0001193125-13-080021.txt : 20130227 0001193125-13-080021.hdr.sgml : 20130227 20130227161734 ACCESSION NUMBER: 0001193125-13-080021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130227 DATE AS OF CHANGE: 20130227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Regional Management Corp. CENTRAL INDEX KEY: 0001519401 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 570847115 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35477 FILM NUMBER: 13646945 BUSINESS ADDRESS: STREET 1: 509 WEST BUTLER ROAD CITY: GREENVILLE STATE: SC ZIP: 29607 BUSINESS PHONE: 864-422-8011 MAIL ADDRESS: STREET 1: 509 WEST BUTLER ROAD CITY: GREENVILLE STATE: SC ZIP: 29607 8-K 1 d491179d8k.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 27, 2013

 

 

Regional Management Corp.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-35477   57-0847115

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

509 West Butler Road

Greenville, South Carolina 29607

(Address of principal executive offices) (zip code)

(864) 422-8011

(Registrant’s telephone number, including area code)

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:

 

¨ 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 27, 2013, Regional Management Corp. issued a press release announcing financial results for the quarter and fiscal year ended December 31, 2012. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition,” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits.

 

Exhibit
No.

   

Description

99.1    Press Release issued by Regional Management Corp. on February 27, 2013, announcing financial results for Regional Management Corp. for the quarter and fiscal year 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.

 

    Regional Management Corp.

Date: February 27, 2013

     By:   

/s/ Donald E. Thomas

       Donald E. Thomas
       Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

 

Exhibit
No.

   

Description of Exhibit

99.1    Press Release issued by Regional Management Corp. on February 27, 2013, announcing financial results for Regional Management Corp. for the quarter and fiscal year ended December 31, 2012.
 EX-99.1 2 d491179dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Regional Management Corp. Announces Fourth Quarter 2012 Results

Greenville, South Carolina – February 27, 2013 – Regional Management Corp. (NYSE: RM), a diversified specialty consumer finance company, today announced results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Highlights and Subsequent Events

 

  •  

Total fourth quarter 2012 revenue was $37.0 million, a 25.7% increase from the prior-year period.

 

  •  

Net income for the fourth quarter of 2012 was $6.6 million, a 3.7% increase from the prior-year period, and diluted earnings per share was $0.52 based on a diluted share count of 12.8 million.

 

  •  

Finance receivables as of December 31, 2012 were $437.6 million, an increase of 42.7% from the prior-year period. Net charge-offs as a percentage of average finance receivables for the fourth quarter of 2012 were 7.1%, an increase from 7.0% in the prior-year period.

 

  •  

Same-store revenue growth1 for the fourth quarter of 2012 was 17.0%.

 

  •  

Opened 8 new branches in the fourth quarter of 2012 and its first branch in Georgia in January 2013; as of December 31, 2012, Regional Management’s branch network consisted of 221 locations.

“2012 was a year of significant milestones and growth for our company, as we became a publicly traded entity, added 51 branches to our network and saw our finance receivables increase by over 40% from the prior year-end,” said Thomas Fortin, Chief Executive Officer of Regional Management Corp. “I am proud of the entire Regional Management team’s hard work and dedication that made 2012 such a success. In terms of our fourth quarter, while our bottom line numbers were ultimately below our expectations, we were very satisfied with our growth trajectory in the quarter, especially with our RMC Retail business unit and our live check campaign. We also saw a slight increase in our net charge-offs as a percentage of average finance receivables as well as a material increase of our efficiency ratio, and we are watching those figures carefully in 2013 to ensure they are aligned with our growth strategy.”

 

 

1  Defined as stores open for at least 13 months.

Fourth Quarter 2012 Results

For the fourth quarter ended December 31, 2012, Regional Management reported total revenue of $37.0 million, a 25.7% increase from $29.4 million in the prior-year period. Interest and fee income revenue for the fourth quarter of 2012 was $32.9 million, a 29.7% increase from $25.4 million in the prior-year period, primarily due to a 42.7% year-over-year increase in finance receivables. Insurance and other income for the fourth quarter of 2012 was $4.1 million, a 1.1% increase from the prior-year period. Same-store revenue growth for the fourth quarter of 2012 was 17.0%.

Finance receivables outstanding at December 31, 2012 were $437.6 million, a 42.7% increase from $306.6 million in the prior-year period. Finance receivables increased primarily due to the addition of 51 branches – including the 19 net new branches acquired in January 2012 in Alabama – since December 31, 2011, through both de novo openings and acquisitions. Same-store loans receivable (stores open at least 13 months) grew 26.6%.

Provision for loan losses in the fourth quarter of 2012 was $8.8 million versus $6.0 million in the prior-year period, primarily due to the increase in loan volume. Net charge-offs as a percentage of average finance receivables for the fourth quarter of 2012 was 7.1%, an increase from 7.0% in the prior-year period.

General and administrative expenses for the fourth quarter of 2012 were $14.9 million, an increase of 49.6% from $10.0 million in the prior-year period, primarily due to increased personnel costs from opening and acquiring an additional 51 branches since December 31, 2011. During the fourth quarter of 2012, Regional Management opened 8 new branches. Regional Management’s efficiency ratio – the percentage of general and administrative expenses compared to total revenue – in the fourth quarter of 2012 was 40.4%, an increase of 650 basis points from 33.9% in the prior-year period.

Net income for the fourth quarter of 2012 was $6.6 million, a 3.7% increase compared to net income of $6.4 million in the prior-year period, and diluted earnings per share for the fourth quarter of 2012 was $0.52 based on a diluted share count of 12.8 million.

Full Year 2012 Results

For the full year ended December 31, 2012, Regional Management reported total revenue of $136.0 million, a 29.3% increase from $105.2 million in the prior year. Interest and fee income revenue for the full year ended December 31, 2012 was $119.2 million, a 30.6% increase from $91.3 million in the prior year. Insurance and other income for the full year ended December 31, 2012 was $16.8 million, a 20.8% increase from the prior year.

Provision for loan losses in the full year ended December 31, 2012 was $27.8 million versus $17.9 million in the prior year, primarily due to the increase in loan volume. Net charge-offs as a percentage of average finance receivables for the full year ended December 31, 2012 was 6.5%, an increase from 6.3% in the prior year.

General and administrative expenses for the full year ended December 31, 2012 were $55.3 million, an increase of 36.1% from $40.6 million in the prior year, primarily due to increased personnel costs from opening and acquiring an additional 51 branches since December 31, 2011. Regional Management’s efficiency ratio in the full year ended December 31, 2012 was 40.6%, an increase of 200 basis points from 38.6% in the prior year.

