(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 2.05 |
Costs Associated with Exit or Disposal Activities.
|
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
|
Item 7.01 |
Regulation FD Disclosure.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d)
|
Exhibits. The following exhibits are furnished with this Current Report
on Form 8-K:
|
Exhibit Number
|
Description
|
Sensient Technologies Corporation Earnings Press Release for the Quarter and Year Ended December 31, 2023.
|
|
Sensient Technologies Corporation Investor Presentation – Q4 2023.
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
SENSIENT TECHNOLOGIES
CORPORATION
|
|||
By:
|
/s/ John J. Manning
|
||
Name:
|
John J. Manning
|
||
Title:
|
Senior Vice President, General Counsel, and Secretary
|
||
Date:
|
February 8, 2024
|
|
Contact:
Amy Agallar
(414) 347-3706
investor.relations@sensient.com
|
• |
Reported revenue increased 0.2% to $349.3 million in the fourth quarter of 2023 versus last year’s fourth quarter results of $348.7 million. On a local currency basis(1), revenue
decreased 1.8%.
|
• |
Reported operating income declined 80.4% to $8.1 million compared to $41.2 million recorded in the fourth quarter of 2022. In the fourth quarter of 2023, the Company recorded $27.8 million of
costs, primarily non-cash, related to its recently enacted Portfolio Optimization Plan. Adjusted local currency operating income(1) and local currency adjusted EBITDA(1) decreased 9.6% and 8.5%, respectively, in the
fourth quarter, with each decreasing as a result of lower sales volumes.
|
• |
Reported earnings per share was a loss of 14 cents in the fourth quarter of 2023 compared to income of 69 cents in the fourth quarter of 2022. Adjusted local currency EPS(1) decreased
23.4% in the fourth quarter as a result of lower sales volumes and higher interest expense.
|
Sensient Technologies Corporation
Earnings Release – Quarter Ended December 31, 2023
February 8, 2024
|
Page 2 |
Reported
|
Local Currency(1)
|
|||||||
Revenue
|
Quarter
|
Year-to-Date
|
Quarter
|
Year-to-Date
|
||||
Flavors & Extracts
|
2.3%
|
0.4%
|
0.4%
|
-0.8%
|
||||
Color
|
-4.4%
|
0.7%
|
-7.0%
|
-0.9%
|
||||
Asia Pacific
|
-3.9%
|
1.7%
|
-4.6%
|
3.5%
|
||||
Total Revenue
|
0.2%
|
1.4%
|
-1.8%
|
0.3%
|
||||
Reported
|
Adjusted Local Currency(1)
|
|||||||
Operating Profit
|
Quarter
|
Year-to-Date
|
Quarter
|
Year-to-Date
|
||||
Flavors & Extracts
|
-16.0%
|
-16.7%
|
-16.6%
|
-17.3%
|
||||
Color
|
-13.2%
|
-8.1%
|
-16.2%
|
-9.6%
|
||||
Asia Pacific
|
-11.0%
|
4.4%
|
-11.9%
|
6.3%
|
||||
Total Operating Profit
|
-80.4%
|
-21.2%
|
-9.6%
|
-6.8%
|
||||
|
|
|
|
|
|
|
|
|
Sensient Technologies Corporation
Earnings Release – Quarter Ended December 31, 2023
February 8, 2024
|
Page 3 |
Sensient Technologies Corporation
Earnings Release – Quarter Ended December 31, 2023
February 8, 2024
|
Page 4 |
Sensient Technologies Corporation
Earnings Release – Quarter Ended December 31, 2023
February 8, 2024
|
Page 5 |
(1) |
Please refer to “Reconciliation of Non-GAAP Amounts” at the end of this release for more information regarding our
non-GAAP financial measures.
