-----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, Oyxp+qFPtrqt5NfG2Cv4Rv5CtpN+A+drPoZ9ENe42tO7sA+hSGgAk/4ree8gLsQX r2sHgQMfSl8HlFvrPsVCAQ== 0000105770-97-000031.txt : 19971117 0000105770-97-000031.hdr.sgml : 19971117 ACCESSION NUMBER: 0000105770-97-000031 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEST CO INC CENTRAL INDEX KEY: 0000105770 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED RUBBER PRODUCTS, NEC [3060] IRS NUMBER: 231210010 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08036 FILM NUMBER: 97720171 BUSINESS ADDRESS: STREET 1: 101 GORDON DR STREET 2: P O BOX 645 CITY: LIONVILLE STATE: PA ZIP: 19341-0645 BUSINESS PHONE: 6105942900 MAIL ADDRESS: STREET 1: 101 GORDON DRIVE STREET 2: PO BOX 645 CITY: LIONVILLE STATE: PA ZIP: 19341-0645 10-Q 1 10Q3RDQTR This report contains 17 pages (including cover page) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended September 30, 1997 --------------- Commission File Number 1-8036 ------ THE WEST COMPANY, INCORPORATED ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 23-1210010 ------------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 101 Gordon Drive, PO Box 645, Lionville, PA 19341-0645 ------------------------------------- ---------------------- (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code 610-594-2900 -------------- N/A ----------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. 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 twelve months, and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . --- --- September 30, 1997 -- 16,534,349 ----------------------------------------------------------------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Page 2 Index Form 10-Q for the Quarter Ended September 30, 1997 Page Part I - Financial Information Item 1. Financial Statements Consolidated Statements of Income for the Three and Nine Months ended September 30, 1997 and September 30, 1996 3 Condensed Consolidated Balance Sheets as of September 30, 1997 and December 31, 1996 4 Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 1997 and September 30, 1996 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Part II - Other Information Item 1. Legal Proceedings 14 Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 15 Index to Exhibits F-1 Page 3 Item 1. Financial Statements The West Company, Incorporated and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share data)
Three Months Ended Nine Months Ended Sept. 30, 1997 Sept. 30,1996 Sept. 30, 1997 Sept. 30, 1996 ---------------- ------------- --------------- -------------- Net sales $105,200 100% $111,300 100% $343,000 100% $344,200 100 % Cost of goods sold 76,000 72 81,700 74 244,800 71 251,400 73 ---------------------------------------------------------------------------------------------------- Gross profit 29,200 28 29,600 26 98,200 29 92,800 27 Selling, general and administrative expenses 16,300 15 18,100 16 53,400 16 55,300 16 Restructuring charge - - - - - - 21,500 6 Other income, net (900) - (200) - (1,400) - (400) - ---------------------------------------------------------------------------------------------------- Operating profit 13,800 13 11,700 10 46,200 13 16,400 5 Interest expense 1,400 1 2,000 2 4,200 1 5,400 2 ---------------------------------------------------------------------------------------------------- Income before income taxes and minority interests 12,400 12 9,700 8 42,000 12 11,000 3 Provision for (recovery of) income taxes (4,600) (4) 3,700 3 6,700 2 5,900 2 Minority interests - - - - 100 - 100 - --------------------------------------------------------------------------------------------------- Income from consolidated operations 17,000 16% 6,000 5% 35,200 10% 5,000 1% --- --- --- ---- Equity in net income of affiliated companies 300 600 600 1,500 ---------------------------------------------------------------------------------------------------- Net income $ 17,300 $ 6,600 $ 35,800 $ 6,500 ---------------------------------------------------------------------------------------------------- Net income per share: $ 1.05 $ .40 $ 2.18 $ 0.40 ---------------------------------------------------------------------------------------------------- Average shares outstanding 16,481 16,275 16,447 16,434 See accompanying notes to interim financial statements.
