Delaware | 001-8308 | 74-1335253 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) |
13111 Northwest Freeway, Suite 600 Houston, Texas 77040 | ||
(Address of principal executive offices, including zip code) |
(713) 329-6800 | ||
(Registrant's telephone number, including area code) |
(Former name, former address and former fiscal year, if changed since last report) |
¨ | 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. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit 99.1 | Luby’s Press Release dated July 7, 2016 |
LUBY'S, INC. | |||||
(Registrant) | |||||
Date: | July 7, 2016 | By: | /s/Christopher J. Pappas | ||
Christopher J. Pappas | |||||
President and Chief Executive Officer |
Exhibit No. | Description |
99.1 | Luby’s Press Release dated July 7, 2016 |
![]() | ||
For additional information contact: | ||
FOR IMMEDIATE RELEASE | Dennard-Lascar Associates | |
Rick Black / Ken Dennard | ||
Investor Relations | ||
713-529-6600 |
• | Fuddruckers total restaurant sales increased $0.7 million compared to the comparable 12 weeks last year, including the contribution from a net increase of five operating Fuddruckers restaurants. |
• | Same-store sales decreased 0.6% |
◦ | Luby’s Cafeterias same-store sales decreased 0.2% |
◦ | Fuddruckers same-store sales decreased 1.0% |
◦ | Cheeseburger in Paradise same-store sales decreased 0.6% |
◦ | Combo location same-store sales decreased 3.3% |
• | Capital expenditures decreased $2.0 million in the third quarter compared to the same period last year |
• | Restaurant sales grew to $286.3 million during the first three fiscal quarters of 2016 (40 weeks), a $2.8 million increase from the comparable 40 weeks of fiscal 2015 |
• | Same-store sales increased 1.0% during the first three fiscal quarters of 2016 (40 weeks) from the comparable 40 weeks of fiscal 2015 |
• | Store level profit was $42.5 million, or 14.9% of restaurant sales, during the first three quarters of fiscal 2016 (40 weeks), a $2.7 million increase from $39.8 million or 14.0% of restaurant sales, in the comparable 40 weeks of fiscal 2015 |
• | Adjusted EBITDA grew to $15.8 million during the first three fiscal quarters of 2016 (40 weeks), a $1.6 million increase from the comparable 40 weeks of fiscal 2015 |
Quarter Ended | YTD Period Ended | |||
December 16, 2015 | March 9, 2016 | June 1, 2016 | June 1, 2016 | |
Q1 2016(3) | Q2 2016(3) | Q3 2016(3) | YTD Q3 2016(3) | |
(16 weeks vs 16 weeks) | (12 weeks vs 12 weeks) | (12 weeks vs 12 weeks) | (40 weeks vs 40 weeks) | |
Luby’s Cafeterias | 1.2% | 3.1% | (0.2)% | 1.4% |
Fuddruckers Restaurants | 1.3% | 0.0% | (1.0)% | 0.2% |
Cheeseburger in Paradise | 5.5% | 4.2% | (0.6)% | 2.9% |
Combo locations (1) | (1.3)% | 0.1% | (3.3)% | (1.9)% |
Total same-store sales (2) | 1.4% | 2.2% | (0.6)% | 1.0% |
(1) | Combo locations consist of a side-by-side Luby’s Cafeteria and Fuddruckers Restaurant at one property location. |
(2) | Luby’s includes a restaurant’s sales results into the same-store sales calculation in the quarter after that store has been open for six complete consecutive quarters. In the third quarter, there were 88 Luby’s Cafeterias, 61 Fuddruckers Restaurants, 5 Combo locations, and 8 Cheeseburger in Paradise locations that met the definition of same-stores. |
