-----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, Uruw8Cnx6SvGScEMTIumCMHwlgEmn0CrPrqU4qUumU4RiLhLyVO42mI5S12FaUZE PK6fvLmUb/Oqctq3LvEWfw== 0000950137-98-002093.txt : 19980515 0000950137-98-002093.hdr.sgml : 19980515 ACCESSION NUMBER: 0000950137-98-002093 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CLASSIC VOYAGES CO CENTRAL INDEX KEY: 0000315136 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 310303330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-09264 FILM NUMBER: 98619633 BUSINESS ADDRESS: STREET 1: TWO N RIVERSIDE PLZ STREET 2: 2ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3122581890 MAIL ADDRESS: STREET 1: TWO NORTH RIVERSIDE PLAZA STREET 2: 2ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 10-Q 1 FORM 10-Q 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 MARCH 31, 1998 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 0-9264 AMERICAN CLASSIC VOYAGES CO. (Exact name of registrant as specified in its charter) DELAWARE 31-0303330 (State or other jurisdiction of (I.R.S. Employer identification No.) incorporation or organization) TWO NORTH RIVERSIDE PLAZA, CHICAGO, IL 60606 (Address of principal executive offices) (Zip Code) (312) 258-1890 (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 [ ] As of May 8, 1998, there were 14,063,451 shares of Common Stock outstanding. ================================================================================ 2 AMERICAN CLASSIC VOYAGES CO. INDEX
ITEM DESCRIPTION PAGE - ---------------- ---- Part I Financial Information: Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 1998 and 1997......... 3 Condensed Consolidated Balance Sheets at March 31, 1998 and December 31, 1997............................. 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 1998 and 1997......... 5 Notes to Condensed Consolidated Financial Statements... 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.................... 8 Part II Other Information: Item 1. Legal Proceedings...................................... 13 Item 6. Exhibits and Reports on Form 8-K....................... 13
2 3 AMERICAN CLASSIC VOYAGES CO. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
For the Three Months Ended March 31, ----------------------------- 1998 1997 --------- -------- Revenues.......................................................... $ 40,668 $ 40,372 Cost of operations (exclusive of depreciation expense shown below) 29,459 27,139 --------- -------- Gross profit...................................................... 11,209 13,233 Selling, general and administrative expenses...................... 13,096 11,519 Depreciation expense.............................................. 4,256 3,583 --------- -------- Operating loss.................................................... (6,143) (1,869) Interest income................................................... 251 268 Interest expense.................................................. 1,670 1,713 Other income...................................................... 300 -- --------- -------- Loss before income taxes.......................................... (7,262) (3,314) Income tax benefit................................................ 2,900 1,326 --------- -------- Net loss.......................................................... $ (4,362) $ (1,988) ========= ======== PER SHARE INFORMATION Basic: Basic weighted average shares outstanding......................... 14,068 13,910 Loss per share.................................................... $ (0.31) $ (0.14) Diluted: Diluted weighted average shares outstanding....................... 14,068 13,910 Loss per share.................................................... $ (0.31) $ (0.14)
The accompanying notes are an integral part of these condensed consolidated financial statements. 3 4 AMERICAN CLASSIC VOYAGES CO. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par value)
(Unaudited) (Audited) March 31, December 31, 1998 1997 ---------- ------------ ASSETS Cash and cash equivalents........................ $ 19,906 $ 19,187 Restricted short-term investments................ 325 325 Accounts receivable.............................. 1,350 1,299 Prepaid expenses and other current assets........ 9,732 7,813 -------- -------- Total current assets......................... 31,313 28,624 Property and equipment, net...................... 170,934 171,105 Deferred income taxes, net....................... 12,063 9,564 Other assets..................................... 1,559 1,602 -------- -------- Total assets................................. $215,869 $210,895 ======== ======== LIABILITIES Accounts payable................................. $ 14,740 $ 14,282 Other accrued liabilities........................ 15,350 18,093 Current portion of long-term debt................ 4,100 4,100 Unearned passenger revenues...................... 45,792 33,713 -------- -------- Total current liabilities.................... 79,982 70,188 Long-term debt, less current portion............. 80,276 81,488 -------- -------- Total liabilities........................... 160,258 151,676 ======== ======== COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock, $.01 par value (5,000,000 shares authorized, none issued and outstanding)........ -- -- Common stock, $.01 par value (20,000,000 shares authorized, 14,063,451 and 14,006,015 shares issued and outstanding, respectively)........... 141 140 Additional paid-in capital....................... 77,812 77,059 Accumulated deficit.............................. (22,342) (17,980) -------- -------- Total stockholders' equity................... 55,611 59,219 -------- -------- $215,869 $210,895 ======== ========
