Delaware | 001-31826 | 42-1406317 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
7700 Forsyth Blvd. St. Louis, Missouri | 63105 | |
(Address of Principal Executive Offices) | (Zip Code) |
CENTENE CORPORATION | ||||
Date: | July 23, 2013 | By: | /s/ William N. Scheffel | |
William N. Scheffel Executive Vice President & Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press release* of Centene Corporation issued July 23, 2013, as to financial results for the second quarter ended June 30, 2013. |
* | The press release is being furnished pursuant to Item 2.02, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange of 1934, as amended. |
Contact: | Investor Relations Inquiries |
Edmund E. Kroll | |
Senior Vice President, Finance & Investor Relations | |
(212) 759-0382 | |
Media Inquiries | |
Deanne Lane | |
Vice President, Media Affairs | |
(314) 725-4477 |
Premium and Service Revenues (in millions) | $ | 2,634.3 | |
Consolidated Health Benefits Ratio | 88.8 | % | |
General & Administrative expense ratio | 8.7 | % | |
Diluted earnings per share (EPS) | $ | 0.70 | |
Cash flow from operations (in millions) | $ | 37.9 |
• | Quarter-end at-risk managed care membership of 2,696,900, an increase of 299,400 members, or 12% year over year. |
• | Premium and service revenues of $2.6 billion, representing 28% growth year over year. |
• | Health Benefits Ratio of 88.8%, compared to 92.9% in 2012. |
• | General and Administrative expense ratio of 8.7%, compared to 8.2% in 2012. |
• | Operating cash flow of $37.9 million for the second quarter of 2013. |
• | Diluted EPS of $0.70 including AcariaHealth transaction costs of $0.07 per diluted share, compared to $(0.68) in 2012. |
• | In July 2013, our subsidiary, Kentucky Spirit Health Plan, discontinued serving Medicaid members in Kentucky. |
• | In July 2013, our Ohio subsidiary, Buckeye Community Health Plan (Buckeye), began operating under a new and expanded contract with the Ohio Department of Job and Family Services (ODJFS) to serve Medicaid members in Ohio. Under the new state contract, Buckeye operates statewide through Ohio's three newly aligned regions (West, Central/Southeast, and Northeast). Buckeye also began serving members under the ABD Children program in July 2013. |
• | In July 2013, our joint venture subsidiary, Centurion, began operating under a new contract with the Department of Corrections in Massachusetts to provide comprehensive healthcare services to individuals incarcerated in Massachusetts state correctional facilities. Centurion was notified by the Department of Corrections in Tennessee in June 2013 that it had been awarded a contract to provide comprehensive healthcare services to individuals incarcerated in Tennessee state correctional facilities. Operations in Tennessee are expected to begin in the third quarter of 2013. Centurion is a joint venture between Centene and MHM Services Inc. |
• | In May 2013, we entered into a new unsecured $500 million revolving credit facility and terminated our previous $350 million revolving credit facility. The new $500 million unsecured revolving credit facility increases the borrowing capacity from $350 million to $500 million; increases the expansion provision from $50 million to $100 million; decreases the interest rate for each pricing tier by 100 basis points; and extends the term from January 2016 to June 1, 2018. |
• | In May 2013, our California subsidiary, California Health and Wellness Plan, was notified by the California Department of Health Care Services and the Imperial County Board of Supervisors of their intent to award a contract, contingent upon successful completion of contract negotiations, to serve Medi-Cal beneficiaries in Imperial County. Upon execution of a contract and regulatory approval, enrollment is expected to begin in the fourth quarter of 2013. |
