-----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, LDGtP5Fr8Jlv0iMaNwRdkb8N3F4nP/OZ8HerzFQQ/IlfGnQSiI589D9gGV8vRMCs zmONlAS/1FldEfV9aB424w== 0001040593-05-000076.txt : 20050805 0001040593-05-000076.hdr.sgml : 20050805 20050805083839 ACCESSION NUMBER: 0001040593-05-000076 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050805 DATE AS OF CHANGE: 20050805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARRIZO OIL & GAS INC CENTRAL INDEX KEY: 0001040593 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 760415919 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29187-87 FILM NUMBER: 051000992 BUSINESS ADDRESS: STREET 1: 1000 LOUISIANA STREET STREET 2: SUITE 1500 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7133281000 MAIL ADDRESS: STREET 1: 1000 LOUISIANA STREET STREET 2: SUITE 1500 CITY: HOUSTON STATE: TX ZIP: 77002 8-K 1 form8k080505.htm FORM 8-K 08.05.05 Form 8-K 08.05.05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

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 5, 2005
 
 
CARRIZO OIL & GAS, INC.
(Exact name of registrant as specified in its charter)

Texas
000-29187-87
76-0415919
(State or other jurisdiction of
(Commission
(I.R.S. Employer
 incorporation)
 File Number)
Identification No.) 

1000 Louisiana Street
Suite 1500
Houston, Texas
77002
(Address of principal executive offices)
(Zip code)
   
Registrant’s telephone number, including area code: (713) 328-1000

Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 



Item 2.02 Results of Operations and Financial Condition.
 
The press release by Carrizo Oil & Gas, Inc. (the “Company” or “we”) dated August 5, 2005 concerning financial results for the quarter ended June 30, 2005, furnished as Exhibit 99.1 to this report, is incorporated by reference herein. The press release contains measures which may be deemed “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended. We discuss EBITDA, as defined in the press release, on a total and a per share basis for the quarters ended June 30, 2004 and 2005 and the six months ended June 30, 2004 and 2005. We believe that EBITDA, as defined, may provide additional information about our ability to meet our future requirements for debt service, capital expenditures and working capital. EBITDA, as defined, is a financial measure commonly used in the oil and natural gas industry and should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with generally accepted accounting principles or as a measure of a company’s profitability or liquidity. Because EBITDA, as defined, excludes some, but not all, items that affect net income, the EBITDA presented in the press release may not be comparable to similarly titled measures of other companies. We also discuss net income, excluding non-cash after-tax charges primarily attributable to equity in the loss of Pinnacle Gas Resources, Inc. (“Pinnacle”) on a total and a per share basis for the quarter ended June 30, 2005 and net income excluding the non-cash after-tax items stock option compensation expense and equity in the loss of Pinnacle on a total and a per share basis for the six months ended June 30, 2005. We believe that this information will help investors compare results between periods and identify operating trends that would otherwise be masked by the non-cash after-tax items. The most comparable GAAP financial measure, net income, and information reconciling the GAAP and non-GAAP measures were also included in the press release.
 
None of the information furnished in Item 2.02 and the accompanying exhibit will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company, that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.
 
Item 9.01. Financial Statements and Exhibits.
 
(c) Exhibits.
 
Exhibit Number
 
     
 
Description
 
99.1
 
Press Release dated August 5, 2005 Announcing Financial Results for the Second Quarter 2005.



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.
 
CARRIZO OIL & GAS, INC.


By:  /s/ Paul F. Boling
Name: Paul F. Boling
Title: Vice President and Chief Financial Officer
 
Date:  August 5, 2005
 

 


EXHIBIT INDEX
 
The following exhibit is furnished pursuant to Item 2.02:
 


EX-99.1 CHARTER 2 exh991.htm EXHIBIT 99.1 Exhibit 99.1
EXHIBIT 99.1

 
PRESS RELEASE  Contact:  Carrizo Oil & Gas, Inc.
           B. Allen Connell, Director of Investor Relations
           Paul F. Boling, Chief Financial Officer
           (713) 328-1000

CARRIZO OIL & GAS, INC. ANNOUNCES SECOND QUARTER 2005 FINANCIAL RESULTS INCLUDING RECORD REVENUES AND EBITDA

HOUSTON, August 5, 2005 — Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) today reported the Company’s financial results for the second quarter of 2005, which included the following highlights:

Second Quarter 2005 Results --

The second quarter 2005 results included the following highlights:

·  
Production of 2.35 Bcfe.

