0000040493-95-000012.txt : 19950915 0000040493-95-000012.hdr.sgml : 19950915 ACCESSION NUMBER: 0000040493-95-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950731 FILED AS OF DATE: 19950913 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARCOURT GENERAL INC CENTRAL INDEX KEY: 0000040493 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DEPARTMENT STORES [5311] IRS NUMBER: 041619609 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-04925 FILM NUMBER: 95573518 BUSINESS ADDRESS: STREET 1: 27 BOYLSTON ST / BOX 1000 CITY: CHESTNUT HILL STATE: MA ZIP: 02167 BUSINESS PHONE: 6172328200 MAIL ADDRESS: STREET 1: 27 BOYLSTON ST STREET 2: BOX 1000 CITY: CHESTNUT HILL STATE: MA ZIP: 02167 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL CINEMA CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MID WEST DRIVE IN THEATRES INC DATE OF NAME CHANGE: 19660907 10-Q 1 HGI 10Q FOR QTR ENDED 07/31/95 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended July 31, 1995 Commission File Number 1-4925 HARCOURT GENERAL, INC. (Exact of name of registrant as specified in its charter) Delaware 04-1619609 (State or other jurisdiction of (I.R.S.Employer incorporation or organization) Identification No.) 27 Boylston Street, Chestnut Hill, MA 02167 (Address of principal executive offices) (Zip Code) (617) 232-8200 (Registrant's telephone number, including area code) 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 As of September 8, 1995, the number of outstanding shares of each of the issuer's classes of common stock was: Class Shares Outstanding Common Stock, $1 Par Value 52,020,984 Class B Stock, $1 Par Value 20,802,344 HARCOURT GENERAL, INC. I N D E X Part I. Financial Information Page Number Item 1. Condensed Consolidated Balance Sheets as of July 31, 1995 and October 31, 1994 1 Condensed Consolidated Statements of Earnings for the Nine and Three Months Ended July 31, 1995 and 1994 2 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended July 31, 1995 and 1994 3 Notes to Condensed Consolidated Financial Statements 4-5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6-10 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 11 Signatures 12 Exhibit 11.1 13 Exhibit 27.1 14 HARCOURT GENERAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands) July 31, October 31, 1995 1994 Assets Current assets: Cash and equivalents $ 194,700 $ 819,659 Short-term investments 297,847 - Accounts receivable, net 452,794 578,575 Inventories 531,350 466,177 Deferred income taxes 90,501 90,501 Other current assets 59,121 66,096 Total current assets 1,626,313 2,021,008 Property and equipment, net 546,571 521,670 Other assets: Prepublication costs, net 168,470 164,160 Intangible assets 451,454 422,566 Other 127,476 112,960 Total other assets 747,400 699,686 Total assets $2,920,284 $3,242,364 Liabilities and Shareholders' Equity Current liabilities: Notes payable and current maturities of long-term liabilities $ 13,135 $ 119,529 Accounts payable 272,642 273,098 Accrued liabilities 369,009 363,333 Taxes payable 54,219 71,209 Other current liabilities 72,442 47,835 Total current liabilities 781,447 875,004 Long-term liabilities: Notes and debentures 823,956 915,464 Other long-term liabilities 215,181 207,877 Total long-term liabilities 1,039,137 1,123,341 Deferred income taxes 196,664 196,664 Shareholders' equity: Preferred stock 1,246 1,453 Common stock 72,785 77,887 Paid-in capital 727,211 726,505 Cumulative translation adjustments (4,893) (4,710) Retained earnings 106,687 246,220 Total shareholders' equity 903,036 1,047,355 Total liabilities and shareholders' equity $2,920,284 $3,242,364 See notes to condensed consolidated financial statements.
