0001144204-11-013607.txt : 20110309 0001144204-11-013607.hdr.sgml : 20110309 20110309070529 ACCESSION NUMBER: 0001144204-11-013607 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110303 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110309 DATE AS OF CHANGE: 20110309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHILDRENS PLACE RETAIL STORES INC CENTRAL INDEX KEY: 0001041859 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 311241495 FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23071 FILM NUMBER: 11673624 BUSINESS ADDRESS: STREET 1: 500 PLAZA DRIVE CITY: SECAUCUS STATE: NJ ZIP: 07094 BUSINESS PHONE: 2015582400 MAIL ADDRESS: STREET 1: 500 PLAZA DRIVE CITY: SECAUCUS STATE: NJ ZIP: 07094 8-K 1 v214025_8k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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):  March 3, 2011

THE CHILDREN’S PLACE RETAIL STORES, INC.
(Exact Name of Registrants as Specified in Their Charters)

Delaware
  (State or Other Jurisdiction of Incorporation)

0-23071
31-1241495
(Commission File Number)
(IRS Employer Identification No.)

500 Plaza Drive, Secaucus, New Jersey
  
07094
(Address of Principal Executive Offices)
  
(Zip Code)

(201) 558-2400
 (Registrant’s Telephone Number, Including Area Code)

 (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 (see General Instruction A.2. below):

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 1.01             Entry into a Material Definitive Agreement.

On March 7, 2011, the Credit Agreement, dated July 31, 2008, among The Children’s Place Retail Stores, Inc. (the “Company”), as lead borrower and borrower, The Children’s Place Services Company, LLC, as borrower, The Children’s Place (Virginia), LLC, The Children’s Place Canada Holdings, Inc. and thechildrensplace.com, inc., as guarantors, Wells Fargo Retail Finance, LLC (“Wells Fargo”), Bank of America, N.A., HSBC Business Credit (USA) Inc., and JPMorgan Chase Bank, N.A., as lenders (collectively, the “Lenders”), and Wells Fargo, as administrative agent, collateral agent and swing line lender, was amended (the “Sixth Amendment to Credit Agreement”) to permit the transactions contemplated by the share repurchase program approved by the Board of Directors of the Company on March 3, 2011 as described in Item 8.01 of this Current Report on Form 8-K.

The description of the Sixth Amendment to Credit Agreement set forth herein is qualified in its entirety by reference to the full text thereof, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011.

Item 2.02             Results of Operations and Financial Condition.

On March 9, 2011, the Company issued a press release containing the Company's financial results for the fourth quarter of the fiscal year ended January 29, 2011 (“Fiscal 2010”) and for Fiscal 2010, and providing a preliminary estimated range of earnings per diluted share from continuing operations for the first quarter of the fiscal year ending January 28, 2012 (“Fiscal 2011”) and for Fiscal 2011.  A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this report is being furnished pursuant to Item 2.02 of Form 8-K, insofar as it discloses historical information regarding the Company’s results of operations and financial condition as of and for the fourth quarter of Fiscal 2010 and as of and for Fiscal 2010.  In accordance with General Instructions B.2 of Form 8-K, such information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

 
2
 
 
Item 8.01             Other Events.
 
On March 3, 2011, the Board of Directors of the Company approved a $100 million share repurchase program, authorizing the Company to repurchase its common stock.  Under the program, the Company may repurchase shares in the open market at current market prices at the time of purchase or in privately negotiated transactions.  The timing and actual number of shares repurchased under the program will depend on a variety of factors including price, corporate and regulatory requirements, and other business and market conditions, and the Company may suspend or discontinue the program at any time, and may thereafter reinstitue purchases, all without prior announcement.
 
Item 9.01             Financial Statement and Exhibits.
 
(d)
Exhibits
 
 
Exhibit  99.1
Press release, dated March 9, 2011, issued by the Company (Exhibit 99.1 is furnished as part of this Current Report on Form 8-K).
 
Forward Looking Statements

This Current Report on Form 8-K, including Exhibit 99.1, contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s positioning, and forecasts regarding store openings and earnings per diluted share from continuing operations.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 30, 2010. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by a further downturn in the economy or by other factors such as increases in the cost of gasoline, and the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 
3
 
 
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.

Date:  March 9, 2011
 
THE CHILDREN’S PLACE RETAIL STORES, INC.
     
 
By:
     /s/ Jane Elfers
 
Name:  Jane Elfers
 
Title:    President and Chief Executive Officer

 
4
 
EX-99.1 2 v214025_ex99-1.htm


FOR IMMEDIATE RELEASE

THE CHILDREN’S PLACE REPORTS FOURTH QUARTER AND FISCAL 2010 RESULTS

Issues Guidance for First Quarter and Fiscal 2011

Announces New $100 Million Share Repurchase Authorization

Secaucus, New Jersey – March 9, 2011 – The Children’s Place Retail Stores, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced financial results for the fourth quarter and fiscal year 2010 periods ended January 29, 2011.

Net sales from continuing operations for the fourth quarter of 2010 were $453.2 million, a 2.1% decline compared to $462.8 million for the fourth quarter of 2009. Comparable retail sales, which include online sales, declined 5.9% in the fourth quarter of 2010.  Comparable store sales declined 9.0% in the U.S. and 6.2% in Canada, while comparable online sales increased 31.7%.

