Delaware | 1-33146 | 20-4536774 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
601 Jefferson Street | ||
Suite 3400 | ||
Houston, Texas 77002 | ||
(Address of principal executive offices) |
(d) | Exhibits . |
KBR, Inc. press release dated October 31, 2017 titled, “KBR Announces Third Quarter 2017 Financial Results.” |
KBR, INC. | ||
October 31, 2017 | /s/ Adam M. Kramer | |
Adam M. Kramer | ||
Assistant Corporate Secretary |
• | Strong earnings of $45 million, with EPS of $0.32; Adjusted EPS of $0.35 |
• | Positive operating cash flow of $28 million |
• | Strong bookings and backlog growth in Government Services |
• | Adjusted EPS Guidance increased to a range of $1.35 to $1.50 (excluding legacy legal costs of $13M) |
HOUSTON, Texas - October 31, 2017 - KBR, Inc. (NYSE: KBR), a global provider of differentiated, professional services and technologies across the asset and program life cycle within the government services and hydrocarbons industries today announced third quarter 2017 financial results. |
• | We were awarded a $515 million fixed price with award fee contract by Naval Facilities Engineering Command (NAVFAC) Pacific to provide base operating support (BOS) services at Navy Support Facility Diego Garcia in the British Indian Ocean Territory. The work is expected to be performed over the next eight years if all option years are exercised. |
• | We were awarded a $441 million contract for BOS services by NAVFAC Atlantic to provide services primarily at Naval Support Facility Camp Lemonnier in Djibouti, Chabelley Air Field in Djibouti and Camp Simba in Manda Bay, Kenya. The work is expected to be performed over the next eight years if all option years are exercised. |
• | We were awarded a $91 million contract for BOS services contract by NAVFAC Atlantic to provide services at various locations within the Kingdom of Bahrain and the United Arab Emirates. The work is expected to be performed over the next eight years if all option years are exercised. |
• | We were awarded two task order modifications totaling $116 million to provide logistics support services to the U.S. Army in Europe and the Arabian Peninsula. The Army Contracting Command awarded these task order modifications under the Logistics Civil Augmentation Program IV contract. |
• | We were awarded a contract by Dorogobuzh JSC (owned by JSC ACRON) to provide licensing and basic engineering design to revamp an ammonia plant - originally built by KBR - located in the Dorogobuzh, Smolensk region of Russia. Under the agreement KBR will supply its proprietary ammonia technology to increase plant capacity significantly to 2100 MTPD with improved efficiency. |
• | We were awarded a guidance study contract by the United States Bureau of Safety & Environmental Enforcement (BSEE) for the Integrity Management Process of Tension Leg Platforms in the U.S. Gulf of Mexico. We will work with BSEE to build the framework for their assessments of tendon performance and their expectations for tendon integrity management. |
• | We were awarded an engineering and project management services contract by JVGAS - a joint venture of Sonatrach, Statoil and BP for the provision of engineering, procurement and construction management services in Algeria. KBR will provide detail design engineering, procurement services as well as construction management at the major gas developments at In Salah Gas and In Amenas. This work is expected to be performed over 48 months. |
• | We were awarded pre-front end engineering design (FEED) and project support services contracts by BP for the development of the Tortue / Ahmeyim field offshore Mauritania and Senegal. KBR will provide pre-FEED and project support covering design of the subsea, pre-treatment floating production storage and offloading facility, inshore hub/terminal, and interfaces for floating liquefied natural gas for the Tortue Project. This new work will build on the earlier concept phase work for the development of the field already completed by KBR's subsidiary Granherne for BP's partner, Kosmos. |
• | We were awarded a project management services contract by OMV Offshore Abu Dhabi GmbH on behalf of Abu Dhabi National Oil Company (ADNOC), for management of the FEED phase of the Hail & Ghasha Development project in Abu Dhabi, United Arab Emirates. The Hail & Ghasha Project, one of the largest sour gas field projects that ADNOC is developing, is forecast to produce about 1 billion cubic feet of sour gas per day. |
• | Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics |
• | Technology & Consulting, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining; gasification; oil and gas consulting; integrity management; naval architecture and proprietary hulls; and downstream consulting |
• | Engineering & Construction, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU) and program management |
Three Months Ended | |||||||
September 30, | September 30, | ||||||
2017 | 2016 | ||||||
Revenues: | |||||||
Government Services | $ | 582 | $ | 401 | |||
Technology & Consulting | 78 | 67 | |||||
Engineering & Construction | 370 | 595 | |||||
Subtotal | 1,030 | 1,063 | |||||
Non-strategic Business | 4 | 10 | |||||
Total revenues | 1,034 | 1,073 | |||||
Gross profit (loss): | |||||||
Government Services | 39 | 32 | |||||
Technology & Consulting | 20 | 17 | |||||
Engineering & Construction | 25 | 1 | |||||
Subtotal | 84 | 50 | |||||
Non-strategic Business | 3 | (86 | ) | ||||
Total gross profit (loss) | 87 | (36 | ) | ||||
Equity in earnings of unconsolidated affiliates: | |||||||
Government Services | 14 | 8 | |||||
Technology & Consulting | — | — | |||||
Engineering & Construction | 9 | 11 | |||||
Subtotal | 23 | 19 | |||||
Non-strategic Business | — | — | |||||
Total equity in earnings of unconsolidated affiliates | 23 | 19 | |||||
General and administrative expenses | (37 | ) | (43 | ) | |||
Asset impairment and restructuring charges | — | (7 | ) | ||||
Gain on disposition of assets | — | — | |||||
Operating income (loss) | 73 | (67 | ) | ||||
Interest expense | (6 | ) | (3 | ) | |||
Other non-operating income (expense) | (4 | ) | 2 | ||||
Income (loss) before income taxes and noncontrolling interests | 63 | (68 | ) | ||||
Benefit (provision) for income taxes | (16 | ) | 11 | ||||
Net income (loss) | 47 | (57 | ) | ||||
Net income attributable to noncontrolling interests | (2 | ) | (6 | ) | |||
Net income (loss) attributable to KBR | $ | 45 | $ | (63 | ) | ||
Net income (loss) attributable to KBR per share: | |||||||
Basic | $ | 0.32 | $ | (0.44 | ) | ||
Diluted | $ | 0.32 | $ | (0.44 | ) | ||
Basic weighted average common shares outstanding | 140 | 142 | |||||
Diluted weighted average common shares outstanding | 140 | 142 | |||||
Cash dividends declared per share | $ | 0.08 | $ | 0.08 |
Nine Months Ended | |||||||
September 30, | September 30, | ||||||
2017 | 2016 | ||||||
Revenues: | |||||||
Government Services | $ | 1,640 | $ | 840 | |||
Technology & Consulting | 236 | 262 | |||||
Engineering & Construction | 1,321 | 1,822 | |||||
Subtotal | 3,197 | 2,924 | |||||
Non-strategic Business | 37 | 154 | |||||
Total revenues | 3,234 | 3,078 | |||||
Gross profit (loss): | |||||||
Government Services | 113 | 94 | |||||
Technology & Consulting | 51 | 49 | |||||
Engineering & Construction | 113 | 65 | |||||
Subtotal | 277 | 208 | |||||
Non-strategic Business | — | (102 | ) | ||||
Total gross profit | 277 | 106 | |||||
Equity in earnings of unconsolidated affiliates: | |||||||
Government Services | 41 | 29 | |||||
Technology & Consulting | — | — | |||||
Engineering & Construction | 23 | 52 | |||||
Subtotal | 64 | 81 | |||||
Non-strategic Business | — | — | |||||
Total equity in earnings of unconsolidated affiliates | 64 | 81 | |||||
General and administrative expenses | (107 | ) | (111 | ) | |||
Asset impairment and restructuring charges | — | (21 | ) | ||||
Gain on disposition of assets | 5 | 6 | |||||
Operating income | 239 | 61 | |||||
Interest expense | (16 | ) | (7 | ) | |||
Other non-operating income (expense) | (9 | ) | 8 | ||||
Income before income taxes and noncontrolling interests | 214 | 62 | |||||
Provision for income taxes | (50 | ) | (27 | ) | |||
Net income | 164 | 35 | |||||
Net income attributable to noncontrolling interests | (5 | ) | (9 | ) | |||
Net income attributable to KBR | $ | 159 | $ | 26 | |||
Net income attributable to KBR per share: | |||||||
Basic | $ | 1.12 | $ | 0.18 | |||
Diluted | $ | 1.12 | $ | 0.18 | |||
Basic weighted average common shares outstanding | 141 | 142 | |||||
Diluted weighted average common shares outstanding | 141 | 142 | |||||
Cash dividends declared per share | $ | 0.24 | $ | 0.24 |