1 HARCOURT GENERAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(In thousands except for per share amounts) Nine Months Three Months Ended July 31, Ended July 31, 1995 1994 1995 1994 Revenues $2,251,041 $2,107,946 $ 813,255 $742,173 Costs applicable to revenues 1,325,425 1,241,146 424,937 391,209 Selling, general and administrative expenses 678,353 629,548 221,416 198,898 Corporate expenses 25,356 26,624 7,936 7,873 Operating earnings 221,907 210,628 158,966 144,193 Investment income 31,955 11,033 8,198 3,393 Interest expense (68,577) (64,119) (21,782) (21,254) Earnings from continuing operations before income taxes 185,285 157,542 145,382 126,332 Income taxes (62,997) (61,071) (49,430) (48,792) Earnings from continuing operations 122,288 96,471 95,952 77,540 Earnings (loss) from discontinued operations (11,727) 23,990 (11,421) 11,645 Net earnings $ 110,561 $ 120,461 $ 84,531 $ 89,185 Weighted average number of common and common equivalent shares outstanding 77,557 79,819 74,391 79,800 Earnings per common share Earnings from continuing operations $ 1.58 $ 1.21 $ 1.29 $ .97 Earnings (loss) from discontinued operations (.15) .30 (.15) .15 Net earnings $ 1.43 $ 1.51 $ 1.14 $ 1.12 Dividends per share: Common Stock $ .48 $ .45 $ .16 $ .15 Class B Stock $ .432 $ .405 $ .144 $ .135 Series A Stock $ .5505 $ .5175 $ .1835 $ .1725 See notes to condensed consolidated financial statements.
2 HARCOURT GENERAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands) Nine Months Ended July 31, 1995 1994 Cash flows from operating activities: Net earnings from continuing operations $122,288 $ 96,471 Adjustments to reconcile net earnings to net cash provided by operating activities: Deferred income taxes - (45,345) Depreciation and amortization 122,470 114,208 Discontinued operations 934 4,210 Other items (1,455) 11,463 Changes in assets and liabilities: Accounts receivable (116,849) (131,076) Inventories (64,981) (30,926) Other current assets 7,713 2,207 Current liabilities (921) (13,659) Net cash provided by operating activities 69,199 7,553 Cash flows from investing activities: Capital expenditures (147,275) (137,481) Purchase of short-term investments (297,847) - Acquisitions (41,250) (25,384) Other items 295 438 Net cash used by investing activities: (486,077) (162,427) Cash flows from financing activities Proceeds from borrowing 47,665 73,300 Repayment of debt (246,961) (19,769) Repurchase of Common Stock (220,039) - Proceeds from receivables securitization 245,965 - Cash dividends paid (35,468) (34,814) Equity transactions, net 757 (2,286) Net cash provided (used) by financing activities (208,081) 16,431 Cash and equivalents: Decrease during the period (624,959) (138,443) Beginning balance 819,659 466,925 Ending balance $194,700 $328,482 Supplemental schedule of non cash item: Tax settlements in discontinued operations $ 35,000 See notes to condensed consolidated financial statements.
3 HARCOURT GENERAL, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of Presentation The condensed consolidated financial statements of Harcourt General, Inc. (the Company) are submitted in response to the requirements of Form 10-Q and should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K. In the opinion of management, these statements contain all adjustments, consisting only of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The July 31, 1995 condensed consolidated financial statements include the April 29, 1995 condensed consolidated financial statements of The Neiman Marcus Group, Inc. (NMG), which have been filed with the Securities and Exchange Commission on Form 10-Q. The Company owns approximately 65% of the fully-converted equity of NMG. The Company's businesses are seasonal in nature, and historically the results of operations for these periods have not been indicative of the results for the full year. 2. Discontinued Operations Discontinued operations consist of the following: Nine Months Ended Three Months Ended July 31, July 31, (In thousands) 1995 1994 1995 1994 Loss from Contempo Casuals operations ($ 1,854) ($42,107) ($ 1,548) ($32,019) Loss on disposal of Contempo Casuals (9,873) - (9,873) - Insurance operations - 31,097 - 8,664 Tax settlements - 35,000 - 35,000 Net earnings (loss) from discontinued ($11,727) $23,990 ($11,421) $11,645 Discontinued Contempo operations On June 30, 1995, NMG sold certain assets and liabilities of its Contempo Casuals subsidiary to The Wet Seal, Inc. ("Wet Seal") for $1.0 million of Wet Seal common stock and $100,000 in cash. The condensed consolidated financial statements have been restated to reflect Contempo Casuals as a discontinued operation. The Contempo Casuals losses from operations recorded in the thirteen and thirty-nine week periods ended April 29, 1995 are net of applicable income tax benefits of $1.1 million and $1.3 million, respectively. The loss on disposal for these periods includes operating losses through the closing date of $2.0 million, net of $1.5 million of applicable income tax benefits. The remaining loss on disposal of $7.9 million is net of $5.6 million of applicable income tax benefits. Revenues related to the discontinued Contempo Casuals operations were $47.9 million and $174.3 million for the thirteen and the thirty-nine week periods ended April 29, 1995 and $72.9 million and $243.6 million for the thirteen and thirty-nine week periods ended April 30, 1994. NMG's balance sheet as of April 29, 1995 included approximately $56.0 million of assets and $43.0 million of liabilities related to Contempo.
