-----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, K1x1Jj3GNFgRH79YtSk+ty7vAwr0uxX2SIlLom2HZQtPjJcJMPUs7ffMxb0uwzB7 VbqcULqjItUYLpZMPql/7g== 0001178913-09-001691.txt : 20090720 0001178913-09-001691.hdr.sgml : 20090719 20090720091654 ACCESSION NUMBER: 0001178913-09-001691 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090720 FILED AS OF DATE: 20090720 DATE AS OF CHANGE: 20090720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CERAGON NETWORKS LTD CENTRAL INDEX KEY: 0001119769 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30862 FILM NUMBER: 09952262 BUSINESS ADDRESS: STREET 1: 24 RAOUL WALLENBERG ST STREET 2: 972-3-645-5733 CITY: TEL AVIV ISRAEL STATE: L3 ZIP: 69719 BUSINESS PHONE: 0119723645 FORMER COMPANY: FORMER CONFORMED NAME: GIGANET LTD DATE OF NAME CHANGE: 20000719 6-K 1 zk97019.htm 6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

REPORT OF FOREIGN ISSUER

Pursuant to Section 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

For the month of July 2009

CERAGON NETWORKS LTD.

(Translation of registrant’s name into English)
 
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registration in connection with Rule 12g3(b): 82 – _________________



Signature

        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.




Date: July 20, 2009
CERAGON NETWORKS LTD.


By: /s/ Donna Gershowitz
——————————————
Donna Gershowitz
VP and General Counsel

Exhibit Description

Exhibit A Press Release: Ceragon Networks Reports Second Quarter 2009 Financial Results

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EX-99 2 exhibit_a.htm 6-K

Exhibit A

CERAGON NETWORKS REPORTS SECOND QUARTER 2009
FINANCIAL RESULTS

        TEL AVIV, Israel, July 20, 2009 – Ceragon Networks Ltd. (NASDAQ and TASE: CRNT), a leading provider of LTE-ready high-capacity Ethernet and TDM wireless backhaul solutions, today reported results for the second quarter which ended June 30, 2009.

        Revenues for the second quarter of 2009 were $42.2 million, down 24% from $55.2 million for the second quarter of 2008 and 4% from $43.9 million in the first quarter of 2009.

        Net income in accordance with US Generally Accepted Accounting Principles (GAAP) for the second quarter of 2009 was $0.2 million or $0.01 per basic share and diluted share, compared to net income of $15.5 million in the second quarter of 2008, or $0.42 per basic share and $0.40 per diluted share.

        On a non-GAAP basis, net income for the second quarter, excluding $805,000 of equity-based compensation expenses, was $1.04 million, or $0.03 per basic and diluted share. Non-GAAP net income for the second quarter of 2008 was $4.9 million, or $0.13 per basic and diluted share. (Please refer to the accompanying financial table for reconciliation of GAAP financial information to non-GAAP).

        Gross margin on a GAAP basis in the second quarter of 2009 was 32% of revenues. Gross margin on a non-GAAP basis in the second quarter of 2009 was 32.1% of revenues.

        Cash and cash investments at the end of the quarter were $96 million.

        “Our confidence in the long term outlook for our business is supported by a significant increase in new orders during Q2,” said Ira Palti, President and CEO of Ceragon. “These new orders continue to reflect improving demand from the expansion of GSM networks in India to accommodate record subscriber growth. Meanwhile, worldwide business conditions remain challenging with long sales cycles as our customers continue to focus on retaining cash. We expect to see gradual improvement during the second half of 2009, led by continued strength from Asia. Longer term, we expect to benefit from improving demand in all regions, particularly for solutions that support the migration of cellular networks to IP-based architecture to accommodate the explosion of mobile data usage.”



Supplemental revenue breakouts:

Geographical breakdown:

Second quarter 2009
 
Asia Pacific      44 %
Europe Middle-East and Africa    37 %
North America    9 %
Latin America    10 %

        A conference call discussing Ceragon’s results for the second quarter of 2009, business conditions, outlook and guidance, will take place today, July 20, 2009, at 9:00 a.m. (EDT). Investors can join the Company’s teleconference by calling (800) 230-1096 or international (612) 332-0107 at 8:50 a.m. EDT.

