-----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, PF10xRNeMZQ0l4MLpKQdc89Uw18q45xbMopACzEUH9+cINlmPravNvTUYw4D5yYo ldjScvwi1tZ+JDp2xfQVlQ== 0000031107-95-000008.txt : 19951119 0000031107-95-000008.hdr.sgml : 19951119 ACCESSION NUMBER: 0000031107-95-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: EASTERN CO CENTRAL INDEX KEY: 0000031107 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 060330020 STATE OF INCORPORATION: CT FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00599 FILM NUMBER: 95591998 BUSINESS ADDRESS: STREET 1: 112 BRIDGE ST STREET 2: P O BOX 460 CITY: NAUGATUCK STATE: CT ZIP: 06770 BUSINESS PHONE: 2037292255 MAIL ADDRESS: STREET 1: 112 BRIDGE STREET STREET 2: P O BOX 460 CITY: NAUGATUCK STATE: CT ZIP: 06770 10-Q 1 1 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 SEPTEMBER 30, 1995 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 0-599 THE EASTERN COMPANY (Exact Name of Registrant as specified in its charter) Connecticut 06-0330020 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 112 Bridge Street, Naugatuck, Connecticut 06770 (Address of principal executive offices) (Zip Code) (203) 729-2255 (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 . ------- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding as of SEPTEMBER 30, 1995 Common Stock, No par value 2,776,384 -1- 2 PART I FINANCIAL INFORMATION THE EASTERN COMPANY AND SUBSIDIARIES ITEM I CONSOLIDATED CONDENSED BALANCE SHEETS - ------
ASSETS Sept 30, 1995 Dec. 31, 1994 CURRENT ASSETS (Unaudited) (Audited) - -------------- ------------ ----------- Cash and cash equivalents $ 2,035,360 $ 2,610,244 Accounts receivable, less allowance: 8,716,452 9,665,164 1995- $413,682 1994- $330,024 Land held for sale 0 1,018,111 Inventories 11,332,391 9,530,546 Prepaid expenses and other current assets 1,665,151 2,021,862 ----------- ----------- Total Current Assets 23,749,354 24,845,927 Property, plant & equipment 25,667,887 23,950,535 Less accumulated depreciation (12,544,155) (10,996,773) ---------- ---------- 13,123,732 12,953,762 Prepaid pension cost 3,256,257 2,958,362 Other assets, net 1,567,382 1,124,736 ----------- ----------- TOTAL ASSETS $ 41,696,725 $ 41,882,787 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 3,097,614 $ 3,239,241 Notes payable current 310,000 2,460,000 Accrued compensation and withholding 1,478,592 935,417 Accrued expenses 656,731 377,322 ----------- ----------- TOTAL CURRENT LIABILITIES 5,542,937 7,011,980 Deferred federal income taxes 1,939,200 1,939,200 Long-term debt 421,579 240,000 Accrued postretirement benefits 2,856,846 2,848,150 SHAREHOLDERS' EQUITY Common Stock No Par Value: Authorized Shares - 25,000,000 Issued & outstanding shares: 9,009,393 9,009,392 1995-2,776,384 1994-2,775,085 (Excluding Shares in Treasury: 1995-522,887 1994-520,085) Preferred Stock No Par Value Authorized Shares - 2,000,000 (No shares issued) Retained earnings 21,926,770 20,834,065 ----------- ----------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 41,696,725 $ 41,882,787 =========== ===========
See accompanying notes. -2- 3 THE EASTERN COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME
NINE MONTHS ENDED THREE MONTHS ENDED 9/30/95 10/1/94 9/30/95 10/1/94 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ----------- ----------- ----------- ---------- Net Sales $45,825,248 $43,636,624 $14,379,195 $14,597,008 Interest Income 95,096 54,242 24,473 17,796 ----------- ---------- ---------- ---------- Total 45,920,344 43,690,866 14,403,668 14,614,804 Cost of Products Sold 34,887,438 33,687,377 11,194,845 11,594,265 ----------- ----------- ---------- ---------- 11,032,906 10,003,489 3,208,823 3,020,539 Selling and Admin. Expenses 7,521,063 7,381,208 2,339,522 2,306,638 Interest Expense 65,314 95,748 5,066 41,049 Other Income Net (66,787) (123,194) (37,700) (29,815) ----------- ----------- ---------- ---------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 3,513,316 2,649,727 901,935 702,667 Income Taxes 1,273,375 916,223 300,411 214,769 --------- --------- ------- ------- INCOME FROM CONTINUING OPERATIONS 2,239,941 1,733,504 601,524 487,898 Discontinued Operations (238,224) 121,453 (142,506) 92,643 --------- -------- -------- -------- NET INCOME $ 2,001,717 $ 1,854,957 $ 459,018 $ 580,541 =========== ============ ========== ========== Income From Continuing Operations Per Share $ 0.81 $ 0.63 $ 0.22 $ 0.18 Net Income Per Share $ 0.72 $ 0.67 $ 0.16 $ 0.21 Cash Dividends Per Share $ 0.345 $ 0.345 $ 0.115 $ 0.115 Average Shares Outstanding 2,775,665 2,768,651 2,775,665 2,768,651
See accompanying notes. -3- 4 THE EASTERN COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS
NINE MONTHS ENDED 9/30/95 10/1/94 (Unaudited) (Unaudited) OPERATING ACTIVITIES: ----------- ----------- Net income $ 2,001,717 $ 1,854,957 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 1,938,918 1,893,957 Pension plan income (252,857) (286,384) Gain on sale of equipment and other assets (15,212) 0 Postretirement benefits other than pensions 8,696 37,500 Provision for losses on accounts receivable 83,523 84,765 Provision for deferred income taxes 0 43,577 Changes in Operating Assets and Liabilities: Accounts receivable 865,485 (1,575,569) Inventories (1,785,123) 671,136 Prepaid expenses 356,082 (420,004) Accounts payable (127,484) 969,776 Accrued expenses 804,257 (1,032,720) Other assets (222,517) (175,130) ----------- ----------- NET CASH PROVIDED FROM OPERATING ACTIVITIES 3,655,485 2,065,861 INVESTING ACTIVITIES: Purchases of property, plant, and equipment (2,142,177) (1,853,650) Proceeds from sale of equipment and other assets 1,226,598 0 Other (148,756) 21,297 NET CASH USED FOR INVESTING ACTIVITIES (1,064,335) (1,832,353) FINANCING ACTIVITIES: Payment on line of credit (1,400,000) 0 Proceeds from issuance of short-term debt 0 1,500,000 Principal payments on long-term debt and notes payable (810,000) (810,000) Proceeds from sales of Common Stock (Stock Options) 29,510 338,313 Purchases of Common Stock for the Treasury (29,509) (202,042) Dividends paid (957,707) (956,772) ----------- ----------- NET CASH USED FOR FINANCING ACTIVITIES (3,167,706) (130,501) Effect of exchange rate changes on cash 1,672 3,540) ----------- ----------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (574,884) 106,547) Cash and Cash Equivalents at Beginning of Year 2,610,244 2,479,998 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,035,360 $ 2,586,545 =========== ===========
See accompanying notes. -4- 5 THE EASTERN COMPANY AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
NINE MONTHS ENDED THREE MONTHS ENDED 9/30/95 10/1/94 9/30/95 10/1/94 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ----------- ----------- ----------- ---------- Primary: Average Shares Outstanding 2,775,665 2,768,651 2,775,665 2,768,651 Net effect of dilutive stock options -- based on the treasury stock method using average market price 50,510 68,998 50,510 68,998 ---------- --------- ---------- --------- Total 2,826,175 2,837,649 2,826,175 2,837,649 ========== ========= ========== ========= Income from Continuing Operations $2,239,941 $1,733,504 $601,524 $487,898 ========== ========== ======== ======== Net Income $2,001,717 $1,854,957 $459,018 $580,541 ========== ========== ======== ======== Income from Continuing Operations Per Share $0.79 $0.61 $0.21 $0.17 ===== ===== ===== ===== Net Income Per Share $0.71 $0.65 $0.16 $0.20 ===== ===== ===== ===== Fully Diluted: Average Shares Outstanding 2,775,665 2,768,651 2,775,665 2,768,651 Net effect of dilutive stock options -- based on the treasury stock method using quarter-end market price, if higher than average market price 50,510 68,998 50,510 68,998 --------- --------- --------- ------- Total 2,826,175 2,837,649 2,826,175 2,837,649 ========= ========= ========= ========= Income from Continuing Operations $2,239,941 $1,733,504 $601,524 $487,898 ========== ========== ======== ======== Net Income $2,001,717 $1,854,957 $459,018 $580,541 ========== ========== ======== ======== Income from Continuing Operations Per Share $0.79 $0.61 $0.21 $0.17 ===== ===== ===== ===== Net Income per Share $0.71 $0.65 $0.16 $0.20 ===== ===== ===== =====
See accompanying notes. -5- 6 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS September 30, 1995 Note A - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying condensed consolidated financial statements are unaudited. However, in the opinion of the Registrant's management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for such interim periods have been reflected therein. Certain 1994 amounts have been reclassified to conform to 1995 presentation. Note B - Net Income Per Share Net income per share of common stock is based on the weighted average number of shares outstanding during each period (1995 - 2,775,665 shares; 1994 - 2,768,651 shares). Common stock equivalents (Stock Options) did not have a material dilutive effect on net income per share. The computation of net income per share of common stock on a fully diluted basis did not result in any material dilution in 1995 or 1994. Note C - Discontinued Operation In August 1995, the Registrant sold the business and assets (customer list, property and inventories) of its Construction segment for cash of $325,000 and a note in the principal amount of $386,000. Accounts receivable relating to the Construction segment of $857,000 were retained by the Registrant. The condensed balance sheet as of December 31, 1994 includes the accounts of the Construction segment. Total assets related therto were $2,940,000, of which $2,709,000 were classified as current; and liabilities were $840,000 all classified as current. -6- 7 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS September 30, 1995 Note C - Discontinued Operation (continued) Operations prior to July 31, 1995 have been restated to reflect the discontinuance of the Construction segment. Components of the income (loss) of the discontinued operations follows:
Nine Months Ended Three Months Ended 9/30/95 10/1/94 9/30/95 10/1/94 Operating income (loss), less applicable income tax expense (benefit) of $(66,681), $89,167, $(39,322) and $56,825 $(170,203) $121,453 $( 74,485) $92,643 Loss on disposal less applicable income tax benefit $(16,468) ( 68,021) - ( 68,021) - --------- -------- -------- ------- Income (loss) from discontinued operations $(238,224) $121,453 $(142,506) $92,643 ========= ======== ========= =======
Net sales of discontinued operations, which are excluded from the consolidated condensed statement of income were $3,400,388; $5,660,400; $477,031 and $2,403,797 for the nine months ended September 30, 1995 and October 1, 1994 and for the three months ended September 30, 1995 and October 1, 1994, respectively. Note D - Litigation The Registrant is involved in litigation relating to environmental matters for which the ultimate outcome is not expected to have any material adverse impact on financial position, operating results or liquidity. -7- 8 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Income from continued operations for the third quarter 1995 was up 23% to $601,524 or $.22 per share on sales of $14,379,195 versus third quarter 1994 income of $487,898 or $.18 per share on sales of $14,597,008. Income from continued operations for the first nine months of 1995 increased 29% to $2,239,941 on a 5% increase in sales to $45,825,248 versus the first nine months of 1994 income of $1,733,504 on sales of $43,636,624. Total net income for the third quarter of 1995 was down $121,523 or 21% from the comparable quarter of 1994 of $580,541 and up 8% or $146,760 over the nine months 1994 total net income of $1,854,957. Total net income for the third quarter 1995 also reflects some one time closing charges related to the discontinuation of the Registrants Thompson Material division in August 1995. Third quarter sales were down slightly compared to the same period a year ago. As expected, volume declined 7% in the third quarter due to the continued slow down in the coal mining industry and a softness in the transportation industry. New product sales contributed 1% and price increases of 5% helped offset the decline in volume during the third quarter. For the first nine months of 1995 volume was down 2% while price increases and new products were up 5% and 2% respectively. New products include the "Prestolock" line of keyless locks, being offered by the Registrant's CCL Security Products division, new malleable castings products manufactured by the Registrant's Frazer & Jones division and hardware components for the appliance industry from the recently acquired Canadian company for the Registrant's Canadian subsidiary, Eberhard Hardware Manufacturing, Ltd. Demand for the transportation and industrial hardware product lines should remain strong through the remainder of the year. Sales for the first nine months of 1995 to the underground coal mining industry, were down from the comparable period a year ago. The overall underground coal mining industry is expected to be soft for the remainder of the year. However, contract malleable casting sales continue to increase from the comparable periods a year ago helping to offset the decline in the mining business. Sales of custom locks were up 8% in the third quarter 1995 and 3% for the nine months ending September 30, 1995 versus the comparable periods a year ago. New products to be introduced in the forth quarter of 1995 include a keyless gun lock used to secure weapons being offered by the Registrant's CCL Security Products division and a bar locking mechanism used to secure doors on commercial trailers and containers offered by the Registrant's Eberhard Manufacturing division. In addition, the Registrant's Eberhard Manufacturing division has successfully designed and will begin tooling a new locking system for a major light truck manufacturer with production scheduled to begin in the first quarter of 1996. The Registrant continues to engineer and develop new products to meet the security needs of industrial customers. On July 17, 1995 the Company's Board of Directors approved a plan to discontinue its Thompson Material Construction Segment and sell the equipment and inventory with a carrying value of approximately $625 