4 HARCOURT GENERAL, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 2. Discontinued Operations (continued) Discontinued insurance operations On October 31, 1994, the Company sold its insurance businesses to an affiliate of General Electric Capital Corporation for $410.4 million in cash. The fiscal 1994 condensed consolidated financial statements have been restated to report separately the operating results of these discontinued operations. Revenues applicable to discontinued insurance operations were $111.1 million and $372.9 million for the three and nine month periods ended July 31, 1994. Tax settlements During the quarter ended July 31, 1994, the Company recognized $35 million of tax benefits for various federal and state tax settlements relating to the Company's soft drink bottling business, which was sold in 1989. 3. Debt and Credit Agreements On April 7, 1995, NMG replaced its $300 million revolving credit facility and its six $25 million revolving credit facilities with a five year, $500 million facility. NMG may terminate this agreement at any time on three business days' notice. The rate of interest payable (6.5% at April 29, 1995) varies according to one of four pricing options selected by the Company. At April 29, 1995, NMG had $105 million outstanding under this new agreement. 4. Securitization of Credit Card Receivables On March 15, 1995, NMG sold all of its Neiman Marcus credit card receivables through a subsidiary to a trust in exchange for certificates representing undivided interests in such receivables. Certificates representing an undivided interest in $246.0 million of these receivables were sold to third parties in a public offering of $225.0 million 7.60% Class A certificates and $21.0 million 7.75% Class B certificates. NMG used the proceeds from this offering to pay down existing debt. NMG's subsidiary will retain the remaining undivided interest in the receivables not represented by the Class A and Class B certificates. A portion of that interest is subordinated to the Class A and Class B certificates. NMG will continue to service all receivables for the trust. In anticipation of the securitization, NMG entered into several forward interest rate lock agreements. The agreements allowed NMG to establish a weighted average effective rate of approximately 8.0% on the certificates that were issued as part of the securitization. On March 15, 1995, NMG paid $5.4 million to settle all of its interest rate lock agreements. 5 HARCOURT GENERAL, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations The following table illustrates revenues and operating earnings by business segment.
Nine Months Ended July 31, Three Months Ended July 31, (In thousands) 1995 1994 1995 1994 Revenues: Publishing $ 687,516 $ 614,783 $365,530 $308,965 Specialty retailing 1,467,604 1,387,397 415,746 399,729 Professional services 95,921 105,766 31,979 33,479 Total revenues $2,251,041 $2,107,946 $813,255 $742,173 Operating earnings: Publishing $ 101,659 $ 84,412 $133,848 $114,409 Specialty retailing 135,504 136,045 30,013 33,650 Professional services 10,100 16,795 3,041 4,007 Corporate expenses (25,356) (26,624) (7,936) (7,873) Total operating earnings $ 221,907 $ 210,628 $158,966 $144,193 Nine Months Ended July 31, 1995 Compared To Nine Months Ended July 31, 1994 Publishing Publishing revenues for the nine months ended July 31, 1995 increased 11.8% compared with the nine months ended July 31, 1994. Higher revenues at both the educational group and the scientific, technical, medical and professional (STMP) group were partially offset by lower international sales. The increase at the educational group resulted from strong reading and math sales in both adoption states and open territories, while the STMP group benefited from higher revenues at Academic Press and WB Saunders. Publishing operating earnings increased 20.4% compared with the same period last year. Higher earnings from the educational group were partially offset by slightly lower earnings from the STMP group. The 1995 improvement in earnings for the educational group was primarily due to strong reading and math revenues. The lower earnings at the Company's STMP group resulted primarily from higher selling and marketing expenses and higher production costs.
