-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, nGNzq5aASyA6V8dLENFKjyg/UdAZLcQZrHmZH94D82726ymG8lgicq0BbKbfihEl 8HclfGXDRLtkpEEcBRGYPQ== 0000034891-95-000003.txt : 19950508 0000034891-95-000003.hdr.sgml : 19950508 ACCESSION NUMBER: 0000034891-95-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950325 FILED AS OF DATE: 19950505 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL PAPER BOARD CO INC CENTRAL INDEX KEY: 0000034891 STANDARD INDUSTRIAL CLASSIFICATION: PAPERBOARD MILLS [2631] IRS NUMBER: 220904830 STATE OF INCORPORATION: NY FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03838 FILM NUMBER: 95535029 BUSINESS ADDRESS: STREET 1: 75 CHESTNUT RIDGE RD CITY: MONTVALE STATE: NJ ZIP: 07645 BUSINESS PHONE: 2013911776 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 Twelve Weeks Ended March 25, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-3838 FEDERAL PAPER BOARD COMPANY, INC. (Exact name of Registrant as specified in its charter) NORTH CAROLINA 22-0904830 (State or otherjurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 75 CHESTNUT RIDGE ROAD, MONTVALE, NEW JERSEY 07645 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (201) 391-1776 Indicate by check mark ("X") 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 twelve months and (2) has been subject to the filing requirements for at least the past 90 days. YES X NO Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS OUTSTANDING AT APRIL 22, 1995 Common stock, par value $5 share 42,741,079 FEDERAL PAPER BOARD COMPANY, INC. INDEX PAGE PART I FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheet 3 Condensed Consolidated Statement of Income 4 Condensed Consolidated Statement of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7-10 PART II OTHER INFORMATION * Item 4. Submissions of Matters to a Vote of Security Holders 11 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 12 * Item numbers which are inapplicable or to which the answer is negative have been omitted. -2- FEDERAL PAPER BOARD COMPANY, INC. CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) March 25, December 31, In thousands 1995 1994 ASSETS Cash $ 296 $ 293 Receivables - net 97,594 73,856 Inventories: Raw materials 94,013 74,489 Work in process 18,417 18,365 Finished goods 99,812 90,316 Supplies 54,071 52,533 Subtotal 266,313 235,703 Lifo Reserve (9,897) (5,156) Total inventories 256,416 230,547 Other current assets 47,498 52,545 Total Current Assets 401,804 357,241 Property, plant and equipment 2,814,317 2,794,716 Accumulated depreciation (914,465) (897,077) Property, plant and equipment - net 1,899,852 1,897,639 Timber and timberlands 188,047 188,896 Other assets 162,764 165,873 Total Assets $2,652,467 $2,609,649 LIABILITIES AND SHAREHOLDERS' EQUITY Current portion of long-term debt $ 73,593 $ 74,544 Short-term bank debt 23,400 24,242 Accrued interest 32,835 19,443 Other current liabilities 225,275 219,526 Total Current Liabilities 355,103 337,755 Long-term debt 893,235 921,227 Other liabilities 79,660 78,832 Deferred tax liability 368,959 353,643 Capital stock 215,816 215,304 Other capital 253,990 250,183 Retained earnings 486,503 453,977 Treasury stock, at cost (799) (1,272) Total Shareholders' Equity 955,510 918,192 Total Liabilities and Shareholders' Equity $2,652,467 $2,609,649 See accompanying notes to condensed consolidated financial statements.
-3- FEDERAL PAPER BOARD COMPANY, INC. CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) For The Twelve Weeks Ended March 25, March 26, In thousands except per share amounts 1995 1994 Net sales $435,792 $319,454 Costs and expenses: Cost of products sold 288,177 246,523 Depreciation, amortization and cost of timber harvested 36,128 32,885 Selling and administrative expenses 20,636 14,999 Interest expense 21,616 19,842 Other - net (5,935) 10,644 Total costs and expenses 360,622 324,893 Income (loss) before taxes 75,170 (5,439) Provision for income taxes 28,270 (2,139) Net income (loss) 46,900 (3,300) Preferred dividend requirements 1,446 1,525 Net income (loss) applicable to common shares $ 45,454 $ (4,825) Average Common Shares Outstanding: Assuming no dilution 42,596 42,174 Assuming full dilution 47,355 42,174 Earnings (Loss) Per Common Share: Assuming no dilution $1.07 $(.11) Assuming full dilution $ .99 $(.11) Dividends Per Common Share $ .30 $ .25 See accompanying notes to condensed consolidated financial statements.