• | In May 2013, at the Case In Point Platinum Awards, Centene won awards in four categories: Emergency Department, Medicaid Case Management, Pediatric Case Management and Women/Children Case Management. |
• | In April 2013, we completed the acquisition of AcariaHealth, a specialty pharmacy company, for $146.6 million. The transaction consideration was financed through a combination of Centene common stock and cash on hand. |
June 30, | |||||
2013 | 2012 | ||||
Arizona | 23,200 | 24,000 | |||
Florida | 216,200 | 204,100 | |||
Georgia | 316,600 | 313,300 | |||
Illinois | 18,000 | 17,800 | |||
Indiana | 200,000 | 205,000 | |||
Kansas | 137,500 | — | |||
Kentucky | 133,500 | 143,500 | |||
Louisiana | 153,700 | 168,700 | |||
Massachusetts | 15,200 | 41,400 | |||
Mississippi | 77,300 | 30,100 | |||
Missouri | 58,800 | — | |||
Ohio | 156,700 | 166,800 | |||
South Carolina | 88,800 | 87,800 | |||
Texas | 960,400 | 919,200 | |||
Washington | 67,600 | — | |||
Wisconsin | 73,400 | 75,800 | |||
Total | 2,696,900 | 2,397,500 |
June 30, | ||||
2013 | 2012 | |||
Medicaid | 2,051,700 | 1,848,500 | ||
CHIP & Foster Care | 275,900 | 222,600 | ||
ABD & Medicare | 322,500 | 269,900 | ||
Hybrid Programs | 22,400 | 48,100 | ||
Long-term Care | 24,400 | 8,400 | ||
Total | 2,696,900 | 2,397,500 |
June 30, | ||||
2013 | 2012 | |||
ABD | 81,800 | 62,000 | ||
Long-term Care | 16,600 | 7,600 | ||
Medicare | 5,700 | 3,600 | ||
Total | 104,100 | 73,200 |
• | For the second quarter of 2013, Premium and Service Revenues increased 28% to $2.6 billion from $2.1 billion in the second quarter of 2012. The increase was primarily driven as a result of the Mississippi expansion, pharmacy carve-in in Louisiana, the additions of the Kansas, Missouri and Washington contracts, rate increases in several of our markets, increased Texas membership and the acquisition of AcariaHealth. |
• | Consolidated HBR of 88.8% for the second quarter of 2013 represents an decrease from 92.9% in the comparable period in 2012 and a decrease from 90.4% in the first quarter of 2013. The HBR decreased compared to last year primarily as a result of improvements in the performance of the Texas and individual health business from 2012, as well as the effect of the premium deficiency reserve recorded for Kentucky in 2012. The HBR decrease compared to the first quarter of 2013 reflects a higher level of flu costs during the first quarter of 2013. |
• | The following table compares the results for new business and existing business for the quarter ended June 30: |
2013 | 2012 | ||||
Premium and Service Revenue | |||||
New business | 17 | % | 31 | % | |
Existing business | 83 | % | 69 | % | |
HBR | |||||
New business | 90.7 | % | 102.3 | % | |
Existing business | 88.4 | % | 88.7 | % | |
Total | 88.8 | % | 92.9 | % |
• | Consolidated G&A expense ratio for the second quarter of 2013 was 8.7%, compared to 8.2% in the prior year. The year over year increase reflects an increase in performance based compensation expense in 2013 of approximately 70 basis points and the AcariaHealth transaction costs, partially offset by the leveraging of expenses over higher revenue in 2013. |
• | Earnings from operations were $67.0 million in the second quarter of 2013 compared to a loss from operations of $(46.7) million in the second quarter 2012. Net earnings attributable to Centene Corporation were $39.5 million in the second quarter 2013, compared to a net loss of $(35.0) million in the second quarter of 2012. |
• | Diluted EPS was $0.70 in the second quarter of 2013 including AcariaHealth transaction costs of $0.07 per diluted share. |
Days in claims payable, March 31, 2013 | 42.4 | ||
Timing of claim payments | 1.3 | ||
Days in claims payable, June 30, 2013 | 43.7 | ||
Full Year 2013 | |||||||||
Low | High | ||||||||