Page 4 The West Company, Incorporated and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
Unaudited Audited ASSETS Sept. 30, 1997 Dec. 31, 1996 --------------- ------------- Current assets: Cash, including equivalents $ 53,100 $ 27,300 Accounts receivable, less allowance 62,400 69,300 Inventories 39,600 44,000 Current deferred income tax benefits 13,500 10,200 Other current assets 6,000 5,900 --------------------------------------------------------------------------- Total current assets 174,600 156,700 --------------------------------------------------------------------------- Net property, plant and equipment 199,900 210,300 Investments in affiliated companies 24,000 24,100 Goodwill 52,600 58,900 Deferred charges and other assets 34,700 27,400 --------------------------------------------------------------------------- Total Assets $485,800 $ 477,400 --------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 800 $ 1,000 Notes payable 1,600 1,900 Accounts payable 16,700 23,900 Salaries, wages, benefits 15,200 13,900 Income taxes payable 10,400 3,100 Other current liabilities 21,700 21,800 --------------------------------------------------------------------------- Total current liabilities 66,400 65,600 --------------------------------------------------------------------------- Long-term debt, excluding current portion 88,000 95,500 Deferred income taxes 31,400 39,700 Other long-term liabilities 24,800 24,300 Minority interests 400 300 Shareholders' equity 274,800 252,000 --------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $485,800 $477,400 --------------------------------------------------------------------------- See accompanying notes to interim financial statements.
Page 5 The West Company Incorporated and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Nine Months Ended Sept. 30, 1997 Sept. 30, 1996 ---------------- ------------------- Cash flows from operating activities: Net income, plus net non-cash items $ 46,200 $ 45,500 Changes in assets and liabilities 10,400 1,200 ----------------------------------------------------------------------------------------- Net cash provided by operating activities 56,600 46,700 ----------------------------------------------------------------------------------------- Cash flows from investing activities: Property, plant and equipment acquired (23,500) (24,600) Proceeds from sale of assets 200 1,200 Payments for acquisitions, net of cash acquired - (1,900) Customer advances, net of repayments - (200) ----------------------------------------------------------------------------------------- Net cash used in investing activities (23,300) (25,500) ----------------------------------------------------------------------------------------- Cash flows from financing activities: Net repayments under revolving credit agreements - (3,700) Repayment of long-term debt (1,100) (2,200) Notes payable, net (100) 3,500 Dividend payments (6,900) (6,400) Sale (purchase) of common stock, net 2,400 (7,500) ----------------------------------------------------------------------------------------- Net cash used in financing activities (5,700) (16,300) ----------------------------------------------------------------------------------------- Effect of exchange rates on cash (1,800) (200) ----------------------------------------------------------------------------------------- Net increase in cash, including equivalents $ 25,800 $ 4,700 ----------------------------------------------------------------------------------------- See accompanying notes to interim financial statements.
Page 6 The West Company, Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) The interim consolidated financial statements for the period ended September 30, 1997 should be read in conjunction with the consolidated financial statements and notes thereto of The West Company, Incorporated appearing in the Company's 1996 Annual Report on Form 10-K. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. Interim results are based on the Company's accounts without audit. 1. Interim Period Accounting Policy --------------------------------- In the opinion of management, the unaudited Condensed Consolidated Balance Sheet as of September 30, 1997 and the related unaudited Consolidated Statements of Income for the three and nine month periods then ended and for the comparative periods in 1996 and the unaudited Condensed Consolidated Statements of Cash Flows for the nine months then ended and the comparative period in 1996 contain all adjustments, consisting only of normal recurring accruals, necessary to present fairly the financial position as of September 30, 1997 and the results of operations and cash flows for the respective periods. The results of operations for any interim period are not necessarily indicative of results for the full year. Operating Expenses ------------------ To better relate costs to benefits received or activity in an interim period, certain operating expenses have been annualized for interim reporting purposes. Such expenses include depreciation due to use of the half year convention, certain employee benefit costs, annual quantity discounts, and advertising. Income Taxes ------------- The tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on current estimates of full year results, except that taxes applicable to operating results in Brazil, the 1997 German Tax Reorganization, and the 1996 restructuring charge are recorded on a basis discrete to the period, and prior year adjustments, if any, are recorded as identified. 