Delaware | 73-0750007 |
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
10302 East 55th Place, Tulsa, Oklahoma | 74146-6515 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer o | Smaller reporting company x |
Page
|
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PART I. FINANCIAL INFORMATION
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Item 1.
|
3
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Item 2.
|
10
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|
Item 3.
|
16
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Item 4.
|
16
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PART II. OTHER INFORMATION |
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Item 1.
|
17
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Item 1A.
|
17
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Item 2.
|
17
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Item 3.
|
17
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Item 4.
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17
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Item 5.
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17
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Item 6.
|
18
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19
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November 30, 2014
|
February 28, 2014
|
||||||
ASSETS | ||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 648,300 | $ | 680,000 | ||||
Accounts receivable, less allowance for doubtful accounts and
sales returns of $288,900 (November 30) and $333,900 (February 28) |
4,608,800 | 3,000,800 | ||||||
Inventories—Net
|
10,393,100 | 9,869,400 | ||||||
Prepaid expenses and other assets
|
312,200 | 262,200 | ||||||
Deferred income taxes
|
251,700 | 259,300 | ||||||
Total current assets
|
16,214,100 | 14,071,700 | ||||||
INVENTORIES—Net
|
361,900 | 470,200 | ||||||
PROPERTY, PLANT AND EQUIPMENT—Net
|
2,051,000 | 1,877,600 | ||||||
OTHER ASSETS
|
267,400 | 267,400 | ||||||
DEFERRED INCOME TAXES
|
69,900 | 71,400 | ||||||
TOTAL ASSETS
|
$ | 18,964,300 | $ | 16,758,300 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 2,447,700 | $ | 2,543,700 | ||||
Line of credit
|
1,400,000 | - | ||||||
Accrued salaries and commissions
|
1,057,000 | 514,900 | ||||||
Income taxes payable
|
253,800 | 140,900 | ||||||
Dividends payable
|
321,100 | 318,200 | ||||||
Other current liabilities
|
976,200 | 658,200 | ||||||
Total current liabilities
|
6,455,800 | 4,175,900 | ||||||
COMMITMENTS
|
||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Common stock, $0.20 par value; Authorized 8,000,000 shares;
Issued 6,041,040 (November 30 and February 28) shares; |
1,208,200 | 1,208,200 | ||||||
Capital in excess of par value
|
8,548,000 | 8,548,000 | ||||||
Retained earnings
|
14,082,200 | 14,280,500 | ||||||
|
23,838,400 | 24,036,700 | ||||||
Less treasury stock, at cost
|
(11,329,900 | ) | (11,454,300 | ) | ||||
Total shareholders' equity
|
12,508,500 | 12,582,400 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 18,964,300 | $ | 16,758,300 |
Three Months Ended November 30,
|
Nine Months Ended November 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
GROSS SALES
|
$ | 15,178,900 | $ | 12,360,600 | $ | 37,234,500 | $ | 30,802,800 | ||||||||
Discounts and allowances
|
(4,800,800 | ) | (4,195,000 | ) | (13,413,900 | ) | (11,317,500 | ) | ||||||||
Transportation revenue
|
558,400 | 336,400 | 1,102,400 | 722,300 | ||||||||||||
NET REVENUES
|
10,936,500 | 8,502,000 | 24,923,000 | 20,207,600 | ||||||||||||
COST OF SALES
|
4,114,800 | 3,294,500 | 9,971,400 | 8,431,700 | ||||||||||||