thousand. The disposal was successfully completed in August 1995 with minimal impact on total third quarter net income. -8- 9 The Registrant's gross margin as a percentage of sales for the three and nine months ended September 30, 1995 was 22% and 24%, respectively, compared to 21% and 23% for comparable periods a year ago. Price increases of approximately 5% in the first nine months of 1995 helped to maintain the gross margin and offset decline in higher margin mining products. Overall selling and administrative expenses are comparable to the same periods a year ago approximating 16% of net sales. Other income for the three months ended September 30, 1995, was up $8 thousand and down $56 thousand for the nine months ended September 30, 1995 as compared to the same periods a year ago. The fluctuation in commission income relates to commissions earned. The related agreement expires in August 1995. The effective tax rate for the third quarter and first nine months of 1995 was 33% and 36%, respectively, versus the comparable periods a year ago of 31% and 35%, respectively. The overall increase in the effective tax rate for 1995 was due to non-deductible startup losses sustained at the newly opened distribution facility "Sesamee Mexicana S.A. DE C.V." in Lerma, Mexico. Liquidity and Sources of Capital Cash flows from operations were $3.655 million for the first nine months of 1995 versus $2.066 million in the first nine months of 1994. The change in cash flows resulted from the timing differences in collections of accounts receivable, the payments of liabilities and the build up of inventory. The Registrant repaid $1.4 million on its short-term line of credit from proceeds received on the sale, in the first quarter of 1995, of land from the previously discontinued Alloy Foundries operation. Inventory increased from the 1994 year-end level by $1.785 million with an inventory turnover rate of 6 turns per year versus the year-end level of 7 turns per year. The Registrant believes current inventory levels are adequate to meet customer requirements and anticipated increased sales activity. The average day sales in accounts receivable increased to 58 days for collection versus the end of 1994 collection average of 55 days. The prime reason for the increase in collection days comes from accounts receivable still being collected from the discontinued Construction segment where collections are historically slow. The Registrant will continue to pursue the collection of the remaining outstanding receivables from this segment. Additions to property plant and equipment were $2.142 million during the first nine months of 1995 versus $1.854 million for the comparable period a year ago. Total 1995 capital expenditures will exceed the $2.3 million level of depreciation for the year due the normal replacement of equipment, capital tooling, an improvement to the sand system at the Registrant's Frazer & Jones division and a new 400 ton stamping press at the Registrant's Eberhard Manufacturing division. The Registrant anticipates it will be drawing down on its short-term line of credit for funding the increased capital equipment expenditures and to provide for additional operating capital. The total draw down is not expected to exceed $1 million. -9- 10 Other Matters On June 24, 1994, the Registrant settled all claims with both the Beacon Heights Coalition and the Laurel Park Coalition and the respective complaints against the Registrant on behalf of the Coalitions were dismissed by stipulation. No complaints are now pending in the U.S. District Court involving the Registrant and a final amended judgement was entered by the U.S. District Court in the consolidated proceedings on May 2, 1995. Appeals, however, have been filed by two government agencies as described in Part II, Item 1 below. The Registrant continues to actively monitor the situation. It is management's opinion that the resolution of these matters will not have a material adverse effect on the Registrant's financial position, operating results or liquidity. -10- 11 PART II OTHER INFORMATION ITEM 1 LEGAL PROCEEDINGS In April 1988, Murtha Enterprises Inc. and related parties (collectively "Murtha"), as the result of a February 1987 suit (docket number N-87-52 PCD) brought by the U. S. Environmental Protection Agency (the "EPA") and others, concerning the Beacon Heights and Laurel Park landfills, instituted third- party actions against approximately 200 companies or individuals including the Registrant. The underlying suit against Murtha was settled with EPA and the other parties and the Consent Decree has been approved by the Court. On September 22, 1988, the EPA filed a complaint against the Registrant and seven other defendants seeking recovery of