-----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, JWu5Be3O36tzU0mxrXJZw+pGkRLFDTmyxgZtIECE4RMOEt73KcMoNqRjieW541q8 CeEGqrRa57JM5mOOZPNlug== 0000029924-96-000008.txt : 19960809 0000029924-96-000008.hdr.sgml : 19960809 ACCESSION NUMBER: 0000029924-96-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960808 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOW JONES & CO INC CENTRAL INDEX KEY: 0000029924 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 135034940 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07564 FILM NUMBER: 96606218 BUSINESS ADDRESS: STREET 1: 200 LIBERTY ST CITY: NEW YORK STATE: NY ZIP: 10281 BUSINESS PHONE: 2124162000 10-Q 1 PAGE 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 1-7564 DOW JONES & COMPANY, INC. (Exact name of registrant as specified in its charter) DELAWARE 13-5034940 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 200 LIBERTY STREET, NEW YORK, NEW YORK 10281 (Address of principal executive offices) (Zip Code) (212) 416-2000 (Registrant's telephone number, including area code) 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 --- --- The number of shares outstanding of each of the issuer's classes of common stock on June 30, 1996: 75,129,992 shares of Common Stock and 21,893,617 shares of Class B Common Stock. PAGE 2
PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF INCOME Dow Jones & Company, Inc. Quarters Ended Six Months Ended June 30 June 30 ========================================================================================== (in thousands except per share amounts) 1996 1995 1996 1995 - ------------------------------------------------------------------------------------------ REVENUES: Information services $278,199 $273,317 $ 556,558 $ 536,364 Advertising 238,315 198,295 431,794 380,416 Circulation and other 114,123 105,431 227,119 205,621 - ------------------------------------------------------------------------------------------ Total revenues 630,637 577,043 1,215,471 1,122,401 - ------------------------------------------------------------------------------------------ EXPENSES: News, operations and development 202,712 186,589 397,434 359,073 Selling, administrative and general 208,669 188,300 404,592 376,409 Newsprint 45,881 38,944 90,785 72,273 Second class postage and carrier delivery 27,343 25,787 53,969 51,397 Depreciation and amortization 53,940 53,598 107,647 105,068 - ------------------------------------------------------------------------------------------ Operating expenses 538,545 493,218 1,054,427 964,220 - ------------------------------------------------------------------------------------------ Operating income 92,092 83,825 161,044 158,181 OTHER INCOME (DEDUCTIONS): Investment income 1,012 1,330 2,099 2,560 Interest expense (3,733) (4,717) (7,477) (9,352) Equity in earnings of associated companies 3,094 3,783 4,760 5,191 Other, net (1,413) 452 (1,160) 13,362 - ------------------------------------------------------------------------------------------ Income before income taxes and minority interests 91,052 84,673 159,266 169,942 Income taxes 40,847 37,060 73,193 77,082 - ------------------------------------------------------------------------------------------ Income before minority interests 50,205 47,613 86,073 92,860 Minority interests in losses of subsidiaries 1,820 1,705 3,577 2,889 - ------------------------------------------------------------------------------------------ NET INCOME $ 52,025 $ 49,318 $ 89,650 $ 95,749 ========================================================================================== PER SHARE: Net income $.54 $.51 $.92 $.99 Cash dividends declared .48 .46 .72 .69 ========================================================================================== Weighted average shares outstanding 97,118 96,800 97,238 96,736 ========================================================================================== See notes to condensed consolidated financial statements.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Dow Jones & Company, Inc. Six Months Ended June 30 =========================================================================== (in thousands) 1996 1995 - --------------------------------------------------------------------------- OPERATING ACTIVITIES: Net income $ 89,650 $ 95,749 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 107,647 105,068 Changes in assets and liabilities (22,444) (36,222) Other, net 4,056 (11,712) - --------------------------------------------------------------------------- Net cash provided by operating activities 178,909 152,883 - --------------------------------------------------------------------------- INVESTING ACTIVITIES: Additions to plant and property (101,576) (99,738) Businesses and investments acquired, net of cash received (27,857) (53,277) Disposition of businesses and investments 22,032 Other, net 6,599 6,927 - --------------------------------------------------------------------------- Net cash used in investing activities (122,834) (124,056) - --------------------------------------------------------------------------- FINANCING ACTIVITIES: Cash dividends (46,771) (44,483) Increase in long-term debt 44,707 23,189 Reduction of long-term debt (46,843) (15,463) Purchase of treasury stock (26,699) Other, net 18,280 13,694 - --------------------------------------------------------------------------- Net cash used in financing activities (57,326) (23,063) - --------------------------------------------------------------------------- Effect of exchange rate changes on cash (238) (1,064) - --------------------------------------------------------------------------- (Decrease) increase in cash and cash equivalents (1,489) 4,700 Cash and cash equivalents at beginning of year 13,667 10,888 - --------------------------------------------------------------------------- Cash and cash equivalents at June 30 $ 12,178 $ 15,588 =========================================================================== See notes to condensed consolidated financial statements.