GAAP net income for the full year ended December 31, 2012 was $25.4 million, a 19.4% increase compared to net income of $21.2 million in the prior year, and diluted earnings per share for the full year ended December 31, 2012 was $2.12 based on a diluted share count of 12.0 million. On a pro forma basis, excluding one-time IPO expenses and applying the proceeds from the IPO to reduce outstanding debt, net income for the full year ended December 31, 2012 was $27.0 million, a 27.2% increase from the prior year, and diluted earnings per share was $2.12 based on a diluted share count of 12.8 million.

Liquidity and Capital Resources

As of December 31, 2012, Regional Management had finance receivables of $437.6 million and outstanding debt of $292.4 million on its $325.0 million senior revolving credit facility and on its $1.5 million other notes payable line of credit.

Conference Call Information

The Company will host a conference call and webcast today at 5:00 PM Eastern. Both the call and webcast are open to the general public.

The dial-in number for the conference call is (800) 299-6183, passcode 55173070 – please dial the number 10 minutes prior to the scheduled start time. A live webcast of the conference call will also be available on Regional Management’s website at www.RegionalManagement.com.

A replay of the call will be available two hours following the end of the call through midnight Eastern on Wednesday, March 6 at www.RegionalManagement.com and by telephone at (888) 286-8010, passcode 33033172.

Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended, which represent Regional Management’s expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following: the continuation or worsening of adverse conditions in the global and domestic credit markets and uncertainties regarding, or the impact of governmental responses to those conditions; changes in interest rates; risks related to acquisitions and new branches; risks inherent in making loans, including repayment risks and value of collateral, which risks may increase in light of adverse or recessionary economic conditions; recently-enacted or proposed legislation; the timing and amount of revenues that may

be recognized by Regional Management; changes in current revenue and expense trends (including trends affecting delinquencies and charge-offs); changes in Regional Management’s markets and general changes in the economy (particularly in the markets served by Regional Management). Such factors are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management Corp. will not and is not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet services.

About Regional Management Corp.

Regional Management Corp. (NYSE: RM) is a diversified specialty consumer finance company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies and other traditional lenders. Regional Management began operations in 1987 with four branches in South Carolina and has expanded its branch network to 221 locations with over 245,000 active accounts across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma and New Mexico as of December 31, 2012. Each of its loan products is secured, structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and is repayable at any time without penalty. Regional Management’s loans are sourced through its multiple channel platform, including in its branches, through direct mail campaigns, independent and franchise automobile dealerships, online credit application networks, furniture and appliance retailers and its consumer website. For more information, please visit http://www.RegionalManagement.com.

Contacts:

Investor Relations

Garrett Edson, (203) 682-8331

Media Relations

Kim Paone, (646) 277-1216

Regional Management Corp. and Subsidiaries

Consolidated Statements of Income

For the Three and Twelve Months Ended December 31, 2012 and 2011

(Unaudited)

($ in Thousands except per share amounts)

 

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

Revenue

            

Interest and fee income

    $ 32,902       $ 25,373       $ 119,235       $ 91,303   

Insurance income, net

      2,663         2,887         10,820         9,247   

Other income

      1,435         1,168         5,991         4,669   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total revenue

      37,000         29,428         136,046         105,219   
  

 

 

     

 

 

     

 

 

     

 

 

  

Expenses

            

Provision for loan losses

      8,847         5,960         27,765         17,854   

General and administrative expenses

            

Personnel

      8,599         6,082         33,366         25,462   

Occupancy

      2,374         1,756         8,655         6,527   

Advertising

      910         357         2,767         2,056   

Other

      3,049         1,789         10,500         6,589   

Consulting and advisory fees

      —          180         1,451         975   

Interest expense

            

Senior revolving credit facility and other notes payable

      3,023         2,279         10,580         8,306   

Mezzanine debt-related parties

      —          1,018         1,030         4,037   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total interest expense

      3,023         3,297         11,610         12,343   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

      26,802         19,421         96,114         71,806   
  

 

 

     

 

 

     

 

 

     

 

 

  

Income before income taxes

      10,198         10,007         39,932         33,413   

Income taxes

      3,560         3,603         14,565         12,169   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 6,638       $ 6,404       $ 25,367       $ 21,244   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per common share:

            

Basic

    $ 0.53       $ 0.69       $ 2.17       $ 2.28   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.52       $ 0.66       $ 2.12       $ 2.21   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average common shares outstanding:

            

Basic

      12,486,727         9,336,727         11,694,924         9,336,727   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

      12,779,515         9,759,916         11,980,748         9,620,967   
  

 

 

     

 

 

     

 

 

     

 

 

  

Regional Management Corp. and Subsidiaries

Consolidated Balance Sheets

December 31, 2012 and 2011

(Unaudited)

($ in Thousands except per share amounts)

 

     2012     2011  

Assets

     

Cash

    $ 3,298      $ 4,849   

Gross finance receivables

      529,583        387,494   

Less unearned finance charges, insurance premiums, and commissions

      (92,024 )      (80,900 ) 
  

 

 

    

 

 

  

Finance receivables

      437,559        306,594   

Allowance for loan losses

      (23,616 )      (19,300 ) 
  

 

 

    

 

 

  

Net finance receivables

      413,943        287,294   

Property and equipment, net of accumulated depreciation

      5,111        4,446   

Deferred tax asset, net

      —         15   

Repossessed assets at net realizable value

      711        409   

Intangible assets

      2,849        960   

Other assets

      5,296        6,177   
  

 

 

    

 

 

  

Total assets

    $ 431,208      $ 304,150   
  

 

 

    

 

 

  

Liabilities and Shareholders’ Equity

     

Liabilities:

     

Cash overdraft

    $ —       $ 1   

Deferred tax liability, net

      2,997      
 —  
  

Accounts payable and accrued expenses

      5,263        7,447   

Senior revolving credit facility and other notes payable

      292,379        206,009   

Mezzanine debt-related parties

      —         25,814   
  

 

 

    

 

 

  

Total liabilities

      300,639        239,271   

Commitments and Contingencies

     

Temporary equity

      —         12,000   

Shareholders’ equity:

     

Common stock, $0.10 par value, 1,000,000,000 shares authorized, 12,486,727 shares issued and outstanding at December 31, 2012; 25,000,000 shares authorized, 9,336,727 shares issued and outstanding at December 31, 2011

      1,249        934   

Additional paid-in-capital

      80,158        28,150   

Retained earnings

      49,162        23,795   
  

 

 

    

 

 

  

Total shareholders’ equity

      130,569        52,879   
  

 

 

    

 

 

  

Total liabilities and shareholders’ equity

    $ 431,208      $ 304,150   
  

 

 

    

 

 

  

Regional Management Corp.

