-----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, WxzbnXkkLH9VIzTxsveoIA7GmDBiqOA8ATOCrbNIqIO3FCqIir16cT+C+crz4WKT zRkORk7wW2e+SjPekfiOUQ== 0000950164-97-000198.txt : 19970616 0000950164-97-000198.hdr.sgml : 19970616 ACCESSION NUMBER: 0000950164-97-000198 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970430 FILED AS OF DATE: 19970613 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASHINGTON HOMES INC CENTRAL INDEX KEY: 0000104834 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 520818872 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07643 FILM NUMBER: 97623714 BUSINESS ADDRESS: STREET 1: 1802 BRIGHTSEAT RD STREET 2: 6TH FLOOR CITY: LANDOVER STATE: MD ZIP: 20785 BUSINESS PHONE: 3017728900 MAIL ADDRESS: STREET 1: 1802 BRIGHTSEAT RD STREET 2: 6TH FLOOR CITY: LANDOVER STATE: MD ZIP: 20785 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended: April 30, 1997 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-7643 WASHINGTON HOMES, INC. (Exact name of registrant as specified in its charter) MARYLAND 52-0818872 (State or other jurisdiction of (IRS Employer Incorporation or organization) Identification No.) 1802 Brightseat Road, Landover, MD 20785-4235 (Address of principal executive offices) (Zip Code) (301) 772-8900 (Registrant's telephone number including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO --- --- Number of shares of each of the registrant's classes of common stock outstanding at April 30, 1997: Class Number of Shares ----- ---------------- Common Stock (voting), $.01 par value 7,015,025 Common Stock (non-voting), $.01 par value 927,738 WASHINGTON HOMES, INC. FORM 10-Q TABLE OF CONTENTS Page ---- PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Condensed Consolidated Balance Sheets - April 30, 1997 and July 31, 1996 (Unaudited) 3 Condensed Consolidated Statements of Net Earnings - Three Months and Nine Months Ended April 30, 1997 and 1996 (Unaudited) 4 Condensed Consolidated Statement of Shareholders' Equity - Nine Months Ended April 30, 1997 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows - Nine Months Ended April 30, 1997 and 1996 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 12 ITEM 4. Submission of Matters to a Vote of Security Holders 12 ITEM 6. Exhibits and Reports on Form 8-K 12 SIGNATURES 13 2 PART 1. ITEM 1. Financial Statements WASHINGTON HOMES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS April 30, July 31, 1997 1996 ---- ---- (in thousands) Cash and cash equivalents $ 9,833 $ 15,384 Residential inventories 121,597 125,033 Excess of costs over net assets acquired, net 6,266 16,553 Investment in joint ventures 2,997 2,751 Other 10,861 10,506 -------- -------- Total Assets $151,554 $170,227 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Notes and loans payable $ 80,398 $ 74,282 Trade accounts payable 14,343 17,572 Income taxes 945 5,641 Other 3,348 4,963 -------- -------- Total Liabilities 99,034 102,458 Shareholders' Equity Common Stock 15,000,000 shares voting common stock authorized, 7,015,025 shares issued and outstanding; 70 70 1,100,000 shares non-voting common stock authorized, 927,738 shares issued and outstanding; 9 9 Additional paid - in capital 35,147 35,147 Retained earnings 17,294 32,543 -------- -------- Total Shareholders' Equity 52,520 67,769 -------- -------- Total Liabilities and Shareholders' Equity $151,554 $170,227 ======== ======== See accompanying Notes. 3 WASHINGTON HOMES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands except per share amounts)
Three Months Ended Nine Months Ended April 30, April 30, ------------------ ------------------ 1997 1996 1997 1996 ---- ---- ---- ---- Revenues Homebuilding $ 41,431 $36,908 $131,787 $108,483 Land sales 914 1,714 4,320 2,074 Other income 456 782 2,036 1,556 -------- ------- -------- -------- Total revenues 42,801 39,404 138,143 112,113 Expenses Cost of sales - homebuilding 34,465 29,629 108,445 86,674 Cost of sales - land sales 821 1,515 3,785 1,850 Cost of sales - impairment loss 9,200 0 9,200 0 Selling, general and administrative 7,498 5,773 20,186 16,527 Write-down in carrying value of goodwill 9,981 0 9,981 0 Interest 979 999 2,955 2,853 Financing fees 197 200 575 599 Amortization and depreciation expense 115 199 497 563 -------- ------- -------- -------- Total expenses 63,256 38,315 155,624 109,066 -------- ------- -------- -------- Earnings (loss) before income taxes and extraordinary item (20,455) 1,089 (17,481) 3,047 Income tax expense (benefit) (4,011) 475 (2,622) 1,338 -------- ------- -------- -------- Net earnings (loss) before extraordinary item (16,444) 614 (14,859) 1,709 Extraordinary item (390) 0 (390) 0 -------- ------- -------- -------- Net earnings (loss) $(16,834) $ 614 $(15,249) $ 1,709 ======== ======= ======== ======== Earnings (loss) per common share, before extraordinary item $ (2.07) $ 0.08 $ (1.87) $ 0.22 ======== ======= ======== ======== Earnings (loss) per common share, 7,942,763 shares outstanding $ (2.12) $ 0.08 $ (1.92) $ 0.22 ======== ======= ======== ========