Premium and Service Revenues (in millions) | $ | 10,300 | $ | 10,600 | |||||
Diluted EPS | $ | 2.65 | $ | 2.90 | |||||
Consolidated Health Benefits Ratio | 88.0 | % | 89.0 | % | |||||
General & Administrative expense ratio | 8.8 | % | 9.3 | % | |||||
Diluted Shares Outstanding (in thousands) | 56,000 | 56,500 | |||||||
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 688,712 | $ | 843,952 | |||
Premium and related receivables | 357,908 | 263,452 | |||||
Short-term investments | 131,330 | 139,118 | |||||
Other current assets | 164,410 | 127,080 | |||||
Total current assets | 1,342,360 | 1,373,602 | |||||
Long-term investments | 769,905 | 614,723 | |||||
Restricted deposits | 39,291 | 34,793 | |||||
Property, software and equipment, net | 388,965 | 377,726 | |||||
Goodwill | 344,822 | 256,288 | |||||
Intangible assets, net | 52,219 | 20,268 | |||||
Other long-term assets | 107,673 | 64,282 | |||||
Total assets | $ | 3,045,235 | $ | 2,741,682 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Medical claims liability | $ | 1,078,386 | $ | 926,302 | |||
Premium deficiency reserve | 1,016 | 41,475 | |||||
Accounts payable and accrued expenses | 216,330 | 191,343 | |||||
Unearned revenue | 21,811 | 34,597 | |||||
Current portion of long-term debt | 3,029 | 3,373 | |||||
Total current liabilities | 1,320,572 | 1,197,090 | |||||
Long-term debt | 548,473 | 535,481 | |||||
Other long-term liabilities | 53,916 | 55,344 | |||||
Total liabilities | 1,922,961 | 1,787,915 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, $.001 par value; authorized 100,000,000 shares; 57,661,262 issued and 54,627,735 outstanding at June 30, 2013, and 55,339,160 issued and 52,329,248 outstanding at December 31, 2012 | 58 | 55 | |||||
Additional paid-in capital | 563,873 | 450,856 | |||||
Accumulated other comprehensive income: | |||||||
Unrealized (loss) gain on investments, net of tax | (4,061 | ) | 5,189 | ||||
Retained earnings | 629,306 | 566,820 | |||||
Treasury stock, at cost (3,033,527 and 3,009,912 shares, respectively) | (70,969 | ) | (69,864 | ) | |||
Total Centene stockholders’ equity | 1,118,207 | 953,056 | |||||
Noncontrolling interest | 4,067 | 711 | |||||
Total stockholders’ equity | 1,122,274 | 953,767 | |||||
Total liabilities and stockholders’ equity | $ | 3,045,235 | $ | 2,741,682 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||||
Premium | $ | 2,528,718 | $ | 2,034,558 | $ | 5,037,767 | $ | 3,669,408 | |||||||
Service | 105,599 | 27,041 | 138,793 | 55,659 | |||||||||||
Premium and service revenues | 2,634,317 | 2,061,599 | 5,176,560 | 3,725,067 | |||||||||||
Premium tax | 91,628 | 49,147 | 195,277 | 97,827 | |||||||||||
Total revenues | 2,725,945 | 2,110,746 | 5,371,837 | 3,822,894 | |||||||||||
Expenses: | |||||||||||||||
Medical costs | 2,244,611 | 1,890,405 | 4,512,011 | 3,333,081 | |||||||||||
Cost of services | 93,300 | 21,816 | 118,365 | 45,153 | |||||||||||
General and administrative expenses | 230,248 | 168,062 | 440,596 | 331,249 | |||||||||||
Premium tax expense | 90,760 | 49,176 | 193,735 | 97,926 | |||||||||||
Impairment loss | — | 28,033 | — | 28,033 | |||||||||||
Total operating expenses | 2,658,919 | 2,157,492 | 5,264,707 | 3,835,442 | |||||||||||
Earnings (loss) from operations | 67,026 | (46,746 | ) | 107,130 | (12,548 | ) | |||||||||
Other income (expense): | |||||||||||||||
Investment and other income | 4,286 | 4,045 | 8,757 | 9,336 | |||||||||||
Interest expense | (7,033 | ) | (4,739 | ) | (13,658 | ) | (9,538 | ) | |||||||
Earnings (loss) before income tax expense (benefit) | 64,279 | (47,440 | ) | 102,229 | (12,750 | ) | |||||||||
Income tax expense (benefit) | 25,268 | (8,608 | ) | 40,307 | 3,479 | ||||||||||
Net earnings (loss) | 39,011 | (38,832 | ) | 61,922 | (16,229 | ) | |||||||||
