-----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, MM1mJMXRjHI5BAgTEIGH20LiSAjLRC7Yf5STT6UZ0OT38rcLxrMUC9m7niwk84lD czuV5s9sC29NJ2TdTPTsTA== 0000033325-99-000013.txt : 19990813 0000033325-99-000013.hdr.sgml : 19990813 ACCESSION NUMBER: 0000033325-99-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQUITY OIL CO CENTRAL INDEX KEY: 0000033325 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870129795 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-00610 FILM NUMBER: 99684958 BUSINESS ADDRESS: STREET 1: P O BOX 959 CITY: SALT LAKE CITY STATE: UT ZIP: 84110 BUSINESS PHONE: 8015213515 MAIL ADDRESS: STREET 1: P O BOX 959 CITY: SALT LAKE CITY STATE: UT ZIP: 84110 10-Q 1 2ND QUARTER 1999 FORM 10-Q FORM 10Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 1999 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: 0-610 EQUITY OIL COMPANY (Exact name of registrant as specified in its charter) COLORADO 87-0129795 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Suite 806, #10 West Third South, Salt Lake City, Utah 84101 (Address of principal executive offices) (Zip Code) (801) 521-3515 Registrant's telephone number, including area code (Former name, former address and former fiscal year, if changed since last report) 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 APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 12,643,440 ITEM I: Financial Statements EQUITY OIL COMPANY Statement of Operations For the Six Months Ended June 30, 1999 and 1998 (Unaudited) 1999 1998 REVENUES ---- ---- Oil and gas sales ......... $ 6,118,585 $ 6,517,271 Partnership income ........ 15,000 15,500 Interest income ........... 19,195 40,326 Other ..................... 56,196 101,705 ------------ ------------ 6,208,976 6,674,802 EXPENSES Operating costs ........... 2,655,396 3,030,862 Depreciation, depletion and amortization ............ 2,050,000 2,450,000 Equity loss in Symskaya Exploration .... 106,206 319,113 Leasehold abandonments .... 8,854 164,091 3D seismic ................ -- 430,773 Exploration ............... 743,650 745,882 General and administrative 918,406 1,097,139 Interest .................. 592,634 569,905 ------------ ------------ 7,075,146 8,807,765 Loss before income taxes ........... (866,170) (2,132,963) Benefit for income taxes ........... (405,416) (597,229) ------------ ------------ NET LOSS ........................... $ (460,754) $(1,535,734) ============ ============ Basic and diluted net loss per common share ..... $ (0.04) $ (0.12) ============ ============ Weighted average shares outstanding 12,636,671 12,612,824 The accompanying notes are an integral part of these statements. 2 EQUITY OIL COMPANY Statement of Operations For the Three Months Ended June 30, 1999 and 1998 (Unaudited) 1999 1998 REVENUES ---- ---- Oil and gas sales ......... $ 3,507,733 $ 3,016,811 Partnership income ........ 7,500 7,500 Interest income ........... 12,080 6,297 Other ..................... 31,653 66,749 ------------ ------------ 3,558,966 3,097,357 EXPENSES Operating costs ........... 1,369,238 1,381,932 Depreciation, depletion and amortization ............ 950,000 1,200,000 Equity loss in Symskaya Exploration .... 62,781 235,615 Leasehold abandonments .... 8,854 164,091 3D seismic ................ -- 21,030 Exploration ............... 369,397 355,754 General and administrative 490,136 658,561 Interest .................. 294,307 290,371 ------------ ------------ 3,544,713 4,307,354 Income (loss) before income taxes .. 14,253 (1,209,997) Benefit for income taxes ........... (97,692) (316,269) ------------ ------------ NET INCOME (LOSS) .................. $ 111,945 $ (893,728) ============ ============ Net income (loss) per common share: Basic ..................... $ 0.01 $ (0.07) Diluted ................... $ 0.01 $ (0.07) Weighted average shares outstanding: Basic ..................... 12,633,075 12,615,440 Diluted ................... 13,653,440 12,615,440 The accompanying notes are an integral part of these statements. 3 EQUITY OIL COMPANY Balance Sheet as of June 30, 1999 and December 31, 1998 June 30, December 31, ASSETS 1999 1998 - ------ ---------- ---------- (Unaudited) Current assets: Cash and cash equivalents ........ $ 491,641 $ 444,476 Accounts and advances receivable . 3,007,466 2,696,160 Income taxes receivable .......... 47,892 291,597 Deferred income taxes ............ 19,417 19,417 Other current assets ............. 222,616 318,904 ------------- ------------- 3,789,032 3,770,554 Property and equipment ............. 105,070,719 104,407,815 Less accumulated depreciation, depletion and amortization ........ 63,232,136 61,191,368 ------------- ------------- 41,838,583 43,216,447 Other assets: Investment in Raven Ridge Pipeline Partnership ........... 235,997 220,997 Other assets ..................... 42,113 63,170 ------------- ------------- 278,110 284,167 TOTAL ASSETS ....................... $ 45,905,725 $ 47,271,168 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable ................. $ 1,191,218 $ 1,675,759 Accrued liabilities .............. 