Ohio | 1-4879 | 34-0183970 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
5995 Mayfair Road, P.O. Box 3077, North Canton, Ohio | 44720-8077 | |||
(Address of principal executive offices) | (Zip Code) |
Item 2.02 Results of Operations and Financial Condition |
Item 9.01 Financial Statements and Exhibits |
(d) Exhibits. | ||||
Exhibit | ||||
Number | Description | |||
99.1 | News release of Diebold, Incorporated dated April 30, 2015 |
Diebold, Incorporated | ||||
April 30, 2015 | By: | /s/ Christopher A. Chapman | ||
Name: | Christopher A. Chapman | |||
Title: | Senior Vice President and Chief Financial Officer |
Exhibit | ||
Number | Description | |
99.1 | News release of Diebold, Incorporated dated April 30, 2015 |
pressrelease | ||
Media contact: | Investor contact: | |
Mike Jacobsen, APR | Steve Virostek | |
+1 330 490 3796 | +1 330 490 6319 | |
michael.jacobsen@diebold.com | stephen.virostek@diebold.com |
• | GAAP EPS attributable to Diebold was ($0.04), including non-routine expenses of $0.28 and restructuring charges of $0.05; non-GAAP EPS was $0.29, a 21% improvement from the prior-year period |
• | Financial self-service revenue grew 6.2%, or 12.0% in constant currency |
• | Security revenue grew 5.3%, or 6.2% in constant currency |
• | GAAP operating margin moved to 0.5% from 3.4% in Q1 2014; non-GAAP operating margin improved to 4.7% from 4.3% in Q1 2014 |
• | Acquired Phoenix, a leading provider of multi-vendor ATM and branch automation software |
• | Signed a new managed services and technology agreement in North America with a leading global retailer |
• | Entered into a multi-vendor service agreement with a top global bank, covering its entire U.S. ATM fleet |
• | Developed end-to-end, futuristic branch automation solution for UBS AG in Switzerland |
• | Expanded software, service deal with Suncorp in Australia to achieve next phase of multi-channel strategy |
• | Pioneered world's first antimicrobial ATM touch screen with Corning, Incorporated |
Previous Guidance | Current Guidance | |
Total Revenue | ~ (5%) to (6%) | ~ (5%) to (6%) |
2015 EPS (GAAP) | $1.60 - $1.85 | $1.24 - $1.49 |
Restructuring charges & non-routine expense | 0.20 - 0.15 | 0.46 - 0.41 |
Total EPS (non-GAAP measure) | $1.80 - $2.00 | $1.70 - $1.90 |
Revenue Summary by Service and Product Solutions | ||||||||||||
(Dollars In Millions) | ||||||||||||
Q1 2015 | Q1 2014 | % Change | % Change Constant Currency | |||||||||
Financial Self-Service | ||||||||||||
