0001089819-14-000007.txt : 20140225 0001089819-14-000007.hdr.sgml : 20140225 20140225164809 ACCESSION NUMBER: 0001089819-14-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140225 ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140225 DATE AS OF CHANGE: 20140225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLECO CORP CENTRAL INDEX KEY: 0001089819 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 721445282 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15759 FILM NUMBER: 14641327 BUSINESS ADDRESS: STREET 1: 2030 DONAHUE FERRY ROAD CITY: PINEVILLE STATE: LA ZIP: 71360-5226 BUSINESS PHONE: 3184847400 MAIL ADDRESS: STREET 1: PO BOX 5000 CITY: PINEVILLE STATE: LA ZIP: 71361-5000 FORMER COMPANY: FORMER CONFORMED NAME: CLECO HOLDING CORP DATE OF NAME CHANGE: 19990630 8-K 1 clecocorp8k_022514.htm 8-K clecocorp8k_022514
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 25, 2014


CLECO CORPORATION
(Exact name of registrant as specified in its charter)

Louisiana
1-15759
72-1445282
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
 
Identification No.)


2030 Donahue Ferry Road
 
Pineville, Louisiana
71360-5226
(Address of principal executive offices)
(Zip Code)
 
 

Registrant’s telephone number, including area code: (318) 484-7400


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 2.02    Results of Operations and Financial Condition.

On February 25, 2014, Cleco Corporation (the “Company”) reported earnings for the quarter and twelve months ended December 31, 2013. For additional information regarding the Company’s earnings for these periods, please refer to the press release attached to this report as Exhibit 99.1 (the “Press Release”), which is incorporated by reference herein. The information in the Press Release is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that section. Accordingly, the information in the Press Release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company or of any of its subsidiaries, including Cleco Power LLC.

At 7:30 a.m. CST (8:30 a.m. EST), Wednesday, February 26, 2014, management of the Company will host a conference call to discuss the Company’s results for the quarter and twelve months ended December 31, 2013. The call will be broadcast live on the Internet, and replays will be available for 12 months. The webcast may be accessed through the Company’s website at www.cleco.com by selecting “Investors,” and then “Q4 2013 Cleco Corporation Earnings Conference Call.”

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits.
 
The following exhibit is furnished herewith:
 
99.1 Press Release issued February 25, 2014, regarding Cleco Corporation’s earnings for the quarter and twelve months ended December 31, 2013.





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.


 
CLECO CORPORATION
 
 
 
 
 
 
Date: February 25, 2014
By: /s/ Terry L. Taylor      
 
Terry L. Taylor
 
Controller and Chief Accounting Officer



EXHIBIT INDEX

Exhibit Number
Exhibit Description
 
 
99.1
Press Release issued February 25, 2014, regarding Cleco Corporation’s earnings for the quarter and twelve months ended December 31, 2013.




 EX-99.1 2 exhibit991123113.htm EXHIBIT 99.1 Exhibit 99.1 123113


 
 
EXHIBIT 99.1

Cleco Corporation reports full-year 2013 operational earnings of $2.53 per share


•
Received approval for the transfer of Coughlin Power Station to the utility
•
Integrated into the Midcontinent Independent System Operator (MISO)

PINEVILLE, LA., Feb. 25, 2014 - Cleco Corporation (NYSE:CNL) reports 2013 earnings of $160.7 million, or $2.65 per diluted share, down $2.9 million from the $163.6 million recorded in 2012. Fourth-quarter earnings were $25.1 million or $0.41 per diluted share, up $2.0 million from the $23.1 million recorded in the fourth quarter of 2012. Operational earnings for 2013 were $153.5 million, or $2.53 per diluted share, while operational earnings for 2012 were $149.1 million or $2.46 per diluted share. Operational earnings for 2012 and 2013 exclude the Acadia Units 1 and 2 indemnifications and other nonoperational adjustments.

“We delivered another solid year of earnings in 2013, achieving the midpoint of our narrowed guidance range of $2.50 to $2.55 per share,” said Bruce Williamson, president and CEO of Cleco Corporation. “During the year, we experienced higher revenues from increased industrial and wholesale sales and somewhat colder winter weather. These factors along with our ability to manage non-payroll operating costs and expected adjustments to our formula rate plan are driving results that bring value to our shareholders.

“In 2013, we completed several key initiatives that are the foundation for future growth,” said Williamson. “We achieved a major milestone when we received federal and state regulatory approval to transfer Coughlin from our unregulated subsidiary to our utility, which provides customers with another efficient power source. We ended the year by joining MISO, changing the way we provide power to our customers and creating additional growth possibilities. However, one of our most important accomplishments for the year was our employees’ successful efforts to increase their safety focus and greatly lower accident and injury rates. 

“In 2014, we are prepared to expand our wholesale customer base to include the largest contract in our company’s history,” said Williamson. “As we maintain our focus on low-cost, reliable utility operations, we plan to complete our remaining regulatory and operational initiatives and continue our transition to MISO. We also plan to continue our search for growth opportunities that result in wise investments for customers and our shareholders.”


Earnings Guidance:

Cleco’s guidance for 2014 consolidated operational earnings is in the range of $2.65 to $2.75 per diluted share. This estimate assumes normal weather for the year, an estimated consolidated effective tax rate of approximately 34 percent and is generally consistent with the current rate plan. The guidance range excludes adjustments related to life insurance policies and expiring indemnifications. Please refer to “Operational Earnings Adjustments” in this press release for a description of these adjustments.

Financial Highlights:

Fourth Quarter 2013
•
Cleco reports fourth-quarter GAAP earnings applicable to common stock of $25.1 million, or $0.41 per diluted share, compared to $23.1 million, or $0.38 per diluted share for the fourth quarter of 2012.

Year-to-Date 2013
•
Cleco reports GAAP earnings applicable to common stock for 2013 of $160.7 million, or $2.65 per diluted share, compared to $163.6 million, or $2.70 per diluted share for 2012.

--more--
Cleco Corporation
Page 2 of 10


Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures
 
 
Diluted Earnings Per Share
 
For the three months ended Dec. 31
 
For the year ended Dec. 31
Subsidiary
2013
 
2012
 
2013
 
2012
Cleco Power LLC
$
0.44

 
$
0.41

 
$
2.47

 
$
2.42

Cleco Midstream Resources LLC
(0.03
)
 
(0.05
)
 
—

 
(0.07
)
Corporate and Other
—

 
—

 
0.06

 
0.11

Operational diluted earnings per share (Non-GAAP)
0.41

 
0.36

 
2.53

 
2.46

Adjustments1
—

 
0.02

 
0.12

 
0.24

Diluted earnings per share applicable to common stock
$
0.41

 
$
0.38

 
$
2.65

 
$
2.70


GAAP refers to United States generally accepted accounting principles.

1 Refer to “Operational Earnings Adjustments” in this press release

Quarter-Over-Quarter Operational Diluted Earnings Per Share Reconciliation

$
0.36

 
2012 fourth-quarter operational diluted earnings per share
 
 
 
0.20

 
Non-fuel revenue
0.01

 
Rate refund accrual
(0.14
)
 
Other expenses, net
(0.02
)
 
Interest charges
(0.02
)
 
AFUDC (allowance for funds used during construction)
$
0.03

 
Cleco Power results
 
 
 
0.02

 
Cleco Midstream results
 
 
 
—

 
Corporate and Other results
 
 
 
$
0.41

 
2013 fourth-quarter operational diluted earnings per share
 
 
 
—

 
Adjustments1
 
 
 
$
0.41

 
Reported GAAP diluted earnings per share

1Refer to “Operational Earnings Adjustments” in this press release

Cleco Power

•
Higher non-fuel revenue increased earnings by $0.20 per share compared to the fourth quarter of 2012 primarily due to $0.08 per share from colder winter weather and higher industrial and wholesale sales, $0.07 per share from adjustments to Cleco Power’s formula rate plan, and $0.02 per share due to an adjustment to customer surcredits. Also contributing to the increase was $0.03 per share of higher transmission and other miscellaneous revenue.
•
Lower rate refund accrual increased earnings by $0.01 per share compared to the fourth quarter of 2012 primarily due to a change in estimated accruals.
•
Higher other expenses, net, decreased earnings by $0.14 per share compared to the fourth quarter of 2012 primarily due to $0.08 per share of higher generation maintenance expenses primarily related to planned outages and $0.07 per share of higher taxes other than income taxes, partially offset by $0.01 per share of lower depreciation and amortization expense.


--more--
Cleco Corporation
Page 3 of 10


•
Higher interest charges decreased earnings by $0.02 per share compared to the fourth quarter of 2012 primarily due to $0.02 per share related to uncertain tax positions and $0.01 per share related to interest on taxes other than income taxes, partially offset by $0.01 per share related to the retirement of senior notes.
•
Lower AFUDC decreased earnings by $0.02 per share compared to the fourth quarter of 2012 primarily due to the completion of the Acadiana Load Pocket project in 2012 and the timing of other capital transmission expenditures.

