Delaware | 001-33816 | 26-0287117 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | 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 |
Item 9.01 | Financial Statements and Exhibits |
Exhibit Number | Description | ||
99.1 | Press Release, dated May 9, 2016 |
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. | ||||||
Date: May 9, 2016 | By: | /s/ Joseph M. Crabb | ||||
Name: | Joseph M. Crabb | |||||
Title: | Executive Vice President and Chief Legal Officer |
Exhibit Number | Description | ||
99.1 | Press Release, dated May 9, 2016 |
• | First-quarter revenue was $47.0 million, a decrease of approximately 31.6%, or $21.7 million, when compared with revenue of $68.6 million in the fourth quarter of 2015. |
• | Loss from continuing operations for the first quarter was $27.3 million, or a loss of $0.98 per diluted share, compared with a loss from continuing operations of $34.4 million, or a loss of $1.24 per diluted share in the fourth quarter of 2015. |
• | 48.0% reduction in total costs and expenses, adjusted for special items, compared with first quarter of 2015, including $5.6 million in lower selling, general and administrative expenses. |
• | Adjusted EBITDA from continuing operations for the first quarter was $1.6 million, a decrease of approximately 81.0% compared with adjusted EBITDA from continuing operations of $8.2 million in the fourth quarter of 2015. |
• | The Company generated net free cash flow in the first quarter of $2.6 million. |
• | Total liquidity as of March 31, 2016 was $13.8 million. |
▪ | Approximately $25.2 million in lower payroll and related expenses, reflecting a 46% year-over-year reduction in headcount; |
▪ | Approximately $5.9 million in lower fuel expense; |
▪ | Approximately $5.6 million, or 47.4%, in lower SG&A expenses, including $3.2 million in lower corporate SG&A expenses; |
▪ | Approximately $1.6 million in lower depreciation and amortization expenses; and, |
▪ | The balance related to reductions in all other direct operating expenses. |
Three months ended March 31, 2016 | Rocky Mountain | Northeast | Southern | Corporate | Total | |||||||||||||||
Revenue | $ | 24,905 | $ | 12,777 | $ | 9,293 | $ | — | $ | 46,975 | ||||||||||
Operating loss | (4,584 | ) | (3,864 | ) | (2,932 | ) | (3,559 | ) | (14,939 | ) | ||||||||||
Operating Margin % | (18.4 | )% | (30.2 | )% | (31.6 | )% | NA | (31.8 | )% | |||||||||||
Adjusted EBITDA | 3,711 | (191 | ) | 588 | (2,549 | ) | 1,559 | |||||||||||||
Adjusted EBITDA Margin % | 14.9 | % | (1.5 | )% | 6.3 | % | NA | 3.3 | % |
Three months ended March 31, 2015 | Rocky Mountain | Northeast | Southern | Corporate | Total | |||||||||||||||
Revenue | $ | 69,410 | $ | 27,313 | $ | 22,389 | $ | — | $ | 119,112 | ||||||||||
Operating income (loss) | 10,192 | (98 | ) | (3,014 | ) | (6,832 | ) | 248 | ||||||||||||
Operating Margin % | 14.7 | % | (0.4 | )% | (13.5 | )% | NA | 0.2 | % | |||||||||||
Adjusted EBITDA | 18,354 | 3,779 | 2,304 | (5,731 | ) | 18,706 | ||||||||||||||
Adjusted EBITDA Margin % | 26.4 | % | 13.8 | % | 10.3 | % | NA | 15.7 | % |
Three Months Ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
Revenue: | |||||||
Non-rental revenue | $ | 44,026 | $ | 107,010 | |||
Rental revenue | 2,949 | 12,102 | |||||
Total revenue | 46,975 | 119,112 | |||||
Costs and expenses: | |||||||
Direct operating expenses | 38,617 | 87,999 | |||||