·  
Record quarterly revenue of $16.3 million.

·  
Net Income of $3.6 million.

·  
Record EBITDA, as defined below, of $11.8 million.

Revenues for the three months ended June 30, 2005 increased 36 percent to $16.3 million as compared to $12.0 million during the quarter ended June 30, 2004. The increase in revenues was driven by higher natural gas production and higher prevailing oil and natural gas prices. Production volumes during the three months ended June 30, 2005 increased 18 percent to 2.35 Bcfe as compared to 1.99 Bcfe during the second quarter of 2004 and essentially flat compared to our first quarter 2005 production. Carrizo’s average oil sales price increased 56 percent to $55.07 per barrel from $35.27 per barrel during the second quarter of 2004, while the average natural gas sales price increased eight percent to $6.55 per Mcf from $6.07 per Mcf in the second quarter of 2004. The above prices include the effect of hedging activities.

After dividends and accretion of discount on preferred stock, the Company reported net income available to common shares (“Net Income”) of $3.6 million, or $0.15 and $0.15 per basic and diluted share, respectively, for the three months ended June 30, 2005, as compared to $2.0 million, or $0.10 and $0.09 per basic and diluted share, respectively, for the same quarter during 2004. For the quarter ended June 30, 2005, Net Income was $4.0 million, or $0.17 and $0.17 per basic and diluted share, respectively, excluding $0.4 million for the non-cash after-tax charges primarily attributable to equity in the loss of Pinnacle Gas Resources (largely dividends on preferred stock).

EBITDA (earnings before interest, income tax, depreciation and amortization expenses, and certain other non-cash items) during the second quarter of 2005 was $11.8 million, or $0.51 and $0.49 per basic and diluted share, respectively, as compared to $8.3 million, or $0.43 and $0.38 per basic and diluted share, respectively, during the second quarter of 2004.


 
Oil and gas operating expenses, excluding production taxes, increased to $1.6 million during the three months ended June 30, 2005 as compared to $1.3 million for the second quarter of 2004.

Production taxes increased to $1.0 million during the three months ended June 30, 2005 as compared to $0.8 million for the second quarter of 2004.

Depreciation, depletion and amortization expenses (“DD&A”) were $5.0 million during the three months ended June 30, 2005 as compared to $3.6 million during the second quarter of 2004. The increase in DD&A expense was due to (1) an increase in the DD&A rate primarily due to additions to the proved property cost base and (2) an increase in the production volumes.
 
General and administrative expenses (“G&A”) increased to $1.7 million during the three months ended June 30, 2005 from $1.6 million during the same quarter of 2004.

Non-cash stock option compensation expense was $0.1 million for the three months ended June 30, 2005 as compared to $0.7 million ($0.5 million after tax) during the second quarter of 2004. These amounts represent the increase in value of employee stock options that were repriced in 2000.

Other income and expense for the three months ended June 30, 2005 was a net expense of $0.6 million attributable to (1) the non-cash equity in the loss of Pinnacle Gas Resources, Inc. (“Pinnacle”) of $0.4 million (both before and after tax) and (2) a $0.2 million loss in connection with well abandonment. Other income and expense for the three months ended June 30, 2004 was a net expense of $0.3 million, directly attributable to the non-cash equity in the loss of Pinnacle (both before and after tax). Net losses are expected in this early phase of Pinnacle’s development of its coalbed methane play, initiated in the second half of 2003.

Interest expense, net of amounts capitalized, was $0.5 million for the three months ended June 30, 2005 compared to an inconsequential amount for the three months ended June 30, 2004. The increase is directly attributable to the maximum interest expense that is capitalizable (“capitalizable interest”) under GAAP which has typically been equal to or greater than the gross interest expense (i.e. interest expense before capitalization of interest expense) in each period. Starting in the fourth quarter 2004, the gross interest expense exceeded the capitalizable interest by an amount proportionate to the outstanding debt in excess of our unproved property balance.

Results for the Six Months Ended June 30, 2005 --

The results for the six months ended June 30, 2005 include the following highlights:

·  
Record Production of 4.70 Bcfe.

·  
Record revenues of $31.8 million.

·  
Net income of $6.2 million.

·  
Record EBITDA, as defined below, of $22.4 million.


