Delaware | 001-34025 | 26-1501877 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) |
Exhibit No. | Description | ||
99.1 | Press Release of Intrepid Potash, Inc. dated August 2, 2017. |
INTREPID POTASH, INC. | ||
Dated: August 2, 2017 | By: | /s/ Margaret E. McCandless |
Margaret E. McCandless | ||
Vice President, General Counsel, and Secretary |
Exhibit No. | Description | |
99.1 | Press Release of Intrepid Potash, Inc. dated August 2, 2017. |
• | Additional principal reduction of $23.0 million on senior notes during the second quarter; total reduction of $84.0 million since September 30, 2016, bringing the outstanding balance to $66.0 million. |
• | Potash segment gross margin increased to $4.0 million during the second quarter of 2017, a $9.3 million improvement compared to the prior year, driven by lower cost solar production and a 22% increase in average net realized sales prices1. |
• | Trio® sales volume of 59,000 tons in the second quarter, a 79% increase compared to the previous year, mostly offset by lower Trio® pricing. |
• | Cash provided by operating activities was $9.7 million in the second quarter 2017, an $8.2 million increase compared to the second quarter of 2016. |
• | Net loss decreased to $5.9 million, or $0.05 per share, compared with net loss of $13.4 million, or $0.18 per share, in the second quarter of 2016. |
• | Continued successful execution of water rights monetization strategy. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands, except per ton data) | ||||||||||||||||
Potash sales | $ | 27,814 | $ | 39,196 | $ | 55,034 | $ | 92,891 | ||||||||
Potash gross margin (deficit) | $ | 4,015 | $ | (5,250 | ) | $ | 6,344 | $ | (17,205 | ) | ||||||
Potash production volume (in tons) | 63 | 116 | 181 | 331 | ||||||||||||
Potash sales volume (in tons) | 103 | 168 | 204 | 386 | ||||||||||||
Average potash net realized sales price per ton(1) | $ | 235 | $ | 193 | $ | 238 | $ | 206 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands, except per ton data) | ||||||||||||||||
Trio® sales | $ | 16,096 | $ | 12,644 | $ | 37,208 | $ | 32,226 | ||||||||
Trio® gross (deficit) margin | $ | (318 | ) | $ | (216 | ) | $ | (5,503 | ) | $ | 2,586 | |||||
Trio® production volume (in tons) | 70 | 71 | 141 | 115 | ||||||||||||
Trio® sales volume (in tons) | 59 | 33 | 135 | 83 | ||||||||||||
Average Trio® net realized sales price per ton(1) | $ | 198 | $ | 320 | $ | 200 | $ | 318 |
• | the Company's ability to successfully identify and implement any opportunities to expand sales of water, by-products, and other non-potassium related products; |
• | the Company's ability to expand Trio® sales internationally and manage risks associated with international sales, including pricing pressure; |
• | the Company's ability to comply with the terms of its senior notes and its revolving credit facility, including the underlying covenants, to avoid a default under those agreements; |
• | changes in the price, demand, or supply of potash or Trio®; |
• | the costs of, and the Company's ability to successfully construct, commission, and execute, any strategic projects; |
• | declines or changes in agricultural production or fertilizer application rates; |
• | further write-downs of the carrying value of assets, including inventories; |
• | circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; |
• | changes in reserve estimates; |
• | currency fluctuations; |
• | adverse changes in economic conditions or credit markets; |
• | the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; |
• | adverse weather events, including events affecting precipitation and evaporation rates at the Company's solar solution mines; |
• | increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; |
• | changes in the prices of raw materials, including chemicals, natural gas, and power; |
• | the Company's ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; |
• | declines in the use of potash products by oil and gas companies in their drilling operations; |
• | interruptions in rail or truck transportation services, or fluctuations in the costs of these services; |
• | the Company's inability to fund necessary capital investments; and |
• | the other risks, uncertainties, and assumptions described in the Company's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in the |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Sales | $ | 43,910 | $ | 51,840 | $ | 92,242 | $ | 125,117 | ||||||||
Less: | ||||||||||||||||
Freight costs | 7,985 | 8,931 | 16,706 | 19,263 | ||||||||||||
Warehousing and handling costs | 2,197 | 2,538 | 4,968 | 5,202 | ||||||||||||
Cost of goods sold | 29,714 | 41,850 | 65,586 | 101,627 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 317 | 2,930 | 4,141 | 11,937 | ||||||||||||
Costs associated with abnormal production | — | 1,057 | — | 1,707 | ||||||||||||
Gross Margin (Deficit) | 3,697 | (5,466 | ) | 841 | (14,619 | ) | ||||||||||
Selling and administrative | 4,764 | 4,536 | 9,168 | 11,106 | ||||||||||||
Accretion of asset retirement obligation | 389 | 442 | 778 | 884 | ||||||||||||
Restructuring expense | 266 | 1,914 | 266 | 2,314 | ||||||||||||
Care and maintenance expense | 419 | — | 1,111 | — | ||||||||||||
Other operating (income) expense | (457 | ) | (1,801 | ) | 870 | (1,905 | ) | |||||||||
Operating Loss | (1,684 | ) | (10,557 | ) | (11,352 | ) | (27,018 | ) | ||||||||
Other Income (Expense) | ||||||||||||||||
Interest expense, net | (4,217 | ) | (3,000 | ) | (8,637 | ) | (5,229 | ) | ||||||||
Interest income | — | 101 | 4 | 224 | ||||||||||||
Other income | (27 | ) | 59 | 384 | 201 | |||||||||||
Loss Before Income Taxes | (5,928 | ) | (13,397 | ) | (19,601 | ) | (31,822 | ) | ||||||||
Income Tax Expense | (7 | ) | (1 | ) | (12 | ) | (3 | ) | ||||||||
Net Loss | $ | (5,935 | ) | $ | (13,398 | ) | $ | (19,613 | ) | $ | (31,825 | ) | ||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic | 126,221,142 | 75,838,782 | 104,228,787 | 75,797,658 | ||||||||||||
Diluted | 126,221,142 | 75,838,782 | 104,228,787 | 75,797,658 | ||||||||||||
Loss Per Share: | ||||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.19 | ) | $ | (0.42 | ) | ||||
Diluted | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.19 | ) | $ | (0.42 | ) |
June 30, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 6,190 | $ | 4,464 | ||||
Accounts receivable: | ||||||||
Trade, net | 11,476 | 10,343 | ||||||
Other receivables, net | 1,383 | 492 | ||||||
Refundable income taxes | 1,376 | 1,379 | ||||||
Inventory, net | 79,095 | 94,355 | ||||||
Prepaid expenses and other current assets | 7,591 | 12,710 | ||||||
Total current assets | 107,111 | 123,743 | ||||||
Property, plant, equipment, and mineral properties, net | 367,550 | 388,490 | ||||||
Long-term parts inventory, net | 27,173 | 21,037 | ||||||
Other assets, net | 4,244 | 7,631 | ||||||
Total Assets | $ | 506,078 | $ | 540,901 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable: | ||||||||
Trade | $ | 5,873 | $ | 10,210 | ||||
Related parties | 28 | 31 | ||||||
Accrued liabilities | 7,220 | 8,690 | ||||||
Accrued employee compensation and benefits | 3,924 | 4,225 | ||||||
Current portion of long-term debt | 6,000 | — | ||||||
Other current liabilities | 107 | 964 | ||||||