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and equivalents | $ | 511 | $ | 536 | ||||
Accounts receivable, net of allowance for doubtful accounts of $14 and $14 | 501 | 592 | ||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 412 | 416 | ||||||
Claims receivable | — | 400 | ||||||
Other current assets | 94 | 103 | ||||||
Total current assets | 1,518 | 2,047 | ||||||
Claims and accounts receivable | 100 | 131 | ||||||
Property, plant, and equipment, net of accumulated depreciation of $323 and $324 (including net PPE of $35 and $36 owned by a variable interest entity) | 134 | 145 | ||||||
Goodwill | 965 | 959 | ||||||
Intangible assets, net of accumulated amortization of $119 and $100 | 237 | 248 | ||||||
Equity in and advances to unconsolidated affiliates | 401 | 369 | ||||||
Deferred income taxes | 122 | 118 | ||||||
Other assets | 124 | 127 | ||||||
Total assets | $ | 3,601 | $ | 4,144 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 398 | $ | 535 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 360 | 552 | ||||||
Accrued salaries, wages and benefits | 211 | 171 | ||||||
Nonrecourse project debt | 10 | 9 | ||||||
Other current liabilities | 193 | 292 | ||||||
Total current liabilities | 1,172 | 1,559 | ||||||
Pension obligations | 520 | 526 | ||||||
Employee compensation and benefits | 116 | 113 | ||||||
Income tax payable | 81 | 78 | ||||||
Deferred income taxes | 66 | 149 | ||||||
Nonrecourse project debt | 32 | 34 | ||||||
Revolving credit agreement | 470 | 650 | ||||||
Deferred income from unconsolidated affiliates | 98 | 90 | ||||||
Other liabilities | 188 | 200 | ||||||
Total liabilities | 2,743 | 3,399 | ||||||
KBR shareholders' equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | — | — | ||||||
Paid-in capital in excess of par | 2,095 | 2,088 | ||||||
Accumulated other comprehensive loss | (1,024 | ) | (1,050 | ) | ||||
Retained earnings | 613 | 488 | ||||||
Treasury stock | (817 | ) | (769 | ) | ||||
Total KBR shareholders' equity | 867 | 757 | ||||||
Noncontrolling interests | (9 | ) | (12 | ) | ||||
Total shareholders' equity | 858 | 745 | ||||||
Total liabilities and shareholders' equity | $ | 3,601 | $ | 4,144 |
Three Months Ended | |||||||
September 30, | September 30, | ||||||
2017 | 2016 | ||||||
Cash flows provided by operating activities: | |||||||
Net income (loss) | $ | 47 | $ | (57 | ) | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 11 | 12 | |||||
Equity in earnings of unconsolidated affiliates | (23 | ) | (19 | ) | |||
Deferred income tax expense | 10 | — | |||||
Other | 9 | 4 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net of allowance for doubtful accounts | 30 | (16 | ) | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | (30 | ) | 53 | ||||
Accounts payable | (18 | ) | 7 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (40 | ) | 16 | ||||
Accrued salaries, wages and benefits | 37 | (8 | ) | ||||
Reserve for loss on uncompleted contracts | (8 | ) | 8 | ||||
Payments from unconsolidated affiliates, net | 1 | 5 | |||||
Distributions of earnings from unconsolidated affiliates | 11 | 15 | |||||
Income taxes payable | (2 | ) | (9 | ) | |||
Pension funding | (10 | ) | (10 | ) | |||
Net settlement of derivative contracts | 3 | (5 | ) | ||||
Other assets and liabilities | — | 24 | |||||
Total cash flows provided by operating activities | 28 | 20 | |||||
Cash flows used in investing activities: | |||||||
Purchases of property, plant and equipment | — | (2 | ) | ||||
Proceeds from sale of assets or investments | — | 1 | |||||
Payments for investments in equity method joint ventures | — | (5 | ) | ||||
Acquisition of businesses, net of cash acquired | — | (889 | ) | ||||
Other | (1 | ) | — | ||||
Total cash flows used in investing activities | (1 | ) | (895 | ) | |||
Cash flows provided by (used in) financing activities: | |||||||
Payments of dividends to shareholders | (11 | ) | (11 | ) | |||
Borrowings on revolving credit agreement | — | 700 | |||||
Payments on revolving credit agreement | — | (50 | ) | ||||
Excess tax benefits from share-based compensation | — | (1 | ) | ||||
Total cash flows provided by (used in) financing activities | (11 | ) | 638 | ||||
Effect of exchange rate changes on cash | 4 | 2 | |||||
Increase (decrease) in cash and equivalents | 20 | (235 | ) | ||||
