-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KoXSqQIcimGVSiCkacVDYxsG4T7ayMdtVUxPOE190nT9fSSr4s8Jt/2CMevg4ZaI SNJZOqcTemzXU6xAgG+o6w== 0000950123-09-065424.txt : 20091124 0000950123-09-065424.hdr.sgml : 20091124 20091124074403 ACCESSION NUMBER: 0000950123-09-065424 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091124 DATE AS OF CHANGE: 20091124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hillenbrand, Inc. CENTRAL INDEX KEY: 0001417398 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 261342272 STATE OF INCORPORATION: IN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33794 FILM NUMBER: 091203291 BUSINESS ADDRESS: STREET 1: ONE BATESVILLE BOULEVARD CITY: BATESVILLE STATE: IN ZIP: 47006 BUSINESS PHONE: (812)931-2304 MAIL ADDRESS: STREET 1: ONE BATESVILLE BOULEVARD CITY: BATESVILLE STATE: IN ZIP: 47006 FORMER COMPANY: FORMER CONFORMED NAME: Batesville Holdings, Inc. DATE OF NAME CHANGE: 20071102 8-K 1 c93062e8vk.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): November 24, 2009
HILLENBRAND, INC.
(Exact name of registrant as specified in its charter)
         
Indiana   001-33794   26-1342272
         
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer Identification No.)
     
One Batesville Boulevard
Batesville, Indiana
   
47006
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (812) 934-7500
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:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   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 November 24, 2009, Hillenbrand, Inc. (the “Company”) announced its earnings for the fourth quarter and full fiscal year ended September 30, 2009. This announcement is more fully described in the press release filed as Exhibit 99.1 to this Current Report on Form 8-K. The contents of such Exhibit are incorporated herein by reference. The Company will sponsor a conference call and webcast for the investing public at 8:00 a.m. EDT Tuesday, November 24, 2009 and the webcast will be accessible on the Company’s website at http://www.HillenbrandInc.com.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
     
Exhibit    
Number   Description
 
   
99.1
  Press Release dated November 24, 2009 issued by the Company.

 

1


 

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.
         
  HILLENBRAND, INC.
 
 
DATE: November 24, 2009  BY:   /S/ Cynthia L. Lucchese    
    Cynthia L. Lucchese   
    Senior Vice President and
Chief Financial Officer 
 
 
     
DATE: November 24, 2009  BY:   /S/ Theodore S. Haddad, Jr.    
    Theodore S. Haddad, Jr.   
    Vice President, Controller and
Chief Accounting Officer 
 

 

2


 

         
EXHIBIT INDEX
     
Exhibit    
Number   Description
 
   
99.1
  Press Release dated November 24, 2009 issued by the Company.

 

3

EX-99.1 2 c93062exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
(HILLENBRAND, INC. LOGO)
Hillenbrand Reports Earnings
for Fourth Quarter and Fiscal Year 2009
    Q409 EPS up 19.4 percent on 3.6 percent lower revenues.
 
    FY09 EPS up 11.4 percent on 4.3 percent lower revenues.
 
    Gross profit margin percentage improved both for the quarter and the year, with increases of 170 and 90 basis points, respectively.
 