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CONDENSED CONSOLIDATED BALANCE SHEETS Dow Jones & Company, Inc. June 30 December 31 =========================================================================== (in thousands) 1996 1995 - --------------------------------------------------------------------------- ASSETS: Cash and cash equivalents $ 12,178 $ 13,667 Accounts receivable--trade, net 306,123 272,601 Inventories 9,467 12,752 Other current assets 71,995 72,235 - --------------------------------------------------------------------------- Total current assets 399,763 371,255 - --------------------------------------------------------------------------- Investments in associated companies, at equity 223,580 122,587 Other investments 226,619 71,777 Plant and property, at cost 2,119,085 2,049,566 Less, accumulated depreciation 1,424,426 1,359,585 - --------------------------------------------------------------------------- 694,659 689,981 Excess of cost over net assets of businesses acquired, less amortization 1,289,423 1,308,623 Deferred income taxes 11,786 Other assets 22,205 22,691 - --------------------------------------------------------------------------- Total assets $2,856,249 $2,598,700 =========================================================================== LIABILITIES: Accounts payable and accrued liabilities $ 273,248 $ 274,112 Income taxes 70,146 67,940 Unearned revenue 249,055 234,168 Current maturities of long-term debt 5,318 5,318 - --------------------------------------------------------------------------- Total current liabilities 597,767 581,538 Long-term debt 345,723 253,935 Deferred income taxes 44,164 Other noncurrent liabilities 172,356 161,476 - --------------------------------------------------------------------------- Total liabilities 1,160,010 996,949 - --------------------------------------------------------------------------- STOCKHOLDERS' EQUITY: Common stocks 102,181 102,181 Additional paid-in capital 135,081 134,898 Retained earnings 1,524,380 1,504,787 Unrealized gain on investments 85,453 Cumulative translation adjustment (5,425) (5,586) - --------------------------------------------------------------------------- 1,841,670 1,736,280 Less, treasury stock, at cost 145,431 134,529 - --------------------------------------------------------------------------- Total stockholders' equity 1,696,239 1,601,751 - --------------------------------------------------------------------------- Total liabilities and stockholders' equity $2,856,249 $2,598,700 =========================================================================== See notes to condensed consolidated financial statements.
PAGE 5 NOTES TO FINANCIAL STATEMENTS Dow Jones & Company, Inc. 1. The accompanying unaudited condensed consolidated financial statements reflect all adjustments considered necessary by management to present fairly the company's consolidated financial position as of June 30, 1996, and December 31, 1995, and the consolidated results of operations for the three- month and six-month periods ended June 30, 1996 and 1995, and the consolidated cash flows for the six-month periods then ended. All adjustments reflected in the accompanying unaudited condensed consolidated financial statements are of a normal recurring nature. The results of operations for the respective interim periods are not necessarily indicative of the results to be expected for the full year. 2. The company holds a minority interest in United States Satellite Broadcasting Company, Inc. (USSB), a provider of direct satellite television programming. On placement of an initial public offering by USSB on February 1, 1996, the fair value of the company's investment in USSB became readily determinable as defined in Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities." The resultant unrealized gain, net of deferred taxes, was recorded directly to Stockholders' Equity. As of June 30, 1996, the market value of the company's available-for-sale investments, principally USSB, was $173.8 million yielding a gross unrealized gain of $144 million. 3. On July 1, 1996, the company and ITT Corporation finalized its purchase of WNYC-TV from the city of New York. The company's remaining payment, approximately $94 million, was financed by commercial paper and accordingly the June 30, 1996 liability for the purchase was classified as long-term debt. 4. Supplementary cash flow data:
Six Months Ended June 30 =========================================================================== (in thousands) 1996 1995 - --------------------------------------------------------------------------- Interest payments $ 6,953 $ 10,026 Income tax payments 70,724 104,593 ============================================================================