-4- FEDERAL PAPER BOARD COMPANY, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the Twelve Weeks Ended March 25, March 26, In thousands 1995 1994 CASH FLOWS FROM OPERATIONS: Net income (loss) $ 46,900 $ (3,300) Adjustments to reconcile net income (loss) to net cash provided by operations: Depreciation, amortization and cost of timber harvested 36,128 32,885 Deferred income tax provision 16,140 (3,205) Other - net (6,286) 22,600 Net changes in current assets and liabilities (22,117) (6,196) NET CASH PROVIDED BY OPERATIONS 70,765 42,784 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (26,876) (28,162) Other - net (2,027) (12,746) NET CASH USED FOR INVESTING ACTIVITIES (28,903) (40,908) CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends paid (14,339) (12,189) Increase in long-term debt 565 10,267 Payments on long-term debt (29,546) (2,313) Other - net 1,461 2,355 NET CASH USED FOR FINANCING ACTIVITIES (41,859) (1,880) INCREASE (DECREASE) IN CASH 3 (4) Cash: Beginning of year 293 271 End of period $ 296 $ 267 See accompanying notes to condensed consolidated financial statements.
-5- FEDERAL PAPER BOARD COMPANY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, of a normal and recurring nature, necessary to present fairly the results for the interim periods presented. 2. Net income (loss) used in the computation of earnings (loss) per common share assuming no dilution is reduced by preferred dividend requirements. Earnings per common share assuming full dilution for the first quarter of 1995 is based on the weighted number of common shares outstanding during the quarter, including the dilutive effects of stock options outstanding and the conversion of the Company's preferred stocks. Earnings (loss) per common share assuming full dilution for the first quarter of 1994 is based on the weighted number of common shares outstanding during the quarter and does not assume the conversion of the Company's preferred stocks or the conversion of stock options outstanding as their effects are antidilutive. 3. The Company is a party to a variety of interest rate swap agreements in order to manage the impact of fluctuating interest rates. At March 25, 1995 and March 26, 1994, the Company had both hedged and nonhedged interest rate swap agreements outstanding. The nonhedged interest rate swap agreements outstanding had notional principal amounts of $175 million and $390 million at March 25, 1995 and March 26, 1994, respectively. During the first quarter of 1995, the Company amended the $175 million interest rate swap agreements to eliminate the leveraged coupon rate which was based on various interest rate spreads. The Company's market risk under these agreements is primarily subject to the differential between the London Inter Bank Offered Rate (LIBOR) and LIBOR in arrears during a six month period. The Company does not believe a reasonably likely change in LIBOR, during a six month period, would have a material impact on its financial position or results of operations. The estimated fair value of all nonhedged interest rate swap agreements was a loss of $8.8 million and $14.5 million at March 25, 1995 and March 26, 1994, respectively. The hedged interest rate swap agreements outstanding had notional principal amounts of $160 million and $175 million at March 25, 1995 and March 26, 1994, respectively. During the first quarter of 1995, the Company amended these agreements to limit its exposure to fluctuations in LIBOR. 4. Other-net in the accompanying Condensed Consolidated Statement of Income includes a net pre-tax gain of $5.5 million for the first quarter of 1995 associated with the sale of assets partially offset by a charge related to a restructuring program. Other-net for the first quarter of 1994 includes a pre-tax charge of $10.6 million associated with certain financial instrument transactions. -6- FEDERAL PAPER BOARD COMPANY, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Unaudited) For the Twelve Weeks Ended March 25, March 26, In thousands 1995 1994 NET SALES: Paper, Paperboard and Pulp $332,894 $220,424 Wood Products 59,117 58,835 Converting Operations 69,517 67,491 Intersegment Eliminations (25,736) (27,296) Total $435,792 $319,454 INCOME (LOSS) BEFORE TAXES: Paper, Paperboard and Pulp $ 97,164 $ 10,606 Wood Products 9,050 20,105 Converting Operations (7,366) 1,236 Intersegment Eliminations (3,549) 13 General Corporate Items - Net 1,487 (17,557) Interest Expense (21,616) (19,842) Total $ 75,170 $ (5,439)
RESULTS OF OPERATIONS : Paper, Paperboard and Pulp Net sales of paper, paperboard and pulp increased 51% compared to the first quarter of the prior year. Market pulp sales were significantly higher compared to the prior year due to the improvement in the selling price of pulp caused by improving market conditions. Uncoated free-sheet paper sales increased 91% compared to the prior year as increased volume was coupled with significantly higher average selling prices. Bleached paperboard sales increased 33% compared to the prior year primarily due to higher average selling prices and increased demand while recycled paperboard sales increased 17% compared to the prior year as a result of increased average selling prices. Operating profits for this segment improved substantially compared to the first quarter