-----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, LNuKyHpamBcuV2/nhQBvZ8M3cxMuzVtJd2B1/AJtDXCEhoeh7lvZla6n4pjt21GO gfGoEBJnJeWoI5W0Gtuk0w== 0000912057-95-005458.txt : 199507190000912057-95-005458.hdr.sgml : 19950719 ACCESSION NUMBER: 0000912057-95-005458 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950603 FILED AS OF DATE: 19950718 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CULBRO CORP CENTRAL INDEX KEY: 0000026093 STANDARD INDUSTRIAL CLASSIFICATION: TOBACCO PRODUCTS [2100] IRS NUMBER: 130762310 STATE OF INCORPORATION: NY FISCAL YEAR END: 1128 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-01210 FILM NUMBER: 95554568 BUSINESS ADDRESS: STREET 1: 387 PARK AVE S CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2125618700 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL CIGAR CO INC DATE OF NAME CHANGE: 19760726 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the 13 weeks ended June 3, 1995 Commission File No. 1-1210 CULBRO CORPORATION (Exact name of registrant as specified in its charter) NEW YORK 13-0762310 (state or other jurisdiction of incorporation or (IRS Employer organization) Identification Number) 387 Park Avenue South, New York, New York 10016-8899 (Address of principal executive offices) (Zip code) Registrant's Telephone Number including Area Code (212) 561-8700 Former name, former address and former fiscal year, Not Applicable 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 ------------ ------------ Number of shares of Common Stock outstanding at June 30, 1995 - 4,346,713 Page 1 of 13 CULBRO CORPORATION INDEX PART I - FINANCIAL INFORMATION PAGE Consolidated Statement of Operations and Retained Earnings - thirteen weeks ended June 3, 1995 and May 28, 1994 . . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Statement of Operations and Retained Earnings - twenty-six weeks ended June 3, 1995 and May 28, 1994 . . . . . . . . . . . . . . . . . . . . . . 4 Consolidated Balance Sheet June 3, 1995 and December 3, 1994 . . . . . . . . . . . . . . . . . . . . 5 Consolidated Statement of Cash Flows - twenty-six weeks ended June 3, 1995 and May 28, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Notes to Consolidated Financial Statements. . . . . . . . . . . . . . . 7-8 Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . .9-10 PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . 11-12 SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 Page 2 of 13 CULBRO CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS (dollars in thousands except per share data) (unaudited) 13 Weeks Ended --------------------------- June 3, May 28, 1995 1994 --------------------------- Net sales and other revenue $ 63,058 $ 54,499 Costs and expenses: Cost of goods sold 39,421 35,728 Selling, general and administrative expenses 14,631 13,654 --------------------------- Operating profit 9,006 5,117 Gain on insurance settlement 2,105 - Gain on sale of Eli Witt common stock - 2,691 Income (loss) from equity investments, net 38 (1,307) Other nonoperating (expense) income, net (429) 226 Interest expense, net 2,488 2,105 --------------------------- Income before income tax provision 8,232 4,622 Income tax provision 3,270 2,386 --------------------------- Net income 4,962 2,236 Retained earnings - beginning of period 100,047 97,296 --------------------------- Retained earnings - end of period $ 105,009 $ 99,532 --------------------------- --------------------------- Net income per common share $ 1.15 $ 0.52 --------------------------- --------------------------- Weighted average common shares outstanding 4,312,000 4,308,000 --------------------------- --------------------------- SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Page 3 of 13 CULBRO CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS AND RETAINED EARNINGS (dollars in thousands except per share data) (unaudited) 26 Weeks Ended --------------------------- June 3, May 28, 1995 1994 --------------------------- Net sales and other revenue $ 105,049 $ 87,859 Costs and expenses: Cost of goods sold 65,313 56,078 Selling, general and administrative expenses 28,200 26,107 --------------------------- Operating profit 11,536 5,674 Gain on insurance settlement 2,105 - Gain on sale of Eli Witt stock - 2,691 Income (loss) from equity investments, net 150 (1,953) Other nonoperating income, net 158 226 Interest expense, net 4,802 3,989 --------------------------- Income before income tax provision 9,147 2,649 Income tax provision 3,635 1,462 --------------------------- Net income 5,512 1,187 Retained earnings - beginning of period 99,497 98,345 --------------------------- Retained earnings - end of period $ 105,009 $ 99,532 --------------------------- --------------------------- Net income per common share $ 1.28 $ 0.28 --------------------------- --------------------------- Weighted average common shares outstanding 