-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, h8ddVEfDnZoreJKcMAMt8dKIccwl7ycJjJ1NPaGkzlqIuFo0eKqhGQ8RFS7Kowf4 oT83nSFjGGrdra95RDSfWA== 0000908634-95-000020.txt : 19950516 0000908634-95-000020.hdr.sgml : 19950516 ACCESSION NUMBER: 0000908634-95-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: COEUR D ALENE MINES CORP CENTRAL INDEX KEY: 0000215466 STANDARD INDUSTRIAL CLASSIFICATION: SILVER ORES [1044] IRS NUMBER: 820109423 STATE OF INCORPORATION: ID FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08641 FILM NUMBER: 95538917 BUSINESS ADDRESS: STREET 1: 400 COEUR D ALENE MINES BLDG STREET 2: 505 FRONT AVE CITY: COEUR D ALENE STATE: ID ZIP: 83814 BUSINESS PHONE: 2086673511 MAIL ADDRESS: STREET 1: 400 COEUR D ALENE MINES BLDG STREET 2: 505 FRONT AVE CITY: COEUR D'ALENE STATE: ID ZIP: 83814 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. ----------------- FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to ____________________ Commission File Number: 1-8641 COEUR D'ALENE MINES CORPORATION (Exact name of registrant as specified on its charter) IDAHO 82-0109423 (State or other jurisdiction of (I.R.S. Employer Ident. No.) incorporation or organization) P. O. Box I, Coeur d'Alene, Idaho 83816 (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code: (208) 667-3511 Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------------------------- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of Issuer's classes of common stock, as of the latest practicable date: Common stock, par value $1.00, of which 15,598,590 shares were issued and outstanding as of May 5, 1995. COEUR D'ALENE MINES CORPORATION INDEX Page No. PART I. Financial Information: Item 1. Financial Statements Consolidated Balance Sheets -- 3-4 March 31, 1995 and December 31, 1994 Consolidated Statements of Operations -- 5 Three Months Ended March 31, 1995 and 1994 Consolidated Statements of Cash Flows -- 6-7 Three Months Ended March 31, 1995 and 1994 Notes to Consolidated Financial Statements 8-10 Item 2. Management's Discussion and Analysis of 10-14 Financial Condition and Results of Operations PART II. Other Information. 14 Item 6. Exhibits and Reports on Form 8-K 14 SIGNATURES 2 UNAUDITED COEUR D'ALENE MINES CORPORATION (An Idaho Corporation) Coeur d'Alene, Idaho CONSOLIDATED BALANCE SHEETS ASSETS March 31, December 31, 1995 1994 CURRENT ASSETS Cash and cash equivalents $ 20,714,862 $ 15,147,908 Short term investments 113,640,743 128,112,407 Receivables 11,368,068 9,468,112 Refundable income taxes 2,606,218 3,413,344 Inventories 35,903,623 35,946,125 ----------- ----------- Total Current Assets 184,233,514 192,087,896 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment 96,470,341 88,468,531 Less accumulated depreciation 40,548,341 39,947,983 ---------- ---------- 55,922,000 48,520,548 MINING PROPERTIES Operational mining properties 98,472,697 102,571,977 Less accumulated depletion 33,529,718 38,162,432 ---------- ---------- 64,942,979 64,409,545 Developmental properties 99,758,070 95,896,774 ----------- ----------- 164,701,049 160,306,319 OTHER ASSETS Funds held in escrow 2,270,695 2,270,695 Debt issuance costs, net of accumulated amortization 8,023,455 8,240,209 Other 1,578,223 1,417,016 ---------- ---------- 11,872,373 11,927,920 ----------- ----------- $416,728,936 $412,842,683 =========== =========== 3 UNAUDITED COEUR D'ALENE MINES CORPORATION (An Idaho Corporation) Coeur d'Alene, Idaho CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY MARCH 31, DECEMBER 31, 1995 1994 CURRENT LIABILITIES Accounts payable $ 1,909,407 $ 2,458,605 Accrued liabilities 5,928,352 4,158,792 Cash dividends payable 2,339,376 Short-term project financing 5,000,000 Accrued interest payable 5,031,739 4,634,961 Accrued salaries and wages 3,278,939 4,164,061 Other current liabilities 173,876 1,084,366 Current portion of obligations under capital leases 2,077,990 2,041,057 ---------- ---------- Total Current Liabilities 25,739,679 18,541,842 OTHER LIABILITIES 6% Subordinated Convertible Debentures 50,000,000 50,000,000 7% Subordinated Convertible Debentures 74,990,000 75,000,000 6 3/8% Subordinated Convertible Debentures 100,000,000 100,000,000 Obligations under capital leases 1,153,694 2,192,856 Other long-term liabilities 5,286,854 5,234,899 Deferred income taxes 588,352 1,580,804 ----------- ----------- Total Long-Term Liabilities 232,018,900 234,008,559 COMMITMENTS AND CONTINGENCIES: STOCKHOLDERS' EQUITY Preferred Stock, par value $1.00 per share authorized 10,000,000 shares, none outstanding Common Stock, par value $1.00 per share-authorized 60,000,000 shares, issued 16,655,051 and 16,633,163 shares (including 1,059,211 and 1,058,453 shares held in treasury stock) 16,655,051 16,633,163 Capital surplus 180,896,087 182,881,071 Accumulated deficit (20,218,799) (17,043,506) Unrealized losses on short-term investments (5,037,389) (8,820,137) Repurchased and Nonvested Shares (13,324,593) (13,358,309) ----------- ----------- 158,970,357 160,292,282 ----------- ----------- $416,728,936 $412,842,683 =========== =========== See notes to consolidated financial statements. 