Total current liabilities | 23,152 | 24,120 | ||||||
Long-term debt, net | 59,308 | 133,434 | ||||||
Asset retirement obligation | 20,754 | 19,976 | ||||||
Other non-current liabilities | 100 | — | ||||||
Total Liabilities | 103,314 | 177,530 | ||||||
Commitments and Contingencies | ||||||||
Common stock, $0.001 par value; 400,000,000 shares authorized; | ||||||||
and 126,536,091 and 75,839,998 shares outstanding | ||||||||
at June 30, 2017, and December 31, 2016, respectively | 127 | 76 | ||||||
Additional paid-in capital | 642,728 | 583,653 | ||||||
Retained deficit | (240,091 | ) | (220,358 | ) | ||||
Total Stockholders' Equity | 402,764 | 363,371 | ||||||
Total Liabilities and Stockholders' Equity | $ | 506,078 | $ | 540,901 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net loss | $ | (5,935 | ) | $ | (13,398 | ) | $ | (19,613 | ) | $ | (31,825 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Depreciation, depletion, and accretion | 8,297 | 9,841 | 17,620 | 24,209 | |||||||||||||
Amortization of deferred financing costs | 529 | 883 | 1,350 | 1,666 | |||||||||||||
Stock-based compensation | 696 | 654 | 1,685 | 1,700 | |||||||||||||
Lower-of-cost-or-market inventory adjustments | 317 | 2,930 | 4,141 | 11,937 | |||||||||||||
Loss (gain) on disposal of assets | 5 | — | 1,564 | (15 | ) | ||||||||||||
Allowance for parts inventory obsolescence | — | 86 | — | 618 | |||||||||||||
Other | (3,006 | ) | 192 | — | 450 | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Trade accounts receivable, net | 7,642 | 15,446 | (1,134 | ) | 757 | ||||||||||||
Other receivables, net | (491 | ) | (535 | ) | (890 | ) | (726 | ) | |||||||||
Refundable income taxes | 8 | 51 | 3 | 91 | |||||||||||||
Inventory, net | 3,341 | (8,893 | ) | 4,984 | (16,638 | ) | |||||||||||
Prepaid expenses and other current assets | 3,723 | 7,374 | 8,116 | 14,677 | |||||||||||||
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | (5,495 | ) | (11,997 | ) | (5,560 | ) | (5,401 | ) | |||||||||
Other liabilities | 62 | (1,137 | ) | (757 | ) | (1,097 | ) | ||||||||||
Net cash provided by operating activities | 9,693 | 1,497 | 11,509 | 403 | |||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Additions to property, plant, equipment, and mineral properties | (1,136 | ) | (5,757 | ) | (3,559 | ) | (11,775 | ) | |||||||||
Proceeds from sale of property, plant, equipment, and mineral properties | — | — | 5,553 | — | |||||||||||||
Purchases of investments | — | (1,500 | ) | — | (1,500 | ) | |||||||||||
Proceeds from sale of investments | — | 13,741 | 1 | 37,375 | |||||||||||||
Net cash (used in) provided by investing activities | (1,136 | ) | 6,484 | 1,995 | 24,100 | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Issuance of common stock, net of transaction costs | 11 | — | 57,479 | — | |||||||||||||
Repayments of long-term debt | (23,000 | ) | — | (69,000 | ) | — | |||||||||||
Debt issuance costs | (99 | ) | (1,419 | ) | (99 | ) | (2,654 | ) | |||||||||
Employee tax withholding paid for restricted stock upon vesting | (49 | ) | — | (158 | ) | (172 | ) | ||||||||||
Net cash used in financing activities | (23,137 | ) | (1,419 | ) | (11,778 | ) | (2,826 | ) | |||||||||
Net Change in Cash and Cash Equivalents | (14,580 | ) | 6,562 | 1,726 | 21,677 | ||||||||||||
Cash and Cash Equivalents, beginning of period | 20,770 | 24,422 | 4,464 | 9,307 | |||||||||||||
Cash and Cash Equivalents, end of period | $ | 6,190 | $ | 30,984 | $ | 6,190 | $ | 30,984 | |||||||||
Supplemental disclosure of cash flow information | |||||||||||||||||
Net cash paid (refunded) during the period for: | |||||||||||||||||