Selected Financial Data

As of and for the Three Months and Twelve Months ended December 31, 2012 and 2011

(Unaudited)

(Dollars in thousands)

 

     Components of Increase in Interest Income
Three Months Ended  December 31, 2012
Compared to Three Months Ended December 31,  2011
Increase (Decrease)		  
     Volume      Rate     Net  

Small installment loans

    $ 6,552       $ (2,787 )    $ 3,765   

Large installment loans

      1,446         (101 )      1,345   

Automobile purchase loans

      1,710         (307 )      1,403   

Furniture and appliance purchase loans

      965         51        1,016   
  

 

 

     

 

 

    

 

 

  

Total increase in interest income

    $ 10,673       $ (3,144 )    $ 7,529   
  

 

 

     

 

 

    

 

 

  

 

     Three Months Ended December 31,  
Loans Originated (1)    2012     2011  

Small installment loans

    $ 146,578      $ 105,758   

Large installment loans

      23,805        16,608   

Automobile purchase loans

      31,088        25,481   

Furniture and appliance purchase loans

      9,919        5,389   
  

 

 

    

 

 

  

Total finance receivables

    $ 211,390      $ 153,236   
  

 

 

    

 

 

  

Composite Yield

      35.8 %      40.2 % 
  

 

 

    

 

 

  

 

    Three Months Ended December 31,  
    2012     2011  
    Amount     Percentage of
Average Finance
Receivables
(Annualized)		     Amount     Percentage of
Average Finance
Receivables
(Annualized)		  

Net charge-offs as a percentage of average finance receivables

   $ 7,363        7.1 %    $ 5,160        7.0 % 
    Amount     Percentage of
Total Revenue		     Amount     Percentage of
Total Revenue		  

Provision for loan losses

   $ 8,847        23.9 %    $ 5,960        20.3 % 

General and administrative expenses

   $ 14,932        40.4 %    $ 9,984        33.9 % 
    Amount     Growth Rate     Amount     Growth Rate  

Same store finance receivables at period-end/Growth rate

   $ 389,624        26.6 %    $ 272,131        9.1 % 

Same store revenue growth rate

       17.0 %        13.2 % 

Number of branches in calculation

     167          132     

 

     Components of Increase in Interest Income
Twelve Months Ended  December 31, 2012
Compared to Twelve Months Ended December 31,  2011
Increase (Decrease)		  
     Volume      Rate     Net  

Small installment loans

    $ 12,675       $ (1,672 )    $ 11,003   

Large installment loans

      6,521         885        7,406   

Automobile purchase loans

      7,259         (803 )      6,456   

Furniture and appliance purchase loans

      2,735         332        3,067   
  

 

 

     

 

 

    

 

 

  

Total increase in interest income

    $ 29,190       $ (1,258 )    $ 27,932   
  

 

 

     

 

 

    

 

 

  

     Twelve Months Ended December 31,  
Loans Originated (1)    2012     2011  

Small installment loans

    $ 438,154      $ 328,098   

Large installment loans

      83,094        58,155   

Automobile purchase loans

      127,922        118,856   

Furniture and appliance purchase loans

      36,611        14,518   
  

 

 

    

 

 

  

Total finance receivables

    $ 685,781      $ 519,627   
  

 

 

    

 

 

  

Composite Yield

      37.8 %      39.9 % 
  

 

 

    

 

 

  

 

    Twelve months ended December 31,  
    2012     2011  
    Amount     Percentage of
Average Finance
Receivables 		    Amount     Percentage of
Average Finance
Receivables 		 

Net charge-offs as a percentage of average finance receivables

   $ 23,449        6.5 %    $ 16,554        6.3 % 
    Amount     Percentage of
Total Revenue		     Amount     Percentage of
Total Revenue		  

Provision for loan losses

   $ 27,765        20.4 %    $ 17,854        17.0 % 

General and administrative expenses

   $ 55,288        40.6 %    $ 40,634        38.6 % 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

     As of December 31,  
Finance Receivables    2012      2011  

Small installment loans

    $ 190,339       $ 130,257   

Large installment loans

      57,428         36,938   

Automobile purchase loans

      159,837         128,660   

Furniture and appliance purchase loans

      29,955         10,739   
  

 

 

     

 

 

  

Total finance receivables

    $ 437,559       $ 306,594   
  

 

 

     

 

 

  

 

    As of December 31,  
    2012     2011  
    Amount     Percentage of
Total Finance
Receivables		     Amount     Percentage of
Total Finance
Receivables		  

Allowance for loan losses

   $ 23,616        5.4 %    $ 19,300        6.3 % 

Over 90 days contractually delinquent

   $ 11,101        2.5 %    $ 5,753        1.9 % 

Over 180 days contractually delinquent

   $ 1,989        0.5 %    $ 1,346        0.4 % 

Number of branches at period end (2)

     221          170     

 

(1) Represents gross balance of loan originations, including unearned finance charges
(2) Includes the 19 branches retained following the acquisition of the assets of two consumer loan companies in the state of Alabama

Unaudited Pro Forma Consolidated Statements of Income

For the Twelve Months Ended December 31, 2012

($ in Thousands except per share amounts)

 

     Actual      Pro Forma
Adjustments		     Pro Forma  

Revenue

        

Interest and fee income

    $ 119,235       $ —       $ 119,235   

Insurance income

      10,820         —         10,820   

Other income

      5,991         —         5,991   
  

 

 

     

 

 

    

 

 

  

Total revenue

      136,046         —         136,046   
  

 

 

     

 

 

    

 

 

  

Expenses

        

Provision for loan losses

      27,765         —         27,765   

General and administrative expenses

        

Personnel

      33,366         140 (1)      33,506   

Occupancy

      8,655         —         8,655   

Advertising

      2,767         —         2,767   

Other

      10,500         —         10,500   

Consulting and advisory fees

      1,451         (1,451 )(2)      —    

Interest expense

        

Senior revolving credit facility and other debt

      10,580         (247 )(3)      10,333   

Mezzanine debt-related parties

      1,030         (1,030 )(4)      —    
  

 

 

     

 

 

    

 

 

  

Total interest expense

      11,610         (1,277 )      10,333   
  

 

 

     

 

 

    

 

 

  

Total expenses

      96,114         (2,588 )      93,526   
  

 

 

     

 

 

    

 

 

  

Income before income taxes

      39,932         2,588        42,520   

Income taxes

      14,565         942 (5)      15,507   
  

 

 

     

 

 

    

 

 

  

Net income

    $ 25,367       $ 1,646      $ 27,013   
  

 

 

     

 

 

    

 

 

  

Net income per common share

        

Basic

    $ 2.17         $ 2.16   
  

 

 

       

 

 

  

Diluted

    $ 2.12         $ 2.12   
  

 

 

       

 

 

  

Weighted average shares outstanding:

        

Basic

      11,694,924           12,486,727   
  

 

 

       

 

 

  

Diluted

      11,980,748           12,772,551   
  

 

 

       

 

 

  

 