Noncontrolling interest | (473 | ) | (3,833 | ) | (564 | ) | (5,208 | ) | |||||||
Net earnings (loss) attributable to Centene Corporation | $ | 39,484 | $ | (34,999 | ) | $ | 62,486 | $ | (11,021 | ) | |||||
Net earnings (loss) per common share attributable to Centene Corporation: | |||||||||||||||
Basic earnings (loss) per common share | $ | 0.72 | $ | (0.68 | ) | $ | 1.17 | $ | (0.21 | ) | |||||
Diluted earnings (loss) per common share | $ | 0.70 | $ | (0.68 | ) | $ | 1.13 | $ | (0.21 | ) | |||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 54,529,036 | 51,515,895 | 53,449,077 | 51,320,784 | |||||||||||
Diluted | 56,601,660 | 51,515,895 | 55,448,396 | 51,320,784 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | 61,922 | $ | (16,229 | ) | ||
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities | |||||||
Depreciation and amortization | 32,928 | 33,266 | |||||
Stock compensation expense | 16,955 | 11,993 | |||||
Impairment loss | — | 28,033 | |||||
Deferred income taxes | 10,715 | 9,364 | |||||
Changes in assets and liabilities | |||||||
Premium and related receivables | (71,230 | ) | (232,745 | ) | |||
Other current assets | (35,879 | ) | (34,105 | ) | |||
Other assets | (38,191 | ) | 1,520 | ||||
Medical claims liabilities | 111,625 | 251,050 | |||||
Unearned revenue | (12,068 | ) | 19,885 | ||||
Accounts payable and accrued expenses | (1,488 | ) | (77,010 | ) | |||
Other operating activities | 5,650 | (4,922 | ) | ||||
Net cash provided by (used in) operating activities | 80,939 | (9,900 | ) | ||||
Cash flows from investing activities: | |||||||
Capital expenditures | (30,057 | ) | (57,442 | ) | |||
Purchases of investments | (537,590 | ) | (406,901 | ) | |||
Sales and maturities of investments | 358,971 | 253,719 | |||||
Investments in acquisitions, net of cash acquired | (66,832 | ) | — | ||||
Net cash used in investing activities | (275,508 | ) | (210,624 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 3,867 | 10,320 | |||||
Proceeds from borrowings | 30,000 | 75,000 | |||||
Payment of long-term debt | (10,118 | ) | (21,601 | ) | |||
Proceeds from stock offering | 15,239 | — | |||||
Excess tax benefits from stock compensation | 1,113 | 5,810 | |||||
Common stock repurchases | (1,105 | ) | (1,791 | ) | |||
Contribution from noncontrolling interest | 3,920 | 982 | |||||
Debt issue costs | (3,587 | ) | — | ||||
Net cash provided by financing activities | 39,329 | 68,720 | |||||
Net decrease in cash and cash equivalents | (155,240 | ) | (151,804 | ) | |||
Cash and cash equivalents, beginning of period | 843,952 | 573,698 | |||||
Cash and cash equivalents, end of period | $ | 688,712 | $ | 421,894 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 15,170 | $ | 10,312 | |||
Income taxes paid | 21,694 | 32,394 | |||||
Equity issued in connection with acquisition | 75,438 | — |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2013 | 2013 | 2012 | 2012 | 2012 | |||||||||||||||
AT-RISK MEMBERSHIP | |||||||||||||||||||
Managed Care: | |||||||||||||||||||
Arizona | 23,200 | 23,300 | 23,500 | 23,800 | 24,000 | ||||||||||||||
Florida | 216,200 | 214,600 | 214,000 | 209,600 | 204,100 | ||||||||||||||
Georgia | 316,600 | 314,000 | 313,700 | 312,400 | 313,300 | ||||||||||||||
Illinois | 18,000 | 18,000 | 18,000 | 17,900 | 17,800 | ||||||||||||||
Indiana | 200,000 | 202,400 | 204,000 | 205,400 | 205,000 | ||||||||||||||
Kansas | 137,500 | 133,700 | — | — | — | ||||||||||||||
Kentucky | 133,500 | 132,700 | 135,800 | 145,400 | 143,500 | ||||||||||||||
Louisiana | 153,700 | 162,900 | 165,600 | 167,200 | 168,700 | ||||||||||||||
Massachusetts | 15,200 | 17,300 | 21,500 | 28,000 | 41,400 | ||||||||||||||
Mississippi | 77,300 | 77,000 | 77,200 | 30,600 | 30,100 | ||||||||||||||
Missouri | 58,800 | 57,900 | 59,600 | 53,900 | — | ||||||||||||||
Ohio | 156,700 | 157,700 | 157,800 | 173,800 | 166,800 | ||||||||||||||