General and administrative expenses | 7,452 | 12,700 | |||||
Depreciation and amortization | 15,845 | 17,482 | |||||
Other, net | — | 683 | |||||
Total costs and expenses | 61,914 | 118,864 | |||||
Operating (loss) income | (14,939 | ) | 248 | ||||
Interest expense, net | (12,045 | ) | (12,588 | ) | |||
Other income, net | 158 | 321 | |||||
Loss on extinguishment of debt | (390 | ) | — | ||||
Loss from continuing operations before income taxes | (27,216 | ) | (12,019 | ) | |||
Income tax (expense) benefit | (55 | ) | 24 | ||||
Loss from continuing operations | (27,271 | ) | (11,995 | ) | |||
Income from discontinued operations, net of income taxes | 55 | 921 | |||||
Net loss attributable to common shareholders | $ | (27,216 | ) | $ | (11,074 | ) | |
Net loss per common share attributable to common shareholders: | |||||||
Basic and diluted loss from continuing operations | $ | (0.98 | ) | $ | (0.44 | ) | |
Basic and diluted income from discontinued operations | — | 0.03 | |||||
Net loss per basic and diluted common share | $ | (0.98 | ) | $ | (0.41 | ) | |
Weighted average shares outstanding used in computing net loss per basic and diluted common share | 27,907 | 27,412 |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Assets | (Note 1) | ||||||
Cash and cash equivalents | $ | 30 | $ | 39,309 | |||
Restricted cash | 4,450 | 4,250 | |||||
Accounts receivable, net | 30,857 | 42,188 | |||||
Inventories | 2,715 | 2,985 | |||||
Prepaid expenses and other receivables | 4,011 | 3,377 | |||||
Other current assets | 5,744 | 2,372 | |||||
Total current assets | 47,807 | 94,481 | |||||
Property, plant and equipment, net | 391,775 | 406,188 | |||||
Equity investments | 3,745 | 3,750 | |||||
Intangibles, net | 16,214 | 16,867 | |||||
Other assets | 572 | 1,333 | |||||
Total assets | $ | 460,113 | $ | 522,619 | |||
Liabilities and Shareholders' Deficit | |||||||
Accounts payable | $ | 7,269 | $ | 6,907 | |||
Accrued liabilities | 34,252 | 29,843 | |||||
Current portion of contingent consideration | 8,500 | 8,628 | |||||
Current portion of long-term debt | 463,164 | 499,709 | |||||
Total current liabilities | 513,185 | 545,087 | |||||
Deferred income taxes | 295 | 270 | |||||
Long-term portion of debt | 8,015 | 11,758 | |||||
Other long-term liabilities | 3,735 | 3,775 | |||||
Total liabilities | 525,230 | 560,890 | |||||
Commitments and contingencies | |||||||
Shareholders' deficit: | |||||||
Common stock | 30 | 30 | |||||
Additional paid-in capital | 1,370,298 | 1,369,921 | |||||
Treasury stock | (19,807 | ) | (19,800 | ) | |||
Accumulated deficit | (1,415,638 | ) | (1,388,422 | ) | |||
Total shareholders' deficit | (65,117 | ) | (38,271 | ) | |||
Total liabilities and shareholders' deficit | $ | 460,113 | $ | 522,619 |
Three Months Ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (27,216 | ) | $ | (11,074 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Income from discontinued operations, net of income taxes | — | (921 | ) | ||||
Gain on the sale of TFI | (55 | ) | — | ||||
Depreciation and amortization of intangible assets | 15,845 | 17,482 | |||||
Amortization of deferred financing costs and debt discounts, net | 1,157 | 1,247 | |||||
Stock-based compensation | 368 | 789 | |||||
Gain on disposal of property, plant and equipment | (1,057 | ) | (654 | ) | |||
Bad debt expense | 217 | 732 | |||||
Loss on extinguishment of debt | 390 | — | |||||