present and future response costs incurred by the United States in connection with the Beacon Heights landfill. The complaint alleged total damages of approximately $1.8 million ($1.3 million actual and $.5 million future). On October 31, 1988 the court consolidated the EPA action against the Registrant with the other cases under docket number N-87-52 (PCD). By complaint dated September 6, 1990, the Beacon Heights Coalition (the "Beacon Coalition"), a group of parties who have entered into a consent order with EPA, instituted a direct action against the Registrant and approximately 400 other named parties concerning the Beacon Heights landfill. The Beacon Coalition claimed that these defendants generated or transported hazardous substances disposed of at the Beacon Heights landfill, and are therefore responsible for a share of the Beacon Coalition's response costs. The Registrant has filed answers to both the EPA Complaint and the Beacon Coalition Complaint. In March 1991, a Laurel Park Coalition which did not include the Registrant entered into Consent Decree and Administrative Order by Consent with the EPA and the State of Connecticut to remediate the Laurel Park landfill. The Consent Decree has been approved by the Court. In May 1991, EPA and the State of Connecticut ("State") each filed a complaint against the Registrant and three other defendants seeking recovery of present and future response costs incurred in connection with the Laurel Park landfill. The EPA claims costs in excess of $1.8 million and the state claims costs in excess of $2.5 million. On July 1, 1991, the court consolidated these actions against the Registrant with the other cases under docket number N-87-52 (PCD). The Registrant filed answers to both of these complaints. By order dated February 8, 1994, the court granted a motion filed by Registrant for judgement on the pleadings against EPA and the state with respect to each of their claims against Registrant. By motions dated February 22, 1994 and February 23, 1994, EPA and the State respectively moved for reconsideration of the court's order, which motions were denied. By order dated February 8, 1994, the court permitted the Laurel Park Coalition to file a complaint against eight parties including the Registrant, which claims were to be assigned for trial if the Coalition filed a complaint. -11- 12 On June 24, 1994 , the Registrant settled all claims with both the Beacon Heights Coalition and the Laurel Park Coalition and the respective complaints against the Registrant on behalf of the Coalitions were dismissed by stipulation. On May 2, 1995, the U.S. District Court entered a final amended judgement in the consolidated proceedings (docket number N-87-52(PCD)) which included the granting of Registrant's motion for judgement on the pleadings. As a result of this judgement, no complaints are now pending in the U.S. District Court involving the Registrant. On May 10, 1995, the State and the EPA filed their notices of appeal from this final judgement with the U.S. District Court. The Registrant will continue to vigorously pursue its legal interest in this matter. The Registrant believes that these actions will not have a materially adverse impact on the Registrant's consolidated financial position, operating results or liquidity. There are no other material legal proceedings, other than ordinary routine litigation incidental to the business, to which either the Registrant or any of its subsidiaries is a party to or by which any of their property is the subject. ITEM 2 CHANGES IN SECURITIES None ITEM 3 DEFAULTS UPON SENIOR SECURITIES None ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5 OTHER INFORMATION None ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K A. The Eastern Company 1995 Executive Stock Incentive Plan incorporates herein by reference those portions of the Registrant's definitive proxy statement filed with the Commission pursuant to Regulation 14A on March 20, 1995 beginning on page 20 captioned "Adoption of Executive Stock Incentive Plan." B. Reports on form 8-K None -12- 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE EASTERN COMPANY (Registrant) Stedman G. Sweet DATE: November 14, 1995 _____________________________ Stedman G. Sweet President and Chief Executive Officer Donald E. Whitmore, Jr., DATE: November 14, 1995 _______________________________ Donald E. Whitmore, Jr., Vice President and Principal Financial Officer - -13- EX-27 2
5 9-MOS DEC-31-1994 SEP-30-1995 2035360 0 9130134 413682 11332391 23749354 25667887 12544155 41696725 5542937 0 9009393 0 0 21926770 41696725 45825248 45920344 34887438 34887438 7465111 55952 65314 3513316 1273375 2239941 (238224) 0 0 2001717 .71 .71
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