        Investors are also invited to listen to the call live via the Internet by accessing Ceragon Networks’ website at the investors’ page: http://www.ceragon.com/ir_events.asp selecting the webcast link, and following the registration instructions.

        If you are unable to join us live, the replay numbers are: (USA) (800) 475-6701 or (International) (320) 365-3844, Access Code: 105440.

        A replay of both the call and the webcast will be available through August 20, 2009.

About Ceragon Networks Ltd.
Ceragon Networks Ltd. (NASDAQ and TASE: CRNT) is a leading provider of high capacity wireless backhaul solutions that enable wireless service providers to deliver voice and premium data services, such as Internet browsing, music and video applications. Ceragon’s wireless backhaul solutions use microwave technology to transfer large amounts of network traffic between base stations and the infrastructure at the core of the mobile network. Ceragon designs solutions to provide fiber-like connectivity for circuit-switched, or SONET/SDH, networks, next generation Ethernet/Internet Protocol, or IP-based, networks, and hybrid networks that combine circuit-switched and IP-based networks. Ceragon’s solutions support all wireless access technologies, including GSM, CDMA, EV-DO and WiMAX. These solutions address wireless service providers’ need to cost-effectively build-out and scale their infrastructure to meet the increasing demands placed on their networks by growing numbers of subscribers and the increasing demand for premium data services. Ceragon also provides its solutions to businesses and public institutions that operate their own private communications networks. Ceragon’s solutions are deployed by more than 150 service providers of all sizes, as well as in hundreds of private networks, in nearly 100 countries. More information is available at www.ceragon.com

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Ceragon Networks®, CeraView®, FibeAir® and the FibeAir® design mark are registered trademarks of Ceragon Network s Ltd., and Ceragon™, PolyView™, ConfigAir™, CeraMon™, EtherAir™, QuickAir™, QuickAir Partner Program™, QuickAir Partner Certification Program™, QuickAir Partner Zone™, EncryptAir™ and Microwave Fiber™ are trademarks of Ceragon Networks Ltd.

        This press release may contain statements concerning Ceragon’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections that involve a number of risks and uncertainties. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. These are important factors that could cause actual results to differ materially from forecasts and estimates. These risks and uncertainties, as well as others, are discussed in greater detail in Ceragon’s Annual Report on Form 20-F and Ceragon’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and Ceragon undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.

(more)

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  Ceragon Reports Second Quarter 2009 Results

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)

(Unaudited)

Six months ended
June 30

Three months ended
June 30,

2009
2008
2009
2008
 
 Revenues     $ 86,148   $ 102,402   $ 42,246   $ 55,226  
 Cost of revenues    57,764    67,019    28,733    36,504  




   
 Gross profit    28,384    35,383    13,513    18,722  




 Operating expenses:  
   Research and development    9,657    9,958    4,587    5,139  
   Selling and marketing    15,146    15,124    7,188    8,098  
   General and administrative    3,802    3,217    1,902    1,856  




   
 Total operating expenses    $ 28,605   $ 28,299   $ 13,677   $ 15,093  




   
 Operating profit (loss)    (221 )  7,084    (164 )  3,629  
 Financial income, net    822    1,625    468    807  




   
 Income before taxes    601    8,709    304    4,436  
   
 Tax benefit (taxes on income)    (153 )  11,048    (71 )  11,048  




   
 Net Income   $ 448   $ 19,757   $ 233   $ 15,484  




   
 Basic net earnings per share   $ 0.01   $ 0.53   $ 0.01   $ 0.42  




   
 Diluted net earnings per share   $ 0.01   $ 0.51   $ 0.01   $ 0.40  




 Weighted average number of shares used  
   in computing basic net earnings per  
   share    34,523,460    36,959,822    34,247,005    36,976,800  




