8-K

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): August 16, 2010

LBI MEDIA HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

333-110122	05-0584918
(Commission File Number)	(IRS Employer Identification No.)
1845 West Empire Avenue Burbank, California	91504
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (818) 563-5722

Not applicable

(Former name or former address, if changed since last report)

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 (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

¨ 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

LBI Media, Inc. (“LBI Media”), a California corporation and wholly owned subsidiary of LBI Media Holdings, Inc., issued a press release on August 16, 2010. The press release announced its consolidated financial results for the three and six months ended June 30, 2010. The press release is filed as Exhibit 99.1 and is hereby incorporated by reference in its entirety. The information in this Form 8-K and the exhibit attached hereto is being furnished (not filed) under Item 2.02 of Form 8-K.

In the press release, LBI Media used the term “Adjusted EBITDA.” Adjusted EBITDA consists of net income or loss less discontinued operations, net of income taxes, plus income tax expense or benefit, gain or loss on sale and/or disposal of property and equipment, net interest expense, interest rate swap expense or income, impairment of broadcast licenses and long-lived assets, depreciation, stock-based compensation expense and other non-cash gains and losses. The term, as defined by LBI Media, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).

The management of LBI Media considers the measure an important indicator of its liquidity relating to its operations, as it eliminates the effects of the company’s discontinued operations, certain non-cash items and the company’s capital structure. The management believes liquidity is an important measure for LBI Media because it reflects its ability to meet its interest payments under its substantial indebtedness and is a measure of the amount of cash available to grow LBI Media through its acquisition strategy. The measure should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with GAAP, such as cash flows from operating activities, operating income or loss and net income or loss.

LBI Media believes Adjusted EBITDA is useful to an investor in evaluating its liquidity and cash flow because:

• it is widely used in the broadcasting industry to measure a company’s liquidity and cash flow without regard to items such as discontinued operations, depreciation, (gain) loss on sale and/or disposal of property and equipment and impairment of broadcast licenses and long-lived assets. The broadcast industry uses liquidity to determine whether a company will be able to cover its capital expenditures and whether a company will be able to acquire additional assets and broadcast licenses if the company has an acquisition strategy. LBI Media believes that by eliminating the effect of discontinued operations and certain non-cash items, Adjusted EBITDA provides a meaningful measure of liquidity;

• it gives investors another measure to evaluate and compare the results of LBI Media’s operations from period to period by removing the impact of non-cash expense items, such as impairment of broadcast licenses and long-lived assets. By removing the discontinued operations and non-cash items, it allows investors to better determine whether LBI Media will be able to meet its debt obligations as they become due; and

• it provides a liquidity measure before the impact of a company’s capital structure by removing net interest expense items and interest rate swap income or expense.

LBI Media’s management uses Adjusted EBITDA:

• as a measure to assist LBI Media in planning its acquisition strategy;

• in presentations to LBI Media’s board of directors to enable them to have the same consistent measurement basis of liquidity and cash flow used by management;

• as a measure for determining LBI Media’s operating budget and its ability to fund working capital; and

• as a measure for planning and forecasting capital expenditures.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release of LBI Media, Inc. dated August 16, 2010 (financial results for the three and six months ended June 30, 2010).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, LBI Media Holdings, Inc. has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, in the City of Burbank, State of California, on August 16, 2010.

LBI MEDIA HOLDINGS, INC.
By:	/S/    WISDOM LU
	Wisdom Lu Chief Financial Officer

EX-99.1

Exhibit 99.1

LBI Media, Inc. Reports Second Quarter 2010 Results

Burbank, CA – August 16, 2010 – LBI Media, Inc. reported its financial results today for the three and six months ended June 30, 2010.

The following discussion and analysis of our financial condition and results of operations incorporates restated financial results for the three and months ended June 30, 2009. Due to our restatement for accounting errors relating to the classification and valuation of certain deferred tax accounts relating to our indefinite-lived intangible assets, all comparisons to June 30, 2009 contained within this press release reflect restated financial results.

