Missouri | 1-35305 | 45-3355106 |
(State of Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Number | Description |
Exhibit 99.1 | Fourth Quarter and Full Year 2012 Earnings Press Release dated November 28, 2012 |
Date: November 28, 2012 | Post Holdings, Inc. | |
(Registrant) | ||
By: | /s/ Robert V. Vitale | |
Name: Robert V. Vitale | ||
Title: Chief Financial Officer |
Exhibit No. | Description |
99.1 | Fourth Quarter and Full Year 2012 Earnings Press Release dated November 28, 2012 |
• | U.S. dollar market share for expanded all outlets combined (xAOC) of 10.2% and 10.4% for the thirteen weeks and fifty-two weeks ended September 29, 2012, respectively |
• | Net sales of $247.2 million and $958.9 million for the 2012 fourth quarter and fiscal year, an increase of 4% and a decrease of 1%, respectively, versus the same time periods a year ago |
• | Adjusted EBITDA of $53.5 million for the quarter, and $214.6 million for the fiscal year ended September 30, 2012 |
Quarter Ended September 30, | Year Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Sales | $ | 247.2 | $ | 237.8 | $ | 958.9 | $ | 968.2 | ||||||||
Cost of goods sold | 137.1 | 135.0 | 530.0 | 516.6 | ||||||||||||
Gross Profit | 110.1 | 102.8 | 428.9 | 451.6 | ||||||||||||
Selling, general and administrative expenses | 71.7 | 59.2 | 274.5 | 239.5 | ||||||||||||
Amortization of intangible assets | 3.2 | 3.2 | 12.6 | 12.6 | ||||||||||||
Impairment of intangible assets | — | 534.4 | — | 566.5 | ||||||||||||
Other operating expenses, net | 2.1 | 0.5 | 2.7 | 1.6 | ||||||||||||
Operating Profit (Loss) | 33.1 | (494.5 | ) | 139.1 | (368.6 | ) | ||||||||||
Interest expense, net | 16.1 | 12.9 | 60.3 | 51.5 | ||||||||||||
Other expense (income), net | — | 4.7 | (1.6 | ) | 10.5 | |||||||||||
Earnings (Loss) before Income Taxes | 17.0 | (512.1 | ) | 80.4 | (430.6 | ) | ||||||||||
Income tax expense (benefit) | 6.2 | (32.5 | ) | 30.5 | (6.3 | ) | ||||||||||
Net Earnings (Loss) | $ | 10.8 | $ | (479.6 | ) | $ | 49.9 | $ | (424.3 | ) | ||||||
Earnings (Loss) per share: | ||||||||||||||||
Basic | $ | 0.32 | $ | (13.94 | ) | $ | 1.45 | $ | (12.33 | ) | ||||||
Diluted | $ | 0.31 | $ | (13.94 | ) | $ | 1.45 | $ | (12.33 | ) | ||||||