(3) | Q1 2016, Q2 2016, Q3 2016 and YTDQ3 2016 same-store sales reflect the change in restaurant sales for the locations included in the same-store grouping for each of the comparable periods. |
Quarter Ended | Comparable Period | Quarter Ended June 1, 2016 vs Comparable Period | ||||||||||||
Restaurant Brand | June 1, 2016 | May 6, 2015 | June 3, 2015 | Change ($000s) | Change (%) | |||||||||
(12 weeks) | (12 weeks) | (12 weeks) | (12 weeks vs 12 weeks) | |||||||||||
Luby’s Cafeterias | $ | 51,808 | $ | 53,975 | $ | 52,937 | $ | (1,129 | ) | (2.1 | )% | |||
Fuddruckers | 24,790 | 24,204 | 24,078 | 712 | 3.0 | % | ||||||||
Combo locations | 5,280 | 6,355 | 6,162 | (882 | ) | (14.3 | )% | |||||||
Cheeseburger in Paradise | 4,598 | 4,254 | 4,628 | (30 | ) | (0.6 | )% | |||||||
Restaurant Sales | $ | 86,476 | $ | 88,788 | $ | 87,805 | $ | (1,329 | ) | (1.5 | )% |
• | Restaurant sales in the third quarter decreased to $86.5 million, a decrease of 1.5% versus the comparable 12 weeks of fiscal 2015. |
• | Luby’s Cafeterias sales decreased $1.1 million versus the comparable 12 weeks of fiscal 2015, due to the closure of three locations and a 0.2% decrease in Luby’s same-store sales. The 0.2% decrease was the result of a 3.9% decrease in average spend per guest offset by a 3.7% increase in guest traffic. |
• | Fuddruckers sales increased $0.7 million versus the comparable 12 weeks of fiscal 2015, due to a net increase of five operating Fuddruckers restaurants offset by a same-store sales decrease of 1.0%. The 1.0% decrease was the result of a 1.9% decrease in guest traffic offset by a 0.9% increase in average spend per guest. |
• | Cheeseburger in Paradise sales decreased 0.6%, with all eight Cheeseburger in Paradise locations in operation included in our same-store grouping in the third quarter. |
• | Combo location sales decreased $0.9 million and represented 6.1% of total restaurant sales in the third quarter. Our sixth combo location opened in the third quarter fiscal 2015 with a high volume of sales. The $0.9 million decrease in Combo sales is due to a comparison to this high volume sales period and a 3.3% same-store sales decrease at the other five Combo locations. |
• | Store level profit, defined as restaurant sales plus vending revenue less cost of food, payroll and related costs, other operating expenses, and occupancy costs, was $13.0 million, or 15.0% of restaurant sales, in the third quarter compared to $14.2 million, or 16.1% of restaurant sales, during the comparable 12 weeks of fiscal 2015. Higher payroll and related costs partially offset by lower cost of food and other operating expenses led to this decrease in profitability. Store level profit is a non-GAAP measure, and reconciliation to income from continuing operations is presented after the financial statements. |
• | Culinary Contract Services revenues increased to $3.9 million with 26 operating locations during the third quarter compared to $3.3 million with 21 operating locations during the comparable 12 weeks of fiscal 2015. Culinary profit was 9.2% of Culinary Contract Services sales in the third quarter and 8.3% in the comparable 12-week period of fiscal 2015. |
• | Franchise revenue decreased 1.2% versus the comparable 12-week period of fiscal 2015. In the third quarter, franchisees opened three U.S. locations and one international location (in Italy). |