185,187 164,163 Federal, state and foreign income taxes payable ........... 114,509 212,583 Accrued profit sharing ........... 124,741 90,413 ------------- ------------- 1,615,655 2,142,918 Revolving credit facility .......... 16,500,000 16,500,000 Deferred income taxes .............. 1,246,024 1,642,700 ------------- ------------- 17,746,024 18,142,700 Stockholders' Equity: Common stock ..................... 12,808,040 12,794,040 Paid in capital .................. 3,719,743 3,714,493 Less cost of treasury stock ...... (528,302) (528,302) Retained earnings ................ 10,544,565 11,005,319 ------------- ------------- 26,544,046 26,985,550 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ............. $ 45,905,725 $ 47,271,168 ============= ============= The accompanying notes are an integral part of these statements. 4 EQUITY OIL COMPANY Statement of Cash Flows For the Six Months Ended June 30, 1999 and 1998 (Unaudited) 1999 1998 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ............................. $ (460,754) $(1,535,734) Adjustments Depreciation, depletion and amortization ..................... 2,050,000 2,450,000 Partnership income ................. (15,000) 47,181 Loss on property dispositions ...... 8,854 164,091 Decrease in deferred income taxes .. (396,676) (810,771) Equity loss in Symskaya Exploration ............. 106,206 319,113 Change in other assets ............. 21,057 21,057 Common stock issued for services ... 19,250 47,351 Net cash provided before changes in ----------- ----------- working capital items ............. 1,332,937 702,288 Increase (decrease) from changes in: Accounts and advances receivable . (311,306) 420,274 Other current assets ............. 96,288 (15,053) Accounts payable and accrued liabilities .................... (463,517) 63,008 Income taxes receivable/payable .. 145,631 116,935 Accrued profit sharing ........... 34,328 (92,973) ----------- ----------- Net cash provided by operating activities ............ 834,361 1,194,479 ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Advances to Symskaya Exploration ..... (106,206) (319,113) Capital expenditures ................. (680,990) (2,257,063) ----------- ----------- Net cash used in investing activities ......................... (787,196) (2,576,176) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving credit facility ........... -- 1,021,170 ----------- ----------- Net cash provided by financing activities .............. -- 1,021,170 ----------- ----------- NET INCREASE (DECREASE) IN CASH ......... 47,165 (360,527) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ............... 444,476 378,801 ----------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD ..................... $ 491,641 $ 18,274 =========== =========== The accompanying notes are an integral part of these statements. 5 NOTES TO FINANCIAL STATEMENTS NOTE 1. INTERIM FINANCIAL STATEMENTS The accompanying financial statements of Equity Oil Company ("Equity" or "the Company") have not been audited by independent accountants, except for the Balance Sheet as of December 31, 1998. In the opinion of the Company's management, the financial statements reflect the adjustments, all of which are of a normal and recurring nature, necessary to present fairly the financial position of the Company as of June 30, 1999, and the results of its operations for the three and six month periods ended June 30, 1999 and 1998, and its cash flows for the six month periods ended June 30, 1999 and 1998. The financial statements and the accompanying notes to financial statements have been prepared according to rules and regulations of the Securities and Exchange Commission. Accordingly, certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. These financial statements should be read in conjunction with the Company's 1998 Annual Report on Form 10-K, and the Company's Form 10-Q for the first quarter of 1999. The results for the three and six month periods ended June 30, 1999 are not necessarily indicative of future results. NOTE 2. NET INCOME (LOSS) PER SHARE Basic net income (loss) per share was computed by dividing the net income (loss) by the weighted average number of common shares outstanding. Diluted net income (loss) per share was computed by dividing the net income (loss) by the sum of the weighted average number of common shares and the effect of dilutive unexercised stock options. Options to purchase approximately 1,024,000 shares of common stock at prices of $2.50 to $6.00 per share were outstanding during the first six months of 1999 and were included in the computation of diluted net income per share for the three months ended June 30, 1999. Options to purchase approximately 985,000 shares of common stock at prices of $3.56 to $6.00 per share were outstanding during the first six months of 1998. For all other periods presented, options were not included in the computation of net loss per share because the effect would have been antidilutive. 