    Hillenbrand announces guidance for FY2010, which began Oct. 1.
BATESVILLE, Ind., Nov. 24, 2009, Hillenbrand, Inc. (NYSE: HI) — /PR Newswire-First Call/ — Hillenbrand reported net revenues of $153.1 million for the fourth quarter of 2009, which ended Sept. 30, 2009, a $5.7 million (3.6 percent) decline from the same period in fiscal 2008. The company posted net income of $22.6 million, a $3.4 million (17.7 percent) increase from last year. Included in current fourth-quarter pre-tax operating expenses were approximately $104,000 in legal costs related to antitrust litigation and virtually no separation costs, resulting in a negligible difference in as-adjusted net income. Earnings per diluted share for the fourth quarter of 2009 increased by $0.06 (19.4 percent) over the prior year period, from $0.31 to $0.37.
“North American burials continued to decline in the fourth quarter, even as the number of deaths returned to a more normal seasonal level,” said Kenneth A. Camp, president and chief executive officer of Hillenbrand, Inc. “We believe the economic uncertainties have prompted some families to opt for cremation at a rate greater than we’ve seen in the past. After a very difficult second quarter, these trends appear to be stabilizing, although it is too early to tell if cremation growth rates will return to previous levels.”
Decreases in the cost of diesel fuel and some raw materials continued to drive improvement in the company’s gross profit margin from 40.3 percent in the fourth quarter of 2008 to 42 percent (170 basis points) during the same period in 2009. Operating expenses were flat at $31.6 million in the fourth quarter of fiscal 2009, compared with $31.7 million in the same period of the prior year. Investment income of $3.7 million was up $1.7 million (85 percent).
Cash flow from operations remained strong at $38.3 million in the fourth quarter, compared with $11 million during the same period in 2008, a difference primarily driven by changes in the timing of tax payments, as well as a discretionary payment into the company’s pension plan in the fourth quarter of fiscal 2008.
Fiscal 2009 Results
Net revenues for fiscal 2009 were $649.1 million, a decrease of $29 million (4.3 percent) from fiscal 2008. Net income for the year was $102.3 million, up $9.1 million (9.8 percent) from 2008. Earnings per diluted share increased by $0.17 (11.4 percent) over fiscal year 2008, from $1.49 to $1.66.
The year’s gross profit margin was 42.3 percent compared to 41.4 percent in the prior year, an increase of 90 basis points. Operating expenses declined $11.5 million (8.8 percent) in fiscal 2009 compared to 2008. Investment income grew by $2 million (33.9 percent) from $5.9 million in 2008 to $7.9 million in 2009.

 

 


 

(HILLENBRAND, INC. LOGO)
Included in the 2009 annual operating expenses were $2.2 million in legal costs related to antitrust litigation and $86,000 in separation costs, compared to $3.3 million and $15.6 million, respectively, for these items in the prior year. Excluding the impact of these costs from both years’ operations, net income declined $4.5 million (4.2 percent) from fiscal 2008 to fiscal 2009.
For the year, Hillenbrand generated $123.2 million in net operating cash flow, a 21 percent increase over the prior year.
“In 2009, we reacted swiftly and appropriately in the face some of our industry’s most difficult challenges. As a result, we have maintained our market position,” Camp said. “We also generated a significant increase in operating cash flow, which has enabled us to return $58.1 million directly to shareholders in the form of increased dividends and share repurchases.”
Guidance for Fiscal Year 2010
Guidance for fiscal year 2010 reflects a broader range than Hillenbrand normally gives investors, primarily because a number of uncertainties make it more difficult to predict results. While the economy has shown signs of recovery, the company believes it could be more prolonged than past recessions. In addition, there are many conflicting reports about the potential severity of this year’s influenza and pneumonia season, with both normal seasonal and H1N1 flu strains in circulation.
Hillenbrand expects 2010 revenues will be from 3 percent below to 3.1 percent above FY09 revenues, ranging from $630 million to $670 million. Earnings per diluted share will range from $1.40 to $1.67, with net income projected to be between $86 million and $103 million. Excluding approximately $3 million to $5 million in estimated legal costs related to ongoing antitrust litigation, we expect fiscal 2010 earnings per diluted share to range from $1.45 to $1.70. Guidance for 2010 includes modest investments in growth initiatives in the death care industry, although it does not include any impact from future mergers or acquisitions, or the impact of changes in limited partnership investments.
“Although we have traditionally been less susceptible to economic downturns than most industries, the level of uncertainty among consumers remains reasonably high,” Camp said. “That makes it more challenging for us to forecast results for the coming fiscal year. We can, however, say with certainty that Hillenbrand’s employees are continuing to provide our customers and the families they serve with the innovation, quality and service they expect, which will in turn continue to drive value for our shareholders.”