4 UNAUDITED COEUR D'ALENE MINES CORPORATION (An Idaho Corporation) Coeur d'Alene, Idaho CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 1995 and 1994 1995 1994 INCOME From mine operations: Sale of concentrates and dore' $ 17,891,169 $ 20,209,582 Less cost of mine operations 16,040,529 17,339,549 ---------- ---------- Gross Profits 1,850,640 2,870,033 From manufacturing operations: Sale of industrial products 3,072,691 2,685,916 Less cost of manufacturing 2,801,551 2,509,563 --------- --------- Gross Profits 271,140 176,353 OTHER INCOME Interest and other 2,557,293 1,395,611 --------- --------- Total Income 4,679,073 4,441,997 EXPENSES Administration 964,371 1,590,709 Accounting and legal 367,969 420,940 General corporate 1,585,847 1,367,106 Interest 2,981,865 2,504,582 Mining exploration 1,136,103 736,324 Idle facilities 541,011 412,344 --------- --------- Total Expenses 7,577,166 7,032,005 --------- --------- LOSS BEFORE INCOME TAXES (2,898,093) (2,590,008) Provision for income taxes 277,200 7,291 --------- --------- NET INCOME (LOSS) $ (3,175,293) $ (2,597,299) ========= ========= EARNINGS PER SHARE DATA Earnings per share data: Weighted average number of shares of Common Stock and equivalents used in calculation 15,578,036 15,338,770 ========== ========== Net Loss Per Share $ (.20) $ (.17) ========== ========== Cash dividends per share $ .15 $ .15 ========== ========== See notes to consolidated financial statements. 5 UNAUDITED COEUR D'ALENE MINES CORPORATION (An Idaho Corporation) Coeur d'Alene, Idaho CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31, 1995 and 1994 1995 1994 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(3,175,293) $(2,597,299) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, depletion and amortization 4,028,752 4,405,152 Deferred income taxes (992,452) (129,104) Loss on disposition of assets 289,713 125,445 Foreign currency transaction gain (392,050) Loss on sale of short-term investments 341,293 Change in operating assets and liabilities: Accounts receivable (1,092,830) (269,624) Inventories 42,503 706,783 Accounts payable and accrued liabilities (2,387,626) 1,642,620 --------- --------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $(3,337,990) $ 3,883,973 ========= ========= 6 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOW Three months ended March 31, 1995 and 1994 1995 1994 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, and equipment (645,691) $ (970,987) Purchase of short-term investments (2,399,338) (82,051,395) Proceeds from sales of debt and equity securities 19,955,321 165,613 Expenditures on developmental properties (10,427,732) (2,621,315) Expenditures on operational mining properties (1,627,374) (1,150,914) Proceeds from (expenditures on) other assets 51,987 (118,678) NET CASH PROVIDED BY (USED IN) --------- ---------- INVESTING ACTIVITIES 4,907,173 (86,747,676) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans 5,000,000 Proceeds from offering of 6 3/8% Convertible Subordinated Debentures Due 2004 (net of offering costs) 95,724,774 Retirement of obligations under capital leases (1,002,229) (462,244) --------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES 3,997,771 95,262,530 --------- ---------- INCREASE IN CASH AND CASH EQUIVALENTS 5,566,954 12,398,827 Cash and cash equivalents at beginning of year 15,147,908 14,678,097 ---------- ---------- CASH AND CASH EQUIVALENTS AT MARCH 31, 1995 AND 1994 $ 20,714,862 $ 27,076,924 ========== ========== See notes to consolidated financial statements. 7 UNAUDITED Coeur d'Alene Mines Corporation and Subsidiaries Notes to Consolidated Financial Statements NOTE A: Inventories are composed of the following: MARCH 31, DECEMBER 31, 1995 1994 Mining: Ore in process and on leach pads $28,955,080 $28,895,419 Dore' inventory 1,617,150 1,748,207 Supplies 3,625,188 3,571,501 ---------- ---------- 34,197,418 34,215,127 Manufacturing: Raw materials 1,010,488 1,092,727 Finished goods 695,717 638,271 ---------- ---------- $35,903,623 $35,946,125 ========== ========== Inventories of ore on leach pads and in the milling process are valued based on actual costs incurred to place such ore into production, less costs allocated to minerals recovered through the leaching and milling processes. Inherent in this valuation is an estimate of the percentage of the minerals on leach pads and in process that will ultimately be recovered. Management evaluates this estimate on an ongoing basis. Adjustments to the recovery are accounted for prospectively. All other inventories are stated at the lower cost or market cost being determined using first in, first out and weighted average cost methods. Dore' inventory includes product at the mine site and product held by refineries. NOTE B: The Company's tax expense for the first quarter of 1995 results primarily from amounts paid as a result of Internal Revenue Service adjustments which were settled in the first quarter. The tax expense for the first quarter of 1994 results primarily from accrued state taxes. 