The accompanying notes are an integral part of these condensed consolidated financial statements. 4 5 AMERICAN CLASSIC VOYAGES CO. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
For the Three Months Ended March 31, -------------------- 1998 1997 -------- -------- OPERATING ACTIVITIES Net loss............................................ $(4,362) $(1,988) Depreciation expense............................. 4,256 3,583 Gain on sale of assets........................... (300) -- Changes in working capital and other: Working capital changes and other............ (6,711) (4,467) Unearned passenger revenues.................. 12,079 5,839 -------- -------- Net cash provided by operating activities........ 4,962 2,967 -------- -------- INVESTING ACTIVITIES Decrease in restricted investments.................. -- 29 Capital expenditures................................ (4,085) (2,452) Proceeds from sale of assets........................ 300 -- -------- -------- Net cash used in investing activities............ (3,785) (2,423) -------- -------- FINANCING ACTIVITIES Repayment of borrowings............................. (1,212) (1,212) Issuance of common stock............................ 754 434 -------- -------- Net cash used in financing activities............ (458) (778) -------- -------- Increase (decrease) in cash and cash equivalents..... 719 (234) Cash and cash equivalents, beginning of period....... 19,187 17,908 -------- -------- Cash and cash equivalents, end of period............. $19,906 $17,674 ======== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest......................................... $ 2,007 $ 2,051 Income taxes..................................... $ -- $ 14
The accompanying notes are an integral part of these condensed consolidated financial statements. 5 6 AMERICAN CLASSIC VOYAGES CO. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1998 (Unaudited) 1. BASIS OF PRESENTATION These accompanying unaudited Condensed Consolidated Financial Statements ("Financial Statements") have been prepared pursuant to Securities and Exchange Commission ("SEC") rules and regulations and should be read in conjunction with the Consolidated Financial Statements and Notes thereto included on Form 10-K for the year ended December 31, 1997 (the "Form 10-K") for American Classic Voyages Co. ("AMCV") and its subsidiaries. These Financial Statements include the accounts of AMCV and its wholly owned subsidiaries, The Delta Queen Steamboat Co. ("DQSC") and Great Hawaiian Cruise Line, Inc. ("GHCL") (collectively with such subsidiaries, the "Company"). The following notes to the Financial Statements highlight significant changes to the notes included in the Annual Report and such interim disclosures as required by the SEC. These Financial Statements reflect, in the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements. All such adjustments are of a normal and recurring nature. Certain previously reported amounts have been reclassified to conform to the 1998 presentation. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. RECENT PRONOUNCEMENTS In February 1997, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 129, "Disclosure of Information about Capital Structure". This Statement is effective for financial statements for periods ending after December 15, 1997. During the first quarter of 1998, the Company issued 51,642 shares of common stock upon exercises of stock options and 5,794 shares of common stock under other employee benefit plans. In June 1997, the FASB issued SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information", which requires the reporting of certain information about operating segments and related disclosures about products and services, geographic areas and major customers. The Company is required to adopt the new standard in 1998; however, this statement need not be applied to interim financial statements during the initial year. 3. EARNINGS PER SHARE In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share", which requires dual presentation of basic and diluted earnings per share. The Company has adopted this standard and earnings per share information for the prior year has been restated accordingly. As the Company reported losses for the quarter ended March 31, 1998 and 1997, diluted earnings per share was computed in the same manner as basic earnings per share. 6 7 4. LONG-TERM DEBT Long-term debt consisted of (in thousands):