Interest | $ | 5,910 | $ | 3,087 | $ | 8,377 | $ | 3,221 | |||||||||
Income taxes | $ | — | $ | (50 | ) | $ | 10 | $ | (88 | ) | |||||||
Accrued purchases for property, plant, equipment, and mineral properties | $ | 242 | $ | 544 | $ | 242 | $ | 544 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Production volume (in thousands of tons): | ||||||||||||||||
Potash | 63 | 116 | 181 | 331 | ||||||||||||
Langbeinite | 70 | 71 | 141 | 115 | ||||||||||||
Sales volume (in thousands of tons): | ||||||||||||||||
Potash | 103 | 168 | 204 | 386 | ||||||||||||
Trio® | 59 | 33 | 135 | 83 | ||||||||||||
Average net realized sales price per ton (1) | ||||||||||||||||
Potash | $ | 235 | $ | 193 | $ | 238 | $ | 206 | ||||||||
Trio® | $ | 198 | $ | 320 | $ | 200 | $ | 318 |
Three Months Ended June 30, 2017 (in thousands): | Potash | Trio® | Corporate | Consolidated | ||||||||||||
Sales | $ | 27,814 | $ | 16,096 | $ | — | $ | 43,910 | ||||||||
Less: Freight costs | 3,578 | 4,407 | — | 7,985 | ||||||||||||
Warehousing and handling costs | 1,366 | 831 | — | 2,197 | ||||||||||||
Cost of goods sold | 18,822 | 10,892 | — | 29,714 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 33 | 284 | — | 317 | ||||||||||||
Gross Margin (Deficit) | $ | 4,015 | $ | (318 | ) | $ | — | $ | 3,697 | |||||||
Depreciation, depletion and amortization incurred(2) | $ | 6,555 | $ | 1,705 | $ | 37 | $ | 8,297 | ||||||||
Six Months Ended June 30, 2017 (in thousands): | Potash | Trio® | Corporate | Consolidated | ||||||||||||
Sales | $ | 55,034 | $ | 37,208 | $ | — | $ | 92,242 | ||||||||
Less: Freight costs | 6,537 | 10,169 | — | 16,706 | ||||||||||||
Warehousing and handling costs | 2,878 | 2,090 | — | 4,968 | ||||||||||||
Cost of goods sold | 39,242 | 26,344 | — | 65,586 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 33 | 4,108 | — | 4,141 | ||||||||||||
Gross Margin (Deficit) | $ | 6,344 | $ | (5,503 | ) | $ | — | $ | 841 | |||||||
Depreciation, depletion and amortization incurred(2) | $ | 14,118 | $ | 3,404 | $ | 98 | $ | 17,620 | ||||||||
Three Months Ended June 30, 2016 (in thousands): | Potash | Trio® | Corporate | Consolidated | ||||||||||||
Sales | $ | 39,196 | $ | 12,644 | $ | — | $ | 51,840 | ||||||||
Less: Freight costs | 6,882 | 2,049 | — | 8,931 | ||||||||||||
Warehousing and handling costs | 2,132 | 406 | — | 2,538 | ||||||||||||
Cost of goods sold | 32,502 | 9,348 | — | 41,850 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 2,930 | — | — | 2,930 | ||||||||||||
Costs associated with abnormal production and other | — | 1,057 | — | 1,057 | ||||||||||||
Gross (Deficit) Margin | $ | (5,250 | ) | $ | (216 | ) | $ | — | $ | (5,466 | ) | |||||
Depreciation, depletion and amortization incurred(2) | $ | 8,647 | $ | 879 | $ | 315 | $ | 9,841 | ||||||||
Six Months Ended June 30, 2016 (in thousands): | Potash | Trio® | Corporate | Consolidated | ||||||||||||
Sales | $ | 92,891 | $ | 32,226 | $ | — | $ | 125,117 | ||||||||
Less: Freight costs | 13,433 | 5,830 | — | 19,263 | ||||||||||||
Warehousing and handling costs | 4,286 | 916 | — | 5,202 | ||||||||||||
Cost of goods sold | 79,790 | 21,837 | — | 101,627 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 11,937 | — | — | 11,937 | ||||||||||||
Costs associated with abnormal production and other | 650 | 1,057 | — | 1,707 | ||||||||||||
Gross (Deficit) Margin | $ | (17,205 | ) | $ | 2,586 | $ | — | $ | (14,619 | ) | ||||||
Depreciation, depletion and amortization incurred(2) | $ | 20,880 | $ | 2,554 | $ | 775 | $ | 24,209 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net Loss | $ | (5,935 | ) | $ | (13,398 | ) | $ | (19,613 | ) | $ | (31,825 | ) | |||
Adjustments | |||||||||||||||
