0001193125-13-069279.txt : 20130221 0001193125-13-069279.hdr.sgml : 20130221 20130221160501 ACCESSION NUMBER: 0001193125-13-069279 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130221 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130221 DATE AS OF CHANGE: 20130221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IPC The Hospitalist Company, Inc. CENTRAL INDEX KEY: 0001410471 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090] IRS NUMBER: 954562058 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33930 FILM NUMBER: 13630438 BUSINESS ADDRESS: STREET 1: 4605 LANKERSHIM BLVD., SUITE 617 CITY: NORTH HOLLYWOOD STATE: CA ZIP: 91602 BUSINESS PHONE: 818-766-3502 MAIL ADDRESS: STREET 1: 4605 LANKERSHIM BLVD., SUITE 617 CITY: NORTH HOLLYWOOD STATE: CA ZIP: 91602 8-K 1 d489799d8k.htm FORM 8-K Form 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): February 21, 2013

 

 

IPC THE HOSPITALIST COMPANY, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-33930   No. 95-4562058

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

4605 Lankershim Boulevard, Suite 617

North Hollywood, California 91602

(Address of principal executive offices, including Zip Code)

(888) 447-2362

(Registrant’s telephone number, including area code)

 

 

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:

 

¨ 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

On February 21, 2013, IPC The Hospitalist Company, Inc. issued a press release reporting the results of operations for the three and twelve months ended December 31, 2012. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety.

The information contained in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits.

 

Exhibit

Number

  

Description

99.1    Press release dated February 21, 2013, reporting results of operations for the three and twelve months ended December 31, 2012.


SIGNATURES

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 hereunto duly authorized.

 

        IPC THE HOSPITALIST COMPANY, INC.
Date: February 21, 2013     By:  

/s/ Adam D. Singer, M.D.

      Adam D. Singer, M.D.
      Chief Executive Officer


EXHIBIT INDEX

 

Exhibit

Number

  

Description

99.1    Press release dated February 21, 2013, reporting results of operations for the three and twelve months ended December 31, 2012
EX-99.1 2 d489799dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

 

 

Contacts:

   Evan Pondel

Rick Kline

   PondelWilkinson, Inc.

IPC The Hospitalist Company, Inc.

   (310) 279-5980

(818) 766-3502

   epondel@pondel.com

IPC The Hospitalist Company Reports Fourth Quarter and Full Year 2012

— Company Achieves Solid Gains in Patient Encounters, Revenues and Earnings—

North Hollywood, CA— February 21, 2013—IPC The Hospitalist Company, Inc. (NASDAQ: IPCM), a leading national hospitalist physician group practice, today announced financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Highlights (comparisons are to fourth quarter 2011):

 

   

Net revenue increased 17% to $137.6 million

 

   

Patient encounters increased to an all-time high of 1,447,000, an 18% increase

 

   

Income from operations increased 16% to $13.8 million, excluding the net change in fair value of contingent consideration

 

   

Net income increased 11% to $8.3 million, or $0.49 diluted earnings per share, excluding the net change in fair value of contingent consideration

Twelve Months Ended December 31, 2012 Highlights (comparisons are to twelve months ended December 31, 2011):

 

   

Net revenue increased 14% to $523.5 million

 

   

Patient encounters increased to an all-time high of 5,496,000, a 15% increase

 

   

Income from operations increased 15% to $53.0 million, excluding the net change in fair value of contingent consideration

 

   

Net income increased 15% to $32.8 million, or $1.93 diluted earnings per share, excluding the net change in fair value of contingent consideration

Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, “We are pleased to report that we once again reached a new milestone in the fourth quarter, with more than 1.4 million patient encounters generating $137.6 million in net revenue, for a 17% increase in net revenue for the quarter. Growth came from both acquisitions and new hires as we continue to build out our platform to meet the growing demand for our services. As of year-end, we had more than 1,410 providers, an increase of 217 since year-end 2011.”

Dr. Singer added, “We continue to execute on our strategy of organic hiring and acquisition growth, as demonstrated by the significant number of providers we added during 2012. We completed 15 acquisitions in 2012, and our acquisition pipeline remains healthy, with a significant number of physician practices in both the acute and post-acute areas. In addition, we continue to evaluate opportunities to add to our practices through hospital contracting. We remain confident in our ability to continue to execute our multi-pronged growth plan in 2013 and beyond.”