Cash and equivalents at beginning of period | 491 | 804 | |||||
Cash and equivalents at end of period | $ | 511 | $ | 569 |
Nine Months Ended | |||||||
September 30, | September 30, | ||||||
2017 | 2016 | ||||||
Cash flows provided by operating activities: | |||||||
Net income | $ | 164 | $ | 35 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 38 | 31 | |||||
Equity in earnings of unconsolidated affiliates | (64 | ) | (81 | ) | |||
Deferred income tax (benefit) expense | (75 | ) | 7 | ||||
Other | 20 | 4 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net of allowance for doubtful accounts | 100 | 9 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 11 | 25 | |||||
Claims receivable | 400 | — | |||||
Accounts payable | (144 | ) | 39 | ||||
Billings in excess of costs and estimated earnings on uncompleted contracts | (207 | ) | 14 | ||||
Accrued salaries, wages and benefits | 39 | (19 | ) | ||||
Reserve for loss on uncompleted contracts | (43 | ) | (15 | ) | |||
Payments from (advances to) unconsolidated affiliates, net | 6 | (3 | ) | ||||
Distributions of earnings from unconsolidated affiliates | 41 | 43 | |||||
Income taxes payable | (7 | ) | (19 | ) | |||
Pension funding | (28 | ) | (31 | ) | |||
Net settlement of derivative contracts | 4 | (8 | ) | ||||
Other assets and liabilities | (17 | ) | (23 | ) | |||
Total cash flows provided by operating activities | 238 | 8 | |||||
Cash flows used in investing activities: | |||||||
Purchases of property, plant and equipment | (6 | ) | (8 | ) | |||
Proceeds from sale of assets or investments | 2 | 2 | |||||
Payments for investments in equity method joint ventures | — | (5 | ) | ||||
Acquisition of businesses, net of cash acquired | 2 | (911 | ) | ||||
Other | (2 | ) | — | ||||
Total cash flows used in investing activities | (4 | ) | (922 | ) | |||
Cash flows provided by (used in) financing activities: | |||||||
Payments to reacquire common stock | (52 | ) | (2 | ) | |||
Distributions to noncontrolling interests | (1 | ) | (9 | ) | |||
Payments of dividends to shareholders | (34 | ) | (34 | ) | |||
Borrowings on revolving credit agreement | — | 700 | |||||
Payments on revolving credit agreement | (180 | ) | (50 | ) | |||
Payments on short-term and long-term borrowings | (5 | ) | (5 | ) | |||
Total cash flows provided by (used in) financing activities | (272 | ) | 600 | ||||
Effect of exchange rate changes on cash | 13 | — | |||||
Decrease in cash and equivalents | (25 | ) | (314 | ) | |||
Cash and equivalents at beginning of period | 536 | 883 | |||||
Cash and equivalents at end of period | $ | 511 | $ | 569 |
September 30, | June 30, | December 31, | |||||||||
2017 | 2017 | 2016 | |||||||||
Government Services | $ | 8,183 | $ | 7,891 | $ | 7,821 | |||||
Technology & Consulting | 278 | 292 | 313 | ||||||||
Engineering & Construction | 1,874 | 2,134 | 2,769 | ||||||||
Subtotal | 10,335 | 10,317 | 10,903 | ||||||||
Non-strategic Business | 7 | 7 | 35 | ||||||||
Total backlog | $ | 10,342 | $ | 10,324 | $ | 10,938 |
(a) | Backlog generally represents the dollar amount of revenues we expect to realize in the future as a result of performing work on contracts and our pro-rata share of work to be performed by unconsolidated joint ventures. We generally include total expected revenues in backlog when a contract is awarded under a legally binding agreement. In many instances, arrangements included in backlog are complex, nonrepetitive and may fluctuate due to the release of contracted work in phases by the customer. Additionally, nearly all contracts allow customers to terminate the agreement at any time for convenience. Where contract duration is indefinite and clients can terminate for convenience without having to compensate us for periods beyond the date of termination, projects included in backlog are limited to the estimated amount of expected revenues within the following twelve months. Certain contracts provide maximum dollar limits, with actual authorization to perform work under the contract agreed upon on a periodic basis with the customer. In these arrangements, only the amounts authorized are included in backlog. For projects where we act solely in a project management capacity, we only include the value of our services on each project in backlog. |
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