 
Revenues for the six months ended June 30, 2005 increased 39 percent to $31.8 million from $22.8 million during the six months ended June 30, 2004. The increase in revenues was driven by higher prevailing oil and natural gas prices and higher production. Production volumes during the six months ended June 30, 2005 increased 22 percent to 4.70 Bcfe as compared to 3.85 Bcfe during the first six months of 2004. Carrizo’s average oil sales price increased 53 percent to $52.78 per barrel from $34.41 per barrel during the first six months of 2004, while the average natural gas sales price increased six percent to $6.37 per Mcf from $6.00 per Mcf in the first six months of 2004. The above prices include the effect of hedging activities.

The Company reported Net Income of $6.2 million, or $0.27 and $0.26 per basic and diluted share, respectively, for the six months ended June 30, 2005, as compared to $4.0 million, or $0.22 and $0.19 per basic and diluted share, respectively, for the same period during 2004. For the six months ended June 30, 2005, Net Income was $7.4 million, or $0.33 and $0.31 per basic and diluted share, respectively, excluding $1.2 million for the non-cash after-tax items of (1) stock option compensation expense ($0.6 million - related to employee stock options repriced in 2000) and (2) equity in the loss of Pinnacle Gas Resources ($0.6 million - comprised of $0.2 million net income from operations offset by $0.8 million for dividends on preferred stock).

EBITDA (earnings before interest, income tax, depreciation and amortization expenses, and certain other non-cash items) during the first half of 2005 was $22.4 million, or $0.98 and $0.95 per basic and diluted share, respectively, as compared to $15.3 million, or $0.86 and $0.74 per basic and diluted share, respectively, during the first half of 2004.

Oil and gas operating expenses, excluding production taxes, increased to $2.9 million during the six months ended June 30, 2005 as compared to $2.3 million in the first six months of 2004. The increase was primarily the result of the addition of new wells (including the Barnett Shale wells).

Production taxes increased to $2.0 million during the six months ended June 30, 2005 as compared to $1.4 million for the second quarter of 2004.

Depreciation, depletion and amortization expenses (“DD&A”) were $9.6 million during the six months ended June 30, 2005 as compared to $6.9 million during the first six months of 2004. The increase in DD&A expense was due to (1) an increase in the DD&A rate primarily due to additions to the proved property cost base and (2) in part to increased production volumes.
 
General and administrative expenses (“G&A”) increased to $4.3 million during the six months ended June 30, 2005 from $3.8 million during the same period of 2004. The increase in G&A was due primarily to higher salary (due to increased headcount) and incentive compensation costs.

Non-cash stock option compensation expense was $1.0 million ($0.6 million after tax) for the six months ended June 30, 2005 as compared to $0.8 million ($0.5 million after tax) for the first half of 2004.

Other income and expense for the six months ended June 30, 2005 was a net expense of $0.8 million attributable to (1) the non-cash equity in the loss of Pinnacle of $0.6 million (both before and after tax) and (2) a $0.2 million loss in connection with well abandonment. Other income and expense for the first half of 2004 was a net expense of $0.6 million, directly attributable to the non-cash equity in the loss of Pinnacle (both before and after tax).


 
Interest expense, net of amounts capitalized, was $1.1 million for the six months ended June 30, 2005 compared to an inconsequential amount for the first half of 2004. The increase is directly attributable to the maximum interest expense that is capitalizable (“capitalizable interest”) under GAAP which has typically been equal to or greater than the gross interest expense (i.e. interest expense before capitalization of interest expense) in each period. Starting in the fourth quarter 2004, the gross interest expense exceeded the capitalizable interest by an amount proportionate to the outstanding debt in excess of our unproved property balance.
 
“We are very pleased with our performance in the second quarter,” commented S.P. Johnson IV, Carrizo’s President and Chief Executive Officer. “Record revenues and EBITDA are especially impressive considering that two of our largest producers were shut-in for workovers from late April to mid-July. Production should continue to climb when we initiate sales from the Carrizo operated Galloway #1 (35% working interest) in Liberty County, Texas, where we logged 64 feet of pay in the Cook Mountain sand. Year to date, we have successfully drilled eleven out of 13 Gulf Coast wells (85%) and all of the 21 Barnett Shale wells. With the two successful financings which added over $90.0 million of liquidity, we are in a position to carry out our onshore Gulf Coast drilling program (four rigs running, including two operated) with higher working interest and to accelerate our horizontal drilling program in the Barnett Shale (five rigs running, including three operated). We now have more than 60,000 net acres in the play and continue to add high quality acreage near successful wells.