8 NOTE C: On May 2, 1995, the Company sold all the assets of its flexible hose and tubing division, "The Flexaust Company", and shares of a related subsidiary for approximately $10.0 million payable in cash, of which approximately $4 million was paid at the closing and the balance is payable over the next five years. The results of operations of the Flexaust manufacturing segment will be presented as "Discontinued Operations" in the second quarter of 1995. The Company will record a pre-tax gain of approximately $4 million ($2.4 million net of income taxes) during the second quarter of 1995. NOTE D: On January 1, 1995, the Company entered into an agreement with Asarco Incorporated, forming a new company called Silver Valley Resources, Inc. Both Coeur and Asarco contributed their respective interests in the Galena and Coeur Mines, as well as other assets and waived certain cash flow entitlements at the Galena Mine in return for shares of capital stock of Silver Valley Resources, Inc. Coeur's investment is included on the balance sheet as operational mining properties. The transaction resulted in no gain or loss to the Company. NOTE E: On April 19, 1995, the Company signed a project financing agreement with a bank syndicate lead by N.M. Rothschild & Sons, Ltd. The agreement provides for the borrowing of up to $24 million for use in the construction of the Fachinal project, provides for various covenants by the Company and dependent upon attainment of certain completion tests, restricts the recourse of the bank in the event of default to the assets of the Company's Chilean subsidiary. The Company is required to guarantee repayment of the borrowing until the project reaches a defined completion, after which the project alone is liable for repayment. The interest rate prior to completion is equal to LIBOR plus 1.5% and increases to LIBOR plus 2.75% after completion. The borrowing is repayable in eight equal remaining semiannual installments after project completion. NOTE F: Certain reclassifications of prior year balances have been made to conform to current year classifications. 9 NOTE G: Other than as stated in the notes above, in the opinion of management, the foregoing unaudited financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results of operations for the periods shown. Item 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The results of the Company's operations are significantly affected by the market prices of gold and silver which may fluctuate widely and are affected by many factors beyond the Company's control, including interest rates, expectations regarding inflation, currency values, governmental decisions regarding the disposal of precious metals stockpiles, global and regional political and economic conditions, and other factors. The Company's currently operating mines are the Rochester Mine in Nevada, which it wholly owns and operates; the Golden Cross Mine in New Zealand, in which the Company has an 80% operating interest; and the El Bronce Mine, a Chilean gold mine of which the Company assumed 51% operating control in October 1994. In addition, in September 1994, the Company entered into an agreement under which it has the right to acquire up to a 51% operating interest in another developmental stage Chilean gold mine, the Faride Mine. The Company also owns a 50% joint venture interest in the Kensington project, which is being developed as an underground gold mine north of Juneau, Alaska. The Company recently announced its proposed acquisition of the remaining 50% interest in that project. Effective January 1, 1995, the Company, Callahan and Asarco contributed to Silver Valley Resources, Inc. ("Silver Valley") their interests in and relating to the Galena and Coeur Mines in Idaho, at which mining activities were suspended in July 1992 and April 1991, respectively, due to then prevailing silver prices, and the adjoining Caladay property, a silver exploration property. It is contemplated that Silver Valley, of which Asarco owns 50% and the Company and Callahan own 50%, will invest approximately $25 million in development and exploration at the properties under a two-year plan of lengthening the existing workings, improving infrastructure and diamond drilling to increase reserves and mine life. The reopening of the Galena and Coeur Mines is dependent upon the favorable action of the Board of Directors of Silver Valley, which will base its decision upon several factors, including silver prices. The Company has an option until July 1997 to increase its ownership interest in the El Bronce Mine to 51% if it invests $20.4 million and also invests a minimum of $5 million over a two-year period for exploration and mine