-----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, P87npAH+vUeg/LNfjvn0BljY5f1gwG5JO5f95pxFdcU5IeUZMzmB5Cq+uoIvUlIw xJ5mU9beduPi/B7BTk8u4Q== 0000950134-01-505421.txt : 20010815 0000950134-01-505421.hdr.sgml : 20010815 ACCESSION NUMBER: 0000950134-01-505421 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010814 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELCOR CORP CENTRAL INDEX KEY: 0000032017 STANDARD INDUSTRIAL CLASSIFICATION: ASPHALT PAVING & ROOFING MATERIALS [2950] IRS NUMBER: 751217920 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05341 FILM NUMBER: 1711814 BUSINESS ADDRESS: STREET 1: 14643 DALLAS PKWY STE 1000 STREET 2: WELLINGTON CTR CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9728510500 MAIL ADDRESS: STREET 1: WELLINGTON CENTRE STE 1000 STREET 2: 14643 DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240-8871 FORMER COMPANY: FORMER CONFORMED NAME: ELCOR CHEMICAL CORP DATE OF NAME CHANGE: 19761119 8-K 1 d89955e8-k.txt FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 14, 2001 --------------- ELCOR CORPORATION ----------------- (Exact name of Registrant as specified in its charter) DELAWARE 1-5341 75-1217920 - ------------------------------ ---------------------- ------------------- (State or other jurisdiction of Commission File number (I.R.S. Employer incorporation or organization) Identification No.) 14643 DALLAS PARKWAY SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS 75240-8871 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (972)851-0500 ------------- NOT APPLICABLE -------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events Press Release On August 13, 2001, the company issued a press release containing "forward-looking statements" that involve risks and uncertainties about its prospects for the future. The statements that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements usually are accompanied by words such as "outlook," "believe," "estimate," "plan," "project," "expect," "anticipate," "predict," "could," "should," "may," or similar words that convey the uncertainty of future events or outcomes. These statements are based on judgments the company believes are reasonable; however, Elcor's actual results could differ materially from those discussed here. Such risks and uncertainties include, but are not limited to, the following: 1. The company's roofing products business is substantially non-cyclical, but can be affected by weather, the availability of financing and general economic conditions. In addition, the asphalt roofing products manufacturing business is highly competitive. Actions of competitors, including changes in pricing, or slowing demand for asphalt roofing products due to general or industry economic conditions or the amount of inclement weather could result in decreased demand for the company's products, lower prices received or reduced utilization of plant facilities. Further, changes in building codes and other standards from time to time can cause changes in demand, or increases in costs that may not be passed through to customers. 2. In the asphalt roofing products business, the significant raw materials are ceramic-coated granules, asphalt, glass fibers, resins and mineral filler. Increased costs of raw materials can result in reduced margins, as can higher energy, trucking and rail costs. Historically, the company has been able to pass some of the higher raw material, energy and transportation costs through to the customer. Should the company be unable to recover higher raw material, energy and/or transportation costs from price increases of its products, operating results could be adversely affected and/or lower than projected. 3. The company has been involved in a significant expansion plan over the past several years, including the construction of new facilities. Progress in achieving anticipated operating efficiencies and financial results is difficult to predict for new plant facilities. If such progress is slower than anticipated, or if demand for products produced at new plants does not meet current expectations, operating results could be adversely affected. 1 3 4. Certain facilities of the company's electronics manufacturing services and industrial products subsidiaries must utilize hazardous materials in their production process. As a result, the company could incur costs for remediation activities at its facilities or off-site, and other related exposures from time to time in excess of established reserves for such activities. 