Services | $ | 291.4 | $ | 285.0 | 2.2 | % | 7.3 | % | ||||
Products | 203.8 | 181.5 | 12.3 | % | 19.4 | % | ||||||
Total Financial Self-Service | 495.2 | 466.5 | 6.2 | % | 12.0 | % | ||||||
Security Solutions | ||||||||||||
Services | 102.6 | 98.4 | 4.3 | % | 5.2 | % | ||||||
Products | 47.4 | 44.0 | 7.7 | % | 8.3 | % | ||||||
Total Security Solutions | 150.0 | 142.4 | 5.3 | % | 6.2 | % | ||||||
Total Financial Self-Service & Security | 645.2 | 608.9 | 6.0 | % | 10.6 | % | ||||||
Brazil other | 10.3 | 79.4 | (87.0 | )% | (84.1 | )% | ||||||
Total Revenue | $ | 655.5 | $ | 688.3 | (4.8 | )% | 1.1 | % | ||||
Revenue Summary by Segment | ||||||||||||
Q1 2015 | Q1 2014 | % Change | % Change Constant Currency | |||||||||
North America | $ | 339.9 | $ | 317.5 | 7.1 | % | 7.4 | % | ||||
Asia Pacific | 110.5 | 107.1 | 3.2 | % | 4.7 | % | ||||||
Europe, Middle East, Africa | 86.8 | 84.1 | 3.2 | % | 24.4 | % | ||||||
Latin America | 118.3 | 179.6 | (34.1 | )% | (24.5 | )% | ||||||
Total Revenue | $ | 655.5 | $ | 688.3 | (4.8 | )% | 1.1 | % |
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Net Sales | |||||||
Services | $ | 394.0 | $ | 383.4 | |||
Products | 261.5 | 304.9 | |||||
Total | 655.5 | 688.3 | |||||
Cost of sales | |||||||
Services | 272.9 | 275.3 | |||||
Products | 207.3 | 248.9 | |||||
Total | 480.2 | 524.2 | |||||
Gross Profit | 175.3 | 164.1 | |||||
Gross Margin | 26.7 | % | 23.8 | % | |||
Operating expenses | |||||||
Selling and administrative expense | 129.9 | 120.3 | |||||
Research, development and engineering expense | 22.3 | 20.0 | |||||
Impairment of assets | 19.4 | — | |||||
Loss on sale of assets, net | 0.1 | 0.5 | |||||
Total | 171.7 | 140.8 | |||||
Percent of net sales | 26.2 | % | 20.5 | % | |||
Operating profit | 3.6 | 23.3 | |||||
Operating margin | 0.5 | % | 3.4 | % | |||
Other (expense) income | |||||||
Investment income | 7.9 | 8.7 | |||||
Interest expense | (8.0 | ) | (6.9 | ) | |||
Foreign exchange loss, net | (9.3 | ) | (12.0 | ) | |||
Miscellaneous, net | (1.2 | ) | (1.4 | ) | |||
Other (expense) income, net | (10.6 | ) | (11.6 | ) | |||
(Loss) income before taxes | (7.0 | ) | 11.7 | ||||
Income tax benefit (expense) | 1.4 | (6.8 | ) | ||||
Net (loss) income | (5.6 | ) | 4.9 | ||||
Less: net income attributable to noncontrolling interests | 2.8 | 4.9 | |||||
Net (loss) income attributable to Diebold, Incorporated | $ | (2.8 | ) | $ | 9.8 | ||
Basic weighted-average shares outstanding | 64.7 | 64.3 | |||||
Diluted weighted-average shares outstanding | 64.7 | 64.8 | |||||
