-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V7GmW1FVa2fjxv5CQ0zA8m8EyU7JchyZ3Z/jhfxQ6xcyiDglv9wUWnmlZPxR/g5U 2tdfgYflGtKML9FOjWtabQ== 0000950134-99-000146.txt : 19990113 0000950134-99-000146.hdr.sgml : 19990113 ACCESSION NUMBER: 0000950134-99-000146 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981130 FILED AS OF DATE: 19990112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMERCIAL METALS CO CENTRAL INDEX KEY: 0000022444 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 750725338 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04304 FILM NUMBER: 99505217 BUSINESS ADDRESS: STREET 1: 7800 STEMMONS FRWY STREET 2: P O BOX 1046 CITY: DALLAS STATE: TX ZIP: 75221 BUSINESS PHONE: 2146894300 MAIL ADDRESS: STREET 1: 7800 STEMMONS FRWY STREET 2: PO BOX 1046 CITY: DALLAS STATE: TX ZIP: 75221 10-Q 1 FORM 10-Q FOR QUARTER ENDED NOVEMBER 30, 1998 1 FORM 1O-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 2O549 ------------------------------------ QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------------------------------- For quarter ended November 30, 1998 Commission File Number 1-4304 COMMERCIAL METALS COMPANY ---------------------------------------- (Exact name of registrant as specified in its charter) Delaware 75-0725338 ------------------------------ --------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 7800 Stemmons Freeway P. O. Box 1046 Dallas, Texas 75221 ---------------------------------------- ( Address of principal executive offices ) ( Zip Code ) (214) 689-4300 ------------- ( Registrant's telephone number, including area code ) --------------------------------------------------- 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 --- --- As of November 30, 1998 there were 14,584,816 shares of the Company's common stock issued and outstanding excluding 1,547,767 shares held in the Company's treasury. 2 COMMERCIAL METALS COMPANY AND SUBSIDIARIES --------------------------------------------- INDEX ------
Page No. -------- PART I - Financial Statements: Consolidated Balance Sheets - November 30, 1998 and August 31, 1998 2 - 3 Consolidated Statements of Earnings - Three months ended November 30, 1998 and 1997 4 Consolidated Statements of Cash Flows - Three months ended November 30, 1998 and 1997 5 Consolidated Statement of Stockholders' Equity For the three months ended November 30, 1998 6 Notes to Consolidated Financial Statements 7 Management's Discussion and Analysis of the Consolidated Financial Statements 8 - 14 PART II - Other Information and Signatures 15 - 16
Page 1 3 COMMERCIAL METALS COMPANY AND SUBSIDIARIES --------------------------------------------- CONSOLIDATED BALANCE SHEETS ------------------------------ ASSETS ----------- ( In thousands except share data )
Nov. 30, August 31, 1998 1998 ----------- ----------- CURRENT ASSETS: Cash $ 13,842 $ 30,985 Accounts receivable (less allowance for collection losses of $7,809 and $8,120) 311,002 318,655 Inventories 275,635 257,231 Other 58,279 66,629 ----------- ----------- TOTAL CURRENT ASSETS 658,758 673,500 OTHER ASSETS 11,891 10,655 PROPERTY, PLANT, AND EQUIPMENT, at cost: Land 25,125 24,967 Buildings 68,025 67,505 Equipment 503,189 499,899 Leasehold improvements 27,386 26,084 Construction in process 105,739 61,946 ----------- ----------- 729,464 680,401 Less accumulated depreciation and amortization (371,054) (361,939) ----------- ----------- 358,410 318,462 ----------- ----------- $ 1,029,059 $ 1,002,617 =========== ===========
See notes to consolidated financial statements. Page 2 4 COMMERCIAL METALS COMPANY AND SUBSIDIARIES --------------------------------------------- CONSOLIDATED BALANCE SHEETS ------------------------------ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ ( In thousands except share data )
Nov. 30, August 31, 1998 1998 ----------- ----------- CURRENT LIABILITIES: Commercial paper $ 50,000 $ 40,000 Notes payable 99,099 60,809 Accounts payable 143,773 156,389 Other payables and accrued expenses 134,379 150,512 Income taxes payable 5,134 6,870 Current maturities of long-term debt 11,865 11,483 ----------- ----------- TOTAL CURRENT LIABILITIES 444,250 426,063 DEFERRED INCOME TAXES 21,376 21,376 LONG-TERM DEBT 172,023 173,789 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Capital stock: Preferred stock -- -- Common stock, par value $5.00 a share; authorized 40,000,000 shares; issued 16,132,583 shares, outstanding 14,584,816 and 14,569,611 shares 80,663 80,663 Additional paid-in capital 14,073 14,285 Cumulative translation adjustment (874) (1,596) Retained earnings 337,714 328,597 ----------- ----------- 431,576 421,949 Less treasury stock, 1,547,767 and 1,562,972 shares at cost (40,166) (40,560) ----------- ----------- 391,410 381,389 ----------- ----------- $ 1,029,059 $ 1,002,617 =========== ===========