• | Income from continuing operations was a loss of $0.1 million, or a loss of $0.01 per diluted share, compared to income of $2.5 million, or $0.09 per diluted share, in the third quarter fiscal 2015. Excluding special items, loss from continuing operations was $6 thousand, or $0.00 per diluted share, in the third quarter compared to income of $2.1 million, or $0.08 per diluted share, in the third quarter fiscal 2015. |
Q3 FY2016 | Q3 FY2015 | ||||||||||||||||
Item | Amount ($000s) | Per Share ($) | Amount ($000s) | Per Share ($) | |||||||||||||
Income (loss) from continuing operations | $ | (147 | ) | $ | (0.01 | ) | $ | 2,484 | $ | 0.09 | |||||||
Less: Net loss (gain) on disposition of property and equipment, and provision for asset impairments | 141 | 0.01 | (402 | ) | (0.01 | ) | |||||||||||
Income (loss) from continuing operations, before special items | $ | (6 | ) | $ | (0.00 | ) | $ | 2,082 | $ | 0.08 |
(1) | We use income (loss) from continuing operations, before special items, in analyzing results, which is a non-GAAP financial measure. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results. Luby’s has reconciled income (loss) from continuing operations, before special items, to income (loss) from continuing operations, the nearest GAAP measure in context. |
(2) | Per share amounts are per diluted share after tax. |
• | Restaurant sales were $286.3 million during the first three fiscal quarters of 2016 (40 weeks), a $2.8 million increase from the comparable 40 weeks of fiscal 2015 |
• | Same store sales increased 1.0% during the first three fiscal quarters of 2016 (40 weeks) from the comparable 40 weeks of fiscal 2015 |
• | Store level profit was $42.5 million, or 14.9% of restaurant sales, in the first three quarters of fiscal 2016 (40 weeks), a $2.8 million increase from $39.8 million, or 13.9% of restaurant sales, in the comparable 40 weeks of fiscal 2015 |
August 26, 2015 | FY16 YTD Q3 Openings | FY16 YTD Q3 Closings | June 1, 2016 | ||||||||
Luby’s Cafeterias(1) | 93 | — | (1 | ) | 92 | ||||||
Fuddruckers Restaurants(1) | 75 | 3 | (1 | ) | 77 | ||||||
Cheeseburger in Paradise | 8 | — | — | 8 | |||||||
Other restaurants(2) | 1 | — | — | 1 | |||||||
Total | 177 | 3 | (2 | ) | 178 |
(1) | Includes 6 restaurants that are part of Combo locations |
(2) | Other restaurants include one Bob Luby’s Seafood Grill |
Quarter Ended | Three Quarters Ended | ||||||||||||||
June 1, 2016 | May 6, 2015 | June 1, 2016 | May 6, 2015 | ||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (36 weeks) | ||||||||||||
SALES: | |||||||||||||||
Restaurant sales | $ | 86,476 | $ | 88,788 | $ | 286,336 | $ | 254,832 | |||||||
Culinary contract services | 3,892 | 3,624 | 12,726 | 11,993 | |||||||||||
Franchise revenue | 1,586 | 1,578 | 5,411 | 4,764 | |||||||||||
Vending revenue | 143 | 112 | 437 | 355 | |||||||||||
TOTAL SALES | 92,097 | 94,102 | 304,910 | 271,944 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Cost of food | 24,221 | 25,218 | 81,256 | 74,171 | |||||||||||
Payroll and related costs | 30,748 | 29,971 | 100,007 | 88,177 | |||||||||||
Other operating expenses | 13,572 | 14,276 | 45,728 | 42,688 | |||||||||||
Occupancy costs | 5,065 | 4,826 | 17,242 | 14,797 | |||||||||||
Opening costs | 117 | 427 | 688 | 2,022 | |||||||||||
Cost of culinary contract services | 3,534 | 3,232 | 11,476 | 10,809 | |||||||||||