Income from continuing operations after tax for the fourth quarter of 2010 was $32.7 million, or $1.24 per diluted share. Income from continuing operations after tax for the fourth quarter of 2009 was $34.2 million, or $1.23 per diluted share. Excluding transactions that affect comparability between the quarters, adjusted income from continuing operations after tax increased 13% to $32.3 million, or $1.22 per diluted share, in the fourth quarter of 2010, compared to $28.5 million, or $1.03 per diluted share, the prior year. The Company’s repurchase of 1.9 million shares during fiscal 2010 resulted in a 9 cent per diluted share benefit during the fourth quarter.

Adjusted income from continuing operations after tax is a non-GAAP measure. The Company believes the excluded transactions are not indicative of the performance of its core business and that by providing this supplemental disclosure to investors it will facilitate comparisons of its past and present performance. A reconciliation of net income from continuing operations as reported is included in this press release in Table 3.

Jane Elfers, President and Chief Executive Officer, commented, “We exceeded our bottom-line financial goals for the fourth quarter, despite lower sales, due to expense reductions and solid gross margin expansion. Our disciplined inventory management resulted in fewer markdowns and the strongest fourth quarter gross margin rate in four years.”

“The Children’s Place made significant progress in 2010. We increased top-line sales through growth in our e-commerce business and the opening of 67 new stores, primarily in value centers. We significantly strengthened our management team and made solid progress on our five key growth initiatives,” Elfers continued. “The decision to authorize another $100 million share repurchase program is consistent with the Company’s commitment to increasing returns on capital and creating long-term shareholder value.”

-more-
 
 
1
 
 
PLCE – Fourth Quarter and Fiscal Year 2010 Financial Results
Page 2

Fiscal Year Financial Results
For fiscal 2010, net sales from continuing operations increased 1.8% to $1,674.0 million, compared to $1,643.6 million for fiscal 2009. Comparable retail sales for fiscal 2010 declined 2.5%. Comparable store sales declined 4.7% in the U.S. and 4.9% in Canada, while comparable online sales increased 29.5%.

For fiscal 2010, income from continuing operations after tax was $83.6 million, or $3.05 per diluted share. Income from continuing operations after tax for fiscal 2009 was $88.8 million, or $3.09 per diluted share. Excluding transactions that affect comparability between the years, adjusted income from continuing operations after tax increased 10% to $83.2 million, or $3.03 per diluted share, in fiscal 2010, compared to $75.8 million, or $2.64 per diluted share, the prior year. The Company’s repurchase of 1.9 million shares during fiscal 2010 resulted in an 8 cent per diluted share benefit for the year.

As previously noted, adjusted income from continuing operations after tax is a non-GAAP measure which the Company is providing as a supplemental disclosure. A reconciliation of net income from continuing operations as reported is included in this press release in Table 3.

Store Openings and Closures
The Company opened five stores and closed 15 during the fourth quarter of 2010. During fiscal 2010, the Company opened 67 stores and closed 19. In fiscal 2011, the Company plans to open approximately 85 new stores and close 20.

Share Repurchase Program
The Company announced today that the Board of Directors has authorized a new share repurchase program in the amount of $100 million. Under the program, the Company may repurchase shares in the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under the program will depend on a variety of factors including price, corporate and regulatory requirements, and other market and business conditions, and the Company may suspend or discontinue the program at any time, and may thereafter reinstitute purchases, all without prior announcement.

Previously, on August 19, 2010, the Company announced that the Board of Directors had authorized a share repurchase program in the amount of $100 million. A total of 1.9 million shares from that authorization have been repurchased to-date for approximately $90 million. The Company anticipates completing the remainder of the 2010 share repurchase authorization during the first quarter of fiscal 2011.

Outlook
The Company is projecting that earnings per diluted share from continuing operations for fiscal 2011 will be between $3.05 and $3.25, assuming flat comparable retail sales. For the first quarter of fiscal 2011, the Company is forecasting that earnings per diluted share from continuing operations will be between $1.00 and $1.05, assuming negative low-single digit comparable retail sales. This earnings guidance assumes that currency exchange rates will remain where they are today and does not include the impact of potential share repurchases in fiscal 2011.

Conference Call Information
The Children’s Place will host a conference call to discuss its fourth quarter and fiscal year 2010 results today at 8:00 a.m. Eastern Time.  The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available approximately one hour after the conclusion of the call.

-more-
 
 
2
 
 
PLCE – Fourth Quarter and Fiscal Year 2010 Financial Results
Page 3

About The Children’s Place Retail Stores, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture and sells fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place” brand name.  As of January 29, 2011, the Company operated 995 stores and an online store at www.childrensplace.com.