See accompanying Notes. 4 WASHINGTON HOMES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY Nine Months Ended April 30, 1997 (Unaudited) (in thousands) Common Stock Additional Total ------------------ Paid-in Retained Shareholders' Voting Non voting Capital Earnings Equity ------ ---------- ------- -------- ------ Balance, August 1, 1996 $70 $9 $35,147 $ 32,543 $ 67,769 Net earnings (loss) -- -- -- (15,249) (15,249) Balance, April 30, 1997 $70 $9 $35,147 $ 17,294 $ 52,520 === == ======= ======== ======== See accompanying Notes. 5 WASHINGTON HOMES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended April 30, --------------------------- 1997 1996 ---- ---- (in thousands) Cash flows from operating activities: Net earnings (loss) $(15,249) $ 1,709 Adjustments to reconcile net earnings to net cash used in operating activities: Amortization and depreciation 497 564 Write-down of goodwill 9,981 0 Impairment loss 9,200 0 Changes in assets and liabilities: Residential inventories (5,764) (7,445) Other assets (515) (1,951) Trade accounts payable (3,229) (4,178) Income taxes (4,694) (946) Other liabilities (1,616) (1,057) -------- -------- Net cash used in operating activities (11,389) (13,304) Cash flows from investing activities: Purchases of property and equipment, net of disposals (31) (266) Advances to joint ventures (247) (399) -------- -------- Net cash used in investing activities (278) (665) Cash flows from financing activities: Proceeds from notes and loans payable 80,803 80,773 Repayments of notes and loans payable (74,687) (72,972) -------- -------- Net cash provided by financing activities 6,116 7,801 Net decrease in cash and cash equivalents (5,551) (6,168) Cash and cash equivalents, beginning of period 15,384 15,111 -------- -------- Cash and cash equivalents, end of period $ 9,833 $ 8,943 ======== ======== See accompanying Notes. 6 WASHINGTON HOMES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Organization and Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Washington Homes, Inc. and its wholly-owned subsidiaries (the "Company"). The Company is principally engaged in the business of the construction and sale of residential housing. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and SEC regulations. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto in the Company's Annual Report for the year ended July 31, 1996. Operating results for the three and nine months ended April 30, 1997 are not necessarily indicative of the results that may be expected for the year ending July 31, 1997. 2. Shareholders' Equity Common Stock. The Company has 15,000,000 shares of Common Stock (voting) authorized of which 7,015,025 shares were outstanding at April 30, 1997. Such shares entitle the holder to one vote for each share of Common Stock held. Non-voting Common Stock. The Company has 1,100,000 shares of non-voting common stock authorized of which 927,738 were outstanding at April 30, 1997. Except for voting rights, the non-voting common stock is substantially the same as the Company's voting common stock. The non-voting common stock can be converted into voting common stock on a share-for-share basis. During the quarter, 15,025 shares of non-voting common stock was converted to voting common stock. 3. Earnings Per Share Earnings per common share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. 4. Notes and Loans Payable Notes and loans payable consist of the following: April 30, July 31, 1997 1996 ---- ---- (dollars in thousands) Senior Notes $43,000 $43,000 Revolving Credit Facilities 33,842 23,759 Land Acquisition and Other 3,556 7,523 ------- ------- $80,398 $74,282 ======= ======= 7 Senior Notes. In April 1994, the Company issued $43,000,000 principal amount of Senior Notes. Two series of Senior Notes were issued: $30,000,000 with a fixed rate of 8.61% per annum, with interest payable semi-annually beginning in October 1994 and $13,000,000 with a floating rate of LIBOR plus 2.4% (8.22% at April 30, 1997), with interest payable July 1994 and either quarterly or semi-annually thereafter at the option of the Company. Principal repayments are due in three equal annual installments commencing in October 1998 and continuing to October 2000. Revolving Credit Facilities. Revolving Credit Facilities at April 30, 1997, consist of three secured seasonal revolving loan commitments totaling $51,200,000 to fund acquisition of finished building lots, home construction and model homes. In addition, the Revolving Credit Facilities provide aggregate letters of credit in the amount of $8,000,000 principally