See notes to consolidated financial statements. Page 3 5 COMMERCIAL METALS COMPANY AND SUBSIDIARIES --------------------------------------------- CONSOLIDATED STATEMENTS OF EARNINGS --------------------------------------- ( In thousands except share data )
Three months ended Nov 30, ------------------------- 1998 1997 --------- --------- REVENUES: Net sales $ 549,376 $ 550,501 COSTS AND EXPENSES: Cost of goods sold 475,256 486,700 Selling, general and administrative expenses 46,863 42,157 Interest expense 4,911 4,179 Employees' pension and profit sharing plans 4,798 4,743 ----------- ----------- 531,828 537,779 EARNINGS BEFORE INCOME TAXES 17,548 12,722 INCOME TAXES 6,537 4,669 ----------- ----------- NET EARNINGS $ 11,011 $ 8,053 =========== =========== Net earnings per share basic $ 0.76 $ 0.55 Net earnings per share diluted $ 0.75 $ 0.54 Cash dividends per share $ 0.13 $ 0.13 Average shares outstanding basic 14,578,065 14,715,697 Average shares outstanding diluted 14,660,851 15,045,138
See notes to consolidated financial statements. Page 4 6 COMMERCIAL METALS COMPANY AND SUBSIDIARIES --------------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS ----------------------------------------- (In thousands)
Three months ended Nov 30, ------------------------ 1998 1997 --------- --------- - ------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $ 11,011 $ 8,053 Adjustments to earnings not requiring cash: Depreciation and amortization 11,853 11,278 Provision for losses on receivables 378 507 Other (26) 25 -------- -------- Cash flows from operations before changes in operating assets and liabilities 23,216 19,863 Changes in operating assets and liabilities: Decrease (increase) in receivables 7,275 11,528 Decrease (increase) in inventories (18,404) 12,261 Decrease (increase) in other assets 7,836 71 Increase (decrease) in accounts payable, accrued expenses and income taxes (30,485) (60,088) -------- -------- Net Cash Used by Operating Activities (10,562) (16,365) - ------------------------------------------------------------------------------ CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (51,801) (22,208) Sales of property, plant and equipment 26 (25) -------- -------- Net Cash Used by Investing Activities (51,775) (22,233) - ------------------------------------------------------------------------------ CASH FLOWS FROM FINANCING ACTIVITIES: Commercial paper - net change 10,000 -- Notes payable - net change 38,290 28,320 Payments on long-term debt (1,384) (2,090) Stock issued under stock option/purchase plans 182 895 Dividends paid (1,894) (1,922) -------- -------- Net Cash Provided by Financing Activities 45,194 25,203 - ------------------------------------------------------------------------------ Decrease in Cash and Cash Equivalents (17,143) (13,395) Cash and Cash Equivalents at Beginning of Year 30,985 32,998 -------- -------- Cash and Cash Equivalents at End of Period $ 13,842 $ 19,603 ======== ========
See notes to consolidated financial statements. Page 5 7 COMMERCIAL METALS COMPANY AND SUBSIDIARIES -------------------------------------------- CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY ------------------------------------------------ ( In thousands except share data )
Common Stock Treasury Stock -------------------------- Cumulative Add'l ---------------------- Number of Translation Paid-In Retained Number of Shares Amount Adjustment Capital Earnings Shares Amount ---------- --------- ----------- ---------- ---------- ---------- ---------- Balance September 1, 1998 16,132,583 $80,663 ($1,596) $14,285 $328,597 (1,562,972) ($40,560) Net earnings for three months ended November 30, 1998 11,011 Cash dividends - $.13 per share (1,894) Translation adjustment 722 Stock issued under stock option, purchase and bonus plan (212) 15,205 394 ---------- ---------- ---------- ---------- ---------- ----------- --------- Balance, November 30, 1998 16,132,583 $80,663 ($874) $14,073 $337,714 (1,547,767) ($40,166)