(1) Represents additional compensation expense associated with the grant of options upon consummation of the initial public offering.
(2) Represents a termination fee of $1,125 combined with the $326 we paid our former majority shareholders and sponsors for the three months ended March 31, 2012. The agreements with the former majority shareholders and sponsors terminated with the completion of the initial public offering.
(3) Reflects reduction in interest expense as a result of payment of $13,229 in aggregate principal amount of our senior revolving credit facility, offset in part by an unused line fee of 0.50%. Also reflects a reduction in the interest rate under our senior revolving credit facility from one month LIBOR (with a LIBOR floor of 1.00%) plus 3.25% to one month LIBOR (with a LIBOR floor of 1.00%) plus 3.00%.
(4) Reflects reduction in interest expense as a result of the repayment of the $25,814 in aggregate principal amount of our mezzanine debt, which accrued interest at a rate of 15.25% per annum.
(5) Reflects an increase in income taxes as a result of the increase in income before taxes.
GRAPHIC 3 g491179g76c58.gif GRAPHIC begin 644 g491179g76c58.gif M1TE&.#=A:@%D`.<``/S]^_/Z^/SR^_'P]^SI]^7@^MO<]M?4\]7-\LO,\N3G M[^_\ZM;,V<+"X[RYR+.QU*2NQ*.DO9Z;O9*0L8J(KX*`L'QXDGQ^E'IVJG-T MEG!KG&1DDVUEB*RHTL'"TLO4T\O2]\3"]KZXZI26Q9*0REQ;D514CDQ,>D1# M>D`\=S,S?#$L>B0A;"TE<3PT?%%,D5U3E&1=E)R5T:*=U+.P\>36_&-D?E=4 M>S?AK[5NA03451, M?5Y5<6R"9'>)>:.EU+;=5R+759X4Y.7IW)LL;36S)2]GU:`5FF4;H:RA[&P MM61JC2PS6JZHZ!X55WNH?T9T2Y2[D30[ALS$T\O,U3QN5$F`3J/4IAHB5)2* MN<+XQY/'G6>>:%R47TR*2CET081XPJ+,IU&*56N@=;'?L\'PP'>Q>D6`0CM_ M2&248LSZRD2*1HB\BZR=[AP6/",C,DQ,31P<-!`-.':I<9[+F;3HMRD\=R$L MO#J`.TR42D"51$V<4#N+3ER.2%"453J*/HN,C5Q<761>;*.D MI)23E'1T='Q^?)2F)K M=C0L/**9ZA$-58_&D:'ASI$0#$A@((ID2YTJ'+ES!CRIQ)LZ;- MFS@=CA18-'^-Z] M?_]:M3*G>/&OQ[\:-YXUB]^[RX$#KY+'JQ\KNW9C$3):9^[J4B=GGRLPJ,H#MV2E.,NQ.V_?OX\\,>29'D M_(Q'V7'''7Z@(@IEK1@WRC;+E2)=,A!&""$Q%%9((3@89HBAA1J"8^&'("9C MS(C&5"A,,M(1,TPQV^##V#_O:,8+*W:,1M1&J*FFWXX\]N@C?PN,I`9N4801 MAAM_0`+((8_`@H@CG7222I3/91?=J@AB.!P8R8W9:+Y M(8D@JDA,,L*<&.86@XEX?;,@7)%@^%FKHH38!U1^`&M5! MB(!^[#)+*[^HTJ`L$6(ZH9=AMFEA.*"&^F6%'E*8C*>HMLEFA6>B6>J;_A)* M)TLIR"`7V2SEL,=*+*7-)>A;LLDFD%BT(6KLL301RQ!8BM:A6X&-_'&(*DY. M:65T$$:W8C'<>!KFMQ>"X\VXWGPK[H;AEHENJJURPV4QWJY+C#&R2E=*)\_= M"0MRAUCRAQM^@!%H?T`*B^S!")\5T@)#U<'**GXM'(9A`PF1SG7`G:\[#;/@M.2)W M&@Z8XY*CLZQ:GBPKBO4^-PPRI&QC]S;(C0+9_MY\_Y+W@G[),;@,#YCFN[IG&[+E"QGO8, MR`YV"%3\3+.P#GH0)+XJ2E($=`>^>`(5NS@0)(;C-P8YZ!5TJE?)9D4Z!^4+ M$:/PURY6<0=!*0IJ_O<+(GZ`DIM5A&%2HZB8A$H$I@R1[8E/3)6%WE6,84S' M%>')TYX:40@_L`<,\$'*7-8PO]@0ZBP>`58:@\0PNO1!$'R!!RK>H9C';*,8 MI9`0B$I10^VD8GW$$QC3ZC,6(1IR-0%80Q3B((8W/&(?KN@:'Y%AL@.*"4/B MR*0XS/4-#Q4N6\APT3_X`0QXK((7\+%14>27HS.:L2#U>\E7?/(1-EZD844A MA%WD(0]XE.,PYC#'-[J5*5D([EZ1[$0B\I$'0Z`##%%80TD*>4@A`M$@*RF6 M0#C7QEB$8A6BT`4I'#2O-G%#'&<2!ZB(T:T/<:.3%&*9Q3I!.]L=`A#-_L## M&)[P@1](LYHY\<@`!N`#*?S@2'_8WB$0T37JC$@6(QK&0TNQC5:\8Q6Q8"5% MMKD`@&;NF@C1IDDJ0A16^&$6NK!6`#7%3C-9*)/<&)=+O56A*PTC3^P#&!A! M`E*/)FHB=+$#&$!'J=&U[:$]LU@I$'$(-ZPB"I7K*$\*0DV?:NXD0*K#YU": M1%?