4,310,000 4,308,000 --------------------------- --------------------------- SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Page 4 of 13 CULBRO CORPORATION CONSOLIDATED BALANCE SHEET (dollars in thousands except per share data) June 3, December 3, ASSETS 1995 1994 --------- ---------- (UNAUDITED) Current Assets Cash and cash equivalents $ 2,583 $ 6,682 Receivables, less allowance of $1,518 (1994 - $1,426) 30,301 25,084 Inventories 72,694 68,189 Other current assets 3,724 5,759 --------- ---------- Total current assets 109,302 105,714 Property and equipment, net 75,906 76,873 Real estate held for sale or lease, net 30,441 31,373 Investment in Series B preferred stock of The Eli Witt Company 13,947 12,773 Investment in real estate joint ventures 7,678 7,864 Other, including investment in Centaur Communications Limited of $14,695 (1994-$14,545) 19,723 19,643 Intangible assets, net 18,676 18,997 --------- ---------- Total assets $ 275,673 $ 273,237 --------- ---------- --------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 22,826 $ 22,885 Long-term debt due within one year 4,233 4,158 Income taxes 1,028 299 --------- ---------- Total current liabilities 28,087 27,342 Long-term debt 98,209 98,976 Accrued retirement benefits 15,664 15,227 Deferred income taxes 6,081 4,765 Other noncurrent liabilities and deferred credits 9,530 14,890 --------- ---------- Total liabilities 157,571 161,200 --------- ---------- Shareholders' Equity Common stock, par value $1 Authorized - 10,000,000 shares Issued - 4,549,190 4,549 4,549 Capital in excess of par value 13,004 13,296 Retained earnings 105,009 99,497 --------- ---------- 122,562 117,342 Less - Common stock in Treasury, at cost, 202,477 shares (1994 - 240,902) (4,460) (5,305) --------- ---------- Total shareholders' equity 118,102 112,037 --------- ---------- Total liabilities and shareholders' equity $ 275,673 $ 273,237 --------- ---------- --------- ---------- SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Page 5 of 13 CULBRO CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited) 26 WEEKS ENDED ------------------------- JUNE 3, May 28, 1995 1994 ---------- ---------- OPERATING ACTIVITIES: Net income $ 5,512 $ 1,187 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 3,901 3,632 Gain on sale of Eli Witt common stock - (2,691) Gain on insurance settlement (2,105) - (Income) loss from equity investments (150) 1,953 Discount and interest on subordinated note 1,174 226 Accrued dividends and accretion income on Series B preferred stock of Eli Witt (1,174) (226) Provision for bad debts 231 178 Changes in assets and liabilities: Decrease in real estate held for sale or lease, net 932 436 (Increase) decrease in inventories (4,505) 344 Increase in accounts receivable (5,448) (6,366) Decrease in accounts payable and accrued liabilities (59) (5,329) Increase (decrease) in income taxes payable 729 (121) Increase in deferred income taxes 1,316 553 Other, net 1,233 1,635 ---------- ---------- Net cash provided by (used in) used in operating activities 1,587 (4,589) ---------- ---------- INVESTING ACTIVITIES: Investment in Eli Witt subordinated note (5,000) - Additions to property and equipment (2,347) (2,543) Proceeds from insurance settlement 2,225 - Proceeds from sale of Eli Witt common stock - 672 ---------- ---------- Net cash used in investing activities (5,122) (1,871) ---------- ---------- FINANCING ACTIVITIES: Payments of debt (6,114) (8,321) Increase in debt 5,000 16,343 Proceeds from exercise of stock options 550 - ---------- ---------- Net cash (used in) provided by financing activities (564) 8,022 ---------- ---------- Net (decrease) increase in cash and cash equivalents (4,099) 1,562 Cash and cash equivalents at beginning of period 6,682 875 ---------- ---------- Cash and cash equivalents at end of period $ 2,583 $ 2,437 ---------- ---------- ---------- ---------- SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Page 6 of 13 CULBRO CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands except per share data) (unaudited) A. The unaudited financial statements included in this report have been prepared in conformity with the standards of accounting measurement set forth in Accounting Principles Board Opinion No. 28 and any amendments thereto adopted by the Financial Accounting Standards Board. Also, the financial statements have been prepared in accordance with the accounting policies stated in the Corporation's 1994 Annual Report to Shareholders included in Form 10K, and should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments which are, in the opinion of management, necessary for a fair presentation of results for the interim periods have been reflected. The results of operations for the second quarter and six-month period ended June 3, 1995 are not necessarily indicative of the results to be expected for the full year. B. On April 28, 