Cleco Midstream Resources

•
Midstream’s results increased earnings by $0.02 per share compared to the fourth quarter of 2012 primarily due to $0.01 per share of higher tolling revenue and $0.01 per share of lower maintenance expenses at Coughlin.

For a discussion of other transactions affecting Cleco Midstream’s results, please refer to “Operational Earnings Adjustments - Acadia Units 1 and 2 Indemnifications” below.


Corporate and Other

•
Lower income taxes increased earnings by $0.01 per share compared to the fourth quarter of 2012 as a result of $0.02 per share for adjustments for tax returns as filed and $0.01 per share for the adjustment to record tax expense at the projected effective tax rate, partially offset by $0.02 per share of lower tax credits.
•
Higher other miscellaneous expense decreased earnings by $0.01 per share compared to the fourth quarter of 2012.


Year-Over-Year Operational Diluted Earnings Per Share Reconciliation
$
2.46

 
Year ended Dec. 31, 2012, operational diluted earnings per share
 
 
 
0.55

 
Non-fuel revenue
(0.01
)
 
Rate refund accrual
(0.34
)
 
Other expenses, net
(0.01
)
 
Interest charges
(0.05
)
 
AFUDC
(0.09
)
 
Income taxes
$
0.05

 
Cleco Power results
 
 
 
0.07

 
Cleco Midstream results
 
 
 
(0.05
)
 
Corporate and Other results
 
 
 
$
2.53

 
Year ended Dec. 31, 2013, operational diluted earnings per share
 
 
 
0.12

 
Adjustments1
 
 
 
$
2.65

 
Reported GAAP diluted earnings per share

1Refer to “Operational Earnings Adjustments” in this press release

Cleco Power

•
Higher non-fuel revenue increased earnings by $0.55 per share compared to 2012 primarily due to $0.21 per share from adjustments to Cleco Power’s formula rate plan, $0.19 per share from colder winter weather and higher industrial and wholesale sales, $0.08 per share due to an adjustment to customer surcredits, and $0.07 per share from higher transmission revenue.


--more--
Cleco Corporation
Page 4 of 10


•
Higher rate refund accrual decreased earnings by $0.01 per share compared to 2012 primarily due to the absence of the reversals of the 2012 cycle accrual and fuel audit reserves, partially offset by adjustments to customer refunds.
•
Higher other expenses, net, decreased earnings by $0.34 per share compared to 2012 primarily due to $0.13 per share of higher generation expenses related to planned outages, $0.12 per share of higher taxes other than income taxes, $0.10 per share of higher depreciation and amortization expense, and $0.01 per share of higher other miscellaneous expenses, partially offset by $0.02 per share of higher net non-recoverable wholesale power purchases.
•
Higher interest charges decreased earnings by $0.01 per share compared to 2012 primarily due to $0.07 per share related to uncertain tax positions mainly from the absence of a favorable settlement recorded in 2012 and $0.01 per share related to interest on taxes other than income taxes, partially offset by $0.05 per share related to the refinancing of debt in 2013 and $0.02 per share for an adjustment to customer surcredits due to a tax settlement.
•
Lower AFUDC decreased earnings by $0.05 per share compared to 2012 primarily due to the completion of the Acadiana Load Pocket project and other capital transmission projects in 2012 and early 2013.
•
Higher income taxes decreased earnings by $0.09 per share compared to 2012 primarily due to $0.03 per share of permanent tax deductions, $0.03 per share for the absence in 2013 of a favorable settlement with taxing authorities in 2012, $0.02 per share for tax credits, $0.02 for tax returns as filed, and $0.01 per share for the flowthrough of tax benefits. These amounts were partially offset by $0.01 per share for the change in uncertain tax positions and $0.01 per share for miscellaneous tax items.

Cleco Midstream Resources

•
Midstream’s results increased earnings by $0.07 per share compared to 2012 primarily due to $0.06 per share of higher tolling revenue, $0.03 per share of lower maintenance expense, and $0.03 per share of lower other miscellaneous expenses. These amounts were partially offset by $0.04 per share related to income taxes and $0.01 per share primarily due to a loss on sale of assets at Evangeline.

For a discussion of other transactions affecting Cleco Midstream’s results, please refer to “Operational Earnings Adjustments - Acadia Units 1 and 2 Indemnifications” below.

Corporate and Other

•
Higher income taxes decreased earnings by $0.03 per share compared to 2012 primarily due to $0.07 per share of lower tax credits, partially offset by $0.03 per share for adjustments for tax returns as filed and $0.01 per share for miscellaneous tax items.
•
Higher other expenses decreased earnings by $0.02 per share compared to 2012 primarily due to higher outside services and other miscellaneous expenses.

Operational Earnings Adjustments:

Cleco’s management uses operational diluted earnings per share, which is a non-GAAP measure, to evaluate the operations of Cleco and establish goals for management and employees. Management believes this presentation is appropriate and enables investors to more accurately compare Cleco’s operational financial performance over the periods presented. Operational diluted earnings per share as presented here may not be comparable to similarly titled measures used by other companies. The following table provides a reconciliation of operational diluted earnings per share to reported GAAP diluted earnings per share.



--more--
Cleco Corporation
Page 5 of 10


Reconciliation of Operational Diluted Earnings Per Share to Reported GAAP Diluted Earnings Per Share

 
Diluted Earnings Per Share
 
For the three months ended Dec. 31
 
For the year ended Dec. 31
 
2013
 
2012
 
2013
 
2012
Operational diluted earnings per share
$
0.41

 
$
0.36

 
$
2.53

 
$
2.46

Life insurance policies
0.01

 
—

 
0.05

 
0.02

Tax levelization
(0.01
)
 
—

 
—

 
—

Acadia Unit 1 indemnifications
—

 
—

 
—

 
0.08

Acadia Unit 2 indemnifications
—

 
0.02

 
0.07

 
0.14

Reported GAAP diluted earnings per share applicable to common stock
$
0.41

 
$
0.38

 
$
2.65

 
$
2.70


Reconciling adjustments from operational diluted earnings per share to GAAP diluted earnings per share are as follows:

Life Insurance Policies

Cleco has life insurance policies covering certain members of management. These policies have a cash surrender value component that is carried as an asset and adjusted due to market changes, premium payments, or policy redemptions. Cleco is unable to predict market changes and cash surrender value amounts of these policies, and management does not consider these adjustments to be a component of operational earnings.

Tax Levelization

GAAP requires companies to apply an effective tax rate to interim periods that is consistent with the company’s estimated annual effective tax rate. As a result, on a quarterly basis, Cleco projects the annual effective tax rate and then adjusts the tax expense recorded in that quarter to reflect the projected annual effective tax rate. During the fourth quarter of 2013, Cleco recorded a $0.01 per share expense from the levelization of its annual tax rate to bring the actual tax rate in line with the projected annual effective tax rate. The resulting adjustment for this item had no impact for the fourth quarter of 2012. The incremental adjustment for tax levelization is not related to the current quarter’s operational earnings because it reflects the effect of the change in tax rates on operational earnings for the prior quarter.

Acadia Units 1 and 2 Indemnifications

Acadia Power Partners, LLC provided limited guarantees and indemnifications to Cleco Power and Entergy Louisiana when they acquired Acadia Units 1 and 2 in February 2010 and April 2011, respectively. Acadia Power Partners, LLC and Acadia Power Holdings LLC reduce the indemnification liabilities either through expiration of the contractual life or through changes in the probability of a claim arising. During the fourth quarter of 2012, the contractual expiration of the underlying indemnifications increased earnings by $0.02 per share. The resulting adjustment for this item had no impact for the fourth quarter of 2013. During the year ended December 31, 2013 and 2012, the contractual expiration of the underlying indemnifications increased earnings $0.07 per share and $0.22 per share, respectively.

Cleco management will discuss the company’s fourth-quarter 2013 results during a conference call scheduled for 7:30 a.m. Central time (8:30 a.m. Eastern time) Wednesday, February 26, 2014. The call will be webcast live on the Internet. A replay will be available for 12 months. Investors may access the webcast through the company’s website at www.cleco.com by selecting “Investors” and then “Q4 2013 Cleco Corporation Earnings Conference Call.”


--more--
Cleco Corporation
Page 6 of 10


Please note: In addition to historical financial information, this news release contains forward-looking statements about future results and circumstances. There are many risks and uncertainties with respect to such forward-looking statements, including the weather and other natural phenomena, state and federal legislative and regulatory initiatives, the timing and extent of changes in commodity prices and interest rates, the operating performance of Cleco Power’s and Cleco Midstream’s facilities, the impact of the global economic environment, and other risks and uncertainties more fully described in the company’s latest Annual Report on Form 10-K. Actual results may differ materially from those indicated in such forward-looking statements.

Cleco Corporation is a regional energy company headquartered in Pineville, La.  Cleco owns a regulated electric utility company, Cleco Power LLC, which owns nine generating units with a total nameplate capacity of 2,565 megawatts and serves approximately 284,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power has received federal and state regulatory approval to acquire two gas-fired generating units with a total nameplate capacity of 775 megawatts from its unregulated affiliate, Cleco Midstream Resources LLC. For more information about Cleco, visit www.cleco.com.

