-----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, KzQBzovFB1le04L1jVdVeijIQdI5SD5wxvcqRx15uW0Jiu552c1UIP6lIIVdFhok kftRAYp1kLuLOs8+VFHmhw== 0000950123-08-008188.txt : 20080723 0000950123-08-008188.hdr.sgml : 20080723 20080723061223 ACCESSION NUMBER: 0000950123-08-008188 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080723 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080723 DATE AS OF CHANGE: 20080723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOVER CORP CENTRAL INDEX KEY: 0000029905 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP [3530] IRS NUMBER: 530257888 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04018 FILM NUMBER: 08964602 BUSINESS ADDRESS: STREET 1: 280 PARK AVE STREET 2: 38-W CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129221640 8-K 1 y63151e8vk.htm FORM 8-K 8-K
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2008
 
DOVER CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
         
Delaware   1-4018   53-0257888
(State or other Jurisdiction
of Incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)
280 Park Avenue
New York, NY 10017

(Address of Principal Executive Offices)
(212) 922-1640
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.02 Results of Operations and Financial Condition.
On July 23, 2008, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended June 30, 2008; and (ii) posted on its website at http://www.dovercorporation.com the investor supplement attached hereto as Exhibit 99.2 for the quarter ended June 30, 2008.
The information in this Current Report on Form 8-K, including Exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
(a)   Financial statements of businesses acquired.
Not applicable.
 
(b)   Pro forma financial information.
Not applicable.
 
(c)   Shell company transactions.
Not applicable.
 
(d)   Exhibits.
          The following exhibits are furnished as part of this report:
  99.1   Press Release of Dover Corporation, dated July 23, 2008.
 
  99.2   Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com.

 


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
         
Date: July 23, 2008   DOVER CORPORATION
(Registrant)
 
 
  By:   /s/ Joseph W. Schmidt    
    Joseph W. Schmidt   
    Vice President, General Counsel & Secretary   

 


 

         
EXHIBIT INDEX
     
Number   Exhibit
 
   
99.1
  Press Release of Dover Corporation, dated July 23, 2008
 
   
99.2
  Investor Supplement Posted on Dover Corporation’s Website at http://dovercorporation.com

 

EX-99.1 2 y63151exv99w1.htm EX-99.1: PRESS RELEASE EX-99.1
Exhibit 99.1
(DOVER CORPORATION LOGO)
     
CONTACT:   READ IT ON THE WEB
Paul Goldberg
  www.dovercorporation.com
 
   
Treasurer & Director of Investor Relations
(212) 922-1640
   
 
   