2. Inventories at September 30, 1997 and December 31, 1996 are summarized as follows: Audited (in thousands) 1997 1996 -------- -------- Finished goods $ 16,400 $ 18,000 Work in process 8,400 8,500 Raw materials and supplies 14,800 17,500 -------- -------- $ 39,600 $ 44,000 -------- -------- -------- -------- Page 7 The West Company, Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) (Continued) 3. The carrying value of property, plant and equipment at September 30, 1997 and December 31, 1996 was determined as follows: Audited (in thousands) 1997 1996 -------- -------- Property, plant and equipment $431,600 $431,600 Less accumulated depreciation 231,700 221,300 -------- -------- Net property, plant and equipment $199,900 $210,300 -------- -------- -------- -------- 4. Common stock issued at September 30, 1997 was 16,844,735 shares, of which 310,386 shares were held in treasury. Dividends of $.14 per common share were paid in the third quarter of 1997 and a dividend of $.15 per share payable to holders of record on October 22, 1997 was declared on August 5, 1997. 5. The Company has accrued the estimated cost of environmental compliance expenses related to soil or ground water contamination at current and former manufacturing facilities. The ultimate cost to be incurred by the Company and the timing of such payments cannot be fully determined. However, based on consultants' estimates of the costs of remediation in accordance with applicable regulatory requirements, the Company believes the accrued liability of $1.0 million at September 30, 1997 is sufficient to cover the future costs of these remedial actions, which will be carried out over the next two to three years. The Company has not anticipated any possible recovery from insurance or other sources. 6. In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (SFAS) No. 128,"Earnings Per Share". SFAS No. 128 establishes new standards for computing and presenting earnings per share (EPS). SFAS 128 replaces the current presentation of primary EPS with a presentation of basic EPS. Basic EPS will be calculated for the Company by dividing net income by the weighted average number of common shares outstanding during the period. The Company's basic EPS will be identical to its historical presentation of EPS, which has been calculated using weighted average common shares outstanding, because dilution from the Company's common stock equivalents was immaterial. Page 8 The West Company, Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) (Continued) SFAS No. 128 also requires presentation of diluted EPS, which considers the potential issuance of common stock for all dilutive instruments. For the Company, it assumes issuance of common shares under the Company's stock option and award plans. The Company will adopt SFAS No. 128 effective with its 1997 year end, as required. The pro forma diluted EPS calculated in accordance with SFAS No.128 for the quarter and nine months ended September 30, 1997 and September 30, 1996, is as follows (in thousands, except per share data): Three Months Ended Nine Months Ended 1997 1996 1997 1996 ----- ----- ----- ----- Net income $17,300 $ 6,600 $35,800 $ 6,500 Diluted EPS $ 1.05 $ .40 $ 2.17 $ .40 The Company is currently reviewing two new standards of disclosure required to be applied in 1998 financial statement preparation. SFAS No. 130, "Reporting Comprehensive Income," establishes standards for reporting and display of comprehensive income and its components in the financial statements. SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information," establishes standards for reporting information about operating segments in annual financial statements and requires selected information about operating segments in interim financial statements. It also establishes standards for related disclosure about products and services, geographic areas, and major customers. 7. At September 30, 1997 the cumulative number of employees terminated in accordance with the restructuring plan announced on March 29, 1996 was 207 and total payout of severance and benefits was $6.6 million. Downsizing of operations is substantially complete. 8. On February 21, 1992, R.P. Scherer ("Scherer"), the former parent company of Paco Pharmaceutical Services, Inc. ("Paco"), agreed to sell Paco and its subsidiaries to OCAP Acquisition Corp. ("OCAP"). After Scherer terminated the sale contract in March of that year, OCAP sued Scherer and Paco, alleging breach of contract and breach of the implied covenant of good faith. OCAP sought $75 million in actual damages, $100 million in punitive damages, plus costs and expenses. Scherer brought counterclaims against OCAP of a similar nature. Following a trial in March 1996, the court dismissed all of Page 9 The West Company, Incorporated and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) (Continued) OCAP's claims and all of Scherer's counterclaims. Both plaintiffs and defendants appealed. On October 16,1997 defendants won their appeal. The plaintiffs has until November 24, 1997 to file a motion for permission to appeal to the New York Court of Appeals. In management's opinion, the ultimate outcome of this litigation will not have a material adverse effect on the Company's business or financial condition because we believe OCAP's claims are without merit and even if they were, Scherer has agreed to indemnify Paco against all liabilities (including fees and expenses incurred after March 31, 1992) in the matter. Page 10 Item 2. Management's Discussion and Analysis of Financial Condition and -------------------------------------------------------------- Results of Operations. ---------------------- Results of Operations for the Three and Nine Months Ended --------------------------------------------------------- September 30, 1997 Versus Comparable 1996 Periods. -------------------------------------------------- Net Sales --------- Net sales for the third quarter of 1997 were $105.2 million, 5% compared with net sales of $111.3 million for the same quarter in 1996. Measured at constant exchange rates and excluding 1996 machinery sales, (the machinery business was sold in August 1996), the decrease in sales is 1%. The U.S. dollar continued to strengthen during the third quarter and had the effect of reducing sales comparison by $3.9 million. Higher sales for the Company's contract services business and core products in the U.S. were more than offset by lower sales in international markets due primarily to a change in product mix. Net sales for the first nine months of 1997 fell slightly compared with the same nine months of 1996. However, measured at constant exchange rates and excluding 1996 machinery sales, sales actually increased 3%. Significant increases in contract service sales and higher product sales in the U.S. were offset, in part, by lower international sales primarily reflecting an unfavorable product mix. Gross Profit ------------ The gross profit margin for the third quarter rose to 27.7% of net sales compared with 26.5% for the same quarter in 1996. Gross profit margins also improved for the nine month period to 28.6% from 27.0% in the like period of 1996. Margin improvement mainly reflects improved operating performance and efficiencies resulting from cost savings programs and from production shifts to lower-cost facilities. Higher margin business for contract services also contributed to the year-to-year improvement. Selling, General and Administrative ----------------------------------- Selling, general and administrative (SG&A) expenses are down $1.8 million compared with the third quarter 1996, and were 15.4% as a percentage of sales compared with 16.3% in 1996. The decrease in SG&A expenses primarily reflects lower pension costs due to higher income on pension assets and the impact of the strengthening U.S. Page 11 Management's Discussion and Analysis of Financial Condition and -------------------------------------------------------------- Results of Operations. ---------------------- Results of Operations for the Three and Nine Months Ended --------------------------------------------------------- September 30, 1997 Versus Comparable 1996 Periods (continued). -------------------------------------------------------------- dollar which reduced the reported U.S. dollar amounts for expenses of international subsidiaries. For the nine months ended September 30, 1997 SG&A expenses decreased as a percentage of sales to 15.5% from 16.1%. The decline mainly reflects higher pension investment income, the currency impact of the stronger U.S. dollar and 1996 restructuirng headcount reductions, which were offset in part by increased spending for research and development. Other Income and Expense -------------------------- Other income increased for the third quarter and the nine months period by $0.7 million and $1.0 million, respectively. Income increased compared to both prior year periods because of higher interest income on higher average temporary cash investments and the absence of losses related to the sale of fixed assets in 1996. Interest Expense and Equity in Affiliates -------------------------------------------------------------- Lower rates and lower average debt levels helped to reduce interest expense compared wtih the prior year periods. Lower operating results for Daikyo Seiko, Ltd., a Japanese company in which the Company owns a 25% equity stake, caused equity in net income of affiliates to decline for the quarter and nine months 1997, compared with 1996. Also, the Company is now required to account for its 30% stake in DanBioSyst U.K. Ltd., a drug delivery research and development firm, under the equity method in 1997. As a result, $0.1 million of amortization expense is recognized each quarter for the goodwill applicable to in this investment. Taxes ----- The tax provision for 1997 was significantly affected by two events: 1) a legal reorganization of a subsidiary located in Germany which resulted in a significant increase in tax basis for the assets of this entity and 2) repatriation of cash dividends from certain international subsidiaries. The net impact of these events was a tax benefit of $9.4 million recorded in the third quarter. Page 12 Management's Discussion and Analysis of Financial Condition and -------------------------------------------------------------- Results of Operations. ---------------------- Results of Operations for the Three and Nine Months Ended --------------------------------------------------------- September 30, 1997 Versus Comparable 1996 Periods (continued). -------------------------------------------------------------- Excluding the restructuring charge and related tax benefit in 1996 and the benefit of the German tax reorganization and dividends noted above in 1997, the effective tax rate for 1997 of 38.5% is the same as the tax rate for the first nine months of 1996. The final full year 1996 tax rate was 36.6%, excluding the restructure charge and related benefit. The mix in geographic source of earnings is responsible for the increased tax rate, excluding the items noted earlier. Net Income --------------- Net income for the 1997 third quarter was $17.3 million, or $1.05 per share, compared with net income for the 1996 third quarter 1996 of $6.6 million, or $.40 per share. The increase in earnings was mainly due to the significant net tax benefit recorded in the quarter as noted above. Without this net tax benefit, net income for the third quarter 1997 increased by 21%. Net income for the 1997 nine months was $35.8 million, or $2.18 per share, compared with net income of $6.5 million, or $.40 per share in 1996. Excluding the net tax benefit in the third quarter 1997 and the restructuring charge in the first quarter 1996, net income was 23% higher. Financial Position ------------------ Working capital at September 30, 1997 was $108.2 million compared with $91.1 million at December 31, 1996. The working capital ratio at September 30, 1997 was 2.63 to 1. Cash flow from operations was more than adequate to fund capital expenditures and dividend payments of $.42 per share. The Company continued to reduce debt and increase cash and cash equivalent balances. Total debt as a percentage of total invested capital was 24.7% at September 30, 1997, compared with 28.1% at December 31, 1996. At September 30, 1997, the Company had available unused lines of credit of $116.3 million. On April 7, 1997, the Company amended an existing revolving credit facility, increasing the amount available for borrowing and adjusting the interest rate and facility fees. The amended agreement provides for borrowings up to $70 million and $55 million with a term of 364 days and five years, respectively, renewable at the lenders' option. Page 13 Management's Discussion and Analysis of Financial Condition and -------------------------------------------------------------- Results of Operations. ---------------------- Results of Operations for the Three and Nine Months Ended --------------------------------------------------------- September 30, 1997 Versus Comparable 1996 Periods (continued). --------------------------------------------------------------- The available borrowing capacity and cash flow from operations is adequate, in the opinion of management, to meet estimated cash requirements and fund future growth. Page 14 Part II - Other Information Item 1. Legal Proceedings. ----------------- On February 21, 1992, R.P Scherer ("Scherer"), the former parent company of Paco Pharmaceutical Services, Inc. ("Paco"), agreed to sell Paco and its subsidiaries to OCAP Acquisition Corp. ("OCAP"). After Scherer terminated the sale contract in March of that year, OCAP sued Scherer and Paco, alleging breach of contract and breach of the implied covenant of good faith. OCAP sought $75 million in actual damages, $100 million in punitive damages, plus costs and expenses. Scherer brought counterclaims against OCAP of a similar nature. Following a trial in March 1996, the court dismissed all of OCAP's claims and all of Scherer's counterclaims. Both plaintiffs and defendants appealed. On October 16, 1997, defendants won their appeal. The plaintiffs have until November 24, 1997 to file a motion for permission to appeal to the New York Court of Appeals. In management's opinion, the ultimate outcome of this litigation will not have a material adverse effect on the Company's business or financial condition because we believe OCAP's claims are without merit and even if they were, Scherer has agreed to indemnify Paco against all liabilities (including fees and expenses incurred after March 31, 1992) in the matter. Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) See Index to Exhibits on pages F-1 of this Report. (b) No reports on Form 8-K have been filed for the quarter ended September 30, 1997. Page 15 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. THE WEST COMPANY, INCORPORATED ----------------------------------- (Registrant) November 14, 1997 John A. Vigna ----------------- --------------------------------- Date (Signature) John A. Vigna Senior Vice President, Finance and Administration and Chief Financial Officer Page 16 INDEX TO EXHIBITS Exhibit Page Number Number (3) (a) Restated Articles of Incorporation of the Company, incorporated by reference to Exhibit (4) to the Company's Registration Statement on Form S-8 (Registration No. 33-37825). (3) (b) Bylaws of the Company, as amended and restated December 13, 1994, incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 1994 (File No. 1-8036). (4) (a) Form of stock certificate for common stock incorporated by reference to Exhibit (3) (b) to the Company's Annual Report on Form 10-K for the year ended December 31, 1989 (File No. 1-8036). (4) (b) Flip-In Rights Agreement between the Company and American Stock Transfer & Trust Company, as Rights Agent, dated as of January 16, 1990, incorporated by reference to Exhibit 1 to the Company's Form 8-A Registration Statement (File No. 1-8036). (4) (c) Flip-Over Rights Agreement between the Company and American Stock Transfer & Trust Company, as Rights Agent, dated as of January 16, 1990, incorporated by reference to Exhibit 2 to the Company's Form 8-A Registration Statement (File No. 1-8036). (11) Not Applicable. (15) None. (18) None. (19) None. (22) None. (23) None. (24) None. (27) Financial Data Schedules. (99) None. F - 1 EX-27 2 EXHIBIT 27
5 9-MOS DEC-31-1996 SEP-30-1997 53,100 0 62,400 0 39,600 19,500 431,600 231,700 485,800 66,400 88,000 0 0 4,200 270,600 485,800 343,000 343,000 244,800 244,800 (1,400) 0 4,200 42,000 6,700 35,200 0 0 0 35,200 2.18 .0
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