Deferred income taxes | 25 | 1 | |||||
Other, net | (88 | ) | (418 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 11,114 | 21,688 | |||||
Prepaid expenses and other receivables | (634 | ) | (1,273 | ) | |||
Accounts payable and accrued liabilities | 4,924 | 6,949 | |||||
Other assets and liabilities, net | (2,425 | ) | 202 | ||||
Net cash provided by operating activities from continuing operations | 2,565 | 34,750 | |||||
Net cash provided by operating activities from discontinued operations | — | 867 | |||||
Net cash provided by operating activities | 2,565 | 35,617 | |||||
Cash flows from investing activities: | |||||||
Proceeds from the sale of property, plant and equipment | 1,449 | 1,968 | |||||
Purchases of property, plant and equipment | (1,421 | ) | (6,163 | ) | |||
Increase in restricted cash | (200 | ) | — | ||||
Net cash used in investing activities from continuing operations | (172 | ) | (4,195 | ) | |||
Net cash used in investing activities from discontinued operations | — | (161 | ) | ||||
Net cash used in investing activities | (172 | ) | (4,356 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from revolving credit facility | 12,409 | — | |||||
Payments on revolving credit facility | (51,968 | ) | (7,000 | ) | |||
Payments for deferred financing costs | (426 | ) | — | ||||
Payments on vehicle financing and other financing activities | (1,687 | ) | (1,436 | ) | |||
Net cash used in financing activities from continuing operations | (41,672 | ) | (8,436 | ) | |||
Net cash provided by financing activities from discontinued operations | — | 38 | |||||
Net cash used in financing activities | (41,672 | ) | (8,398 | ) | |||
Net (decrease) increase in cash and cash equivalents | (39,279 | ) | 22,863 | ||||
Cash and cash equivalents - beginning of period | 39,309 | 15,416 | |||||
Cash and cash equivalents - end of period | 30 | 38,279 | |||||
Less: cash and cash equivalents of discontinued operations - end of period | — | 2,793 | |||||
Cash and cash equivalents of continuing operations - end of period | $ | 30 | $ | 35,486 | |||
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Loss from continuing operations | $ | (27,271 | ) | $ | (11,995 | ) | |
Depreciation and amortization | 15,845 | 17,482 | |||||
Interest expense, net | 12,045 | 12,588 | |||||
Income tax expense (benefit) | 55 | (24 | ) | ||||
EBITDA | 674 | 18,051 | |||||
Adjustments: | |||||||
Transaction-related costs, including earnout adjustments, net | (119 | ) | (309 | ) | |||
Stock-based compensation | 368 | 789 | |||||
Legal and environmental costs, net | 1,475 | 7 | |||||
Restructuring, exit and other costs | (172 | ) | 822 | ||||
Loss on extinguishment of debt | 390 | — | |||||
Gain on disposal of assets | (1,057 | ) | (654 | ) | |||
Adjusted EBITDA from continuing operations | 1,559 | 18,706 | |||||
Adjusted EBITDA from discontinued operations | — | 1,190 | |||||
Total Adjusted EBITDA | $ | 1,559 | $ | 19,896 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Income from discontinued operations | $ | 55 | $ | 921 | |||
Income tax expense | — | 265 | |||||
EBITDA from discontinued operations | 55 | 1,186 | |||||
Adjustments: | |||||||
Transaction-related costs | — | 4 | |||||
Gain on sale of TFI | (55 | ) | — | ||||
Adjusted EBITDA from discontinued operations | $ | — | $ | 1,190 |
Three months ended March 31, 2016 | Rocky Mountain | Northeast | Southern | Corporate | Total | |||||||||||||||