6 PART I ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION RESULTS OF OPERATIONS Financial Results - ----------------- Significant reductions in most expense categories during the first six months of 1999 offset decreases in oil and gas sales, enabling the Company to lessen its net loss to $(460,754), or $(.04) per share, compared to a net loss of $(1,535,734), or $(.12) per share, during the same period of 1998. Total revenues of $6,208,976 were 7% lower than total revenues of $6,674,802 recorded in the first half of 1998. Higher oil prices during the second quarter of 1999 accentuated the impact of the Company's expense reductions. The Company recorded net income in the second quarter of 1999 of $111,945, or $.01 per share, compared to a second quarter 1998 net loss of $(893,728), or $(.07) per share. Second quarter revenues in 1999 of $3,558,966 were 15% higher than the $3,097,357 reported in the second quarter of 1998. Operating Results - ----------------- In recognition of recently depressed prices and the ongoing volatility in the oil markets, the Company has decreased the number of wells drilled in 1999, in addition to cutting its operating and administrative expenses. During the first half of 1999, the Company participated in a total of 5 wells, 3 of which have been completed as producing wells. During the first half of 1998, the Company participated in 8 wells, 6 of which were completed as producing wells. Included in the 1999 successful well count is an exploratory well drilled in California on the Company's Merlin 3D seismic project. The Equity P51B tested at a rate of 1.8 million cubic feet per day from the Kione formation at a depth of 3,800 feet, and was placed on production in May of 1999. Equity operates and has a 50% working interest in the well and the Merlin project. The second successful well is the #2-9 Davis Ranch drilled on Equity's Davis Ranch 3-D seismic project. The well was drilled to a total depth of 7,550 feet and encountered three potentially productive sands that tested at a rate of 2 MMCFD. The well was placed on production in July of 1999. Equity operates and has a 60% working interest in the well. The third successful 1999 well is the #1-30 Wallace well drilled at the Moon Bend 3D survey in the Sacramento Basin. The well was completed in the Forbes formation at an initial production rate of 2.2 MMCFD. The Company has a 12% working interest in the well, which is operated by Slawson Exploration. 7 The initial exploratory test well at the Company's Sequoia project in the San Joaquin Basin was a dry hole. Drilling results are currently being evaluated, and the data acquired will be used to help identify the next drilling location. CAPITAL RESOURCES AND LIQUIDITY - ------------------------------- Cash and cash equivalents totaled $491,641 as of June 30, 1999, an increase of $47,165 since year-end 1998. Working capital at June 30, 1999 improved to $2,173,377, compared to $1,627,636 at December 31, 1998. The Company's ratio of current assets to current liabilities likewise improved to 2.35 to 1 at June 30, 1999, compared to 1.76 to 1 at December 31, 1998. Cash provided by operating activities before working capital changes increased 90%, from $702,288 in the first six months of 1998 to $1,332,937 recorded during the same period of 1999. Investment in property and equipment for the first six months of 1999 totaled $680,990, a 70% decrease from the amount recorded during the corresponding six months of 1998. As a result of depressed oil prices, and their negative effects on cash flows, the Company has reduced its 1999 capital budget to ensure that the bulk of its projects will be funded by discretionary cash flows. The Company's current revised budget includes 9 exploratory wells and 9 recompletions. The bulk of the Company's drilling should occur during the fourth quarter of the year. The Company borrowed $1,021,170 on its credit facility during the first half of 1998, primarily for working capital purposes. The Company did not draw down any funds on its credit facility during the first half of 1999. The Company's current commitment under its credit facility is $17 million. Accordingly, as of June 30, 1999, the Company had $500,000 of remaining availability on the facility. The Company is in compliance with all covenants in the facility, and expects to be in compliance for the remainder of 1999. The Company believes that existing cash balances, cash flow from operating activities, and funds available under the Company's credit facility will provide adequate resources to meet its capital and exploration spending objectives for 1999, which have been significantly curtailed due to volatile oil prices. Should oil prices return to their depressed levels of the first quarter of the year, the Company may have difficulty in meeting its ongoing exploration and development drilling objectives. The Company has adequate liquidity to maintain its operations as they currently exist. 