“On a non-operational note, Carrizo was recently privileged to be included in the ‘Russell 2000’ and ‘3000 Indexes’ for the first time. Also, ‘Fortune Small Business’ named Carrizo to their ranking of America’s fastest-growing small companies, the ‘FSB 100’.”

Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas primarily in proven onshore trends along the Texas and Louisiana Gulf Coast regions and the Barnett Shale area in North Texas. Carrizo controls significant prospective acreage blocks and utilizes advanced 3-D seismic techniques to identify potential oil and gas reserves and drilling opportunities.

Statements in this news release, including but not limited to those relating to the Company’s or management’s intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future including potential effects or timing, cash flow, reserve growth and shareholder value, the expected timing of drilling of additional wells and other statements that are not historical facts are forward looking statements that are based on current expectations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward looking statements include the results and dependence on exploratory drilling activities, operating risks, oil and gas price levels, land issues, availability of equipment, weather and other risks described in the Company’s Form 10-K for the year ended December 31, 2004 and its other filings with the Securities and Exchange Commission.

(Financial Highlights to Follow)
 

 
 
CARRIZO OIL & GAS, INC.
 
STATEMENTS OF OPERATIONS
 
(unaudited)
 
                 
                 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
 
JUNE 30,
 
JUNE 30,
 
 
2005
 
2004
 
2005
 
2004
 
                 
Oil and natural gas revenues
$
16,320,464
 
$
11,959,567
 
$
31,778,650
 
$
22,832,971
 
                         
Costs and expenses:
                       
Oil and natural gas operating expenses
 
1,590,038
   
1,289,506
   
2,855,347
   
2,290,320
 
Production tax
 
1,003,249
   
756,824
   
1,973,354
   
1,432,218
 
Depreciation, depletion and amortization
 
5,011,320
   
3,606,390
   
9,689,158
   
6,852,986
 
General and administrative expenses
 
1,709,227
   
1,646,932
   
4,309,682
   
3,779,440
 
Accretion expense related to asset retirement obligations
 
17,530
   
6,442
   
35,061
   
12,884
 
Stock based compensation expense
 
54,322
   
746,302
   
1,030,102
   
755,984
 
                         
Total costs and expenses
 
9,385,686
   
8,052,396
   
19,892,704
   
15,123,832
 
                         
Operating income
 
6,934,778
   
3,907,171
   
11,885,946
   
7,709,139
 
                         
Other income and expenses, net
 
(582,244
)
 
(348,001
)
 
(795,734
)
 
(582,781
)
Interest income
 
31,466
   
10,148
   
75,571
   
22,927
 
Interest expense, net of amounts capitalized
 
(537,371
)
 
(42,847
)
 
(1,145,834
)
 
(86,245
)
 
                       
Income before income taxes
 
5,846,629
   
3,526,471
   
10,019,949
   
7,063,040
 
                         
Income tax expense
 
2,253,838
   
1,388,416
   
3,840,918
   
2,741,564
 
                         
Net income
 
3,592,791
   
2,138,055
   
6,179,031
   
4,321,476
 
                         
Dividends and accretion of discount on preferred stock
 
-
   
152,725
   
-
   
350,720
 
                         
Net income available to common shares
$
3,592,791
 
$
1,985,330
 
$
6,179,031
 
$
3,970,756
 
                         
EBITDA (see table below)
$
11,790,997
 
$
8,275,163
 
$
22,421,735
 
$
15,348,856
 
                         
Basic net income per common share
$
0.15
 
$
0.10
 
$
0.27
 
$
0.22
 
                         
Diluted net income per common share
$
0.15
 
$
0.09
 
$
0.26
 
$
0.19
 
                         
Basic weighted average common shares outstanding
 
23,186,292
   
19,213,010
   
22,845,775
   
17,913,220
 
                         
Diluted weighted average common shares outstanding
 
23,919,850
   
21,958,647
   
23,658,179
   
20,802,209
 
                         
(more)
                       
 
 

 
CARRIZO OIL & GAS, INC.
 
CONDENSED BALANCE SHEETS
 
           
           
           
           
   
6/30/05
 
12/31/04
 
   
(unaudited)
     
ASSETS:
         
Cash and cash equivalents
 
$
6,040,861
 
$
5,668,000
 
Other current assets
   
14,836,640
   
15,965,885
 
Property and equipment, net
   
243,839,073
   
205,482,585
 
Other assets
   
1,700,253
   
1,689,447
 
Investment in Pinnacle Gas Resources, Inc.
   