1995 the Corporation signed a letter of intent with Tabacalera, S.A. ("Tabacalera") to sell to Tabacalera a 51% common equity interest in General Cigar Co., Inc. ("General Cigar") for approximately $100 million in cash. Tabacalera is a Spanish publicly traded tobacco company with annual sales of approximately $6.5 billion. This transaction is subject to further negotiations, due diligence and definitive documentation. C. On April 21, 1995, the Corporation invested $5 million in The Eli Witt Company ("Eli Witt") in the form of a subordinated note due August 1, 1998 in connection with Eli Witt's refinancing of its bank Credit Agreement. The note is subordinate to Eli Witt's senior debt, which includes its bank Credit Agreement. This investment is reflected as a charge against the negative basis in the Corporation's common equity investment in Eli Witt that existed at the time of the deconsolidation of Eli Witt last year. The Corporation's remaining negative basis in Eli Witt as of June 3, 1995 is approximately $1.5 million and is reflected as a deferred credit on the Corporation's balance sheet. The Corporation accounts for its ownership of 50.1% of Eli Witt's outstanding common stock under the equity method of accounting. Eli Witt has a common deficit. Accordingly, the Corporation will not recognize results of Eli Witt until Eli Witt's common deficit is recouped. D. On April 21, 1995 the Corporation entered into a $5 million mortgage on its New York City office building. The mortgage, which bears interest at LIBOR plus 2%, matures on March 31, 1999 and requires periodic payments of interest only until maturity. Mortgage proceeds were used by the Corporation to purchase the Eli Witt subordinated note (see Note C). E. In the second quarter and six-month period ended June 3, 1995, 38,200 stock options issued under the 1992 Stock Plan and the 1991 Employees Incentive Stock Option Plan were exercised at prices ranging from $14.00 to $15.375, generating proceeds of $550. The changes in Capital in Excess of Par Value and Common Stock in Treasury reflect the exercise of those stock options. Page 7 of 13 F. Supplemental Financial Statement Information Gain on Insurance Settlement The second quarter and six-month period ended June 3, 1995 include a gain from settlement of the property insurance claim related to a fire last year at an administration and warehouse facility owned and operated by General Cigar. The gain reflects proceeds of $2,225 less the writeoff of the destroyed building. Other insurance claims related to the fire are still pending. Other Nonoperating Income (Expense), Net Other nonoperating income (expense), net, in the 1995 second quarter and six- month period reflects expenses of approximately $1.1 million related to the Corporation's involvement and support for the recent refinancing of Eli Witt, partially offset by accrued dividends and accretion income on the Series B preferred stock of Eli Witt held by the Corporation. In the 1994 second quarter and six-month period, other nonoperating income reflected accrued dividends and accretion income on the Eli Witt preferred stock. The accrued dividends and accretion income on the Eli Witt preferred stock equal the accrued interest expense related to the Corporation's subordinated note. The Corporation has the unilateral right to exchange the Eli Witt preferred stock in satisfaction of the subordinated note and all accrued interest upon the note's maturity in August, 1998. Inventories Inventories consist of: June 3, December 3, 1995 1994 -------- -------- Raw materials and supplies $ 33,903 $ 32,645 Work-in-process 19,798 18,490 Finished goods 18,993 17,054 -------- -------- $ 72,694 $ 68,189 -------- -------- -------- -------- Property and Equipment Property and equipment consist of: June 3, December 3, 1995 1994 -------- -------- Land $ 11,278 $ 11,303 Buildings 62,877 62,366 Machinery and equipment 59,576 58,592 Accumulated depreciation (57,825) (55,388) -------- -------- $ 75,906 $ 76,873 -------- -------- -------- -------- Cash Flow Cash paid during the period for: 26 Weeks Ended ----------------------- June 3, May 28, 1995 1994 ------- ------ Interest, net of amounts capitalized $ 3,722 $4,440 ------- ------ ------- ------ Income taxes, net $ 1,084 $ 794 ------- ------ ------- ------ Page 8 of 13 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES In the 1995 six-month period cash provided by operating activities, as compared to cash used in operating activities in the 1994 six-month period, reflected higher net income in 1995 and the decrease in accounts payable and accrued liabilities in 1994. These items were partially offset by an increase in inventories in the 1995 six-month period. The increased net income principally reflects higher operating profit in the Corporation's businesses (discussed below). The increase in cash flow related to accounts