-----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, GPqlgbKVMlp89jN+kAUE/LQRq4sr8F7dc5BB9WA9iE6OGBQF90Hw6vIsH8nG1343 PfAC7MqXUkUNKUVdkHfL3w== 0001017062-97-000987.txt : 19970520 0001017062-97-000987.hdr.sgml : 19970520 ACCESSION NUMBER: 0001017062-97-000987 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST AMERICAN FINANCIAL CORP CENTRAL INDEX KEY: 0000036047 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 951068610 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03658 FILM NUMBER: 97607964 BUSINESS ADDRESS: STREET 1: 114 E FIFTH ST CITY: SANTA ANA STATE: CA ZIP: 92701-4699 BUSINESS PHONE: 7145583211 MAIL ADDRESS: STREET 1: 114 E FIFTH STREET CITY: SANTA ANA STATE: CA ZIP: 92701 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN TITLE INSURANCE & TRUST C DATE OF NAME CHANGE: 19690515 10-Q 1 FORM 10-Q DATED MARCH 31, 1997 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 ----------------------------------------------- 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 0-3658 ------------------------------------------------------- THE FIRST AMERICAN FINANCIAL CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Incorporated in California 95-1068610 - --------------------------------------------- ------------------- (State or other jurisdiction of incorporation (I.R.S. Employer or organization) Identification No.) 114 East Fifth Street, Santa Ana, California 92701-4699 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (714) 558-3211 ---------------------------------------------------- (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 to be filed by Section 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. $1 par value - 11,599,548 as of May 12, 1997 INFORMATION INCLUDED IN REPORT ------------------------------ Part I: Financial Information Item 1. Financial Statements A. Condensed Consolidated Statements of Income B. Condensed Consolidated Balance Sheets C. Condensed Consolidated Statements of Cash Flows D. Notes to Condensed Consolidated Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Part II: Other Information Item 4. Submission of Matters to a Vote of Security Holders Item 6. Exhibits and Reports on Form 8-K Items 1-3, and 5 have been omitted because they are not applicable with respect to the current reporting period. 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. THE FIRST AMERICAN FINANCIAL CORPORATION ---------------------------------------- (Registrant) /s/ Thomas A. Klemens --------------------------------------- Thomas A. Klemens Executive Vice President Chief Financial Officer (Principal Financial Officer and Duly Authorized to Sign on Behalf of Registrant) Date: May 14, 1997 1 Part I: Financial Information Item 1. Financial Statements THE FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES ------------------------ Condensed Consolidated Statements of Income ------------------------------------------- (Unaudited)
For the Three Months Ended March 31 ---------------------------------- 1997 1996 ------------------ ------------- REVENUES Operating revenues $ 376,425,000 $ 340,879,000 Investment and other income 6,452,000 6,497,000 ------------------ ------------- 382,877,000 347,376,000 ------------------ ------------- EXPENSES Salaries and other personnel costs 140,787,000 120,240,000 Premiums retained by agents 122,193,000 109,872,000 Other operating expenses 84,470,000 73,464,000 Provision for title losses and other claims 18,592,000 18,975,000 Depreciation and amortization 6,475,000 4,449,000 Interest 1,122,000 1,229,000 Minority interests 311,000 620,000 ------------------ ------------- 373,950,000 328,849,000 ------------------ ------------- Income before premium and income taxes 8,927,000 18,527,000 Premium taxes 4,161,000 3,545,000 ------------------ ------------- Income before income taxes 4,766,000 14,982,000 Income taxes 1,900,000 6,400,000 ------------------ ------------- Net income $ 2,866,000 $ 8,582,000 ================== ============= Net income per share $ .25 $ .75 ================== ============= Cash dividends per share $ .18 $ .15 ================== ============= Weighted average number of shares 11,567,000 11,428,000 ================== =============
THE FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES ------------------------ Condensed Consolidated Balance Sheets ------------------------------------- (Unaudited)