Weighted-Average Common Shares Outstanding: | ||||||||||||||||
Basic | 34.2 | 34.4 | 34.3 | 34.4 | ||||||||||||
Diluted | 34.4 | 34.4 | 34.5 | 34.4 |
Year Ended September 30, | |||||||
2012 | 2011 | ||||||
Cash provided by (used in): | |||||||
Operating activities | $ | 135.1 | $ | 143.8 | |||
Investing activities | (30.9 | ) | (14.9 | ) | |||
Financing activities | (48.2 | ) | (132.1 | ) | |||
Effect of exchange rates on cash and cash equivalents | 0.5 | 0.1 | |||||
Net increase (decrease) in cash and cash equivalents | $ | 56.5 | $ | (3.1 | ) |
Quarter Ended September 30, | Year Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net Earnings (Loss) | $ | 10.8 | $ | (479.6 | ) | $ | 49.9 | $ | (424.3 | ) | |||||
Income tax expense | 6.2 | (32.5 | ) | 30.5 | (6.3 | ) | |||||||||
Interest expense, net | 16.1 | 12.9 | 60.3 | 51.5 | |||||||||||
Other nonoperating income (expense), net | — | 4.7 | (1.6 | ) | 10.5 | ||||||||||
Depreciation and amortization | 16.3 | 14.9 | 63.2 | 58.7 | |||||||||||
Impairment of intangible assets | — | 534.4 | — | 566.5 | |||||||||||
Stock-based compensation | 2.3 | 0.1 | 4.5 | 1.1 | |||||||||||
Nonrecurring cash compensation/retention | — | — | 0.9 | — | |||||||||||
Accounts receivable servicing fees | — | (0.9 | ) | (0.8 | ) | (3.7 | ) | ||||||||
Spin-Off costs/post Spin-Off non-recurring costs | 2.1 | 2.8 | 12.5 | 2.8 | |||||||||||
Mark to market adjustments on economic hedges | (0.3 | ) | 3.6 | 0.3 | 7.1 | ||||||||||
Public company costs (1) | — | (3.7 | ) | (5.1 | ) | (15.0 | ) | ||||||||
Adjusted EBITDA | $ | 53.5 | $ | 56.7 | $ | 214.6 | $ | 248.9 | |||||||
Adjusted EBITDA as a percentage of Net Sales | 21.6 | % | 23.8 | % | 22.4 | % | 25.7 | % |
(1) | Represents Post management's estimate of the incremental cash costs Post would have incurred as a separate, stand-alone public company if the Company had been separated from Ralcorp for the entire period. These costs were not actually incurred in the historical periods presented above. The estimated costs have been deducted in the calculation of Adjusted EBITDA to provide a frame of reference for future periods. |
Quarter Ended September 30, 2012 | Year Ended September 30, 2012 | ||||||