See notes to consolidated financial statements. Page 6 8 COMMERCIAL METALS COMPANY AND SUBSIDIARIES -------------------------------------------- NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -------------------------------------------- NOTE A - LONG-TERM DEBT AND EQUITY (in thousands):
Long-Term Current Amount Debt Maturities Outstanding ------------------------------------ 7.20% notes due 2005 $100,000 $ -- $100,000 6.80% notes due 2007 50,000 -- 50,000 8.49% notes due 2001 21,428 7,143 28,571 8.75% note due 1999 -- 4,284 4,284 Other 595 438 1,033 -------- -------- -------- $172,023 $ 11,865 $183,888 ======== ======== ========
NOTE B - TAXES ON INCOME: Provision for taxes on income includes estimated United States taxes on undistributed earnings of subsidiaries outside the United States. NOTE C - QUARTERLY FINANCIAL DATA In the opinion of Management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accurals) necessary to present fairly the financial position as of November 30, 1998, the results of operations for the three months then ended and the cash flows for the three months. The results of operations for the three month periods are not necessarily indicative of the results to be expected for a full year. NOTE D - EARNINGS PER SHARE Statement of Financial Accounting Standards No. 128, EARNINGS PER SHARE, requires a reconciliation of both the numerator and denominator of the earnings per share calculations. There are no adjustments to net earnings to arrive at income for either period. Reconciliation of share amounts is as follows:
Three months ended Nov. 30, 1998 1997 --------- ---------- Shares outstanding for basic earnings per share 14,578,065 14,715,697 Effect of dilutive securities: Stock options/purchase plans 82,786 329,441 Shares outstanding for dilutive earnings per share 14,660,851 15,045,138
Stock options with total share commitments of 1,369,812 at November 30, 1998 were anti-dilutive based on an average share price of $24.83 for the quarter and exercise prices between $26.25 and $29.81. The options expire at various dates between 2003 and 2006. NOTE E - OTHER COMPREHENSIVE INCOME Statement of Financial Accounting Standards No. 130, REPORTING COMPREHENSIVE INCOME, was effective for the Company September 1, 1998. The Standard requires disclosure of changes in stockholders' equity from nonowner sources, which in the Company's instance is limited to foreign currency translation adjustments. Such adjustments totaled $722,000 in the quarter ended November 30, 1998 and zero for the prior period. Page 7 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED RESULTS OF OPERATIONS (in millions) 1st Qtr 1st Qtr FY 1999 FY 1998 ------- ------- Revenues $ 549 $ 551 Net earnings 11.0 8.1 Cash flow 23.2 19.9 EBITDA 34.3 28.2 LIFO reserve 19.4 29.3 SIGNIFICANT EVENTS AFFECTING THE COMPANY THIS QUARTER: - - Record first quarter earnings - - Steel Group achieved record first quarter sales and earnings - - $1.8 million after-tax litigation settlement - - Recycling contributed positive cash flow in horrific market - - Amid collapsing world markets, Marketing and Trading bettered prior year CONSOLIDATED DATA The Lifo method of inventory valuation increased net earnings for the quarter $2.0 million (14 cents per share) compared to an increase of $521 thousand (3 cents per share) last year. Page 8 10 SEGMENT OPERATING DATA Revenues and operating profit by business segment are shown in the following table:
Three months ended November 30, ----- ------ ----- -------- --- 1998 1997 ---- ---- REVENUES: Manufacturing $ 304,086 $ 290,918 Recycling 78,575 104,126 Marketing and Trading 184,164 172,776 Corporate and Eliminations (17,449) (17,319) --------- --------- $ 549,376 $ 550,501 ========= ========= OPERATING PROFIT: Manufacturing $ 23,593 $ 14,670 Recycling (4,123) (490) Marketing and Trading 4,649 3,388 Corporate and Eliminations (1,660) (667) --------- --------- $ 22,459 $ 16,901 ========= =========
MANUFACTURING - Operating profit for the segment was 61% above the prior year quarter on 5% higher revenues. Lower raw material costs resulted in excellent margins, overcoming weaker mill pricing.