Costs associated with abnormal production(1) | — | 1,057 | — | 1,707 | |||||||||||
Restructuring expense(2) | 266 | 1,914 | 266 | 2,314 | |||||||||||
Compensating tax adjustment(3) | — | (1,086 | ) | — | (1,086 | ) | |||||||||
Insurance proceeds(4) | — | (1,211 | ) | — | (1,211 | ) | |||||||||
Write-off of deferred financing fees(5) | 241 | 784 | 759 | 1,452 | |||||||||||
Make-whole payment(6) | 1,760 | — | 2,554 | — | |||||||||||
Calculated income tax effect(7) | — | — | — | — | |||||||||||
Total adjustments | 2,267 | 1,458 | 3,579 | 3,176 | |||||||||||
Adjusted Net Loss | $ | (3,668 | ) | $ | (11,940 | ) | $ | (16,034 | ) | $ | (28,649 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Loss Per Diluted Share | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.19 | ) | $ | (0.42 | ) | |||
Adjustments | |||||||||||||||
Costs associated with abnormal production(1) | — | 0.01 | — | 0.02 | |||||||||||
Restructuring expense(2) | — | 0.03 | — | 0.03 | |||||||||||
Compensating tax adjustment(3) | — | (0.01 | ) | — | (0.01 | ) | |||||||||
Insurance proceeds(4) | — | (0.02 | ) | — | (0.02 | ) | |||||||||
Write-off of deferred financing fees(5) | — | 0.01 | 0.01 | 0.02 | |||||||||||
Make-whole payment(6) | 0.02 | — | 0.02 | — | |||||||||||
Calculated income tax effect(7) | — | — | — | — | |||||||||||
Total adjustments | 0.02 | 0.02 | 0.03 | 0.04 | |||||||||||
Adjusted Net Loss Per Diluted Share | $ | (0.03 | ) | $ | (0.16 | ) | $ | (0.16 | ) | $ | (0.38 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
Net Loss | $ | (5,935 | ) | $ | (13,398 | ) | $ | (19,613 | ) | $ | (31,825 | ) | ||||
Costs associated with abnormal production(1) | — | 1,057 | — | 1,707 | ||||||||||||
Restructuring expense(2) | 266 | 1,914 | 266 | 2,314 | ||||||||||||
Compensating tax adjustment(3) | — | (1,086 | ) | — | (1,086 | ) | ||||||||||
Insurance proceeds(4) | — | (1,211 | ) | — | (1,211 | ) | ||||||||||
Interest expense | 4,217 | 3,000 | 8,637 | 5,229 | ||||||||||||
Income tax expense | 7 | 1 | 12 | 3 | ||||||||||||
Depreciation, depletion, and accretion | 8,297 | 9,841 | 17,620 | 24,209 | ||||||||||||
Total adjustments | 12,787 | 13,516 | 26,535 | 31,165 | ||||||||||||
Adjusted EBITDA | $ | 6,852 | $ | 118 | $ | 6,922 | $ | (660 | ) |
Three Months Ended June 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(in thousands, except per ton data) | ||||||||||||||||||||||||
Potash | Trio® | Total | Potash | Trio® | Total | |||||||||||||||||||
Sales | $ | 27,814 | $ | 16,096 | $ | 43,910 | $ | 39,196 | $ | 12,644 | $ | 51,840 | ||||||||||||
Freight costs | 3,578 | 4,407 | 7,985 | 6,882 | 2,049 | 8,931 | ||||||||||||||||||
Subtotal | $ | 24,236 | $ | 11,689 | $ | 35,925 | $ | 32,314 | $ | 10,595 | $ | 42,909 | ||||||||||||
Divided by: | ||||||||||||||||||||||||
Tons sold | 103 | 59 | 168 | 33 | ||||||||||||||||||||
Average net realized sales price per ton | $ | 235 | $ | 198 | $ | 193 | $ | 320 | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(in thousands, except per ton data) | ||||||||||||||||||||||||
Potash | Trio® | Total | Potash | Trio® | Total | |||||||||||||||||||
Sales | $ | 55,034 | $ | 37,208 | $ | 92,242 | $ | 92,891 | $ | 32,226 | $ | 125,117 | ||||||||||||
Freight costs | 6,537 | 10,169 | 16,706 | 13,433 | 5,830 | 19,263 | ||||||||||||||||||
Subtotal | $ | 48,497 | $ | 27,039 | $ | 75,536 | $ | 79,458 | $ | 26,396 | $ | 105,854 | ||||||||||||
Divided by: | ||||||||||||||||||||||||
Tons sold | 204 | 135 | 386 | 83 | ||||||||||||||||||||
Average net realized sales price per ton | $ | 238 | $ | 200 | $ | 206 | $ | 318 |
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