and $457,100 in 2006. The Company has a maintenance agreement for the locomotives used in the Company's switching operations. Costs under the agreement are based on the number of locomotives used per day and parts and service. Maintenance and rental costs under the above agreements consisted of the following: DECEMBER 29, DECEMBER 30, 2001 2000 -------------------------------------- Rental costs $1,218,000 $1,655,000 Maintenance 1,734,000 2,092,000 -------------------------------------- $2,952,000 $3,747,000 ====================================== 12 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Balance Sheets (Unaudited)
JUNE 29, DECEMBER 29, 2002 2001 ------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 5,935,104 $ 2,398,647 Accounts receivable 4,254,866 5,294,004 Inventories 715,230 730,342 Prepaid expenses and other 243,274 135,724 ------------------------------------------- Total current assets 11,148,474 8,558,717 Accounts receivable from Mueller 13,384 - Property, plant and equipment, net 18,168,292 18,344,792 Other assets 59,492 - Intangible assets, net of amortization of $685,162 in 2001 and $608,248 in 2001 599,355 676,268 ------------------------------------------- Total assets $29,988,997 $27,579,777 ===========================================
13 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Balance Sheets (Unaudited) (continued)
JUNE 29, DECEMBER 29, 2002 2001 ----------------------------- LIABILITIES AND SHAREHOLDER'S EQUITY Current liabilities: Accounts payable $ 2,595,554 $ 4,127,042 Accrued wages and other employee costs 411,526 499,153 Other current liabilities 1,801,510 43,488 Dividend payable 2,865,764 2,865,764 ----------------------------- Total current liabilities 7,674,354 7,535,447 Deferred income taxes 5,546,877 5,488,737 ----------------------------- Total liabilities 13,221,231 13,024,184 Commitments - - Shareholder's equity: Common stock, $100 par value; shares authorized 35,000; issued and outstanding 30,698 3,064,800 3,064,800 Discount on common stock (1,000,000) (1,000,000) Additional paid-in capital 8,289,202 8,289,202 Retained earnings 6,413,764 4,201,591 ----------------------------- Total shareholder's equity 16,767,766 14,555,593 ----------------------------- Total liabilities and shareholder's equity $ 29,988,997 $ 27,579,777 =============================
See accompanying notes. 14 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Statements of Income and Retained Earnings (Unaudited) SIX MONTHS ENDED JUNE 29, JUNE 30, 2002 2001 -------------------------- Operating revenues $12,097,433 $11,768,015 Operating expenses: Track maintenance 1,047,975 943,089 Equipment maintenance 2,112,905 2,267,293 Transportation 4,463,198 4,885,654 General and administrative 747,695 902,925 -------------------------- 8,371,773 8,998,961 -------------------------- Operating income 3,725,660 2,769,054 Interest income 19,613 53,465 -------------------------- Income before income taxes 3,745,273 2,822,518 Income taxes 1,533,100 1,183,700 -------------------------- Net income 2,212,173 1,638,818 Retained earnings at the beginning of the period 4,201,591 10,736,212 -------------------------- Retained earnings at the end of the period $ 6,413,764 $12,375,030 ========================== See accompanying notes. 15 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Consolidated Statements of Cash Flows (Unaudited)