March 31, December 31, 1998 1997 --------- ----------- U.S. Government Guaranteed Ship Financing Note, American Queen Series, LIBOR+0.25% floating rate notes due semi-annually beginning February 24, 1996 through August 24, 2005................ $18,021 $19,233 U.S. Government Guaranteed Ship Financing Bond, American Queen Series, 7.68% fixed rate sinking fund bonds due semi-annually beginning February 24, 2006 through June 2, 2020................... 36,198 36,198 U.S. Government Guaranteed Ship Financing Note, Independence Series A, LIBOR+0.27% floating rate notes due semi-annually beginning June 7, 1996 through December 7, 2005.................... 10,570 10,570 U.S. Government Guaranteed Ship Financing Bond, Independence Series A, 6.84% fixed rate sinking fund bonds due semi-annually beginning June 7, 2006 through December 7, 2015...... 13,215 13,215 U.S. Government Guaranteed Ship Financing Note, Independence Series B, LIBOR+0.27% floating rate notes due semi-annually beginning December 7, 1996 through December 7, 2005................ 2,832 2,832 U.S. Government Guaranteed Ship Financing Bond, Independence Series B, 7.46% fixed rate sinking fund bonds due semi-annually beginning June 7, 2006 through December 7, 2015...... 3,540 3,540 Revolving credit facility (maximum availability of $15 million)....... -- -- --------- ----------- 84,376 85,588 Less current portion.................................................. 4,100 4,100 --------- ----------- $80,276 $81,488 ========= ===========
As of March 31, 1998, the Company complied with all covenants under its various debt agreements. 5. ACCUMULATED DEFICIT Changes in accumulated deficit for the three months ended March 31, 1998 were (in thousands): Accumulated deficit at December 31, 1997............... $(17,980) Net loss............................................... (4,362) -------- Accumulated deficit at March 31, 1998.................. $(22,342) ======== 7 8 AMERICAN CLASSIC VOYAGES CO. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL American Classic Voyages Co. ("AMCV," or along with its subsidiaries, the "Company"), is a holding company which owns and controls The Delta Queen Steamboat Co. ("DQSC") and Great Hawaiian Cruise Line, Inc. ("GHCL"). The Company, through its various subsidiaries, operates two cruise lines: "Delta Queen", which owns and operates the American Queen, Mississippi Queen and Delta Queen steamboats, and "American Hawaii", which owns and operates the Independence steamship. The following discusses the Company's consolidated results of operations and financial condition for the first quarter of 1998 as compared to the first quarter of 1997. This section should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations included on the Company's Form 10-K for the year ended December 31, 1997 (the "Form 10-K"). Delta Queen's operations are seasonal. Historically, there is greater passenger interest and higher yields in the spring and fall months of the year. Accordingly, the vessels typically undergo their annual lay-up in January for repairs, maintenance and significant capital projects. American Hawaii's operations are moderately seasonal with greater passenger interest in the winter and summer months of the year. During the summer months, in particular, American Hawaii tends to have average occupancy in excess of 100% as the number of families sharing cabins with children increases significantly during this period. As a result of the factors mentioned above, interim results of operations are not necessarily indicative of results for a full year. RESULTS OF OPERATIONS The following tables set forth various financial results and operating statistics for the three months ended March 31, 1998 and 1997: FINANCIAL HIGHLIGHTS
For the Three Months Ended March 31, --------------------- 1998 1997 ------- ------- (in thousands) Revenues.................................... $40,668 $40,372 ======= ======= Operating loss.............................. $(6,143) $(1,869) ======= ======= Net loss.................................... $(4,362) $(1,988) ======= =======
8 9 OPERATING STATISTICS
For the Three Months Ended March 31, ---------------------- 1998 1997 -------- -------- Fare revenue per passenger night.................. $ 211 $ 221 Total revenue per passenger night................. $ 307 $ 304 Weighted average operating days (1): DELTA QUEEN...................................... 73 71 AMERICAN HAWAII.................................. 90 90 Vessel capacity per day (berths)(2): DELTA QUEEN...................................... 1,026 1,026 AMERICAN HAWAII.................................. 867 817 Passenger nights (3).............................. 132,325 132,889 Physical occupancy percentage (4)................. 87% 91%
(1) Weighted average operating days for each cruise line is determined by dividing capacity passenger nights for each cruise line by the cruise line's total vessel capacity per day. Capacity passenger nights is determined by multiplying, for the respective period, the actual operating days of each vessel by each vessel's capacity per day. (2) Vessel capacity per day represents the number of passengers each cruise line can carry assuming double occupancy for cabins which accommodate two or more passengers. Some cabins on the Independence and the American Queen can accommodate three or four passengers. (3) A passenger night represents one passenger spending one night on a vessel; for example, one passenger taking a three-night cruise would generate three passenger nights. (4) Physical occupancy percentage is passenger nights divided by capacity passenger nights. 