Forward Looking Statements
This press release (and the above referenced call) may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company’s positioning, and forecasts regarding store openings and earnings per diluted share from continuing operations. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 30, 2010. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by a further downturn in the economy or by other factors such as increases in the cost of gasoline, and the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

Contact:  Jane Singer, Vice President, Investor Relations, (201) 453-6955

(Tables Follow)

 
3
 
 
Table 1
THE CHILDREN’S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

   
Fourth Quarter Ended
    
Fiscal Year Ended
  
   
January 29,
    
January 30,
    
January 29,
    
January 30,
  
   
2011
    
2010
    
2011
    
2010
  
Net sales
   $ 453,170     $ 462,835     $ 1,673,999     $ 1,643,587  
Cost of sales
     265,643       276,987       1,010,851       984,086  
Gross profit
     187,527       185,848       663,148       659,501  
Selling, general and administrative expenses
     117,513       119,217       452,459       455,782  
Asset impairment charges
     207       479       2,713       2,200  
Depreciation and amortization
     18,078       18,189       71,640       71,447  
Operating income
     51,729       47,963       136,336       130,072  
Interest (expense), net
     (303 )     (481 )     (1,530 )     (5,731 )
Income from continuing operations before income taxes
     51,426       47,482       134,806       124,341  
Provision for income taxes
     18,736       13,325       51,219       35,500  
Income from continuing operations
     32,690       34,157       83,587       88,841  
Income (loss) from discontinued operations, net of income taxes
     (544 )     (47 )     (463 )     (487 )
Net income
   $ 32,146     $ 34,110     $ 83,124     $ 88,354  
                                 
Basic earnings (loss) per share amounts
                                
Income from continuing operations
   $ 1.25     $ 1.24     $ 3.09     $ 3.12  
Income (loss) from discontinued operations
     (0.02 )     (0.00 )     (0.02 )     (0.02 )
Net income
   $ 1.23     $ 1.24     $ 3.07     $ 3.10  
Basic weighted average common shares outstanding
     26,091       27,436       27,084       28,463  
                                 
Diluted earnings (loss) per share amounts
                                
Income from continuing operations
   $ 1.24     $ 1.23     $ 3.05     $ 3.09  
Income (loss) from discontinued operations
     (0.02 )     (0.00 )     (0.02 )     (0.02 )
Net income
   $ 1.22     $ 1.23     $ 3.03     $ 3.08  
Diluted weighted average common shares outstanding
     26,452       27,713       27,436       28,707  

Note: Table may not add due to rounding

 
4
 

Table 2
THE CHILDREN’S PLACE RETAIL STORES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

   
January 29,
    
January 30,
  
   
2011
    
2010*
  
Assets:
            
             
Cash and investments
   $ 185,915     $ 170,492  
Accounts receivable
     16,121       16,910  
Inventories
     210,523       206,227  
Other current assets
     65,142       63,253  
Total current assets
     477,701       456,882  
                 
Property and equipment, net
     320,601       312,801  
Other assets, net
     56,029       84,377  
Total assets
   $ 854,331     $ 854,060  
                 
Liabilities and Stockholders' Equity:
                
                 
Accounts payable
   $ 50,730     $ 55,547  
Accrued expenses and other current liabilities
     79,666       89,969  
Total current liabilities
     130,396       145,516  
                 
Other liabilities
     116,208       119,574  
Total liabilities
     246,604       265,090  
                 
Stockholders' equity
     607,727       588,970  
                 
Total liabilities and stockholders' equity
   $ 854,331     $ 854,060  

*
Derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2010.

 
5
 
 
Table 3
THE CHILDREN’S PLACE RETAIL STORES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP
(In thousands, except per share amounts)
(Unaudited)

   
Fourth Quarter Ended
    
Fiscal Year Ended
  
   
January 29,
    
January 30,
    
January 29,
    
January 30,
  
   
2011
    
2010
    
2011
    
2010
  
                         
Income from continuing operations after tax
   $ 32,690     $ 34,157     $ 83,587     $ 88,841  
                                 
Transactions affecting comparability:
                                
Gains:
                                
Settlement of employment tax audits related to stock options
     (691 )     (286 )     (691 )     (5,015 )
                                 
Expenses:
                                
Proxy contest fees
     -       -       -       2,054  
Prepayment of term loan expenses/deferred financing fees
     -       -       -       2,390  
Company restructuring fees
     -       -       -       2,805  
Impairment charge
     -       -       -       852  
                                 
Aggregate impact of transactions affecting comparability
     (691 )     (286 )     (691 )     3,086  
Income tax effect
     276       115       276       (1,242 )
Excess foreign tax credits from repatriation of cash
     -       (5,510 )     -       (10,344 )
Tax benefit from resolution of IRS income tax audit
     -       -       -       (4,540 )
Adjusted (gain) from transactions affecting comparability
     (415 )     (5,681 )     (415 )     (13,040 )
                                 
Adjusted income from continuing operations after tax
   $ 32,275     $ 28,476     $ 83,172     $ 75,801  
                                 
GAAP income from continuing operations per diluted share
   $ 1.24     $ 1.23     $ 3.05     $ 3.09  
                                 
Adjusted income from continuing operations per diluted share
   $ 1.22     $ 1.03     $ 3.03     $ 2.64  