Gross margin
|
6,821,700 | 5,207,500 | 14,951,600 | 11,775,900 | ||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Operating and selling
|
2,872,900 | 2,048,800 | 6,997,200 | 5,386,300 | ||||||||||||
Sales commissions
|
2,595,200 | 1,741,900 | 5,192,300 | 3,767,700 | ||||||||||||
General and administrative
|
476,600 | 495,500 | 1,481,700 | 1,516,000 | ||||||||||||
Total operating expenses
|
5,944,700 | 4,286,200 | 13,671,200 | 10,670,000 | ||||||||||||
OTHER INCOME (EXPENSE)
|
(18,800 | ) | 6,100 | (26,300 | ) | 12,500 | ||||||||||
EARNINGS BEFORE INCOME TAXES
|
858,200 | 927,400 | 1,254,100 | 1,118,400 | ||||||||||||
INCOME TAXES
|
331,800 | 379,600 | 491,900 | 447,600 | ||||||||||||
NET EARNINGS
|
$ | 526,400 | $ | 547,800 | $ | 762,200 | $ | 670,800 | ||||||||
BASIC AND DILUTED EARNINGS PER SHARE:
|
||||||||||||||||
Basic
|
$ | 0.13 | $ | 0.14 | $ | 0.19 | $ | 0.17 | ||||||||
Diluted
|
$ | 0.13 | $ | 0.14 | $ | 0.19 | $ | 0.17 | ||||||||
DIVIDENDS PER SHARE
|
$ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.24 | ||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
|
||||||||||||||||
Basic
|
4,009,418 | 3,964,830 | 3,998,050 | 3,967,092 | ||||||||||||
Diluted
|
4,009,418 | 3,964,830 | 3,998,050 | 3,967,092 |
Common Stock
|
||||||||||||||||||||||||||||
(par value $0.20 per share)
|
||||||||||||||||||||||||||||
Number of
|
Capital in
|
Treasury Stock
|
||||||||||||||||||||||||||
Shares
|
Excess of
|
Retained
|
Number of
|
Shareholders’
|
||||||||||||||||||||||||
Issued
|
Amount
|
Par Value
|
Earnings
|
Shares
|
Amount
|
Equity
|
||||||||||||||||||||||
BALANCE—March 1, 2014
|
6,041,040 | $ | 1,208,200 | $ | 8,548,000 | $ | 14,280,500 | 2,063,097 | $ | (11,454,300 | ) | $ | 12,582,400 | |||||||||||||||
Purchases of treasury stock
|
- | - | - | - | 1,330 | (5,100 | ) | (5,100 | ) | |||||||||||||||||||
Sales of treasury stock
|
- | - | - | - | (36,726 | ) | 129,500 | 129,500 | ||||||||||||||||||||
Dividends declared ($.08/share)
|
- | - | - | (321,100 | ) | - | - | (321,100 | ) | |||||||||||||||||||
Dividends paid ($.16/share)
|
- | - | - | (639,400 | ) | - | - | (639,400 | ) | |||||||||||||||||||
Net earnings
|
- | - | - | 762,200 | - | - | 762,200 | |||||||||||||||||||||
BALANCE— November 30, 2014
|
6,041,040 | $ | 1,208,200 | $ | 8,548,000 | $ | 14,082,200 | 2,027,701 | $ | (11,329,900 | ) | $ | 12,508,500 |
2014
|
2013
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
$ | (328,800 | ) | $ | 1,752,900 | |||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(269,700 | ) | (57,800 | ) | ||||
Net cash used in investing activities
|
(269,700 | ) | (57,800 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Cash paid to acquire treasury stock
|
(5,100 | ) | (129,200 | ) | ||||
Cash received from sales of treasury stock
|
129,500 | 130,900 | ||||||
Borrowings under revolving credit agreement
|
3,400,000 | 1,250,000 | ||||||
Payments under revolving credit agreement
|
(2,000,000 | ) | (2,000,000 | ) | ||||
Dividends paid
|
(957,600 | ) | (954,600 | ) | ||||
Net cash provided by (used in) financing activities
|
566,800 | (1,702,900 | ) | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(31,700 | ) | (7,800 | ) | ||||
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD
|
680,000 | 469,100 | ||||||
CASH AND CASH EQUIVALENTS—END OF PERIOD
|
$ | 648,300 | $ | 461,300 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for interest
|
$ | 46,800 | $ | 33,600 | ||||
Cash paid for income taxes
|
$ | 369,900 | $ | 16,700 |
2014
|
||||||||
November 30,
|
February 28,
|
|||||||
Current:
|
||||||||