For the three months ended June 30, 2010, net revenues increased by $2.6 million, or 9.4%, to $30.7 million, from $28.1 million for the same period in 2009. Net revenues for the six months ended June 30, 2010 increased by $4.8 million, or 9.6%, to $54.3 million, from $49.5 million for the same period in 2009.

Commenting on the company’s earnings results, Lenard Liberman, Chief Executive Officer and President said, “Our second quarter results represent our second consecutive quarter of year-over-year revenue growth, which was driven by improvement in our TV segment and by the performance of EstrellaTV, our national television network.

“We remain pleased with the performance and steady distribution gains of EstrellaTV. Over the last three months, we have signed agreements with three new affiliates in Wichita, Kansas, Reno, Nevada and Tulsa, Oklahoma. We also recently completed the purchase of television station KETD serving Denver, Colorado, the nation’s 15^th largest Hispanic television market. Upon completion of our purchase of selected television station assets in Chicago, the nation’s 6^th largest Hispanic television market, EstrellaTV will be distributed in 35 markets covering over 76% of U.S. Hispanic television households. We continue to be in active discussions with potential affiliation partners and are working to finalize a number of additional distribution platforms.

“EstrellaTV continues to deliver solid performance in the Nielsen ratings. We ranked fourth among the many nationally rated Spanish language television networks in primetime for May sweeps in the adult demographics. We expect our ratings performance to improve as we continue to invest in our internally-produced programming, add new affiliates and further expand our distribution platform.”

“Moving forward, we are focused on strengthening our programming lineup through the development and introduction of compelling content, securing further distribution gains for EstrellaTV, and positioning our radio and television broadcasting assets for growth as the advertising market recovers.”

Results for the Three Months Ended June 30, 2010

Net revenues increased by $2.6 million, or 9.4%, to $30.7 million for the three months ended June 30, 2010, from $28.1 million for the same period in 2009. The change was primarily attributable to increased advertising revenue in our television segment, partially offset by a modest decline in our radio segment.

Net revenues for our radio segment decreased by $0.3 million, or 1.7%, to $16.4 million for the three months ended June 30, 2010, from $16.7 million for the same period in 2009.

Net revenues for our television segment increased by $2.9 million, or 25.7%, to $14.3 million for the three months ended June 30, 2010, from $11.4 million for the same period in 2009. This increase was primarily attributable to increased advertising revenue in our television segment, reflecting incremental revenue from our EstrellaTV television network, as well as growth in our California and Texas markets.

Total operating expenses increased by $6.0 million, or 31.5%, to $25.2 million for the three months ended June 30, 2010, as compared to $19.2 million for the same period in 2009. This increase was primarily attributable to a $4.9 million increase in program and technical expenses, and resulted from (1) an increase in amortization of capitalized costs related to the production of original programming content and the production of a new hit show that was not produced in the second quarter of 2009, and (2) incremental ratings service fees and satellite costs related to our EstrellaTV network. The increase was also attributable to a $1.8 million increase in broadcast license and long-lived asset impairment charges, a $0.2 million increase in selling, general and administrative expenses and a $0.1 million increase in depreciation expense. These increases were partially offset by a $1.0 million change in (gain) loss on sale and disposal of property and equipment.

Adjusted EBITDA⁽¹⁾ decreased by $2.4 million, or 20.1%, to $9.8 million for the three months ended June 30, 2010, from $12.2 million for the same period in 2009. The decrease was primarily the result of the increase in program and technical expenses, partially offset by increased advertising revenue in our television segment, as discussed above.