SIX MONTHS ENDED JUNE 29, JUNE 30, 2002 2001 --------------------------- OPERATING ACTIVITIES Net income $ 2,212,173 $ 1,638,818 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 321,711 329,692 Deferred income taxes 58,140 - Changes in assets and liabilities: Accounts receivable 1,039,138 (1,134,877) Inventories, prepaid expenses and other (92,438) 62,977 Accounts payable (1,531,488) 1,295,970 Accrued wages and other employee costs (87,627) (12,638) Other current assets/liabilities, net 1,698,530 1,350,479 --------------------------- Net cash provided by operating activities 3,618,139 3,530,421 INVESTING ACTIVITIES Accounts receivable and advances due from Mueller, net (13,384) 9,490 Purchases of property, plant and equipment and other (68,298) (222,588) --------------------------- Net cash provided by (used in) investing activities (81,682) (213,098) --------------------------- Net increase (decrease) in cash and cash equivalents 3,536,457 3,317,323 Cash and cash equivalents at the beginning of the period 2,398,647 2,116,623 --------------------------- Cash and cash equivalents at the end of the period $ 5,935,104 $ 5,433,946 ===========================
See accompanying notes. 16 Utah Railway Company (An indirect wholly owned subsidiary of Mueller Industries, Inc.) Notes to Consolidated Financial Statements (Unaudited) 1. BUSINESS AND BASIS OF PRESENTATION Utah Railway Company ("URC") was a wholly owned subsidiary of Arava Natural Resources Company, Inc. ("ANRC") and an indirect wholly owned subsidiary of Mueller Industries, Inc. ("Mueller") until its acquisition by Genesee & Wyoming Inc. from Mueller on August 28, 2002, for approximately $55.7 million in cash, including transaction costs. URC (either directly or through its wholly-owned subsidiary, Salt Lake City Southern Railroad Company, Inc.) currently operates 23 locomotives over 46 miles of owned track and 374 miles of track under track access agreements. The tracks over which URC operates run from Ogden, Utah to Grand Junction, Colorado. In addition, URC serves industrial customers in and around Salt Lake City, Utah through trackage rights from the Utah Transit Authority. The accompanying interim financial statements have been prepared by the Company's management and reflect the historical financial position, results of operations and cash flows of URC, in accordance with accounting principles generally accepted in the United States. These interim financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements for the six-month periods ended June 29, 2002 and June 30, 2001, are presented on a basis consistent with audited financial statements and contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation. The results of operations for interim periods are not necessarily indicative of results of operations for the full year. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the years ended December 29, 2001 and December 30, 2000. 17 Genesee & Wyoming Inc. Unaudited Pro Forma Combined Financial Statements The following unaudited pro forma combined balance sheet of Genesee & Wyoming Inc. (GWI) gives effect to the transactions described below as if such transactions had occurred on June 30, 2002. The following unaudited pro forma combined statements of income of GWI for the year ended December 31, 2001 and the six months ended June 30, 2002 give effect to the transactions described below as if such transactions had occurred on January 1, 2001. The unaudited pro forma financial statements should be read in conjunction with the historical consolidated financial statements and related notes thereto of GWI included in GWI's Annual Report on Form 10-K for the year ended December 31, 2001 and Quarterly Report on Form 10-Q for the six months ended June 30, 2002. The pro forma financial statements do not purport to be indicative of the results that actually would have been obtained had all the transactions been completed as of the assumed dates and for the periods presented and are not intended to be a projection of future results or trends. Operating results for any interim period are not necessarily indicative of results that may be expected for the full year. On August 28, 2002, GWI acquired all of the issued and outstanding shares