development designed to expand ore reserves and increase annual gold production above the current level of 40,000 ounces per year. The Company also has an option until 10 January 15, 1998 to acquire up to a 51% operating interest in the Faride Mine by paying the current owner $4 million over a four-year period and investing $3.5 million in exploratory activities. In July 1994, the Company's Board of Director's approved construction of the Fachinal Project. Construction of the new mine is expected to be completed in the fourth quarter of 1995 at a total estimated cost of approximately $41.8 million. The mine presently is expected to produce approximately 41,000 ounces of gold and 2.6 million ounces of silver in its first full year. On May 5, 1995, the Company announced that subject to the execution and consummation of a definitive agreement, Echo Bay Mines, Ltd. ("Echo Bay") accepted the Company's offer to purchase from Echo Bay the 50% joint venture interest in the Kensington project not already owned by the Company. The Company has agreed to acquire that interest for $32.5 million, plus a scaled royalty on one million ounces of future production. Such royalty payments to Echo Bay would begin only after the Company recoups its acquisition cost of Echo Bay's 50% interest and the Company's remaining cost to place the property into production. The royalty ranges from 1% at $400 gold prices to a maximum to 2 1/2% at gold prices above $475, with the royalty to be capped at one million ounces of production. Consummation of the proposed agreement will give the Company full ownership and operating control of the Kensington gold property. A production decision by the Company at the Kensington Property is subject to a market price of gold of at least $400 per ounce and the receipt of certain required permits. The market price of gold (London final) on May 5, 1995 was $389.30 per ounce. With respect to the permits, the Company is unable to control the timing of their issuance. On November 8, 1994, the EPA issued a draft of its Technical Assistance Report which calls for the Kensington venture to redesign portions of its project and furnish additional data, in order to satisfy certain environmental requirements. If, in its final report, the EPA adheres to the recommendations in the draft, the Company believes it is feasible to make design changes and furnish necessary data. It is anticipated that a final EPA Technical Assistance Report will be furnished by the EPA to the Army Corps of Engineers in the second quarter of 1995, which should lead to the issuance by the Corps of its Section 404 permit in due course. However, the Company is not able to control the timing of such regulatory issues. The Company's business plan is to continue to acquire mining properties and/or businesses that are operational or expected to become operational in the near future so that they can reasonably be expected to contribute to the Company's near-term cash flow from operations and expand the Company's gold and/or silver production. 11 RESULTS OF OPERATIONS Sales and Gross Profits Sales of concentrates and dore' decreased by $2,318,413, or 11%, for the first quarter of 1995 compared with the same quarter of 1994 and was attributable to a decrease in metals prices. Silver and gold prices averaged $4.70 and $379.10 per ounce, respectively, in the first quarter of 1995 compared with $5.28 and $384.30 per ounce, respectively, in the first quarter of 1994. In the first quarter of 1995, the Company produced 1,528,817 ounces of silver and 36,571 ounces of gold compared to 1,510,396 ounces of silver and 31,577 ounces of gold in the first quarter of 1994. The increase in gold production is primarily due to increased production at the Company's Rochester Mine in the first quarter of 1995. The cost of mine operations for the first quarter of 1995 decreased by $1,299,020, or 7%, below the prior year's comparable quarter and is primarily attributable to lower production costs at the Golden Cross Mine. In 1994, higher than normal production costs were incurred at the Golden Cross Mine, which experienced a wetter than expected January and an anticipated, temporary reduction in ore grade from the open pit mine. As a result of the above, gross profits from mine operations decreased by $1,019,393, or 36% in the first quarter of 1995 from the prior years first quarter. The sales of manufactured products, which consist of lightweight flexible hose and duct and metal tubing, increased by $386,775, or 14%, in the first quarter of 1995 above the first quarter of 1994. Cost of manufacturing increased by $291,988, or 12%, compared with the first quarter of 1994. As a result, gross profits from manufacturing increased by $94,787, or 54%, in the first quarter of 1995 from the prior year's first quarter. Other Income Other income increased by $1,161,682, or 83%, for the first quarter of 1995 compared to the first quarter of 1994. The difference is primarily the result of an increase in interest income resulting from the higher level of the Company's cash and securities portfolio and management fee income related to the El Bronce mine. Expenses For the first quarter of 1995, total expenses increased by $545,161, or 8%, above the prior year's comparable quarter. The increase is primarily due to (i) an increase in interest expense of $477,283 primarily resulting from the issuance of $100 million principal amount of 6 3/8% Convertible Subordinated Debentures in the first quarter of 1994, and (ii) an increase in mining exploration expense. 