for finished building lot contract deposits and bonding to municipalities for land development. The facilities have maturity dates (which may be extended) of June 1997, July 1997 and October 1997. Borrowings under the facilities bear interest at prime (8.50% at April 30, 1997), prime plus 1% or LIBOR (30 day LIBOR at April 30, 1997 was 5.69) plus either 1.97% or 2.50% and are collateralized by inventory. The Company is currently working with the lenders to extend the Revolving Credit Facilities and does not anticipate any problem. Land Acquisition Loans. The Company has loans with various land sellers and lenders for the acquisition of land which bear interest at fixed rates ranging from 8.0% to 10% or variable rates of prime to prime plus 1% and are collateralized by the related land under development. 5. Income Taxes The Internal Revenue Service has examined the Company's tax return for the years ended July 31, 1992, 1993 and 1994. The IRS has raised issues primarily related to matters having to do with the Company's recapitalization in 1992 and 1993 including a $20.0 million gain on debt forgiveness which the Company treated as non-taxable under the provisions of Section 108 of the Internal Revenue Code and the timing of taxable income related to discontinued subsidiaries which were distributed out of the consolidated group in December 1992. In March 1997, the Company reached a settlement with the IRS for all items in question. As a result, the Company recognized an extraordinary loss of $390,000 or $0.05 per share which relates to the extraordinary gain on debt forgiveness associated with the exchange of subordinated debt during the tax year 1992. 6. Write-down of Assets In the quarter ended April 30, 1997, the Company wrote down to fair value the carrying value of goodwill by $10.0 million and certain land inventory by $9.2 million which resulted in an aggregate after tax charge of $15.8 million, or $1.99 per share. The goodwill resulted from the acquisition of Washington Homes in 1988. The properties affected by the write-down are principally development land, certain communities being closed out, and certain condominium properties in the Maryland suburban areas of Washington, D.C. The Company reviewed its long-lived assets, including goodwill, for possible impairment. The circumstances which indicated impairment included a decline in margins in the Washington market, increased governmental regulations and fees, along with the continued competitiveness of the Washington market. A significant portion of the land inventory write-down was attributable to two long term development projects, which the Company has owned for more than twenty years. The remainder of the write-down related to six close-out and three condominium communities. The Company has made a decision to phase out its condominium operations which have had results well below management's expectations. 8 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Annual Operating Cycle The homebuilding industry in general and the operations of the Company are seasonal in nature. The number of new orders signed is generally higher in the period from February through May compared to the balance of the year. Deliveries peak in the fiscal quarter ending July 31 as a substantial portion of homes for which contracts are written during the fiscal quarter ending April 30 are delivered. Delivery volume is relatively constant during the remainder of the year. Backlog is the number of homes under contract but not delivered at the end of the period. Revenue is recognized upon the delivery of finished homes. The following table, which sets forth the quarterly operating results for the Company during the last five fiscal quarters illustrates this cycle:
Three Months Ended -------------------------------------------------------------- April 30, July 31, October 31, January 31, April 30, 1996 1996 1996 1997 1997 ---- ---- ---- ---- ---- (dollars in thousands) Selected Operating Data - ----------------------- Revenues-homebuilding $ 36,908 $59,337 $ 44,020 $ 46,336 $ 41,431 Number of homes delivered 245 377 281 298 258 Number of net new orders 410 248 327 312 438 Number of homes in backlog 730 601 647 661 841 Sales value of backlog $119,188 $97,625 $107,881 $109,436 $135,042
