DELAWARE | 001-33987 | 26-0351454 | ||||||||||||
(State or other jurisdiction of Incorporation) | (Commission file number) | (I.R.S. Employer Identification Number) | ||||||||||||
Title of Class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value | HCCI | NASDAQ Global Select Market |
Exhibit Number | Description | |||||||
Press Release Dated March 2, 2020 |
HERITAGE-CRYSTAL CLEAN, INC. |
Date: March 2, 2020 | By: /s/ Mark DeVita Title: Chief Financial Officer |
December 28, 2019 | December 29, 2018 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 60,694 | $ | 43,579 | |||||||
Accounts receivable - net | 55,586 | 51,744 | |||||||||
Inventory - net | 29,373 | 33,059 | |||||||||
Other current assets | 7,104 | 6,835 | |||||||||
Total current assets | 152,757 | 135,217 | |||||||||
Property, plant and equipment - net | 154,911 | 139,987 | |||||||||
Right of use assets | 89,525 | — | |||||||||
Equipment at customers - net | 24,232 | 23,814 | |||||||||
Software and intangible assets - net | 16,892 | 14,681 | |||||||||
Goodwill | 32,997 | 34,123 | |||||||||
Total assets | $ | 471,314 | $ | 347,822 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 38,058 | $ | 32,630 | |||||||
Current portion of lease liabilities | 20,407 | — | |||||||||
Contract liabilities - net | 2,252 | 166 | |||||||||
Accrued salaries, wages, and benefits | 6,771 | 6,024 | |||||||||
Taxes payable | 6,538 | 6,120 | |||||||||
Other current liabilities | 16,418 | 5,089 | |||||||||
Total current liabilities | 90,444 | 50,029 | |||||||||
Lease liabilities, net of current portion | 68,734 | — | |||||||||
Long-term debt, less current maturities | 29,348 | 29,046 | |||||||||
Deferred income taxes | 17,157 | 14,516 | |||||||||
Total liabilities | $ | 205,683 | $ | 93,591 | |||||||
STOCKHOLDERS' EQUITY: | |||||||||||
Common stock - 26,000,000 shares authorized at $0.01 par value, 23,191,498 and 23,058,584 shares issued and outstanding at December 28, 2019 and December 29, 2018, respectively | $ | 232 | $ | 231 | |||||||
Additional paid-in capital | 200,583 | 197,533 | |||||||||
Retained earnings | 64,182 | 55,819 | |||||||||
Total Heritage-Crystal Clean, Inc. stockholders' equity | 264,997 | 253,583 | |||||||||
Noncontrolling interest | 634 | 648 | |||||||||
Total equity | 265,631 | 254,231 | |||||||||
Total liabilities and stockholders' equity | $ | 471,314 | $ | 347,822 | |||||||
For the Fourth Quarters Ended, | For the Fiscal Years Ended, | ||||||||||||||||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Service revenues | $ | 78,969 | $ | 78,057 | $ | 250,491 | $ | 250,262 | |||||||||||||||||||||
Product revenues | 52,149 | 49,002 | 171,273 | 159,921 | |||||||||||||||||||||||||
Rental income | 7,696 | — | 22,663 | — | |||||||||||||||||||||||||
Total revenues | $ | 138,814 | $ | 127,059 | $ | 444,427 | $ | 410,183 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating costs | $ | 108,154 | $ | 102,462 | $ | 349,603 | $ | 323,165 | |||||||||||||||||||||
Selling, general, and administrative expenses | 15,545 | 14,529 | 50,224 | 47,714 | |||||||||||||||||||||||||
Depreciation and amortization | 6,072 | 5,079 | 18,249 | 16,157 | |||||||||||||||||||||||||
Other expense - net | 11,013 | 623 | 13,490 | 1,606 | |||||||||||||||||||||||||
Operating (loss) income | (1,970) | 4,366 | 12,861 | 21,541 | |||||||||||||||||||||||||
Interest expense – net | 240 | 310 | 869 | 1,052 | |||||||||||||||||||||||||
(Loss) income before income taxes | (2,210) | 4,056 | 11,992 | 20,489 | |||||||||||||||||||||||||
(Benefit of) provision for income taxes | (168) | 1,455 | 3,243 | 5,451 | |||||||||||||||||||||||||