 
  July 23, 2008
DOVER CORPORATION REPORTS SECOND QUARTER 2008 RESULTS
New York, New York, July 23, 2008 — Dover Corporation (NYSE: DOV) announced today that for the second quarter ended June 30, 2008, it had earnings from continuing operations of $186.9 million or $0.98 diluted earnings per share (“EPS”), compared to $174.7 million or $0.85 EPS from continuing operations in the prior-year period, representing increases of 7% and 16%, respectively. Revenue for the second quarter of 2008 was $2.0 billion, an increase of 10% over the prior-year period, driven by organic growth of 5%, acquisition growth of 1%, and 4% from the effects of foreign currency.
Earnings from continuing operations for the six months ended June 30, 2008 were $334.8 million or $1.74 EPS, compared to $312.5 million or $1.52 EPS in the prior-year period, representing increases of 7% and 15%, respectively. Revenue for the six month period ended June 30, 2008 was $3.9 billion, up 9% over the prior year period.
Commenting on the second quarter results, Dover’s Chief Executive Officer, Ronald L. Hoffman, stated: “We are pleased to report another strong quarterly result. Our diluted EPS of $0.98 built upon our solid first quarter showing. Revenue was up at all four of our segments and overall operating margins improved 20 basis points over last year to 15.8%. Additionally, organic sales growth increased in the second quarter to 5.4%. Our market trends stayed positive during the quarter buoyed by continued strength in our Energy, Fluid Solutions and Product Identification platforms. We also had strong free cash flow of $192 million or 10% of revenue during the second quarter.
“During the quarter, we continued to focus on both internal improvements and our balanced capital allocation strategy. I’m encouraged by the depth and breadth of synergistic activities taking place across our businesses. These activities are improving both the effectiveness and profitability of our organization. I’m also pleased that we have continued to execute on our capital allocation strategy by staying disciplined on acquisitions and repurchasing over $190 million of Dover stock during the quarter.
“Despite escalating material costs and an unsettled economic environment, activity levels remain positive across the majority of our businesses and our backlog remains healthy. As our business indicators remain strong, we continue to be confident in our ability to deliver 12%+ annual EPS growth for the year. We will stay vigilant in monitoring our businesses and stand ready to take corrective actions should our business environment change.”
Net earnings for the second quarter of 2008 were $135.3 million or $0.71 EPS, including a loss from discontinued operations of $51.6 million or $0.27 EPS, compared to net earnings of $172.2 million or $0.84 EPS for the same period of 2007, which included a loss from discontinued operations of $2.5 million or $0.01 EPS. The net earnings for the six months ended June 30, 2008 were $282.5 million or $1.47 EPS, including a loss from discontinued operations of $52.4 million or $0.27 EPS, compared to net earnings of $301.1 million or $1.46 EPS for the same period of 2007, which included a loss from discontinued operations of $11.4 million or $0.06 EPS. The loss from discontinued operations

 


 

 2

primarily reflects the decision in the second quarter of 2008 to discontinue Triton in the Engineered Products segment.
Dover will host a webcast of its second quarter 2008 conference call at 8:00 A.M. Eastern Time on Wednesday, July 23, 2008. The webcast can be accessed at the Dover Corporation website at www.dovercorporation.com. The conference call will also be made available for replay on the website and additional information on Dover’s second quarter 2008 results and its operating companies can also be found on the Company website.
Dover Corporation, with over $7 billion in annual revenues, is a global portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit www.dovercorporation.com.
Dover Corporation makes information available to the public, orally and in writing, which may use words like “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans” and “should,” which are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements concerning future events and the performance of Dover Corporation that involve inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, failure to achieve expected synergies, the impact of continued events in the Middle East on the worldwide economy, economic conditions, including the sub-prime lending and credit issues, increases in the cost of raw materials, changes in customer demand, increased competition in the markets served by Dover Corporation’s operating companies, the impact of natural disasters, such as hurricanes, and their effect on global energy markets and other risks. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.

 

EX-99.2 3 y63151exv99w2.htm EX-99.2: INVESTOR SUPPLEMENT EX-99.2
EXHIBIT 99.2
(DOVER CORPORATION LOGO)
INVESTOR SUPPLEMENT — SECOND QUARTER 2008
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (dollars in thousands, except per share data)
                                 
    Three Months Ended June 30     Six Months Ended June 30  
    2008     2007     2008     2007  
Revenue
  $ 2,010,978     $ 1,824,143     $ 3,876,464     $ 3,568,576  
Cost of goods and services
    1,271,359       1,170,526       2,457,299       2,293,526  
 
                       
Gross profit
    739,619       653,617       1,419,165       1,275,050  
Selling and administrative expenses
    446,531       391,508       890,306       798,742  
 
                       
Operating earnings
    293,088       262,109       528,859       476,308  
Interest expense, net
    27,388       22,684       50,819       44,585  
Other expense (income), net
    1,186       (45 )     3,719       (423 )
 
                       
Total interest/other expense, net
    28,574       22,639       54,538       44,162  
 
                       
Earnings before provision for income taxes and discontinued operations
    264,514       239,470       474,321       432,146  
Provision for income taxes
    77,604       64,799       139,480       119,655  
 