of common stock (the Shares) of Utah Railway Company (URC) from Mueller Industries, Inc. (Mueller) for approximately $55.7 million in cash, including transaction costs. The acquisition was consummated pursuant to the terms of a Stock Purchase Agreement, dated as of August 19, 2002, among the Registrant, ANRC and Mueller Industries, Inc. ("MLI") (the "Stock Purchase Agreement"). The Registrant purchased the shares of URC and made an election under Section 338 (h)(10) of the U.S. Tax Code to treat the stock purchase as an asset purchase and, therefore, will receive the stepped up basis of the assets for tax purposes. The purchase price was allocated to current assets ($4.3 million), property and equipment ($18.1 million) and intangible assets ($35.9 million) less assumed current liabilities ($2.6 million). The $35.9 million allocated to intangible assets relates to perpetual trackage agreements. Under SFAS No. 142 these assets have been determined to have an indefinite useful life and therefore are not subject to amortization. As contemplated with the acquisition, the Company implemented a severance program under which certain URC employees were terminated in the third quarter of 2002. The aggregate $336,000 cost of these restructuring activities is considered a liability assumed in the acquisition and as such, was allocated to the purchase price. URC (either directly or through its wholly-owned subsidiary, Salt Lake City Southern Railroad Company, Inc.) currently operates 23 locomotives over 46 miles of owned track and 374 miles of track under track access agreements. The tracks over which URC operates run from Ogden, Utah to Grand Junction, Colorado. In addition, URC serves industrial customers in and around Salt Lake City, Utah through trackage rights from the Utah Transit Authority. Following the acquisition, the Registrant (through URC, its new wholly-owned subsidiary) intends to continue to use the assets of URC for the same purposes to which they were previously devoted. The Registrant funded the acquisition under the Third Amended and Restated Revolving Credit Agreement dated as of August 17, 1999 among the Registrant, certain subsidiaries, Fleet National Bank (f/k/a BankBoston, N.A.) and the banks named therein. URC's fiscal year-end and quarter ends are the last Saturday of the year and each quarter. GWI's fiscal year-end and quarter ends are the last day of the year and each quarter. The unaudited pro forma financial statements of GWI include the operations of URC for the year ended December 29, 2001 and the six months ended June 29, 2002. 18 On February 22, 2002, after having received the necessary approvals from The Surface Transportation Board, the Company acquired Emons Transportation Group, Inc. (Emons) for approximately $29.4 million in cash, including transaction costs and net of cash received in the acquisition. The Company purchased all of the outstanding shares of Emons at $2.50 per share. The purchase price was allocated to current assets ($4.0 million) and property and equipment ($33.7 million) less assumed current liabilities ($4.5 million) and assumed long-term liabilities ($3.8 million). As contemplated with the acquisition of Emons, the Company implemented early retirement and severance programs under which 22 Emons employees were terminated in the first quarter of 2002. The aggregate $804,000 cost of these restructuring activities is considered a liability assumed in the acquisition and as such, was allocated to the purchase price. The majority of these costs were paid in the three months ended March 31, 2002. The Company funded the acquisition of Emons through its $103.0 million revolving line of credit held under its primary credit agreement, all of which was available at the time of the purchase. Emons is a short line railroad holding