Book inventory
|
$ | 10,418,100 | $ | 9,894,400 | ||||
Inventory valuation allowance
|
(25,000 | ) | (25,000 | ) | ||||
Inventories net–current
|
$ | 10,393,100 | $ | 9,869,400 | ||||
Non-current:
|
||||||||
Book inventory
|
$ | 711,900 | $ | 824,000 | ||||
Inventory valuation allowance
|
(350,000 | ) | (353,800 | ) | ||||
Inventories net–non-current
|
$ | 361,900 | $ | 470,200 |
Earnings Per Share:
|
||||||||||||||||
Three Months Ended November 30,
|
Nine Months Ended November 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net earnings
|
$ | 526,400 | $ | 547,800 | $ | 762,200 | $ | 670,800 | ||||||||
Shares:
|
||||||||||||||||
Weighted average shares outstanding - basic
|
4,009,418 | 3,964,830 | 3,998,050 | 3,967,092 | ||||||||||||
Assumed exercise of options
|
- | - | - | - | ||||||||||||
Weighted average shares outstanding - diluted
|
4,009,418 | 3,964,830 | 3,998,050 | 3,967,092 | ||||||||||||
Basic Earnings Per Share
|
$ | 0.13 | $ | 0.14 | $ | 0.19 | $ | 0.17 | ||||||||
Diluted Earnings Per Share
|
$ | 0.13 | $ | 0.14 | $ | 0.19 | $ | 0.17 | ||||||||
Stock options not considered above because they were antidilutive
|
10,000 | 11,000 | 10,000 | 11,000 |
NET REVENUES
|
||||||||||||||||
Three Months Ended November 30,
|
Nine Months Ended November 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Publishing
|
$ | 2,998,600 | $ | 3,180,100 | $ | 9,022,600 | $ | 8,744,500 | ||||||||
UBAM
|
7,937,900 | 5,321,900 | 15,900,400 | 11,463,100 | ||||||||||||
Total
|
$ | 10,936,500 | $ | 8,502,000 | $ | 24,923,000 | $ | 20,207,600 |
EARNINGS BEFORE INCOME TAXES
|
||||||||||||||||
Three Months Ended November 30,
|
Nine Months Ended November 30,
|
|||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Publishing
|
$ | 974,100 | $ | 1,065,100 | $ | 2,748,800 | $ | 2,765,100 | ||||||||
UBAM
|
1,076,700 | 951,500 | 1,846,300 | 1,554,800 | ||||||||||||
Other
|
(1,192,600 | ) | (1,089,200 | ) | (3,341,000 | ) | (3,201,500 | ) | ||||||||
Total
|
$ | 858,200 | $ | 927,400 | $ | 1,254,100 | $ | 1,118,400 |
Earnings as a Percent of Net Revenues
|
||||||||||||||||
Three Months Ended November 30,
|
Nine Months Ended November 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Net revenues
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of sales
|
37.6 | % | 38.8 | % | 40.0 | % | 41.7 | % | ||||||||
Gross margin
|
62.4 | % | 61.2 | % | 60.0 | % | 58.3 | % | ||||||||
Operating expenses:
|
||||||||||||||||
Operating and selling
|
26.3 | % | 24.1 | % | 28.1 | % | 26.7 | % | ||||||||
Sales commissions
|
23.7 | % | 20.5 | % | 20.8 | % | 18.6 | % | ||||||||
General and administrative
|
4.4 | % | 5.8 | % | 5.9 | % | 7.5 | % | ||||||||
Total operating expenses
|
54.4 | % | 50.4 | % | 54.8 | % | 52.8 | % | ||||||||
Other income
|
-0.2 | % | 0.1 | % | -0.1 | % | 0.0 | % | ||||||||
Earnings before income taxes
|
7.8 | % | 10.9 | % | 5.1 | % | 5.5 | % | ||||||||
Income taxes
|
3.0 | % | 4.5 | % | 2.0 | % | 2.2 | % | ||||||||
Net earnings
|
4.8 | % | 6.4 | % | 3.1 | % | 3.3 | % |
For the Three Months Ended
November 30,
|
||||||||||||||||
2014
|
2013
|
$ Change
|
% Change
|
|||||||||||||
Gross sales
|
$ | 15,178,900 | $ | 12,360,600 | $ | 2,818,300 | 22.8 | |||||||||
Less discounts and allowances
|
(4,800,800 | ) | (4,195,000 | ) | (605,800 | ) | 14.4 | |||||||||
Transportation revenue
|
558,400 | 336,400 | 222,000 | 66.0 | ||||||||||||
Net revenues
|
$ | 10,936,500 | $ | 8,502,000 | $ | 2,434,500 | 28.6 |
·
|
149% in internet sales,
|
·
|
51% in school and library sales,
|
·
|
39% in home party sales,
|
·
|
38% in direct sales and
|
·
|
34% in fundraiser sales.
