0000950123-11-059536.txt : 20110616 0000950123-11-059536.hdr.sgml : 20110616 20110616163725 ACCESSION NUMBER: 0000950123-11-059536 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110614 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110616 DATE AS OF CHANGE: 20110616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Red Lion Hotels CORP CENTRAL INDEX KEY: 0001052595 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 911032187 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13957 FILM NUMBER: 11915461 BUSINESS ADDRESS: STREET 1: 201 W NORTH RIVER DRIVE STREET 2: SUITE 100 CITY: SPOKANE STATE: WA ZIP: 99201 BUSINESS PHONE: 5094596100 MAIL ADDRESS: STREET 1: 201 W NORTH RIVER DRIVE STREET 2: SUITE 100 CITY: SPOKANE STATE: WA ZIP: 99201 FORMER COMPANY: FORMER CONFORMED NAME: WESTCOAST HOSPITALITY CORP DATE OF NAME CHANGE: 20000214 FORMER COMPANY: FORMER CONFORMED NAME: CAVANAUGHS HOSPITALITY CORP DATE OF NAME CHANGE: 19980108 8-K 1 v59470e8vk.htm FORM 8-K e8vk
 
 
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
June 16, 2011 (June 14, 2011)
Date of Report (Date of earliest event reported)
RED LION HOTELS CORPORATION
(Exact Name of Registrant as Specified in Charter)
         
Washington   001-13957   91-1032187
(State or Other Jurisdiction of Incorporation)   (Commission file number)   (I.R.S. Employer Identification No.)
201 W. North River Drive
Suite 100
Spokane, Washington 99201
(Address of Principal Executive Offices, Zip Code)
(509) 459-6100
(Registrant’s Telephone Number, Including Area Code)
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:
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 2.01 Completion of Acquisition or Disposition of Assets
On June 14, 2011, WHC809, LLC, a more than 99% indirectly owned subsidiary of the registrant, completed the previously announced sale of the Red Lion Hotel on Fifth Avenue in Seattle, Washington to Lowe Enterprises Investors (the “Purchaser”), an affiliate of Lowe Enterprises. The hotel was purchased for $71 million in cash. The Purchaser entered into a franchise agreement with Red Lion Hotels Franchising, Inc. at closing and will operate the hotel under the Red Lion® brand. It is anticipated that Destination Hotels & Resorts, a wholly owned subsidiary of Lowe Enterprises, will manage the hotel following the closing.
A copy of the June 15, 2011 press release announcing the closing of the sale of the hotel is included as Exhibit 99.1 to this report.
Item 2.04   Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Immediately following the sale of the hotel described in Item 2.02, the registrant repaid the entire $28 million principal balance then outstanding under its revolving credit agreement with KeyBank National Association, as required by the terms of that agreement.
Item 9.01 Financial Statements and Exhibits.
(b) Pro Forma Financial Information.
Attached hereto as Exhibit 99.2 and incorporated by reference herein is unaudited pro forma consolidated financial information of the registrant that gives effect to (i) the sale of the hotel and the related franchise agreement described in Item 2.01 of this Form 8-K, and (ii) the repayment of the entire principal balance outstanding under the registrant’s revolving credit facility with KeyBank National Association.
(d) Exhibits.
     
Exhibit No.   Exhibit
99.1
  Press Release dated June 15, 2011
 
   
99.2
  Unaudited pro forma consolidated financial information

2


 

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.
         