company with operations over 340 miles of track in Maine, Vermont, New Hampshire, Quebec and Pennsylvania. On October 1, 2001, GWI acquired all of the issued and outstanding shares of common stock (the Shares) of South Buffalo Railway Company (South Buffalo) from Bethlehem Steel Corporation (Bethlehem). The acquisition of South Buffalo was consummated pursuant to the terms of a Stock Purchase and Sale Agreement dated September 28, 2001 between GWI and Bethlehem (the Stock Purchase Agreement). The purchase price of $33.1 million was allocated to current assets ($2.3 million), property and equipment ($17.6 million) and goodwill ($18.8 million) less assumed current liabilities ($2.4 million) and assumed long-term liabilities ($3.2 million). South Buffalo currently owns and operates locomotives and rolling stock over 52 miles of owned track in Buffalo, New York. Following the acquisition of South Buffalo, GWI continued to use the assets of South Buffalo for the same purposes to which they were previously devoted. Pursuant to the Stock Purchase Agreement, the total purchase price paid by GWI to Bethlehem for the Shares included $33.1 million in cash and the assumption of certain liabilities. The cash portion of the purchase price was subject to adjustment post-closing based on the Retained Earnings, as defined, of South Buffalo as of the closing date. That adjustment was not material. GWI funded the acquisition of South Buffalo under its $103.0 million revolving credit facility with Fleet National Bank. At the closing, GWI acquired beneficial ownership of the Shares and assumed actual ownership of the Shares on December 6, 2001 pursuant to the November 21, 2001 approval of the transaction by The Surface Transportation Board. The acquisition of South Buffalo also gave rise to the right of The 1818 Fund III, L.P. (the Fund), a private equity fund managed by Brown Brothers Harriman & Co., to purchase from GWI an additional 5,000 shares of GWI's 4% Redeemable Convertible Preferred Stock, Series A, (Convertible Preferred) pursuant to the terms of a Stock Purchase Agreement dated October 19, 2000 between GWI and the Fund. The Fund exercised its option to purchase the 5,000 shares of Convertible Preferred for a total purchase price of $5.0 million on December 11, 2001. 19 Genesee & Wyoming Inc. and Subsidiaries Pro Forma Combined Balance Sheets As of June 30, 2002 (in thousands, except share amounts) (Unaudited)
Utah Railway Company Genesee & Utah Railway Acquisition Wyoming Inc. Company Adjustments Pro Forma ----------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 13,249 $ 5,935 ($ 5,935) $ 13,249 Accounts receivable, net 43,505 4,255 47,760 Materials and supplies 6,199 715 6,914 Prepaid expenses and other 6,546 243 6,789 Deferred income tax assets, net 2,135 - 2,135 --------------------------------------------- Total current assets 71,634 11,148 (5,935) 76,847 ACCOUNTS RECEIVABLE FROM MUELLER - 14 (14) - PROPERTY AND EQUIPMENT, net 234,564 18,168 (46) 252,686 INVESTMENT IN UNCONSOLIDATED AFFILIATES 80,257 - - 80,257 GOODWILL 24,226 - - 24,226 INTANGIBLE and OTHER ASSETS, net 25,085 659 35,245 60,989 --------------------------------------------- Total assets $435,766 $ 29,989 $ 29,250 $495,005 =============================================