of the prior year. The increase in operating profits for this segment is primarily attributable to improved selling prices for all products compared to the first quarter of the prior year. Market pulp has experienced a significant turnaround compared to the prior year, benefiting from the implementation of numerous selling price increases since the fourth quarter of 1994 due to improving demand. Uncoated free-sheet paper selling prices have also improved dramatically compared to the prior year due to the improving economic conditions in the United Kingdom and Europe. -7- Management's Discussion and Analysis of Financial Condition and Results of Operations (Cont.) The pulp market sustained substantial improvement in the first quarter of this year, with this product line returning to profitability compared to the first quarter of the prior year. Average selling prices have more than doubled compared to the first quarter of last year, the result of numerous price increases implemented during the past year. Production costs have increased slightly in the current year due to increased wood costs partially offset by decreases in other production costs. The bleached paperboard market showed continued progress in the first quarter of this year, with operating profits significantly improved compared to the prior year. Average selling prices for this product increased 24% compared to the first quarter of last year. Demand for this product has been strong, with shipments increasing 7% compared to the first quarter of the prior year. Production costs have increased in the current year due to increased wood costs. Operating profits for the Company's uncoated free-sheet paper operation improved substantially from the comparable period of the prior year. Market conditions improved during the first quarter of 1995, allowing price increases to be implemented with further increases in selling prices expected throughout the year. Demand has remained strong with increased shipments of this product compared to the prior year. Production costs have increased in the current year as a result of an increase in pulp costs slightly offset by reductions in other operating costs reflecting improved operating efficiencies. Operating profits for recycled paperboard decreased 45% compared to the same quarter of the prior year. The profitability of recycled paperboard has been adversely affected by sharply higher wastepaper costs in the current year, particularly for old corrugated containers, the primary raw material of recycled paperboard. Production of this product increased 4% and average selling prices increased 20% compared to the first quarter of the prior year, while shipments of this product decreased 2% compared to the prior year. Wood Products Net sales for this segment improved slightly compared to the same period of the prior year due to an increase in net sales for the land management group partially offset by lower lumber sales. The decline in net sales of lumber reflects a decrease in average selling prices partially offset by an increase in shipments. Operating profits for this segment decreased 55% in the first quarter of 1995 compared to the same quarter of the prior year. Market conditions for lumber have shown deterioration with average selling prices decreasing approximately 13% compared to the first quarter of last year. Wood costs have increased compared to the prior year primarily due to the shortage of wood caused by unusually bad weather in the Southeast and the restriction on cutting of timber in the Pacific Northwest. -8- Management's Discussion and Analysis of Financial Condition and Results of Operations (Cont.) Converting Operations The Company's Converting Operations recorded a slight increase in sales compared to the prior year. Net sales for the packaging operations increased 18% in the first quarter of 1995, while net sales for the Company's cup operations declined 3% compared to the prior year. Operating profits for this segment were significantly lower compared to the first quarter of the prior year. Operating profits were adversely affected in the current year by an increase in raw material costs. As a result of the increase in the cost of paperboard used in the manufacturing process, an adjustment was recorded to properly reflect the value of inventory under the Last-In, First-Out inventory method . The LIFO charge for the first quarter of 1995 was $3.5 million compared to $0.1 million for the first quarter of the prior year. Also during the first quarter of 1995, a charge of $4.0 million was recorded associated with the restructuring of these operations. Interest Expense Interest expense for the first quarter of 1995 increased 9% compared to the prior year. The higher level of interest expense in the current year compared to the prior year is attributable to higher borrowing rates for the Company's short-term bank debt and borrowings under the revolving credit agreement and a decrease in the amount of interest capitalized. During the first quarter of 1995, capitalized interest decreased due to reduced capital spending on projects qualifying for interest capitalization. Other Items The Company is a party to nonhedged interest rate swap agreements. During the first quarter of 1994, the Company was also a party