Net (loss) income attributable to Diebold, Incorporated | |||||||
Basic (loss) earnings per share | $ | (0.04 | ) | $ | 0.15 | ||
Diluted (loss) earnings per share | $ | (0.04 | ) | $ | 0.15 | ||
Common dividends declared and paid per share | $ | 0.29 | $ | 0.29 |
March 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 227.1 | $ | 322.0 | |||
Short-term investments | 114.4 | 136.7 | |||||
Trade receivables, net | 514.6 | 477.9 | |||||
Inventories | 422.5 | 405.2 | |||||
Other current assets | 320.7 | 313.7 | |||||
Total current assets | 1,599.3 | 1,655.5 | |||||
Securities and other investments | 82.5 | 83.6 | |||||
Property, plant and equipment, net | 172.8 | 169.5 | |||||
Goodwill | 208.0 | 172.0 | |||||
Other assets | 251.8 | 261.5 | |||||
Total assets | $ | 2,314.4 | $ | 2,342.1 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Notes payable | $ | 44.7 | $ | 25.6 | |||
Accounts payable | 270.0 | 261.7 | |||||
Other current liabilities | 710.5 | 740.4 | |||||
Total current liabilities | 1,025.2 | 1,027.7 | |||||
Long-term debt | 534.7 | 479.8 | |||||
Long-term liabilities | 281.7 | 279.7 | |||||
Total Diebold, Incorporated shareholders' equity | 449.5 | 531.6 | |||||
Noncontrolling interests | 23.3 | 23.3 | |||||
Total equity | 472.8 | 554.9 | |||||
Total liabilities and equity | $ | 2,314.4 | $ | 2,342.1 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Cash flow from operating activities | ||||||||
Net (loss) income | $ | (5.6 | ) | $ | 4.9 | |||
Adjustments to reconcile net (loss) income to cash flow used in operating activities: | ||||||||
Depreciation and amortization | 16.4 | 17.7 | ||||||
Devaluation of Venezuelan balance sheet | 7.5 | 12.1 | ||||||
Impairment of assets | 19.4 | — | ||||||
Other | 4.3 | 5.3 | ||||||
Cash flow from changes in certain assets and liabilities | ||||||||
Trade receivables | (56.0 | ) | (33.7 | ) | ||||
Inventories | (43.2 | ) | (42.5 | ) | ||||
Accounts payable | 16.5 | 69.2 | ||||||
Prepaid income taxes | (7.5 | ) | 0.7 | |||||
Deferred revenue | 46.6 | 64.8 | ||||||
Deferred income tax | 3.6 | (17.9 | ) | |||||
Certain other assets and liabilities | (64.2 | ) | (112.2 | ) | ||||
Net cash used in operating activities | (62.2 | ) | (31.6 | ) | ||||
Cash flow from investing activities | ||||||||
Payments for acquisitions, net of cash acquired | (59.4 | ) | — | |||||
Net investment activity | 1.8 | 41.2 | ||||||
Capital expenditures | (10.8 | ) | (7.3 | ) | ||||
Increase in certain other assets & other | (1.7 | ) | (5.8 | ) | ||||