                       
Earnings from continuing operations
    186,910       174,671       334,841       312,491  
 
                               
Loss from discontinued operations, net of tax
    (51,634 )     (2,476 )     (52,387 )     (11,365 )
 
                       
Net earnings
  $ 135,276     $ 172,195     $ 282,454     $ 301,126  
 
                       
 
                               
Basic earnings (loss) per common share:
                               
Earnings from continuing operations
  $ 0.99     $ 0.85     $ 1.76     $ 1.53  
Loss from discontinued operations
    (0.27 )     (0.01 )     (0.27 )     (0.06 )
Net earnings
    0.72       0.84       1.48       1.47  
 
                               
Weighted average shares outstanding
    189,094       204,431       190,760       204,446  
 
                       
 
                               
Diluted earnings (loss) per common share:
                               
Earnings from continuing operations
  $ 0.98     $ 0.85     $ 1.74       1.52  
Loss from discontinued operations
    (0.27 )     (0.01 )     (0.27 )     (0.06 )
Net earnings
    0.71       0.84       1.47       1.46  
 
                               
Weighted average shares outstanding
    190,589       206,145       191,966       206,155  
 
                       
 
                               
Dividends paid per common share
  $ 0.200     $ 0.185     $ 0.400     $ 0.370  
 
                       
 
                               
The following table is a reconciliation of the share amounts used in computing earnings per share:
                                 
    Three Months Ended June 30     Six Months Ended June 30  
    2008     2007     2008     2007  
Weighted average shares outstanding — Basic
    189,094       204,431       190,760       204,446  
Dilutive effect of assumed exercise of employee stock options
    1,495       1,714       1,206       1,709  
 
                       
 
                               
Weighted average shares outstanding — Diluted
    190,589       206,145       191,966       206,155  
 
                       
 
                               
Anti-dilutive shares excluded from diluted EPS computation
    3,778       3,403       3,778       3,403  

1


 

DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2008
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION

(unaudited) (dollars in thousands)
                                                                         
    2007   2008
                    Q2                                           Q2
    Q1   Q2   YTD   Q3   Q4   FY 2007   Q1   Q2   YTD
         
REVENUE
                                                                       
Industrial Products
                                                                       
Material Handling
  $ 293,466     $ 299,588     $ 593,054     $ 276,236     $ 275,963     $ 1,145,253     $ 287,208     $ 306,988     $ 594,196  
Mobile Equipment
    307,758       315,394       623,152       315,920       323,912       1,262,984       329,723       342,228       671,951  
Eliminations
    (219 )     (220 )     (439 )     (203 )     (335 )     (977 )     (157 )     (210 )     (367 )
     
 
    601,005       614,762       1,215,767       591,953       599,540       2,407,260       616,774       649,006       1,265,780  
     
Engineered Systems
                                                                       
Product Identification
    206,625       224,353       430,978       227,617       253,985       912,580       231,526       249,250       480,776  
Engineered Products
    260,002       284,457       544,459       311,337       283,682       1,139,478       267,696       289,479       557,175  
     
 
    466,627       508,810       975,437       538,954       537,667       2,052,058       499,222       538,729       1,037,951  
     
Fluid Management
                                                                       
Energy
    189,367       188,690       378,057       197,759       199,208       775,024       213,003       236,461       449,464  
Fluid Solutions
    169,669       174,579       344,248       176,756       186,109       707,113       188,328       210,207       398,535  
Eliminations
    (40 )     (24 )     (64 )     (12 )     (53 )     (129 )     (32 )     (38 )     (70 )
         
 
    358,996       363,245       722,241       374,503       385,264       1,482,008       401,299       446,630       847,929  
         
 
                                                                       
Electronic Technologies
    321,173       340,717       661,890       363,002       365,211       1,390,103       351,757       379,958       731,715  
         
 
                                                                       
Intra-segment eliminations
    (3,368 )     (3,391 )     (6,759 )     (3,306 )     (4,094 )     (14,159 )     (3,566 )     (3,345 )     (6,911 )
         