Fourth Quarter 2012

Patient encounters for the three months ended December 31, 2012 increased by 223,000, or 18.2%, to 1,447,000, compared with 1,224,000 for the same period in the prior year. Net revenue for the three months ended December 31, 2012 was $137.6 million, an increase of $19.7 million, or 16.7%, from $117.9 million for the three months ended December 31, 2011. Of this $19.7 million


increase, 54% was attributable to same-market area growth, including tuck-in acquisitions and new hires, and 46% was attributable to revenue generated from operations in new markets. Same-market revenue increased 9.3%, same-market encounters increased 12.0% and same market patient revenue per encounter decreased 2.1%. The 2.1% decrease is largely related to a change in service mix from acute to post-acute care.

Physician practice salaries, benefits and other expenses for the three months ended December 31, 2012 were $100.3 million, or 72.9% of net revenue, compared with $86.2 million or 73.1% of net revenue, for the three months ended December 31, 2011. The dollar increase in practice costs is largely related to the increase in the number of hospitalists added through hiring and acquisitions during the period.

General and administrative expenses increased $3.5 million, or 18.4%, to $22.5 million, or 16.3% of net revenue, for the three months ended December 31, 2012, compared with $19.0 million, or 16.1% of net revenue, for the three months ended December 31, 2011. The increase in expense is primarily the result of increased costs to support the continuing growth of operations, including new regional office costs and other expenses and the significant increase in acquisitions. Excluding stock-based compensation, general and administrative expenses were 15.2% of revenue for the three months ended December 31, 2012, compared to 15.0% of revenue for the same period of 2011.

The net change in fair value of contingent consideration for acquisitions (“net change in fair value”) was a $0.2 million credit to expense for the three months ended December 31, 2012, as compared to a $1.7 million credit to expense in the same period in prior year. Because contingent consideration is generally based on a certain multiple of operating results of the acquired practices during a certain measurement period, a relatively small change in projected operating results can result in a large change to the fair value of such contingent consideration.

Income from operations, excluding the net change in fair value, for the fourth quarter of 2012 increased 15.9%, to $13.8 million, or an operating margin of 10.0%, compared to $11.9 million, or an operating margin of 10.1% for the same period in the prior year. Income from operations, including the net change in fair value, for the fourth quarter of 2012 increased 3%, to $14.0 million, or an operating margin of 10.1%, compared with $13.5 million, or an operating margin of 11.5% for the same period in prior year.

The effective tax rate for the three months ended December 31, 2012 was 39.1%, compared with 36.4% for the same period in the prior year. The increase in the overall effective tax rate was primarily related to a change in state tax laws.

Net income, excluding the net change in fair value, for the fourth quarter of 2012 increased 11.1%, to $8.3 million, or a 6.1% net income margin, compared to $7.5 million, or a 6.4% net income margin for the same period in prior year. Net income, including the net change in the fair value, for the fourth quarter of 2012, decreased 1.3%, to $8.4 million, or a 6.1% net income margin, compared to $8.6 million, or a 7.3% net income margin for the same period in 2011.

Earnings per share, excluding the net change in fair value, for the fourth quarter of 2012 increased 9.9%, to $0.49 diluted earnings per share, compared to $0.44 diluted earnings per share for the same period in 2011. Earnings per share, including the net change in fair value, for fourth quarter of 2012 decreased 2.0%, to $0.50 diluted earnings per share, compared to $0.51 diluted earnings per share for the same period in 2011.

Year Ended December 31, 2012

Patient encounters for 2012 increased by 734,000, or 15.4%, to 5,496,000, compared to 4,762,000 for 2011. Net revenue for 2012 was $523.5 million, an increase of $66.0 million, or 14.4%, from $457.5 million for 2011. Of this $66.0 million increase, 63% was attributable to same-market area growth and 37% was attributable to revenue generated from new markets. Same-market revenue increased 9.3%, same-market encounters increased 11.3% and patient revenue per encounter decreased 2.4%. The 2.4% decrease is largely related to a change in service mix from acute to post-acute care.