Net Earnings | $ | 10.8 | $ | 49.9 | |||
Adjustments to Net Earnings: | |||||||
Nonrecurring cash compensation/retention | — | 0.9 | |||||
Accounts receivable servicing fees | — | (0.8 | ) | ||||
Spin-Off costs/post Spin-Off non-recurring costs | 2.1 | 12.5 | |||||
Mark to market adjustments on economic hedges | (0.3 | ) | 0.3 | ||||
Other nonoperating income (expense), net | — | (1.6 | ) | ||||
Incremental interest expense (1) | — | (4.3 | ) | ||||
Public company costs (2) | — | (5.1 | ) | ||||
1.8 | 1.9 | ||||||
Income tax effect on adjustments | (0.7 | ) | (0.9 | ) | |||
Incremental tax expense for non-deductible transaction costs | — | 1.8 | |||||
Adjusted Net Earnings | $ | 11.9 | $ | 52.7 | |||
Weighted-Average Shares Outstanding - Diluted | 34.4 | 34.5 | |||||
Adjusted Diluted Earnings per Share | $ | 0.35 | $ | 1.53 |
(1) | Represents Post management's estimate of incremental interest expense Post would have incurred if the debt incurred on February 3, 2012 to effect the spin-off from Ralcorp had been outstanding for all of fiscal 2012. These costs were not actually incurred in the historical periods presented above. The estimated costs have been deducted in the calculation of Adjusted Net Earnings to provide a frame of reference for future periods. |
(2) | Represents Post management's estimate of the incremental cash costs Post would have incurred as a separate, stand-alone public company if the Company had been separated from Ralcorp for the entire period. These costs were not actually incurred in the historical periods presented above. The estimated costs have been deducted in the calculation of Adjusted Net Earnings to provide a frame of reference for future periods. |
)HB(S"$R:A=)B1-$]E(F(.Q^'0B)0]V57'DZ+AT,0\"=%S MA`0[2?RL4@S$'+G.!%&:V\8HPRR21# M3"UT*,G<#'>0XJ1]6WB'TS-6.N1.EJ,P`B$.0F3BFY:2,%E%/PC)L\&-.(K_ MX(-9Z2"$CPJP\NFGA6THQ$VN&-RP*Y$"$OC',.&D4T\]\XQS"QTZQ##:%:PR MU(4#-O*XHP8,4HG6XP:B:95=FK0,T\%!P1N0<#%4R>2+/E<#+`< MU,\1L-Z``Q35'E3&GAC(VEP,=`1L$"\3W$B!!"J\DJ!"]12B%G(Q%*)O$@[H M2($#91`T!L$N](&0GCD:#"B\<&FBA5DYQ$L7)IRJ^\\T3]%51':5>-=))2OO MX,,-.DJ`BT(#YT@"#S$T`0L]"LTS,JP1!))0(!WO.($W"'$S0<$ZH+/0,=$Z M%\,?""WS-8["!BW:#'9(V8DCHR8"YB?