Analyst Contact:
Tom Miller
tom.miller@cleco.com
(318) 484-7642
 
Media Contact:
Robbyn Cooper
robbyn.cooper@cleco.com
(318) 484-7136

--more--
Cleco Corporation
Page 7 of 10


 
For the three months ended Dec. 31
(Unaudited)
(million kWh)
 
(thousands)
 
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Electric Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
875

 
790

 
10.8
 %
 
$
70,006

 
$
61,884

 
13.1
%
Commercial
665

 
634

 
4.9
 %
 
48,401

 
44,884

 
7.8
%
Industrial
599

 
601

 
(0.3
)%
 
24,032

 
22,457

 
7.0
%
Other retail
34

 
32

 
6.3
 %
 
2,730

 
2,472

 
10.4
%
Surcharge
—

 
—

 
—

 
2,483

 
2,333

 
6.4
%
Other
—

 
—

 
—

 
—

 
(1,565
)
 
100.0
%
Total retail
2,173

 
2,057

 
5.6
 %
 
147,652

 
132,465

 
11.5
%
Sales for resale
474

 
461

 
2.8
 %
 
12,688

 
11,813

 
7.4
%
Unbilled
(46
)
 
(54
)
 
14.8
 %
 
(2,463
)
 
(3,501
)
 
29.6
%
Total retail and wholesale
customer sales
2,601

 
2,464

 
5.6
 %
 
$
157,877

 
$
140,777

 
12.1
%

 
For the year ended Dec. 31
(Unaudited)
(million kWh)
 
(thousands)
 
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Electric Sales
 
 
 
 
 
 
 
 
 
 
 
Residential
3,714

 
3,624

 
2.5
%
 
$
297,158

 
$
281,378

 
5.6
%
Commercial
2,672

 
2,655

 
0.6
%
 
189,807

 
181,093

 
4.8
%
Industrial
2,322

 
2,311

 
0.5
%
 
91,093

 
85,675

 
6.3
%
Other retail
134

 
133

 
0.8
%
 
10,590

 
9,908

 
6.9
%
Surcharge
—

 
—

 
—

 
14,978

 
9,133

 
64.0
%
Other
—

 
—

 
—

 
(4,694
)
 
(6,252
)
 
24.9
%
Total retail
8,842

 
8,723

 
1.4
%
 
598,932

 
560,935

 
6.8
%
Sales for resale
2,057

 
1,934

 
6.4
%
 
51,922

 
47,767

 
8.7
%
Unbilled
61

 
(43
)
 
241.9
%
 
3,161

 
(2,125
)
 
248.8
%
Total retail and wholesale
customer sales
10,960

 
10,614

 
3.3
%
 
$
654,015

 
$
606,577

 
7.8
%


--more--
Cleco Corporation
Page 8 of 10

CLECO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(Unaudited)
For the three months ended Dec. 31
2013
 
2012
Operating revenue
 
 
 
Electric operations
$
250,591

 
$
223,393

Other operations
13,085

 
11,693

Gross operating revenue
263,676

 
235,086

Electric customer credits
(567
)
 
(1,655
)
Operating revenue, net
263,109

 
233,431

Operating expenses
 
 
 
Fuel used for electric generation
70,146

 
72,789

Power purchased for utility customers
20,496

 
9,065

Other operations
33,227

 
33,996

Maintenance
33,069

 
25,010

Depreciation
32,331

 
33,380

Taxes other than income taxes
15,543

 
9,317

(Gain) loss on sales of assets
(17
)
 
108

Total operating expenses
204,795

 
183,665

Operating income
58,314

 
49,766

Interest income
317

 
183

Allowance for other funds used during construction
1,201

 
2,414

Equity loss from investees, before tax
—

 
(1
)
Other income
1,574

 
4,894

Other expense
(715
)
 
(1,976
)
Interest charges
 
 
 
Interest charges, including amortization of debt expense, premium, and discount, net
23,286

 
21,777

Allowance for borrowed funds used during construction
(389
)
 
(826
)
Total interest charges
22,897

 
20,951

Income before income taxes
37,794

 
34,329

Federal and state income tax expense
12,682

 
11,217

Net income applicable to common stock
$
25,112

 
$
23,112

 
 
 
 
Average number of basic common shares outstanding
60,452,838

 
60,353,185

Average number of diluted common shares outstanding
60,785,876

 
60,625,139

Basic earnings per share
 
 
 
Net income applicable to common stock
$
0.42

 
$
0.38

Diluted earnings per share
 
 
 
Net income applicable to common stock
$
0.41

 
$
0.38

 


--more--
Cleco Corporation
Page 9 of 10

CLECO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Thousands, except share and per share amounts)
(Unaudited)
For the year ended Dec. 31
2013
 
2012
Operating revenue
 
 
 
Electric operations
$
1,047,548

 
$
944,169

Other operations
51,002

 
50,158

Gross operating revenue
1,098,550

 
994,327

Electric customer credits
(1,836
)
 
(630
)
Operating revenue, net
1,096,714

 
993,697

Operating expenses
 
 
 
Fuel used for electric generation
329,874

 
280,553

Power purchased for utility customers
45,292

 
53,134

Other operations
121,646

 
120,898

Maintenance
97,441

 
86,488

Depreciation
142,860

 
132,407

Taxes other than income taxes
50,469

 
38,515

Loss on sales of assets
800

 
51

Total operating expenses
788,382

 
712,046

Operating income
308,332

 
281,651

Interest income
1,105

 
346

Allowance for other funds used during construction
4,081

 
6,711

Other income
13,857

 
29,117

Other expense
(2,861
)
 
(4,694
)
Interest charges
 
 
 
Interest charges, including amortization of debt expense, premium, and discount, net
85,570

 
86,448

Allowance for borrowed funds used during construction
(1,316
)
 
(2,292
)
Total interest charges
84,254

 
84,156

Income before income taxes
240,260

 
228,975

Federal and state income tax expense
79,575

 
65,327

Net income applicable to common stock
$
160,685

 
$
163,648

 
 
 
 
Average number of basic common shares outstanding
60,434,510

 
60,370,588

Average number of diluted common shares outstanding
60,720,090

 
60,628,129

Basic earnings per share
 
 
 
Net income applicable to common stock
$
2.66

 
$
2.71

Diluted earnings per share
 
 
 
Net income applicable to common stock
$
2.65

 
$
2.70



--more--
Cleco Corporation
Page 10 of 10


CLECO CORPORATION
CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited)
 
At Dec. 31, 2013
 
At Dec. 31, 2012
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
28,656

 
$
31,020

Accounts receivable, net
97,548

 
77,034

Other current assets
347,378

 
339,284

Total current assets
473,582

 
447,338

Property, plant and equipment, net
3,083,140

 
3,009,461

Equity investment in investees
14,540

 
14,540

Prepayments, deferred charges and other
644,000

 
676,010

Total assets
$
4,215,262

 
$
4,147,349

Liabilities
 
 
 
Current liabilities
 
 
 
Long-term debt due within one year
$
17,182

 
$
91,140

Accounts payable
110,544

 
102,695

Other current liabilities
115,747

 
100,795

Total current liabilities
243,473

 
294,630

Long-term liabilities and deferred credits
1,070,092

 
1,096,248

Long-term debt, net
1,315,500

 
1,257,258

Total liabilities
2,629,065

 
2,648,136

Shareholders’ equity
 
 
 
Common shareholders’ equity
1,612,073

 
1,531,583

Accumulated other comprehensive loss
(25,876
)
 