5. The company's litigation, including Elk's defense of purported class action lawsuits, is subject to inherent and case-specific uncertainty. The outcome of such litigation depends on numerous interrelated factors, many of which cannot be predicted. 6. Although the company currently anticipates that most of its needs for new capital in the near future will be met with internally generated funds or borrowings under its available credit facilities, significant increases in interest rates could substantially affect its borrowing costs under its existing loan facility, or its cost of alternative sources of capital. 7. Each of the company's businesses, especially Cybershield's shielding business, is subject to the risks of technological changes that could affect the demand for or the relative cost of the company's products and services, or the method and profitability of the method of distribution or delivery of such products and services. In addition, the company's businesses each could suffer significant setbacks in revenues and operating income if it lost one or more of its largest customers, or if its customers' plans and/or markets should change significantly. 8. Although the company insures itself against physical loss to its manufacturing facilities, including business interruption losses, natural or other disasters and accidents, including but not limited to fire, earthquake, damaging winds and explosions, operating results could be adversely affected if any of its manufacturing facilities became inoperable for an extended period of time due to such events. 9. Each of the company's businesses is actively involved in the development of new products, processes and services which are expected to contribute to the company's ongoing long-term growth and earnings. If such development activities are not successful, or the company cannot provide the requisite financial and other resources to successfully commercialize such developments, the growth of future sales and earnings may be adversely affected. Parties are cautioned not to rely on any such forward-looking beliefs or judgments in making investment decisions. 2 4 Reference is made to the company's Annual Report on Form 10-K for the year ended June 30, 2000, and its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2000, December 31, 2000, and March 31, 2001, for further information about risks and uncertainties. Other Matters The company may, from time to time, find that it has commented on non-public information, including forward-looking information, to analysts. If that should occur, the company may post disclosures at www.elcor.com that it deems appropriate under Regulation F-D. No such disclosure, or similar information filed or furnished by Form 8-K, should be deemed an admission that such information is material to investors. Item 7. Exhibits 99.1 Press release dated August 13, 2001 of Elcor Corporation. 3 5 SIGNATURES Pursuant to the requirement of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ELCOR CORPORATION DATE: August 14, 2001 /s/ Richard J. Rosebery ----------------------------- ---------------------------------- Richard J. Rosebery Vice Chairman, Chief Financial and Administrative Officer /s/ Leonard R. Harral ---------------------------------- Leonard R. Harral Vice President and Chief Accounting Officer 4 6 INDEX TO EXHIBTS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 99.1 Press Release dated August 13, 2001 of Elcor Corporation.
EX-99.1 3 d89955ex99-1.txt PRESS RELEASE DATED AUGUST 13, 2001 1 EXHIBIT 99.1 NEWS RELEASE [ELCOR CORPORATION LETTERHEAD] PRESS RELEASE TRADED: NYSE FOR IMMEDIATE RELEASE SYMBOL: ELK FOR FURTHER INFORMATION: Richard J. Rosebery Harold R. Beattie, Jr. Vice Chairman, Chief Financial Vice President - Finance and Administrative Officer and Treasurer (972) 851-0510 (972) 851-0523 ELCOR CORPORATION REPORTS FOURTH QUARTER AND FISCAL 2001 OPERATING RESULTS; ELK ROOFING ANNOUNCES NEW MARKETING INITIATIVE AND PRODUCT INTRODUCTIONS; KEY NEW MANAGEMENT ASSIGNMENT HIGHLIGHTS IMPORTANCE OF ELK'S NONWOVEN AND COATED MAT OPERATIONS DALLAS, TEXAS, August 13, 2001 . . . . Describing fiscal 2001 as a significantly challenging period for its Elk