Physician practice salaries, benefits and other expenses for 2012 were $382.9 million or 73.2% of net revenue compared to $335.0 million or 73.2% of net revenue for 2011. These costs increased by $48.0 million or 14.3%. The increase in practice costs is largely related to the increase in the number of hospitalists added through hiring and acquisitions during the period.

General and administrative expenses increased $10.4 million, or 14.2%, to $83.7 million, or 16.0% of net revenue for 2012, as compared to $73.3 million, or 16.0% of net revenue for 2011. The increase in expense is primarily the result of increased costs to support the continuing growth of operations, including new regional office costs and other expenses and the significant increase in acquisitions. Excluding stock-based compensation, general and administrative expenses decreased by 20 basis points to 14.8% of revenue, compared to 15.0% of revenue for 2011.

The net change in fair value was $0.3 million increase in expenses for 2012, as compared to $1.0 million credit to in expenses for 2011.


Income from operations, excluding the net change in fair value, for 2012 increased 15.1%, to $53.0 million, or an operating margin of 10.1%, compared to $46.0 million, or an operating margin of 10.1% for 2011. Income from operations, including the net change in fair value, for 2012 increased 11.9%, to $52.6 million, or an operating margin of 10.1%, compared to $47.0 million, or an operating margin of 10.3% for 2011.

Our effective tax rate for the years ended December 31, 2012 and 2011 was 37.7% and 37.5%, respectively. The increase in the overall effective tax rate was primarily related to a change in state tax laws.

Net income, excluding the net change in fair value, for 2012 increased 14.5%, to $32.8 million, or a 6.3% net income margin, compared to $28.6 million, or a 6.3% net income margin for 2011. Net income, including the net change in the fair value, for 2012, increased 11.3%, to $32.6 million, or a 6.2% net income margin, compared to $29.3 million, or a 6.4% net income margin for 2011.

Earnings per share, excluding the net change in fair value, for 2012 increased 13.5%, to $1.93 diluted earnings per share, compared to $1.70 diluted earnings per share for 2011. Earnings per share, including the net change in fair value, for 2012 increased 10.3%, to $1.92 diluted earnings per share, compared to $1.74 diluted earnings per share for 2011.

Liquidity and Capital Resources

As of December 31, 2012, IPC had approximately $71.0 million in liquidity, composed of $16.2 million in cash and cash equivalents, and an available line of credit of $54.8 million. IPC had borrowings of $20.0 million from its line of credit outstanding at December 31, 2012.

Net cash provided by operating activities increased by $14.0 million for 2012 to $39.8 million, compared to $25.8 million for 2011. The changes in working capital during 2012 was largely related to an increase in accounts receivable of $11.6 million, an increase in prepaid expenses and other current assets of $4.1 million, an increase in accrued compensation of $7.0 million primarily related to timing of payrolls and physician bonus payments, and an increase in medical malpractice and self-insurance reserves of $3.2 million. Days sales outstanding (DSO), which is used to measure the effectiveness of collections, was 52 DSO as of December 31, 2012 compared with 51 DSO as of December 31, 2011.

Net cash used in investing activities was $66.2 million for 2012, compared to $31.1 million for 2011. Cash of $62.6 million was used in 2012 for physician practice acquisitions and earn-out payments on prior acquisitions compared to $27.8 million in the prior year.

For 2012, net cash provided by financing activities was $24.8 million, compared with $4.2 million provided by financing activities for 2011. In March, IPC borrowed $15.0 million from its line of credit, which was repaid during the second quarter of 2012. In December 2012, IPC borrowed $20.0 million from its line of credit to fund new acquisitions and pay for contingent consideration related to acquired practices.

2013 Guidance

The Company is providing guidance for the full year 2013 and expects revenue to be in the range of $597 million to $607 million and diluted earnings per share to be in the range of $2.15 to $2.25. The Company has provided this outlook based on assumptions of (i) weighted average shares outstanding of 17.2 million for the year, (ii) a 38.3% effective tax rate, (iii) $7.3 million in stock based compensation expense, and (iv) $4.7 million in depreciation and amortization expense. Not included in the assumptions are (i) new market acquisitions completed after today’s date, or (ii) future gains or losses related to changes in the fair value of contingent consideration of acquired practices.