Cost of franchise operations | 441 | 410 | 1,480 | 1,147 | |||||||||||
Depreciation and amortization | 5,304 | 4,759 | 17,538 | 14,608 | |||||||||||
Selling, general and administrative expenses | 9,227 | 8,139 | 32,312 | 26,671 | |||||||||||
Provision for asset impairments | 172 | — | 209 | 218 | |||||||||||
Net loss (gain) on disposition of property and equipment | 42 | (609 | ) | (793 | ) | (1,696 | ) | ||||||||
Total costs and expenses | 92,443 | 90,649 | 307,143 | 273,612 | |||||||||||
INCOME (LOSS) FROM OPERATIONS | (346 | ) | 3,453 | (2,233 | ) | (1,668 | ) | ||||||||
Interest income | — | 1 | 3 | 3 | |||||||||||
Interest expense | (482 | ) | (599 | ) | (1,674 | ) | (1,624 | ) | |||||||
Other income (expense), net | 88 | 24 | (2 | ) | 282 | ||||||||||
Income (loss) before income taxes and discontinued operations | (740 | ) | 2,879 | (3,906 | ) | (3,007 | ) | ||||||||
Provision (benefit) for income taxes | (593 | ) | 395 | (1,438 | ) | (1,326 | ) | ||||||||
Income (loss) from continuing operations | (147 | ) | 2,484 | (2,468 | ) | (1,681 | ) | ||||||||
Income (loss) from discontinued operations, net of income taxes | 13 | (131 | ) | (77 | ) | (344 | ) | ||||||||
NET INCOME (LOSS) | $ | (134 | ) | $ | 2,353 | $ | (2,545 | ) | $ | (2,025 | ) | ||||
Income (loss) per share from continuing operations: | |||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.09 | $ | (0.09 | ) | $ | (0.06 | ) | ||||
Assuming dilution | $ | (0.01 | ) | $ | 0.09 | $ | (0.09 | ) | $ | (0.06 | ) | ||||
Income (loss) per share from discontinued operations: | |||||||||||||||
Basic | $ | 0.00 | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
Assuming dilution | $ | 0.00 | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.08 | $ | (0.09 | ) | $ | (0.07 | ) | ||||
Assuming dilution | $ | (0.01 | ) | $ | 0.08 | $ | (0.09 | ) | $ | (0.07 | ) | ||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 29,259 | 29,009 | 29,207 | 28,940 | |||||||||||
Assuming dilution | 29,259 | 29,111 | 29,207 | 28,940 |
Quarter Ended | Comparable Period | Three Quarters Ended | Comparable Period | ||||||||||
June 1, 2016 | May 6, 2015 | June 3, 2015 | June 1, 2016 | May 6, 2015 | June 3, 2015 | ||||||||
(12 weeks) | (12 weeks) | (12 weeks) | (40 weeks) | (36 weeks) | (40 weeks) | ||||||||
Restaurant sales | 93.9 | % | 94.4 | % | 94.5 | % | 93.9 | % | 93.7 | % | 93.8 | % | |
Culinary contract services | 4.2 | % | 3.9 | % | 3.6 | % | 4.2 | % | 4.4 | % | 4.3 | % | |
Franchise revenue | 1.7 | % | 1.7 | % | 1.7 | % | 1.8 | % | 1.8 | % | 1.8 | % | |
Vending revenue | 0.2 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |
TOTAL SALES | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |
COSTS AND EXPENSES: | |||||||||||||
(As a percentage of restaurant sales) | |||||||||||||
Cost of food | 28.0 | % | 28.4 | % | 28.4 | % | 28.4 | % | 29.1 | % | 29.0 | % | |
Payroll and related costs | 35.6 | % | 33.8 | % | 33.9 | % | 34.9 | % | 34.6 | % | 34.6 | % | |
Other operating expenses | 15.7 | % | 16.1 | % | 16.2 | % | 16.0 | % | 16.8 | % | 16.7 | % | |
Occupancy costs | 5.9 | % | 5.4 | % | 5.5 | % | 6.0 | % | 5.8 | % | 5.8 | % | |
Vending revenue | (0.2 | )% | (0.1 | )% | (0.1 | )% | (0.2 | )% | (0.1 | )% | (0.1 | )% | |
Store level profit | 15.0 | % | 16.4 | % | 16.1 | % | 14.9 | % | 13.9 | % | 14.0 | % | |