  RED LION HOTELS CORPORATION
 
 
Dated: June 16, 2011  By:   /s/ Thomas L. McKeirnan    
    Thomas L. McKeirnan   
    Senior Vice President,
General Counsel and Secretary 
 
 

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EX-99.1 2 v59470exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(RED LION HOTELS LOGO)
Contact: Pam Scott
Red Lion Hotels Corporation
509-777-6393 (d)
509-570-4610 (c)
Pam.Scott@redlion.com
www.RedLion.com
Sale Closes on Red Lion Hotel Fifth Avenue Seattle
Lowe Enterprises Investors completes acquisition of the property
Spokane, WA, June 14, 2011 — Red Lion Hotels Corporation (NYSE: RLH) announced today that it closed the previously announced sale of the Red Lion Hotel on Fifth Avenue in Seattle, WA. The property was purchased for $71 million, or approximately $239,000 a key, by an affiliate of Lowe Enterprises Investors (LEI).
At closing, LEI entered into a franchise agreement with Red Lion Hotels Franchising, Inc. to continue to operate the property as a Red Lion hotel, managed by LEI affiliate, Destination Hotels & Resorts. The company also entered into an affiliation agreement with a subsidiary of Destination Hotels & Resorts to facilitate the cross-promotion of hotels between the companies.
“This transaction is very positive for Red Lion. It allows the Red Lion brand to continue on a flagship hotel in downtown Seattle and allows us to deploy the hotel’s equity to recapitalize our balance sheet and reinvest in our hotels and brand,” said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. “We know that the Red Lion Hotel Fifth Avenue will continue to provide the highest level of service to our guests under the management of Destination Hotels & Resorts.”
“The ability to add guest rooms and to expand the available meeting space creates the opportunity to increase revenue. Meeting space, such as we plan, which will be designed with the most modern technologies, high-end finishes and flexible configuration, will attract the abundant corporate meeting business that already exists in the market. And given the hotel’s recent high quality renovations and its attractive location, the Red Lion will have a competitive advantage over other existing nearby options,” said Charlie Peck, president of Destination Hotels & Resorts. “The Red Lion name carries with it a long tradition as a great brand in downtown Seattle.”
The 297-room property is centrally located in downtown Seattle, just a few blocks from Pike Place Market and the Washington State Convention Center. Red Lion Hotels Corporation announced in January 2011 it was listing the hotel for sale. Chris Burdett of CBRE Hotels in Seattle represented Red Lion in the sale.

 


 

About Red Lion Hotels Corporation:
Red Lion Hotels Corporation is a hospitality and leisure Company primarily engaged in the ownership, operation and franchising of midscale hotels under its Red Lion® brand. As of March 31, 2011, the RLH hotel network was comprised of 45 hotels located in eight states and one Canadian province, with 8,630 rooms and 429,797 square feet of meeting space. The Company also owns and operates an entertainment and event ticket distribution business. For more information, please visit the Company’s website at www.redlion.com.
About Lowe Enterprises Investors
Lowe Enterprises Investors (LEI) is owned by a strategic partnership of The Guardian Life Insurance Company of America, Lowe Enterprises, Inc. and senior members of the LEI management team. LEI provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through both individually managed and commingled fund relationships. The firm has been responsible for $6 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. For more information about LEI, please visit: www.LoweInvestors.com
About Destination Hotels & Resorts
Destination Hotels & Resorts began in 1972 with the development and management of condominium resorts. Since then, the company has been consistently ranked as one of the top 10 hospitality and property management companies in the country (ranked by Hotel Business Magazine), with more than 7,100 employees, over 7,000 hotel rooms and condominium units, and more than $2.2 billion in assets under management. Destination Hotels & Resorts is a wholly owned subsidiary of Los Angeles-based Lowe Enterprises, a privately-held, national real estate organization active in commercial and hospitality property investment, management and development. For more information, please visit the company’s website, www.destinationhotels.com.