 

 


 

(HILLENBRAND, INC. LOGO)
Hillenbrand, Inc.
(Unaudited)
(amounts in millions, except per share data)
                         
    Fiscal year ending September 30
            FY10 Range
    FY09   Low   High
 
                       
Net revenues
  $ 649     $ 630     $ 670  
Income before taxes
  $ 161     $ 137     $ 161  
Tax rate
    36.4 %     37 %     36 %
Net income
  $ 102     $ 86     $ 103  
Average diluted shares outstanding
    62       62       62  
Diluted net income per share
  $ 1.66     $ 1.40     $ 1.67  
 
                       
Excluding certain non-operating costs (antitrust litigation and separation*)
                       
Net income
  $ 104     $ 89     $ 105  
Diluted net income per share
  $ 1.68     $ 1.45     $ 1.70  
     
*   Non-GAAP Financial Disclosures and Reconciliations for Fourth Quarter 2009 and 2010 Guidance
 
    While Hillenbrand, Inc. reports financial results in accordance with U.S. GAAP, this press release includes non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Hillenbrand uses the non-GAAP measures to evaluate and manage its operations and provides the information to investors so they can see the results “through the eyes” of management. Hillenbrand further believes that providing this information better enables investors to understand the ongoing operating performance of the company. Investors should consider non-GAAP measures in addition to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP.
Hillenbrand, Inc.
(Unaudited)
(amounts in millions)
                                                                                                 
    12 Months Ended     12 Months Ended     Fiscal Year 2009     Fiscal Year 2010  
    September 30, 2008     September 30, 2009     Guidance Midpoint     Guidance Midpoint  
            Income                     Income                     Income                     Income        
    Pre-Tax     Taxes     Post-Tax     Pre-Tax     Taxes     Post-Tax     Pre-Tax     Taxes     Post-Tax     Pre-Tax     Taxes     Post-Tax  
 
                                                                       
 
                                                                                               
GAAP income
  $ 153.3     $ 60.1     $ 93.2     $ 160.8     $ 58.5     $ 102.3     $ 156.9     $ 56.3     $ 100.6     $ 148.9     $ 54.3     $ 94.6  
 
                                                                                               
Certain non-operating costs:
                                                                                               
Antitrust litigation
    3.3       1.2       2.1       2.2       0.8       1.4       7.0       2.6       4.4       4.0       1.5       2.5  
Separation
    15.6       2.6       13.0       0.1             0.1       0.2       0.1       0.1                    
 
                                                                       
 
                                                                                               
Adjusted income
  $ 172.2     $ 63.9     $ 108.3     $ 163.1     $ 59.3     $ 103.8     $ 164.1     $ 59.0     $ 105.1     $ 152.9     $ 55.8     $ 97.1  
 
                                                                       
Additional assumptions and discussion will be provided during the company’s conference call later today.

 

 


 

(HILLENBRAND, INC. LOGO)
Conference Call and Webcast
The company will sponsor a conference call and webcast for the investing public at 8 a.m. ET Tuesday, Nov. 24, 2009. During the event, management will discuss the results for the fourth quarter and full fiscal year for 2009, which ended Sept. 30, 2009. The webcast will be available at http://ir.hillenbrandinc.com and will be archived on the company’s Web site through Nov. 24, 2010, for those unable to listen to the live webcast.
Participants may listen to the conference call by dialing 1-877-681-3378 (1-719-325-4806 for international callers). A replay of the call will be available through midnight Wednesday, Dec. 9, 2009, at 1-888-203-1112 (1-719-457-0820 for international callers). Please use the confirmation code 8439251.
Hillenbrand, Inc.
Consolidated Statements of Income (Unaudited)
(amounts in millions, except per share data)
                                 
    Three Months Ended     Twelve Months Ended  
    September 30,     September 30,  
    2009     2008     2009     2008  
Net revenues
  $ 153.1     $ 158.8     $ 649.1     $ 678.1  
Cost of goods sold
    88.8       94.8       374.7       397.6  
 
                       
Gross profit
    64.3       64.0       274.4       280.5  
Operating expenses (including antitrust and separation costs)
    31.6       31.7       119.4       130.9  
 
                       
Operating profit
    32.7       32.3       155.0       149.6  
Interest expense
    (0.3 )     (0.8 )     (2.1 )     (2.2 )
Investment income and other
    3.7       2.0       7.9       5.9  
 
                       
Income before income taxes
    36.1       33.5       160.8       153.3  
Income tax expense
    13.5       14.3       58.5       60.1  
 
                       
 
                               
Net income
  $ 22.6     $ 19.2     $ 102.3     $ 93.2  
 
                       
 
                               
Income per common share-basic and diluted
  $ 0.37     $ 0.31     $ 1.66     $ 1.49  
Dividends per common share*
  $ 0.185     $ 0.1825     $ 0.74     $ 0.365  
 
                               
Average common shares outstanding — basic and diluted
    61.7       62.5       61.7       62.5  
     
*   Our first dividend as a stand-alone public company was paid June 30, 2008.