^J.L/B*,@_P(AW%*.4H>]@)HY,43] M_(+&!A$`FZ,&)9RE@PZUZGO$VKIBS$="8*S-07+1\G$X0EU8<-;9")&3\NDF M#S2,M!12"N8HBXRJ")B>Y&WS.SV-8@>+LO=-)K'**-2/$;!J0*0.0%1NT/&P MJHQ6\PAI4^./!!D".\9RZ$Y0/UY@WF<-M30D-<$8:*!#=#&?V%,6,`-Q(B;0 MV&R0/Y^$V`B$,5\R"A[#BY"9%&:0;HAO6!6*`2$4H@8'5&!`^4)(+S"'(QN\ M:71Q2L,&T!>K"?G@@PB,#J4T%:)(\$]^FL*;_1A2#5#1[6UWL,2$:C`'A7A# M1])S&UH\,`$C@`$-:3@#&/^.@`$)4#!'DR#%(LB$@T60XGA#%%D2BB."$$#F#$T#.5J?&Z,SG3N\BQ)YN80L9>D((LB@")'0 MTJGFE0D\>&94.[##94@8HDO8H3B/#`(>AEG'N3"""'E,RQ8L(4E,E$(?G>P0 M/$J1)4%>`A&DS`XKTQ($+2"B$GFAA",6D8A$,((1CHB$/.?I"$8LPB]VJ(,6 MBG#_F$>FA7]I* 2OFZ8JRL\648?K?$: O\RQ:R M(`0E?2:/*9U.$>K`"'0JU" ]\K7 MOOKUKX`-K%7R08U2;*(K/\%,)RY!B47800M!\.?%L///?\[@LI>M;&4QFUG- M9L>R9B%"'R-AB;B,BY@Y\80SVN$]P5JI&J#`R6PL80?/_P@T!V4A@ATD<<>% MVB4SE6!$2=]UTE4&+3 HB&`$'SXS1.$181%Q4DPE0A( HU+W_I2*#=VR!!.HD%>@\## M$Z&\Q!98E!LX7(*8W>D$(TB9'`')`4\F"<=M[&M<`0WH.8XL$Q' ((\#G+#2P=M!G@PRIC0$DF>?**+SFB7E+$C/]^0Z\KWTAB2 M3D`!#4PZ(?5(0:[(++FFP2@AK6C8PVQA$6[0P$XQ,$3J8NSCY/A`!(_+&$)T M$6D=]B\NHJ+UW5K;H?QI*=VCJ8-W-'-&'2J08K\XAXX-4H]67.Z(%%C"OO]Q MCE<]CLPQ>+9!5-?!&,@!@PA91QOLA8-5':0>N,)1G403K0<1*U/S@D/\2KLI M^X4BRF7_*D)(7^8V32\$#%G35JS`A>G1]`HAO\! $+V#8L*Z.C3%LK"J49Q!^#%VM;L[I0[P@0_^\3MUW^:#J41<@X< MACT*`Y^'P46`G!5_`])%1$-%`H$^]06H`@_`0`:*R,$.1@C)=-1$U\]"99ZD MRZF?"E'569:)(*`4QX].B#<.V/(%1L0?@8CQTT/H@Q+(_'%YKGF%@T`).GIG M\$W4XJ#EFNL0(>)),^#"(AX?(# /V:1Y,#/&A2/B,:5:Q]LXFJ^!4>A@X1_R48'9TW!0QE MZ1OZFA%3A#Z*'`?G:N@=*?$R&0"A#KP95YB$4HGAX/8S6L`(J*$I_(<'S(=9 M65!Z"Z4EER0$6E`'R!=(F'$4 M20$4*+B`3'%(C?58N$1'^W<',K`#^!<7"U@4E^!+MU5\W$%"F/`)UU6!(`$/ M'M5-<4$OB*`%$14@.%`$=E!4>A$)BX`'CT4$Q$46F"4#`"):=M`(S"1_"989 ME,`([B0)I844"W47P1$)>``'1+"$'@@$6X`(^>>#F=`,U<`A0OA4\#`-S?!1 M(!4FP"$7/&$)-R4)D5!/[]1.[O1.R?\'2)404PXE%TM11SJQ":#@#-1`@7O8 MB9[XB:`8BJ(XBJ18BJ9XBJB8BJJXBJS8BJ[XBK`8B[(XB[382?H`#^U`#=+P M#,T0"J#P"9[0">$G?YNP"9W@"9\0"J7@#-`P#665#UE7BVWE#^\@#:%P6(BU M?VBH%XJ$"'8`!X/14V>D6>0((4#`?M7A4C`%%R)U?4CU%%+1#FDEC2M!A+&% M6+^5"9O1&0%U,<@%&BO54B,H4PEV%T=QD`B9D-N(2(R`!W60!9'U4[CQ4T&P M!8M0"4?XCJKU#O28$>_0#+*56*-P"8R0!?\WD0"2!7?`6VCX&P:I"9<@"8GP MD!'96;2W,A[_N$>BA0=F:`F,P(_^F!9%\'Q'-26?D%$=>1#YX`PAF6"2L`7% MT26D<@?NY8ZSD0F18`?7(5#39U^XM0-.J)4DHD=9<"X^N`FMH1#80![_@``" MH`JH,``&T!Y[*`T`EH%V\!^AD1M$@`A?*!^:(`EU\(9`U96&R3X#U5,M4AJE M]QWN4!