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EX-99.2 3 v59470exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
RED LION HOTELS CORPORATION UNAUDITED PRO FORMA
CONSOLIDATED FINANCIAL INFORMATION
     The following unaudited pro forma consolidated financial information gives effect to (a) the sale of the hotel and the related franchise agreement described in Item 2.01 of this Form 8-K, and (b) the repayment of the entire principal balance outstanding under the registrant’s revolving credit facility with KeyBank National Association (collectively, the “Transactions”).
     The following unaudited pro forma consolidated balance sheet as of March 31, 2011 gives effect to the Transactions as if they were consummated on March 31, 2011. The information included in this unaudited pro forma consolidated balance sheet was derived from the registrant’s unaudited March 31, 2011 historical consolidated balance sheet included in its Quarterly Report filed on Form 10-Q for the quarter ended March 31, 2011.
     The following unaudited pro forma consolidated statement of operations for the fiscal year ended December 31, 2010 gives effect to the Transactions as if they were consummated at the beginning of that fiscal year. The information included in this unaudited pro forma consolidated statement of operations was derived from the registrant’s historical audited consolidated statement of operations for the fiscal year ended December 31, 2010, which was included in the registrant’s Annual Report filed on Form 10-K for the fiscal year ended December 31, 2010.
     The following unaudited pro forma consolidated statement of operations for the three months ended March 31, 2011 gives effect to the Transactions as if they were consummated at the beginning of that three-month period. The information included in this unaudited pro forma consolidated statement of operations was derived from the registrant’s consolidated statement of operations for the three months ended March 31, 2011, which was included in the registrant’s Quarterly Report filed on Form 10-Q for the quarter ended March 31, 2011.
     The historical consolidated financial information has been adjusted to give effect to pro forma events that are directly attributable to the Transactions, are factually supportable and, in the case of the pro forma consolidated statements of operations, have a recurring impact. The following unaudited pro forma consolidated financial information has been prepared by management of the registrant for illustrative purposes only. The unaudited pro forma consolidated financial information is not intended to represent or be indicative of the registrant’s financial position or results of operations in future periods or the results that actually would have been realized had the registrant not included the business operations of its Red Lion Hotel on Fifth Avenue property during the specified periods.
     The assumptions and estimates used and pro forma adjustments derived from such assumptions and estimates are based on currently available information. Management of the registrant believes such assumptions and estimates are reasonable under the circumstances. The unaudited pro forma consolidated financial information, including the notes thereto, is qualified in its entirety by reference to, and should be read in conjunction with, the historical consolidated financial statements of the registrant included in its Form 10-K filed with the SEC on March 16, 2011 and its Form 10-Q filed with the SEC on May 9, 2011.

 


 

RED LION HOTELS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2011
(Amounts in thousands)
                         
    Historical              
    Consolidated     Sale of        
    Red Lion Hotels     Red Lion Hotel on     Unaudited  
    Corporation     Fifth Avenue     Pro Forma  
ASSETS
                       
Current assets:
                       
Cash and cash equivalents
  $ 5,607     $ (137 )(1)   $ 49,009  
 
            43,539 (3)        
Restricted cash
    4,792       (38 )(1)     4,754  
Accounts receivable, net
    5,992       (202 )(1)     5,790  
Inventories
    1,322       (54 )(1)     1,268  
Prepaid expenses and other
    1,920       (50 )(1)     1,870  
Deferred income taxes
    7,377       (4,651 )(4)     2,726  
Assets held for sale
    43,944       (34,138 )(1)     9,806  
 
                 
Total current assets
    70,954       4,269       75,223  
 
                 
Property and equipment, net
    229,458             229,458  
Goodwill
    22,730             22,730  
Intangible assets, net
    7,972             7,972  
Other assets, net
    6,732       (895 )(5)     5,837  
 
                 
Total assets
  $ 337,846     $ 3,374     $ 341,220  
 
                 
LIABILITIES
                       
Current liabilities:
                       
Accounts payable
  $ 5,504     $ (58 )(1)   $ 5,446  
Income Taxes Payable
          8,827 (4)     8,827  
Accrued payroll and related benefits
    3,239       (150 )(1)     3,089  
Accrued interest payable
    291             291  
Advance deposits
    1,079       (102 )(1)     977  
Other accrued expenses
    11,991       (327 )(1)     11,664  
Revolving credit facility, due within one year
    25,000       (25,000 )(6)      
Current portion of long-term debt
    24,928             24,928  
 