$R9A,:!2'745\0%+5A/74 M4,4J5@!6(B0VQ,$-\;66W%9&H3-EJ%RO`E.%,L5'!T("&#VTMZ[!7>+SC%\BH[XA,\8I.C`(2N^CA1H'[T?\6BEAC MX8\::H`D&^$-'KD3Q_FP2\I&&/:P^P`8_D,$Y+>-CVR+F8($I*",830!" M#0*M9M=04RP#X,F@%L`5JQ""$/V`!R3$Z0@Z+Q,.F(@#&Z**J"P;]`?`_H$4 MI.`#`B"$O,$&MK$'0E!@0^$'/DCU6;39+#N@PA).JB2G,F2F,;FK&#WK&CU' MVXCN5N7*/1%``1K0A6<\@PI4J,8$(J&)@1*WU/Y5,G:T59I`*_.%Y%H]`M$05X(`)3L($U;F`- M*CC#`08P.;ZCAM<5@\$-<`@$(@3>B?*L@A`$\[%KO"`-;4R#&M3(AMC#;HUG M1,('S&Z&-*;!=FK<@@O,CL0RJ*&-L$]#&3^X*U"&LEQ2!!`ZX.(V-T#5SBTA M0Q92LN$`) MO[!2T;%MZ.(A)7(F>*14CV`(81`%@\(3`T``!R`"(Z`!)Z`#M:`#56`#7.`! M(4A+L5=_3!=9$V$5*G<(^Y`(^P`'?L`5]_<:`4"`#5@-#W@27E`-8?<,FP"! MRY`-M_`,:[<,#@`1FU"`UB`-UC!\SH!\^+<`A08)L/`_R5`*71)/CL8JW3(B MPE`*O_`.?F`'/&<2_@-P``\@`26``E>P`SJ0`S=P`?)7$/:&A``57"/5:EKE M!Y"0#Y>@!W\@"'0U1%SG=5.0=UOF``5(#1V6H M<1[H#$5H$U_`"J(P"MDQ#-MP*N_$?=-%0%5$+\4P"N^@8_0#`.H&!#.``4.P M`TG``I6P`W-0`2)``-*69?737YC8:W5E1EBU%A]!")X`"+8#!V*@%:!W%E@X M#<_0!4_P!%[`!=50?,O0#%(`BUTPAM#'!7,W!000`%S`=IZV=G1((,`.#``,NT`(LP`([L`,W0`$>4`!A"36&^15]1HT)UR-8 MM9B8.%``T%$CL08?$`_/$`UQ`!']\1I3TXAO8R&9 M'S$1/_`$T1`-8Q`%3[-U!9B5RM`,SG`-7[>4ECA[VA"0/Q`)Q-<,RW=WFT"` M'3B;CJD30'4'C0`+EX`BV]).\D(AX3!3W.`@B``)NO9/`J$`#3`!,7`%?KD" MCY@#5K`!$3!_`E$`"7``!F``"0`""9``3N`$"(``!V"C!Y"C+" M@'JS@@PJ,D`M%2:M0B'1,0J[L&MT90`0(`F38+`J@`9HH`(I.01;``2=UP`< ML`,Y(+8K<`0MD`71^9<,^Y=7D`,3RY!_A6XE!`1@1WH#)9K$`,0)*&P"_@@"V=3)FRI@@U6<\+P M"+LP2`,F`$X0!"Z0!2N0"2K@"^*;`WNKO`J@$`U`!<0KO4I``LR;DRW!90;` M!S$PG2P0MBM@`P<0&P:199=(CHB8<,(RN5G&R[PLIHUI$@I@`"R*``5P;V0, M9#M,5=E45>PH$297S+%1EQS%>3;XI$;8%@U@OS6.R$(>>T M;=Y04WE8#'Z`PE)5`\$0`^H0G2J@`D2PT2HP"3E0`GQ@`">6RM-Y!%J`_@;V M0-*R44A9=@`S8`;XVP+':P,-,,PS^1"+.1'OV5/T$V$C[#:1=`B[\$]95@`R,`19D`5'@`1$8`1$0`2&>P,2<,H+8=+2R0)6 M0`$#V1`(P`0HH`4M8`1:<`,>T)BR@8,-(`(BT`!`T``-D'3L.)12-91] M5G`"5$`!*DXHV)P`$I`!G%H%.&`%*%`%9&X#%_``!Z"94TW.*U#=U^T:!+4) M8Q`)#N#.=G[GD6#G_EZPYZS9YV/@`'N>Y^[L!5N)YWM>YV/0!<;*FET0"8'N MS@[PY\:JZ._\`^O("I`P#,)P20U60&E2(O>2!V$@33*9`!6``M)I!*S>ZJQ^ M!59@`;L\K(&MR@!N!4Q`X"$%$0;`!"EPQL=K#7),/[.,`8YXMSQ`#Y'8O5?P MC7_+'P!@`#20ZGB;`SJ@LK6`"SI@!3;`!P]0`;^>`\D[!K#J!1N`DC8,Y MJQ40`RBP`SRPMS[X">*.`^%;`B.0`-)F8E(P`580G>&KYA!P`]?.MCIP!?:. MLB=0`6MNT`40`B10`O:NLA);\`C_O2DP"!WPRL,:`B9PRV]NW=Q=$VF:_JW# MUW;$-[3$QW8LWWS6P($>"/,OWX$S_X9?QW8-V(%?=_(M?_-L=PV;L+-KX`FC M$!WP)":%-\+>YPJDX`9U$`#)VL.<0`8 ML)<,NPX>=Q(',`%S8`7PGK(DF@,\P`,[8._)FP$/`,X!4``3<`)WB_!WJ[UW MJP/:?@,9$`,XX)V@`LX\(A_^?HXD`)#<`%`8-P*D`#G+K%7H`,[ M@`+:^["=_Y=88,JQX?$@#^:8P>:)U_] M;O>9)Q^:U=^`7W<-TRH07]`'LY`*IW+T\50*5.LNLH`(LT"#D8FD09`"D)_7 M>YW7];T"68`#/0"3`#$`P$""!0DVX-"BQ8HT*4@8,"A`0$&)!3J8V'$EQXX4 MBGX,"!`@`044"A>F&+*APJE%+U*@R5&ID@L3$$`&`.!CQHM*/';D6+'BQ2`, M&#+$2*&#A0HT18P<2?$B@@(`'DKD6(C#Q(.!`11@.V%%A](6*LYLP%!!@XD4 M*MSF^)2##A^J`09,P+'"2(LB8<>>T+"H#(88+A:ZR)$+!P4#(0>(N+`CHXLK M5U!L6(2AS"(8*%RX_BB2A8?4`@.=F&`1E,4+/B$-OH8=6S9!`EZN3;MU:]JU M*==T4\-M3=HU:=9R6ULF[=FS9<*?$5]^[=ISX\27);^V;-JT9=686[-^B]KO M9YL$`O@2IU6I9,3(@8-/C-BP8?