#84`#EL0"I<`JGL`H'0)>!E0^AT$TCJ07&,3V),%W[(2+PPX$K9F$U MH`--``5LX`:PZ09M(`5-L`,U$`-"=YBZV6!`\"6!%@KSV%_ZT)GHY3>C$@19 ME(:=$`D,UG8#X@;"@`\?X0^RL&*[N9OWP6&@$)Q\U0[#N)QC@19$_Y!%=;&< M14`FT0(%L@!Q_.8+KX`&7:`"0".4/Q(DJ$S8#)89@H3)A/"<'4),0\E`&$W!$ M-<("7F`"-J!*O"<:((0#(4`."S%!P0*@!P-F!>$/3G`!:29Z9!0).X,60G!@ M/<&1 `B)$`"ZK<<-<`,-J0T MNF>86780=.=JK*0%EQ">Q1$W4W)X;46<=F&DQ0%HN_0_P'9O":$&$;`C(C`= M8F,0UD,GNC=`">$/EX,C1B:C.V"G%-$/4/\`;#/@1`"$%EH0@4ZF5BT4(HQ` M8$#0,UYA">27:69V$&4'+.N#`UQZ$/-`;%YZ+S64$.B7/L:5FFF1I:?3!I'' M$//0"X'@!2=0(T8D EUT -PR9><`OJ>G&9ASD4D`$N"KH[(BS2 M2G9[AP$V<+0,T0\6`VPX(+0&<;(]MDHY`+?"@Q:.H"F@8#-[$R*)\#=J_VIE M480#<7`1]6`+BWM$AFJT2,L.!A _][2;`@G09Q#FD`='KZ=\[Z$X.W`YQJ31O5#.W2NF0TKX#R90LAO3C2M!&R M/F<[$%WP-2H3`W$P<&"P)SV4N@G1#5[`06SG'"+`PWK*;,^1H"3W$Y<@Q*NL M*9N@AQN%LR$2J:-1*H+WGP>C;0I!M)? 4K3A'/_40EX@!S']Q8]BAMEH9B&.0,F`H,I(L1IJDF8P`G4 M7%=;Q[.C?"&CO!RTG#:8`W5=F0-$P(!$,`-`D`BZQ%!%T8"752G\ZAQ<4H[_ M5-&3H@745$>A`E2R$VA(V5?Z(!M:DGT2$@/?2A#T\+Y4?9BY\25@Z%#"<9[V M-X<8:8+Y&%R#61PR0"IM88:"-"Z6P(8MY3\(9A>+@$S%$=0]L0DVVU]+'2*5 M(`2EQ!PL:LBYPK!>202.H']9(`,[6T=Q05LY(`-"4%'$9(..P'R@@5M`$$/Z M-QOT1Q9 3]1P8_6,YV5GV M_TT="BC;QC26E'4'6F)'&?I/0<`=[R78]`%,=N`_WV''J@@/J.P5\76>W/Q& M*I4%/%D)EU"(E""%5%@'6R`869#@":X%6P`'DD$9Z_A;11G8\H=(6H)@=Y0) MC&!&H4D61,`(ECTEF>`,R"J-_F!>1I@B>`!-W)P#6\`(=D"8W&T6B$$$6<`% M=\`(EF%:5IE8B@638SA<>]0B,M#818`(\B)_O_4SP[&$R81_7_$=TL"=2;D0 M_D`-)P=2O1$6;\B5+5(6Y70'I!47A&2"FB)+EH!(DH!0%"[;!ND=DXT(#ZDD M9=$E8&Z1`XA4U37E53X2,@$-I0!@("7AF6`)DK`(=_\`!_L4D3]UUHYNUJ"1 M%ERRW65!XRSEX'C@"`"N6$V!"4JEB4G=YYVB#^]`#=`@"I]@:$[1YJR.$SJ1 M"9N0C,X@#>X`C:)^Z[B>Z[J^Z[S>Z[[^Z\`>[,(^[,1>[,9^[,B>[,J^[,S> M[,[^[-`>[=(^[=1>[=9^[=B>[;?N#U$U5?#P#N`>[N$.#_>`5M*M[2Y!ZM00 M#;R(ZD6\ZJUN1T[Q%+$>"LWP#-)0#>]`Y>B.$?G0#M$@"C>1C2Y9@D*1%X9X M4_*4?._T3HWPB&L>4P%ND*>E@JZ>"9_0#--0XOV>$(35#`/OYDC!6`T)CHZ$ M7)4NZ0&M'#F)A6D!!`H*!WC_$`GH)%(+F%IXR._6/A.&A8\B%9,-V1G^-$;] M2.-"P%(-7@=V8`=W<`=X@`B,&/5XT/1WD$]P<.`\15R=52:?01UV\$=YKAH2 M.!4ZG^S^4`T][Y(CF95;69A[1%`&!=F*)12[%!0E6/$],4MZ/QNC0$B%I(^, M<`>0=4E+@EP[X-]4%MPB'@K5<.Z\#@_/<)=ADAF2<`?0Y.6D001P<%!:,N': MF!E1*.>+3O@S'NF3/NGDN/4P7U!)1G*4D(3_X?9:S06.T-6J`0K4X/A)^0[Q MT4U"<0F14`>_A!;&(01;D`B'W>.84>B*9`<0.?0`VH]E1(>1@`APL#-+0A9! M<`>P_V11F"`*GWWK[H"!7M$)E%`'>LG30``'N>3Y(24EE(`'Q%%Q)A1XT:. M%_U)VX0IT\A.HRIQP8%CQTH<.;0PRC2JTTB:F4IJHH2'"(X9*E?