South Carolina | 88,800 | 90,100 | 90,100 | 89,400 | 87,800 | ||||||||||||||
Texas | 960,400 | 948,400 | 949,900 | 930,700 | 919,200 | ||||||||||||||
Washington | 67,600 | 63,500 | 57,200 | 42,000 | — | ||||||||||||||
Wisconsin | 73,400 | 72,600 | 72,400 | 72,900 | 75,800 | ||||||||||||||
TOTAL | 2,696,900 | 2,686,100 | 2,560,300 | 2,503,000 | 2,397,500 | ||||||||||||||
Medicaid | 2,051,700 | 2,049,200 | 1,977,200 | 1,939,400 | 1,848,500 | ||||||||||||||
CHIP & Foster Care | 275,900 | 267,900 | 237,700 | 229,600 | 222,600 | ||||||||||||||
ABD & Medicare | 322,500 | 320,700 | 307,800 | 289,800 | 269,900 | ||||||||||||||
Hybrid Programs | 22,400 | 24,600 | 29,100 | 35,700 | 48,100 | ||||||||||||||
Long-term Care | 24,400 | 23,700 | 8,500 | 8,500 | 8,400 | ||||||||||||||
TOTAL | 2,696,900 | 2,686,100 | 2,560,300 | 2,503,000 | 2,397,500 | ||||||||||||||
Specialty Services(a): | |||||||||||||||||||
Cenpatico Behavioral Health | |||||||||||||||||||
Arizona | 157,100 | 156,200 | 157,900 | 162,000 | 159,900 | ||||||||||||||
Kansas | — | — | 49,800 | 48,500 | 44,300 | ||||||||||||||
TOTAL | 157,100 | 156,200 | 207,700 | 210,500 | 204,200 | ||||||||||||||
(a) Includes external membership only. | |||||||||||||||||||
REVENUE PER MEMBER PER MONTH(b) | $ | 305 | $ | 304 | $ | 292 | $ | 283 | $ | 279 | |||||||||
CLAIMS(b) | |||||||||||||||||||
Period-end inventory | 752,800 | 1,020,100 | 641,000 | 826,800 | 1,195,000 | ||||||||||||||
Average inventory | 539,800 | 587,800 | 555,200 | 547,400 | 640,600 | ||||||||||||||
Period-end inventory per member | 0.28 | 0.38 | 0.25 | 0.33 | 0.50 | ||||||||||||||
(b) Revenue per member and claims information are presented for the Managed Care at-risk members. | |||||||||||||||||||
NUMBER OF EMPLOYEES | 7,900 | 7,100 | 6,800 | 6,400 | 6,200 |
Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||
2013 | 2013 | 2012 | 2012 | 2012 | |||||||||||||||
DAYS IN CLAIMS PAYABLE (c) | 43.7 | 42.4 | 41.1 | 42.8 | 41.4 | ||||||||||||||
(c) Days in Claims Payable is a calculation of Medical Claims Liabilities at the end of the period divided by average claims expense per calendar day for such period, excluding the Kentucky premium deficiency reserve liability. | |||||||||||||||||||
CASH AND INVESTMENTS (in millions) | |||||||||||||||||||
Regulated | $ | 1,595.4 | $ | 1,619.0 | $ | 1,595.3 | $ | 1,493.8 | $ | 1,198.2 | |||||||||
Unregulated | 33.8 | 45.5 | 37.3 | 36.0 | 40.6 | ||||||||||||||
TOTAL | $ | 1,629.2 | $ | 1,664.5 | $ | 1,632.6 | $ | 1,529.8 | $ | 1,238.8 | |||||||||
DEBT TO CAPITALIZATION | 32.9 | % | 35.2 | % | 36.1 | % | 29.2 | % | 30.1 | % | |||||||||
DEBT TO CAPITALIZATION EXCLUDING NON-RECOURSE DEBT(d) | 29.8 | % | 31.9 | % | 32.7 | % | 25.0 | % | 25.9 | % | |||||||||
Debt to Capitalization is calculated as follows: total debt divided by (total debt + total equity). | |||||||||||||||||||
(d) The non-recourse debt represents the Company's mortgage note payable ($74.1 million at June 30, 2013). |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Health Benefits Ratios: | |||||||||||
Medicaid and CHIP | 89.0 | % | 92.4 | % | 90.7 | % | 90.2 | % | |||
ABD and Medicare | 89.0 | 93.0 | 88.5 | 91.4 | |||||||
Specialty Services | 82.0 | 98.0 | 82.5 | 93.9 | |||||||
Total | 88.8 | 92.9 | 89.6 | 90.8 | |||||||
Total General & Administrative Expense Ratio | 8.7 | % | 8.2 | % | 8.5 | % | 8.9 | % |
Balance, June 30, 2012 | $ | 859,035 | ||
Incurred related to: | ||||
Current period | 8,666,880 | |||
Prior period | (41,913 | ) | ||
Total incurred | 8,624,967 | |||
Paid related to: | ||||
Current period | 7,604,434 | |||
Prior period | 800,166 | |||
Total paid | 8,404,600 | |||
Less: Premium Deficiency Reserve | 1,016 | |||
Balance, June 30, 2013 | $ | 1,078,386 |
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