6 HARCOURT GENERAL, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Specialty Retailing Specialty retailing results are reported with a lag of one quarter so that operating results of The Neiman Marcus Group, Inc. (NMG) for the nine months ended April 29, 1995 are consolidated with the Company's operating results for the nine months ended July 31, 1995. On June 30, 1995, NMG sold certain assets and liabilities of its Contempo Casuals subsidiary to The Wet Seal, Inc. The condensed consolidated financial statements have been restated to reflect Contempo Casuals as a discontinued operation. Revenues in the thirty-nine weeks ended April 29, l995 increased 5.8% over revenues in the thirty-nine weeks ended April 30, 1994. Revenues increased $68.7 million at Neiman Marcus Stores and $10.0 million at Bergdorf Goodman, while NM Direct revenues remained essentially flat compared to last year. NMG's operating earnings decreased slightly to $135.5 million in the thirty- nine week period ended April 29, 1995 compared to $136.0 million in 1994. Higher earnings at both Neiman Marcus Stores and Bergdorf Goodman were more than offset by a decline in earnings at NM Direct. Professional Services Professional services revenues decreased 9.3% to $95.9 million from $105.8 million in the same period last year. The decrease reflects lower volume in both group and executive outplacement programs. Operating earnings decreased $6.7 million to $10.1 million compared with the same 1994 period. The decrease was primarily attributable to the lower sales volume. Operating earnings continue to be affected by reduced demand for outplacement services and a highly competitive marketplace. Investment Income Investment income increased $20.9 million to $32.0 million from the previous year. The increase was due to a larger portfolio balance as a result of proceeds from the sale of the Company's insurance business and a higher rate of return on portfolio assets. Interest Expense Interest expense increased 7.0% to $68.6 million from $64.1 million in the comparable period last year. The increase was primarily the result of higher interest rates on NMG bank borrowings. Income Tax Expense The Company's effective tax rate is estimated to be 34.0% in fiscal 1995 and was 38.2% in fiscal 1994. The decrease is primarily due to lower state and foreign taxes. 7 HARCOURT GENERAL, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Quarter Ended July 31, 1995 Compared to Quarter Ended July 31, 1994 Publishing Publishing revenues increased 18.3% for the three months ended July 31, 1995 compared to the same period a year ago. Significantly higher revenues at the educational group and slightly higher sales at STMP were partially offset by lower international sales. The improvement in educational group revenues was primarily due to strong reading and math programs. Operating earnings increased by 17.0% compared to the same quarter a year ago. The improvement was caused primarily by higher sales volume in the educational group, offset slightly by lower STMP and international earnings. STMP earnings in the quarter were reduced because of delays in the publishing of a number of books at both WB Saunders and Academic Press. These titles are expected to be released in the fourth quarter. Specialty Retailing Results of NMG are reported with a lag of one quarter, so that NMG's operating results for its quarter ended April 29, 1995 are consolidated with the Company's operating results for the quarter ended July 31, 1995. Revenues in the thirteen weeks ended April 29, l995 increased 4.0% over revenues in the thirteen weeks ended April 30, 1994. Higher revenues at Neiman Marcus Stores and Bergdorf Goodman were partially offset by lower revenues at NM Direct. Operating earnings decreased $3.6 million to $30.0 million in the thirteen week period ended April 29, 1995 compared to $33.6 million in 1994. Higher earnings at both Neiman Marcus Stores and Bergdorf Goodman were more than offset by a decline in earnings at NM Direct. Operating earnings were also affected by the $246 million securitization of NMG's credit card receivables, which resulted in a $2.4 million reduction in finance charge income for the thirteen week period ended April 29, 1995. Professional Services Professional services revenues decreased 4.5% to $32.0 million in the 1995 third quarter from $33.5 million in the 1994 third quarter. The decrease resulted from lower volume in both group and executive outplacement programs. Professional services operating earnings decreased $1.0 million to $3.0 million compared to the same period in the prior year. The decrease was primarily due to the lower sales volume. Operating earnings continue to be affected by reduced demand for outplacement services and a highly competitive marketplace. Investment Income Investment income increased $4.8 million to $8.2 million compared with the same quarter in the previous year. The increase resulted from a larger portfolio balance as a result of the proceeds from the sale of the Company's insurance business and a higher rate of return on portfolio assets. 