Selling, general and administrative expenses | 10.0 | % | 8.6 | % | 8.4 | % | 10.6 | % | 9.8 | % | 9.7 | % | |
INCOME (LOSS) FROM OPERATIONS | (0.4 | )% | 3.7 | % | 3.3 | % | (0.7 | )% | (0.6 | )% | (0.4 | )% |
June 1, 2016 | August 26, 2015 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,409 | $ | 1,501 | |||
Trade accounts and other receivables, net | 6,142 | 5,175 | |||||
Food and supply inventories | 4,495 | 4,483 | |||||
Prepaid expenses | 3,911 | 3,402 | |||||
Assets related to discontinued operations | 1 | 10 | |||||
Deferred income taxes | 581 | 577 | |||||
Total current assets | 16,539 | 15,148 | |||||
Property held for sale | 4,238 | 4,536 | |||||
Assets related to discontinued operations | 3,667 | 3,671 | |||||
Property and equipment, net | 196,008 | 200,202 | |||||
Intangible assets, net | 21,367 | 22,570 | |||||
Goodwill | 1,605 | 1,643 | |||||
Deferred income taxes | 14,896 | 12,917 | |||||
Other assets | 3,452 | 3,571 | |||||
Total assets | $ | 261,772 | $ | 264,258 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 19,677 | $ | 20,173 | |||
Liabilities related to discontinued operations | 411 | 408 | |||||
Accrued expenses and other liabilities | 24,704 | 23,967 | |||||
Total current liabilities | 44,792 | 44,548 | |||||
Credit facility debt | 36,000 | 37,500 | |||||
Liabilities related to discontinued operations | 17 | 182 | |||||
Other liabilities | 7,631 | 7,369 | |||||
Total liabilities | $ | 88,440 | $ | 89,599 | |||
Commitments and Contingencies | |||||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, $0.32 par value; 100,000,000 shares authorized; shares issued were 29,420,690 and 29,134,603, respectively; shares outstanding were 28,920,690 and 28,634,603, respectively | 9,414 | 9,323 | |||||
Paid-in capital | 30,133 | 29,006 | |||||
Retained earnings | 138,560 | 141,105 | |||||
Less cost of treasury stock, 500,000 shares | (4,775 | ) | (4,775 | ) | |||
Total shareholders’ equity | 173,332 | 174,659 | |||||
Total liabilities and shareholders’ equity | $ | 261,772 | $ | 264,258 |
Three Quarters Ended | |||||||
June 1, 2016 | May 6, 2015 | ||||||
(40 weeks) | (36 weeks) | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ | (2,545 | ) | $ | (2,025 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Net gain on disposition of property and equipment | (609 | ) | (1,386 | ) | |||
Depreciation and amortization | 17,555 | 14,624 | |||||
Amortization of debt issuance cost | 255 | 127 | |||||
Share-based compensation expense | 1,143 | 1,102 | |||||
Deferred tax benefit | (1,983 | ) | (1,978 | ) | |||
Cash provided by operating activities before changes in operating assets and liabilities | 13,816 | 10,464 | |||||
Changes in operating assets and liabilities: | |||||||
Increase in trade accounts and other receivables | (967 | ) | (108 | ) | |||
Decrease (Increase) in food and supply inventories | (516 | ) | 1,135 | ||||
Increase in prepaid expenses and other assets | (614 | ) | (1,979 | ) | |||
Decrease in accounts payable, accrued expenses and other liabilities | (311 | ) | (5,350 | ) | |||
Net cash provided by operating activities | 11,408 | 4,162 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from disposal of assets and property held for sale | 4,308 | 5,142 | |||||
Decrease in notes receivable | 17 | 50 | |||||
Purchases of property and equipment | (14,358 | ) | (16,429 | ) | |||