to nonhedged foreign currency option contracts. At March 25, 1995, the Company was not a party to any nonhedged foreign currency option contracts. In the first quarter of 1995 and 1994, pre-tax charges were recorded associated with nonhedged financial instrument transactions of $.4 million and $10.6 million, respectively. Also during the first quarter of 1995, the Company recorded a pre-tax gain of $9.5 million associated with the sale of assets. The effects of these transactions are included in Other-net in the accompanying Condensed Consolidated Statement of Income. CAPITAL RESOURCES AND LIQUIDITY : Cash provided by operations increased 65% compared to the same period of the prior year. The increase was primarily attributable to the improved level of earnings slightly offset by changes in accounts receivable and inventories in the current year. The increase in receivable levels during the first quarter of 1995 is due to the significant increase in sales compared to the prior year. Increased production and raw material purchases have caused inventory levels to rise approximately 11% compared to the fourth quarter of 1994. Due to improving market conditions, the Company has been increasing production to meet improving demand. -9- Management's Discussion and Analysis of Financial Condition and Results of Operations (Cont.) Cash used for investing activities decreased approximately 29% compared to the prior year. The decrease is primarily attributable to a decrease in net payments made for nonhedged financial instrument transactions compared to the prior year. Capital expenditures were $26.9 million in the first quarter of 1995 compared to $28.2 million in the first quarter of 1994. In the first quarter of 1995, capital expenditures were predominantly related to Phase I of the modernization program at the Riegelwood mill and a program to rebuild the No. 2 paperboard machine at the Augusta mill. Capital expenditures for the full year are expected to increase compared to last year due to the projected spending for the two major programs listed above. In the first quarter of 1994, capital expenditures were predominantly related to a program to expand and modernize the No. 18 paperboard machine at the Riegelwood mill. The Company has entered into a variety of interest rate swap agreements to manage the impact of fluctuating interest rates. During the first quarters of both years presented, hedged and nonhedged interest rate swap agreements were outstanding. The nonhedged agreements outstanding at March 25, 1995 and March 26, 1994 had notional principal amounts of $175 million and $390 million, respectively. During the first quarter of 1995, the Company amended the nonhedged agreements to limit the exposure to fluctuations in the London Inter Bank Offered Rate (LIBOR). As consideration for these amendments, the Company paid $2.1 million and has recognized this transaction in Other-net in the accompanying Condensed Consolidated Statement of Income. The cash payment is included in investing activities in the accompanying Condensed Consolidated Statement of Cash Flows. The hedged agreements outstanding at March 25, 1995 and March 26, 1994 had notional principal amounts of $160 million and $175 million, respectively. The Company also amended these agreements during the first quarter of the current year to eliminate the leveraged coupon rate which was based on various interest rate spreads. These agreements are currently based on the differential between LIBOR and LIBOR in arrears over a six month time period. As consideration for these amendments, the Company recorded a receivable of $8.2 million, which was received in the second quarter of this year. These proceeds were deferred and will be amortized over the life of the agreement. At March 25, 1995 and March 26, 1994, the Company had deferred net losses of $.3 million and $1.7 million, respectively and deferred net gains of $15.5 million and $11.9 million, respectively. The Company is a party to a revolving credit agreement with a total commitment of $250 million. At April 22, 1995, $51 million was outstanding under this agreement. In addition, the Company has $75 million remaining under a previously filed shelf registration statement which can be used for future debt financings. The Company believes it has adequate resources to finance its operations and future capital spending programs. Future Outlook: The outlook for the remainder of the year is for the continuation of favorable market conditions. Demand for paper, paperboard and pulp is expected to improve in the second quarter and throughout the year. Various capital spending programs have produced operating efficiencies for most of our product lines, from which the Company should benefit for the remainder of the year. -10- PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders The Annual Meeting of Shareholders of the Company was held on April 18, 1995. The following seven proposals were submitted to the shareholders for a vote: (a) The election of directors. There were 29,650,355 votes for the proposal, which was more than the majority of the shares represented at the meeting, entitled to vote and needed to elect directors and ratify the proposal under North Carolina law. (b) The approval of the amendment to the 1992 Key