March 31, 1997 December 31, 1996 -------------- ----------------- ASSETS Cash and cash equivalents $140,139,000 $173,439,000 -------------- ----------------- Accounts and accrued income receivable, net 88,047,000 89,355,000 -------------- ----------------- Income taxes receivable 464,000 -------------- Investments: Deposits with savings and loan associations and banks 19,558,000 21,674,000 Debt securities 122,928,000 130,576,000 Equity securities 8,889,000 8,517,000 Other long-term investments 32,059,000 30,414,000 -------------- ---------------- 183,434,000 191,181,000 -------------- ---------------- Loans receivable 56,531,000 54,256,000 -------------- ---------------- Property and equipment, at cost 230,075,000 222,917,000 Less- accumulated depreciation (94,791,000) (92,451,000) -------------- ---------------- 135,284,000 130,466,000 -------------- ---------------- Title plants and other indexes 95,714,000 94,226,000 -------------- ---------------- Assets acquired in connection with claim settlements (net of valuation reserves of $9,260,000 and $10,278,000) 21,952,000 24,270,000 -------------- ---------------- Deferred income taxes 36,826,000 38,401,000 -------------- ---------------- Goodwill and other intangibles, net 89,874,000 87,189,000 -------------- ---------------- Deferred policy acquisition costs 24,569,000 24,753,000 -------------- ---------------- Other assets 83,635,000 72,258,000 -------------- ---------------- $956,469,000 $979,794,000 ============== ================ LIABILITIES AND STOCKHOLDERS' EQUITY Demand deposits $ 54,534,000 $ 51,321,000 -------------- ---------------- Accounts payable and accrued liabilities 110,496,000 130,325,000 -------------- ---------------- Deferred revenue 102,789,000 104,133,000 -------------- ---------------- Reserve for known and incurred but not reported claims 244,578,000 245,245,000 -------------- ---------------- Income taxes payable 2,554,000 ---------------- Notes and contracts payable 67,526,000 71,257,000 -------------- ---------------- Minority interests in consolidated subsidiaries 22,231,000 22,494,000 -------------- ---------------- Commitments and contingencies Stockholders' equity: Preferred stock, $1 par value Authorized - 500,000 shares; outstanding - none Common stock, $1 par value Authorized - 24,000,000 shares Outstanding - 11,602,000 and 11,554,000 shares 11,602,000 11,554,000 Additional paid-in capital 51,289,000 49,420,000 Retained earnings 289,532,000 288,754,000 Net unrealized gain on securities 1,892,000 2,737,000 -------------- ---------------- 354,315,000 352,465,000 -------------- ---------------- $956,469,000 $979,794,000 ============== ================
3 THE FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES ------------------------ Condensed Consolidated Statements of Cash Flows ----------------------------------------------- (Unaudited)
For the Three Months Ended March 31 ---------------------------------------------- 1997 1996 -------------------- -------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,866,000 $ 8,582,000 Adjustments to reconcile net income to cash (used for) provided by operating activities- Provision for title losses and other claims 18,592,000 18,975,000 Depreciation and amortization 6,475,000 4,449,000 Minority interests in net income 311,000 620,000 Other, net (1,040,000) (784,000) Changes in assets and liabilities excluding effects of company acquisitions and noncash transactions- Claims paid, including assets acquired, net of recoveries (16,953,000) (19,859,000) Net change in income tax accounts (1,044,000) 2,991,000 Decrease (increase) in accounts and accrued income receivable 1,753,000 (4,937,000) Decrease in accounts payable and accrued liabilities (22,421,000) (2,760,000) Decrease in deferred revenue (1,344,000) (2,761,000) Other, net (9,151,000) (2,057,000) -------------------- -------------------- Cash (used for) provided by operating activities (21,956,000) 2,459,000 -------------------- -------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Net cash effect of company acquisitions (2,337,000) (1,548,000) Net decrease (increase) in deposits with banks 2,116,000 (2,272,000) Net increase in loans receivable (2,275,000) (2,633,000) Purchases of debt and equity securities (9,155,000) (18,207,000) Proceeds from sales of debt and equity securities 8,624,000 15,326,000 Proceeds from maturities of debt securities 6,504,000 1,013,000 Net decrease in other investments 369,000 257,000 Capital expenditures (9,853,000) (6,940,000) Proceeds from sale of property and equipment 548,000 638,000 -------------------- -------------------- Cash used for investing activities (5,459,000) (14,366,000) -------------------- -------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Net change in demand deposits 3,213,000 1,408,000 Repayment of debt (6,742,000) (4,597,000) Purchase of Company shares (268,000) (28,000) Cash dividends (2,088,000) (1,719,000) -------------------- -------------------- Cash used for financing activities (5,885,000) (4,936,000) -------------------- -------------------- Net decrease in cash and cash equivalents (33,300,000) (16,843,000) Cash and cash equivalents - Beginning of year 173,439,000 145,902,000 -------------------- -------------------- - End of first quarter $ 140,139,000 $129,059,000 ==================== ==================== SUPPLEMENTAL INFORMATION: Cash paid during the first quarter for: Interest $ 1,056,000 $ 1,209,000 Premium taxes $ 6,505,000 $ 3,529,000 Income taxes $ 4,197,000 $ 2,937,000 Noncash investing and financing activities: Shares issued for stock bonus plan $ 2,185,000 $ 1,271,000 Liabilities incurred in connection with company acquisitions $ 3,011,000 $ 4,393,000 Net unrealized loss on securities $ (845,000) $ (1,134,000)
THE FIRST AMERICAN FINANCIAL CORPORATION AND SUBSIDIARY COMPANIES ------------------------ Notes to Condensed Consolidated Financial Statements ---------------------------------------------------- (Unaudited) Note 1 - Basis of Condensed Consolidated Financial Statements - ------------------------------------------------------------- The condensed consolidated financial information included in this report has been prepared in conformity with the accounting principles and practices reflected in the consolidated financial statements included in the annual report filed with the Commission for the preceding calendar year. All adjustments are of a normal recurring nature and are, in the opinion of management, necessary to a fair statement of the consolidated results for the interim periods. Any statements in this report looking forward in time involve risks and uncertainties, including but not limited to the following risks: the effect of interest rate fluctuations; changes in the performance of the real estate markets; the effect of changing economic conditions; and the demand for and the acceptance of the Company's products. This report should be read in conjunction with the Company's 1996 Annual Report to Stockholders and the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Note 2 - Subsequent Event - ------------------------- On April 22, 1997, the Company issued and sold $100 million of 8.5% trust preferred securities, due in 2012, through its wholly owned subsidiary, First American Capital Trust I. For financial reporting purposes, the securities will be presented in the consolidated balance sheet of the Company as a separate line item directly above stockholders' equity under the caption "Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures." Distributions payable on the securities will be included as interest expense in the Company's consolidated income statement. The Company expects to use the proceeds from the sale of these 15-year securities for repayment in full of the variable rate indebtedness portion of its amended credit agreement, the financing of possible acquisitions and general corporate purposes. 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results - -------------------------------------------------------------------------------- of Operations - ------------- RESULTS OF OPERATIONS Three months ended March 31: OVERVIEW Mortgage interest rates, which began to increase in the second quarter 1994, peaked in January of 1995 and decreased throughout the remainder of that year and into 1996, helped by an easing of monetary policy by the Federal Reserve Board. Increased refinance activity together with an improvement in residential resale transactions (including the beginnings of a modest housing recovery in California), contributed to a strong first quarter 1996. A favorable real estate economy continued throughout the remainder of 1996 and into the first quarter 1997, resulting in record revenues and strong profits for the Company for 1996 and relatively strong revenues for the first quarter 1997. However, first quarter 1997 profits were adversely affected by the need for title operations to maintain staffing levels, which had gradually increased throughout 1996, in order to service relatively strong residential resale orders scheduled for closing in the second quarter 1997. Furthermore, the Company's information services operations experienced higher overhead as they integrated recent acquisitions and transitioned new accounts to their systems. Net income for the first quarter 1997 was $2.9 million, or $0.25 per share, as compared with $8.6 million, or $0.75 per share, for the same period of the prior year. OPERATING REVENUES Set forth below is a summary of operating revenues for each of the Company's segments.