9 10 QUARTER ENDED MARCH 31, 1998 COMPARED TO QUARTER ENDED MARCH 31, 1997 Consolidated first quarter 1998 revenues increased $0.3 million to $40.7 million from $40.4 million for the first quarter 1997 representing a $1.5 million decrease in fare revenues offset by a $1.8 million increase in other revenues, mainly from the sale of air packages. Delta Queen's fare revenues decreased $1.2 million on an 8% decrease in occupancy rates partially attributable to the current period's absence of charter business as compared to the prior year in which all three Delta Queen vessels were chartered for the 1997 Super Bowl held in New Orleans. Delta Queen's fare revenue per passenger night ("fare per diems"), however, was comparable to the prior year. American Hawaii's fare revenues decreased $0.3 million due to an 8% decrease in fare per diems offset by a 6% increase in passenger nights associated with the increased capacity of the Independence. The $1.8 million increase in other revenues was primarily due to an increase in the percentage of passengers electing to purchase air through American Hawaii under various air promotions. As a result, consolidated total revenue per passenger night increased to $307, however, the increase in air revenue was offset by a corresponding increase in related expenses. Consolidated cost of operations increased to $29.5 million for the first quarter of 1998 from $27.1 million for the comparable period in 1997. The increase was mainly due to an increase in air package expenses corresponding to the related revenue increase, as mentioned above. Additionally, there was a moderate increase in American Hawaii's operating expenses due to the increase in passenger nights. As a result of the foregoing factors, consolidated gross profit decreased $2.0 million to $11.2 million for the first quarter of 1998 from $13.2 million for the comparable period in 1997. Consolidated selling, general and administrative ("SG&A") expenses increased by $1.6 million to $13.1 million for the first quarter of 1998 from $11.5 million for the same period in 1997. The increase was primarily due to an acceleration of marketing spending in the first quarter of 1998 as compared to the marketing spending pattern in 1997. Also included in consolidated SG&A expenses were $0.4 million of expenses related to capacity expansion at American Hawaii and at Delta Queen, as mentioned below. The $0.7 million increase in depreciation expense was attributable to expenditures capitalized during the second quarter 1997 Independence drydock and recently completed layups of the Delta Queen vessels. The consolidated operating loss for the first quarter of 1998 was $6.1 million as compared to $1.9 million for the first quarter of 1997. Interest expense decreased slightly due to a lower outstanding debt balance in the first quarter of 1998. In February 1998, the Company received $0.3 million of final proceeds under a Profit Participation Agreement associated with the sale of the Company's hotel in 1996. The Company's consolidated effective tax rate was 40% for both periods in 1998 and 1997. LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL CONDITION Operating Activities For the three months ended March 31, 1998, cash provided by operations was $5.0 million compared to $3.0 million in the prior year primarily as a result of an increase in unearned passenger revenues offset by an increase in expenses as mentioned above and changes in other working capital accounts. For the three months ended March 31, 1998, unearned passenger revenues, representing passenger cruise deposits, increased $12.1 million compared to an increase of $5.8 million in the prior year. The improvement in the seasonal increase in passenger cruise deposits reflected the higher advance reservation levels at both Delta Queen and American Hawaii. For American Hawaii, the Independence will be operating for the full quarter ending June 30, 1998, whereas in the prior year, it was out-of-service for a four-week drydock which ended June 13, 1997. Capital Expenditures The layups for the Delta Queen and the American Queen were completed in the first quarter of 1998 at a cost of approximately $5.0 million, including repairs and maintenance. Of this amount, $3.8 million represented capital expenditures. 10 11 Debt As of March 31, 1998, the Company complied with all covenants under its various debt agreements. The Company believes it will have adequate access to capital resources, both internally and externally, to meet its short-term and long-term capital commitments. Such resources may include cash on hand and the ability to secure additional financing through the capital markets. The Company continually evaluates opportunities to increase capacity at both Delta Queen and American Hawaii and to strategically grow the business. As discussed below, the Company recently announced plans to expand capacity at Delta Queen and at American Hawaii. As it proceeds with such plans, the Company intends to seek additional financing, although it has not yet determined the nature or amount of such financing. Although the Company believes