 
                                                                       
Total consolidated revenue
  $ 1,744,433     $ 1,824,143     $ 3,568,576     $ 1,865,106     $ 1,883,588     $ 7,317,270     $ 1,865,486     $ 2,010,978     $ 3,876,464  
         
NET EARNINGS
                                                                       
Segment Earnings:
                                                                       
Industrial Products
  $ 74,521     $ 88,796     $ 163,317     $ 77,418     $ 71,751     $ 312,486     $ 78,838     $ 87,925     $ 166,763  
Engineered Systems
    51,657       77,828       129,485       84,223       78,019       291,727       62,996       80,045       143,041  
Fluid Management
    73,842       73,283       147,125       79,184       78,267       304,576       85,139       97,878       183,017  
Electronic Technologies
    36,949       45,354       82,303       50,801       47,233       180,337       36,234       51,029       87,263  
         
Total Segments
    236,969       285,261       522,230       291,626       275,270       1,089,126       263,207       316,877       580,084  
Corporate expense / other
    (22,392 )     (23,107 )     (45,499 )     (21,092 )     (20,578 )     (87,169 )     (29,969 )     (24,975 )     (54,944 )
Net interest expense
    (21,901 )     (22,684 )     (44,585 )     (22,469 )     (22,536 )     (89,590 )     (23,431 )     (27,388 )     (50,819 )
         
Earnings from continuing operations before provision for income taxes
    192,676       239,470       432,146       248,065       232,156       912,367       209,807       264,514       474,321  
Provision for income taxes
    54,856       64,799       119,655       65,938       57,024       242,617       61,876       77,604       139,480  
         
Earnings from continuing operations
    137,820       174,671       312,491       182,127       175,132       669,750       147,931       186,910       334,841  
Earnings (loss) from discontinued operations, net
    (8,889 )     (2,476 )     (11,365 )     (7,536 )     10,232       (8,669 )     (753 )     (51,634 )     (52,387 )
         
Net earnings
  $ 128,931     $ 172,195     $ 301,126     $ 174,591     $ 185,364     $ 661,081     $ 147,178     $ 135,276     $ 282,454  
         
 
                                                                       
SEGMENT OPERATING MARGIN
                                                                       
Industrial Products
    12.4 %     14.4 %     13.4 %     13.1 %     12.0 %     13.0 %     12.8 %     13.5 %     13.2 %
Engineered Systems
    11.1 %     15.3 %     13.3 %     15.6 %     14.5 %     14.2 %     12.6 %     14.9 %     13.8 %
Fluid Management
    20.6 %     20.2 %     20.4 %     21.1 %     20.3 %     20.6 %     21.2 %     21.9 %     21.6 %
Electronic Technologies
    11.5 %     13.3 %     12.4 %     14.0 %     12.9 %     13.0 %     10.3 %     13.4 %     11.9 %
 
Total Segment
    13.6 %     15.6 %     14.6 %     15.6 %     14.6 %     14.9 %     14.1 %     15.8 %     15.0 %

2


 

DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2008
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION (continued)

(unaudited) (dollars in thousands)
                                                                         
    2007   2008
                    Q2                                           Q2
    Q1   Q2   YTD   Q3   Q4   FY 2007   Q1   Q2   YTD
         
BOOKINGS
                                                                       
Industrial Products
                                                                       
Material Handling
  $ 304,050     $ 286,875     $ 590,925     $ 272,405     $ 278,625     $ 1,141,955     $ 296,278     $ 313,199     $ 609,477  
Mobile Equipment
    374,845       353,122       727,967       298,016       338,357       1,364,340       360,324       318,059       678,383  
Eliminations
    (438 )     (445 )     (883 )     (324 )     (349 )     (1,556 )     (296 )     (385 )     (681 )
         