Net (loss) income | $ | (2,042) | $ | 2,601 | $ | 8,749 | $ | 15,038 | |||||||||||||||||||||
Income attributable to noncontrolling interest | 108 | 97 | 386 | 310 | |||||||||||||||||||||||||
(Loss) income attributable to Heritage-Crystal Clean, Inc. common stockholders | $ | (2,150) | $ | 2,504 | $ | 8,363 | $ | 14,728 | |||||||||||||||||||||
Net (loss) income per share: basic | $ | (0.09) | $ | 0.11 | $ | 0.36 | $ | 0.64 | |||||||||||||||||||||
Net (loss) income per share: diluted | $ | (0.09) | $ | 0.11 | $ | 0.36 | $ | 0.63 | |||||||||||||||||||||
Number of weighted average shares outstanding: basic | 23,190 | 23,056 | 23,160 | 23,026 | |||||||||||||||||||||||||
Number of weighted average shares outstanding: diluted | 23,190 | 23,411 | 23,398 | 23,334 |
For the Fourth Quarters Ended, | |||||||||||||||||||||||||||||
December 28, 2019 | |||||||||||||||||||||||||||||
Environmental Services | Oil Business | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Service revenues | $ | 75,257 | $ | 3,712 | $ | — | $ | 78,969 | |||||||||||||||||||||
Product revenues | 13,984 | 38,165 | — | 52,149 | |||||||||||||||||||||||||
Rental income | 7,617 | 79 | — | 7,696 | |||||||||||||||||||||||||
Total revenues | $ | 96,858 | $ | 41,956 | $ | — | $ | 138,814 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating costs | 70,016 | 38,138 | — | 108,154 | |||||||||||||||||||||||||
Operating depreciation and amortization | 2,515 | 2,349 | — | 4,864 | |||||||||||||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 24,327 | $ | 1,469 | $ | — | $ | 25,796 | |||||||||||||||||||||
Selling, general, and administrative expenses | 15,545 | 15,545 | |||||||||||||||||||||||||||
Depreciation and amortization from SG&A | 1,208 | 1,208 | |||||||||||||||||||||||||||
Total selling, general, and administrative expenses | $ | 16,753 | $ | 16,753 | |||||||||||||||||||||||||
Other expense - net | 11,013 | 11,013 | |||||||||||||||||||||||||||
Operating loss | (1,970) | ||||||||||||||||||||||||||||
Interest expense - net | 240 | 240 | |||||||||||||||||||||||||||
Loss before income taxes | $ | (2,210) | |||||||||||||||||||||||||||
December 29, 2018 | |||||||||||||||||||||||||||||
Environmental Services | Oil Business | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Service revenues | $ | 74,377 | $ | 3,680 | $ | — | $ | 78,057 | |||||||||||||||||||||
Product revenues | 11,526 | 37,476 | — | 49,002 | |||||||||||||||||||||||||
Total revenues | $ | 85,903 | $ | 41,156 | $ | — | $ | 127,059 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating costs | 60,318 | 42,144 | — | 102,462 | |||||||||||||||||||||||||
Operating depreciation and amortization | 2,175 | 1,954 | — | 4,129 | |||||||||||||||||||||||||
Profit (loss) before corporate selling, general, and administrative expenses | $ | 23,410 | $ | (2,942) | $ | — | $ | 20,468 | |||||||||||||||||||||
Selling, general, and administrative expenses | 14,529 | 14,529 | |||||||||||||||||||||||||||
Depreciation and amortization from SG&A | 950 | 950 | |||||||||||||||||||||||||||
Total selling, general, and administrative expenses | $ | 15,479 | $ | 15,479 | |||||||||||||||||||||||||
Other expense - net | 623 | 623 | |||||||||||||||||||||||||||
Operating income | — | 4,366 | |||||||||||||||||||||||||||
Interest expense - net | 310 | 310 | |||||||||||||||||||||||||||
Income before income taxes | $ | 4,056 |
For the Fiscal Years Ended, | |||||||||||||||||||||||||||||
December 28, 2019 | |||||||||||||||||||||||||||||