Net cash (used in) provided by investing activities | (70.1 | ) | 28.1 | |||||
Cash flow from financing activities: | ||||||||
Dividends paid | (18.9 | ) | (18.7 | ) | ||||
Net debt borrowings | 72.6 | 11.9 | ||||||
Repurchase of common shares | (2.6 | ) | (1.3 | ) | ||||
Other | 1.1 | 9.3 | ||||||
Net cash provided by financing activities | 52.2 | 1.2 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (14.8 | ) | (11.2 | ) | ||||
Decrease in cash and cash equivalents | (94.9 | ) | (13.5 | ) | ||||
Cash and cash equivalents at the beginning of the period | 322.0 | 230.7 | ||||||
Cash and cash equivalents at the end of the period | $ | 227.1 | $ | 217.2 |
1. | Profit/loss summary - 1st quarter comparison (Dollars in millions) |
Q1 2015 | Q1 2014 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $655.5 | $175.3 | 26.7 | % | $171.7 | $3.6 | 0.5 | % | $688.3 | $164.1 | 23.8 | % | $140.8 | $23.3 | 3.4 | % | ||||||||||
Restructuring | — | — | (3.1 | ) | 3.1 | 0.7 | (4.4 | ) | 5.1 | |||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Venezuela impairment | — | — | (10.3 | ) | 10.3 | — | — | — | — | |||||||||||||||||
Software impairment | — | — | (9.1 | ) | 9.1 | — | — | — | — | |||||||||||||||||
Legal, indemnification and professional fees | — | — | (4.6 | ) | 4.6 | — | — | (1.1 | ) | 1.1 | ||||||||||||||||
Total non-routine income/expense | — | — | (24.0 | ) | 24.0 | — | — | (1.1 | ) | 1.1 | ||||||||||||||||
Non-GAAP results | $655.5 | $175.3 | 26.7 | % | $144.6 | $30.7 | 4.7 | % | $688.3 | $164.8 | 24.0 | % | $135.4 | $29.5 | 4.3 | % |
Q1 2015 | Q1 2014 | ||||||
Total diluted EPS attributable to Diebold, Incorporated (GAAP measure) | $ | (0.04 | ) | $ | 0.15 | ||
Restructuring | 0.05 | 0.05 | |||||
Non-routine (income)/expense: | |||||||
Software impairment | 0.09 | — | |||||
Venezuela impairment | 0.08 | — | |||||
Venezuela devaluation | 0.07 | — | |||||
Legal, indemnification and professional fees | 0.04 | 0.01 | |||||
Total non-routine (income)/expense | 0.28 | 0.01 | |||||
Tax expense (benefit) on foreign cash repatriation | — | 0.03 | |||||
Total adjusted EPS (non-GAAP measure) | $ | 0.29 | $ | 0.24 |
3. | Free cash flow/(use) is calculated as follows (Dollars in millions) : |
Q1 2015 | Q1 2014 | ||||||
Net cash provided by/(used in) operating activities (GAAP measure) | $ | (62.2 | ) | $ | (31.6 | ) | |
Capital expenditures | (10.8 | ) | (7.3 | ) | |||
Free cash flow/(use) (non-GAAP measure) | $ | (73.0 | ) | $ | (38.9 | ) |