 
    678,457       639,552       1,318,009       570,097       616,633       2,504,739       656,306       630,873       1,287,179  
         
Engineered Systems
                                                                       
Product Identification
    215,596       219,111       434,707       231,166       253,343       919,216       239,547       250,538       490,085  
Engineered Products
    299,270       317,006       616,276       272,229       228,133       1,116,638       284,257       279,673       563,930  
         
 
    514,866       536,117       1,050,983       503,395       481,476       2,035,854       523,804       530,211       1,054,015  
         
Fluid Management
                                                                       
Energy
    200,010       187,502       387,512       194,733       202,820       785,065       233,662       252,535       486,197  
Fluid Solutions
    171,944       180,964       352,908       177,021       186,715       716,644       197,289       217,466       414,755  
Eliminations
    (15 )     (16 )     (31 )     (12 )     (67 )     (110 )     (24 )     (32 )     (56 )
         
 
    371,939       368,450       740,389       371,742       389,468       1,501,599       430,927       469,969       900,896  
         
 
                                                                       
Electronic Technologies
    311,840       354,858       666,698       381,804       330,049       1,378,551       360,337       384,790       745,127  
         
 
                                                                       
Intra-segment eliminations
    (3,019 )     (4,330 )     (7,349 )     (4,453 )     (2,837 )     (14,639 )     (2,992 )     (3,490 )     (6,482 )
         
 
                                                                       
Total consolidated bookings
  $ 1,874,083     $ 1,894,647     $ 3,768,730     $ 1,822,585     $ 1,814,789     $ 7,406,104     $ 1,968,382     $ 2,012,353     $ 3,980,735  
         
 
                                                                       
BACKLOG
                                                                       
Industrial Products
                                                                       
Material Handling
  $ 252,474     $ 240,977             $ 237,468     $ 213,653             $ 228,082     $ 235,284          
Mobile Equipment
    501,591       541,683               529,423       543,776               575,070       549,430          
Eliminations
    (207 )     (236 )             (275 )     (195 )             (171 )     (186 )        
                                     
 
    753,858       782,424               766,616       757,234               802,981       784,528          
                                     
Engineered Systems
                                                                       
Product Identification
    66,875       62,216               68,682       68,938               79,956       82,196          
Engineered Products
    281,120       321,530               282,728       227,523               244,981       235,513          
                                     
 
    347,995       383,746               351,410       296,461               324,937       317,709          
                                     
Fluid Management
                                                                       
Energy
    88,392       89,044               87,105       88,245               106,540       119,033          
Fluid Solutions
    65,683       72,028               73,007       73,713               85,130       91,870          
Eliminations
    (8 )                         (14 )             (6 )              
                                     
 
    154,067       161,072               160,112       161,944               191,664       210,903          
                                     
 
                                                                       
Electronic Technologies
    229,010       243,996               266,474       232,704               246,711       251,403          
                                     
 
                                                                       
Intra-segment eliminations
    (1,193 )     (2,110 )             (3,224 )     (1,913 )             (2,038 )     (1,424 )        
                                     
 
                                                                       
Total consolidated backlog
  $ 1,483,737     $ 1,569,128             $ 1,541,388     $ 1,446,430             $ 1,564,255     $ 1,563,119          
                                     
 
                                                                       
ACQUISITION RELATED DEPRECIATION AND AMORTIZATION EXPENSE *
 
                                                                       
Industrial Products
  $ 6,741     $ 6,697     $ 13,438     $ 7,213     $ 7,179     $ 27,830     $ 9,215     $ 8,070     $ 17,285  
Engineered Systems
    11,607       5,459       17,066       5,755       6,441       29,262       6,109       6,116       12,225  
Fluid Management
    3,800       3,812       7,612       3,796       4,161       15,569       3,914       5,607       9,521  
Electronic Technologies
    8,756       10,319       19,075       9,957       9,264       38,296       8,902       9,416       18,318  
         
 
  $ 30,904     $ 26,287     $ 57,191     $ 26,721     $ 27,045     $ 110,957     $ 28,140     $ 29,209     $ 57,349  
         
 
*   Represents the pre-tax impact on earnings from the depreciation and amortization of acquisition accounting write-ups to reflect the fair value of inventory, property, plant and equipment and intangible assets.