(32,370
)
Total shareholders’ equity
1,586,197

 
1,499,213

Total liabilities and shareholders’ equity
$
4,215,262

 
$
4,147,349




#####
 GRAPHIC 3 clecologo123113.jpg begin 644 clecologo123113.jpg M_]C_X``02D9)1@`!`@$`2`!(``#_X1$U17AI9@``34T`*@````@`!P$2``,` M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q M``(````=````<@$R``(````4````CX=I``0````!````I````-````!(```` M`0```$@````!061O8F4@4&AO=&]S:&]P($-3($UA8VEN=&]S:``R,#`V.C`S M.C$T(#`X.C0T.C$V`````Z`!``,````!__\``*`"``0````!```!`Z`#``0` M```!````=``````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0`` M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```__```` M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B M95]#30`#_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\, M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P, M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`2`"@`P$B``(1`0,1`?_=``0` M"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$` M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$% M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B M$P4R@9$4H;%"(\%2T?`S)&+A7U5F9VAI:FML;6YO8G-T=7 M9W>'EZ>WQ__:``P#`0`"$0,1`#\`]2IIJHJ932QM5530RNM@#6M:T;6,8QOM M:QK5-#Q[O7QZKPQ]8M8U_IV-VO;N&[9:P_0L;^>Q$24I))))2DDDDE*22224 MI))))2DE3HZOTS)S\CIM.36_-Q(]?'F'M!:RP.V'Z;-MK/TC/9_@_P"<5Q)2 MD.F^F]GJ46-MKES=["'#WE=5^MX]C?T/\]_I4E/IR22Y[Z^?6`]`^K>3E5.V9=WZOB'PML!_ M2<._F*FVY'N_T22GS?ZR_73K%_UT?E=#OL:,=PP<.NOWMNVN M#Z-#?=;81^;32/<[^O\`S3/\)8O,<[Z^_7'ZR]491]7*;**J+&V5XU`WO=M< MW8[J.1[:V4/=_.5;ZL?8_P!.WUTE/__0]527G74O\<.-T[JF9T^SI;W_`&.^ MW'-C;F^[TGNJW['5^W=L46?X[.C'^=$9_C,^H[^ M.J-']:JYO_54A)3TZ2Y]GU_^IK^.K8X_K$M_ZMK49OUU^J+N.L8?SN8/RE)3 MRW7_`/%5=E=2NZOTCJCZ,RZU^1MO!]MKW>INIRL;TKJ&L_P?Z.U-A]=_QA?5 MC]!]8.FV=:Z>PP,W$(LN:UH'O?Z8#K:]H_[54XUG_=A=:WZW?51W'6<'YY-0 M_+8BL^LWU;L^AU7"=_5R*C^2Q)3#H/UGZ)]8*?4Z7DMM>T3;0[VVLX_G:'^_ MZ1V>I_-?N6*E];OJC5UVNK,PWC#ZY@D68&='#F'U&49&CM^.Y_\`7]!_Z3_3 M4WGSL7ZH]8L9=DNQ+LBLM-637:UE["P[V>EEX[Z\FK:[_1VJYTRDXU?H_;W9 MU0TK=<6.M`_==?5Z?J_UK6>M_I+K$E*Z+U*SJ.`VV^DXN9635FXKB":KV?SM M?M<_=6[^>Q[/\-BVT7_X58F3TEGUH^LC][W>UK&M7'9WUPZUUIS\+ZD89R6R66=:O&S%K/T7.Q M_5'ZU95N_E_^%\FI:?4>G=$=;]I^M&=5DL8X.IQLI[*L2L@.9N;AO=LO?M?_ M`#F:_*?_`*#T5/)^O/U.PV39U;%+1VI>+C_FXWJN24\_TS_%73;D'J'UJSK> MKYMFMC`YS:^(V/MG[3+0TR*J6!C9/+M MK`WW.7(9G^-_ZG8YBE^1F>=-1:/_`&;=C+=^JOUFQ_K-TU_4<:E]%3;G4AMA M:7'8&.W_`*,N:W^<24__T?54DEA?7/ZS,^K71'YP:+,JQPIQ*W3M-K@YS76; M?=Z53&/ML_J>G^>DIO\`5>M](Z/2+NIY=6(PR6^HX!SH^EZ5?\Y;S_@V+"/^ M-'ZDSIG/(_>&/?'_`)Y7D>%A]=^MO6_28]V9U'(E]M]Q]K&`^^VQS?YC&JW[ M655-_P"!HK7>4?XEZ/1_6.K6&\CFNEH8#X;;'/>__/24]ST;ZQ=$Z[4ZWI.6 MS*%<>HULM>V?H^I3:&6LW;?SV*L?KM]4Q;Z1ZKC^H';-N_7=.S;_`)RROJ/] M2ZW)KS,?*KJ;58UIK>#6;"_U*3ZC/\+[=ER\@?_RV[_PZ?_/Z2GZ/ M47N:QI>\[6M!+B>``I(.9_0[_P#BW_\`4E)3CCZ]_4\Z_M?&_P`]+_GU]3__ M`"WQO\\+PCI.$_J&=A=/8\5NS+:Z&V$2&EYV[BT?27>_^,SU7_RSQ_\`MM__ M`)-)3Z;TSJW3>K4.R.FY#,JECS6ZRLR`\!KRS_->Q6+/2:US[-K6-!+G.@`` M3_H5Y9]=_KKE_6/-LKKM M=5T:EQ;CXX)#;`T_TK)'^%LL/J=U+(;C874*O7>X-978U]+G.<=K&5_:64^H] MSOHL8N`Z%_BCZKGXE>5U+*'3!8`YF,*_4N#3QZ^Y]5=#_P`[T_TO_";+%I4? MXI,WIO5,#/Q.HLRV8N71?;5;7Z3ME=C+'^F]C[6/?M;^ZG]?OJE MTO(=BY/4&.R&$A]=+7W%I!VN98<=EC*WM=^8]RYC_&M];FXEM6*U[3O9ZNQUE_T/T/IL_F[[%RWU,_Q?YOUEK?EOM^P]-J<6"W M;N?8\1O9162UNQG^$O?_`(3V5LL_2^FE/H-?^,7Z@Y-H]7(;78XP'W8]@U/[ MUIJR6N7F/7O\4%N+B/R>BY;\JR MII<<6]K=[X$GT+J0S])^Y4^KW_Z1<]]0_K=?]7NJ55OM_P`D9EC6Y=3C[&%\ M5MS:_P#1V5>SU_\`34?\)Z7II3[GZ57[C?N"DUK6B&@`>`T3I)*?_]+U5>5_ MXZ;2J+S;_`!S=.NLQNF]3K;-6.^RB\B21ZWIOH<8_ M,WTO9N_?LK24F_Q,XM(Z-U#-`_36Y?H.=_(JKJLK;_GY-J]#7D?^*GZTXG3, MB_HN?8VFG->+<6UVC1=`JLI>_P#X>ME7H[OSZ_3_`,)6O7$E*7S@_P#Y;=_X M=/\`Y_7T=N;NV2-T3MG6/&%\XO\`^6W?^'3_`.?TE/T>@YG]#O\`^+?_`-24 M9!S/Z'?_`,6__J2DI^;^EYK^GYN'U"MK7V8=E=[&.G:2P[@U^W\U=O\`^/-U M[_N%A??9_P"27(_5BFJ_K_1Z+V-MIMRZ&65O`%U782<2R;:X]Q8X.HRJVAV MW])Z3[-G_")*?HQ)5^G]0PNI8=6=@7-R,6]NZNUAD$?]4U[?HOK?[ZW_`$T< MD`2>$E/@?^,&QS_KCU>QWTFV-:/@RJIC?^I7LGU-QZL;ZI](KI:&M.'380/W MK&-NM=_;ML>]>5?XT>EW87ULOR7-_0=18R^IT&):UN/?7N_?:^OU/^O5KO?\ M6?UCQNJ=`HZ:YX'4.F5BFRHZ$U,_1XU]8GWU^EZ==G_#?];24]BOG?ZWXU>+ M]9.L450*VY-Q8T0``\^ML;'[GJ+W[J?4\'I6#;GY]K:<>AI<]SCSX,8/S['_ M`$:Z_P`]?