Revenue | $ | 24,905 | $ | 12,777 | $ | 9,293 | $ | — | $ | 46,975 | ||||||||||
Direct operating expenses | 19,558 | 11,568 | 7,491 | — | 38,617 | |||||||||||||||
General and administrative expenses | 1,852 | 1,190 | 920 | 3,490 | 7,452 | |||||||||||||||
Depreciation and amortization | 8,079 | 3,883 | 3,814 | 69 | 15,845 | |||||||||||||||
Operating loss | (4,584 | ) | (3,864 | ) | (2,932 | ) | (3,559 | ) | (14,939 | ) | ||||||||||
Operating margin % | (18.4 | )% | (30.2 | )% | (31.6 | )% | NA | (31.8 | )% | |||||||||||
Loss from continuing operations before income taxes | (4,652 | ) | (3,931 | ) | (2,926 | ) | (15,707 | ) | (27,216 | ) | ||||||||||
Loss from continuing operations | (4,652 | ) | (3,931 | ) | (2,926 | ) | (15,762 | ) | (27,271 | ) | ||||||||||
Depreciation and amortization | 8,079 | 3,883 | 3,814 | 69 | 15,845 | |||||||||||||||
Interest expense, net | 98 | 141 | 48 | 11,758 | 12,045 | |||||||||||||||
Income tax expense | — | — | — | 55 | 55 | |||||||||||||||
EBITDA | $ | 3,525 | $ | 93 | $ | 936 | $ | (3,880 | ) | $ | 674 | |||||||||
Adjustments, net | 186 | (284 | ) | (348 | ) | 1,331 | 885 | |||||||||||||
Adjusted EBITDA from continuing operations | $ | 3,711 | $ | (191 | ) | $ | 588 | $ | (2,549 | ) | $ | 1,559 | ||||||||
Adjusted EBITDA margin % | 14.9 | % | (1.5 | )% | 6.3 | % | NA | 3.3 | % |
Three months ended March 31, 2015 | Rocky Mountain | Northeast | Southern | Corporate | Total | |||||||||||||||
Revenue | $ | 69,410 | $ | 27,313 | $ | 22,389 | $ | — | $ | 119,112 | ||||||||||
Direct operating expenses | 48,425 | 21,496 | 18,078 | — | 87,999 | |||||||||||||||
General and administrative expenses | 2,056 | 1,904 | 2,078 | 6,662 | 12,700 | |||||||||||||||
Depreciation and amortization | 8,737 | 3,927 | 4,648 | 170 | 17,482 | |||||||||||||||
Operating income (loss) | 10,192 | (98 | ) | (3,014 | ) | (6,832 | ) | 248 | ||||||||||||
Operating margin % | 14.7 | % | (0.4 | )% | (13.5 | )% | NA | 0.2 | % | |||||||||||
Income (loss) from continuing operations before income taxes | 10,097 | 13 | (2,935 | ) | (19,194 | ) | (12,019 | ) | ||||||||||||
Income (loss) from continuing operations | 10,097 | 13 | (2,935 | ) | (19,170 | ) | (11,995 | ) | ||||||||||||
Depreciation and amortization | 8,737 | 3,927 | 4,648 | 170 | 17,482 | |||||||||||||||
Interest expense, net | 109 | 64 | 53 | 12,362 | 12,588 | |||||||||||||||
Income tax benefit | — | — | — | (24 | ) | (24 | ) | |||||||||||||
EBITDA | $ | 18,943 | $ | 4,004 | $ | 1,766 | $ | (6,662 | ) | $ | 18,051 | |||||||||
Adjustments, net | (589 | ) | (225 | ) | 538 | 931 | 655 | |||||||||||||
Adjusted EBITDA from continuing operations | $ | 18,354 | $ | 3,779 | $ | 2,304 | $ | (5,731 | ) | $ | 18,706 | |||||||||
Adjusted EBITDA margin % | 26.4 | % | 13.8 | % | 10.3 | % | NA | 15.7 | % |
Three months ended March 31, 2016 | ||||||||||||
As Reported | Special Items | As Adjusted | ||||||||||
Revenue | $ | 46,975 | $ | — | $ | 46,975 | ||||||
Direct operating expenses | 38,617 | 638 | [A] | 39,255 | ||||||||
General and administrative expenses | 7,452 | (1,261 | ) | [B] | 6,191 | |||||||
Total costs and expenses | 61,914 | (623 | ) | [C] | 61,291 | |||||||
Operating loss | (14,939 | ) | 623 | [C] | (14,316 | ) | ||||||
Loss from continuing operations | (27,271 | ) | 887 | [D] | (26,384 | ) | ||||||
Basic and diluted loss from continuing operations | $ | (0.98 | ) | $ | (0.95 | ) | ||||||