#M@^/&398L2[S4?,&)``GFN"*H%8@X@@@$ M]5JA!0Y$&.B\V0!`Z(@$CT#A(;L&X%`B#C\D@(\,KN"!LBM>P.8\`R88@H4.&S''+08$L`%*!`!QY22(&C M"D0HE,8"$)@AABNR0**R#"`BX+345EBM-9PFA#76@39Y!K=;I&D&BBZ>L28X M:<9X8@QH;K&F&BZFX(*+YZ!11AEG(AG#&6>XZ$:X,3:)I!MECA6."RB\4`8: M+L9HAM=>J7GFB?/J<(.43N:[3S[YAI'E&W"(X8:89%R!!1T`0PJ`!M14""H3 M(X@PT`567^B!``!>A36$#2Q\"@TS[&F'%HUI::=C6BBAA8DR4%CA"AQTL$6: M2#94H)TE6AC'BBNL:6:-@A9XV`$.`M6(API*_DO@`A982%.'$CR`R"`I/,@` M!1V`6B%+FT0R(0.`!!V5^``!G@@0@H`,ZC+B: MA0T2""F!&ZAD]80.()8U=-@"\*)6W99Q`(`QE@$.N&4B\<$+:;)99HP?I)E& MFBFD6>:9X9Z`HAMIJKG-&MB;L<::Y7I=_(J@XQ4WJW/ M/GGGJ_=>_9)!9)8^OE@@@#4^F)-HMQ`FP@B"%6YA"0E[FP$J8(6%/*H$-'C;".16EA:@8`0&$(A="/*8):S`0D=`0P2S57.[ZB1C6YLX@FWH5TSI+`) MUDVC/`2Q`R2V)Y]XR8M>Q9`/-Y+!GU5D$"<_4(0+YN:63!Q(?E&+VB+<_@9# M635@`PLI`A$4H@.9[*`%6-!"%G:@!9^LP(`J0$';"!(2$2@A-7N91]*V69`! MR,`P*6"!$I@0`A+4,`01PUK.,,! M/IB><71#.P<$;QK`^6DS?K")9G#!&=+8I#*^A3O@-*^/U*C&]0!P!T.4XEW$ MN$]\P'E- M;?H$T^%&E)B$ZGBX\(-()#1,D[F0F.``!E*L7@E4@`0_;(D%^@`$K M(#`%S7"@00B0`!$T@1(S(`%+!N&2%+C`+0V2Q!PU=]X[JM>FM(+J-)PQ@*$B M!SGS1>1/#PR-'_R@&LG3AO$\D%/Q+(,+3W"&<:YS"VU4`PI0P.H?Z:N=;%Q# MK!,N1871:I_\Y(<^\C*&*UK!!O3A)+>3B!J)%02_3G""O1LP@RV\H`6D78$6AC""'P3``!90B)^"4AF-/.HG M#)?,#H*BA18LN2E@NIR8,XC$"!F@#`4BV)KWV:`6P*`!':2#0NBL@4,W;ISI M3D`,:@%"HR6@G"DPT`HPT/*#`N`'2U2("H8`Z2T"@0L9X$`,AO"9%LC$Z5?P MM%M:$&KSVC&]IA8='W\:5%;W2CK+$/``O)!(9UPC&]+P@NQ^VFP/_$`9.HWJ M#[I@#6H,#WI2D`(TC-.-,43B&N/9C5C)&FT+W\?:PR"&+(:1C%*\HP[ILTL' MAN!,$R/L0.5>P;DG\BK'S:8!5,`*JZQ(E=D0_N``H!@"Q0VS@C,X(``%R(!D MDJ#P*QSNX1J!>'%Q<(6%**$,='M*#C:@)]"-^6%%GA/!=CBU3;19(18=P`/H MP`**[1PDL@G)!V(P$[^9`7/FS#G+$9UN`$@!Z`L90A?.DP`);``%#J^%3RJ# MDA>4``9MD3K5Z4CJJV,]5@%@KY^Z#I[R@@*S*M^Q(/8JEJKJ!F1YN^J9`B_8 M!$60AMRXA6N`G4UPAF[@@F;(C@'30&BXA@)+-N.(L+$J*U`$J.8(<6`((P;/.FZ<& M,(,5*(*AJ0F0:#Z@@!$]$8$;T((DH!P-"#,,RJZ#"@`@,`%Z`!MW6`(@"`#P M&[$,(#*"R#.?JP`<4)OT(X``,+\J`RB88*4ZBX#_I`" MS2(`[M*L`2B`@^0N$9`$'C@"(P@3"2"]C9.T&>@BDWB!J:&M"=H!&'"]!I@^ M+SH"&(`BBG!$@GB`%"@1AE@"+.(#7;HG1@2N@?@Y";H:)6!"2LD45MD!%+B` M!]`O(0FN!]B`@(L:\1.)$]`+A4`!&EA%5G0M5XRO;,@&W*"&ULF&J&R=5/.C MJLQ*W'BJJKS*K_0CJ:3*J=S*:U`7[&F7:IRV:\Q&>1D%>1BS`*@!#5`(<;R: M@R$"7@(F%2@#`X"N8CJFA6B(=Y05!,``250(-*``SY*`%*@,'A@"&<`L"9D( M8AJ(`L"L@50`(_L2U4J!"6@,NU##Z*J`,T"@_ARX2#ELLQTQ`6P`@`.@@H5X MBCF8`1]`*#VSBP,8`26X`M4J@C)@H1G0)0.!24`$`"C``!?(`NJ*@-BT@8QX M$;8Y`-!QC0`02A58B!5HKJ-,,X4X@0=H2JN;#2"@@`N8@!M%FBZXA848FA+H`"/LBA:B@1+(.=5DOC8S@A/A M"@50!K`Y@C2X`@WP_H#6@@T:.";5>(%VX!`9P+D&48'CA(T#J(`4`!PE$*,& MP$.^,`(S"`$,\D.<"``^0,JD+(%#.\I5:8'P'$_R)"=LB00'&`,'<("T$U1! M#=2^"U0O`%1%'51&=0!H*51%'8.THU1*W00O&(-)?8)'I=1,[;M-6+$`4`-! M@`1'2(;NN<98DA=58(4'/8`8:`$7B!_*.1`,S5#M9($S&"$]TQ\AH!BH(`$@ MG0UO!(6)6H$4P``">(P**!&43`$*(#*!L$PC0X&3P04KB(`U\`!I6)7BVH"I MV9`74DX<6`H$"9,C!0J'U)*'>0`S<+``;3L24$GA'91T`TYN`&W"!2B`M/SE7-@.*(]@! M$Q@#F20!PW"!J<4`$2@`B8"N`:`!#=#;I,`!18`(!6""1O-2@!U9*!C3,HT` M`C`F+PH*%&`"FVLMKVB`";B*+SJ"C"/:F6*!_AMH#8Z%E=RL5W+:HHR*288E MO^O$"0G1HM$YJ`58!4N0!6&`V7S)%_D@!7A`'P#P1G"D32)(IKV,FL'2SKU( M`3$*G1#0@+PLS*25C7X]UA7(`@UP@NPRT1/(!9)+`0WH`0^X6BC`!