20 Genesee & Wyoming Inc. and Subsidiaries Pro Forma Combined Balance Sheets As of June 30, 2002 (in thousands, except share amounts) (Unaudited) (continued) LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 5,191 - - $ 5,191 Accounts payable 44,134 $ 2,596 955 47,685 Accrued expenses 12,510 411 982 13,903 Other current liabilities - 1,802 (1,533) 269 Dividend payable - 2,865 (2,865) - -------------------------------------------------- Total current liabilities 61,835 7,674 (2,461) 67,048 LONG-TERM DEBT, less current portion 69,252 - 54,026 123,278 DEFERRED INCOME TAX LIABILITIES, net 26,509 5,547 (5,547) 26,509 DEFERRED ITEMS - grants from governments agencies 35,366 - - 35,366 DEFERRED GAIN - sale-back 4,225 - - 4,225 OTHER LONG-TERM LIABILITIES 9,374 - - 9,374 MINORITY INTEREST 3,112 - - 3,112 REDEEMABLE CONVERTIBLE PREFERRED STOCK 23,894 - - 23,894 STOCKHOLDERS' EQUITY: Class A, common stock, $0.01 par value, one vote per share; 30,000,000 shares authorized; 15,191,721 issued and 12,853,730 outstanding (net of 2,337,991 in treasury) 152 - - 152 Class B common stock, $0.01 par value, 10 votes per share; 5,000,000 shares authorized; 1,805,290 issued and outstanding 18 - - 18 Additional paid-in capital 125,097 16,768 (16,768) 125,097 Retained earnings 91,266 - - 91,266 Accumulated other comprehensive loss (2,083) - - (2,083) Less treasury stock at cost (12,251) - - (12,251) -------------------------------------------------- Total stockholders' equity 202,199 16,768 (16,768) 202,199 -------------------------------------------------- Total liabilities and stockholders' equity $ 435,766 $ 29,989 29,250 495,005 ==================================================
21 Genesee & Wyoming Inc. and Subsidiaries Pro Forma Combined Statement of Income For the Year Ended December 31, 2001 (in thousands, except share amounts) (Unaudited)
Emons Emons Transportation Transportation Group, Inc. and Group, Inc. South Buffalo Utah Railway and South Railway Company Issuance of Utah Company Genesee & Buffalo Acquisition Convertible Railway Acquisition Wyoming Inc. Railway Company Adjustments Preferred Company Adjustments Pro Forma ----------------------------------------------------------------------------------------------- OPERATING REVENUES $ 173,576 $ 36,088 402 - $ 23,399 - $ 233,465 OPERATING EXPENSES 151,436 29,138 (421) - 18,047 (503) 197,697 INCOME FROM OPERATIONS 22,140 6,950 823 - 5,352 503 35,768 Interest expense (10,049) (956) (1,386) 232 - (1,924) (14,083) Gain on sale of 50% equity in Australian Operations 2,985 - - - - - 2,985 Valuation adjustment of U.S. denominated foreign loans (81) - - - - - (81) Other income, net 1,392 568 (434) - 150 - 1,676 Income before income taxes and equity earnings 16,387 6,562 (997) 232 5,502 (1,421) 26,265 Provision for income taxes 6,166 1,016 1,199 89 2,037 (547) 9,960 Income before equity earnings 10,221 5,546 (2,196) 143 3,465 (874) 16,305 Equity in net income of international affiliates: Australian Railroad Group 8,451 - - - - - 8,451 South America 412 - - - - - 412 Net Income 19,084 5,546 (2,196) 143 3,465 (874) 25,168 Impact of preferred stock outstanding 957 - - 234 - - 1,191 Net income available to common stockholders $ 18,127 $ 5,546 $ (2,196) $ (91) $ 3,465 $ (874) $ 23,977 Basic earnings per common share $ 1.72 $ 2.28 Weighted average shares 10,509 10,509 Diluted earnings per common share $ 1.48 $ 1.88 Weighted average shares and equivalents 12,917 489 13,406
22 Genesee & Wyoming Inc. and Subsidiaries Pro Forma Combined Statement of Income For the Six Months Ended June 30, 2002 (in thousands, except share amounts) (Unaudited)
Emons Emons Transportation Transportation Utah Railway Genesee & Group, Inc. Group, Inc. Company Wyoming through Acquisition Utah Railway Acquisition Inc. February 22 Adjustments Company Adjustments Pro Forma -------------------------------------------------------------------------------- OPERATING REVENUES $ 100,372 $ 3,206 - $ 12,097 - $ 115,675 OPERATING EXPENSES 85,892 3,101 (129) 8,372 (94) 97,142 INCOME FROM OPERATIONS 14,480 105 129 3,725 94 18,533 Interest expense (3,291) (109) (55) - (962) (4,417) Valuation adjustment of U.S. denominated foreign loans 4 - - - - 4 Other income, net 589 (5) - 20 - 604 Income before income taxes and equity earnings 11,782 (9) 74 3,745 (868) 14,724 Provision for income taxes 4,009 (140) 29 1,533 (334) 5,097 Income before equity earnings 7,773 131 45 2,212 (534) 9,627 Equity in net income of international affiliates: Australian Railroad Group 4,551 - - - - 4,551 South America 499 - - - - 499 Net Income 12,823 131 45 2,212 (534) 14,677 Impact of preferred stock outstanding 586 - - - - 586 Net income available to common stockholders $ 12,237 131 45 2,212 (534) $ 14,091 Basic earnings per common share $ 0.84 $ 0.96 Weighted average shares 14,618 14,618 Diluted earnings per common share $ 0.73 $ 0.84 Weighted average shares and equivalents 17,539 17,539