|
For the Three Months Ended
November 30,
|
||||||||||||||||
2014
|
2013
|
$ Change
|
% Change
|
|||||||||||||
Cost of sales
|
$ | 4,114,800 | $ | 3,294,500 | $ | 820,300 | 24.9 | |||||||||
Operating and selling
|
2,872,900 | 2,048,800 | 824,100 | 40.2 | ||||||||||||
Sales commissions
|
2,595,200 | 1,741,900 | 853,300 | 49.0 | ||||||||||||
General and administrative
|
476,600 | 495,500 | (18,900 | ) | (3.8 | ) | ||||||||||
Total
|
$ | 10,059,500 | $ | 7,580,700 | $ | 2,478,800 | 32.7 |
For the Nine Months Ended
November 30,
|
||||||||||||||||
2014
|
2013
|
$ Change
|
% Change
|
|||||||||||||
Gross sales
|
$ | 37,234,500 | $ | 30,802,800 | $ | 6,431,700 | 20.9 | |||||||||
Less discounts and allowances
|
(13,413,900 | ) | (11,317,500 | ) | (2,096,400 | ) | 18.5 | |||||||||
Transportation revenue
|
1,102,400 | 722,300 | 380,100 | 52.6 | ||||||||||||
Net revenues
|
$ | 24,923,000 | $ | 20,207,600 | $ | 4,715,400 | 23.3 |
·
|
137% in internet sales,
|
·
|
42% in school and library sales,
|
·
|
30% in home party sales,
|
·
|
23% in direct sales, and
|
·
|
19% in fundraiser sales.
|
For the Nine Months Ended
November 30,
|
||||||||||||||||
2014
|
2013
|
$ Change
|
% Change
|
|||||||||||||
Cost of sales
|
$ | 9,971,400 | $ | 8,431,700 | $ | 1,539,700 | 18.3 | |||||||||
Operating and selling
|
6,997,200 | 5,386,300 | 1,610,900 | 29.9 | ||||||||||||
Sales commissions
|
5,192,300 | 3,767,700 | 1,424,600 | 37.8 | ||||||||||||
General and administrative
|
1,481,700 | 1,516,000 | (34,300 | ) | (2.3 | ) | ||||||||||
Total
|
$ | 23,642,600 | $ | 19,101,700 | $ | 4,540,900 | 23.8 |
Period
|
Total # of Shares
Purchased
|
Average Price
Paid per Share
|
Total # of Shares
Purchased as
Part of Publicly Announced Plan (1)
|
Maximum # of Shares that May
be Repurchased under the Plan (2)(3)
|
||||||||||||
September 1 - 30, 2014
|
50 | $ | 4.66 | 50 | 303,424 | |||||||||||
October 1 - 31, 2014
|
100 | $ | 4.66 | 100 | 303,324 | |||||||||||
November 1 - 30, 2014
|
0 | N/A | 0 | 303,324 | ||||||||||||
Total
|
150 | $ | 4.66 | 150 |
(1)
|
All of the shares of common stock set forth in this column were purchased pursuant to a publicly announced plan as described in footnote 2 below.
|
(2)
|
In April 2008 the Board of Directors authorized us to purchase up to an additional 500,000 shares of our common stock under a repurchase plan. Pursuant to the plan, we may purchase a total of 303,324 additional shares of our common stock until 3,000,000 shares have been repurchased.
|
(3)
|
There is no expiration date for the repurchase plan.
|
31.1
|
|
31.2
|
|
32.1
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
EDUCATIONAL DEVELOPMENT CORPORATION
|
|||
(Registrant)
|
|||
Date: January 14, 2015
|
By:
|
/s/ Randall W. White | |
Randall W. White
|
|||
President
|
|||
31.1
|
|
31.2
|
|
32.1
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Educational Development Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
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