3


 

DOVER CORPORATION — INVESTOR SUPPLEMENT
SECOND QUARTER 2008
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE

(unaudited)
                                                                         
    2007   2008
    Q1   Q2   YTD   Q3   Q4   FY 2007   Q1   Q2   YTD
         
Basic earnings (loss) per common share:
Continuing operations
  $ 0.67     $ 0.85     $ 1.53     $ 0.91     $ 0.89     $ 3.33     $ 0.77     $ 0.99     $ 1.76  
Discontinued operations
    (0.04 )     (0.01 )     (0.06 )     (0.04 )     0.05       (0.04 )     (0.00 )     (0.27 )     (0.27 )
Net earnings
    0.63       0.84       1.47       0.87       0.95       3.28       0.76       0.72       1.48  
 
                                                                       
Diluted earnings (loss) per common share:
Continuing operations
  $ 0.67     $ 0.85     $ 1.52     $ 0.90     $ 0.89     $ 3.30     $ 0.77     $ 0.98     $ 1.74  
Discontinued operations
    (0.04 )     (0.01 )     (0.06 )     (0.04 )     0.05       (0.04 )     (0.00 )     (0.27 )     (0.27 )
Net earnings
    0.63       0.84       1.46       0.86       0.94       3.26       0.76       0.71       1.47  