Three Months Ended March 31 ------------------------------------ ($000) 1997 % 1996 % -------- ------- -------- ------- Title Insurance: Direct operations $147,674 39 $137,490 40 Agency operations 152,106 40 136,364 40 -------- ------- -------- ------- 299,780 79 273,854 80 Real Estate Information 62,047 17 54,394 16 Home Warranty 10,068 3 8,739 3 Trust and Banking 4,530 1 3,892 1 -------- ------- -------- ------- Total $376,425 100 $340,879 100 ======== ======= ======== =======
Title Insurance. Operating revenues from direct title operations increased 7.4% when compared with the same period of the prior year. This increase was primarily attributable to an increase in the average revenues per order closed as well as an increase in the number of title orders closed by the Company's direct operations. The average revenues per order closed were $814 for the current three month period, as compared with $774 for the same period of the prior year. This increase was primarily due to an increased mix of residential resale activity. The Company's direct operations closed 181,500 title orders during the current quarter, as compared with 177,600 title orders closed during the same period of the prior year. This increase was primarily due to the factors mentioned above, as well as an increase in the Company's national market share. Operating revenues from agency operations increased 11.5% when compared with the same period of the prior year. This increase was primarily due to the same factors affecting direct operations mentioned above, compounded by the inherent delay in reporting by agents. Real Estate Information. Real estate information operating revenues increased 14.1% when compared with the same period of the prior year. This increase was primarily attributable to $7.8 million of operating revenues contributed by new acquisitions. Home Warranty. Home warranty operating revenues increased 15.2% when compared with the same period of the prior year. This increase was primarily attributable to improvements in the residential resale markets in which this business segment operates. 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results - -------------------------------------------------------------------------------- of Operations (continued) - ------------------------- INVESTMENT AND OTHER INCOME Investment and other income totaled $6.5 million for both the first quarter 1997 and 1996. This was primarily attributable to a relatively unchanged average investment portfolio balance. TOTAL OPERATING EXPENSES Title Insurance. Salaries and other personnel costs were $108.8 million, an increase of 14.4% when compared with the same period of the prior year. This increase was primarily due to a 7% increase in staffing levels in order to service the more labor intensive residential resale transactions (as opposed to a predominate refinance mix in the same period of the prior year), modest salary increases and $1.7 million related to acquisition activity. Agents retained $122.2 million, or 80.3%, and $109.9 million, or 80.6%, of the title premiums generated by agency operations for the first quarter 1997 and 1996, respectively. The percentage of title premiums retained by agents varies from region to region. Accordingly, the geographical mix of revenues from agency operations accounts for the variation in the percentage amount of title premiums retained by agents. Other operating expenses were $53.7 million, an increase of 7.8% when compared with the same period of the prior year. This increase was primarily attributable to the impact of certain incremental costs associated with processing the increase in title orders closed during the current quarter, marginal price level increases and $1.0 million related to acquisition activity. The provision for title losses as a percentage of title insurance operating revenues was 3.8% for the current quarter and 4.9% for the same period of the prior year. The decrease in the current quarter was primarily due to an ongoing improvement in the Company's loss experience. Real Estate Information. Real estate information personnel and other operating expenses were $51.6 million, an increase of 34.7% when compared with the same period of the prior year. This increase was primarily due to $12.9 million of costs associated with new acquisitions, as well as slightly higher overhead costs attributable to the integration of the new acquisitions and transitioning new accounts to their systems. Home Warranty. Home warranty personnel and other operating expenses were $3.2 million, an increase of 20.1% when compared with the same period of the prior year. This increase was primarily attributable to costs incurred servicing the increased business volume and expansion into other states. The provision for home warranty losses expressed as a percentage of home warranty operating revenues was 58.2% and 51.7% for the first quarter 1997 and 1996, respectively. The increase in loss ratio was primarily due to an increase in the average number of claims per contract resulting from extended coverage on its warranties. 7 Management's Discussion and Analysis of Financial Condition and Results of - -------------------------------------------------------------------------- Operations (continued) - ---------------------- PRETAX PROFITS Set forth below is a summary of pretax profits for each of the Company's segments.