/5[LSK_`%FQU;`,SJV4=M?S*M_P#T$E/T!T#(LRN@ M]-R;3-E^)18\GNY];'N_Z15]56?8NE8%5=EC*,7%8RIK[7!K0UH%=>Y[]K58 M8]KVA["',<`6N!D$'@@I*?_3]55?/PQ?+J22GTGKW^*7K>)8Y_1G-ZEBD^VM[FUW@3Q9ZFS&NVM_P`)OJ]3_0K) MKZ7_`(R,-K<3'KZQ14SVLJILM%8'@ST[/2:W^JN,224^T_XL_J_]8^G9_4,_ MK=%E9RZJVUVWVMLL<6N>7;OTEUK/S?YQ<%E_5+ZUNSLBROI67!OL>Q[:R/SW M/8YIEM_P#;UW_I5=S_`(O:/K,SI756==&8ZYQ`QQF.>]Q' MIG<*O6<_\]>'I)*>GH^J7UPI-5M/2\VJVK:ZNQC"U[7#Z+V/#FO8]JT/L7^- M#_S=_P#;UW_I5<0DDI]]_P`6M77ZNAY#>O\`VK[4 M[T_4]59GUU_Q8CJN59U7HCZ\?,N)=DXUDMKM?SZU;V!WHY#_`/">STK_`.<_ M16>I99XJDDIZ\=`_Q@=$>YF+B=2Q'/@V?82Y[7'^6[!?96]7^C])_P`8/4^I MX1SJNIW8M.33;:,Y[V5AM=C+'N]/+?6UVUK?W%P*22GZ1^M/U7P/K+TTX>7- M=K#OQLE@E]3_`-X3_.5O^C=3_A6?\)Z=M?E.?_BX^N72LGU<2DY0J)-65A6; M7B=!^C>^G)K?M^GZ?J?\8N$224]J?JC_`(P>LV,^UXN9D.KT;9G7:,!/N+3E M6N=_VTQ>A_4?_%Y1]77_`+0SWLR^JD%K',!]*AI&UXQ]_O=;9_A,AS6?H_T- M;*_TOK>#I)*?>OK33:[K+;+G,K::J&].NOL=52U^_(=U-@R*W,=CY-M'V+W5 MNKRKL;UJ\;U*_MBN?4@7G#R'ZC$>ZHU-AH;ZPIJ'4K,9M`;C?9K<[U7?JOZM M;D_:LC'_`$-S+%\\I)*?_]G_[3.64&AO=&]S:&]P(#,N,``X0DE-!"4````` M`!``````````````````````.$))30/J`````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`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`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``#````2`!( M``````+>`D#_[O_N`P8"4@-G!2@#_``"````2`!(``````+8`B@``0```&0` M```!``,#`P````%__P`!``$```````````````!H"``9`9```````"`````` M`````````````````````````````#A"24T#[0``````$`!(`````0`!`$@` M```!``$X0DE-!"8```````X`````````````/X```#A"24T$#0``````!``` M`!XX0DE-!!D```````0````>.$))30/S```````)```````````!`#A"24T$ M"@```````0``.$))32<0```````*``$``````````3A"24T#]```````$@`U M`````0`M````!@```````3A"24T#]P``````'```____________________ M_________P/H```X0DE-!`@``````!`````!```"0````D``````.$))300> M```````$`````#A"24T$&@`````#20````8``````````````'0```$#```` M"@!#`&P`90!C`&\`7P!"`%<`7P"N`````0`````````````````````````! M``````````````$#````=``````````````````````!```````````````` M`````````!`````!````````;G5L;`````(````&8F]U;F1S3V)J8P````$` M``````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<````` M`````$)T;VUL;VYG````=`````!29VAT;&]N9P```0,````&7!E M`````$YO;F4````)=&]P3W5T)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=7 M9W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*! MD12AL4(CP5+1\#,D8N%R@I)#4Q5C+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7 MI[?'_]H`#`,!``(1`Q$`/P#U*FFJBIE-+&U55-#*ZV`-:UK1M8QC&^UK&M4T M/'N]?'JO#'UBUC7^G8W:]NX;MEK#]"QOY[$1)2DDDDE*22224I))))2DDDDE M*25.CJ_3,G/R.FTY-;\W$CU\>8>T%K+`[8?ILVVL_2,]G^#_`)Q7$E*0Z;Z; MV>I18VVN7-WL(<-S":[&[F_G5V,[_1)*?-_K+]=.L7_71^5T.^QHQW#!PZZ_>V[:YS'AU$OKR?M.2]_I>W MZ'H+V#IKNH.P*'=2977G%@.0RDDUA_YS:R_W+AO\6/U'=TVIG7>IU!N;:S]2 MI=]*FIP]UMG[F3D,/T/\#3[/YRVZMGH22E)++Z]]9>C?5_'%_4[Q6YX/HT-] MUMA'YM-(]SOZ_P#-,_PEB\QSOK[]]VUS=CNHY M'MK90]W\Y5OJQ]C_`$[?724__]#U5)>==2_QPXW3NJ9G3[.EO?\`8[[<ZK?L=7[=VQ19_CLZ,?YSIV2W^JZMWY7,24^CI+SYO\`CJ^K1^EAYP^# M*C_[L-1&_P".?ZJNYQ\YOQJK_P"^Y#DE/>I+B6?XW_J@[DY+/ZU/_D'/1V?X MUOJ2[Z698S^M1;_WRMR2GKTERG_CI?43_P`L_P#P#(_]YT1G^,SZCOXZHT?U MJKF_]52$E/3I+GV?7_ZFOXZMCC^L2W_JVM1F_77ZHNXZQA_.Y@_*4E/+=?\` M\55V5U*[J_2.J/HS+K7Y&V\'VVO=ZFZG*QO2NH:S_!_H[4V'UW_&%]6/T'U@ MZ;9UKI[#`S<0BRYK6@>]_I@.MKVC_M53C6?]V%UK?K=]5'<=9P?GDU#\MB*S MZS?5NSZ'5<)W]7(J/Y+$E,.@_6?HGU@I]3I>2VU[1-M#O;:SC^=H?[_I'9ZG M\U^Y8J7UN^J-77:ZLS#>,/KF"19@9T<.8?491D:.WX[G_P!?T'_I/]-3>?.Q M?JCUBQEV2[$NR*RTU9-=K67L+#O9Z67COKR:MKO]':KG3*3C5^C]O=G5#2MU MQ8ZT#]UU]7I^K_6M9ZW^DNL24KHO4K.HX#;;Z3BYE9-6;BN()JO9_.U^US]U M;OY['L_PV+;1?_A5B9/26?6CZR-R0UK6M&Y[WO=[6L:U<=G?7#K76G/POJ1AG);)99UJ\;,6L_1<[']4?K5 ME6[^7_X7R:EI]1Z=T1UOVGZT9U62QC@ZG&RGLJQ*R`YFYN&]VR]^U_\`.9K\ MI_\`H/14\GZ\_4[#9-G5L4M':EXN/^;C>JY)3S_3/\5=-N0>H?6K.MZOFV:V M,#G-KXC8^V?M-S&^WT]KL:K_`(%=OA8&%T^@8V#CUXM#3(JI8&-D\NVL#?1X6'UWZV];])CW9G4DY;,H5QZ MC6RU[9^CZE-H9:S=M_/8JQ^NWU3%OI'JN/Z@=LV[]=T[-O\`G+*^H_U)R_JK MG9[KYK& ME[SM:T$N)X`"D@YG]#O_`.+?_P!24E../KW]3SK^U\;_`#TO^?7U/_\`+?&_ MSPO".DX3^H9V%T]CQ6[,MKH;81(:7G;N+1])=[_XS/5?_+/'_P"VW_\`DTE/ MIO3.K=-ZM0[(Z;D,RJ6/-;K*S(#P&O+/\U[%8L])K7/LVM8T$N.]-;[ MV_\`;F+5=7_TT?IGUX^IW4LAN-A=0J]=[@UE=C7TNF M]4P,_$ZBS+9BY=%]M5M?I.V5V,L?Z;V/M8]^UOYS*TE/IJY[J?U^^J72\AV+ MD]08[(82'UTM?