and Cybershield businesses, Elcor Corporation said today that the year ended on a positive note, as year-over-year fourth quarter sales rose for the first time in four quarters and quarterly earnings exceeded analyst consensus estimates. At the same time, the company announced a major new marketing initiative. Elk's "A Whole Different Animal(TM)" campaign features the introduction of its new Prestique(R) Gallery Collection(TM) of premium laminated shingles, as well as additions and significant improvements to its existing Prestique and Capstone(R) shingle lines. The campaign not only focuses on providing a broader product mix to existing reroofing markets, but also signals Elk's intent to more aggressively pursue the new construction housing sector. QUARTERLY AND FISCAL 2001 YEAR-END RESULTS Sales during the fourth quarter ending June 30, 2001 increased 15% to $108.4 million, from $94.0 million in the same quarter last year, and represented Elcor's first year-over-year quarterly sales increase since the March 2000 quarter. Net income during the fourth quarter was $1.9 million, or $0.10 per diluted share, compared to $6.2 million, or $0.31 per diluted share, in the year-ago quarter. Fourth quarter earnings exceeded the consensus analyst estimate of $0.09 per diluted share for the quarter. 2 PRESS RELEASE Elcor Corporation August 13, 2001 Page 2 Net income for the fiscal year ending June 30, 2001 was $8.8 million, or $0.45 per diluted share, compared to $29.9 million, or $1.49 per diluted share, in the prior fiscal year. Sales of $379.2 million were 4% lower than $395.2 million in the prior fiscal year. Thomas D. Karol, Elcor's President and Chief Executive Officer, said, "Fiscal 2001 results reflect the difficult industry conditions that affected our Elk and Cybershield business units during the year. Industry shipments of residential asphalt shingles declined significantly for only the fourth time since 1950, and the telecommunications markets served by Cybershield experienced an extremely sharp downturn during the second half of our fiscal year. Significantly higher energy and asphalt costs could not be recovered through increased pricing in an environment of weak demand, and the start-up costs of our new Myerstown, Pennsylvania roofing plant were a temporary drain on earnings in fiscal 2001. "On a positive note, operating results for our Industrial Products segment improved significantly during fiscal 2001, and Elk's shingle shipments rebounded sharply during the month of June 2001 to set a new all time monthly record for the company. The 38% increase in Elk's shingle manufacturing capacity resulting from our new Myerstown roofing plant has resolved production limitations that we have encountered in the past, and we expect the Myerstown plant to be profitable during the September quarter of fiscal 2002," he said. ELK ANNOUNCES NEW SHINGLE PRODUCTS AND WARRANTY ENHANCEMENTS As a part of its "A Whole Different Animal" program, Elk announced the introduction of a new product line, the Prestique Gallery Collection, and made additions and improvements to its existing Prestique and Capstone premium laminated shingle lines. The Prestique Gallery Collection of shingles features attractive new color blends whose rich appearance reflects the splendor of the natural world. These hues, unique to Elk, are the result of Elk's collaboration with Bart Forbes, a world-renowned artist, and Pat Verlodt, an internationally recognized color expert. These colors were designed to reflect the current trends in home exteriors. Elk commissioned Mr. Forbes to create original artwork for use in related marketing materials. Gallery Collection shingles have a 40-year limited product warranty and up to a 110 mph limited wind warranty. Elk's Prestique line of premium laminated shingle products was also upgraded with the introduction of a new shingle product and improved warranties. o The Prestique line will now include a new shingle featuring the Elk Prestique High Definition(R) look, a 30-year limited product warranty and a limited 60 mph wind warranty. o The limited wind warranty for Elk's 40-year Prestique Plus shingle was increased up to 110 mph (was 80 mph). /more 3 PRESS RELEASE Elcor Corporation August 13, 2001 Page 3 o The limited product warranty for Elk's Prestique I shingle was increased to 35 years (was 30 