###

 
6
 
GRAPHIC 3 logo.jpg GRAPHIC begin 644 logo.jpg M_]C_X``02D9)1@`!`0$!+`$L``#_X0!F17AI9@``24DJ``@````$`!H!!0`! M````/@```!L!!0`!````1@```"@!`P`!`````@```#$!`@`0````3@`````` M```L`0```0```"P!```!````4&%I;G0N3D54('8U+C`P`/_;`$,``0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_``!$(`#H` MH`,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_ MQ`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-CH.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($ M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B M7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X MN;K"P\3%QL?(RKR\_3U]O?X^?K_V@`,`P$` M`A$#$0`_`/Z:O^"G?BC]LO\`9T_9W_;<_:Y^&G[4>H>!]#^$_P`*M%\2_`[X M4:5\,_@_XC\/VNHZ#I=C%XJU3QQJWC/X>ZWXLU.Z\0>(+^Z$-A8^([?3;'2; M"P^RQ074]Z7^KM"^&?[4G@FZ^+VL^)/VL?$WQ&^'VN?!.TE\!'7/AS\&-$\< M_##XK:2WB&ZU?Q!I5SX3^&NB>'?$F@:SI$^@F/2O%NCZR-/U32KORE>TU$16 MV=_P4X^`7Q3_`&J?V$OVD/V;_@Q9^%;KXA_&CP!>>!-"N/&WB2[\+>&-)?4[ MFVFEU;5M4T_0/$U_]GM$M<"UL]'N9[B25%#1('D7ZAUI/&^I_![4[>/PMIZ*]JVDGQ?\`V-\^G0WLIB_MD:`'DMT^T#3%=A;@ M`_&W]D3_`(*5_#GXB_\`!,'X;?$SXS?M_P#P7T[]JKQS^SQ-\0O$^NW7B[]G MWPSXI\'_`!(U#P_=:ROA^S^&[:?#X>MDT'4HH](AT77/#&H:C/&LD=_-/>R) M-'G?$+]JS]IWPY_P0A^!/[<:?M`WVC?M`^)_@1^QY\>O&OQ$N?`WPC71;J;X M^WWPI7QQX:N?#%_X(D\):7X/T:R^)FI-HUW::?9Z]9#0=(N-0\07D?\`:J:C M]B_L<_L]_'SX`_\`!+OX6?LL>-?#'@.\^.?PN_9R7X*_V=X=\?WMYX!\0ZWI MOAJ;PU8:S!XRO?!FF:GIVD:B)DU&Z6X\(37]@JS6Z6U_((GF^;/&O[%?[5FK M_P#!%7X'_L"Z1X5^%<_[0/P_^#/[)GP3\07%Y\4=4L_AIY?[.%]\,+S5_%]A MXKC^'EUKEU:>)H_A@L>EZ._@ZWOK2;Q!"+R;R].GEG`/LS]F3QO/X^^-'Q,N M_`_[=&@_M9?"OPSX)\,:-X@\&Z;I/PJ2K+]'_`+17QR\&_LR_`7XQ?M#? M$-KI?`_P4^&_B_XF>*%LD$E[-HW@[1+S6[RULT/RF[NTM/LMMOQ&)YD,C+&& M8>>^%+O]I/4?C3HM]KGP;^$'PW^&=[X2U:?XD^+=*^(UQXW^(?BKQ1IJV5GX M`\,65C'\//"<$'A_2(]3\4:G?:YJ6KWES&T5AIFG:7#%J%]<1^@_M%_`OP7^ MT[\!/C%^SM\1EO3X%^-GPW\7_#+Q6VFRK!J,.B^,=$O-$O;K3Y9$DC2]M([L MW5H9HY8?/AC$T'_`6LP>-_`FI?%#XAOX:TR^TW1/&>OV_Q M3\%S>*=6M-8U+P[;^"K.^T_3]+\H_;E_:'^-G[-FO_\`!-!O&?[1_A;X*Z+\ M5?CEI?PH_:JURVT;X;VOPXUZ�>*O&^M7VD:_\4_#NK:AX)L[[QCX.72=* MNHM5LYDT379K:6-M62RO;?U7X(C_`(*&_!+X/>#O@/XD^$/P8^-OBSX;^%]- M\`>&?VA(?C/>^`?!WCC0O"VFVNC>'/&'Q%^']WX#\1>-?"GBR]TRUMI/$?A_ MPK/XXTJ]U>&ZN+/Q+IMK?1QV5;]JC]GW]IKXI_$;_@G+XM\/V'PR\;7'[-'Q MUB^+GQU\0WOB74_AO!JBS?"KQ?