⁽¹⁾ We define Adjusted EBITDA as net income or loss less discontinued operations, net of income taxes, plus income tax expense or benefit, gain or loss on sale and/or disposal of property and equipment, net interest expense, interest rate swap expense or income, impairment of broadcast licenses and long-lived assets, depreciation, stock-based compensation expense and other non-cash gains and losses. Management considers this measure an important indicator of our liquidity relating to our operations because it eliminates the effects of certain non-cash items, our discontinued operations and our capital structure. This measure should be considered in addition to, but not as a substitute for, or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the U.S., such as cash flows from operating activities, operating income or loss and net income or loss. In addition, our definition of Adjusted EBITDA may differ from those of many companies reporting similarly named measures. See tables at the end of this press release for a reconciliation of net cash (used in) provided by operating activities to Adjusted EBITDA.

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We recognized a net loss of $1.3 million for the three months ended June 30, 2010, as compared to a net income of $0.5 million for the same period in 2009, a change of $1.8 million. This change was primarily attributable to the increases in program and technical expenses and broadcast license and long-lived asset impairment charges, partially offset by higher net revenues, and lower income tax expenses, as noted above.

Results for the Six Months Ended June 30, 2010

Net revenues increased by $4.8 million, or 9.6%, to $54.3 million for the six months ended June 30, 2010, from $49.5 million for the same period in 2009. The change was primarily attributable to increased advertising revenue in our television segment, partially offset by a modest decline in our radio segment.

Net revenues for our radio segment decreased by $0.2 million, or 0.8%, to $28.3 million for the six months ended June 30, 2010, from $28.5 million for the same period in 2009.

Net revenues for our television segment increased by $5.0 million, or 23.8%, to $26.0 million for the six months ended June 30, 2010, from $21.0 million for the same period in 2009. This increase was primarily attributable to increased advertising revenue in our television segment, reflecting incremental revenue from our EstrellaTV television network, as well as growth in our California and Texas markets.

Total operating expenses decreased by $44.9 million, or 50.4%, to $44.2 million for the six months ended June 30, 2010, as compared to $89.1 million for the same period in 2009. This decrease was primarily the result of a $49.7 million reduction in broadcast license and long-lived asset impairment charges. Excluding the impact of the impairment charges, total operating expenses increased by $4.8 million, or 12.6%, to $42.4 million for the six months ended June 30, 2010. This increase was primarily attributable to a $7.4 million increase in program and technical expenses, and resulted from (1) an increase in amortization of capitalized costs related to the production of original programming content and (2) incremental ratings service fees and satellite costs related to our EstrellaTV network. The increase in program and technical expenses was partially offset by a $1.6 million gain on our assignment of the asset purchase agreement to acquire radio station KDES-FM and a $1.0 million change in (gain) loss on sale and disposal of property and equipment.

Adjusted EBITDA^{( 1)} decreased by $0.8 million, or 4.7%, to $16.8 million for the six months ended June 30, 2010, as compared to $17.6 million for the same period in 2009. The decrease was primarily the result of higher program and technical expenses, partially offset by the $1.6 million cash gain realized on the assignment of the asset purchase agreement related to radio station KDES-FM, and increased advertising revenues in our television segment, as described above.

We recognized a net loss of $3.8 million for the six months ended June 30, 2010, as compared to a net loss of $37.2 million for the same period in 2009, a decrease in net loss of $33.4 million. This change was primarily attributable to the $49.7 million decrease in broadcast license and long-lived asset impairment charges, partially offset by the $15.5 million change in income tax (provision) benefit and the other changes noted above.

Second Quarter 2010 Conference Call

We will host a conference call to discuss our financial results for the three and six months ended June 30, 2010 on Monday, August 16, 2010 at 4:00 PM Eastern Time. Interested parties may participate in the conference call by dialing (877) 879-6174 beginning fifteen minutes prior to the scheduled start time of the call, asking for the “LBI Media, Inc. Second Quarter 2010 Results Conference Call”, and providing confirmation code 2486774 to the operator. The conference call will be recorded and made available for replay through Friday, August 20, 2010. Investors may listen to the replay of the call by dialing (888) 203-1112, then entering the passcode 2486774.