4,651,932
   
5,229,134
 
               
TOTAL ASSETS
 
$
271,068,759
 
$
234,035,051
 
               
LIABILITIES AND EQUITY:
             
Accounts payable and accrued liabilities
 
$
34,564,938
 
$
30,682,970
 
Current maturities of long-term debt
   
75,349
   
89,653
 
Long-term notes payable
   
15,018,504
   
18,032,002
 
Long-term subordinated notes payable, net
   
50,041,626
   
44,852,384
 
Deferred income taxes
   
20,725,722
   
18,112,950
 
Other liabilities
   
1,829,373
   
1,406,567
 
Equity
   
148,813,247
   
120,858,525
 
               
TOTAL LIABILITIES AND EQUITY
 
$
271,068,759
 
$
234,035,051
 
 

(1)
Income tax expense for the three and six months ended June 30, 2005 includes a $2,170,672 and $3,709,002, respectively, provision for deferred income taxes and an $83,133 and $131,916, respectively, provision for currently payable franchise taxes. Income tax expense for the three and six months ended June 30, 2004 includes a $1,343,416 and $2,651,564, respectively, provision for deferred income taxes and a $45,000 and $90,000 provision for currently payable franchise taxes.

(2)
Long-term subordinated notes payable are presented net of discounts of $2,128,048 and $1,987,206 as of June 30, 2005 and December 31, 2004, respectively.

(3)
Stock based option compensation expense is a non-cash charge resulting primarily from the change in the price of the stock underlying employee stock options that were repriced in February 2000.

(4)
In February 2002, the Company consummated the sale of $6.0 million of convertible participating preferred stock and warrants to purchase shares of the Company's common stock. All of the convertible participating preferred stock was converted into 1,318,125 shares of common stock during 2004.

(5)
During the six and twelve months ended June 30, 2005 and December 31, 2004, 334,210 and 2,928,611 warrants were converted into 304,669 and 2,159,627 shares of common stock, respectively.
 
more
 

 

CARRIZO OIL & GAS, INC.
NON-GAAP DISCLOSURES
(unaudited)
               
               
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
Reconciliation of Net Income to EBITDA
JUNE 30,
 
JUNE 30,
 
2005
 
2004
 
2005
 
2004
               
               
               
Net Income
$
3,592,791
 
$
2,138,055
 
$
6,179,031
 
$
4,321,476
                       
Adjustments:
                     
Depreciation, depletion and amortization
 
5,011,320
   
3,606,390
   
9,689,158
   
6,852,986
Interest expense, net of amounts capitalized and interest income
 
505,905
   
32,699
   
1,070,263
   
63,318
Income tax expense
 
2,253,838
   
1,388,416
   
3,840,918
   
2,741,564
Equity in Pinnacle Gas Resources, Inc.
 
355,291
   
356,859
   
577,202
   
600,644
Stock based compensation expense
 
54,322
   
746,302
   
1,030,102
   
755,984
Accretion expense related to asset retirement obligations
 
17,530
   
6,442
   
35,061
   
12,884
                       
EBITDA, as defined
$
11,790,997
 
$
8,275,163
 
$
22,421,735
 
$
15,348,856
                       
EBITDA per basic common share
$
0.51
 
$
0.43
 
$
0.98
 
$
0.86
                       
EBITDA per diluted common share
$
0.49
 
$
0.38
 
$
0.95
 
$
0.74
 

CARRIZO OIL & GAS, INC.
 
PRODUCTION VOLUMES AND PRICES
 
(unaudited)
 
                   
                   
                   
                   
                   
Production volumes-
                 
                   
Oil and condensate (Bbls)
   
60,326
   
83,388
   
125,110
   
170,511
 
Natural gas (Mcf)
   
1,983,450
   
1,486,825
   
3,949,408
   
2,825,601
 
Natural gas equivalent (Mcfe)
   
2,345,406
   
1,987,153
   
4,700,068
   
3,848,667
 
                           
Average sales prices-
                         
                           
Oil and condensate (per Bbl)
 
$
55.07
 
$
35.27
 
$
52.78
 
$
34.41
 
Natural gas (per Mcf)
 
$
6.55
 
$
6.07
 
$
6.37
 
$
6.00
 
Natural gas equivalent (per Mcfe)
 
$
6.96
 
$
6.02
 
$
6.76
 
$
5.93
 
                           
                           
# # #
                         
 
 

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-----END PRIVACY-ENHANCED MESSAGE-----