23 NOTE 1. PRO FORMA BALANCE SHEET The "Utah Railway Company" column reflects the actual June 30, 2002 balances of URC. The "Utah Railway Company Acquisition Adjustments" column reflects the following purchase price allocation (in thousands): Purchase Price $54,026 Unadjusted net assets 16,768 Eliminate cash retained by Mueller (5,935) Eliminate receivables to Mueller (14) Eliminate intangible assets (599) Eliminate deferred tax asset (60) Eliminate current income taxes 1,533 Eliminate dividends payable 2,865 Eliminate deferred income taxes 5,547 Revalue property and equipment (46) Add acquisition cost liabilities (982) Add working capital adjustment liability (955) ----- Adjusted net assets 18,122 Intangible assets $35,904 The purchase price includes $54.0 million paid in cash to Mueller, a $1.3 million working capital adjustment to be paid to Mueller, $0.3 million in severance costs and $0.7 million of acquisition costs, less net working capital acquired of $2.3 million. The acquisition was funded with borrowings under GWI's primary bank credit facility. The revaluation of the property and equipment was based on independent appraisals. The acquisition of URC was accounted for under the purchase method of accounting. Accordingly, no current or deferred tax assets or liabilities were assumed in the acquisition because the book basis and tax basis of all assets and liabilities were equal. The total purchase cost of the acquisition was allocated to the assets acquired and liabilities assumed based on available information and certain assumptions that GWI believes to be reasonable with regard to their respective fair values. Changes to these original estimates are not expected to be material. 24 NOTE 2. PRO FORMA STATEMENTS OF INCOME The "Emons Transportation Group, Inc. and South Buffalo Railway Company" columns reflect the actual balances of Emons and South Buffalo for the year ended December 31, 2001. The "Emons Transportation Group, Inc." column reflects the actual balances of Emons for the six months ended June 30, 2002. The "Emons Transportation Group, Inc. and South Buffalo Railway Company Acquisition Adjustments" column reflects the following adjustments (in thousands):
December 2001 June 2002 ------------- -------------- Add back the margin eliminated on South Buffalo sales to Bethlehem that were eliminated pursuant to carve out rules $ 402 $ - ------- ------- Add depreciation expense related to the property and equipment revaluation over an average life of 30 years for South Buffalo $ 336 $ - Deduct depreciation expense related to the property and equipment revaluation over an average life of 30 years for Emons (757) (129) ------- ------- $ (421) $ (129) ------- ------- Add interest expense, at an assumed rate of 4.875%, on $33,583 of new bank debt for South Buffalo $ 1,228 $ - Add interest expense, at an assumed rate of 4.125%, on $27,000 of new bank debt for Emons less actual interest of $956 and $109, respectively 158 55 ------- ------- $ 1,386 $ 55 ------- ------- Eliminate South Buffalo interest income on advance amounts to Bethlehem $ (434) $ - ------- ------- Income tax effect of above adjustments at the approximate statutory rate of 38.5% and after elimination of a one-time tax benefit of $1,582 reflected in the actual balances of Emons in 2001 $ 1,199 $ 29 ------- -------