5. Certain of the 1995 amounts have been reclassified for comparative purposes. PAGE 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 Net income for the second quarter of 1996 was $52 million, or $.54 per share, an increase of 5.5% from the $49.3 million, or $.51 per share, earned in 1995's second quarter. A 51% surge in business publishing segment operating income largely due to increased advertising revenue was partially negated by a fall-off in financial information service segment operating earnings. For the first half of 1996, net income of $89.7 million, or $.92 per share, was down $6 million, or 6.4%, from net income of $95.7 million, or $.99 per share, in the like 1995 period. Results in 1995 included a net enhancement of one cent per share consisting of a six cents per share gain on the sale of a subsidiary and a five cents per share loss on an operating lease. Second-quarter 1996 operating income grew 9.9%, to $92.1 million from $83.8 million a year earlier. The operating margin, at 14.6%, remained relatively unchanged from 1995's second quarter. Revenues increased $53.6 million, or 9.3%, to $630.6 million. Three-quarters of the gain stemmed from higher advertising revenue, which rose primarily on the strength of an 18.2% advertising linage jump at The Wall Street Journal. Operating expenses of $538.5 million increased $45.3 million, or 9.2%, from the second quarter of 1995. Expenses in the second quarter of 1996 reflected increased spending on new product offerings including European Business News, Telerate Workstation, Dow Jones Money Management Alert and Internet products such as The Wall Street Journal Interactive Edition and Barron's Online. Higher newsprint expense and additional spending on content for the company's electronic information services also contributed to the expense increase. Newsprint expense was up $6.9 million, or 17.8%, mostly due to an increase in consumption at the domestic Journal. However, during the second quarter, newsprint prices fell roughly 15% from the first quarter of 1996. The company employed 11,661 full-time employees at June 30, 1996, up 6.3% from 10,973 a year earlier, primarily the result of increased staffing in product development and expanded sales efforts. Operating income of $161 million for the first half of 1996 was up slightly from $158.2 million in the comparable 1995 period. Excluding a loss on an operating lease in 1995, operating income would have declined $5.5 million, or 3.3%. Revenues grew $93 million, or 8.3%, to $1.2 billion. Operating expenses increased $90.2 million, or 9.4%, from the first half of 1995, mainly due to continued investment in both new products and product enhancements, expanded content and higher newsprint costs. PAGE 7 SEGMENT DATA The company's operations are divided into the following three segments: financial information services, business publishing and community newspapers. Financial information services includes Dow Jones Telerate and Dow Jones' financial news services, such as Dow Jones News Service, the AP- Dow Jones newswires and Federal Filings. This segment serves primarily the worldwide financial services industry - including traders and brokers - with real-time business and financial news, quotes, trading systems and analytical tools. Business publishing contains the company's Print Publications as well as its Business Information Services and its Television and Multimedia group. Business publishing serves companies, business consumers and private investors by providing news and information in a wide variety of print and electronic media. The community newspapers segment consists of the company's Ottaway Newspapers Inc. subsidiary, which publishes 19 daily newspapers in communities throughout the United States. The following table compares revenues and operating income by business segment for the quarters and six months ended June 30, 1996 and 1995:
============================================================================ % Increase (in thousands) 1996 1995 (Decrease) - ---------------------------------------------------------------------------- Revenues: Financial information services $244,226 $240,199 1.7 Business publishing 312,553 265,474 17.7 Community newspapers 73,858 71,370 3.5 - ---------------------------------------------------------------------------- Operating Income: Financial information services $ 40,275 $ 48,789 (17.5) Business publishing 44,234 29,239 51.3 Community newspapers 12,924 10,851 19.1 ============================================================================ Six Months Ended June 30 ============================================================================ Revenues: Financial information services $485,978 $473,334 2.7 Business publishing 591,100 518,207 14.1 Community newspapers 138,393 130,860 5.8 - ---------------------------------------------------------------------------- Operating Income: Financial information services $ 86,386 $ 97,930 (11.8) Business publishing 68,568 54,512 25.8 Community newspapers 16,721 15,604 7.2 ============================================================================