Environmental Services | Oil Business | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Service revenues | $ | 236,530 | $ | 13,961 | $ | — | $ | 250,491 | |||||||||||||||||||||
Product revenues | 43,605 | 127,668 | — | 171,273 | |||||||||||||||||||||||||
Rental income | 22,408 | 255 | — | 22,663 | |||||||||||||||||||||||||
Total revenues | $ | 302,543 | $ | 141,884 | $ | — | $ | 444,427 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating costs | 219,040 | 130,563 | — | 349,603 | |||||||||||||||||||||||||
Operating depreciation and amortization | 7,768 | 6,656 | — | 14,424 | |||||||||||||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 75,735 | $ | 4,665 | $ | — | $ | 80,400 | |||||||||||||||||||||
Selling, general, and administrative expenses | 50,224 | 50,224 | |||||||||||||||||||||||||||
Depreciation and amortization from SG&A | 3,825 | 3,825 | |||||||||||||||||||||||||||
Total selling, general, and administrative expenses | $ | 54,049 | $ | 54,049 | |||||||||||||||||||||||||
Other expense - net | 13,490 | 13,490 | |||||||||||||||||||||||||||
Operating income | 12,861 | ||||||||||||||||||||||||||||
Interest expense - net | 869 | 869 | |||||||||||||||||||||||||||
Income before income taxes | $ | 11,992 |
December 29, 2018 | |||||||||||||||||||||||||||||
Environmental Services | Oil Business | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Service revenues | $ | 237,806 | $ | 12,456 | $ | — | $ | 250,262 | |||||||||||||||||||||
Product revenues | 33,325 | 126,596 | — | 159,921 | |||||||||||||||||||||||||
Total revenues | $ | 271,131 | $ | 139,052 | $ | — | $ | 410,183 | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Operating costs | 194,959 | 128,206 | — | 323,165 | |||||||||||||||||||||||||
Operating depreciation and amortization | 6,766 | 6,141 | — | 12,907 | |||||||||||||||||||||||||
Profit before corporate selling, general, and administrative expenses | $ | 69,406 | $ | 4,705 | $ | — | $ | 74,111 | |||||||||||||||||||||
Selling, general, and administrative expenses | 47,714 | 47,714 | |||||||||||||||||||||||||||
Depreciation and amortization from SG&A | 3,250 | 3,250 | |||||||||||||||||||||||||||
Total selling, general, and administrative expenses | $ | 50,964 | $ | 50,964 | |||||||||||||||||||||||||
Other expense - net | 1,606 | 1,606 | |||||||||||||||||||||||||||
Operating income | — | 21,541 | |||||||||||||||||||||||||||
Interest expense - net | 1,052 | 1,052 | |||||||||||||||||||||||||||
Income before income taxes | $ | 20,489 |
Heritage-Crystal Clean, Inc. | |||||||||||||||||||||||||||||
Reconciliation of our Net (Loss) Income Determined in Accordance with U.S. GAAP to Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) and Adjusted EBITDA | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Fourth Quarters Ended, | For the Fiscal Years Ended, | ||||||||||||||||||||||||||||
(thousands) | December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | |||||||||||||||||||||||||
Net (loss) income | $ | (2,042) | $ | 2,601 | $ | 8,749 | $ | 15,038 | |||||||||||||||||||||
Interest expense - net | 240 | 310 | 869 | 1,052 | |||||||||||||||||||||||||
(Benefit of) provision for income taxes | (168) | 1,455 | 3,243 | 5,451 | |||||||||||||||||||||||||
Depreciation and amortization | 6,072 | 5,079 | 18,249 | 16,157 | |||||||||||||||||||||||||
EBITDA(a) | $ | 4,102 | $ | 9,445 | $ | 31,110 | $ | 37,698 | |||||||||||||||||||||
Class action settlement and associated legal fees(b) | 11,093 | 144 | 11,327 | 962 | |||||||||||||||||||||||||
Non-cash compensation (c) | 1,232 | 1,321 | 3,976 | 4,381 | |||||||||||||||||||||||||
Cost and asset write-offs associated with site closures (d) | 195 | 271 | 2,726 | 966 | |||||||||||||||||||||||||