1st Qtr 1999 1st Qtr 1998 --- --- ---- --- --- ---- Average mill selling price $311 $315 Average fab selling price 675 657 Average scrap purchase price 81 112
With strong performances in downstream fabrication businesses, lower raw material costs, and a $1.8 million graphite electrode litigation settlement, the Steel Group achieved a record first quarter operating profit. Bolstered by a $31 per ton lower average scrap purchase cost which sustained margins, the four minimills recorded a 34% increase in operating profit despite a 20% decline in shipments to 419,000 tons. SMI Texas, SMI Alabama, and SMI South Carolina all had impressive increases in profit over the prior year. Page 9 11 SMI Arkansas, although profitable, was impacted more by the effect of cheaper imported steel. Installation of the new rolling mill and ancillary equipment at SMI South Carolina is on schedule as is the new finishing line at SMI Alabama. Operating profit in steel fabrication rose 80% above last year's first quarter with strong performance in most product lines. Average fab selling price rose $18 per ton, partially because of product mix, while the cost of steel purchased generally fell. Fabricated steel shipments totaled 205,000 tons (196,000 tons in the prior year) and were a record for a first quarter. The Copper Tube Division operating profit was over 50% ahead of the comparable quarter last year. Favorable interest rates kept demand for plumbing tube strong from the housing sector. Lower copper prices held sales dollars down but metal spreads increased. Copper tube shipments and production decreased 3% versus the first quarter last year. RECYCLING - The Recycling segment reported a significant loss compared with a marginal loss in the year ago quarter due to substantially lower global demand and terrible prices coupled with less availability of unprepared scrap. Cash flow from operations, nonetheless, was positive. Gross margins fell more rapidly than operating costs. Steel scrap markets were the worst in 25 years. Ferrous scrap tonnage shipped was up 4%, but ferrous sales prices dropped precipitously by an average of $40 per ton. Nonferrous markets weakened further to the poorest levels in many years, and the intake of scrap remained depressed, although nonferrous margins were steady. Total volume of scrap processed, including Steel Group processing plants, was 496,000 tons against 449,000 tons last year. During the quarter the Company acquired the assets of a nonferrous scrap processor in the Houston area which was not significant to the financial position of the Company. MARKETING AND TRADING - Amid the lowest international steel prices over the last 20 years and the collapse of global markets, the Marketing and Trading segment achieved a significant 37% increase in operating profit. Purchases from the Far East continued at a higher level, shipments into North America were steady for Page 10 12 most product lines and business in Europe increased. However, gross margins in steel marketing and distribution as well as steel trading were under tremendous pressure. The Company achieved further market penetration for nonferrous metal products including aluminum, copper and copper alloy semis and maintained profitability. It was another profitable quarter in ores, minerals, ferrous raw materials, primary metals and industrial products although results were below last year's. YEAR 2000 The Company as disclosed in its Form 10K for the year ended August 31,1998 has a comprehensive program to meet anticipated Year 2000 concerns. It continues on schedule with this program. Steel Group computer migration pre-tax expense this quarter was $1.7 million, equivalent to last year. The Recycling segment's cost was minimal; Marketing and Trading and the Corporate office continued to capitalize their project costs. ENVIRONMENTAL ACTIVITIES The Company is subject to federal, state and local pollution control laws and regulations in all locations where it has operating facilities. It anticipates that compliance with these laws and regulations will involve continuing capital expenditures and operating costs. In the ordinary course of conducting its business, the Company becomes involved in environmental litigation, administrative proceedings, and governmental investigations. Certain of these environmental matters or other proceedings may result in fines, penalties or judgments against the Company which may have a material impact on earnings for a particular quarter. While the Company is unable to estimate precisely the ultimate dollar amount of exposure to losses in connection with such matters, it makes timely accruals as warranted. It is the opinion of the Company's management that the outcome of such proceedings, individually or in the aggregate, will not have a material adverse effect on the business or consolidated financial position of the Company. Page 11 13 OUTLOOK The outlook for nonresidential construction generally is good, whereas some further softening in the industrial sector of the U.S. economy could occur. Customer inventories of steel are too high and are being drawn down. Steel mill prices will be lower to varying degrees in forthcoming months, but manufacturing margins should remain at satisfactory levels, primarily because lower cost raw material and supplies will continue to work their way through the Manufacturing segment's inventory costs. A critical issue is the level of steel imports. The outlook for steel fabrication remains favorable, and downstream operations should benefit from reduced mill prices. Residential construction is strong, consequently demand for copper tube is expected to remain good. Recycling segment volume and margins will continue to be hurt by the dismal ferrous and nonferrous scrap prices; accordingly, the second quarter of fiscal 1999 still will be very difficult in this segment. Lower operating costs will help. Despite the current very weak markets, the Company sees an improvement in Recycling profits in the second half of the year with some restoration of margins beginning during the second quarter. In Marketing and Trading, antidumping