PAGE 8 FINANCIAL INFORMATION SERVICES Financial information services segment second-quarter operating income of $40.3 million declined $8.5 million, or 17.5%, from the second quarter of 1995. The operating margin fell to 16.5% from 20.3%. Excluding the benefit from fluctuations in foreign currency exchange rates, operating income would have decreased $10.8 million, or 22.2%, from 1995's second quarter. A large portion of the foreign currency exchange benefit stemmed from realized gains on forward foreign currency exchange contracts. Financial information services revenue for the quarter edged up $4 million, or 1.7%, to $244.2 million. Domestic revenues declined 0.9%, in part due to consolidations in the financial services industry, cost containment measures by major customers and strong competition. Revenues from foreign operations grew 3.3%, or 3.1% excluding the benefit from changes in foreign currency exchange rates. Exclusive of the foreign exchange benefit, revenue growth in Europe was partially offset by a decline in the Asia/Pacific region which continues to be adversely affected by Japan's struggling banking sector. In the second quarter of 1996, financial information services operating expenses of $203.9 million rose $12.5 million, or 6.6%. Removing the effect of foreign exchange rate fluctuations, operating expenses would have increased 7.6%. The rise reflected enhanced news content, product development and heightened sales efforts. At June 30, 1996, the number of full-time employees in this segment was up 12.9% from a year earlier, chiefly due to expanded sales forces and increased staff in product development. For the first six months of 1996, financial information services operating income of $86.4 million declined $11.5 million, or 11.8%, from the first half of 1995. Revenues grew $12.6 million, or 2.7%, while expenses rose $24.1 million, or 6.4%. Excluding the effect of foreign currency exchange fluctuations in 1996, operating income would have declined $16.6 million, or 16.9%, with revenues and operating expenses increasing 1.8% and 6.6%, respectively. The slow pace of revenue growth, relative to growth posted in prior years, reflects consolidation in the financial services industry, cost containment measures by major customers and strong competition. These factors are anticipated to continue as the year unfolds. BUSINESS PUBLISHING In the second quarter of 1996, business publishing operating income of $44.2 million grew $15 million, or 51.3%, from the $29.2 million earned in the corresponding 1995 quarter. The operating margin rose to 14.2% from 11% in 1995. Revenues of $312.6 million advanced $47.1 million, or 17.7%, while operating expenses increased $32.1 million, or 13.6%. PAGE 9 For the quarter, advertising revenue from the Print Publications group advanced 25.6% as a result of an 18.2% linage gain at The Wall Street Journal. General advertising linage, comprising about 55% of total Journal linage, grew 7.5%. Financial advertising linage, which composed about 35% of Journal linage, rose 47.3% primarily due to increased advertising by investment and trading firms and a rise in security offerings. Classified and other Journal linage was up 5%. Barron's national advertising pages rose 25.9%. Advertising revenue for international print publications, which include the Asian and European Journals and the Far Eastern Economic Review, grew 18.1%. Circulation revenue for the business publishing segment advanced 6.6%. Operating expenses for this segment increased $32.1 million, or 13.6%, in the second quarter of 1996. Print Publications expenses increased 12.4% in part due to higher newsprint costs and additional selling expenses. Business Information Services group expenses were up 16.3% as a result of development and marketing spending on The Wall Street Journal Interactive Edition and Barron's Online and expanded content for Dow Jones News/ Retrieval. Expenses for the Television and Multimedia group rose $2.8 million chiefly due to higher selling expenses for European Business News. Business publishing operating income for the first six months of 1996 advanced $14.1 million, or 25.8%, to $68.6 million. Excluding a loss on an operating lease in 1995, operating income would have been up 9%. Business publishing revenues in the first half of 1996 gained $72.9 million, or 14.1%, to $591.1 million. Advertising revenue for the Print Publications group strengthened 15.7% with Wall Street Journal linage up 8.2%. Barron's national advertising pages increased 23%. Circulation revenue for this segment grew 7.6%. Average circulation for The Wall Street Journal in the first half was 1,819,000, up 1.2% from last year. Average combined circulation for the Asian and European Journals rose roughly 5%, to 117,000. Barron's average circulation grew about 6%, to 300,000. Business publishing operating expenses in the first half increased $58.8 million, or 12.7%, to $522.5 million. The increase was attributable to higher newsprint costs and additional spending on new products at Business Information Services and Television. At June 30, 1996, the number of full-time employees in the business publishing segment increased 6.4% from a year earlier, mainly due to additional staffing in product development. For the first six months of 1996, the company's television operations, including operating losses, less the noncontrolling partner's share of losses in European Business News, and equity losses from Asia Business News, posted a pretax loss of $21.8 million compared with a loss of $17 million in the first half of 1995. PAGE 10 COMMUNITY NEWSPAPERS The community newspapers segment's second-quarter 1996 operating income of $12.9 million increased $2.1 million, or 19.1%, compared with the like 1995 quarter. Community newspapers revenue of $73.9 million grew $2.5 million, or 