^!!I4Z%"B M18T>/9HRR)8Z17;X?)IC2Z51FFHZTW?QFH!L_PX<.,5`@<2.9 15O6WS.1 M)#M9N@-D!DN56R1UFEG3YDQ)<.1"11I8\"@U46R0($:(X96>[F'?G,'\6M M70N<6G`@%8&):3U_!IT17JBV-C4Q"C(CQ\JY>&)"IEG5D?\6QH`+W\:=6_=0 ME8NJTMQ4S6!G?@4[AT:>/"U;FE;Q/%W).$LDO'IM9F*4)252'2F]?]^^6_SX MW#.*4*6)J=EDY>W=IW7GJ6U)1T%\\LQ"U6K-DI7@Y+!MA^YBB`&')MSXXQ9E MT*FG'XK\J2<=96KA`PH<"B0O0PUYPP&/3O;#!)2LWB.Q1(KT`:6T3AB1*[H< M[HAIO]@LJ8.QU7X:L`I8PFD/&38PW##(#&?0XI*\,/ED1!.75"Z?3^;3Y`ZH M9B`"/;U&L02.\'XJD(YOF/R'&2`"%++,PJBTY,A0V`.S3;/>V63&(N:*"@]- M8(OI$BT!NQ"*8 7,E280`())J```UUWU96" M6B<8P\&,MKE`AT;'N]"/>@KR@U&C<,A"RY]FJ`.R303Z-%N"]'ERI%$B@0[3 M(O'\UKZ@8J@"G(Q^22*""7C%P-=<->!`!!)*N"'??$D0(8)`-&+%`1&.S:T[ M8BBB)082--#`V*)R0&0+.E>3Y-1-H]$VVV;:&H42(&Z<80M-1])D%$9VN%3` M&/Q@LZ)=4I``7@HB.$*7997!P6&C8O@C(W%T'9A@PG!@HR)?8M:UX:2TJ&1, MUK@X$I2,_]N49KY*S!7W0_XNT8).H&*H!:-YVH47@PK62,<@/F+PP8>C=-`! M'8S(V?4&H07#08Z*Z.959Z0JN6/B'2B![)VI323-6SQ\6HT2BTF^)`NON8Q# MV(K.,0+I735PX9"*Z/!`5PA(<+NH&I+!R)=W,2#][J3:J*@?%FR5X`$/<*BA M!@)C\#LH'"B1)&7"1\+$\,/;@X>FM[">X8[',RE92J&Z4^:B?L#0'&@ =*`.[-Z@>]BU*1PXR PH; M6E:0,H"/.^.[2#U.D"L,A,^#/\F9'T2X$7K\HA5C.,(&:B4!)F+@!J6;E@TS M0<.5#"\3H8!A6OP!BN9HP2
+M.*'NNK=4&*` MNHLD@8(B`.-N!E0@(#2A"4#0`8%TMD<%6J0>NAB#%F_5Q;+M*FB^BP26\(<# M(5S"*IB01AK/LC&;7$((-\I!*)5G":P)L@\7807XC!4#6%S$%49$2@VJ9Y%^ M&')7%MP-[N1P"QYA9!QTJ`$.")D1;E#_L&SU(D&^C-6VAQ4A)GB@$PZJ11-X MJ+(CSA"))BZ!-1SHSUN,F-1/3F<1;W31B3$@Q$48",2DZ&`<%]D@KY")FTCR M@1YF@04,FOF/!ED$"13,Y@ZXB1L<-.)49,R!_M1CSHU,(YUCO(\LO37'HL!- M;A4QWZYV68B+_,*:@3P7'R_R/5XA4D#?@:E08B"+M+SB`1=P00U>0`:+_')7 M>406'$H"3];$<7_YX"A&WJ$\:3T%$8_31%6/,LB*^.,(3"3=3B_B#7AUD"@Q MB$.B+/(*"E)``DW@0RR0D0YA]2,=R/@#%'B'P":\CR#G",,$(B"!!@+B5029 MQP:8:(.^7BX#_\?,$`Z\V8EUK@9:()I&5"_R"6\MXCY;@,PH2)J4HCWH"*N[ M`=@N(@_%[@I].FU#)0O2BWAA(&:!\"M&;K$EDU;$I9W$P#D&X@IKNN!@%1 MYLPJGAP`P92CJ`-4*C&3C6J6(M1(9V59XHB\F"R>0ZE!!A?80`V(]2)CT)Q- M?5>#7E[$%KC"P`0",<2.R&\E,;AE16SQ1Q)(E"4Q"!VO/`"[BE03LAEJ[G,1 ML<*\2,VZ!N%L3)CZ%"WDI1.5(&@,Y``.!0;"5OG4I^8&2A !<`4YDJB"_O+R(H!HH'J# % B50L2?]$"^D; MU7;,9PL,I@D9 *$FU$*V!;%%?'4U`5U4T-SCPC83OPPB+?>+!!0D%22)QGPI'^;N%P8$/.$T0?QC2 M"('PAD;ZH8O,P>L!+%[K'W7UQ1W(VB+G>"SK:B!3C2##:4#100@MXH75[9FY M05BT:+TV/$R4XM<#\8 27?