|
Sensient Technologies Corporation
Earnings Release – Quarter Ended December 31, 2023
February 8, 2024
|
Page 6 |
Sensient Technologies Corporation
Earnings Release – Quarter Ended December 31, 2023
February 8, 2024
|
Page 7 |
Consolidated Statements of Earnings
|
Three Months Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||
2023
|
2022
|
% Change
|
2023
|
2022
|
% Change
|
|||||||||||||||||||
Revenue
|
$
|
349,302
|
$
|
348,736
|
0.2
|
%
|
$
|
1,456,450
|
$
|
1,437,039
|
1.4
|
%
|
||||||||||||
Cost of products sold
|
249,472
|
237,232
|
5.2
|
%
|
996,153
|
947,928
|
5.1
|
%
|
||||||||||||||||
Selling and administrative expenses
|
91,767
|
70,279
|
30.6
|
%
|
305,274
|
292,360
|
4.4
|
%
|
||||||||||||||||
Operating income
|
8,063
|
41,225
|
(80.4
|
%)
|
155,023
|
196,751
|
(21.2
|
%)
|
||||||||||||||||
Interest expense
|
6,524
|
4,799
|
25,172
|
14,547
|
||||||||||||||||||||
Earnings before income taxes
|
1,539
|
36,426
|
129,851
|
182,204
|
||||||||||||||||||||
Income taxes
|
7,372
|
7,305
|
36,457
|
41,317
|
||||||||||||||||||||
Net earnings
|
$
|
(5,833
|
)
|
$
|
29,121
|
(120.0
|
%)
|
$
|
93,394
|
$
|
140,887
|
(33.7
|
%)
|
|||||||||||
Earnings per share of common stock:
|
||||||||||||||||||||||||
Basic
|
$
|
(0.14
|
)
|
$
|
0.70
|
$
|
2.22
|
$
|
3.36
|
|||||||||||||||
Diluted
|
$
|
(0.14
|
)
|
$
|
0.69
|
$
|
2.21
|
$
|
3.34
|
|||||||||||||||
Average common shares outstanding:
|
||||||||||||||||||||||||
Basic
|
42,051
|
41,896
|
42,027
|
41,888
|
||||||||||||||||||||
Diluted
|
42,051
|
42,255
|
42,242
|
42,213
|
Results by Segment
|
Three Months Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||
Revenue
|
2023
|
2022
|
% Change
|
2023
|
2022
|
% Change
|
||||||||||||||||||
Flavors & Extracts
|
$
|
182,939
|
$
|
178,893
|
2.3
|
%
|
$
|
741,072
|
$
|
738,003
|
0.4
|
%
|
||||||||||||
Color
|
141,396
|
147,842
|
(4.4
|
%)
|
607,959
|
604,017
|
0.7
|
%
|
||||||||||||||||
Asia Pacific
|
33,202
|
34,567
|
(3.9
|
%)
|
146,090
|
143,581
|
1.7
|
%
|
||||||||||||||||
Intersegment elimination
|
(8,235
|
)
|
(12,566
|
)
|
(38,671
|
)
|
(48,562
|
)
|
||||||||||||||||
Consolidated
|
$
|
349,302
|
$
|
348,736
|
0.2
|
%
|
$
|
1,456,450
|
$
|
1,437,039
|
1.4
|
%
|
Operating Income
|
||||||||||||||||||||||||
Flavors & Extracts
|
$
|
18,059
|
$
|
21,495
|
(16.0
|
%)
|
$
|
87,773
|
$
|
105,424
|
(16.7
|
%)
|
||||||||||||
Color
|
21,343
|
24,584
|
(13.2
|
%)
|
105,370
|
114,619
|
(8.1
|
%)
|
||||||||||||||||
Asia Pacific
|
5,889
|
6,615
|
(11.0
|
%)
|
30,800
|
29,492
|
4.4
|
%
|
||||||||||||||||
Corporate & Other
|
(37,228
|
)
|
(11,469
|
)
|
(68,920
|
)
|
(52,784
|
)
|
||||||||||||||||
Consolidated
|
$
|
8,063
|
$
|
41,225
|
(80.4
|