                 
Total current liabilities
    72,032       (16,810 )     55,222  
 
                 
Long-term debt, due after one year
    51,391             51,391  
Deferred income
    5,015             5,015  
Deferred income taxes
    11,789             11,789  
Debentures due Red Lion Hotels Capital Trust
    30,825             30,825  
 
                 
Total liabilities
    171,052       (16,810 )     154,242  
 
                 
Commitments and contingencies
                       
STOCKHOLDERS’ EQUITY
                       
Red Lion Hotels Corporation stockholders’ equity
                       
Preferred stock - 5,000,000 shares authorized; $0.01 par value; no shares issued or outstanding
                 
Common stock - 50,000,000 shares authorized; $0.01 par value; 18,993,267 shares issued and outstanding
    190             190  
Additional paid-in capital, common stock
    147,633             147,633  
Retained earnings
    18,975       20,184 (12)     39,159  
 
                 
Total Red Lion Hotels Corporation stockholders’ equity
    166,798       20,184       186,982  
 
                       
Noncontrolling interest
    (4 )           (4 )
 
                 
Total equity
    166,794       20,184       186,978  
 
                 
 
                       
Total liabilities and stockholders’ equity
  $ 337,846     $ 3,374     $ 341,220  
 
                 

2


 

RED LION HOTELS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010
(Amounts in thousands, except per share data)
                         
    Historical              
    Consolidated     Sale of        
    Red Lion Hotels     Red Lion Hotel on     Unaudited  
    Corporation     Fifth Avenue     Pro Forma  
Revenue:
                       
Hotels
  $ 148,568     $ (14,279 )(2)   $ 134,289  
Franchise
    3,209       669 (7)     3,878  
Entertainment
    9,236             9,236  
Other
    2,481             2,481  
 
                 
Total revenues
    163,494       (13,610 )     149,884  
 
                 
 
                       
Operating expenses:
                       
Hotels
    116,574       (9,465 )(2)     107,216  
 
            107 (8)        
Franchise
    3,118       396 (7)     3,514  
Entertainment
    7,769             7,769  
Other
    1,598             1,598  
Depreciation and amortization
    20,885       (1,851 )(2)     18,803  
 
            (231 )(9)        
Impairment Loss
    5,733             5,733  
Hotel facility and land lease
    5,840             5,840  
Gain (loss) on asset dispositions, net
    (25 )     (2 )(2)     (27 )
Undistributed corporate expenses
    6,304             6,304  
 
                 
Total expenses
    167,796       (11,046 )     156,750  
 
                 
Operating income (loss)
    (4,302 )     (2,564 )     (6,866 )
 
                       
Other income (expense):
                       
Interest expense
    (9,073 )     843 (10)     (8,230 )
Other income, net
    409             409  
 
                 
Income (loss) before taxes
    (12,966 )     (1,721 )     (14,687 )
 
                       
Income tax expense (benefit)
    (4,736 )     (627 )(11)     (5,363 )
 
                 
Net income (loss) from continuing operations
    (8,230 )     (1,094 )     (9,324 )
 
                 
 
                       
Less: Net income (loss) attributable to noncontrolling interest
    10       (10 )(2)      
 
                 
 
                       
Net income (loss) from continuing operations attributable to Red Lion Hotels Corporation
  $ (8,220 )   $ (1,104 )   $ (9,324 )
 
                 
 
                       
 
                       
Earnings per share — basic and diluted
                       
Net income (loss) from continuing operations
  $ (0.45 )           $ (0.50 )
Weighted average shares -basic and diluted
    18,485               18,485  

3


 

RED LION HOTELS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2011
(Amounts in thousands, except per share data)
                         
    Historical              
    Consolidated     Sale of        
    Red Lion Hotels     Red Lion Hotel on     Unaudited  
    Corporation     Fifth Avenue     Pro Forma  
Revenue:
                       