 Weighted average number of shares used  
   in computing diluted net earnings  
   per share    35,157,903    38,870,505    34,994,702    38,910,727  





(more)

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  Ceragon Reports Second Quarter 2009 Results

CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)

(Unaudited)

June 30,
2009

December 31,
2008

 
     ASSETS            
   
 CURRENT ASSETS:  
   Cash and cash equivalents   $ 38,402   $ 28,224  
   Short-term bank deposits    33,979    35,044  
   Marketable securities    4,809    2,187  
   Trade receivables, net    52,660    70,811  
   Deferred taxes    2,495    4,082  
   Other accounts receivable and prepaid expenses    8,052    11,508  
   Inventories    42,168    40,113  


   
 Total current assets    $182,565   $ 191,969  


   
 LONG-TERM INVESTMENTS:  
   Long-term bank deposits    7,785    8,204  
   Long-term marketable securities    11,018    24,102  
   Severance pay funds    4,472    4,065  
   Deferred taxes    9,594    8,007  


   
 Total long-term investments    $ 32,869   $ 44,378  


   
 PROPERTY AND EQUIPMENT, NET    9,764    8,891  


   
 Total assets    $ 225,198   $ 245,238  


   
     LIABILITIES AND SHAREHOLDERS' EQUITY  
   
 CURRENT LIABILITIES:  
   Trade payables    27,625    41,748  
   Deferred revenues    6,051    5,886  
   Other accounts payable and accrued expenses    7,939    8,041  


   
 Total current liabilities    $ 41,615   $ 55,675  


   
 LONG-TERM LIABILITIES  
   Accrued severance pay   $ 6,733   $ 6,647  


   
 SHAREHOLDERS' EQUITY:  
   Share capital:  
    Ordinary shares    91    91  
   Additional paid-in capital    286,950    285,141  
   Treasury shares at cost    (15,963 )  (7,923 )
   Other comprehensive income (loss)    (90 )  193  
   Accumulated deficits    (94,138 )  (94,586 )


   
 Total shareholders' equity    $ 176,850   $ 182,916  


   
 Total liabilities and shareholders' equity    $ 225,198   $ 245,238  



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  Ceragon Reports Second Quarter 2009 Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)

(Unaudited)

Three months ended
June 30,

Six months ended
June 30,

2009
2008
2009
2008
 
Cash flow from operating activities:                    
   Net income   $ 233   $ 15,484   $ 448   $ 19,757  
   Adjustments to reconcile net income to net cash  
   used in operating activities:  
   
   Depreciation    760    464    1,471    856  
   Stock-based compensation expense    805    654    1,594    1,298  
   Decrease (increase) in trade and other  
   receivables, net    7,700    (18,527 )  21,237    (17,599 )
   Increase in inventory    (2,922 )  (2,758 )  (2,055 )  (163 )
   Increase (decrease) in trade payables and accrued  
   liabilities    (145 )  8,162    (12,708 )  3,696  
   Increase (decrease) in deferred revenues    (1,270 )  (1,822 )  165    (3,896 )
   Increase in deferred tax asset    -    (11,207 )  -    (11,207 )
   Decrease in long term payable    -    (2,232 )  -    (4,650 )
   Other adjustments    (95 )  179    (233 )  160  




   Net cash provided by (used in) operating activities     $ 5,066   $ (11,603 ) $ 9,919   $ (11,748 )




   
Cash flow from investing activities:    
 Purchase of property and equipment ,net    (1,287 )  (805 )  (3,774 )  (1,839 )
 Investment in short and long-term bank deposit    (10,495 )  (20,365 )  (18,955 )  (33,574 )
 Proceeds from short and long-term bank deposits    3,599    22,957    20,559    39,014  
 Investment in held-to-maturity marketable securities    -    -    (1,500 )  (14,000 )
 Proceeds from maturities of held-to-maturity  
   marketable securities    1,300    1,950    11,754    4,050  




   Net cash provided by (used in) investing activities     $ (6,883 ) $ 3,737   $ 8,084   $ (6,349 )