4. | Net investment/(debt) is calculated as follows (Dollars in millions) : |
3/31/2015 | 12/31/2014 | ||||||
Cash, cash equivalents and short-term investments (GAAP measure) | $ | 341.5 | $ | 458.7 | |||
Debt instruments | (579.5 | ) | (505.5 | ) | |||
Net investment/(debt) (non-GAAP measure) | $ | (238.0 | ) | $ | (46.8 | ) |
&=-V[Q%=)W :1V#22-_1%_2OGL1^\S.C#^5-_F>W0]S+ZLN[2_(^9:***^A/$%#$="1 M25ZE!^S#\3;G3(K^+PM-):RQ"9"ES`692,@[=^[..V,UYMJ6FW6D7T]E>P26 MMU`Q22&5<,I'8BL85J55M4Y)V[.YK.E4IZSBUZH;9V . MH5L13Y*4K+KYKKJ=6#K4J,^>I&[Z>3]#DM2OYM5U"ZO;AS)<7$K32,>[,22? MS-5J**])*VB.' Y\:^+-)T*T(6?4+E+=7(R$W'!8CT`R?PK]3/"/A3 M3?!'ARPT/2;<6VGV4?EQ(.O7))/ 'OC1X4OM0D2*T6[ M\MI)/NJ75D4D]@&8'/;K7Z<*0P!!R#R"*^(XAJ3]I"G]FU_G_7YGUF20CR3G MUO;Y"UXS^UUH]GJGP*UV:Z6,2V3PW%O(X!*/YJKQZ$JS+_P*O9J^4OVW_BK: MV^@VO@>PN%EO;J1;F_"'(CB4Y1&[9+`-CJ`@)ZBO#RVG.IBZ:AT:?R6YZ^.G M&GAIN756^\^+J***_4S\["BEVD*&P<'@&DH`*^IOV"-&$_C'Q/JI7)M;&.V! M]/,?=_[2KY9K[A_8,T@V_@#Q!J14J;K41""1U$<:G(_&0_E7BYQ/DP4_.R_$ M]7*X<^*CY7?X'T[1117YH??'P#^VWK!U'XS"UW$K8:?##MSP"2TA_P#0Q^5? M/]>B?M"ZR->^-7B^Z#;PM^]N#[18C_\`9*\[K]8P4/9X:G'R1^;XN?M*\Y>; M"OT3_8]T8Z3\"](E9=KWTT]T1]9"H/Y(*_.WK7ZF_!_1CX>^%GA/3V4+)#ID M'F`=-Y0%OU)KQ.()VP\(=W^2/6R6%ZTI=E^9T'B#3[75M"U&RO422SN+>2*9 M'&5*,I#`_@:_))N&/UK]+?VB_B;:?#3X8ZI<-*O]I7T;65E#U9I'4C=CT4!F MR>.`.I%?FD>36?#U.4: (\VT9Q$AWN?;Y5-?4U)JG!SELM3YV$7.2BMV?I]H\3P:391R9\Q M($5L^H49JY2`8&*6OQYN[N?IZT"BBBD,****`"BBB@`HHHH`****`"DZTM%` M'G'CK]GOP)\03/+J.APP7LP^:]L@(9CTY)`P3P.2#QQ7@?BK]@B193)X<\3J MT6>(-2APP'^^G!/_``$5]._$WQ$_A/X>>)-8B;9/9:?/-$W_`$T"'9_X]BOC M+PE^V_XVT2)(=7M+#7XUP/,D0PRD#_:7C\=M?29<\QJ4W+#3T6EG^ESP<=]1 MA-1KQU?5?\`XSQ-^RU\2O#!=G\.2ZC"HSYNFNL^?HJG=_P".UYWJGAC6=! )+:'S1S%>PO'CV; 0ZSKFH>(M1EO]4O; MC4+V4Y>>YD+NWXFOTA^V?!WQ>6C,W@W4Y)%R4+6SN1GJ1UZXJ)_@/\)M9.Y/ M#FCR9_Y]GV#_`,<85C2S7#8?_EPXOR2_X!K4RZO7_P"7REZO_AS\U:*_223] MEGX5S[?^*6A&U@PV74XY]\/R/;I1<_LT_"C3+>2ZNO#5G;P1*7DFGN951`.I M)+X`^M=/^L&'Z0E^'^9A_8M?^9?C_D?FY70>&/A]XE\:3+'H>A7^IDG&^W@9 MD7_>;&%Z=S7W`WBW]GSX?)B%_#><@`V=M]M8D`X.Y%<^O)/?K6=K/[;W@'1H M?*TG3]3U(J"$$4"PQ#'099L@?\!JWF>)J_P,._5Z?U]Y"R^A3_C5U\OZ_0Q? MV>OV1)O"6K6'BCQC)%)J-N1-;:5%AU@D&"KR/T+*>@7(!`.36#^WYK!:^\(: M4K8"1W%RZ^NXHJG_`,=;\Z-%_:P\3_%OXD>'/#FDV4/A[2[O48O/:)S+<21* MP9UW\!054YP,^_KP_P"VWJYU#XS"UW$K8:=##MSP"2TG_LXKCP]/$RS"$\6_ M>LW;LMOU.JO4P\<%*&&VNE?N]SY_HHHKZ\^8/JO]EWXY>`_A1X`NK#7+V:+5 M;J^>XD6.U>3";551N`_V2?QKV'_AL7X7?]!&Z_\``&3_``K\\Z*\*MDV'KU) M59MW?G_P#V*6:5Z,%3BE9?UW/T<\/_M5?