12 Loss Before Taxes As a result of the above, the Company's loss before income taxes amounted to $2,898,093 for the first quarter of 1995 compared to a loss before income taxes of $2,590,008 for the first quarter of 1994. The Company reported income tax expense for the first quarter of 1995 of $277,200 compared to $7,291 for the same period of 1994. As a result, the Company reports a net loss of $3,175,293, or $.20 per share, for the first quarter of 1995 compared with a net loss of $2,597,299, or $.17 per share, for the 1994's comparable quarter. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital at March 31, 1995 was approximately $158.5 million compared to $173.5 million at December 31, 1994. The ratio of current assets to current liabilities was 7.2 to 1 at March 31, 1995, compared with 10.4 to 1 at December 31, 1994. Net cash provided by (used in) operating activities for the first quarter of 1995 was $(3,337,990) compared with $3,883,973 for the first quarter of 1994. A total of $4,907,173 of cash was provided by investing activities in the first quarter of 1995, compared to $86,747,676 used in the first quarter of 1994. Of the $86,747,676 used in investing activities in the first quarter of 1994, $82.1 million relates to the purchase of investment grade intermediate term investments. The Company's financing activities provided $3,997,771 of cash during the first quarter of 1995 compared with $95,262,530 for the first quarter of 1994. As a result of the above, the Company's net cash increase for the first quarter of 1995 was $5,556,954 compared with $12,398,827 for the first quarter of 1994. The Company estimates that the cost to complete construction of the Fachinal mining facilities will be approximately $41.8 million. On April 19, 1995, the Company signed a project financing agreement with a bank syndicate lead by N.M. Rothschild & Sons, Ltd. The agreement provides for the borrowing of up to $24 million for use in the construction of the Fachinal project, provides for various covenants by the Company and dependent upon attainment of certain completion tests, restricts the recourse of the bank in the event of default to the assets of the Company's Chilean subsidiary. The Company is required to guarantee repayment of the borrowing until the project reaches a defined completion, after which the project alone is liable for repayment. The interest rate prior to completion is equal to LIBOR plus 1.5% and increases to LIBOR plus 2.75% after completion. The borrowing is repayable in eight equal remaining semiannual installments after project completion. For the quarters ended March 31, 1995 and 1994, the Company expended $581,052 and $465,174, respectively, in connection with environmental compliance activities at its operating properties. At March 31, 1995, the Company had expended a total of approximately $4.8 million on environmental and permitting activities at the 13 Kensington property, which expenditures have been capitalized as part of its development cost. On May 2, 1995, the Company agreed to sell all the assets of its flexible hose and tubing division, "The Flexaust Company", and shares of a related subsidiary for approximately $10.0 million payable in cash, of which approximately $4 million was paid at the closing and the balance is payable over the next five years. The results of operations of Flexaust will be presented as "Discontinued Operations" in the second quarter of 1995. The Company will record a gain of approximately $4 million during the second quarter of 1995. PART II. Other Information. Item 6. Exhibits and Reports on Form 8-K (b) Reports on Form 8-K None 14 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 thereunto duly authorized. COEUR D'ALENE MINES CORPORATION (Registrant) Dated May 5, 1995 /s Dennis E. Wheeler DENNIS E. WHEELER Chairman, President and Chief Executive Officer Dated May 5, 1995 /s James A. Sabala JAMES A. SABALA Senior Vice President (Principal Financial and Accounting Officer) 15 EX-27 2
5 3-MOS DEC-31-1995 MAR-31-1995 20,714,862 113,640,743 11,368,068 0 35,903,623 184,233,514 96,470,341 40,548,341 416,728,936 25,739,679 224,990,00 16,655,051 0 0 142,315,306 416,728,936 20,963,860 18,842,080 0 0 4,595,301 0 2,981,865 (2,898,093) 277,200 0 0 0 0 (3,175,293) (.20) 0
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