@G0@$RQ M%+G(UH>)@DAT!QYA*!R`@0P`!1*@``TX`7:8T'!4UY#:)PO1@=>$4^D-.!ZQ M`AR(`1(0@00X@`1H@AX0@HBU)A:(T<8```*8@$:;'\>=)\BU@B];0@!(`#I0 MO:AY@0R8@09PDP1X@`F@`RO(`1UP"@LQ@1%`&H]<"M6B@_Y#73+STTB(!"]@ M'(+P`0?H`B,>`"B(_H1FD!Z/16)RR96!((`?`%0NV)9F&(,+BI!O`50B?N(N M(&+S<,0%L(-=V`97Z%V9S9=4>(?AM8L>&$.]D)\,75Y?.H(B.()*X$.L];P@ M3$HB].()25LNC=4D:($?=AA[C<3M5`@7F(,8F+$YP#EDTH(7D(&4Z(D=*($R&`2C-5+6U`$+V8$Y\(+CZZ!%<`%]3!-K&H(8&(3[XSVU MT<0,L-.WP8OM_%*WB8V?D\0CR#PFY&`E<#&&>I0L,8-%,`-&80$M2(T*A0HE ML($($('IVPLM,-V-Y=,!>()NH,]EN`:>(@C;F(9J<``I\();4V&0CN&P(+W!H#``A$YP!5DH!G`(AW,@AW,0!_C8CV,8!3"`O")CM.6= M5;S,N<\X@BQ0!QD@@*"%C040@W4(E!I&`<:0E0$8`QO``7:H/1R@`@MX138@`>( M@3K)E!.@A.M;[->8_N?@>"I<\8$-=H!KT(;:P0E:$0\,?'*?FR1M>`8!E9U- M"NV/^`$O$%"95(;MD`9O\0$H^(%C*^2;$00W2(54*(9B"`?W.`?@A@_Z.(9C M0`L#:((9"()TP+$7@($8$((@:.&42O&!>()D298N M<(!&WJ+S4``/B`!:[X`#@*'S,"E0T``<@X$E2(=T(`%*<`*'(0`:8()!_HB! M$B@!#)@!!!`!$F@R$LCWTDSR@2@=W"@.X`A0@3<[XW&8GKJ-:>@DG%B=*>^" MAT&D;.!LAT%9)'>[IUH&+RC9V?B"/K`$1-@/5NIM<0@'<-CM:+,$;L0)3WX4 MO4#>G,7CJR&@H8D!$@&_M7^*[<[G35Z]9C,H#LX!%-X MA;8$[I2'CU+@EUUX/)"(G#,@&`)ZBEEUBW`,"C\9*!-0[)&=IZ)7+XF(#3TC M_MG(J"=0!F:@@AF;`IY#HC9.%O*32DF)\Y[H=@(W,L$ M^([%(,=Q7>1$M`T1_)&]=#[=A+^S!F5HAM9&E\EN_(Y/1P=H)/S"I,`#"!\` M`GAY-BW;-&G.'$`1".`A`"C*K$VS-N:'#RD$?#B$"$#`PP`!%H09E4I6J6+# MN'$#YQ(<,6*RS*VJHV9!``-!AFAI463%D9\KC*@@0L2(D14J7+A@H<4$'P(B M%0P(.1#GP``#/7+M_NKU*UBM81]ZD59+!]H4%8"`#%#5(R4S*U:TT')"ADB< M/KQXJ#I`RA,O/SP.*"P6XH##(KL*`/FP<57''Q\.6+`UI-C$`ZN*U;K@220O M3WYDQKP8P`++64^#;>T:[*9GU&XY@S)&VNPN`S9=TV;-P5L`4IHMHS;MVK)L MR[J<)A#)(#5MQ[MQV11<(L5;TIYQ?R8-6B2/C4,N^%)GE2IALHH9X^;-&[AP M+X4-PV0G]4,$BYP:*8)$*%%&'(64"G,5B`,*$R3PU6&O.0@6?JVQ=AD4W5B! M%@XIH&"!"`<0,(`"4D#A!1=+N-#""EIHH<&"(JW1C#54M#B&-=8\`8!?_F^Y ME55(?B%66'`"#$#`CP,XMN-#"P0G$I)0-',19D]<`TTUTEP3"6>&0823:DH^ M^.67O!GGS``_3''0%",^D\UOP0'P0S>W&&><,H-YY(,#7!BD#36S33&&%`]) M).)*A%L`78<"22BJ=$+,2,>*`0PXYR22S33EU?&'9`"(( M<6(2J::*%*M$%9@&$6BDJ`(&"6@U(9BYNM9@:P,\(5=/2;3@@AE"G,)$$,D* MD4(++*#H0@P02*55%,IH8X4$`QA0`0]74$*`"")T($(!!`#Q@`,//%"``.>* MB\``!W2@[@,($'#`N0]X>,`#(J3;0`,.-%#8_@$B/-#``04X04._"!P@P1`W M-%$8`0Y4.48D4]@PP0$&)!!!!`T00$`#$:@[;P,0/&"`F[JZS-LTTRB#(W'* M<=',-=E(`QQA!<4\S3->>!4``20^L\Q!"442Z`_*W%+1,\Y(+74SFWAUY`)J M?.&)2:DD(PLQXP4]4%!%#$",3``%RP4Z`,!`S("!\10\$`$5 M=&1PP0ET4)"!#1$0.?C+TL3AKHP!;H``H+S*$'$KC!'R>@@2U(_J\" M)(A!$,2(`1'(0`A,``4DX14O"]B`9P,H0`$DP`$*Z%%Z%!B"!IK0@3EHP`D) MB($&0M`CKHB%`%!00!$A\@39W$(94!A(%Y!FC67(21JZX8H/N'`+-AUS:(AY M0C6F08UK;"(`4'#&,JTA-!Q9Y35Y88,?_D"*4KQ"%MXH83C@(PM9(`(2;<#) M5"@1@R5>@2E#00,:7*44HQRE0#JT8@0.,,M<$M0U`B```B@!BD7`(`8P4,(+ M8``#(0RB!^,Z@)NTHH`)4`$#09C#"4"QA4'08@:+8`(3A$`!"61`?B+(@!KI MV(/I@0(#%:A!`8*``0S$@`/"XT`%%@D$$8RR_@`BL$`,A!`#4(QOCC&8`0%H MH%(9:*`""&B,`29@`PL4(``(\)T&A`"*(X85DS,8``(T0`$#Y!0#H(#"DIHS MAF9XX$,$C0V=[%0A.27J2IQ!#(R4TTR(!+%IRY1&-:\IIV5LD[`.NE4`UA`% M-SSB$I=`QC;,EHQ+#<,5I8!$"E48``]H8(D9.M%0]+D"HR"E"$E9@0YX@()) M8M2"C&E907.UAL#]!5\><$`3-`$$AQG)F5*0P`4L:JA(1,("$YC`#3)@@650 M`1I4P)('JL$_&U!A"LN@PQ0L\(P(3,`:S*CI*"G@7#HFH`$VH$`!