#OQ+KEAI.G7MU-?7LZ6\"?8I!EV M(`R<<#GKVKY"_:RUDZS\=O$6&!CM?)M4QVVQ+N_\>+4S]E+1O[9^.OAP$`QV MIENGSVV1,5_\>VUQ/Q-U@^(/B+XFU(MN%SJ5Q(I_V3(VT?EBL\'@:6$QC5*^ MD>OF_P#@&F*QE3$X5.I;XNGDO^" (8AM[M)I"H&`%1"6/3L*_/3XU^-K M;XB_%#7_`!!91F.TNYE$(/5D1%0-[9"YQ[UQ%%>-@ AZF,S">+ MBH-))!5O2-,GUO5;/3K5#) K&G'J?/4B-$[(ZE6 M4X*D8(--KZ"_:U^!]QX"\67'B?3HB_A[5YS(Q!R;>X;+,A']TG+`]!DCL,_/ MM/#UX8FDJL-F*O1E0J.G/="]*]P\'_MB_$+PCI4.GM+8:U%"@CCDU2%WD51T MRR.I;ZMD\5X=13K8>EB%RU8IKS%2K5*+O3E8]\U_]M;XB:W8O;0?V7I!<%3- M86S>9R.Q=VP?<"O";R\N-1NY[J[GDN;J=VEEFF W,5O;Q///*P2.*-2S.Q.``!R23VIL,,ES,D42 M-+*[!51!DL3T`'$%C\8>*[3R]9D4&PT^9?FM$(_UC@])#GA> MJ#.>20N&-QE/!4G.>_1=S;"X6>*J +9P^]8KH6HP<@>4BQD?FI_ M6O,:VPSE*A"4]VDW\]3+$**JR4=D[?<%>G^`?VC/&GPU\.QZ)H5U:V]BDC2[ M9+978LQR22?P_*O,**TJ4J=:/+4BFO,BG4G2?-!V9[E_PV7\3?\`H(V7_@$G M^%>W?LN?'/Q?\3]9\0OXDO8)=,TRR$N(K=8\.6X)(_V5?BOA^OJ/]G!_^$9_ M9W^*GB(`+)+&]HCG^\L)V_K,*\/,<'AX8=\E-)MI+3NT>M@<57G77/-M)-O7 MLCYIUK4I-9UB^OY1B6ZG>=AG/+,2?YU2HHKZ%*RLCQ6[N['1E5D4N"R`@D`X M)'UKZ-U/]N7QG+;?9]+TG1],A$81&, 1B\NCBZBG*5M+'Y4_\*N\9?]"GKG_@NF_^)H_X5?XR_P"A3US_`,%T MW_Q-?JMBC%>A_K#4_P"?:^\X?[$A_._N/RTL/@YXZU(L+?PCK3%<9!LI%Z_4 M"O2/!O[&OQ!\2/"^H16_AZT;EGO)=T@'LBY.?8D?6OT$HK&IG^(DK0BE^)K# M):,7> 026([$5J_M M+R7P^"OB.#3;2XOKVZCCMXX+:-G=@TBAN%!/"[C7J%%>)]:J3K1KU7S--/[C MUOJ\(TG2IKE35C\I?^%:^+O^A6UG_P`%\O\`\31_PK7Q=_T*VL_^"^7_`.)K M]6<48KZ+_6&I_P`^U]YXG]B0_G?W'P5^R7\-] )-Q0H!E@`3\_3V]JYS]H#PMXG\4_&7Q7J-MX=U>YMVO#%'-'8RLKK&HC!! MV\CY.#7Z,48KD6 (Y%>UM_.YTO*H^P5#GTO?\+'Y3?\`"M?%W_0K:S_X M+Y?_`(FC_A6OB[_H5M9_\%\O_P`37ZLXHQ77_K#4_P"?:^\YO[$A_._N/RF_ MX5KXN_Z%;6?_``7R_P#Q-'_"M?%W_0K:S_X+Y?\`XFOU9Q1BC_6&I_S[7WA_ M8D/YW]Q\.?LF^#-<\+>(/%GB#4-%U"S>PT2;[.MQ;/&9)"0<*",L<(1QZUX4 MWPV\7%B?^$7UG_P7R_\`Q-?JQBC%<\,\G"K.KR+WK=>QM+*(2IQI\^U^G<_* M;_A6OB[_`*%;6?\`P7R__$T?\*U\7?\`0K:S_P""^7_XFOU9Q1BNC_6&I_S[ M7WF/]B0_G?W'Y3#X:>+B>/"VL_\`@OE_^)K:T;X"_$/7G"VG@_51DX#7-N8% M_.3:*_3_`!2U,N(:MO=IK\1K)*=]9L^*OAE^PWJNH2QW?C:^72K8 H(!%?&OQ>_8GU32;B?4?`\O]IZ>=SG3;A\7$7?"-T<=AG#=/O OD_\`@'@2R1W]VI^!^5EM:3WLZ0V\,D\SG"QQJ69C[`5ZMX"_9;\?^.Y$ M8:2^BV9(S 0I&X]/3N/K7Z(Z9X ^#O[,?A;X4K;WSQ+K/B&, 2P;NYO[C\IO\`A6OB[_H5M9_\%\O_`,31_P`*U\7?]"MK/_@O ME_\`B:_5G%&*?^L-3_GVOO%_8D/YW]Q^4W_"M?%W_0K:S_X+Y?\`XFOI(>%M M;\/?L6G2XM)OCJNKW^Z2SCMW,RCSLY90,CY81U]:^Q\45RU\ZG7Y+P2Y6GOV M-Z.4QH\UI[IK[S\IO^%:^+O^A6UG_P`%\O\`\31_PK7Q=_T*VL_^"^7_`.)K M]6<48KJ_UAJ?\^U]YA_8D/YW]Q^65A\'_&^I!_(\*ZL=F,A[1T)SZ;@,_A6E M9_L^_$:^DV1^#M5!]98#&/S;`K].\4M0^(:W2"_$I9)2ZS?X'P%X7_8H\?ZU M(#J?V'0H<`[IYA*_;C:F??OV_&OHWX0?LG>%OAFZ7^H;?$NMHQ9+NYBVQ1>F MR+)&?]HDGTQ7N%%>9B,VQ6)3BY67EI_P3OH9;AZ#YDKOS_JP4445XYZ@4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` >4444`%%%%`!1110`4444`%%%%`!1110`4444`?_9 ` end