8 COMPARISON OF SECOND QUARTER 1999 WITH SECOND QUARTER 1998 - ---------------------------------------------------------- Oil and gas sales in the second quarter of 1999 of $3,507,733 were 16% higher than the $3,016,811 recorded for the same quarter of last year. The higher revenues were primarily a function of higher oil prices, as oil and gas production both declined during the quarter. The average net price for crude oil received by the Company during the quarter was $15.50 per barrel, compared to $11.58 during the second quarter of 1998, an increase of 34%. Average gas prices were constant at $1.95 per Mcf during the second quarter of both years. Oil production decreased from 170,000 barrels in the second quarter of 1998 to 164,000 barrels during the same quarter of 1999, primarily due to low-margin oil properties being shut-in during the early part of the quarter. Gas production dropped from 550,000 Mcf in 1998 to 475,000 Mcf in 1999 due to natural production declines. Total expenses in 1999 decreased 18% over 1998 second quarter levels. Depreciation, depletion and amortization (DD&A) per unit charges decreased from $4.59 per BOE in 1998 to $3.91 per BOE in 1999. The primary reason for the per unit decrease was the elimination of approximately $4 million from the Company's depletable base through a property impairment charge in the fourth quarter of 1998. In addition, higher oil prices at June 30, 1999 enabled the Company to record positive reserve revisions, which in turn decreased DD&A rates for many of the Company's oil properties. The equity loss in Symskaya Exploration decreased by $172,834 during the second quarter of 1999. The 1998 amount included a writedown of approximately $125,000 in interest income on a senior note between Symskaya and the Company that had been accrued in prior periods, as well as the Company's share of a bottom hole contribution. Neither of these two events were recurring. The Company abandoned certain undeveloped leaseholds during the second quarter of 1998, associated with a Lodgepole prospect, that were acquired in 1995 and 1996. There was no corresponding event in 1999. General and administrative expenses decreased 16% from 1998 first half levels. The decrease was due to reduced compensation and other administrative expenses. Higher interest costs in 1999 reflect the higher amount of debt outstanding under the Company's credit facility. 9 COMPARISON OF FIRST HALF 1999 WITH FIRST HALF 1998 Rising oil prices during the latter part of the first half of 1999 enabled the Company to record higher average prices compared to the first half of 1998. Average oil prices received by the Company during the first six months of 1999 were $13.40 per barrel, compared to $12.51 per barrel during the same period in 1998. Gas prices dropped during the first half of 1999, averaging $1.80 per Mcf, compared to $1.97 per Mcf during the first half of 1998. With much of the low-margin oil production shut-in during the first quarter of 1999 due to low oil prices, oil production decreased in the first half of the year. Oil production of 318,000 barrels was down 6% from 340,000 barrels in 1998. Reduced exploratory drilling in 1998, combined with natural production declines, resulted in lower gas production for the 1999 first half. Gas production decreased from 1,170,000 Mcf produced in 1998 to 1,025,000 Mcf produced during the first half of 1999, a decrease of 12%. Total expenses in 1999 decreased 20% over 1998 first half levels. Lower production levels contributed to lower lease operating costs and depreciation, depletion, and amortization (DD&A) charges. Lease operating costs decreased 4% on a per BOE basis, declining from $5.67 per BOE to $5.43 per BOE, a further reflection of high-cost, low margin oil properties being shut in during the first quarter 1999. DD&A per unit charges decreased from $4.58 per BOE in 1998 to $4.19 per BOE in 1999. The primary reason for the per unit decrease was the elimination of approximately $4 million from the Company's depletable base through a property impairment charge in the fourth quarter of 1998. In addition, higher oil prices at June 30, 1999 enabled the Company to record positive reserve revisions, which in turn decreased DD&A rates for many of the Company's oil properties. The Company recorded an equity loss in Symskaya of $106,206 during the first half of 1999, down from $319,113 in the first half of 1998. The 1998 amount included a writedown of approximately $125,000 in interest income on a senior note between Symskaya and the Company that had been accrued in prior periods, as well as the Company's share of a bottom hole contribution. Neither of these two events were recurring. Costs associated with the Symskaya project are expected to be minimal during 1999, with expenses being lower than those incurred in 1998. The Company abandoned certain undeveloped leaseholds during the first half of 1998, associated with a Lodgepole prospect, that were acquired in 1995 and 1996. This resulted in a charge to expense of $164,091. There was no corresponding event in 1999. The Company incurred 3D seismic charges of $430,773 in 1998 associated with its Sequoia project in the San Joaquin Basin of California. The Company did not participate in any 3D seismic programs during the first half of 1999. General and administrative expenses decreased 16% from 1998 first half levels. The decrease was due to reduced compensation and other administrative expenses. Higher interest costs in 1999 reflect the higher amount of debt outstanding under the Company's credit facility. 