Employees Stock Option Plan. There were 27,430,094 votes for the proposal, 1,993,714 votes against and 160,164 votes withheld. This was more than the majority of the shares represented at the meeting, entitled to vote and needed to approve and adopt the proposal under North Carolina law. (c) The approval of the amendment to the 1992 Stock Option Plan for Non-Employee Directors. There were 26,011,285 votes for the proposal, 3,450,714 votes against and 159,990 votes withheld. This was more than the majority of the shares represented at the meeting, entitled to vote and needed to approve and adopt the proposal under North Carolina law. (d) The appointment of Deloitte & Touche LLP as independent auditors. There were 29,445,592 votes for the proposal, 124,914 votes against and 71,721 votes withheld. This was more than the majority of the shares represented at the meeting, entitled to vote and needed to approve and adopt the proposal under North Carolina law. (e) A shareholder proposal to seek qualified women and minority candidates for nomination to the Board of Directors. There were 3,671,505 votes for the proposal, 22,199,559 votes against and 581,414 votes withheld. This was more than the majority of the shares represented at the meeting, entitled to vote and needed to defeat the proposal under North Carolina law. (f) A shareholder proposal relating to the creation of an independent compensation committee for the Company. There were 5,196,887 votes for the proposal, 20,748,595 votes against and 506,999 votes withheld. This was more than the majority of the shares represented at the meeting, entitled to vote and needed to defeat the proposal under North Carolina law. -11- (g) A shareholder proposal regarding declassification of the Company's Board of Directors. There were 11,474,146 votes for the proposal, 14,750,422 votes against and 225,690 votes withheld. This was more than the majority of the shares represented at the meeting, entitled to vote and needed to defeat the proposal under North Carolina law. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. A list of the exhibits required to be filed as part of this Report on Form 10-Q is set forth in the "Exhibit Index", which immediately precedes such exhibits, and is incorporated herein by reference. (b) There were no reports on Form 8-K filed for the twelve weeks ended March 25, 1995. 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. FEDERAL PAPER BOARD COMPANY, INC. (Registrant) Date: May 4, 1995 /s/QUENTIN J. KENNEDY Quentin J. Kennedy, Executive Vice President, Secretary and Treasurer Date: May 4, 1995 /s/ROGER L. SANDERS, II Roger L. Sanders, II, Vice President and Controller (Principal Accounting Officer) -12- FEDERAL PAPER BOARD COMPANY, INC. EXHIBIT INDEX Exhibit No. Description Page No. 11 Computation of Earnings (Loss) per Common Share 14 27 Financial Data Schedule 15 -13- EX-11 2 FEDERAL PAPER BOARD COMPANY, INC. EXHIBIT 11 COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE (Unaudited) For the Twelve Weeks Ended March 25, March 26, In thousands except per share amounts 1995 1994 Assuming No Dilution: Net Income (Loss) $46,900 $(3,300) Dividends on Convertible Preferred Stock (1,446) (1,525) Net Income (Loss) Applicable to Common Shares $45,454 $(4,825) Actual Weighted Average Number of Common Shares Outstanding 42,596 42,174 Earnings (Loss) Per Common Share Assuming No Dilution $1.07 $(.11) Assuming Full Dilution: Net Income (Loss) $ 46,900 $(3,300) Dividends on Convertible Preferred Stock - (1,525) Net Income (Loss) Applicable to Common Shares, Common Equivalent Shares and Dilutive Securities $ 46,900 $(4,825) Shares: Adjusted Weighted Average Number of Common Shares Outstanding 42,595 42,174 Dilutive Common Equivalent Shares Issuable Under Stock Option Plans 575 (a) Common Shares Issuable Assuming Conversion of $1.20 Convertible Preferred Stock 262 (a) Common Shares Issuable Assuming Conversion of $2.875 Convertible Preferred Stock 3,923 (a) Weighted Average Number of Common and Dilutive Common Equivalent Shares and Dilutive Securities 47,355 42,174 Earnings (Loss) Per Common Share Assuming Full Dilution $.99 $(.11) Primary Earnings (Loss) Per Share (b): Weighted Average Number of Common Shares Outstanding 42,596 42,174 Dilutive Common Equivalent Shares Issuable Under Stock Option Plans 555 (a) Weighted Average Number of Common and Dilutive Common Equivalent Shares 43,151 42,174 Primary Earnings (Loss) Per Common Share $1.05 $(.11) (a) Antidilutive Issue. (b) The calculation of primary earnings per share is presented in accordance with Securities Exchange Act of 1934 Release No. 9083 although not required by footnote 3 paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%. Earnings (loss) applicable to common shares are the same as in the calculation assuming no dilution.
-14- EX-27 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 This schedule contains summary financial information extracted from the Company's Form 10-Q for the fiscal quarter ended March 25, 1995. 1000 QTR-1 DEC-30-1995 MAR-25-1995 296 0 99,528 0 256,416 401,804 2,814,317 914,465 2,652,467 355,103 893,235 0 0 0 955,510 2,652,467 435,792 435,792 288,177 344,941 (5,935) 0 21,616 75,170 28,270 46,900 0 0 0 46,900 0 .99
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