Florida
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0 -10345
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59 -1588181
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(State or other jurisdiction
of incorporation) |
(Commission File Number)
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(IRS Employer Identification Number)
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1440 Broadway, New York, New York 10018
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(Address of principal executive offices)
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99.1
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Press release regarding results for the thirteen-week period ended March 31, 2012.
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Dated: May 11, 2012
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CACHE, INC.
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By: /s/ Margaret Feeney
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Margaret Feeney
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Executive Vice President and Chief Financial Office
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·
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Net sales increased 7.5% to $56.0 million from $52.1 million in the first quarter of fiscal 2011. Comparable store sales increased 9.4%, which compares to an increase of 7.7% in the first quarter of fiscal 2011;
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·
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Gross profit increased 1.3% to $22.2 million, or 39.6% of net sales from $21.9 million, or 42.1% of net sales, in the first quarter of fiscal 2011;
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·
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Operating loss totaled $2.0 million, as compared to $1.3 million in the first quarter of fiscal 2011 primarily driven by higher marketing and e-commerce costs; and
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·
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Net loss totaled $1.2 million, or $0.09 per share, as compared to a net loss of $772,000 or $0.06 per share, in the first quarter of fiscal 2011.
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Thirteen Weeks Ended | ||
March 31, | April 2, | |
2012 | 2011 | |
($ thousands, except for per share data) | ||
Net sales | $ 55,995 | $ 52,099 |
Operating loss | $ (2,023) | $ (1,260) |
Net loss | $ (1,208) | $ (772) |
Diluted loss per share | $ (0.09) | $ (0.06) |
Basic and diluted weighted average | 12,873,000 | 12,817,000 |
shares outstanding | ||
Number of stores open at end of period | 268 | 280 |
March 31,
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December 31,
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April 2,
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|||||||||||
ASSETS
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2012
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2011
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2011
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||||||||||
Current assets:
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Cash and equivalents
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$
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10,710,000
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$
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22,509,000
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$
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1,896,000
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|||||||
Marketable securities
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7,014,000
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4,008,000
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16,850,000
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Certificate of deposits - restricted
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3,000,000
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3,000,000
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2,500,000
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Receivables, net
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3,346,000
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3,403,000
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3,345,000
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||||||||||
Income tax receivable
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131,000
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162,000
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50,000
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||||||||||
Inventories, net
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27,326,000
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22,075,000
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22,961,000
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Prepaid expenses and other current assets
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2,347,000
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1,572,000
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5,328,000
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Total current assets
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53,874,000
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56,729,000
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52,930,000
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||||||||||
Equipment and leasehold improvements, net
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19,367,000
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18,937,000
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23,260,000
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Intangible assets, net
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102,000
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102,000
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102,000
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Other assets
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9,726,000
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8,877,000
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9,833,000
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Total assets
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$
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83,069,000
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$
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84,645,000
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$
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86,125,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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10,502,000
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$
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9,565,000
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$
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12,269,000
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Note payable
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-
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-
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1,282,000
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Accrued compensation
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1,372,000
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2,579,000
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1,328,000
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Accrued liabilities
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10,188,000
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10,217,000
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10,020,000
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Total current liabilities
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22,062,000
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22,361,000
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24,899,000
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Note payable
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-
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-
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160,000
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Other liabilities
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11,267,000
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11,487,000
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13,361,000
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Commitments and contingencies
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STOCKHOLDERS' EQUITY
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|||||||||||||
Common stock
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166,000
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165,000
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165,000
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||||||||||
Additional paid-in capital
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48,569,000
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48,419,000
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48,180,000
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Retained earnings
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40,800,000
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42,008,000
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39,155,000
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Treasury stock, at cost
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(39,795,000)
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(39,795,000)
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(39,795,000)
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||||||||||
Total stockholders' equity
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49,740,000
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50,797,000
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47,705,000
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Total liabilities and stockholders' equity
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$
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83,069,000
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$
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84,645,000
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$
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86,125,000
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|||||||
13 Weeks Ended |
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13 Weeks Ended
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|||||||
March 31, |
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April 2,
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|||||||
2012 |
2011
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||||||||
Net sales
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$
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55,995,000
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$
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52,099,000
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|||||
Cost of sales, including buying and occupancy |
33,798,000
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30,178,000
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Gross profit
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22,197,000
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21,921,000
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Expenses
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|||||||||
Store operating expenses
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19,342,000
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18,137,000
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General and administrative expenses |
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4,878,000
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5,044,000
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Total expenses
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24,220,000
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23,181,000
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Operating loss
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(2,023,000)
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(1,260,000)
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|||||||
Other income (expense):
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|||||||||
Interest expense
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-
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(18,000)
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|||||||
Interest income
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18,000
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21,000
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Loss before income taxes
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(2,005,000)
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(1,257,000)
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Income tax benefit
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(797,000)
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(485,000)
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Net loss
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$
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(1,208,000)
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$
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(772,000)
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Basic loss per share
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$
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(0.09)
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$
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(0.06)
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|||||
Diluted loss per share
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$
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(0.09)
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$
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(0.06)
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Basic weighted average shares outstanding
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12,873,000
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12,817,000
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|||||||
Diluted weighted average shares outstanding
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12,873,000
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12,817,000
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