Geographic Breakdown of Operations Set forth below is information for the Company's operations by geographic markets: Three Months Ended Nine Months Ended April 30, April 30, ------------------ ------------------ Net New Orders 1997 1996 1997 1996 - -------------- ---- ---- ---- ---- Washington/Baltimore 219 255 589 521 North Carolina 180 142 389 332 Nashville 23 4 58 4 Pittsburgh 16 9 41 22 --- --- ----- --- 438 410 1,077 879 === === ===== === 9 Three Months Ended Nine Months Ended April 30, April 30, ------------------ ------------------ Homes Delivered 1997 1996 1997 1996 - --------------- ---- ---- ---- ---- Washington/Baltimore 152 153 490 447 North Carolina 79 79 273 248 Nashville 16 0 43 0 Pittsburgh 11 13 31 15 --- --- --- --- 258 245 837 710 === === === === April 30, ------------------ Backlog of Sold Homes 1997 1996 - --------------------- ---- ---- Washington/Baltimore 510 498 North Carolina 267 208 Nashville 32 4 Pittsburgh 32 20 --- --- 841 730 === === Results of Operations Three Months Ended April 30, 1997 Compared to Three Months Ended April 30, 1996 Total revenues from homes delivered increased by 12.2% to $41.4 million during the three months ended April 30, 1997, compared to $36.9 million during the same three month period ended April 30, 1996 as the number of homes delivered increased to 258 homes in the third quarter of fiscal 1997 from 245 homes in the third quarter of fiscal 1996. The average sales price of homes delivered also increased to $160,600 for the third quarter of fiscal 1997 from $150,600 for the third quarter of fiscal 1996. Changes in the average selling price of homes delivered may vary from period to period based on product mix and pricing of specific communities. Revenues and gross profit from land sales were $914,000 million and $93,000 respectively, for the three months ended April 30, 1997, compared to $1.7 million and $199,000, respectively during the same three month period in fiscal 1996. Other income decreased $326,000 to $456,000 during the three months ended April 30, 1997, from $782,000 in the same three month period in fiscal 1996, principally due to water and sewer income received last year but not this year and completion cost income on development property that was sold, received last year but not this year. Gross profit as a percentage of revenues from homes delivered decreased to 16.8% during the three months ended April 30, 1997 compared to 19.7% during the same three month period in fiscal 1996. The decrease in gross profit margins is primarily due to implementation during the fourth quarter of fiscal 1996 of a more aggressive competitive pricing strategy intended to increase inventory turnover in the Washington, D.C. market and incentive pricing in opening new communities principally in North Carolina and other markets. 10 Selling, general and administrative expenses increased $1.7 million to $7.5 million during the three month period ended April 30, 1997, compared to $5.8 million in the same three month period in fiscal 1996, primarily due to costs associated with increased activities in the expansion cities of Nashville, Charlotte and Pittsburgh. In addition, selling, general and administrative expenses increased as a percentage of homebuilding revenues to 18.1% in the three months ended April 30, 1997 compared to 15.6% for the same period in fiscal 1996. As a result of the increase in S,G&A and lower gross margins on homes delivered operating income (earnings before extraordinary item, impairment loss, write-down of goodwill, interest, financing fees and taxes) decreased to $98,000 in the three months ended April 30, 1997 compared to $2.3 million for the same period in fiscal 1996 and decreased as a percentage of homebuilding revenues to 0.2% from 6.2% for the same period in fiscal 1996. Interest and financing fees were flat at $1.2 million during the three months ended April 30, 1997 compared to the same three month period in fiscal 1996. Excluding the write-down of goodwill and land inventory discussed in Note 6 and the effect of the tax settlement discussed in Note 5, the net loss for the three months ended April 30, 1997 would have been $667,000 or $0.08 per share. Nine Months Ended April 30, 1997 Compared to Nine Months Ended April 30, 1996 Total revenues from homes delivered increased $23.3 million (21.5%) to $131.8 million during the nine months ended April 30, 1997 compared to $108.5 million during the same nine month period ended April 30, 1996. The number of homes delivered increased 17.9% to 837 homes in the first nine months of fiscal 1997 from 710 homes in the first nine months of fiscal 1996. The average sales price of homes delivered also increased to $157,500 in fiscal 1997 from $152,800 in the fiscal 1996 period. Changes in the average selling price of homes delivered may vary from period to period based on product mix and pricing of specific communities. Revenues and gross profit from land sales were $4.3 million and $535,000 for the nine months ended April 30, 1997 compared to $2.1 million and $224,000 respectively during the same nine month period in fiscal 1996. Gross profit as a percentage of revenues from homes delivered decreased to 17.7% during the nine months ended April 30, 1997 compared to 20.1% during the same nine month period in fiscal 1996. The decrease is primarily