years), and its limited wind warranty was increased to 80 mph (was 70 mph). With these changes, there are now four Prestique products: Prestique Plus 40 High Definition, Prestique I 35 High Definition, Prestique 30 High Definition and Prestique 25 Raised Profile(TM). In addition, Elk substantially upgraded the limited product warranty on its Capstone shingle to 40 years (was 30 years) and increased its limited wind warranty up to 110 mph (was 80 mph). Elk also extended the marketing area of its Capstone product to a national basis and is now offering Capstone with Formula FLX(TM), making it more flexible and easier to install. A new Capstone color, Village Green, is also being made available. Special high-wind application techniques are required for Elk's 110 mph limited wind warranty. Mr. Karol commented, "We are very optimistic that the initiatives of Elk's "A Whole Different Animal" program will create excitement in Elk's product line among distributors, contractors and homeowners, and generate increased sales for our newly expanded manufacturing capacity. Our new Prestique 30 High Definition product offers improved new features in a "mid-weight" shingle targeted at the residential replacement market. The Prestique 25 Raised Profile shingle is now positioned as an excellent product for the builder segment, which Elk expects to target more aggressively. We are also optimistic that our greater product differentiation and segmentation has the potential to improve margins," he said. INCREASED MANAGEMENT FOCUS AT ELK'S NONWOVEN AND COATED MAT OPERATIONS Effective July 1, 2001, Robert E. Pine was promoted to the newly created position of Executive Vice President of Elk's nonwoven and coated mat operations. In this new role, Mr. Pine will be responsible for developing new market opportunities for Elk's nonwoven manufacturing capabilities outside of traditional roofing markets, and for further exploiting VersaShield's(R) coated mat applications in a number of identified key markets. Mr. Pine was formerly Vice President and General Manager of Elk's roofing and nonwoven fiberglass mat operations at its Ennis, Texas manufacturing facility. Mr. Karol said, "Market development successes with our patented VersaShield coated nonwoven mat applications cause us to be optimistic that a sizeable market opportunity exists for these applications. In order to expedite the successful realization of this opportunity, and to diversify the markets for Elk's nonwoven manufacturing capabilities, dedicated management, with responsibility for only this significant part of our business, is essential," he said. /more 4 PRESS RELEASE Elcor Corporation August 13, 2001 Page 4 OUTLOOK Mr. Karol said, "This has been a very challenging and, in our belief, a trough earnings year for our company. On the one hand, our earnings dropped dramatically due to several internal and external factors. But on the other hand, we have positioned ourselves for substantially improved operating results in each of our business units. o At Elk, we are encouraged by recent improvement in the roofing market, and we have the manufacturing capacity and strategies in place to significantly outperform market growth in the premium laminated sector. A new management focus at our nonwoven fiberglass mat business is expected to create additional new opportunities in coated and non-coated mat products. o While Cybershield's telecommunications markets remain uncertain, we believe its more diversified customer base and product offerings will result in a resumption of good growth during fiscal 2002. In June 2001, Cybershield obtained an exclusive license, in key markets, to utilize a proprietary new process to metalize complex patterns of electroless conductive metals on three-dimensional plastic parts with great precision. While this new technology is in the development stage, we believe that it has exciting potential applications in mobile telephone handsets and in a variety of other widely used electronic devices that have not historically utilized Cybershield's services. o Ortloff Engineers should see improved licensing revenues from its proprietary gas processing technology during fiscal 2002, as its technology is used in several large international projects and current economics are more favorable for retrofit projects. o Chromium's profit turnaround was achieved