%)
|
$
|
155,023
|
$
|
196,751
|
(21.2
|
%)
|
Consolidated Condensed Balance Sheets
|
December 31,
|
December 31,
|
||||||
2023
|
2022
|
|||||||
Cash and cash equivalents
|
$
|
28,934
|
$
|
20,921
|
||||
Trade accounts receivable
|
272,164
|
302,109
|
||||||
Inventories
|
598,399
|
564,110
|
||||||
Prepaid expenses and other current assets
|
37,119
|
47,640
|
||||||
Total Current Assets
|
936,616
|
934,780
|
||||||
Goodwill & intangible assets (net)
|
436,177
|
434,315
|
||||||
Property, plant, and equipment (net)
|
505,277
|
483,193
|
||||||
Other assets
|
136,437
|
129,326
|
||||||
Total Assets
|
$
|
2,014,507
|
$
|
1,981,614
|
||||
Trade accounts payable
|
$
|
131,114
|
$
|
142,365
|
||||
Short-term borrowings
|
13,460
|
20,373
|
||||||
Other current liabilities
|
91,732
|
109,415
|
||||||
Total Current Liabilities
|
236,306
|
272,153
|
||||||
Long-term debt
|
645,085
|
630,331
|
||||||
Accrued employee and retiree benefits
|
27,715
|
26,364
|
||||||
Other liabilities
|
52,077
|
53,168
|
||||||
Shareholders' Equity
|
1,053,324
|
999,598
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
2,014,507
|
$
|
1,981,614
|
|
2023
|
2022
|
||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$
|
93,394
|
$
|
140,887
|
||||
Adjustments to arrive at net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
57,820
|
52,467
|
||||||
Share-based compensation expense
|
8,933
|
16,138
|
||||||
Net loss on assets
|
541
|
276
|
||||||
Net gain on divestiture of business
|
-
|
(2,532
|
)
|
|||||
Portfolio optimization plan costs
|
24,089
|
-
|
||||||
Deferred income taxes
|
(5,100
|
)
|
(11,010
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Trade accounts receivable
|
35,801
|
(46,086
|
)
|
|||||
Inventories
|
(28,193
|
)
|
(159,014
|
)
|
||||
Prepaid expenses and other assets
|
5,767
|
(5,055
|
)
|
|||||
Trade accounts payable and other accrued expenses
|
(5,978
|
)
|
17,489
|
|||||
Accrued salaries, wages, and withholdings
|
(17,830
|
)
|
3,486
|
|||||
Income taxes
|
(1,175
|
)
|
4,422
|
|||||
Other liabilities
|
1,628
|
602
|
||||||
Net cash provided by operating activities
|
169,697
|
12,070
|
||||||
Cash flows from investing activities:
|
||||||||
Acquisition of property, plant, and equipment
|
(87,868
|
)
|
(79,322
|
)
|
||||
Proceeds from sale of assets
|
156
|
264
|
||||||
Proceeds from divestiture of business
|
-
|
2,532
|
||||||
Acquisiton of new businesses
|
(1,650
|
)
|
(22,714
|
)
|
||||
Other investing activities
|
1,741
|
792
|
||||||
Net cash used in investing activities
|
(87,621
|
)
|
(98,448
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from additional borrowings
|
351,662
|
328,597
|
||||||
Debt payments
|