Conference Call Information

IPC The Hospitalist Company will host an investor conference call to review the quarterly results at 5:00 p.m. ET (2:00 p.m. PT) today. To participate in the conference call, please dial 877-225-7695 (USA) or 720-545-0027 (International). A live webcast of the call will also be available from the Investor Relations section on the corporate web site at http://www.hospitalist.com. A webcast replay can be accessed at the same site beginning February 21, 2013 at approximately 8:00 p.m. ET (5:00 p.m. PT) and will remain available until March 21, 2013 at 11:59 p.m.

About IPC The Hospitalist Company

IPC The Hospitalist Company, Inc. (NASDAQ:IPCM) is a leading physician group practice company focused on the delivery of hospitalist medicine and related facility-based services. IPC’s physicians and affiliated providers practice exclusively in hospitals or other inpatient facilities, including acute, sub-acute and long-term care settings. The Company offers its providers the comprehensive training, information technology, and management support systems necessary to improve the quality and reduce the cost of patient care in the facilities it serves. For more information, visit the IPC website at http://www.hospitalist.com.


Safe Harbor Statement

Certain statements and information in this press release may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release may include, but are not limited to, those statements set forth under the section titled “Guidance” regarding projected operating results, revenues, earnings, and IPC’s growth opportunities and strategy. Forward-looking statements are often characterized by terminology such as “believe”, “hope”, “may”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project”, “positioned”, “strategy” and similar expressions. Any forward-looking statements are necessarily based on a variety of estimates and assumptions which, though considered reasonable by the Company, may not be realized and are inherently subject to significant business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, many of which are and will be beyond IPC’s control. Important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by any forward-looking statements are described in IPC’s most recent Annual Report on Form 10-K, including the section titled “Risk Factors” and actual results could differ materially from those anticipated in forward-looking statements.

In particular the following risks and uncertainties may have such an impact:

 

   

failure to comply with complex and intensive government regulation of our industry;

 

   

the adequacy of IPC’s insurance coverage and insurance reserves;

 

   

IPC’s ability to recruit and retain qualified physicians and non-physician providers;

 

   

IPC’s ability to successfully identify, complete and efficiently integrate new acquisitions;

 

   

the effect of changes in rates or methods of third-party reimbursement; and

 

   

the high level of competition in IPC’s industry.

IPC undertakes no obligation following the date of this press release to update or revise any such statements or projections whether as a result of new information, future events, or otherwise.


IPC The Hospitalist Company, Inc.

Consolidated Balance Sheets

(dollars in thousands, except for share data)

 

     As of December 31,  
     2012      2011  

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 16,214       $ 17,752   

Accounts receivable, net

     79,612         68,010   

Insurance receivable for malpractice claims - current portion

     9,719         8,693   

Prepaid expenses and other current assets

     17,284         13,139   
  

 

 

    

 

 

 

Total current assets

     122,829         107,594   

Property and equipment, net

     5,763         5,112   

Goodwill

     240,009         173,688   

Other intangible assets, net

     2,133         1,812   

Deferred tax assets, net

     250         1,522   

Insurance receivable for malpractice claims - less current portion

     17,074         15,186   
  

 

 

    

 

 

 

Total assets

   $ 388,058       $ 304,914   
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Current liabilities:

     

Accounts payable and accrued liabilities

   $ 4,257       $ 3,962   

Accrued compensation

     28,615         21,640   

Payable for practice acquisitions

     29,038         23,724   

Medical malpractice and self-insurance reserves, current portion

     10,350         9,383   

Deferred tax liabilities

     1,506         750   
  

 

 

    

 

 

 

Total current liabilities

     73,766         59,459   

Long-term Debt

     20,000         —     

Medical malpractice and self-insurance reserves, less current portion

     37,921         32,803   
  

 

 

    

 

 

 

Total liabilities

     131,687         92,262   

Stockholders’ equity:

     

Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued

     —           —     

Common stock, $0.001 par value, 50,000,000 shares authorized, 16,694,215 and 16,474,988 shares issued and outstanding at December 31, 2012 and 2011, respectively

     17         16   

Additional paid-in capital

     150,711         139,579   

Retained earnings

     105,643         73,057   
  

 

 

    

 

 

 

Total stockholders’ equity

     256,371         212,652   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 388,058       $ 304,914   
  

 

 

    

 

 

 


IPC The Hospitalist Company, Inc.