Information for Holders of LBI Media’s 8 ¹/2% Senior Subordinated Notes due 2017

The financial results for LBI Media, Inc.’s second quarter ended June 30, 2010 will be posted on our website at www.lbimedia.com/investors.html. Holders and beneficial owners of LBI Media, Inc.’s 8 ¹/2% Senior Subordinated Notes due 2017 may access this information by contacting Wisdom Lu at (818) 729-5316 to receive a temporary username and password.

About LBI Media, Inc.

We are one of the largest owners and operators of Spanish-language radio and television stations in the United States, based on revenues and number of stations. We own 21 radio stations (fifteen FM and six AM) and eight television stations in greater Los Angeles, California (including Riverside, San Bernardino and Orange counties), Houston, Texas, Dallas-Ft. Worth, Texas, San Diego, California, New York, New York, Salt Lake City, Utah, Phoenix, Arizona and Denver, Colorado, and have entered into an asset purchase agreement to purchase the selected assets of an additional television station serving the Chicago, Illinois market. We use

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one of our television production facilities, located in Burbank, California, to produce our television programming. We are affiliated with twenty-six television stations in various states serving specific market areas including seven in Texas, four in Florida, five in California, two in Nevada and one each in Arizona, Kansas, Nebraska, New Mexico, New York, North Carolina, Oklahoma and Oregon.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the U.S. securities laws. These statements are based upon current expectations and involve certain risks and uncertainties, including those related to the expected future operating performance of our radio stations, television stations and studio operations. Forward-looking statements include but are not limited to information preceded by, or that include the words, “believes”, “expects”, “prospects”, “pacings”, “anticipates”, “could”, “estimates”, “forecasts” or similar expressions. The reader should note that these statements may be impacted by several factors, including economic changes, regulatory changes, increased competition, the timing of announced acquisitions or station upgrades, the successful integration of television and radio assets we acquire, changes in the broadcasting industry generally, and changes in interest rates. Accordingly, our actual performance and results may differ significantly from those anticipated in the forward-looking statements. Please see the recent public filings of our parent, LBI Media Holdings, Inc., for information about these and other risks that may affect us. We and our parent, LBI Media Holdings, Inc., undertake no obligation to update or revise the information contained herein because of new information, future events or otherwise.

Contact: Wisdom Lu, CFA

Chief Financial Officer

(818) 729-5316

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Results of Operations:

LBI MEDIA, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
				(As Restated)						(As Restated)
Net revenues	$	30,718		$	28,085		$	54,302		$	49,542
Operating expenses:
Program and technical, exclusive of depreciation shown below		10,269			5,342			17,659			10,216
Promotional, exclusive of depreciation shown below		719			806			1,093			1,261
Selling, general and administrative, exclusive of depreciation shown below		9,974			9,725			20,351			20,438
Depreciation		2,508			2,362			4,958			4,818
(Gain) loss on sale and disposal of property and equipment		(28	)		941			(25	)		941
Impairment of broadcast licenses and long-lived assets		1,772			—			1,772			51,466
Gain on assignment of asset purchase agreement		—			—			(1,599	)		—
Total operating expenses		25,214			19,176			44,209			89,140
Operating income (loss)		5,504			8,909			10,093			(39,598	)
Interest expense, net of amounts capitalized		(7,033	)		(7,103	)		(13,999	)		(14,055	)
Interest rate swap income		612			1,021			857			1,357
Equity in losses of equity method investment		—			(25	)		—			(63	)
Interest and other income		161			101			376			220
(Loss) income before (provision for) benefit from income taxes and discontinued operations		(756	)		2,903			(2,673	)		(52,139	)
(Provision for) benefit from income taxes		(536	)		(2,700	)		(1,150	)		14,336
(Loss) income from continuing operations		(1,292	)		203			(3,823	)		(37,803	)
Income from discontinued operations, net of income tax (provision) benefit of $0, ($29), $0 and ($58)		—			278			—			575
Net (loss) income	$	(1,292	)	$	481		$	(3,823	)	$	(37,228	)
Adjusted EBITDA (2)	$	9,763		$	12,219		$	16,811		$	17,642

⁽²⁾ Refer to our definition of Adjusted EBITDA in footnote (1). Also, see the tables at the end of this press release for a reconciliation of net cash provided by (used in) operating activities to Adjusted EBITDA.