25 NOTE 3. PRO FORMA STATEMENTS OF INCOME The "Issuance of Convertible Preferred" column reflects the following adjustments (in thousands, except per share amount): December 2001 ------------- Eliminate interest expense, at an assumed rate of 4.875%, on a $4,760 debt reduction $232 --------- Add dividends on 5,000 shares of Convertible Preferred $200 Add amortization of Convertible Preferred issuance costs of $240 over seven years 34 --------- $234 --------- Add common share equivalents of new $5,000 Convertible Preferred at a conversion rate of $10.22 489 --------- 26 NOTE 4. PRO FORMA STATEMENTS OF INCOME The "Utah Railway Company" columns reflect the actual balances of URC. The "Utah Railway Company Acquisition Adjustments" column reflects the following adjustments (in thousands):
December 2001 June 2002 ------------- -------------- Deduct depreciation expense related to the property and equipment revaluation over average lives of primarily 30 to 50 years $ (24) $ (4) Deduct contractual intercompany management fees (479) (90) ------- ------- $ 503 $ 94 Add interest expense, at assumed rate of 3.5625% on $54,000 of new bank debt for URC $ 1,924 $ 962 ------- ------- Income tax effect of above adjustments at the approximate statutory rate of 38.5% $ 547 $ 334 ------- -------
The above depreciation adjustments conform the Retirements - Replacements - Betterment (RRB) accounting convention for fixed assets used by URC to the straight line accounting convention used by GWI. If the assumed interest rate on the $54.0 million of new bank debt for URC increased or decreased by .125%, the impact on annual interest expense would be plus or minus $67,500. 27 8-K/A 5 l96875ae8vkzaxpdfy.pdf 8-K/A begin 644 l96875ae8vkzaxpdfy.pdf M)5!$1BTQ+C(-)>+CS],-"C(V(#`@;V)J#3P\(`TO3&EN96%R:7IE9"`Q(`TO M3R`R."`-+T@@6R`W,S0@,C,X(%T@#2],(#,R.#DX(`TO12`Q.3DR-B`-+TX@ M-2`-+U0@,S(R-C`@#3X^(`UE;F1O8FH-("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("!XF4@-#(-+TEN9F\@,C4@,"!2(`TO M4F]O="`R-R`P(%(@#2]0')E9@TP#24E14]`@("`@#3(W(#`@;V)J M#3P\(`TO5'EP92`O0V%T86QO9R`-+U!A9V5S(#$T(#`@4B`-+TI4(#(T(#`@ M4B`-/CX@#65N9&]B:@TT,"`P(&]B:@T\/"`O4R`Q,3`@+T9I;'1E8>;*!2!))I/PSM7*KB>J M9A\*J9[5="2X8N4&H+*.!@:.C@X&!@T0`>*Q``F$9J!&7@:&LL]`F@?"!H(B M!E[&`*!"E8+CK+'"#'R73O0QY28J!C8P,``$&`"-5")H#65N9'-T7!E M("]086=E(`TO4&%R96YT(#$T(#`@4B`-+U)E"!;(#`@,"`V,3(@,3`P."!=(`TO M0W)O<$)O>"!;(#`@,"`V,3(@,3`P."!=(`TO4F]T871E(#`@#3X^(`UE;F1O M8FH-,CD@,"!O8FH-/#P@#2]0'1'4W1A=&4@/#P@ M+T=3,2`S-2`P(%(@/CX@#3X^(`UE;F1O8FH-,S`@,"!O8FH-/#P@#2]4>7!E M("]&;VYT(`TO4W5B='EP92`O5'EP93$@#2]&:7)S=$-H87(@,S(@#2],87-T M0VAA"]<#6(O0R]S+V$O7!H96XO=2]Q=6]T961B M;')I9VAT+VYI;F4O9B]9+UP-22](+W8O<&5R:6]D+V-O;&]N+V@O4"]*+V1O M;&QA"]T:')E92]O+W!AF5R M;R]-+V%M<&5R&5C=71I=F4@;V9F:6-E7!E("]%>'1' M4W1A=&4@#2]302!F86QS92`-+U--(#`N,#(@#2]/4"!F86QS92`-+T)'(#,X M(#`@4B`-+U5#4B`S-R`P(%(@#2](5"`O1&5F875L="`-+U12("])9&5N=&ET M>2`-/CX@#65N9&]B:@TS-B`P(&]B:@T\/"`O1FEL=&5R("]&;&%T941E8V]D M92`O3&5N9W1H(#8W-C<@+U-U8G1Y<&4@+U1Y<&4Q0R`^/B`-71,2H>3R6%_LE.JTSK@17-BVB@JAI6Q0%=Z($#!(""20H MBP@1T8!+5$14!I$(J"RBB#8V:-'J*."&#(C[,LB,C-/:0WTO?9GJB?;\Z!]= M4[?JU*VOOG/K^\ZY!\=X3AB.X]3BQ?-#@N9/#--HU8;)RW1:5?SG\DQ.@G&C M<.XK)XXE.$\>)W5Q0P$H_N>TG]U(M@3_Q6+Y%5T$4#$%W2U@2U3+%`IHJ/\M+I91H'SY"\T:")TJCT&K7A M?]PO:WZY_G9M#'<F$9@/AOEAV%PAIAR.:3#,A&$A#MTP MPM%GQ=D29UE#KC.M,UF?:D<^F[;HOO<:L#[&M4$5=QU^G9MV<5+-9I5/MYK$])9TT53 MHF27?^,:KV8C;ZSMB.H2ME;T-_V2ZE`USQX7/G+>F M,/;D$E:=3"Y4RX/_P"#WGQ+_`D/OM%1?8+45MY8\E0PT`+XO3TIEI!606H,I M*5RB6/3X:);TSDN+I;;-=L6C_/O*?37[A5338"=*IM\\NG*Y@JWW;YYZ(T@8 M&KS:G"29']K:+149N"#8A3#`Q#T@C:IS.%$RP`71+ECEX6?M#YGGH85)^MBT MR$TU.VS6_7EY>]F\?7OS\B56:TY62NKZA2K'"W8?$][XBH!&NP^-O+R\T`04 MR"#VW+RK\]CSR]N#;L0=.>:!Y@!N`=U'!JSO'W?>9'^EP9I7Q'D41(/7NW

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