Hotels
  $ 30,158     $ (2,841 )(2)   $ 27,317  
Franchise
    707       135 (7)     842  
Entertainment
    2,800             2,800  
Other
    607             607  
 
                 
 
Total revenues
    34,272       (2,706 )     31,566  
 
                 
 
Operating expenses:
                       
Hotels
    27,169       (2,143 )(2)     25,054  
 
            28 (8)        
Franchise
    894       85 (7)     979  
Entertainment
    2,614             2,614  
Other
    393             393  
Depreciation and amortization
    5,306       (457 )(2)     4,523  
 
            (326 )(9)        
Hotel facility and land lease
    2,111             2,111  
Gain (loss) on asset dispositions, net
    (86 )           (86 )
Undistributed corporate expenses
    1,344             1,344  
 
                 
 
Total expenses
    39,745       (2,813 )     36,932  
 
                 
 
Operating income (loss)
    (5,473 )     107       (5,366 )
 
                       
Other income (expense):
                       
Interest expense
    (2,301 )     283 (10)     (2,018 )
Other income, net
    4             4  
 
                 
 
                       
Income (loss) before taxes
    (7,770 )     390       (7,380 )
 
                       
Income tax expense (benefit)
    (2,999 )     151 (11)     (2,848 )
 
 
                 
Net income (loss)
    (4,771 )     239       (4,532 )
 
                 
 
                       
Less: Net income (loss) attributable to noncontrolling interest
    10       (1 )(2)     9  
 
                 
 
Net income (loss) attributable to Red Lion Hotels Corporation
  $ (4,761 )   $ 238     $ (4,523 )
 
                 
 
                       
Earnings per share — basic and diluted
                       
Net income (loss)
  $ (0.25 )           $ (0.24 )
Net income (loss) attributable to Red Lion Hotels Corporation
  $ (0.25 )           $ (0.24 )
Weighted average shares -basic and diluted
    18,974               18,974  

4


 

RED LION HOTELS CORPORATION
ADJUSTMENTS TO UNAUDITED
PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
 
(1)   These adjustments reflect the elimination of the assets transferred and liabilities assumed by the buyer.
(2)   These adjustments reflect the elimination of the operating results of the Red Lion Hotel on Fifth Avenue.
(3)   Reflects cash proceeds received at the closing of the sale of $71 million, net of estimated transaction and selling costs, and the repayment of the principal balance outstanding under the registrant’s revolving credit facility. The credit facility was secured by the hotel sold and the registrant was required to repay the outstanding principal balance with proceeds from the sale.
(4)   Reflects the tax impact of the sale on income taxes payable and deferred income taxes. It is estimated that the sale will result in income taxes payable of approximately $8.8 million after utilizing net operating loss carry forwards and credits, the impact of which can be seen in the adjustment to deferred income taxes. Note that the pro forma tax adjustments are subject to further refinement and adjustment based on a more comprehensive tax analysis and review. Such income taxes payable are reflected as an adjustment in the pro forma consolidated balance sheet as of March 31, 2011. However, as the charge is non-recurring, such amount is not reflected in the pro forma consolidated statements of operations for any periods presented.
(5)   To record the reduction of deferred financing costs associated with the credit facility.
(6)   To record the repayment of the principal balance outstanding under the credit facility.
(7)   To record franchise revenue and expense associated with operating the hotel as a franchise.
(8)   To record the retained corporate expenses previously allocated to this hotel.
(9)   To record the reduction of loan fee amortization expense related to the credit facility.
(10)   To record elimination of interest expense under the credit facility.
(11)   Adjustment to reflect the income tax effect of the pro forma adjustments at the applicable tax rates.
(12)   To record the impact of adjustments made, including the gain on sale. The estimated gain, net of tax, has been included as an adjustment to retained earnings but has not been reflected in the pro forma consolidated statements of operations as it is non-recurring in nature.

5

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