&I"!*6B, MOE/H`4>Q-`8J*(,+_M6PP1ANM8EN6",:7(#&-:BCC&IT01'=U6H'`."`&S"C M!Z2;0!>Z$`F,%A<`"G"`(KC@@!_@5G";J,:8[!0`!^"F4`D9[$,(P(4&+B,2 M1.J,;<:PB1_\``J;P)D#J_'+'V"3&C5N"$:D\(.1#8`C#&)2:@B!"E4@0A:O M($8Q8E*,8I3"%8@X!!B^$``UB*0!%AC"%73@@I_`"F^I9952SI""'>@@!W.H M@`C^EML].TA(1AJ/!363%9(]``@'`-D!&-`!#SQ@"L^UP!2X4)TR16(,8U!& MI)5Q@0E0X!D7H,(-IB`".6*``AU(@`@BP%8)=*``\DH`$)X[!0E@PP.1_M@$ M`3;1!0]L(@(7B`0N'[()94#C&=6(!EPW,07^<0$(0)``6X!`!_`6SP$,B``7 M^A*232C"V![@#]2, M!GX.B$`#&LJ:[I6>$QBK+QI$T^`:Y*@<'4[ M7>XVS]`$%.9W`'@9O0%LJ M0GO6$6$81-C%[$41R@AQ@#]"1#?]M9N.W+,;,+27'"&,IP1B='<"30: MCL3_=4'\C0$4*%D`A064U4$?[,(AE$(GR,(P9)DQ$,,QN,(Q[`(;C`I6',`$ MO,!<'(&`L-Y0+,50_OP'$IP@#26%4[2`"6``PL05[Q44$>4*\T7?T$A&`13@ M6PC::03.HPS?!>G(81B&6Q17WR$&-QT4D00;`!@5!=!!Q%"``P!:#+Y&B8F? M\]'2RV4ACW"A#3[95:3&> M`1K('A'<#31F@@KX@B\8R%*HP!5<`>A8`"@``06K=C53>#3\AQ5PTB^.XP!!PP`1TR+IIR4G>9#A2H3Q& MW[KAR`$X``780!7HP%G000\``1.*)5VNG$C<_D1JJ$$=W,$JM())@)XL"&4I MD((A^$'%J1SXD(`0*$$2+*3=6"0UXI,1["'EH($,+=$.7$$5W(#R/``#8&)= MAB8\XA9G&(`'=`!'W0(NY$(M5`$5]$`"2(8`M)QHUN97#!%(@&->Q,(L3LK" M>98_SL(J_"(\N<4'2``5S`&S8,$1)(%_%`'KM4I_2.?KR1#DN``,#`()=``0 MH%R'*1]NVJ9XNF(`.,I!'8`3T,(6Q`":\4`MV((@+@T7UN1XUF>C3,;0,(EY ML,(JW&,MWJ(KN((:-L(=L`$\Q9BB!0$,N$!S-N9XE*OS!*.1B*9B"*92"*A3"*ACE%XB95JQ!`RC2'"0!%F0DY3#%48"@@#CD M4:`@$M#%-<+-7*1`"2S"N"#`A^;FC-:H:`+1D"A``_`!!?!4"@!BB_+`#J2` M$,215'0A+7TAF>8I:FB0>=1!*(C"CH[3)9A"(!P"&XI*:F!.0IW"(*0`#C2+ MLTPG=?:''E*H[,$>731.1@Z!\TQ`!R!,>>II?;J%`J2E!%1`!FP`"F3D#LA! M)6RJ2I'+THDJK7Z)20Z?UM@!&+B!)02"(W#")73"(T"")Q`IETQ%R7`4_@KD MP"=\@@XH!3[Q4T-.*`@"Q8-.#E)`:@NH0`IDYQ:`0@>$P`%0Q9^)1Y"09:V> M(A#2DE>`R`$T`"60``:4P`N@@`OD`%KD*PZ<0`F8&D:Y!9ZFJ\`JGP5ED'GH MJA\4@B4\@B-8%B(8`B8(@D`JR1`F0`=0P`:<0";D`%9.SINQRG\\J'0J`>P] MC@Y$#H(@TDIU@`-H0L)T&!$)R6WJ*9,P(FO\A0%LP@-PP01\&AVDP+T"8N30 M616=P.Z$*\H-K-)Z$VZB:U8LP!KT`2,T`B#XJB,XPK"&@8%R2:(:9R0H@B3< M0`I,PM[L364"[57&T-R\UA&@B.R]%I8Z"^7,_@$L;0$%6%03((`!V-72AD5A MN%H(B``-4((,I-02*$$*`.T.0)'X$$<1$%QUJRVI&D%9"P.Z(`6Z)"%,@7<#8L] MT06*G*Q&6D$*G``BP=0$L-JH=4R8ABCF%J$"&``4-(`'0$`$*$(%+(()`"U& M9B;'.L[C[(#Z`$QFE.H#].P&W,"%U%D.9`CV3HZ6/JCL(CLPLW>+`4*O(`) M#(+L,,$(S``?\,&H_B4`"'2,`2@`DX'ER@G)]A2``8P=`B1`X-)`!Y@1$\S. M!M`K"JC`]C[P`3<+#[#`%00O'5R`!!3:7*Z&^A:QX.0D7HJA'=Q!'.!!'NC! M'L#!&,3!#^#O@?[(NZJI!EQO#K3HZZX`&IS!QA7!M-)%&M1NE.XAW"J%QV*D MXSHN#E@!"J"`"=#!!F@`ZUQ`]4A`!*`.N@!,N#0`$"0`(1>R(2?``20:`\": MLP%RNCP`ZDB`!'!:!6!`Z]R`"=S`":"`%>!`#ES!WD2.#NWPDWIL3VCE"S@/ M$PCQD72&-ZJK$0\L^DI(HJK!&I!9`+!!&[@!&;P!'+P!&91NUY9G6X!(_O.F MS`B@:@G8:PYH@1S`[CU))FNIGH0R,!D+R$-:I5*\U@&_K@[!L0MH"`H,P0F8 MP!RPJ9`ND01KL83B_0`E4U0SH2PB3 M,`;!LD.'->^)!(C\P`<\P1-\P`=`012T#*[\_@44*%H$],`4@%H5Q#%,#BT6 M\(#92J5%1N<-#<4T3V;'M0J50NBDPK1,PYG'\BZU-O:#QA!0M&T6J$AF9F0X M1\PB<<'C-020B#5HT^45KX8Q^P"/F>^(#HFK#57_ZI00W("*,H6;0>I*RZV! M&(5#3JHUL\I"3BHUIZ#J<5PVX^YK]4=MXW!SNH`2*,$2"$$0,,$,-($3),R' M@&AH7S<\XFE.SK*$4(RK!4P'(%?KV(`FXS,^.^K>#+51-TL.&/!30W8;%PA\ M6^CLUC8+O&F+UAD.,(6&E',);(!,H0PBAVEX8K>!ERG[&M%K^!FI&@`(A$`# MB,`(D,"::L`,FP"&I]>X0T,T?A;L9A``"J`8$ "`#L_ ` end