(355,161
|
)
|
(171,447
|
)
|
||||
Dividends paid
|
(69,222
|
)
|
(68,915
|
)
|
||||
Other financing activities
|
(9,278
|
)
|
(2,056
|
)
|
||||
Net cash (used in) provided by financing activities
|
(81,999
|
)
|
86,179
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
7,936
|
(4,620
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
8,013
|
(4,819
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
20,921
|
25,740
|
||||||
Cash and cash equivalents at end of period
|
$
|
28,934
|
$
|
20,921
|
Supplemental Information
|
||||||||
Year Ended December 31,
|
2023
|
2022
|
||||||
Dividends paid per share
|
$
|
1.64
|
$
|
1.64
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||
2023
|
2022
|
% Change
|
2023
|
2022
|
% Change
|
|||||||||||||||||||
Operating income (GAAP)
|
$
|
8,063
|
$
|
41,225
|
(80.4
|
%)
|
$
|
155,023
|
$
|
196,751
|
(21.2
|
%)
|
||||||||||||
Divestiture & other related income – Selling and administrative expenses
|
-
|
(2,532
|
)
|
-
|
(2,532
|
)
|
||||||||||||||||||
Portfolio optimization plan costs – Cost of products sold
|
3,135
|
-
|
3,135
|
-
|
||||||||||||||||||||
Portfolio optimization plan costs – Selling and administrative expenses
|
24,706
|
-
|
24,706
|
-
|
||||||||||||||||||||
Adjusted operating income
|
$
|
35,904
|
$
|
38,693
|
(7.2
|
%)
|
$
|
182,864
|
$
|
194,219
|
(5.8
|
%)
|
||||||||||||
Net earnings (GAAP)
|
$
|
(5,833
|
)
|
$
|
29,121
|
(120.0
|
%)
|
$
|
93,394
|
$
|
140,887
|
(33.7
|
%)
|
|||||||||||
Divestiture & other related income, before tax
|
-
|
(2,532
|
)
|
-
|
(2,532
|
)
|
||||||||||||||||||
Tax impact of divestiture & other related income(1)
|
-
|
636
|
-
|
636
|
||||||||||||||||||||
Portfolio optimization plan costs, before tax
|
27,841
|
-
|
27,841
|
-
|
||||||||||||||||||||
Tax impact of portfolio optimization plan costs(1)
|
(415
|
)
|
-
|
(415
|
)
|
-
|
||||||||||||||||||
Adjusted net earnings
|
$
|
21,593
|
$
|
27,225
|
(20.7
|
%)
|
$
|
120,820
|
$
|
138,991
|
(13.1
|
%)
|
||||||||||||
Diluted earnings per share (GAAP)
|
$
|
(0.14
|
)
|
$
|
0.69
|
(120.3
|
%)
|
$
|
2.21
|
$
|
3.34
|
(33.8
|
%)
|
|||||||||||
Divestiture & other related income, net of tax
|
-
|
(0.04
|
)
|
-
|
(0.04
|
)
|
||||||||||||||||||
Portfolio optimization plan costs, net of tax
|
0.65
|
-
|
0.65
|
-
|
||||||||||||||||||||
Adjusted diluted earnings per share
|
$
|
0.51
|
$
|
0.64
|
(20.3
|
%)
|
$
|
2.86
|
$
|
3.29
|
(13.1
|
%)
|
Results by Segment
|
Three Months Ended December 31,
|
|||||||||||||||||||||||
Operating Income
|
2023
|
Adjustments(2)
|
Adjusted
2023 |
2022
|
Adjustments(2)
|
Adjusted
2022 |
||||||||||||||||||
Flavors & Extracts
|
$
|
18,059
|
$
|
-
|
$
|
18,059
|
$
|
21,495
|
$
|
-