<6D':YEAQV6,K>UWYCW+F/\:WUMR,0U_5_I]KJGVL%N=;68 M=Z;B6U8K7M.]GJ['67_0_0^FS^;OL7+?4S_%_F_66M^6^W[#TVIQ8+=NY]CQ M&]E%9+6[&?X2]_\`A/96RS]+Z:4^@U_XQ?J#DVCU8]>_Q06XN(_)Z+EORK*FEQQ; MVMWO@2?0NI#/TG[E3ZO?_I%SWU#^MU_U>ZI56^W_`"1F6-;EU./L87Q6W-K_ M`-'95[/7_P!-1_PGI>FE/N?I5?N-^X*36M:(:`!X#1.DDI__TO55Y7_CIM)R M^D4=F,R+/B7&AG_?5ZHO-O\`'-TZZS&Z;U.MLU8[[*+R))'K>F^AQC\S?2]F M[]^RM)2;_$SBTCHW4,T#]-;E^@YW\BJNJRMO^?DVKT->1_XJ?K3B=,R+^BY] MC::CN_/K]/\`PE:]<24I?.#_`/EMW_AT_P#G M]?1VYN[9(W1.V=8\87SB_P#Y;=_X=/\`Y_24_1Z#F?T._P#XM_\`U)1D',_H M=_\`Q;_^I*2GYOZ7FOZ?FX?4*VM?9AV5WL8Z=I+#N#7[?S5V_P#X\W7O^X6% M]]G_`))QWM>QR]W_P":?U5_\IL# M_P!A:?\`TFDIPK_K)E=3_P`6&5URYC*LC)Q:_4 M+!HS?KCTO&N&ZIEC[ML\FBM]]/\`6_2UUKV;K/0L?(^K.=T7I]%>.R['M9CT MUM;76VQP<^OVL#6,_6/>]>%?5_JUG1.MX75=A)Q+)MKCW%C@ZC*K:';?TGI/ MLV?\(DI^C$E7Z?U#"ZEAU9V!R?4W'JQOJGTBNEH:TX=-A`_>L8VZU MW]NVQ[UY5_C1Z7=A?6R_)[]]KZ_4_Z]6N]_Q9_6/& MZIT"CIKG@=0Z96*;*CH34S]'C7UB??7Z7IUV?\-_UM)3V*^=_K?C5XOUDZQ1 M5`K;DW%C1``#SZVQL?N>HO?NI]3P>E8-N?GVMIQZ&ESW.//@Q@_/L?\`1KK_ M`#U\]7NS.O\`6;'5L`S.K91VUR=H?D/]K-Y_,JW_`/024_0'0,BS*Z#TW)M, MV7XE%CR>[GUL>[_I%7U59]BZ5@55V6,HQ<5C*FOM<&M#6@5U[GOVM5ACVO:' ML(""DI_]/U55\_!P^HX=N#FU-OQLAI9;4[@@_#W-O?XI>MXECG]&!/%GJ;,:[:W_``F^KU/]"LFOI?\` MC(PVMQ,>OK%%3/:RJFRT5@>#/3L])K?ZJXQ))3[3_BS^K_UCZ=G]0S^MT65G M+JK;7;?:VRQQ:YY=N_276L_-_G%P67]4OK6[.R+*^E9<&^Q['MK(_/<]CFF5 MR:22GM_L7^-#QZW_`-O7?^E5W/\`B]H^LS.E=59UT9CKG$#'&8Y[W$>F=PJ] M9S_SUX>DDIZ>CZI?7"DU6T]+S:K:MKJ[&,+7MB/KQ\RXEV3C62VNU_/K5O8'>CD/\`\)[/2O\`YS]%9ZEE MGBJ22GKQT#_&!T1[F8N)U+$<^#9]A+GM[T\M];7;6M_<7`I)*?I'ZT_5?`^LO33AY)T'Z M-[ZS+ZJ06L'!A8VME="!B96=I;CTG M[[N_)R!I9#TG5S5-,$UP0V5H:4AZDY48WIK8SED)S\^"CQX.GAM<&UE M=&$@>&UL;G,Z>#TG861O8F4Z;G,Z;65T82\G('@Z>&UP=&L])UA-4"!T;V]L M:VET(#,N,"TR."P@9G)A;65W;W)K(#$N-B<^"CQR9&8Z4D1&('AM;&YS.G)D M9CTG:'1T<#HO+W=W=RYW,RYO&UL;G,Z:5@])VAT='`Z+R]N&UL;G,Z=&EF9CTG:'1T<#HO+VYS+F%D;V)E+F-O M;2]T:69F+S$N,"\G/@H@(#QT:69F.D]R:65N=&%T:6]N/C$\+W1I9F8Z3W)I M96YT871I;VX^"B`@/'1I9F8Z6%)E&UL;G,Z>&%P/2=H='1P.B\O;G,N861O8F4N8V]M M+WAA<"\Q+C`O)SX*("`\>&%P.D-R96%T941A=&4^,C`P-BTP,RTQ-%0P.#HT M-#HQ-BTP-CHP,#PO>&%P.D-R96%T941A=&4^"B`@/'AA<#I-;V1I9GE$871E M/C(P,#8M,#,M,314,#@Z-#0Z,38M,#8Z,#`\+WAA<#I-;V1I9GE$871E/@H@ M(#QX87`Z365T861A=&%$871E/C(P,#8M,#,M,314,#@Z-#0Z,38M,#8Z,#`\ M+WAA<#I-971A9&%T841A=&4^"B`@/'AA<#I#&UL;G,Z&%P+S$N,"]S5'EP M92]297-O=7)C95)E9B,G"B`@>&UL;G,Z>&%P34T])VAT='`Z+R]N&%P+S$N,"]M;2\G/@H@(#QX87!-33I$97)I=F5D1G)O;2!R9&8Z M<&%R7!E/2=297-O=7)C92<^"B`@(#QS=%)E9CII;G-T86YC94E$/G5U M:60Z9C`S9C0R8V,M8C1C."TQ,61A+3DV8S`M860V9&-D,S&%P34TZ1&5R:79E9$9R;VT^ M"B`@/'AA<$U-.D1O8W5M96YT240^861O8F4Z9&]C:60Z<&AO=&]S:&]P.F8P M,V8T,F0Q+6(T8S@M,3%D82TY-F,P+6%D-F1C9#,W,C8S,CPO>&%P34TZ1&]C M=6UE;G1)1#X*(#PO#IX;7!M M971A/@H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`* M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@ M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@ M("`@("`*/#]X<&%C:V5T(&5N9#TG=R<_/O_N``Y!9&]B90!D``````#_VP!# M``("`@("`@("`@(#`@("`P0#`@(#!`4$!`0$!`4&!04%!04%!@8'!P@'!P8) M"0H*"0D,#`P,#`P,#`P,#`P,#`S_P``+"`!T`0,!`1$`_]T`!``A_\0`T@`` M``7I[?'U^?W.$A8:'B(F*BXR-CH^"DY M25EI>8F9J;G)V>GY*CI*6FIZBIJJNLK:ZOK_V@`(`0$``#\`^_F;-FS9LV;- MFS9LV;-FS9LV;-FS9LV;/S!_\Y+_`/.=?YH2?\Y;>9_S&_);SU=Z+Y=\D\?* M7EJU0^MIFJ6.GRN;F2[M'_=SQW%RTC*2.03@592*Y]>/^<+/^<\=`_YRICG\ MHZKY4OO*WYIZ!IQO_,5K9V\USHDL"NL0N(+P2'\W^?[]I;V]+ MP>5?*-D5;4=6NU6OI01D@*B[&25J(@ZFI56CG_.'_P#SDQI__.4_Y10?F`NF MP>7O,5AJ5UI/FSRQ!/ZZV5S"W.'B[<79)8'C=6914EA3;/5&;-GB_P#YS[_/ M!_R+_P"<:?.VM:5?K8^;],\G:/=7D&GVE[J:8O(\OF3 M38O.4^GC5;?RL]U$M_)8F1XOK*6Q82-'SC92P%`1DCS9L^7W_/P[_G!VX_YR M%TF+\T_RSA+_`)Q>5;(6KZ++.5@US3(BS_54]1O3BN(V8M$WPA]T<_99?D-_ MS@K_`,Y$ZA_SBS^?Z67G-[K0_(WFRX_PS^:6DWB20MIT\&?JWCDCFC26)UEBE4/'(A#*RL*@@C8@C'YL_,E_S\\_/"Z_.;_G( MFU_*[RI+/K'E_P#*<_X?T_3K,/*;WS'>NHOO2C4$O(C".V4`$\E<#[6?4[_G MWM_SABO_`#CAY+F\[>?K""7\YO/,"'5$(CE.A:?]J/3895K\;$AKAE-&:BBJ MH"WT?S8G--%;Q2SSRI!!`C2332,%1$459F8T```J2<^3W_.4G_/TS\N/RUBU M3R?^12VWYH^?H_5MIO,E6_P[IDRDH6]9:&^=2*A83Z9[R_LY\"?S#_,S\TOS MW\W_`*<_,#S-K'YA>:]5E:+3[1^<_`RG_>>PL81PB4]`D,8^DY],O\0_\Y]? MX8I_RI[\QOT]_P!"\_X"^M>A)QX_XEK^F/2Y\.&^?__2 M^_F;-FS9LV;-FS9LV;-FS\MG_/PW3_SV'_.47GK\TO,7DOS3Y1\O:1?0:;^6 MWG:""XCM$T_2T"6]Q;:C;DI$TDA>;[:L"^X&=(_YQ]_Y^P?F_P#EZEAH/YQ: M@T&H_F]^4]O%8?F]8V=-;\NT2.V\S0P+159C01WBH.