   
Cash flow from financing activities:    
   Proceeds from exercise of options    215    66    215    275  
   Purchase of treasury shares at cost    (1,618 )  -    (8,040 )  -  
   Issuance costs    -    -    -    (330 )




   Net cash provided by (used in) financing activities     $ (1,403 ) $ 66   $ (7,825 ) $ (55 )




   
Increase (decrease) in cash and cash equivalents     $ (3,220 ) $ (7,800 ) $ 10,178   $ (18,152 )




   
Cash and cash equivalents at the beginning of the  
period    41,622    48,298    28,224    58,650  




Cash and cash equivalents at the end of the period     $ 38,402   $ 40,498   $ 38,402   $ 40,498  





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  Ceragon Reports Second Quarter 2009 Results

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)

(Unaudited)

Three months ended June 30
2009
2008
GAAP (as
reported)

Adjustments (*)
Non-GAAP
Non-GAAP
 
   Revenues     $ 42,246        $ 42,246   $ 55,226  
   Cost of revenues    28,733    61    28,672    36,436  



   
 Gross profit    13,513         13,574    18,790  



   
 Operating expenses:  
   Research and development    4,587    166    4,421    5,015  
   Selling and marketing    7,188    322    6,866    7,807  
   General and administrative    1,902    256    1,646    1,685  



   
 Total operating expenses    $ 13,677        $ 12,933   $ 14,507  



   
 Operating profit (loss)    (164 )       641    4,283  
 Financial income, net    468         468    807  



   
 Income before taxes    304         1,109    5,090  
   
 Taxes on income    71         71    159  



   
 Net income   $ 233        $ 1,038   $ 4,931  



   
 Basic net earnings per share   $ 0.01        $ 0.03   $ 0.13  



   
 Diluted net earnings per share   $ 0.01        $ 0.03   $ 0.13  



   
 Weighted average number of shares used in  
   computing basic net earnings per share    34,247,005         34,247,005    36,976,800  



   
 Weighted average number of shares used in  
   computing diluted net earnings per share    34,994,702         34,994,702    38,910,727  



   
Total adjustments          805            


(*) Adjustments related to equity based compensation expenses according to SFAS 123 (R)

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  Ceragon Reports Second Quarter 2009 Results

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)

(Unaudited)

Six months ended June 30,
2009
2008
GAAP (as
reported)

Adjustments(*)
Non-GAAP
Non-GAAP
 
 Revenues     $ 86,148        $ 86,148   $ 102,402  
 Cost of revenues    57,764    124    57,640    66,882  



   
 Gross profit    28,384         28,508    35,520  



   
 Operating expenses:  
   Research and development    9,657    326    9,331    9,674  
   Selling and marketing    15,146    628    14,518    14,554  
   General and administrative    3,802    516    3,286    2,910  



   
 Total operating expenses    $ 28,605        $ 27,135   $ 27,138  



   
 Operating profit (loss)    (221 )       1,373  8,382
 Financial income, net    822         822    1,625  



   
 Income before taxes    601         2,195  10,007
   
 Taxes on income    153         153    159  



   
 Net Income   $ 448        $ 2,042   $ 9,848  



   
 Basic net earnings per share   $ 0.01        $ 0.06   $ 0.27  



   
 Diluted net earnings per share   $ 0.01        $ 0.06   $ 0.25  



   
 Weighted average number of shares used in  
   computing basic net earnings per share    34,523,460         34,523,460    36,959,822  



   
 Weighted average number of shares used in  
   computing diluted net earnings per share    35,157,903         35,157,903    38,870,505  



   
Total adjustments          1,594            


(*) Adjustments related to equity based compensation expenses according to SFAS 123 (R)

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Ceragon Reports Second Quarter 2008 Results

Contact: Yoel Knoll
Director of Investor Relations
Ceragon Networks Ltd.
Cell (Int'l): +972 (0) 52 830 6419
Office (Int'l): +972 (0)3 766 6419
yoell@ceragon.com

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