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Results of Operations (continued):

LBI MEDIA, INC.

UNAUDITED SELECTED SEGMENT DATA

(In thousands)

	Three Months Ended								Six Months Ended
	June 30,								June 30,
2010	2010			2009			% Change		2010			2009			% Change
Net revenues:
Radio	$	16,449		$	16,735		-2	%	$	28,275		$	28,517		-1	%
Television		14,269			11,350		26	%		26,027			21,025		24	%
Total	$	30,718		$	28,085		9	%	$	54,302		$	49,542		10	%
Total operating expenses before stock-based compensation expense, depreciation, (gain) loss on sale and disposal of property and equipment and impairment of broadcast licenses and long-lived assets:
Radio	$	8,283		$	8,241		1	%	$	14,850		$	16,660		-11	%
Television		12,672			7,625		66	%		22,641			15,240		49	%
Total	$	20,955		$	15,866		32	%	$	37,491		$	31,900		18	%
Stock-based compensation expense:
Corporate	$	7		$	7		—	%	$	13		$	15		-13	%
Total	$	7		$	7		—	%	$	13		$	15		-13	%
Depreciation:
Radio	$	1,347		$	1,156		17	%	$	2,679		$	2,397		12	%
Television		1,161			1,206		4	%		2,279			2,421		-6	%
Total	$	2,508		$	2,362		6	%	$	4,958		$	4,818		3	%
(Gain) loss on sale and disposal of property and equipment:
Radio	$	—		$	32		-100	%	$	—		$	32		-100	%
Television		(28	)		909		-103	%		(25	)		909		-103	%
Total	$	(28	)	$	941		-103	%	$	(25	)	$	941		-103	%
Impairment of broadcast licenses and long-lived assets:
Radio	$	—		$	—		—		$	—		$	31,886		-100	%
Television		1,772			—		100	%		1,772			19,580		-91	%
Total	$	1,772		$	—		100	%	$	1,772		$	51,466		-97	%
Operating income (loss):
Radio	$	6,819		$	7,306		-7	%	$	10,746		$	(22,458	)	148	%
Television		(1,308	)		1,610		-181	%		(640	)		(17,125	)	96	%
Corporate		(7	)		(7	)	—	%		(13	)		(15	)	-13	%
Total	$	5,504		$	8,909		-38	%	$	10,093		$	(39,598	)	125	%
Adjusted EBITDA (3)
Radio	$	8,166		$	8,494		-4	%	$	13,425		$	11,857		13	%
Television		1,597			3,725		-57	%		3,386			5,785		-41	%
Total	$	9,763		$	12,219		-20	%	$	16,811		$	17,642		-5	%

⁽³⁾ See footnote (1). Also, see the tables at the end of this release for a reconciliation of operating income (loss) for each segment to Adjusted EBITDA for such segment.

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Results of Operations (continued):

LBI MEDIA, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 30, 2010			December 31, 2009
Assets
Current assets:
Cash and cash equivalents	$	491		$	178
Accounts receivable, net		22,161			18,745
Current portion of program rights, net		590			507
Amounts due from related parties		450			387
Current portion of employee advances		257			241
Prepaid expenses and other current assets		1,140			1,258
Assets held for sale		—			1,403
Total current assets		25,089			22,719
Property and equipment, net		90,894			91,989
Broadcast licenses, net		170,257			161,660
Deferred financing costs, net		5,268			5,915
Notes receivable from related parties		3,033			3,024
Employee advances, excluding current portion		1,524			1,529
Program rights, excluding current portion		9,069			6,734
Notes receivable from parent		21,958			17,839
Other assets		4,493			4,747
Total assets	$	331,585		$	316,156
Liabilities and shareholder’s deficiency
Current liabilities:
Cash overdraft	$	687		$	494
Accounts payable		2,455			2,874
Accrued liabilities		7,495			5,535
Accrued interest		8,606			8,610
Amounts due to parent		3,225			1,956
Current portion of long-term debt		1,360			1,355
Total current liabilities		23,828			20,824
Long-term debt, excluding current portion		391,653			375,486
Fair value of interest rate swap		4,377			5,234
Deferred income taxes		19,345			18,482
Other liabilities		1,650			1,579
Total liabilities		440,853			421,605
Shareholder’s deficiency:
Common stock		—			—
Additional paid-in capital		101,778			101,774
Accumulated deficit		(211,046	)		(207,223	)
Total shareholder’s deficiency		(109,268	)		(105,449	)
Total liabilities and shareholder’s deficiency	$	331,585		$	316,156