 

 


 

(HILLENBRAND, INC. LOGO)
Hillenbrand, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(amounts in millions)
                 
    September 30,  
    2009     2008  
 
               
ASSETS
               
Current Assets
               
Cash and cash equivalents
  $ 35.2     $ 14.7  
Trade receivables, net
    85.2       88.4  
Inventories
    42.5       48.6  
Auction rate securities and related Put right
    30.1        
Interest receivable from Forethought Financial Group, Inc.
    10.0        
Other current assets
    29.9       29.9  
 
           
Total current assets
    232.9       181.6  
Property and intangibles, net
    101.6       110.5  
Auction rate securities
    18.8       51.1  
Note and interest receivable from Forethought Financial Group, Inc., long-term portion
    132.8       130.4  
Investments
    18.8       25.2  
Other assets
    56.2       46.5  
 
           
Total Assets
  $ 561.1     $ 545.3  
 
           
 
               
LIABILITIES
               
Current Liabilities
               
Revolving credit facility
  $ 60.0     $ 100.0  
Other current liabilities
    74.9       86.0  
 
           
Total current liabilities
    134.9       186.0  
Long-term liabilities
    122.2       70.9  
 
           
Total Liabilities
    257.1       256.9  
 
               
Shareholders’ Equity
    304.0       288.4  
 
           
Total Liabilities and Shareholders’ Equity
  $ 561.1     $ 545.3  
 
           
Hillenbrand, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(amounts in millions)
                 
    Fiscal Year Ended September 30,  
    2009     2008  
Net cash provided by operating activities
    123.2       101.8  
Net cash used in investing activities
    (5.3 )     (4.2 )
Net cash used in financing activities
    (97.4 )     (94.4 )
Effect of exchange rate changes on cash and cash equivalents
          (0.4 )
 
           
 
               
Net cash flows
    20.5       2.8  
 
               
Cash and cash equivalents:
               
At beginning of period
    14.7       11.9  
 
           
At end of period
  $ 35.2     $ 14.7  
 
           

 

 


 

(HILLENBRAND, INC. LOGO)
Disclosure Regarding Forward-Looking Statements
Throughout this release, we make a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As the words imply, forward-looking statements are statements about the future, as contrasted with historical information. Our forward-looking statements are based on assumptions that we believe are reasonable, but by their very nature they are subject to a wide range of risks.
Words that could indicate we’re making forward-looking statements include the following:
                     
intend
  believe   plan   expect   may   goal
become
  pursue   estimate   will   forecast   continue
targeted
  encourage   promise   improve   progress   potential
This isn’t an exhaustive list, but is simply intended to give you an idea of how we try to identify forward-looking statements. The absence of any of these words, however, does not mean that the statement is not forward-looking.
Here’s the key point: Forward-looking statements are not guarantees of future performance, and our actual results could differ materially from those set forth in any forward-looking statements. Any number of factors — many of which are beyond our control — could cause our performance to differ significantly from those described in the forward-looking statements. These factors include, but are not limited to: recent global market and economic conditions, including those related to the credit markets; the company’s dependence on its relationships with several large national providers; continued fluctuations in mortality rates and increased cremations; the impact — positive or negative — of the company’s ability to execute its acquisition and business alliance strategy through the consummation and successful integration of acquisitions or entry into joint ventures or other business alliances; volatility of the company’s investment portfolio; competition from nontraditional sources in the funeral services business; increased costs or unavailability of raw materials; the company’s ongoing antitrust litigation; ongoing involvement in claims, lawsuits and governmental proceedings related to operations; labor disruptions; and certain tax-related matters. For a more in-depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading “Risk Factors” in item 1A of the company’s Annual Report on Form 10-K for the year ended Sept. 30, 2009, expected to be filed Nov. 24, 2009. The company assumes no obligation to update or revise any forward-looking information.
About Hillenbrand, Inc.
Hillenbrand, Inc. (www.HillenbrandInc.com) is the holding company for Batesville Casket Company, a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing, and other personalization and memorialization products. HI-INC-F
CONTACT
Investor Relations for Hillenbrand, Inc.
Mark R. Lanning, Vice President of Investor Relations and Treasurer
Phone: 812-934-7256
E-mail: mrlanning@hillenbrand.com
# # #