|
$
|
21,495
|
||||||||||||
Color
|
21,343
|
-
|
21,343
|
24,584
|
-
|
24,584
|
||||||||||||||||||
Asia Pacific
|
5,889
|
-
|
5,889
|
6,615
|
-
|
6,615
|
||||||||||||||||||
Corporate & Other
|
(37,228
|
)
|
27,841
|
(9,387
|
)
|
(11,469
|
)
|
(2,532
|
)
|
(14,001
|
)
|
|||||||||||||
Consolidated
|
$
|
8,063
|
$
|
27,841
|
$
|
35,904
|
$
|
41,225
|
$
|
(2,532
|
)
|
$
|
38,693
|
Results by Segment
|
Year Ended December 31,
|
|||||||||||||||||||||||
Operating Income
|
2023
|
Adjustments(2)
|
Adjusted
2023
|
2022
|
Adjustments(2)
|
Adjusted
2022
|
||||||||||||||||||
Flavors & Extracts
|
$
|
87,773
|
$
|
-
|
$
|
87,773
|
$
|
105,424
|
$
|
-
|
$
|
105,424
|
||||||||||||
Color
|
105,370
|
-
|
105,370
|
114,619
|
-
|
114,619
|
||||||||||||||||||
Asia Pacific
|
30,800
|
-
|
30,800
|
29,492
|
-
|
29,492
|
||||||||||||||||||
Corporate & Other
|
(68,920
|
)
|
27,841
|
(41,079
|
)
|
(52,784
|
)
|
(2,532
|
)
|
(55,316
|
)
|
|||||||||||||
Consolidated
|
$
|
155,023
|
$
|
27,841
|
$
|
182,864
|
$
|
196,751
|
$
|
(2,532
|
)
|
$
|
194,219
|
Three Months Ended December 31,
|
||||||||||||||||
Revenue
|
Total
|
Foreign
Exchange
Rates
|
Adjustments(3)
|
Adjusted
Local
Currency
|
||||||||||||
Flavors & Extracts
|
2.3
|
%
|
1.9
|
%
|
N/A
|
0.4
|
%
|
|||||||||
Color
|
(4.4
|
%)
|
2.6
|
%
|
N/A
|
(7.0
|
%)
|
|||||||||
Asia Pacific
|
(3.9
|
%)
|
0.7
|
%
|
N/A
|
(4.6
|
%)
|
|||||||||
Total Revenue
|
0.2
|
%
|
2.0
|
%
|
N/A
|
(1.8
|
%)
|
|||||||||
|
||||||||||||||||
Operating Income
|
||||||||||||||||
Flavors & Extracts
|
(16.0
|
%)
|
0.6
|
%
|
0.0
|
%
|
(16.6
|
%)
|
||||||||
Color
|
(13.2
|
%)
|
3.0
|
%
|
0.0
|
%
|
(16.2
|
%)
|
||||||||
Asia Pacific
|
(11.0
|
%)
|
0.9
|
%
|
0.0
|
%
|
(11.9
|
%)
|
||||||||
Corporate & Other
|
224.6
|
%
|
0.0
|
%
|
257.6
|
%
|
(33.0
|
%)
|
||||||||
Total Operating Income
|
(80.4
|
%)
|
2.3
|
%
|
(73.1
|
%)
|
(9.6
|
%)
|
||||||||
Diluted Earnings Per Share
|
(120.3
|
%)
|
1.4
|
%
|
(98.3
|
%)
|
(23.4
|
%)
|
||||||||
Adjusted EBITDA
|
(6.4
|
%)
|
2.1
|
%
|
N/A
|
(8.5
|
%)
|
Year Ended December 31,
|
||||||||||||||||
Revenue
|
Total
|
Foreign
Exchange
Rates
|
Adjustments(3)
|
Adjusted
Local
Currency
|
||||||||||||
Flavors & Extracts
|
0.4
|
%
|
1.2
|
%
|
N/A
|
(0.8
|
%)
|
|||||||||
Color
|
0.7
|
%
|
1.6
|
%
|
N/A
|
(0.9
|
%)
|
|||||||||
Asia Pacific
|
1.7
|
%
|
(1.8
|
%)
|
N/A
|
3.5
|
%
|
|||||||||
Total Revenue
|
1.4
|
%
|
1.1
|
%
|
N/A
|
0.3
|
%
|
|||||||||
|
||||||||||||||||
Operating Income
|
||||||||||||||||
Flavors & Extracts
|
(16.7
|
%)
|
0.6
|
%
|
0.0
|
%
|
(17.3
|
%)
|
||||||||
Color
|
(8.1
|
%)
|
1.5
|
%
|
0.0
|
%
|
(9.6
|
%)
|
||||||||
Asia Pacific
|
4.4
|
%
|
(1.9
|
%)
|
0.0
|
%
|
6.3
|
%
|
||||||||
Corporate & Other