Retirement costs and severance (e) | 79 | 67 | 825 | 706 | |||||||||||||||||||||||||
Adoption of ASC 842 lease accounting standard (f) | — | — | 2,202 | — | |||||||||||||||||||||||||
Implementation cost of 842 (g) | — | — | 355 | — | |||||||||||||||||||||||||
Adjusted EBITDA (h) | $ | 16,701 | $ | 11,248 | $ | 52,521 | $ | 44,713 | |||||||||||||||||||||
(a) | EBITDA represents net (loss) income before provision for income taxes, interest income, interest expense, depreciation and amortization. We have presented EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by analysts, investors, our lenders and other interested parties in the evaluation of companies in our industry. Management uses EBITDA as a measurement tool for evaluating our actual operating performance compared to budget and prior periods. Other companies in our industry may calculate EBITDA differently than we do. EBITDA is not a measure of performance under U.S. GAAP and should not be considered as a substitute for net income (loss) prepared in accordance with U.S. GAAP. EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are: | ||||||||||||||||||||||||||||
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; | |||||||||||||||||||||||||||||
EBITDA does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our debt: | |||||||||||||||||||||||||||||
EBITDA does not reflect tax expense or the cash requirements necessary to pay for tax obligations; and | |||||||||||||||||||||||||||||
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. | |||||||||||||||||||||||||||||
We compensate for these limitations by relying primarily on our U.S. GAAP results and using EBITDA only as a supplement. | |||||||||||||||||||||||||||||
(b) | Class action settlement and associated legal fees incurred. Amounts in fiscal 2018 only represent legal fees. | ||||||||||||||||||||||||||||
(c) | Non-Cash compensation expenses which are recorded in SG&A. | ||||||||||||||||||||||||||||
(d) | Cost and asset write-offs mainly associated with the closure of the Company’s facility located in Wilmington, Delaware. | ||||||||||||||||||||||||||||
(e) | Costs associated with the retirement of our former SVP Sales and other employee separations. | ||||||||||||||||||||||||||||
(f) | Revenue deferred during the first quarter of 2019 from the adoption of ASC 842 lease accounting standard. | ||||||||||||||||||||||||||||
(g) | One-time cost associated with the implementation of ASC 842. | ||||||||||||||||||||||||||||
(h) | We have presented Adjusted EBITDA because we consider it an important supplemental measure of our performance and believe it may be used by analysts, investors, our lenders, and other interested parties in the evaluation of our performance. Other companies in our industry may calculate Adjusted EBITDA differently than we do. Adjusted EBITDA is not a measure of performance under U.S. GAAP and should not be considered as a substitute for net income (loss) prepared in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. |
Use of Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
Adjusted net (loss) earnings and adjusted net (loss) earnings per share are non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to, but not as substitute for, financial measures prepared in accordance with GAAP. Management believes that adjusted net (loss) earnings and adjusted net (loss) earnings per share provide investors and management useful information about the earnings impact of the class action settlement during the fourth quarter of 2019. | |||||||||||||||||||||||||||||