that it will be able to obtain sufficient funding from the capital markets to construct the new vessels, there can be no assurance that the Company will be able to obtain additional financing at commercially acceptable levels to finance such new construction and, if the Company so chooses, to pursue a strategic business opportunity. Other In April 1998, the Company announced plans to expand capacity at Delta Queen. For the Delta Queen fleet, the Company intends to build up to five new small coastal ships over the next seven to 10 years. The ships, expected to cost approximately $25 million each, will each accommodate 200 to 225 passengers and will cruise in coastal areas not currently served by the existing Delta Queen vessels. The Company is in the process of obtaining market research and naval designs to assist in the final determination of the feasibility of these new vessels. The Company expects construction of the first new vessel to begin in early 1999, but has not entered into any shipyard contract. As more fully discussed in the Company's Form 10-K, in October 1997, the Company announced plans to expand capacity at American Hawaii. The Company intends to construct two new cruise ships over the next seven years and plans to introduce an existing foreign-flag cruise ship in the Hawaii market while awaiting construction of the new vessels. The Federal Maritime Commission ("FMC") regulates passenger vessels with 50 or more berths departing from U.S. ports and requires that operators post security to be used in the event the operator fails to provide cruise services, or otherwise satisfy certain financial standards. The Company has been approved as a self-insurer by the FMC, and therefore, subject to continued approval, is not required to post security for passenger cruise deposits. The FMC has reviewed its standards and in June 1996 issued proposed regulations to increase the financial responsibility requirements. The Company filed its objection to the proposals, as it believes that the FMC's current standards provide passengers with adequate protection in the event of an operator's non-performance and that further requirements may impose an undue burden on operators. If implemented, these proposed regulations would be phased in over time and, among other things, require operators qualifying as a self-insurer, such as the Company, to satisfy a working capital test, in addition to the existing net worth test, and to provide third-party coverage for 25% of its unearned passenger revenue in the form of a surety bond or similar instrument. At this time, the Company cannot predict if the proposed changes will be approved as currently constituted, or at all. If they are implemented, the proposed changes would require that the Company establish a bond to cover a portion of its passenger deposits and payments, which may impact the Company's liquidity. In June 1997, the Board of Directors of the Company approved a stock repurchase plan. The plan authorizes the Company to repurchase up to one million shares of its stock. These shares may be purchased from time to time in the public market or through privately negotiated transactions. As of March 31, 1998, the Company had not repurchased any shares under the plan. 11 12 Factors Concerning Forward-Looking Statements Certain statements in "Management's Discussion and Analysis of Financial Condition and Results of Operations" constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which may impact passenger yields and occupancy; weather patterns affecting either the inland waterways in the Continental U.S. or the Hawaiian Islands; unscheduled repairs and drydocking of the Company's vessels; construction delays and/or cost overruns during regularly scheduled lay-ups and/or drydocks; delays and/or costs overruns during the development and/or construction of new vessels; the impact of changes and/or repeal of laws and implementation of government regulations; an increase in capacity at American Hawaii and/or Delta Queen; pursuit of a strategic business opportunity; and the ability to obtain additional financing, if necessary. 12 13 AMERICAN CLASSIC VOYAGES CO. PART II - OTHER INFORMATION ITEM 1. Legal Proceedings There are no other material legal proceedings, to which the Company is a party or of which any of its property is the subject, other than ordinary routine litigation and claims incidental to the business. The Company believes it maintains adequate insurance coverage and reserves for such claims. ITEM 6. Exhibits and Reports on Form 8-K a) Exhibits: 27. Financial data schedule. b) Reports on Form 8-K: None. 13 14 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. AMERICAN CLASSIC VOYAGES CO. By: /s/ Philip C. Calian ----------------------- Philip C. Calian Chief Executive Officer By: /s/ O. Ivy Wu ----------------------- O. Ivy Wu Treasurer Dated: May 14, 1998 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1998 MAR-31-1998 20,231 0 1,350 0 0 31,313 234,583 63,649 215,869 79,982 80,276 0 0 141 55,470 215,869 0 40,668 0 29,459 0 0 1,670 (7,262) (2,900) (4,362) 0 0 0 (4,362) (0.31) (0.31) Includes restricted short-term investments of $325.
-----END PRIVACY-ENHANCED MESSAGE-----