Consolidated Statements of Income

(dollars in thousands, except for per share data)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2012     2011     2012     2011  

Net revenue

   $ 137,569      $ 117,863      $ 523,485      $ 457,467   

Operating expenses:

        

Cost of services—physician practice salaries,benefits and other

     100,259        86,183        382,934        334,984   

General and administrative

     22,484        18,984        83,679        73,259   

Net change in fair value of contingent consideration

     (187     (1,660     324        (1,002

Depreciation and amortization

     1,063        818        3,911        3,192   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     123,619        104,325        470,848        410,433   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     13,950        13,538        52,637        47,034   

Investment income

     3        5        14        17   

Interest expense

     (85     (79     (337     (185
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     13,868        13,464        52,314        46,866   

Income tax provision

     5,419        4,904        19,728        17,597   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 8,449      $ 8,560      $ 32,586      $ 29,269   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.51      $ 0.52      $ 1.97      $ 1.79   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.50      $ 0.51      $ 1.92      $ 1.74   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares:

        

Basic

     16,647,295        16,438,421        16,578,994        16,387,903   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     17,062,431        16,884,433        16,968,145        16,821,838   
  

 

 

   

 

 

   

 

 

   

 

 

 


IPC The Hospitalist Company, Inc.

Consolidated Statements of Cash Flows

(dollars in thousands)

 

     Years Ended December 31,  
             2012                     2011          

Operating activities

    

Net income

   $ 32,586      $ 29,269   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     3,911        3,192   

Stock-based compensation expense

     6,344        4,783   

Tax liability reduction for uncertain tax positions

     —          (23

Deferred income taxes

     1,969        768   

Net change in fair value of contingent consideration

     324        (1,002

Changes in assets and liabilities:

    

Accounts receivable

     (11,602     (13,849

Prepaid expenses and other current assets

     (4,145     (3,467

Accounts payable and accrued expenses

     295        210   

Accrued compensation

     6,975        2,168   

Medical malpractice and self-insurance reserves, net

     3,171        3,712   
  

 

 

   

 

 

 

Net cash provided by operating activities

     39,828        25,761   
  

 

 

   

 

 

 

Investing activities

    

Acquisitions of physician practices

     (62,605     (27,843

Purchase of property and equipment

     (3,609     (3,279
  

 

 

   

 

 

 

Net cash used in investing activities

     (66,214     (31,122
  

 

 

   

 

 

 

Financing activities

    

Proceeds from long-term debt

     35,000        —     

Repayments of long-term debt

     (15,000     —     

Net proceeds from issuance of common stock

     3,860        2,908   

Excess tax benefits from stock-based compensation

     988        1,270   
  

 

 

   

 

 

 

Net cash provided by financing activities

     24,848        4,178   
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (1,538     (1,183

Cash and cash equivalents, beginning of period

     17,752        18,935   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 16,214      $ 17,752   
  

 

 

   

 

 

 


IPC The Hospitalist Company, Inc.

Operating Data

(unaudited)

Patient Encounter Data:

The following is a summary of the quarterly and annual encounters for 2011 and 2012 (in thousands):

 

     Quarter Ended         
     Mar 31
2011
     Jun 30
2011
     Sep 30
2011
     Dec 31
2011
     Year Ended
December 31, 2011
 

Patient encounters

     1,186         1,159         1,193         1,224         4,762   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     Quarter Ended         
     Mar 31
2012
     Jun 30
2012
     Sep 30
2012
     Dec 31
2012
     Year Ended
December 31, 2012
 

Patient encounters

     1,355         1,345         1,349         1,447         5,496   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Employee Data:

The following is a summary of IPC’s affiliated hospitalists employed at the end of the eight consecutive quarters ended December 31, 2012:

 

     Quarter Ended  
     Mar 31      Jun 30      Sep 30      Dec 31      Mar 31      Jun 30      Sep 30      Dec 31  
     2011      2011      2011      2011      2012      2012      2012      2012  

Employed physicians

     862         858         920         972         997         976         1,015         1,096   

Nurse practitioners and physician assistants

     187         196         212         229         268         275         286         322   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     1,049         1,054         1,132         1,201         1,265         1,251         1,301         1,418   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
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