in early fiscal 2001, and we expect solidly profitable results for fiscal 2002. "We expect to meet the analyst consensus estimate of $0.19 per diluted share for our first fiscal quarter ending September 30, 2001. Assuming no further deterioration in the economy, our current earnings outlook for the full fiscal year ending June 30, 2002 is in the range of $0.75 to $0.85 per diluted share. "We are clearly focused on delivering excellent returns to our shareholders by being the preferred supplier in every aspect of our business. We have the capability of delivering superior value to our customers through technology, marketing, and service innovation, combined with a state-of-the-art manufacturing base that has been strategically put in place to help us execute our strategy. All Elcor employees are eager to utilize these investments to deliver increased value to our customers and investors," he concluded. During the June 2001 quarter, Elcor changed its accounting policy, in accordance with new accounting guidelines, to include outbound freight costs within cost of goods sold. In prior periods, Elcor accounted for outbound freight costs as a deduction from gross sales to arrive at net sales. All comparable prior periods have been reclassified for this policy change, which has no impact upon reported net income. /more 5 PRESS RELEASE Elcor Corporation August 13, 2001 Page 5 CORPORATE QUARTERLY EARNINGS CONFERENCE CALL Elcor's quarterly earnings conference call for the quarter and year ended June 30, 2001, will be held tomorrow, Tuesday, August 14, 2001, at 11:00 a.m. Eastern time (10:00 a.m. Central time). The conference call will be broadcast live over the Internet. Interested parties can access the conference call through the Elcor Website at www.elcor.com (Investor Relations / Calls & Presentations) or by visiting www.prnewswire.com. SAFE HARBOR PROVISIONS In accordance with the safe harbor provisions of the securities law regarding forward-looking statements, in addition to the historical information contained herein, the above discussion contains forward-looking statements that involve risks and uncertainties. The statements that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements usually are accompanied by words such as "outlook," "believe," "estimate," "potential," "project," "expect," "anticipate," "plan," "predict," "could," "should," "may," or similar words that convey the uncertainty of future events or outcomes. These statements are based on judgments the company believes are reasonable; however, Elcor's actual results could differ materially from those discussed here. Factors that could cause or contribute to such differences could include, but are not limited to, changes in demand, prices, raw material costs, transportation costs, changes in economic conditions of the various markets the company serves, changes in the amount and severity of inclement weather, as well as the other risks detailed herein and in the company's reports filed with the Securities and Exchange Commission, including but not limited to its Form 10-K for the fiscal year ending June 30, 2000, and subsequent Forms 8-K and 10-Q. - - - - - - - - Elcor, through its subsidiaries, manufactures Elk brand roofing and building products, reconditions locomotive engine components, provides technology for gas processing, and provides electronics manufacturing services. Each of Elcor's principal operating subsidiaries is the leader or one of the leaders within its particular market. Its common stock is listed on the New York Stock Exchange (ticker symbol: ELK). Elcor's roofing and building products facilities are located in Tuscaloosa, Alabama; Shafter, California; Myerstown, Pennsylvania; Dallas and Ennis, Texas. Its electronics manufacturing services facilities are located in Canton, Georgia; Dallas and Lufkin, Texas; its locomotive engine products facility is located in Cleveland, Ohio; and its gas processing technology operation is located in Midland, Texas. /more 6 PRESS RELEASE Elcor Corporation August 13, 2001 Page 6 CONDENSED RESULTS OF OPERATIONS ($ in thousands except per share data)