\`#C4T^'?A/_A'_',D\LVH^-;G7;'3M8\1 MV26VG:4-/FU>XO+I+A0#QSX[?MSZ/XU_;7_X)W_!W]E7]LKX=:[X4^-'Q*^* MVB_'+P+\+M7^"?Q/N]2\*_#[X2^(OB5HT\M]/I7BGQ'X335]:T*'P[J6HZ=? M6*S:5=31Z<;'5UBU%/9X?BI\;3_P5QO?V?&^+6KGX!6_["FE_M!)\+CX3^'W MD'XB:C\;=<^%S3'QB/"H\-+'AF6TU9 M-"68>,CJBZA"UTVF?8G$B@&'^QO\5/C=XZ_;!_X*/_#SXC_%K5O&_P`/O@'\ M6OA=X0^$?A.\\)_#W0X?"VB>/_A1H/Q-U.*YUGPOX4T;Q!XAN=/U#7)-%TNY MUO4[IDT6U@^W+?ZHTNINO_!1#XI?&WX9>+_V$=)^#WQ;UGX8V/QP_;)\$?`? MXDQ:9X4^'GB9M9\$>,/!_CG7KN2RE\=>$O$SZ-KFGWWA.S73]0T\QP"WN[Z. M\LKMVMI;;F_@7\(/VN?@G^TM_P`%"_C&WP@^%7B?PQ^TG\2OA_XU^$UE;_'. M_P!*UU[3X=?"O2_AJMMXQM9_A/=6&@2^()]!MM9MFT_4]?\`[/M=0:UNU:XM M&,M/]K#X&_ME_&KPC_P3I\0:5X,^#?B/XL_L_?M!?"']HC]H?3KOXG:SX)\) M/JOA/P#XCT'QMX8^&FH)\//%-WK37.N^,+]_#5UK6GZ!:2V&DQMJ4ME)>JL( M`SX^_&O]HK]A#XN?L\^+/B'\6C^T'^R?\?\`XX^%/V=O'B^-_!O@7PC\4O@) MXV^)ZW&F_"KQUX:\0_#3P_X2T+QUX#U3QA;6OA7QCX:\0>$8/$&B1ZW;>(]* M\5:DEL_A]_._VJ?CY\5O"O\`P4(D^`DO[;T'[*OP8UK]AW7OC[8:MK?AS]GF M2P\/?$?PQ\5+'P.94UGXK^"]0NM5\.W6B23:IK6A3ZP+S[0)Y=-U72K8PQ6_ MTC\4?@+\;/VO?'?P.MOCSX0\!_"GX#?`[XL^%OCY=>#-"\=7GQ*\;_%KXF?# MX7UQ\-=&UNZ7PCX4\/>#?`GA'Q)=6_C/58[6Z\4ZMXNU32=%T@IH6F0:C+J/ MA?[4W_!/74?VO/VX=7\5_&KX5?#/QK^R1XM_8=\8_LK^(+S5?%ID^)>D>+/% M'CR+XAVOC;PKX6G\%W-II3Z'<6EOIFEZW:>,+76[+65M]8BLVL[=HG`/3OV? M?V@?VB/CU_P2JTS]HKQ^S_!3]H;7O@#\3/&0UWPQX9L4MH=7\'OXQB\%?$G0 MO!GQ#TG7;:QT'XDZ#X>\/_$33O"GB?3;ZYTO0_%L.C7DAO+4W0\._P"">'[2 M'C/]IOPW^Q3XW/\`P4&\.?%KXB>+_P!GC1/C)^TK^SAIOASX"WT$EEXF^&]K M::A?PW_PW\#Z?XO^'&K>#OBYXE\*"TT76O$$":CI,>NZ7=V-Y/;^?:_2GPJ^ M'G[9VG?L/?$+]GWXXQ^!_BC\>/#7PT\;?![P1\5[?QM/I6A_'C2+K2-;\+^! M?B'XX6;PW>:K\/O%MUX?FT2Z^).GIIOB:U?Q(NKWWA^\U&UNX;>#BOV4/A9^ MV/\``G]G_P#8?^!>I_!GX"V>O?!3X=_"7X-_%_XL6WQ?X1Z#J>K7'C'4?#&CPV.GZCJ_A^ULDGCU>^-U=:/;V=P`>!?&O] MN/\`:%_8\_;R^(^I?&'6[;QY_P`$WK>Q^!G@_P`>>(Y/#^@Z=XO_`&1/B-\; M+GQ2WA'XE:[JGAOP]87/B/\`9YOKSP_'X,\9:CXEEU#6?`>J:UH7B>]UT:!; M:JES]Y?#7Q7\4M3_`&Y?C]X4OOBSJ'BKX':3^SK^SQ\1?A]X$/ASP)%H^@^) MOBEXQ^-VB^(-2T[QEHGARS\4Z]ITFD_";0[G1[75O$.I6\#>(-;F8W43Z.=- MQ?!WP"\?ZW^TY^W!K7QF\#>`]?\`V![[PQI^G:5IOBVW\>W,$,5EKVMK/8:9*NH+#+>1)%Y[_`,$_ M?V)?B1^QAXR^/_AK7OB2/B9\$);+X5^!_P!E"76KF[NOB%\.O@7X(NOB=XAT MWX,^,[Z:)8M=LOAAK?Q'U/P[X!