4

GRAPHIC 4 y63151y6315102.gif GRAPHIC begin 644 y63151y6315102.gif M1TE&.#EA%P$B`-4@`,;H\8O1Y%&YUE&YU<7G\8O0XT.TTC2NSZGBR/___P`````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````````"'Y!`$``"``+``````7`2(```;_ MP(]P2"P:C\BDH6&AQ\1@XN,C8Y8B)&29HJ/EI>8<9.;G$>5F:"A MHG:=I9T-HZFJEJ:MDPD,7``!M`$-`%D/#;6WH+.U"`^K7[J\N'"N1!<#%.'C!DS?`29 ML,,&)K&N(%BR38J#):A`=&,B+UR33Q&4)%!7QIV4_P5)VA1,8@^?E)5*6OXS MTG+HT#,%)$J5J,&BD`Y3I4JH4&$J!R$$I&+XD%4J`;)EI9Y44L[*`R8)VBQ` MMP373";;EM;5QVY=DP-57B*)\O1(T2*X&-!5(DPO$07SB!0N$S5MQ`E"*EN6 M8$&"5)%H)6*V[.$LZ8ACE0"VDI.(`03PB$``T:!(@@:QAT"^*R2!@&E%(#O^ M\-N(HMQ"%"!8+&2;$0/(AZ24`B')[,E%#A/!U7J(`=S!;2*)Y53+\"&:+T^8 M>N$#AJD#UDO%:/:#!:^ARYHV6^"]U/9*3#<%!P,,,%5#6=DX50'IC:7C?/F59L2/'\&WA#53&,6;$"``-P0N$3YI3X@4 MBD>$%$\6:`27!QHU7#Y`*0&.ED.0DJ*87]8HSXQ8U'ACCDCV>&,!0TKT`053 M"3'5644@&1:1;!&R(0(FFHCBE&A":24(#$B97*,?@(G8EPQ*MJ@0W!DQG6!# M=">$-1%2812;15!*Q`-P7B$G?'E>5J0'/DI50)$#I*>!GUHIQ*.M24IEE76& MI@C)AE66$46$"T1W0*F/EG$E=2L6,9L4I3:Y(:I;UOB!B)K2F,2T7"CC8A0!O>;O>OIDWL-$69 M!*FX);^IFKHMLFU22*^X2)`;\;G`;B!5!YY)M-%4$OBZ,9)+0'8PI^'44LNF M!1K\I&\?EI.R$(JL'/-SA:W&EVQ8&INM7VOBG*ICYQ!EWL/SE3M:GW=^<(%4 MZ>K)JT0>#S'5!/%IQ41;-J?8)=54?ODH"!,2`9BW!RA'\\S1;@BJO1@.<4!Q M1+1U-N*@1\AVYD:`;,6K<==)-]/^9>5QQ($">R,3,17._^B3@#V5>*J+U[8V MIE\WW#H'``D_-UJ%1,&-"\J"TO*KU M#P2B^@"$H!>EZ27J@22"VV8R"AC5%/ M'`?*&"@\P_!P,S\4@@6XQS<-[OI-<'ZS3`$`R@CAPRSHUW6$:.1IFCC1R!E`,X M(A$J@$IF$*&5I&P&*MLCRE$.BQ]:6$`#./>!R+6D"@A00$$,((`&G.D7P)C" M`Z06``0P@)F$RP(#1"0E`4B.&\Q,"0,0P$R99',*S^QF.*5FCF_^I`$*R`TQ M?PDI9AX#F5(KH3/FF09V#N.>^$0&/?=Y!NKE\Y\`Y0(_!PH7`07TH`A]&D$7 MVAN?)/2A"&6H1!L*T8HF=*(,%8!!+V)TH`>P9T='NHJ/TO.:)$WI,((` "`#L_ ` end GRAPHIC 5 y63151y6315101.gif GRAPHIC begin 644 y63151y6315101.gif M1TE&.#EA%P$B`.8``+K3Q]G"WTZC3Y&2QT,[F\,KD[NSU^:S5Y8'`V5RMS6"O MSN_V^NGS^.#O];79Z&BST:_6YM/H\83!V7Z^U]OL]*#/XI?*WU>JS(K$V[/8 MY^[V^=?J\H?"VJ;2Y)+(W=SM].CS]_/X^]'H\8W%W*31XW:YU7>[UNCR]TVF MR4NER/S]_OW^_DJDR/;Z_*30XE6JR_[^_M3I\>7R]]CK\^WV^??[_//Y^_+X M^V6RT%"GRO?Z_-7I\H_&W%BKS-WM]$RER76ZU?+X^E:JRVFTT:W6YGJ\UI7) MWI_/XG&XTX;!V=WN]/7Z_-7J\F.QT,7A[:;1XZ72XTFDR/___R'Y!``````` M+``````7`2(```?_@'Z"@X2%AH>(B8J+C(A5"A]S"7^4E9:7F)F:FYR=GI^@ MH:*CI*.