 

 

GRAPHIC 3 c93062c9306201.gif GRAPHIC begin 644 c93062c9306201.gif M1TE&.#EAZP$Q`/?_`+K'TC!"6;C$S.CFY$M@A0`:2";L\4)5;5IH M>499<<+"Q*2LM29$://V^OW]_%IK@3]-8>3J[96=J#=6=NKM\ADU5G**I,O7 MXJRQM-':NZRB=+<=7BZHJ1H)VBJ!4J1/#Q\?_] M__7Y^LW1TGJ0J:VZP_[Z^N3O M\_;W[9RQP?W]____][F\P\;2W/;U]^WR])J;G_O[_/CU\N3DYI*CM-C9V@<> M/?_\^M75UO3Y_=#0TOGX]C1+;1U!:_O__ZJUP'J#D8V;J_[Y\OK\_/+X]<;) MRK&_S.[U^-'6WF%Q@I6JO/S\^/S_^O/U\L'.VU1A<.3EW?K__)RJOH&5K.3D MXI.FN9ZPO'2#E`0J6T5-5O_]]WZ+F5%>=?#N]&R'I>CHZ`LJ4^7BX824I``= M1@`>4.+FY1LP2V%UCN_Y_5!;9=SH[OG__^#AX.GP]':,GC11=3!):*&SR9.> MKZ>YR]+7XW*#FF=]H-#6UO;S]H69JVUT?_W_^/SZ])V@L=+2T_'Q]7!_CA(M M3T->@FMZA"`]7XJ+D%%H@TADAY_C__/;\^^KLY[&WP/'S\VV`BYNI ML]_BY75_C][J\CA.:[W`P?KY\O/W^_+T]O;S\*2TQ#Y;?$-08SE-9>WN[?C\ M_/K\]3U.9JB\QOC]_SM.83U)9?K\__'V]N_T]@DP8//W]6ATB`$G5(^6H`\O M6C=(8P`5//___?___/S__YBGN``83/3V]-KAW'F(H0HE3-_EY.CQ]V9ZBU-N MC_?V^T9O/J!0KN&]2Z M??<*'FR3+.'#+2&<.-+,JT`1Q.01]*!*!%.!;*CUPXNXLV>#->,R@-D[=;.OJKD]`L$-A@2%M1)I\_Q!1D,NN;(X,D;FDH=H)[/"MUA0Q;Y8L M0Y'>4>`!+G7\_SI=!R!B)@ET"PF1**"+/UC`E58Q!$ARCRTK_.'?@!CB%(@- MKVCP5H8@%A9B9^`T6`40-A1"#C@<#825/VQP($D"\?ACX8@XKI06'B!<,$^. M0*(D8)!B@2/0B9&XL@ MWS3IHIY+<-`!E=][*Z@E`JN/_8T3_:W@WPK]G!!.L`==:%`>$#2H$IT7,.`! M!*V""#"#C7(Q)6V-@4?]"$*^MC"]%HT`@4L@!8+ M.$0,5H:*9U3`$SJ(12%\H`,#T((?N4I)W)KE@3A@00GNB$(48/$#?WR$(ANX M0P+T$85#E.`!X<@"`0A;7@,0?_/&%QR%DA,YBPS?(<8L:<,,&)."'/][2#TML@!"RZ$`)(!:' M$T0#%`9H`AJ84?^-`\PC"MRXAQGPI,2I)+&@*&&BNNKT#&DL0Q@0A>@RGB&, M-6@C`?6Z"'(P$(D%+*@%R'%"H6:@&[@P@2-\(,$YIN"NU!CI"MHP@"T$\BHM M7,(%`_F!(VS0@1"4N&/#:"U M`5FXEC\`0((.B&$Z*`&G!P3(%DLD0Q*26`,?#&*.;I1C8IG`0W@6-)`58*(" MKY@#01'JDX-RUB$*+=0R@.&&TIK6M*?H!