Three Months Ended March 31 ------------------------------------ ($000) 1997 % 1996 % -------- ------- -------- ------- Title Insurance $ 3,935 27 $ 8,159 33 Real Estate Information 7,823 54 13,782 55 Home Warranty 1,805 13 2,288 9 Trust and Banking 915 6 779 3 -------- ------- -------- ------- Total before corporate 14,478 100 25,008 100 ======= ======= Corporate (5,551) (6,481) -------- -------- Total $ 8,927 $ 18,527 ======== ========
In general, the title insurance business is a lower profit margin business when compared to the Company's other segments. The lower profit margins reflect the high cost of producing title evidence whereas the corresponding revenues are subject to regulatory and competitive pricing restraints. Due to this relatively high proportion of fixed costs, title insurance profit margins generally improve as closed order volumes increase. In addition, title insurance profit margins are affected by the composition (residential or commercial) and type (resale, refinancing or new construction) of real estate activity. Profit margins from resale and new construction transactions are generally higher than from refinancing transactions because in many states there are premium discounts on, and cancellation rates are higher for, refinance transactions. Title insurance profit margins are also affected by the percentage of operating revenues generated by agency operations. Profit margins from direct operations are generally higher than from agency operations due primarily to the large portion of the premium that is retained by the agent. Real estate information pretax profits are generally unaffected by the type of real estate activity but increase as the volume of residential real estate loan transactions increase. PREMIUM TAXES Premium taxes were $4.2 million and $3.5 million for the first quarter 1997 and 1996, respectively. Premium taxes as a percentage of title insurance operating revenues remained relatively constant at approximately 1.3%. INCOME TAXES The effective income tax rate was 39.9% for the current quarter and 42.7% for the same period of the prior year. The decrease in effective rate was primarily attributable to a decrease in state income taxes resulting from the Company's non-insurance subsidiaries decrease in pretax profits. NET INCOME Net income for the current quarter was $2.9 million, or $0.25 per share, compared with net income of $8.6 million, or $0.75 per share. 8 Management's Discussion and Analysis of Financial Condition and Results of - -------------------------------------------------------------------------- Operations (continued) - ---------------------- LIQUIDITY AND CAPITAL RESOURCES Total cash and cash equivalents decreased $33.3 million and $16.8 million for the three months ended March 31, 1997 and 1996, respectively. The decrease for the current period was primarily attributable to cash used for operating activities, capital expenditures and repayment of debt. The decrease in the prior year period was primarily due to capital expenditures and repayment of debt. Notes and contracts payable as a percentage of total capitalization decreased to 15.2% at March 31, 1997, from 16.0% at December 31, 1996. The decrease was primarily due to the reduction of indebtedness. On April 22, 1997, the Company issued and sold $100 million of 8.5% trust preferred securities, due in 2012, through its wholly owned subsidiary, First American Capital Trust I. The Company expects to use the proceeds from the sale of these 15-year securities for repayment in full of the variable rate indebtedness portion of its amended credit agreement, the financing of possible acquisitions and general corporate purposes. See Note 2 to these Condensed Consolidated Financial Statements for further detail. 9 Part II: Other Information ----------------- Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- (a) The annual meeting of shareholders (the "Meeting") of The First American Financial Corporation (the "Company") was held on Thursday, April 24, 1997. (b) The names of the persons who were nominated to serve as directors of the Company for the ensuing year are listed below, together with a tabulation of the results of the voting with respect to each nominee. Each of the persons named was nominated by management of the Company and all such nominees were elected.
Name of Nominee Votes For Votes Withheld --------------- --------- -------------- George L. Argyros 9,252,485 19,471 Gary J. Beban 9,250,488 21,268 J. David Chatham 9,252,291 19,665 William G. Davis 8,642,217 627,850 James L. Doti 9,251,114 20,842 Lewis W. Douglas, Jr. 9,252,182 19,774 Paul B. Fay, Jr. 9,252,137 19,819 Dale F. Frey 9,251,649 20,107 D. P. Kennedy 9,252,760 19,196 Parker S. Kennedy 9,251,680 20,276 Robert B. McLain 9,253,198 18,758 Anthony R. Moiso 9,252,783 19,173 R. J. Munzer 8,685,659 586,020 Frank E. O'Bryan 9,252,291 19,665 Roslyn B. Payne 9,242,818 20,543 Virginia M. Ueberroth 9,253,083 18,665
(c) At the Meeting, the holders of a majority of the Company's Common shares voted "FOR" the proposal to approve the Company's 1997 Directors Stock Plan. The results of the voting of this proposal are set forth below.
Votes For Votes Against Votes Withheld Broker Nonvotes --------- ------------- -------------- --------------- 8,797,602 394,877 79,477 136,709
No other matters were voted upon at the Meeting or during the quarter for which this report is filed. Item 6. Exhibits and Reports on Form 8-K. --------------------------------- (a) Exhibits (10) The First American Financial Corporation 1997 Directors Stock Plan, incorporated by reference herein from definitive Proxy Statement dated March 27, 1997. (27) Financial Data Schedule. (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarterly period covered by this report. 10 EX-27 2 FINANCIAL DATA SCHEDULE ARTICLE 7
7 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 122,928,000 0 0 8,889,000 0 0 183,434,000 140,139,000 0 24,569,000 956,469,000 244,578,000 0 0 0 67,526,000 0 0 11,602,000 342,713,000 956,469,000 376,425,000 4,835,000 1,617,000 0 18,592,000 0 0 4,766,000 1,900,000 2,866,000 0 0 0 2,866,000 .25 0 0 0 0 0 0 0 0
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