Unaudited Audited Three Months Ended Fiscal Year Ended June 30, June 30, 2001 2000 2001 2000 ----------- ----------- ----------- ----------- SALES $ 108,410 $ 94,006 $ 379,156 $ 395,198 ----------- ----------- ----------- ----------- COSTS AND EXPENSES: Cost of sales 91,506 73,198 313,605 307,440 Selling, general & administrative 12,545 10,347 48,197 39,699 Interest expense and other, net 1,360 402 3,391 1,162 Gain from involuntary conversion 0 0 0 (1,292) ----------- ----------- ----------- ----------- Total Costs and Expenses 105,411 83,947 365,193 347,009 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 2,999 10,059 13,963 48,189 Provision for income taxes 1,123 3,818 5,201 18,257 ----------- ----------- ----------- ----------- NET INCOME $ 1,876 $ 6,241 $ 8,762 $ 29,932 =========== =========== =========== =========== INCOME PER COMMON SHARE-BASIC $ 0.10 $ 0.32 $ 0.45 $ 1.53 =========== =========== =========== =========== INCOME PER COMMON SHARE-DILUTED $ 0.10 $ 0.31 $ 0.45 $ 1.49 =========== =========== =========== =========== AVERAGE COMMON SHARES OUTSTANDING Basic 19,229 19,615 19,322 19,577 =========== =========== =========== =========== Diluted 19,390 20,087 19,493 20,086 =========== =========== =========== ===========
7 PRESS RELEASE Elcor Corporation August 13, 2001 Page 7 FINANCIAL INFORMATION BY COMPANY SEGMENTS ($ in thousands)
Unaudited Audited Three Months Ended Twelve Months Ended June 30, June 30, 2001 2000 2001 2000 ----------- ----------- ----------- ----------- SALES Roofing Products $ 98,575 $ 84,852 $ 335,971 $ 350,319 Electronics Manufacturing Services 5,972 6,668 29,528 33,420 Industrial Products 3,856 2,456 13,561 11,300 Corporate & Eliminations 7 30 96 159 ----------- ----------- ----------- ----------- $ 108,410 $ 94,006 $ 379,156 $ 395,198 =========== =========== =========== =========== OPERATING PROFIT (LOSS) Roofing Products $ 7,269 $ 12,158 $ 25,539 $ 53,024 Electronics Manufacturing Services (780) 223 1,392 4,904 Industrial Products 384 (1,546) (735) (4,653) Corporate & Eliminations (2,514) (374) (8,842) (5,216) ----------- ----------- ----------- ----------- $ 4,359 $ 10,461 $ 17,354 $ 48,059 =========== =========== =========== ===========
8 PRESS RELEASE Elcor Corporation August 13, 2001 Page 8 CONDENSED BALANCE SHEET (Audited, $ in thousands)
June 30, 2001 2000 ---------- ---------- ASSETS Cash and cash equivalents $ 128 $ 4,702 Receivables, net 73,660 71,712 Inventories 51,016 40,965 Deferred income taxes 3,977 2,822 Prepaid expenses and other 8,487 4,312 ---------- ---------- Total Current Assets 137,268 124,513 Property, plant and equipment, net 220,036 195,104 Other assets 2,744 2,957 ---------- ---------- Total Assets $ 360,048 $ 322,574 ========== ==========
June 30, 2001 2000 ---------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $ 48,034 $ 48,287 Current maturities on long-term debt 0 0 ---------- ---------- Total Current Liabilities 48,034 48,287 Long-term debt, net 123,300 91,300 Deferred income taxes 26,612 21,083 Shareholders' equity 162,102 161,904 ---------- ---------- Total Liabilities and Shareholders' Equity $ 360,048 $ 322,574 ========== ==========
9 PRESS RELEASE Elcor Corporation August 13, 2001 Page 9 CONDENSED STATEMENT OF CASH FLOWS (Audited, $ in thousands)
Fiscal Year Ended June 30, 2001 2000 ---------- ---------- CASH FLOWS FROM: OPERATING ACTIVITIES Net income $ 8,762 $ 29,932 Adjustments to net income Depreciation and amortization 13,697 10,671 Deferred income taxes 4,374 2,325 Gain from involuntary conversion 0 (1,292) Changes in assets and liabilities: Trade receivables (1,948) 1,154 Inventories (10,051) (15,195) Prepaid expenses and other (4,175) 3,022 Accounts payable and accrued liabilities (253) 14,403 ---------- ---------- Net cash from operations 10,406 45,020 ---------- ---------- INVESTING ACTIVITIES Additions to property, plant & equipment (38,543) (70,091) Insurance proceeds from involuntary conversion 0 2,310 Other 127 256 ---------- ---------- Net cash from investing activities (38,416) (67,525) ---------- ---------- FINANCING ACTIVITIES Long-term borrowings, net 32,000 28,300 Dividends on common stock (3,851) (3,923) Treasury stock transactions and other, net (4,713) (1,356) ---------- ---------- Net cash from financing activities 23,436 23,021 ---------- ---------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (4,574) 516 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,702 4,186 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 128 $ 4,702 ========== ==========
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