+V^$0XL3`0#DKC$`'PFD"[_%$H( M5"B('C[BCQ&H5`N7JJP_".$(`Z`!5W_HQP1B@("-@`,:%ZA`![3!B&;X(U8> M0(`:5H$(DY2P$I&(`!16T"!"18("5%A!748A"458X!MTK4(JM\&$DGC%`XCP MQQL,4*@*0,$#3$/--PX@"QUP0Q*PF(`+^_*-$$3`%`!.Q3?LZM238@$+'*E! M!TB@/G\$N"&"%6`9\N"$!'A"%@5P0`90HZ@W)&"V',F``]Y1BJY=&`OZ`X`! M;A#"SP;(QS8);0=<<0Q$^`HM:%E!362$T8HH"K8+:`1@;=L!(:B@Q]CJ[6]; M11!"&$(6HI#:7N?AJX%`@Q(-J(0D;!"(S0!#]_!AQ'4-!`$R"(1;W#$.&B! M@*0)I!(1X(6@ZGI71.#JS?[@P1HD$8C<)O$&F-HH38K&.FPP51LM^YMR\X"LU>N$3E1B M$0TX<`4PX0^.]#H,/D-`,CH0`_W!Y0]+2((=;NYLEGBVZIQ+%Q#0M*15$:3. M6G0RMB41Y2G?]LH&^?:60>./*US#$0&XAR<<<(XWR&4@;:`$`_P!@R@4P!!X M2%J^I>:!.H.@`Y0P@`&($(E.$`(;`/:S#3K!B1+4@!2>Z,,-B*/>_OA#%`'8 MAI$$P`UN`."Z!)F`+&8`AR.8PP:2X(`ED`-J46>YY2]7J,MUF]R]>T3!-II\OK_ M0,#>Y&O[(]MFKS+:"Z+V<(^;(.5^A0^``8P4$`$2$A/(%%[Q(W^88`$%<`U7 MX`\6H`84L$U^46W2H`'#,`PX(`2RH`T[8`QZX@%9=`%]H``&(`G)$`]L<0(K M\"188`X.<`7\0`?0L'4[T`Q>AP`D,`/$X`^+4`B18`.,(!>UQW*EABL;T22G M,"._1W4&(7P\IP/'YP]RD&GCH`\H=W0"L04JM0NR(S73XA>DXGTOT7U8V#5_ MP!1.I"0>UQ'^4&_2!)BA`&7(`/YP0*/G-2?N$/6W`!1$`$E,"*YR0+3U`7)5$U)%`" MSN`5NK`#BB0%;.!@UM`6I.94B)`H/>@/4E``"L`,'L9@7$9Q;A5K&`8.M78' MQF`2[``)VA![Q>!BT9_G:<'R#"#FD`#EXF"VA0=%+A!$G`#N]Q9@Q@.)K"!_?0 MD22P"OIC$B^@9@H0:-/C#T'@`-ZP#T`(M``YUT`F20`$2<2T9H`A;\`?@(`,J-0>I("K^<`,* M4"6?<`WW4"4#40R)X`,'4!.?<`$`ZA9ED`5&``"I)`FKD%L-P@:2Y`X].A`U M0`8&,`=LX0^,(`DI4`R%XP]2*@D[0!H[L`"S50:FXIPD_P`"+>0!DA$$LD`! MGQ(-"'<+M5``DA!J68`+[_&`!&R`+X[`./4!MV^`#O\`& M3@`):V`#"C!;+-H0+HIU*Q`'*```*:`-!2`+@'`+[)`I:0$.N0`#>"`+D=`! MG+`%*``!Q1`$^D`&][`%U>`,SI`)&^``XV`/P5`%Z1`$G^`)!E`/3/$#3?4# M`KL)&4`#%[``$\`#NG@.HW`#)U@#"T`$V\`.1P!*'6`.+I"J)F$D='`!W@`* M2)8#_*`&WK``(R`*-],+1!