\323W6KZCX$BT/3M;E:]T4S7`!C?M,?'+] MK']E?_@G[XC^+_C**X\6?%S0/'=G)X\\4^!_`5AXVUSX3_`?Q7\0ZCZS^Q-\0O\` MA<)\,=4&G?"6'Q/X`\>:5-XU3XH:1K6I?" M;P)\/K:2RUC3KOX=WNG:%XLT&+Q1X=O[;7(+G%I>6A/T3\?=1^/.C^"+'5OV M=?#7@CQGXZTWQCX1N]5\'^//$-SX3TSQ+X`36($\=Z5I/B6WTO68]%\5R^'W MNIO"UY?Z?+I1UJ"UM]4DMK&>>YB^5_V7?V49?AO^U/\`M(_M30?"CPC^SU;? MM`^`OA'X7UWX6>"-=L-3_P"$O\:?#[5/'^I:M\7OB+:>';"S\&V_C6]L/%NF M>$]-NO#TVI7U]HFCW%WXCU>]N;G3[/2`#P;_`(*7_P#!5;XB_P#!->T\1_$/ MQ)^P)\>?C;^S=X0T'PMJWBO]H7X9>,/A\OAWPY>>(]4ET>?3=8\)ZG=CQ790 M:/>/I4-UKDMF-'9]6@\RZMHHI):^._V2O^#@;XJ?M[?#SQ/\5?V./^"4W[3/ MQG\">$?$\O@O6M>'Q?\`@7X2A@\56NEZ;K=WHR6^NZVEW//!I.L:;=B2W@FA MD-W'$'60.%^Z/^"[X!_X(\?\%#\@'_C&OQH>0#R#8D'GN"`0>H(!'2OQ4_X, MJ_\`E&_^T)_V>'XG_P#51_"2@#ZXTK_@YJ_9X^%OQZTO]G#_`(*$_LI?M3_\ M$[/B!KT]JNBZU\;/#>C^(/AK-87EY]@@UVZ\8^&KV.Y;PV]YNMW\4Z%X?\0> M%[.2WO?[3UK3Q9S%?VG_`&F?VC?B-\)_@QX8^+W[./[.'B[]MB3Q-JNB26GA M'X.>.O`.A7LW@/6O#.M>(X/B+I&N>+=3M=!\1Z*YL=%T^PLM'N[B]U63Q-IU MY8^9917,R?B3_P`'9'[-7PZ^,_\`P28^)'Q6U_1=*_X6+^S9XP\"?$'X=>+9 M;:!=:TN#6_%&E^"_&'AR#4?(:\.C>)=#U]I;[24GBL[K6-'\/ZE.LDVD6H%7 M_@T>^.7Q"^,__!(;P]I'C^\U#4H_@3\>/B7\#?`FHZE+<3S3_#W0_#_P_P#' M&@6<$T[ONT_P]<_$#5/"VF10[+>TL-#MK&-%^S$D`\2^$7_!V#X0^/GQVT[] MESX/?\$T_P!KKQG^T9>^(M>\*W/PGA\0?#O3->T?7/"?]H+XLL];?4KFWCT3 M_A&)-,OX]V@@OTET^9D2*[CA MD"S1R*/\]G_@CI%''_P=K_MI+'&B*/C'_P`%&)`J(JKOD^('B>21\*`-[N[N M[8RSNS,26)/^D#0`4444`%?AI\'?^"TGP]^*O_!:'X__`/!*B/3_``W:Z9\+ M_A597_@KX@V]UVVI M^"?'<&L:D]S)INE6OZ:?ME?M*>%/V//V5?C_`/M.^-9470?@G\+/%_CQK5FC M636=6TC2;A_#GAVU\UXXC?>)?$+Z7H-BLLD41N]1A,LL40>1?\Q[]L;]FK]I M+_@E)X[_`."4G_!9.ZO_`!-J7Q5_:5OK3]IW]H/^U+J^E6V^/GBGQ[JWQB\2 M?#S4$N1I]_I^C^/_`()>-=,\(ZYH-Y?W%U+JNB_$!UUIH+NV>V`/]7BBO+O@ MA\7_``7^T#\&_A5\=/ASJ,>K>`OC#\//!_Q+\'ZA&ZM]I\.^-=`L/$.E&4+_ M`*JZCM-0BAO+=PLMM=1S6\R1S1.B^F7$\%K!-=74T5M;6T4D]Q<3R)#!!!"C M23332R%8XHHHU9Y)'941%+,0H)H`\<_:`_:)^"'[*_PL\2_&O]H;XG>$?A+\ M+_"5L+C6O%WC'5K?2]/CDE81VFG6,:MJEW)':V%G M<3NJ'\$-`_X+X_'?]J^74=1_X)A_\$I?VI/VK_AC9WSZ?I_Q\^)VHZ'^SC\( M?%$\$UU! MYEM)=>^-OC2-;G[25M-5T_X2:;>:%I26&JPZIJS?Z!/A;PKX8\#^'-$\'^"_ M#VB>$O"?AG3+31?#OAGPUI5CH>@:#H^GPI;V.EZ/H^F06VGZ;I]G!&D-M9V= MO#;P1JJ1QJH`H`_G+\0_\%D/^"G_`,!M+O?%'[4O_!"