Reconciliation of our Net (Loss) Earnings and Net (Loss) Earnings Per Share Determined in Accordance with U.S. GAAP to our Non-GAAP Adjusted Net Earnings and Non-GAAP Adjusted Net Earnings Per Share | |||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Fourth Quarters Ended, | For the Fiscal Years Ended, | ||||||||||||||||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||||||||||||||||
GAAP net (loss) earnings | $ | (2,150) | $ | 2,504 | $ | 8,363 | $ | 14,728 | |||||||||||||||||||||
Class action settlement and associated legal fees (a) | 11,093 | 144 | 11,327 | 962 | |||||||||||||||||||||||||
Tax effect on settlement and associated legal fees | (2,812) | (52) | (2,867) | (256) | |||||||||||||||||||||||||
Cost and asset write-offs associated with site closures (b) | 195 | 271 | 2,726 | 966 | |||||||||||||||||||||||||
Tax effect on cost and asset write-offs associated with site closures | (49) | (71) | (689) | (247) | |||||||||||||||||||||||||
Retirement costs and severance (c) | 79 | 67 | 825 | 706 | |||||||||||||||||||||||||
Tax effect on retirement costs and severance | (20) | — | (215) | (180) | |||||||||||||||||||||||||
Adoption of ASC 842 lease accounting standard(d) | — | — | 2,202 | — | |||||||||||||||||||||||||
Tax effect on adoption of ASC 842 | — | — | (553) | — | |||||||||||||||||||||||||
Implementation cost of 842(e) | — | — | 355 | — | |||||||||||||||||||||||||
Tax effect on implementation of ASC 842 | — | — | (92) | — | |||||||||||||||||||||||||
Adjusted net earnings | $ | 6,336 | $ | 2,863 | $ | 21,382 | $ | 16,679 | |||||||||||||||||||||
GAAP diluted (loss) earnings per share | $ | (0.09) | $ | 0.11 | $ | 0.36 | $ | 0.63 | |||||||||||||||||||||
Class action settlement cost and associated legal fees per share | 0.47 | 0.01 | 0.48 | 0.04 | |||||||||||||||||||||||||
Tax effect on class action settlement costs and associated legal fees per share | (0.12) | — | (0.12) | (0.01) | |||||||||||||||||||||||||
Cost and asset write-offs associated with site closures per share | 0.01 | 0.01 | 0.12 | 0.04 | |||||||||||||||||||||||||
Tax effect on cost and asset write-offs associated with site closures per share | — | — | (0.03) | (0.01) | |||||||||||||||||||||||||
Retirement costs and severance per share | — | — | 0.04 | 0.03 | |||||||||||||||||||||||||
Tax effect on retirement and severance per share | — | — | (0.01) | (0.01) | |||||||||||||||||||||||||
Adoption of ASC 842 lease accounting standard per share | — | — | 0.09 | — | |||||||||||||||||||||||||
Tax effect on adoption of ASC 842 per share | — | — | (0.03) | — | |||||||||||||||||||||||||
Implementation cost of 842 per share | — | — | 0.02 | — | |||||||||||||||||||||||||
Tax effect on implementation of ASC 842 per share | — | — | — | — | |||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.27 | $ | 0.13 | $ | 0.92 | $ | 0.71 | |||||||||||||||||||||
(a) Class action settlement and associated legal fees incurred. Amounts in fiscal 2018 only represent legal fees. | |||||||||||||||||||||||||||||
(b) Cost and asset write-offs mainly associated with the closure of the Company’s facility located in Wilmington, Delaware. | |||||||||||||||||||||||||||||
(c) Costs associated with the retirement of our former SVP Sales and other employee separations. | |||||||||||||||||||||||||||||
(d) Revenue deferred during the first quarter of 2019 from the adoption of ASC 842 lease accounting standard. | |||||||||||||||||||||||||||||
(e) One-time cost associated with the implementation of ASC 842. | |||||||||||||||||||||||||||||
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