``&O\@!W%0#%_D#6J0`3T``1Y@!*#0KE*0`9@` M"J^0`!F``M$`M"OP`*&`LI[`#];P`BX@DU$@`RC0AH1Y`K>0`-X0`?/)!!YP M!(/@")$@!@BP"0@@"N*0`.\0`WNP0#*0`'Q4`JH`?`3!!K<`"`X0"9&0`@!@ M`1#P!1,0"(X@#`"0#M1`/35A`1'@#<*`EQ!0!BJ0=]X0!?P0#.D``VV@`)>P M"\:0"4Z0"!W@#9*K:N[$&40#G0P#09P#P&@>,HP#YSQ#7+@"HH7`+4; M`(10!K5C`+XK`6X0#_UP`Q)`!*\0`,;S#`9`!D0P`XOP`EX0`*P8`,7S#I2` MIQKP!!K_V+O=T`V+ET]X.0\=5+O*L`HB$"\^TP`&,`2*X0\-\`[$&P#O,`WZ MJPQN\`'$D`IL<`/*0+P&H`R)H`M9402Q0`F4\`R*\+L)P`(($`[NT@#D6[L& M(`0NX`,$W`W`<`#(@05`*P/OX`Y=D#0KH`'2,+LZX`-W`%>*D`A(H!O?\"H0 MX`*,Z`Y@8"Q.P+OW>P$&,`L/8`V"5+OO<`]C2*<`F"@!HKH`+LH`51 M0`3G$`#+(`W2X`HR$"N5VPK`<`GCX4VMFZU5QQ&-@`:L8`9F@`9SP`"_@&0" M\05FP`"V8`9C8`M*8`(0<`!*\`%L/`H`'MX(!#_S`+L^`%#*", MQ*`%0X`###`,&N`%C.P%@"5D`TQ!1T1?BT^S8 MT"EM$U@ACLU8U$ZB0_[0"JCP#@P0!WJ0U%,ACEFAU(F)U7HA$5`QEEJ-+4Q] M`!0P!VG0#TA3)'_QU2VJUF:Q.53]U;V#?5V3%V_-UCQAUWB=UR=-U'K=UWX- M)GS]UX(]V"$2V(1]V(C=)P.!*XS=V([]V)`=V9(]V91=V99]V9B=V9J]V9S= MV9[]V:`=VJ(]VJ1=VJ9]VI<]&7I%%G6=V*[]VM11%P/Q#PSW#6G`!3V0V[J] MV[S=V[[]V\`=W,(]W,1=W,9]W,B=W,J]W,S=W,[]W-`=W=(]W=1=W<1M#,9@ MI?Y`VQ09`03_\-W@'=[B/=[D7=[F?=[HG=[JO=[LW=[N_=[P'=_R/=_T7=_V M?=_XG=_ZO=_I70L)$`'QL-J427H@4.`&?N`(GN`*ON`,WN`._N`0'N$2/N$4 M7N$6?N$8GN$:ON$_N$@'N(0+@D.\`1[\@\M`@V1,`X%T.(N_N(P'N,R M/N,T7N,V?N,XGN,ZON,\WN,^_N-`'N1"/N1$7N1&?N1(GN0W[@T&$&:SK2@` ML`#+(`%47N56?N58GN5:ON5_N5@'N9B/N9D7N9F?N9HGN9JON9LWN9N M_N9PWN72\`X^H`EX8A@B<`!A,`!\WN=^_N>`'NB"/NB$7NB&?NB(>I[HBK[H MC-[HCO[HD![IDC[IE%[IEG[IF%[H81`&NI`&=^[5L!WJHMXG7O)FK3WJJ)[J M52$42K;:H*[JL![K\G'5`F'8LG[KN`X1_[#KO-[KOO[KP![LPC[LQ%[LQG[L =R)[LRK[LS-[LSO[LT![MTC[MU%[MUG[MU!X0`#L_ ` end
-----END PRIVACY-ENHANCED MESSAGE-----