complaints and unsustainably low prices are resulting in some production cutbacks, although more meaningful reductions are required to achieve global price stability. At the same time many customers are concentrating on reducing inventories. The relatively weak worldwide demand and prices for steel and nonferrous metals will persist for several quarters and it appears that any recovery in Asia will be slow. The Company anticipates some reduction in volume, but more stable prices should enhance unit margins. The Company's profitability will be affected by the two major project startups in the Steel Group with higher depreciation and startup costs. The increase in earnings power from these projects should become evident in the year 2000. On the other hand, subsequent to quarter end the Company received a second settlement recovery from the graphite electrode anti-trust litigation. Cash flow from operations will, of course, gain from the increase in depreciation. Page 12 14 The new $217 billion six-year transportation bill known as The Transportation Equity Act for the 21st Century is very positive for CMC. This legislation will help restore the nation's infrastructure and substantially increase spending for highways and bridges. Additionally, it includes especially large increases for Texas and South Carolina and contiguous states. In general, steel bar consumption should swing more toward the public sector during the next few years. This outlook section contains forward-looking statements regarding the outlook for the Company's short-term financial results including shipments, pricing, demand and general market conditions. There is inherent risk and uncertainty in any forward-looking statements. Variances will occur and some could be materially different from management's current opinion. Developments that could impact the Company's expectations include interest rate changes, construction activity, unanticipated startup expenses and delays, metals pricing over which the Company exerts little influence, new capacity and product availability from competing steel minimills and other steel suppliers including import quantities and pricing, global factors including credit availability, currency fluctuations, timing of litigation settlements, and decisions by governments impacting the pace of overall economic growth. LIQUIDITY Cash flow from operations before changes in operating assets and liabilities for the three months was approximately $23 million, over three million higher than the comparable prior year period, attributable to higher earnings. Accounts receivable decreased $7 million principally in the Recycling segment and steel mills. Inventories increased $18 million with expansion in the domestic trading operations and steel mills offset partially by decreases at the international trading operations. Accounts payable, accrued expenses and income taxes decreased $30 million spread across all the Company's segments. Part of the decrease is due to the payment of incentive compensation and funding of employee benefit plans accrued at August 31,1998. The Company invested $52 million in capital projects as part of its anticipated $150 million annual capital program. Page 13 15 Notes payable and commercial paper increased $48 million to supplement current cash flow to fund working capital and capital expenditures. The Company has filed a shelf registration of $200 million of long-term notes, of which $100 million are expected to be issued in fiscal 1999. At November 30,1998 there were 14,584,816 common shares issued and outstanding with 1,547,767 held in the Company's treasury. Stockholders' equity was $391 million or $26.84 per share. Long-term debt as a percent of total capitalization was 29.4% at November 30,1998 compared to 30.1% at August 31,1998. The ratio of total debt to total capitalization plus short-term debt stood at 44.6%, an increase from year end due to capital expenditure and working capital requirements. Net working capital was $215 million at November 30,1998 compared to $247 million at August 31,1998. The current ratio was 1.5 compared to 1.6 at August 31,1998. The Company's effective tax rate for the three months was 37.3%, comparable to the prior year. Page 14 16 PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Reference is made to the information incorporated by reference from Item 3. Legal Proceedings in the Company's Annual Report on Form 10-K for the year ending August 31, 1998 filed November 24, 1998, with the Securities and Exchange Commission. During the quarter ended November 30, 1998, the Company received a settlement payment of $2.9 million before taxes from one of several defendants in litigation brought by the Company and other purchasers of graphite electrodes. The lawsuit alleges illegal price-fixing and other anti-competition acts by manufacturers of graphite electrodes. Subsequent to the end of the quarter the Company received a settlement payment from a second defendant in the litigation. ITEM 2. CHANGES IN SECURITIES Not Applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not Applicable 15 17 ITEM 5. OTHER INFORMATION Not Applicable ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K A. Exhibits required by Item 601 of Regulation S-K. Exhibit No. 27. Financial Data Schedule for the period ended November 30, 1998. 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. COMMERCIAL METALS COMPANY /s/ Lawrence A. Engels ------------------------- January 12, 1999 Lawrence A. Engels Vice President, Treasurer & Chief Financial Officer /s/ William B. Larson ------------------------- January 12, 1999 William B. Larson Controller 16 18 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION ------- ----------- 27 Financial Data Schedule For Period Ended November 30, 1998
EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS AUG-31-1999 SEP-01-1998 NOV-30-1998 13,842 0 318,811 7,809 275,635 658,758 729,464 371,054 1,029,059 444,250 172,023 0 0 80,663 310,747 1,029,059 549,376 549,376 475,256 475,256 0 378 4,911 17,548 6,537 11,011 0 0 0 11,011 .76 .75
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