10 OTHER ITEMS - ----------- The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on the results of operations or financial position of the Company. Based on that review, the Company believes that none of these pronouncements will have a significant effect on current or future earnings or operations. YEAR 2000 - --------- In 1998 the Company began a project to ensure that its computer systems were year 2000 compliant. The Company identified this project as a priority and has allocated personnel and financial resources to it in an effort to minimize the impact of year 2000 date related problems. An officer of the Company is supervising the project. In addition, the Company is conducting a year 2000 compliance assessment of those of its vendors and customers whose relationship, in the Company's business judgment, is material. Although the Company's assessment of its year 2000 issues is not complete, the Company has made a preliminary determination of its mission-critical and non-mission-critical items. The Company's mission-critical items include its financial accounting, engineering, and lease/land software. Each of these items has been certified by the vendor as year 2000 compliant. All non-mission-critical systems have been certified as being compliant. The Company is conducting tests to support these claims. The Company does not anticipate incurring any significant expense to ensure compliance. Although the Company is undertaking this project, no assurance can be given that such a program will be able to solve the year 2000 issues applicable to the Company or that failure to solve them will not have a material adverse effect on the Company. 11 FORWARD LOOKING STATEMENTS - -------------------------- The preceding discussion and analysis should be read in conjunction with the consolidated financial statements, including the notes thereto, appearing in the Company's annual report on Form 10-K. Except for the historical information contained herein, the matters discussed in this report contain forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 2le of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates, and projections. Statements that are not historical facts, including without limitation statements which are preceded by, followed by or include the words "believes," "anticipates," "plans," "expects," "may," "should" or similar expressions are forward-looking statements. Many of the factors that will determine the Company's future results are beyond the ability of the Company to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially. The Company disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. Important factors that may affect future results include, but are not limited to: the risk of a significant natural disaster, the inability of the Company to insure against certain risks, fluctuations in commodity prices, the inherent limitations in the ability to estimate oil and gas reserves, changing government regulations, as well as general market conditions, competition and pricing, and other risks detailed from time to time in the Company's SEC reports, copies of which are available upon request from the Company's investor relations department. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. The answers to items listed under Item 3 are inapplicable or negative. PART II OTHER INFORMATION The answers to items listed under Part II are inapplicable or negative, except as shown below. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. At the Company's annual meeting, held on May 12, 1999, two Directors, Philip J. Bernhisel and W. Durand Eppler, were elected to the staggered board to serve three year terms, expiring in 2002. The following votes were recorded. Bernhisel Eppler Affirmative votes 10,183,572 10,183,102 Withhold authority 181,763 182,233 Each director nominee received at least 98% of the shares voted at the meeting. 12 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. EQUITY OIL COMPANY (Registrant) DATE: August 12, 1999 By /s/ Paul M. Dougan ---------------------- --------------------- Paul M. Dougan, President DATE: August 12, 1999 By /s/ Clay Newton ---------------------- --------------------- Clay Newton, Treasurer Principal Accounting Officer 13 EX-27 2 FDS --
5 6-MOS DEC-31-1999 JAN-01-1999 JUN-30-1999 491,641 0 3,007,466 0 0 3,789,032 105,070,719 63,232,136 45,905,725 1,615,655 0 0 0 12,808,040 3,719,743 45,905,725 6,118,585 6,208,976 0 6,482,512 0 0 592,634 (866,170) (405,416) (460,754) 0 0 0 (460,754) (.04) (.04)
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