3.5%. Advertising revenue was up 3.1% due to rate increases, while advertising linage was down 3.2%. Circulation revenue increased 4.9% from the year-ago quarter. Operating expenses in the second quarter were essentially flat with the second quarter last year reflecting efficiencies achieved from consolidating operations in Essex County, Massachusetts last August. Community newspapers operating income for the first six months of 1996 grew $1.1 million, or 7.2%, compared with the corresponding 1995 period. Revenues were up $7.5 million, or 5.8%. Operating expenses increased $6.4 million, or 5.6%. OTHER INCOME / DEDUCTIONS Interest expense in the second quarter of 1996 declined $1 million, or 20.9%, from the second quarter of 1995. For the first half of 1996, interest expense dropped $1.9 million, or 20%, from 1995's first half, as a result of a decline in interest rates and a lower average debt level in 1996. In the second quarter, equity in earnings of associated companies was $3.1 million versus earnings of $3.8 million a year ago. Increased earnings from SmartMoney magazine were more than offset by additional losses from television operations in Asia and the company's new commercial real estate on-line service, Teleres. In the first six months of 1996, equity earnings were $4.8 million against earnings of $5.2 million for the like period in 1995. Earnings gains by the company's newsprint mill affiliates were negated by losses from Asia Business News and Teleres. In the last half of 1995, the company increased its ownership of Asia Business News to just under 50% from roughly 30%. Other, net for the first half of 1996 declined $14.5 million from the comparable period last year. The first half of 1995 included the pretax gain of $13.4 million from the sale of 80% of the company's interest in SportsTicker, a sports information service. PAGE 11 INCOME TAXES The effective income tax rate for the second quarter of 1996 increased to 44.9% from 43.8% in the second quarter a year ago. The effective tax rate in 1995 was lower due to the successful settlement of some state and local tax issues. For the first six months of 1996, the effective income tax rate was 46% versus 45.4% in the comparable 1995 period. FINANCIAL POSITION In the first half of 1996, the company recorded an unrealized gain on investments of $85.5 million, net of deferred taxes of $58.5 million, as a separate component of Stockholders' Equity. The recognition of this significant unrealized gain was a result of the February 1, 1996 initial public offering by United States Satellite Broadcasting Company, Inc. (USSB), which made the fair value of the company's investment in USSB readily determinable as defined in Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities." The working capital ratio, excluding unearned revenue, was 1.1 to 1 at June 30, 1996 and December 31, 1995. In the first six months of 1996, funds provided by operations of $178.9 million advanced $26 million over the comparable 1995 period reflecting an increase in dividends from the company's newsprint mill affiliates and lower corporate income tax payments. During 1996's first half, funds provided by operations were used to pay cash dividends of $46.8 million, fund capital expenditures of $101.6 million and invest $27.9 million in equity ventures. The company also repurchased 716,000 shares of its common stock for $26.7 million. In June 1996, the company's Board of Directors authorized the repurchase of an additional three million shares of its common stock bringing the total number of shares that are authorized to be purchased to approximately 3.9 million. These additional shares may be acquired as market and other conditions warrant. On July 1, 1996 the company and ITT Corporation finalized the purchase of WNYC-TV from the city of New York. The company's share of its remaining obligation amounted to $94 million and was financed by commercial paper. The television station, renamed WBIS+, will provide business and sports programming to the New York metropolitan area. On July 18, 1996 the company sold its minority interest in Press- Enterprise Co., a daily newspaper publisher in Riverside, California, to A.H. Belo Corporation. The company will recognize a gain from the sale in 1996's third quarter. PAGE 12 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. (a) Exhibits filed: Financial Data Schedule (Exhibit 27) (b) Reports on Form 8-K: No reports on Form 8-K were filed during the quarter for which this report is filed. PAGE 13 SIGNATURE --------- 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. DOW JONES & COMPANY, INC. ------------------------- (Registrant) Date: August 8, 1996 By Thomas G. Hetzel ---------------------- Comptroller (Chief Accounting Officer) EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS IN FORM 10-Q FOR DOW JONES & COMPANY, INC. FOR THE PERIOD ENDED JUNE 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000029924 DOW JONES & COMPANY, INC. 1,000 6-MOS DEC-31-1996 JUN-30-1996 12178 0 320991 14868 9467 399763 2119085 1424426 2856249 597767 345723 0 0 102181 1594058 2856249 1215471 1215471 649835 649835 0 0 7477 159266 73193 89650 0 0 0 89650 .92 0
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