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Results of Operations (continued):

The table set forth below reconciles net cash provided by (used in) operating activities, calculated and presented in accordance with U.S. generally accepted accounting principles, to Adjusted EBITDA:

	Three Months Ended June 30,						Six Months Ended June 30,
	2010			2009			2010			2009
	(In thousands)
Net cash provided by (used in) operating activities	$	2,710		$	5,709		$	(1,782	)	$	1,573
Add:
Income tax expense (benefit)		536			2,700			1,150			(14,336	)
Interest expense and interest and other income, net		6,872			7,002			13,623			13,835
Less:
Effect of discontinued operations		—			(296	)		—			(610	)
Gain on assignment of asset purchase agreement		—			—			1,599			—
Amortization of deferred financing costs		(325	)		(317	)		(647	)		(632	)
Amortization of discount on subordinated notes		(73	)		(68	)		(147	)		(135	)
Amortization of program rights		(3,540	)		(871	)		(5,498	)		(1,014	)
Provision for doubtful accounts		(376	)		(394	)		(909	)		(691	)
Changes in operating assets and liabilities:
Cash overdraft		(453	)		1,596			(193	)		395
Accounts receivable		5,836			4,468			4,243			2,444
Program rights		4,343			1,633			7,916			3,954
Amounts due from related parties		1			15			3			20
Prepaid expenses and other current assets		(192	)		5			(118	)		(215	)
Employee advances		(1	)		(30	)		11			7
Accounts payable		267			166			400			1,034
Accrued liabilities		138			(1,600	)		(1,964	)		(2,015	)
Accrued interest		(4,862	)		(4,908	)		4			(170	)
Deferred income taxes		(470	)		(3,120	)		(863	)		13,978
Other assets and liabilities		(648	)		529			(17	)		220
Adjusted EBITDA	$	9,763		$	12,219		$	16,811		$	17,642

The following is a reconciliation of operating income (loss) to Adjusted EBITDA for the company’s radio division:

	Three Months Ended June 30,				Six Months Ended June 30,
	2010		2009		2010		2009
	(In thousands)
Radio division operating income (loss)	$	6,819	$	7,306	$	10,746	$	(22,458	)
Depreciation		1,347		1,156		2,679		2,397
(Gain) loss on sale and disposal of property and equipment		—		32		—		32
Impairment of broadcast licenses and long-lived assets		—		—		—		31,886
Radio division Adjusted EBITDA	$	8,166	$	8,494	$	13,425	$	11,857

The following is a reconciliation of operating income (loss) to Adjusted EBITDA for the company’s television division:

	Three Months Ended June 30,					Six Months Ended June 30,
	2010			2009		2010			2009
	(In thousands)
Television division operating income (loss)	$	(1,308	)	$	1,610	$	(640	)	$	(17,125	)
Depreciation		1,161			1,206		2,279			2,421
(Gain) loss on sale and disposal of property and equipment		(28	)		909		(25	)		909
Impairment of broadcast licenses and long-lived assets		1,772			—		1,772			19,580
Television division Adjusted EBITDA	$	1,597		$	3,725	$	3,386		$	5,785

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