?]H6R\$Z7"EWKGB/] MF[XO>%/CY/H^GIA[[4;C0="\/V^J36MA;+-=7$H2"UMX86EO;RS@5YD^IOV` M_P#@O]_P3A_X**^/M&^#7P;\?^./!/QXUR/5#8?!+XQ>`=3\'^-[B;0[&_U/ M6+:SO-+G\2^"]0FT[3M,O;VYBL?%D\T-O#B>*&X/V.O^"-_PST__ M`(*[_LR?\%0O@3HG@KX=ZAX=TKXO:%^T]X4T^!M!C^(&H>*?AKXDT#P-\2=# MTO2=);3[KQK'K>JKI7C:>^O-._MG2#INJLUUJ6GWOV\`]7_X*6_\%*_BK_P3 MJTG5OB.G[!GQP_:0_9_\(?#FT\>?$7XV_"SQCX"L=)^']P^NZ_INIZ+KWA/6 MIV\5-:Z!I6E:7XBUGQ1:64NB66G^(+43R1?8=0GM_P`Y_P!D7_@Y$\4?MU^& M?%GBW]E?_@E'^V/\:-#\#:W9^'O%NH^"_&/P7FLM$U;4;$ZC86-W+KOB;0)F MN+FR62X58+::-8U&Z;$'\4Z!H-H7 M>*-+O6=3L8GED6)-TA4/^K'_``2^_P""@_@__@I]^R#X-_:Y\#_#[Q!\+]$\ M7>)O'7A?_A"_$^LZ7KVL:7>>!_$U]X=GEGU+2(;>TECU%;6+4($^SPRPQ7*Q MNKA5FE^^=5LM*U/3KS2];M-/O])U2WETR_T[5(+>ZT_4;6_1K6>PN[2[5[:[ M@O8Y6MY;6:.2.X21HG1U%O`]_!J5A8+;:GX8_Y0\?\`!0__`+-J\:_SLJ_CT_X-@/\`@I/\7?V./V5O MC#\-]+_X)K?MR_M];\7O\8?V0?AD_P`5T\.^+9?`/@+2KGP'K_AR MY?P_IUM=0V&F:;K)U%O&$4XMM7AC72)MOG'^PO\`X+O?\H>/^"A__9M7C7^= ME7XI_P#!E7_RC?\`VA/^SP_$_P#ZJ/X24`<;_P`%,/$7_!6/_@N_X%\._L6_ MLU_\$]OCC^P[^RSK_C3PYXC^-/QN_;HL=-^$?BW6X_#-Y%?:3HD?P_L-4U_7 M;;POIFJNOB*\B\.VOBS5/$M]HFD6\=WHEHMY9:I_3#_P3?\`V$_AQ_P3=_8\ M^$7[)7PTO[K7K#X?Z5/=^*O&%_;Q6E]XZ^(7B&):_T?J`"BO'/C=^T#\&_P!G#PUX M>\8?&[QYI7P^\-^+/B%X&^%/AS4]6@U*Z36/B'\2M=M_#7@CPM9V^DV.HWDE M_KVLW,5K#(;=;.TC$U[J%S:6%M?M1?M$>#?B[^U M#XV\=>+M#\&>&_#O[,OP7\10ZM?:?K_B'7KZVT[1HO'?B:VEMO#UQ?)Y-[KO M@];=))(X;VTN)/\`@N1^T'_P28_;\_X)B_'/X`^#OV_?V%=0^(_@+PW#\6OV M>]%TW]I#X+-+Q/(;2]\8^'IM=^&]A':BW01>*?LT MDL5FTPKRC_@G#\./A/\`\%@/^"M/_!3O]O[XZ?##X>_';]F[X&:EH/[#_P"R M]X<^+'@GP]\1O`EQ!X/N8M6\8>+-*\.^,=*U71!JCRZ7:^)8+_\`LR"_TZT^ M)[6EM=3B:_EE_H@_X=G?\$X/^D?G[$?_`(BE\"/_`)@J`/YQ?^#.G]O0_'+] MB[Q_^Q=XTUM[WX@_LF>)WU?P-#=7$DES=?`GXB7#7VDVT*S2R/(/"'CQ?%&F MS-`(;6TTK6_"]FL"2I)/<_OS_P`%?OBAK?P9_P""77[>WQ)\-W']-NQAE.VVO-5@FDVLK>6C[2#@U_#'XAAB_X-]/\` M@YMLK_2[9?!'[)W[2?B*"_.FZ9"-.\,Z5^SG^TQXGFM=2TVQL;".*U3P]\%? MBKHDT^FZ.EJTEII'P_TZWMXFEDLKZ3_0)_;C^`0_:W_8N_:=_9RT^\MXKCX[ M?`;XD?#W0]1+0O;0ZMXK\)ZC9>'[]99-T"QPZK-87*7)+)$$6<9V"@#^0C_@ MR!\#Z-;?!']O7XE1HG_"1Z_\5OA!X(O9<@R?V-X3\)>*=?TY,'YE1K[QKJK$ MC`D(`))C&W^Z>O\`.;_X,Z/VDT_9R_;`_:]_X)[_`!F^T>"O'?Q5M].UCP?X M:\0[M+O;;XL?`6[\7:3\1O!1L;J*.8^(+[PQJDNJ-;2.DT-MX`OUC@D,DC1? MZ,E`!117G7CKXN?