due to the implementation during the fourth quarter of fiscal 1996 of a more aggressive competitive pricing strategy intended to increase inventory turnover in the Washington, DC market and incentive pricing in North Carolina and other markets. Selling, general and administrative expenses increased $3.7 million to $20.2 million during the nine month period ended April 30, 1997 as compared to $16.5 million for the same nine month period in fiscal 1996 related to the increased costs associated with expansion and various costs associated with increased revenues. In addition, selling, general and administrative expenses increased slightly as a percentage of homebuilding revenues to 15.3% in the nine months ended April 30, 1997 compared to 15.2% for the same period in fiscal 1996. As a result of the increase on S,G,&A and lower gross margins on homes delivered, operating income (earnings before extraordinary items, impairment loss, write-down of goodwill, interest, financing fees and taxes) decreased to $5.2 million in the nine months ended April 30, 1997 as compared to $6.5 million for the same period in fiscal 1996 and decreased as a percentage of homebuilding revenues to 4.0% from 6.0% for the same period in fiscal 1996. Interest and financing fees were flat at $3.5 million during the nine months ended April 30, 1997 compared to the same nine month period in fiscal 1996. 11 Excluding the write-down of goodwill discussed in Note 6 and the effect of the tax settlement discussed in Note 5, the net earnings for the nine months ended April 30, 1997 would have been $918,000 or $0.12 per share. Capital Resources and Liquidity Funding for the Company's residential building and land development activities is provided principally by cash flows from operations and borrowings from banks and other financial institutions. The Company's capital needs depend upon its sales volume, asset turnover, land purchases and inventory levels. At April 30, 1997, the Company had cash and cash equivalents of $9.8 million of which $450,000 was restricted to collateralize customer deposits and other escrows. The remaining $9.3 million was available to the Company. The Company had $97.9 million in borrowing availability from various lending institutions and land sellers of which $80.4 million was outstanding at April 30, 1997. The Company believes that it will be able to fund its activities through fiscal 1997 through a combination of operating cash flow, existing cash balances and borrowings from banks and other lending institutions. The Company is currently in the process of revising and extending its revolving credit facilities. Except for ordinary expenditures for the construction of homes and acquisition and development of land, the Company does not have any material commitments for capital expenditures at the present time. PART II. OTHER INFORMATION ITEM 1. Legal Proceedings The Internal Revenue Service has examined the Company's tax returns for the years ended July 31, 1992, 1993 and 1994. The IRS has raised issues primarily related to matter having to do with the Company's recapitalization in 1992 and 1993 including a $20.0 million gain on debt forgiveness which the Company treated as non-taxable under the provisions of Section 108 of the Internal Revenue Code and the timing of taxable income related to discontinued subsidiaries which were distributed out of the consolidated group in December 1992. In March 1997, the Company reached a settlement with IRS for all items in questions. As a result, the Company recognized an extraordinary loss of $390,000 or $0.05 per share which relates to the extraordinary gain on debt forgiveness associated with the exchange of subordinated debt during the tax year 1992. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits 27. Financial Data Schedule (b) Reports on Form 8-K The registrant did not file any reports on Form 8-K during the quarter ended April 30, 1997. 12 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 thereunto duly authorized. WASHINGTON HOMES, INC. (Registrant) Date: June 11, 1997 By: /s/ GEATON A. DECESARIS, JR. -------------------------------- Geaton A. DeCesaris, Jr. President and Chief Executive Officer Date: June 11, 1997 By: /s/ CLAYTON W. MILLER -------------------------------- Clayton W. Miller Principal Accounting Officer 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANT'S CONDENSED CONSOLIDATED BALANCE SHEET AND CONDENSED CONSOLIDATED STATEMENT OF NET EARNINGS AT AND FOR THE PERIOD ENDED APRIL 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 3-MOS Jul-31-1997 Apr-30-1997 9,833 0 0 0 121,597 0 0 0 151,554 0 0 0 0 79 52,441 151,554 42,345 42,801 35,286 42,899 19,181 0 1,176 (20,455) (4,011) (16,444) 0 (390) 0 (16,834) (2.12) (2.12)
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