-IZBIJJA5`PX"I;&RL[2UMK>7J[J[O*=6`VNXPL/$Q<:9OYN?HR.+KX69>Z?#QV^STUS!GG0)@ M!S11/2IWL&3"0L)!CRAQ3)#08DE+DX<0(S9Q8^F*1(E'KF32@L9$@2@[3DRJ MA.6BQ``",^$PB8/2#),2QPC($3'`)2Q,3!RD<0`,K$HS+\ZH]!+BD7J$*"A0 M8`7IJ@N`'3N0G!@0IB7S`S^?/4)J=ADS#QB(#)32IJ))(C8Y*,6@CLG*`DE=&%6"- M942CDA%%7%JZ9<2EQ:4KG`V9$:A84=Z]@_I2RH#]4)4]E`H;DF"7$&-=#S@Y MR#+(K"8F,-Y.$DY:LBAB121/1)3(!)4U,L`@;5OW&"%3# M+5)%2UXPLD!;I\AQ"1.)W%9=(M?Q18M%X.*+,'Y82'J< M#"&(!9WLX8=-E:3AAP)654)#?IOLUQ\G:RPR`/]BEM10R!P9+%#("7\T4,@` M:!11"`A_."B(#0Q4T!0A*T;X)0-)C#E(#U=H.0@;!?B@1R$Q+$<(`W.42`@" MEX"02`.)X97BCY044$@1,3A)"!U_##J(%39].(43E%9JJ9V&T%@)`P)6`@87 M?C!A206"+`(!2-9XAHA M8_RA0B%`_!%"(2K\T4(A!'0YXQ]8`%'(%'^8Z4=Z7510B`\D/ M?@1)B01^K&B)%#^,Z@?_"Y9@4$>LE#QAR)&41&%:+HN8@`E[A'1JDP&>X2DD;.-%/",R$^=T?H'T&3.?0?5_A)"!>6>$Q( MT8204,G03SNNG>-B5YWRU7ZXLS4G!^?BM<@._T'V)5+X(8(E:O1A26D<_Q$& M`,`#4`:NEF+L.\@"4$<^"!1#*Y!6 M_R$I6#*DTACH)H@VE(!.F.B4D$ZUS*C[`<+JF[1.]^MB5S+[Q'[(@"5<4(Y* M6(X3@`'9'\;0!*:)P0/)(UG*F%<(YP6.$2M``R6T%3TB&((&W1,:(Q#`!R9U MH7""@,$?8$`(#WS.$*$3T1_DURCZ.4Y!@^`!_JC1-===`G9CBQCM_%"<2B3! M&950%`*)EXDK[*`145#>!#71/)@];X0,(`/B%@&!)H108X%!`B"VHP#]<.X36P%:]_#Q,B`!$&`L]5`H>7 M$,$)%GD"=RDP$XJRCA0'08G?!0\`9JDBX%(F.#748/]9A>C!%A,!@7)\\7M# MJX$'\D@(%U2"KB_2\PR=O\S MFR!`)H.X_,$-*'M;(118``2\P!+/6H02)IFN/V@.CIJ\8N+^8+GMC=(/!HA1 M&IS3*/A!3H3+@Q@AK,!&(12B#`\8'B%$:0F0=AP@S+^Z8@>-"WD6U2$&@3'(U4 M>DZOM\S4)13` MMTJ(("O!:M0#KED)#(#*#Z;_RH2/NED)2P+/20H4&4?II@@;L-,2<"@$`)I@ MLUC^P5MWFL$&"E&#F0UBI=.ZWB;P,!=!&,`'`:@=(49`4_ M=\)U$#1H@L@(<2%?_B%IP82"9C?+V=0H%$%AV%U3A-")&`P"1YG0GGZ8^`>Q MIFT1+$B))>9*B"K<0$U^L()S+G!4/U0!!KWU`U18:E=!I$>OF["24'&H1@T4 MEJ>"XP$#IJN`VL:@IKA\7`9Z&SU#R("H`ON##!!QGE6XU!)8`(P?LB`J3;0` M0*P20R:ZL]JP^F&LE#"C(K)Z$QD9XG!_T$(D$3$!C1#7H(+X0$LYD0.I'4(; MSY7C_QP*P2AR%:(`V.UI+I.XB+J`5Q`#PP+I!%%>59SW#UT``R@%D847Q.X/ M>%""X\Q@'TOHEZN9,%+<[GL)5B+BQ4!I`R*R,`=+C`&^AFC5JL9)@ND)P@HB M0.XF-(!80Y2OII3H`E`)8:J^@K@23R1$Q1C[XN8343`B#`%!M:D>K(`H#Z'01 M-A",$:&ZO0&^]1]T@.K84*($K*;)L754"V/,9-;EQ\^]RJ`%2YU\WN6*#[W8SP<+OG M3>^DPOO>@X`#&^O-[WXG#-\`]X,4>.3O@M,[X/>VPA"<:?"&KQOAZ,Z"%/8@ 56X=;?-P0=XH5*/"#ZU[\X^0.!``[ ` end
-----END PRIVACY-ENHANCED MESSAGE-----