#/X9ZO\.M`\>^-M`\*ZY\6_&D/P[^&>CZM>K#J?C?QK/I M&JZ\OA[P]9*'N=0OH]%T35=4N3''Y%G8V,UQ=S01[68`^0/^"M'_`"BO_P"" ME?\`V8+^V%_ZSW\0Z_AQ_P"#5[]HS]O3X)_`+]JC2OV1?V#+/]KOPSK?Q=\% MW_BWQ)<_'SP;\('\(ZY;^#KJWL]$73?$UC>7&KB^L";[[=;%(8"OD.&_B'7\Q/_!D1_P`FK_MN_P#9?/AY_P"J^NZ` M.H_;^_;J_P""O?C[XV?\$_?A'^TE_P`$[K?]D#]F[Q9^WY^S+-K_`,5-$^*V MG?&";Q#KND^/;&\T#P1J&M>#[RUT[PI9:A*T]W,FMZ5L\0O8BQL)LV]RC_VI M5Y_\1?A5\-_BYIFAZ-\3?!?A_P`<:5X9\8^&/B#X>L?$6GQ:A;Z-XV\%ZDFK M^%/%&G)*#]EUG0=2C6[TZ\C*R02[L$H[JV%J'QY^$NE_''P[^S;?>,;6'XV^ M*_AUKOQ9T'P&NG:W->WGP[\-ZY8>&]9\3R:I;Z9+H%C:6VN:G9Z=%;:CJUIJ M%],\S:?9W45I=R0`'XB_\%]_V@OB[KO[(/[2O[#7[/G[%'[7'[1_Q<^._P`) M;+PMIWBWX9?"74]7^#?A[2/&&I1Q:OJ6I>/[2:Y^TZYX>TS3[N5_#-EI,MS- MJ%SI4%Q*/VHO^"<_P`(_B%^R5^UA_P3X_;C\&7'QB_: M0\/^+_`'Q+TOX#:[JG@;3AXUT#P=\/M4B\?7T\FF2^$=%\,7/AZU\0:GXEF& MHV:Z-J%]))#;'2,7G]P%%`!7S1^U7^TO:_LK?#6U^(US\%_C_P#'=[_Q%!X8 MLO!'[.7PUN_BAXW%]=:'KVM6VI:EHUK?:>-*\,[M!.DW?B"ZG^R6>K:MHMI* MA-^C+]+TG&O^"K'[+'_!9/XD_P#!4&?_`()*_MA>+/`_ MQ=^+W[0_B[Q)\+[7X<>(;/Q1I?@+X_\`B/Q!K#6FBZW/I`TJZ\3^$[?5M.EB M^VVUKIVO2Z=#O"'@C3YM?OE#Z]KMUJ=Q=Q:E=7&D"Q&GR_M#_`,%B MOV^_VK_A?\(?CK^S?^P[^PW^V-\;?VB/$_@X^#=`^,?@GX1:M^UOQI9V^F3:)XZN[A1<>()/#E]H-A!X[BE: MU@3=_3I33_%_N_\`Q5.H`_@H_P"#I#X8?&[_`(*0>(_@KX1_96_X)X?MO>,_ MB;^S-\0OC#X%\8?&"?X":UI_@#Q+X1-]9Z7':>!=:M[C4;GQCX?U+Q!H"^)_ M#'B&"WL-/N-%OS=HDKZE&EM^TO\`P15_;\_;-\2?!KX"?LF_M]?L'_ME_"CX MY^$=%MOAG:?'SQ'\(=8?X0^./#G@KPQ&?"WQ3\4^&Q;'0_%NG^)=+/F^`/B9:"S@ M2XUYK"_T7Q6L4:>((K&[:YUBX3]G_P#X+H_M[?LR:5I?PC_X*[_\$N?VL_#W MQ&\.PKIE]^T-^S/\,XOBS\.O'_V&V+7&OWGA_P`$SW7AS2[N9!;R75UX&\6Z M_P"';N\GO!#IGAE++^SS_5Y2=S]!_6@#^;GQ1_P<20^/;=?#O[$O_!,C_@HG M^T]\3M5@DBT#2/$7P.U;X)>!8-1\R.%7\2^.?$4>NIIFF6WF>?=W-OI-TJ)& M4N);"!I+^WQ?V*O^"9_[>O[1G[:G@'_@J-_P5X^)&D:#\3_A%!JX_9<_8I^# M^KQ7/PU_9_CUW3Y]/GO_`!5XBTG4=0TSQ%XB6SO;P7]MIFHZ\^L:F;6^UGQ= M>Z7IVF^&;+^E_`!```&#P!QV[?B:4_U'\Q0!^'O_``6^_::^)'AG]D_]I7]D M#X*?LZ%>:5J^A M^(Y-"AN-,O[.>WN;;4;+59+FVNK>2WDTZ2&X^TP?Z%"_Q?[Q_I2$GGGN?_0, M_P`^:`/Y^/''_!;W]H#1]%OKCP)_P1%_X*G>,=?CLIY=.T[7?A5H'@O1)[V, M9BMM3UV#5O%>H:=:R`$R7EEX:UJ6$#Y;&8\5\=_\$6?$W_!1O]KK_@J?^V1^ MW9^WI^S!\0OV8-`3]FGP5\$?@1\/O&/A'7]`T#PQX:O?B(GB1M!\,:OXBL-. GO/$VL1?\(]J.L>,=<-M%+>ZCXABQ:Z7I2:-I5G_6:.@^@I:`/__9 ` end