payable and accrued expenses in 1995 as compared to last year reflects the timing of payments last year. The increase in inventories principally reflects higher inventory levels at General Cigar Co., Inc. ("General Cigar") required to meet the increased volume in the cigar business. Net cash used in investing activities increased in 1995 due to the $5 million additional investment the Corporation made in The Eli Witt Company ("Eli Witt") partially offset by the proceeds from the settlement of the Corporation's property insurance claim (see Note F). The additional investment in Eli Witt was in the form of a subordinated note due August 1, 1998. The Corporation does not anticipate any further significant capital outlays for the remainder of the year, other than normal capital expenditures. Financing activities include the proceeds from a $5 million mortgage obtained in April, 1995 on its New York City office building. The mortgage bears interest, adjusted periodically, at LIBOR plus 2% and requires payments of interest only until maturity in March, 1999. In the 1995 second quarter, the Corporation signed a letter of intent to sell a 51% equity interest in General Cigar to Tabacalera, S.A., a Spanish tobacco company, for cash proceeds of approximately $100 million before taxes. The completion of this transaction is subject to the satisfactory conclusion of negotiations, due diligence and definitive documentation. At this time it is anticipated that in the short-term, the net proceeds from this transaction, after expenses and taxes, will be used to substantially reduce the Corporation's debt. Management believes that cash flow from operations and the Corporation's existing liquidity will be sufficient to meet its maturing obligations and normal capital expenditures. RESULTS OF OPERATIONS The increase in net income in both the 1995 second quarter and six-month period versus the comparable 1994 periods principally reflects higher operating profit. In the six-month period, higher income from nonoperating items also contributed to the higher net income for that period. Higher operating profit at General Cigar in the second quarter and six-month period was due to increased sales and improved margins. The higher sales reflected additional volume, largely due to the continuing resurgence of the cigar industry. Higher margins on cigar sales reflected reduced production costs and the effect of the increased volume. Operating profit in the Corporation's nursery products business, Imperial Nurseries, Inc., increased in the second quarter and six-month period, reflecting higher sales revenue and lower expenses. The higher sales were due to improved pricing, as volume was substantially unchanged as compared to last year. In the industrial products business, operating profit at CMS Gilbreth Packaging Systems, Inc. ("CMS Gilbreth") was substantially unchanged in the 1995 second quarter and six-month period as compared to last year. Higher operating profit on sales of packaging machinery, reflecting increased volume, was substantially offset by lower profit from sales of packaging materials, due to lower volume. As previously reported, CMS Gilbreth's largest customer of its packaging materials division changed label technology and is expected to begin to reduce purchases in the second half of this year. Operating profit increased in the 1995 second quarter and six-month period at Culbro Land Resources, Inc., the Corporation's subsidiary in the Connecticut real estate business. The increased Page 9 of 13 profit was due to higher sales of residential lots, along with a more favorable mix of lots sold, increased rental revenue and lower general and administrative expenses. Results from equity investments reflect the Corporation's equity in Eli Witt's losses up through the April 25, 1994 deconsolidation of Eli Witt (see Note C). The gain from an insurance settlement reflects a property insurance claim from a fire last year that destroyed a facility used by General Cigar in its tobacco growing operation. Other claims related to the fire are still pending. The other nonoperating items in the second quarter and six-month period reflect certain expenses incurred by the Corporation in connection with its involvement and support of the recent refinancing of Eli Witt, offset by accrued dividends and accretion income on the Eli Witt preferred stock held by the Corporation. The accrued dividends and accretion income equal the accrued interest expense on the Corporation's subordinated note. The Eli Witt preferred stock is exchangeable, at the Corporation's option, for the subordinated note and all accrued interest at the note's maturity in August, 1998. Higher interest expense in the second quarter and six-month period reflected the higher interest accrued under the subordinated note as compared to the rate on debt repayed with the proceeds