|
30.6
|
%
|
0.0
|
%
|
56.3
|
%
|
(25.7
|
%)
|
||||||||
Total Operating Income
|
(21.2
|
%)
|
1.0
|
%
|
(15.4
|
%)
|
(6.8
|
%)
|
||||||||
Diluted Earnings Per Share
|
(33.8
|
%)
|
0.9
|
%
|
(20.7
|
%)
|
(14.0
|
%)
|
||||||||
Adjusted EBITDA
|
(5.0
|
%)
|
0.9
|
%
|
N/A
|
(5.9
|
%)
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||
2023
|
2022
|
% Change
|
2023
|
2022
|
% Change
|
|||||||||||||||||||
Operating income (GAAP)
|
$
|
8,063
|
$
|
41,225
|
(80.4
|
%)
|
$
|
155,023
|
$
|
196,751
|
(21.2
|
%)
|
||||||||||||
Depreciation and amortization
|
14,460
|
13,205
|
57,820
|
52,467
|
||||||||||||||||||||
Share-based compensation expense
|
1,648
|
3,662
|
8,933
|
16,138
|
||||||||||||||||||||
Divestiture & other related income, before tax
|
-
|
(2,532
|
)
|
-
|
(2,532
|
)
|
||||||||||||||||||
Portfolio optimization plan costs, before tax
|
27,841
|
-
|
27,841
|
-
|
||||||||||||||||||||
Adjusted EBITDA
|
$
|
52,012
|
$
|
55,560
|
(6.4
|
%)
|
$
|
249,617
|
$
|
262,824
|
(5.0
|
%)
|
Year Ended December 31,
|
||||||||
Debt
|
2023
|
2022
|
||||||
Short-term borrowings
|
$
|
13,460
|
$
|
20,373
|
||||
Long-term debt
|
645,085
|
630,331
|
||||||
Credit Agreement adjustments(1)
|
(16,743
|
)
|
(10,180
|
)
|
||||
Net Debt
|
$
|
641,802
|
$
|
640,524
|
||||
Operating income (GAAP)
|
$
|
155,023
|
$
|
196,751
|
||||
Depreciation and amortization
|
57,820
|
52,467
|
||||||
Share-based compensation expense
|
8,933
|
16,138
|
||||||
Divestiture & other related income, before tax
|
-
|
(2,532
|
)
|
|||||
Portfolio optimization plan costs, before tax
|
27,841
|
-
|
||||||
Other non-operating gains(2)
|
(762
|
)
|
(866
|
)
|
||||
Credit Adjusted EBITDA
|
$
|
248,855
|
$
|
261,958
|
||||
Net Debt to Credit Adjusted EBITDA
|
2.6
|
x
|
2.4
|
x
|
I-Y8.]B55,CY1CU[XKP-O&%
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MES2UB7-+U*71->7S_)M6?#(+60F5&!SC@Y R.37WC\%_'$WBKPW;M &9YF#
M%6/X5WGAOP[)#C*G'I7+6H^VC8]"G@8IWF?8/P1\86URH,[ :"X>PG5@/F^Z2?<'^8KKX?$UG=.(-9B
M6-Y!_P ?,*XS_O+T_*OG91GAI<\$V?2X?-\1&*A4M)>>_P!Y\YW?C[Q-X;OM
MM[:7<.UL^9"25)SG<#TKT'P]^T?J<-K%*VJ3">W;S!'=,V&]LUZ]-X#TK7+&
M2XLO+NTXP;5QC&.=RFN$U#X#VFM721VNT22=%*[/PSTS7#7K87&P<,3337G_
M )G<\70K:35O77\3VGX??M;>'_%5@T/B:V;2)8H_,$\9\R.3;V'?2K$_Q6
MT/QQ,J:5J\,\:D^7;2$1R+]5/>OG&_\ V8_%FE2,UA9S3A3G;&<\?A7,7GAC
MQ!H=SY=YISK*O4,N#7S%/(\KJ5G7HO796L['NY14I9?5=2E!._X>A]774DZK
MG8X'KCBL6:9MQ!S7SUI_C_7?#K PR7]LH_@)8I^1K?3X\ZCMQ8<\&J)-ECNCYJ@S!
M7]*OD@Q@=JSKA2),]JF(RU%S3R,56A?:!5E26]Z8AT:[N2*;/\M3?=45!(VY
MLTAGY077@6VN%(>'#=^*R9/AW;C@1_I7N\.CQ32*&4 GO5F;P.&VLBYSVKP9
MX>+Z'J>SAU/F^X^%Z7+86/GZ=:NZ1\#V+[FCX)]*^@[;PJD+_/%CZBMVTTZ&
M%1\@_"LUAX=A
O:UJ$5O;O)*P1%!Y)_2O(;YO^$NU ?9HFO%4?W2(XP/4_
MXUSUK6/>P-.