Loss from continuing operations | $ | (27,271 | ) | $ | (26,384 | ) | ||||||
Depreciation and amortization | 15,845 | 15,845 | ||||||||||
Interest expense, net | 12,045 | 12,045 | ||||||||||
Income tax expense | 55 | 53 | ||||||||||
EBITDA and Adjusted EBITDA from continuing operations | $ | 674 | $ | 1,559 |
Description of 2016 Special Items: | ||||
[A] | Special items primarily includes gain on sale for the disposal of certain transportation related assets, offset by severance and environmental clean-up charges. | |||
[B] | Primarily attributable to stock-based compensation and non-routine litigation expenses associated with the Company's debt restructuring. | |||
[C] | Primarily includes the aforementioned adjustments. | |||
[D] | Primarily includes the aforementioned adjustments along with a charge of $0.4 million in connection with a write-off of a portion of the unamortized deferred financing costs associated with our amended ABL Credit Facility; and a reduction in the fair value of contingent consideration of $0.1 million in the three months ended March 31, 2016. Additionally, our effective tax rate for the three months ended March 31, 2016 was near zero percent and has been applied to the special items accordingly. |
Three months ended March 31, 2015 | ||||||||||||
As Reported | Special Items | As Adjusted | ||||||||||
Revenue | $ | 119,112 | $ | — | $ | 119,112 | ||||||
Direct operating expenses | 87,999 | 654 | [E] | 88,653 | ||||||||
General and administrative expenses | 12,700 | (935 | ) | [F] | 11,765 | |||||||
Total costs and expenses | 118,864 | (964 | ) | [G] | 117,900 | |||||||
Operating income | 248 | 964 | [G] | 1,212 | ||||||||
Loss from continuing operations | (11,995 | ) | 654 | [H] | (11,341 | ) | ||||||
Basic and diluted loss from continuing operations | $ | (0.44 | ) | $ | (0.41 | ) | ||||||
Loss from continuing operations | $ | (11,995 | ) | $ | (11,341 | ) | ||||||
Depreciation and amortization | 17,482 | 17,482 | ||||||||||
Interest expense, net | 12,588 | 12,588 | ||||||||||
Income tax benefit | (24 | ) | (23 | ) | ||||||||
EBITDA and Adjusted EBITDA from continuing operations | $ | 18,051 | $ | 18,706 |
Description of 2015 Special Items: | ||||
[E] | Special items includes a gain on sale for the disposal of certain transportation related assets. | |||
[F] | Primarily attributable to stock-based compensation and certain refinancing costs associated with our ABL Credit Facility. | |||
[G] | Primarily includes the aforementioned adjustments, and a charge of approximately $0.7 million associated with Company's exit from certain shale basins. | |||
[H] | Primarily includes the aforementioned adjustments, including a reduction in the fair value of contingent consideration of $0.3 million. Additionally, our effective tax rate for the three months ended March 31, 2015 was near zero percent and has been applied to the special items accordingly. |
Three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Net cash provided by operating activities from continuing operations | $ | 2,565 | $ | 34,750 | ||||
Less: net cash capital expenditures, [1] | 28 | (4,195 | ) | |||||
Free Cash Flow | $ | 2,593 | $ | 30,555 |
[1] | Purchases of property, plant and equipment, net of proceeds received from sales of property, plant and equipment |
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