*.=I!1'I1669?\^UO^ M?OS5U#TY;CRYIS#0;"5@HN]4N2(+&#W#3.O*G M10Q[9\OO^?;'_.%FHQ7>G?\`.5GYT6TLGF;67GU3\MO+MZA]1#>\F?7+M7^+ MU9O48P*?LJWJGXF3C]M,V>8_^_Y5WY%\M:M8>4[C M:/\`*KR:MQ=O=(6J)=7NT1#*HVJ'].!>I6OQ9Z%_([_GT%Y\\Q6]EK7Y[>=( M?R^L90DA\F>7Q%J&J\*@M'/>-6U@;CM^[$U/'/L;^2/_`#BK^1'_`#CU:JOY M8^0;+3-8:+TKSS=>5O=8N!2C>I?3\I%#=TC*I_DYZ'S_T_OYFS9LV;-FS9LV M;-FS9L2G@@NH9;:YA2XMYT,<\$JAT=&%"K*U001U!SR%^:/_`#@5_P`XJ?FQ M!<'6?RGTORWJLY+#S%Y50:)>J[;EB;0)%(3_`,6QN/;/F_\`F%_SZ)\]>4M6 MB\V?\XX_G.ZZGI;FXTBRU]I=+U.W=351;ZMIJTY>YA3W.2C\O_\`G*;_`)SI M_P"<7N.B?\Y4_D?YC_,W\NM(98+O\QM+@2\U&TA&WK-?V1DMKM0N_P"_]*0_ MM2UVSZ??DG_SD]^1O_.0MC]9_*O\P-.U_4(H%N-1\LR-]6U:S4['ZQ8S<95" MM\)8`I7HQVSOF>'/SD_YQUE\K_FUY?\`^-4;XN#+[4TO4[+6M-L=6TV?ZQ8:E`EQ:3<60M M'(`RU5P&4[[A@"#L17/(?YS?DS=?\Y*_F_Y+\M>=+24?D)^3CIYB\P:/+40^ M:O-$ZD65FZG9[33X"9)3T=Y1%OQDX^R(XXXHTBB18XHU"QQJ`%50*``#8`#( M[YO\Y>4_('E_4/-?G?S'IWE3RUI2>IJ.N:K<1VMM$.W*20J*GH!U)V&^?++\ MS?\`G,/_`)R'_P"6IIGL+_`/YR'U6U^IZ<3]F1M+>^ M$<2!=_WL@=_Y(0>+84_E%_SZAT>XUM_/W_.4WYCZC^;OF_4I?K6KZ'9W-U'9 MSS&A_P!,U*9A>W?A\/HCM0C/JAY"_+/\O?RMT8>7_P`N/)>C>2=&J&DL-&LX MK1)'44#RF-09&I^TY)]\G&;-G__4]I6W_/V#_G$.>GJZOYKLJ]IO+]R:?\BC M)DCM?^?H?_.&MS3G^8>IV9/:?R_JPI_P-LV22V_Y^1?\X77(4_\`*Z;>VY=K MC2-9CI\ZV.'MO_S\"_YPVN2!'^?GE]*]/6CO8?O]6W6F2&U_YS<_YQ(O*>C_ M`,Y">2A7IZNI1P_\G..26T_YRN_YQDOB!;?\Y`?E^Y/0-YAT]/\`B0[FO01^8],8_<+C)!;?FI^6%Z`;/\Q_*]V#T,.L64G_`!&8 MX?6_FGRQ=@&U\QZ7<@]#%>0N#_P+G#>*YMIP##<1S`]"CAOU'%\V;-FS9LV; M-UV.X.>;_P`Q/^<2?R!_,O4H?,>K>0;;R_YUM)/7T[\P/*LLOE_7;>?J)4O] M-:"5F'_%A8>V37R+Y0_,7R.@T?4/S$D_,[RY#Q73KOS);QP:_`@('&?4+)(X M+L!>A>V20G[B1I\7=T'Q9YSD_YQ/\`+GGWS)9^=O\`G(O7IOSV\P:9 M,9O+OEO48!9>4=%)-:6&@I))&[4H#+>27$C4^T!MGJBRL;+3;2VT_3K.#3[" MSC6*TLK:-8H8HU%%1(T`50!T`&"LBOF+SWY(\H(9?-GG+0_+$:BIDU;4;:R4 M#QK/(F>;O-?_`#GI_P`X@^3?K"ZM^>_ER\FM@Q>WT9YM7H'Z/BN`3].>H MO+NO:9YJ\OZ%YHT69KC1_,FG6NJ:3<.C1L]M>1+/"Q1P&4E'!H14=\.<_]7K MO_1&/\M__+X^;/\`N'Z=_P`TY7_1&/\`+?\`\OCYL_[A^G?\TY?_`$1C_+?_ M`,OCYL_[A^G?\TYO^B,?Y;_^7Q\V?]P_3O\`FG*_Z(Q?EO\`^7Q\V?\`<.T[ M_FG*/_/F'\M3U_._S6?GIVG?\TXP_P#/ES\L3U_.SS2?GINF_P#-.-_Z(M?E M=6O_`"NGS/\`]PS3?^:<>O\`SY>_+-#5/SN\UH?%=.TX?J7!T7_/G'R-!_*.G_`N,D%K_SZ^U&R M*FS_`.6)!_PU@OSI9+A[;_ M`)5_\Y!04]3_`)RGO;NG^_O)V@BOS])(\D-KY$_/"`CUOS[M[VG42^4K):_\ MB[E,DMIY=_-6`CZS^9NEWH[AO+83_B&H#)-:6'G"*GUSS)IMWX\-*DB_['6R M20+.L:BXE2:4?:D1#&I_V)9OUXKFQK48VKZ-MHGD/2K-%![!C=22?>YS@_FK_GW1^?'G=7C\V?\Y[>?M;@D^W:2V=S'`:] MO0AU:..GMQSC5Q_SY>AO)3<7G_.1MU>7#&K7$_EI99"?=GU,D_?B;_\`/EFV M>-XQ_P`Y%3J&4K_RC";5%/\`JY9]I?(GE@>2?(_DWR8+TZD/*.A:=HHU$Q^D M9_J%M';^KZ?)N//T^5*FE:5.2O/_UOOYFS8"U+4M.T>PN]4U?4+;2M,L(S-? M:C>2I!!#&OVGDED*JJCN2:9X+_,?_GYM_P`XD_EY=S:=;^=+W\P]1MV9)H/* M%BU_"K*:4^N2M!:M\TE;.&2?\_C?R#60K'^6OY@21UVD,&EJ:?+Z^;[R.PUO4O,7Y<2R[+=^8],/U2O8&XL)+Q4^;A1XG/HAI?F'0]XM)8Q*DT4B5#JR&H(ZC/'7_`$4=_P"<+O\` MR]]EX?\`'*UC_LASOGY/?G[^4?Y^Z9K.L_E'YQA\XZ;Y?NTL-8NH;:[MA#<2 M1B54(NX82:H0:J",[#FSFWYJ_F]^77Y(^5&\\?FCYEC\J>5DO(+!M6E@N+A1 M<7)(BCX6T4K_`!$'?C3QSS7_`-%'?^<+O_+WV7_<*UC_`+(MZKY=_*7\ MPK?SAK.B6(U'5+*&SOK8Q6K2"$2%KJWA4_&P%`2?;/0>;/*?YK?\YM_\XP?D MU=WFE>:O)7F+3O-7EK5D,FFZYI5Q'= M6LP!*MQEB++56!##J""#ODCSS)^=W_.8?_.//_./LTFG?F-^8-K;^94C$B^3 M=+1]1U8AA5>=K;!S"&!J#,4!\<\/ZI_S^/\`R+MY&72?RP\^:I&&HLLR:9:@ MCQH;V0C!FA_\_B?^H@\2(KQ7('LI/MGOW\F M?^9+BWC$FH:$6:VU2U!H*SV-P(YT%33EQXGL3G74K$T M`2&!7<_0,]9:5_S[[_YS'UBP34;;\C-5MH)%YI#?WNF6=Q0[[P3W:2*?9E!S MCGYD_P#..WY[?E#;F\_,K\IO,GE+3N10:S;5]`U/2(9?)$*137UG/;([#4H3Q5I44$TWH,_0#J^KZ7H&E:EKFMW\ M&E:/H]K+>ZKJ=TXCAM[>!#)++([4"JB@DD]L_,__`,YC_P#/Q?\`,'\[M:UK MR5^4NMW_`)%_)F%FM$ELV:UU37T4LK7%S.M)88)0?A@4BJ[RU)X+\S(XR72* M*,O),X6.)%+,[L=@JBI))\-SGHORS_SB'_SE%YPT^+5?+WY"^>?^<>_SV_+.W-[Y_P#R?\V^5=/!HVJ7FESFT!][ MF)9(1]+Y^C?_`)]:\3_SAIY`*4XMJ_F(U7H:ZM<[YPO_`)^/_P#.=FN?E#=1 M_D=^2VM)IWYA7EJ+CSYYLA59)M%M;A*P6MJ6JJ74RGU"Y!,2<2OQN"OYX[R\ MNKZZN]2U*\FO[^^E>XU#4;N5IIYI7/)Y)99"S.S'H/RR_YPF_YRD_- MW2K?7_)?Y0ZHV@7J"6QUO6);;1K>XC/1X/K\L+R*>S(I4]CD?_-S_G$__G(C M\B[+]+?F;^5NJ:)H7(*_F2U:'4M.C8]!+=6,DZ15[>H5KVSB7EOS)Y@\G:_I M7FKRGK=[Y;\R:'.MSI&NZ=,UO7M0\E?F`UK8_G-Y.MUN-1-N@@@UO3RP0:A;Q#9'1B%GC79259?A?BO MT>S9LV?_T/OYFS\Y_P#S]Q_/"[\U_FYY?_(_3+QQY<_+&RBU3S!;(WP3ZYJ< M7J1EP#1OJ]HR\:]#*^?