^@`PZ')LH,[@JR;2#LB)O*K/W MSK>W$$&G&?@[@([>30S^E)9S"&)VUO3D%VUL$3_V#2@XN,)%/)RTH]?`$!HY MQPA\@E]Z'KC;/!T(.N!6F!QXDR24F);-1U).F.L[)OQFC .!7H6Y,5[*+!N]ZPB]&BM"'B@8072(08BX("M MAV)&Z(:3A9L2Q;T)PD8_$WLFG7`C>7`0AXS@`@F:O!5P[:Z#B4(1"&JE2#U2 MT,7E!O$BNU!N(K\&_X7<#N05,=/`Z"^"CS&P(`\$'T@_HG`!U^I>?=01]HTN M2Q/C:1Z=-FE:=.!]IR>3IP;,P(CL2^U)$K!^JR"NR-)U]5J6U#'V*LB5!)AP M"V$(2)!/1^[Y>H#\C7!#`UT<,:-`N=+"O>CB`EBNG.)A8L``\'Z%WRK`C*)@6$RB%Z`**+IB'[H M@NSYI*.HN1S@P+Q#@WK/5[0-KOICIT#J&KC%8A+BLM[IWY['/^H MXL&!B(9T:AKILZA,((*4H4!DR(@NJ#C=P($H8+-SX" 6 MJ+!1F#D^U!N,T`7-02J*:@(GC!TCR)49;+7+:2T)$`.T0#%,C$6AT`#@PD#! M"!E-D)$;_,10I`92+(A0(0D#;)ZJ6#F*DCB*D!TF"L`[O`A $"F2@`.: 7"0?@@47E"#)'"K\5O' M1CE&&;$)!QQ`XFF'?*2(4DBG^WDC1"`%("P,G<.(;,Q$9+F"(\2(7'A(D/L) M'R`!"I"7\:LI,SP6'`B"-.&/.$09(.#$3+@6E*P(5K**G6`).""%4S2,U\.( M2B);R-&O"#LMB%)$`:H-PVK]2!=H2\>K$7;?)*1ZD2V+`*DKR#(TE`J.RJ M"!M)QH&W>C2,0<3&O_O`#8F!'U`#;:BD?B`'5S`D:Z*`1X`$HER-19"R)U(? M()A'Q;D/(EBT33E)O+P(46@+39`8H*@$K+P@\;((-SNJM]R-G]RB35*]%D@3 MZ+J/.R`%4@B>H;##NYD!_R&P$N6Y&NGS$.(!!4(#S06<#W"1/BV(!/PYBAJ8 M`XQ`K\$T$[(X9F(MHN0-&J`2;J-`_M9](8`1$N`,X M8%*FN`,\6(1&D(1*N(1+H(1$N`/'L0Z3,$"C9`2M< SBXGX!-%N M,\=_\`8.\B#OZ`D*PY,Y[01)V%`9P`$M6(3:A`PZE80[(,_TG`$@V()%Z%,+ MI=-(T-6_N(/.Y(].D$"0@0--01+^[%3/>`=0Q1(BF,"S<@-?F`=OL$5=V48S M"4])(`E2D$"OD]/^J!$9$`)$H%!RJ=,M^`N>`((ZN(O?<`M)X()XG8$@2(0[ M`=).6(1SPX$.M=<08<-H18YVD`^2N(0G&U40<*`VC2S_'+`#2]`$(9B!$47& MC3T51)`+(F!7>R694;B$1M".^P`".+`$F:B).ZD$.X`.QIC7E271DLF$@'TC M(+"3(_$$3D58]P"@F+"$KA$,M^&7VDL?`%F)(!`"('#:IU4-1(@1O2@92;#6 M*2F"BFE5'+)65EG7=OU727"C-PJ"3(6-9_A9,&F'32&93FB$U,C1H^.)[0"" M2H$#.U!41X@$2JB$2K`$2WC41[6$^FP.2]@"E)E;E;@J$H6>'[21+)A0D54> MDL6#%GF*QG` 2"<:E752I6;P`G)UH"58!60J5$4P(A>I;7ABJAFX9V4NHW%4-C*5`W4H` MGDA@8+X=W))975+X4]N=X)FXA$J0!$?``SC(`O;TCDNA7I40`CA8!$H@W/@E MB:K("15B'-5PSI+97T^0!N7]7U6"AV;X7#_-A$;0`DR))RUH!$IPA#O0@AE% MW_0EW2#(@CH`5C^M#CF]$PRUA"$FS^\`@BRP@T5(7=J-XE/)B<38#NK=@2Q( MA)6%#/],P(1-@`8:KN$'\X<`+@T_Q0D\*(+:"`H[UH)$,&'6M9]*$%1$L(,Z MV((LR(+U_(D@J(-(N`04YH\*1I62.!5+(%8M&!,CI5Y?901;K0E,\`1H@-8V MQDMW<(:00)53D00\H.3S]9VY+5,X0(1(&%Q(%M;7Q0L9V=B-I>78M6!+D`1& M*-3O!9"42#32+8([4.22@`TT]@1G4%%0YEQW>`;.0N-&/I5*8(2F^)CS%>;V MY`DC=5HA2-(B$&="%N;JKO;JKP;KL!;KL2;KLC;KLT;KM%;KM6;KMG;KMX;K 1N);KN:;KNK;KN\;KLPX(`#L_ ` end