Net cash used in investing activities | (10,033 | ) | (11,237 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Credit facility borrowings | 77,900 | 80,100 | |||||
Credit facility repayments | (79,400 | ) | (74,100 | ) | |||
Debt issuance costs | (42 | ) | (253 | ) | |||
Proceeds received on the exercise of employee stock options | 75 | 115 | |||||
Net cash provided by (used in) financing activities | (1,467 | ) | 5,862 | ||||
Net decrease in cash and cash equivalents | (92 | ) | (1,213 | ) | |||
Cash and cash equivalents at beginning of period | 1,501 | 2,788 | |||||
Cash and cash equivalents at end of period | $ | 1,409 | $ | 1,575 | |||
Cash paid for: | |||||||
Income taxes | $ | — | $ | — | |||
Interest | 1,368 | 1,505 |
Quarter Ended | Comparable Period | ||||||||||
June 1, 2016 | May 6, 2015 | June 3, 2015 | |||||||||
(12 weeks) | (12 weeks) | (12 weeks) | |||||||||
(In thousands) | |||||||||||
Store level profit | $ | 13,013 | $ | 14,609 | $ | 14,170 | |||||
Plus: | |||||||||||
Sales from culinary contract services | 3,892 | 3,624 | 3,343 | ||||||||
Sales from franchise operations | 1,586 | 1,578 | 1,605 | ||||||||
Less: | |||||||||||
Opening costs | 117 | 427 | 466 | ||||||||
Cost of culinary contract services | 3,534 | 3,232 | 3,064 | ||||||||
Cost of franchise operations | 441 | 410 | 403 | ||||||||
Depreciation and amortization | 5,304 | 4,759 | 4,832 | ||||||||
Selling, general and administrative expenses | 9,227 | 8,139 | 7,846 | ||||||||
Provision for asset impairments | 172 | — | — | ||||||||
Net loss (gain) on disposition of property and equipment | 42 | (609 | ) | (604 | ) | ||||||
Interest income | — | (1 | ) | (1 | ) | ||||||
Interest expense | 482 | 599 | 587 | ||||||||
Other income (expense), net | (88 | ) | (24 | ) | (20 | ) | |||||
Provision (benefit) for income taxes | (593 | ) | 395 | 398 | |||||||
Income (loss) from continuing operations | $ | (147 | ) | $ | 2,484 | $ | 2,147 |
($ thousands) | Quarter Ended | Comparable Period | Three Quarters Ended | Comparable Period | |||||||||||||||||||
June 1, 2016 | May 6, 2015 | June 3, 2015 | June 1, 2016 | May 6, 2015 | June 3, 2015 | ||||||||||||||||||
(12 weeks) | (12 weeks) | (12 weeks) | (40 weeks) | (36 weeks) | (40 weeks) | ||||||||||||||||||
Income (loss) from continuing operations | $ | (147 | ) | $ | 2,484 | $ | 2,147 | $ | (2,468 | ) | $ | (1,681 | ) | $ | (1,427 | ) | |||||||
Depreciation and amortization | 5,304 | 4,759 | 4,832 | 17,538 | 14,608 | 16,261 | |||||||||||||||||
Provision (benefit) for income taxes | (593 | ) | 395 | 398 | (1,438 | ) | (1,326 | ) | (1,321 | ) | |||||||||||||
Interest expense | 482 | 599 | 587 | 1,674 | 1,624 | 1,810 | |||||||||||||||||
Interest income | — | (1 | ) | (1 | ) | (3 | ) | (3 | ) | (3 | ) | ||||||||||||
Other income (expense), net | (88 | ) | (24 | ) | (20 | ) | 2 | (282 | ) | (299 | ) | ||||||||||||
Net loss (gain) on disposition of property and equipment | 42 | (609 | ) | (604 | ) | (793 | ) | (1,696 | ) | (1,677 | ) | ||||||||||||
Provision for asset impairments | 172 | — | — | 209 | 218 | 218 | |||||||||||||||||
Non-cash compensation expense | 259 | 242 | 243 | 1,070 | 543 | 624 | |||||||||||||||||
Adjusted EBITDA | $ | 5,431 | $ | 7,845 | $ | 7,582 | $ | 15,791 | $ | 12,005 | $ | 14,186 |
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