of the note last year, partially offset by the Corporation's lower overall debt level in 1995 versus last year. The lower effective tax rate in the 1995 second quarter and six-month period as compared to last year's comparable periods reflects the effect in 1994 of after tax losses of Eli Witt and the impact of state income taxes. Page 10 of 13 PART II - OTHER INFORMATION ITEM 1 - Litigation (a) This discussion covers developments in the litigation described in Item 3(iv) of the Corporation's Form 10-K for its 1994 fiscal year which relate to its subsidiary, Imperial Nurseries, Inc. ("Imperial"). The trial described in Item 3(iv) resulted in a jury verdict on April 11, 1995 of no recovery by Imperial for the loss of its azalea crop, above the $240,000 previously paid to Imperial. Imperial has notified its property insurance carrier of this result and may seek a partial recovery from such carrier for this crop loss. (b) The Corporation's General Cigar Co., Inc., subsidiary ("General Cigar") has been named as a defendant, together with a variety of other tobacco product manufacturers and retailers, in three Florida state circuit court actions alleging adverse health effects from the use by the plaintiffs of such tobacco products. The first such action was filed in April 1995. General Cigar has not been served in any of these matters. General Cigar understands that these three actions were filed by a single law firm which, according to press reports, is considering many such lawsuits against numerous tobacco product manufacturers. The actions are captioned: KING VS. R.J. REYNOLDS TOBACCO COMPANY ET. AL, (Circuit Court, Fourth Judicial Circuit, Duval County, Florida); STARLING VS. THE AMERICAN TOBACCO COMPANY, INC. ET. AL. (Circuit Court, Fourth Judicial Circuit, Duval County, Florida); and PRITCHARD VS. THE AMERICAN TOBACCO COMPANY, INC. ET. AL., (Circuit Court, Fourth Judicial Circuit, Duval County, Florida). ITEM 4 - Submission of Matters to a Vote of Security Holders (a) Annual Meeting of Shareholders - May 4, 1995 (b) The following were elected as Directors at the Annual Meeting Bruce A. Barnet Thomas C. Israel John L. Bernbach Dan W. Lufkin Edgar M. Cullman (Chairman) Graham V. Sherren Edgar M. Cullman, Jr. Peter J. Solomon Frederick M. Danziger Francis T. Vincent, Jr. John L. Ernst (c)(i) 1) Mr. Bruce A. Barnet was elected a Director for 1995 with 3,876,903 votes in favor, 9,181 opposed and 422,429 not voting. 2) Mr. John L. Bernbach was elected a Director for 1995 with 3,876,710 votes in favor, 9,374 opposed and 422,429 not voting. 3) Mr. Edgar M. Cullman was elected a Director for 1995 with 3,882,004 votes in favor, 4,080 opposed and 422,429 not voting. 4) Mr. Edgar M. Cullman, Jr. was elected a Director for 1995 with 3,880,971 votes in favor, 5,113 opposed and 422,429 not voting. 5) Mr. Frederick M. Danziger was elected a Director of 1995 with 3,882,604 votes in favor, 3,480 opposed and 422,429 not voting. Page 11 of 13 6) Mr. John L. Ernst was elected a Director for 1995 with 3,882,604 votes in favor, 3,480 opposed and 422,429 not voting. 7) Mr. Thomas C. Israel was elected a Director for 1995 with 3,882,704 votes in favor, 3,380 opposed and 422,429 not voting. 8) Mr. Dan W. Lufkin was elected a Director for 1995 with 3,882,704 votes in favor, 3,380 opposed and 422,429 not voting. 9) Mr. Graham V. Sherren was elected a Director for 1995 with 3,876,703 votes in favor, 9,381 opposed and 422,429 not voting. 10) Mr. Peter J. Solomon was elected a Director for 1995 with 3,882,504 votes in favor, 3,580 opposed and 422,429 not voting. 11) Mr. Francis T. Vincent, Jr. was elected a Director for 1995 with 3,882,464 votes in favor, 3,620 opposed and 422,429 not voting. (ii) The selection of Price Waterhouse LLP as independent accountants for 1995 was approved by 3,883,305 votes in favor and 852 opposed with 1,927 abstentions and 422,429 not voting. (d) Not applicable ITEM 6 - Reports on Form 8K (a ) A Form 8K was filed by the Corporation on May 9, 1995 with respect to the joint announcement by the Corporation and Tabacalera, S.A. regarding the understanding reached between these two parties on the sale of a 51% interest in the Corporation's General Cigar Co., Inc. subsidiary to Tabacalera, S.A. Page 12 of 13 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. CULBRO CORPORATION Date: July 17, 1995 \s\ Jay M. Green ____________________________ Jay M. Green Executive Vice President Chief Financial Officer and Treasurer Date: July 17,1995 \s\ Joseph Aird ____________________________ Joseph Aird Vice President - Controller Page 13 of 13 EX-27 2 EXHIBIT 27
5 6-MOS DEC-02-1995 JUN-03-1995 2,583 0 31,819 (1,518) 72,694 109,302 133,731 (57,825) 275,673 28,087 0 4,549 0 0 113,553 275,673 105,049 105,049 65,313 93,513 0 231 4,802 9,147 3,635 5,512 0 0 0 5,512 1.28 1.28
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