+3R1Y,\Q?F+YQ\K^0O*5E^D/,WG#4K?2M$M">*-/< M,%#2-OQ1!5G;LH)[9^M[_G%G_G%KR#_SBY^7]IY8\M6L6H>:]1BCF\\^=Y(Q M];U2]"CE\1WC@0U$40V4;FKEF/IW$YH8;B&6WN(DG@G1HYH)%#(Z,*,K*:@@ MC8@X03Z5IFA^4[K1]%T^VTG2=-TR6WT[3+.)(+>"%(F"1Q11@*BJ-@`*#/P_ M'JW^L?UY^@S_`)\R_P#DKOSJ_P#`PL_^Z;%GV8S9\S?^?L__`*R1=_\`@8Z! M_P`G9,_,6_V&^1S]F/\`SB__`.LV_D%_YKSRU_W3+?.ZYL^/?_/WK\[)?*_Y M8>4/R2T>[>#4OS.O&U/S,(G*G]"Z4RD0N!U6XNF3;N(V&?G>)H*T+'LH%23X M`#J<_3S_`,X#_P#.#OE3\B_)?E_\RO/FAP:Q^=WF6SCOY[F^B63_``[#<*'2 MQLU<$1S*I`GE`YEJH"$&_P!+,H@,""`010@]",Y;YEO?)/Y#?E?Y[\V:9H5A MY>\L^4-.U?S3J&E:="EK#),J2WMPRQQA5#SRU)(&[-7J<_&;YK\U:WYZ\T^8 M_.WF:Z>^\P^;M3NM7UN[]U;^5K!=/_+C\P[9M>\DV<53'9$,([ZP6O189B&05VC=%[9P3_G&[\V[W M\C/SR_+7\S[65X[7R]K$,?F")/\`=VDWA^K:A$?&L$C$?Y04]L_9E%+'/%'- M"ZRPS*'BD4U#*PJ"#X$8IFS9_]'[^9L_'K_SFAJ\FM_\Y9?\Y"7TAJ8_.E_8 MI_J6'"S7\(1GHS_GU)Y=L];_`.8!X7#FWL0X![A+ MIP/GGZ?LV;"O7/\`CBZQ_P`P5Q_R;;/PWGJW^L?UY^@S_GS+_P"2N_.K_P`# M"S_[IL6?9C-GS,_Y^S_^LD7?_@8Z!_R=DS\QI`((/0['/H9Y+_Y^=?\`.3WD M+R?Y6\CZ!_@[]!^3])L]%T?ZUH\TL_U6QA6"'U7%XH9N""I`%3VR3?\`16?_ M`)RU_P"_'_[@DW_9;GV,_P"??O\`SD+^8?\`SDI^2^N^>_S*_17Z>T[S;>Z+ M;_HBU:T@^JV]K9S)RC>64EN4[5->E-L^-G_/U_S'=:S_`,Y;7FD32%K;RAY1 MT73[./LOUGUKZ0_2;@9Y?_YQ%\F6'Y@_\Y._D;Y3U6`76EW_`)LM+K4K5A59 M8-.#W[QL.X86]#['/V-9LV>-_P#GX+=26G_.&OY]RQ,5:308H"1_+/?6T3CZ M5N:]J6H/_/,+^2T4GY16Z+]&?17 M-GQS_P"?RGEZUNORA_*/S4R#Z]HGG*;389._HZEI\TDB_2UHA^C/SQ3KRAF7 M^9&'WC/VH_D+JL^N?D=^3>LW3%[K5?(_E^[NG/4R3:=`[GZ23G6,V;/_TOOY MFS\>?_.9NDRZ+_SEA_SD)8S"C/YUU"]2O\E^5O$_X689WC_GUQYRTWRE_P`Y M<^6[/5+M;.+SMH&K>7K)W-%>\D6*\@C)\7-J57Q8@=\_4IFS85ZY_P`<76/^ M8*X_Y-MGX;SU;_6/Z\_09_SYF_\`)7?G5_X&%G_W38L^S&;/F;_S]G_]9(N_ M_`QT#_D[)GYC&-%)ZT%:9]H_RM_Y](:?^9'Y:?E]^83_`)\7FD/YY\N:9KSZ M2OEZ*9;8ZC:QW/HB4WZ%PG/CRXBO@,GG_1%O3?\`V(J]_P#"9B_[R.?1[_G$ M3_G&2#_G%+\M-5_+JW\YR^>4U/S#=:\=7EL5T]D-S;V\'H^DLTX(7ZO7ER[] M-L^$'_/U;1+K2O\`G+_7=0GC*0>9?*VA7]E(>CI%%)9-3Y-;$9YE_P"<3_.^ MG_EQ_P`Y+?DCYSU:X6TTC2?-=G%JUVWV8K:^Y6,LC>R+.6/L,_9#FS9Y)_YS MOT6[U_\`YQ`_/W3[&%KBXC\KRWPB7N^?IP_Y].^<;#S M#_SBG:^6X9U.I>0?,VKZ;J-M7XT2\F_2,#D>#+?\_`ORY_YR$T#3O+GGG5M,\@_G+:(MOJ/EZ\G6VM=6=0!] M:TN24@/ZG5H:^HAJ*,M'/T1PB\Q>:/+7E#3)];\V>8=-\L:/;`M<:KJMU#9V MZ`"IY2S,BC[\*+#S5Y>\\>01YN\I:M!KOEKS#I$M[HFLVU3#;E12U-+U*0/:W#$#98+KX"2:?OO;/S[LH92 MIZ,*'/TA_P#.!G_/P/R9^9/E7RS^4/YOZ[;^5OS5T"U@TK1M:U*81VGF2&!! M%#(MQ(0JWA50)(W-9&^*/ER*K]8L:[I$CR2.L<<8+/(Q`50-R23T`R%6NK>1 M?S6\L>8[#2-:TWSCY8O_`*_Y=UZ;3;B.ZMV?@8+RU,L19>2ARK`'8['?/QV_ MGM^3^N_D+^;7G;\J-?CD,_E6_>/2KYUXB]TR4^I8WB>(EA*DTZ-R7J#GH+_G M!;_G+67_`)Q5_,V\N==@N-2_+#SVD%CY[L+<%YK4P,QMM2MXQ]MX/4<,G5XV M8#X@N?J<\E^>O)OYC>7['S5Y$\SZ;YM\NZC&LEIJ^EW"7,+!A7B2A/%A7=6H MP.Q`.1O\U_SE_+/\D?*]WYO_`#.\W6'E;2+:-F@2YD!NKMU&T-G;+66>1CL% MC4GZ-\_)S_SE;_SD-JO_`#DW^<^O_F7>6LVEZ)Z<>E>2M`F<.]CI-J6,2O2J M^I*[O-)38,Y4$A1DV_YP0_(V;\^/^E%CCN`H'L!D/UO7]; M\PS?7/,NOZCK]PIY"ZU:\GO'!\0]P[D9^MS_`)Q$(;_G##\D2I#*?RZLJ$=# M_HAS\B!ZM_K']>2'1?-_F[RW#/;^6_-NM^7+>Z<2W5OI6HW5DDKJ.(=UMY$# M,!L"16F'/_*TOS1_\N=YP_[CVI?]E&>A/^<2OS&_,74?^>>=(AO+&ZUJ_F@FC:88_-^N^8;2#R$TT%I MJFI7=[$DGZ4LUYJEQ*ZAJ$BH%:9]^/,'E_1/->AZMY:\R:5;:YH&NVLMEK&D M7D:RV]S;S*4DCD1J@A@<_-=_SEQ_S[9_,S\G]>U3S1^3.@ZG^9/Y2W/J7<-I M8J;K6-$6I9K:XMU)EN8D'V)HU9N.TB@CDWS$D2CRV\R%)86*7%O(I5T=3NKH MVZD'J",ZEH7YY?G;Y7LHM,\M_G%YWT+3;=>%OI]CY@U&&"-?Y4C6<*H]@,*_ M,OYK?FGYR@-KYO\`S-\V^:+1OM6>JZW?W<)^<4_,\T= M8;F%_B;3M0**9#`S?$C"IBN2:!^:WD?4O*%V'9; M2_N(_4T^["FG.TOH^4$RG_)>H_:`.V0#1M?U[R[,]SYW&E7D] MD[_ZS6[H3].(:KJ^J:U='4=>U>]UF^I0W^I7,MU-3P]2=G:GTYWC\BO^<6/S MP_YR+U.TMORV\E7=QH,MPL.H>>[]&M=$LU)^-WNW`$I05/IP\W/2F?J)_P"< M7?\`G&#R'_SBU^7D7D[RFOZ4US4F2Z\Z^=+B-4N]6O56G)@*^G#'4K%$"0BU MZLS,T4_YR-MK;S?^;7_.+_Y3^:")ORV\[:]KVJ>;=%FI]4UF[\O:9]=TO2[Q M6JLL+RLUPT+@K)Z`#`@4SR7^7,FM_F#^8?Y=^0?/5QYNF\A?FB_YE67F^P\W MZC#J7E?S-9Z/?7D%C9^7K%)KE].N-/5(I5?C:\8XFX"0T(]P?\X@>9-=\U?\ MXZ?EOJOF'5Y_,.H00ZAIE M,__5^_F;-FSQ!_SD)_T(#]=G_P"AA/\`E5O^(*GZQ^D?JGZ:KWY?5/\`3,\* M7G_1%WZV]?J->7_'K_C+T.O;A\-/EGHS\G_^B5'Z0@_Y5S_RJ?\`2^WU?_$% M/K5>W#_$'Q\J^&^?26W_`$%^@4^H?5/\.?4O]'^I_[]K_P[_[]K_P[<]4_\XD?]"!_XZ\R?]"F_HC_ M`!S^@3_B/]'_`*;]3]$_6H:\OTG^[IZ_I_9^+Z*Y]`\V>%?^'^Y7_$'U?\`1_#_`(N^M?NJ?ZV?+GSS_P!$@?TG<_XB_P"58_7N M9^L?X>^N>GRKO3]"?N_NR1?E=_T2;_2\'^!O^53?I?F/JOZ?KSY]O3_3VU?E MGTYTC]$?HNQ_0/U/]"^BOZ,^H>G]5]&GP^CZ7P<:=..V&.>8/^/^)_\7