8 Interest Expense Interest expense increased 2.5% to $21.8 million compared to $21.3 million in last year's third quarter. The increase resulted from higher interest rates on NMG bank borrowings. Liquidity and Capital Resources The following discussion analyzes liquidity and capital resources by operating, investing and financing activities as presented in the Company's condensed consolidated statement of cash flows. Cash provided by operating activities for the nine months ended July 31, l995 was $60.2 million. The publishing and professional services business segments provided $21.2 million of cash from operations while NMG's operations provided $39.0 million. The most significant uses of working capital were increases in accounts receivable of $116.8 million and inventories of $65.0 million, partially offset by a decrease of $7.7 million in other current assets. The Company's capital expenditures totaled $147.3 million in the nine months ended July 31, 1995. Publishing capital expenditures were $83.0 million and related principally to expenditures for prepublication costs. Capital expenditures in the publishing business are expected to approximate $135.0 million in fiscal 1995. Specialty retailing capital expenditures in the 1995 period totaled $61.3 million and primarily related to existing store renovations and the construction of three new stores. Capital expenditures for NMG in fiscal 1995 are expected to approximate $95.0 million. The Company also purchased $297.8 million of short-term investments during the nine months ended July 31, 1995. These investments are highly liquid and consist of high quality commercial paper, certificates of deposit, corporate debt securities and U.S. Government securities. Financing activities primarily reflect the payment of $35.5 million in dividends and the purchase of approximately 5.4 million shares of the Company's common stock for $220.0 million through a "Dutch Auction" tender offer. NMG's financing activities reflect additional borrowings of $47.7 million under its revolving credit agreements and a securitization of its credit card receivables. On March 15, 1995, NMG sold all of its Neiman Marcus credit card receivables through a subsidiary to a trust in exchange for certificates representing an undivided interest in such receivables. Certificates representing an undivided interest in $246.0 million of these receivables were sold to third parties in a public offering of $225.0 million 7.60% Class A certificates and $21.0 million 7.75% Class B certificates. NMG used the proceeds from this offering to pay down existing debt. NMG's subsidiary will retain the remaining undivided interest in the receivables not represented by the Class A and Class B certificates. A portion of that interest is subordinated to the Class A and Class B certificates. NMG will continue to service all receivables for the trust. NMG also eliminated its quarterly cash dividend on common stock beginning with its third quarter of fiscal 1995. Elimination of this dividend will conserve approximately $7.6 million of NMG's cash annually. At July 31, 1995, the Company's consolidated long-term liabilities totaled $1.0 billion. That amount includes approximately $277.0 million of NMG long- term liabilities which are not guaranteed by the Company. 9 HARCOURT GENERAL, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources (Continued) At July 31, 1995, the Company had available the entire $400 million under its revolving credit agreement with thirteen banks. The Company's revolving credit agreement expires in December 1999. In April 1995, NMG replaced its $300 million revolving credit facility and its six $25 million revolving credit facilities with a five year, $500 million revolving credit facility which expires in April, 2000. At July 31, 1995, NMG had $430 million available under this credit facility. The Company believes its cash on hand, cash generated from operations and its current debt capacity will be sufficient to fund its planned capital growth as well as its operating working capital and dividend requirements. 10 PART II Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. 11.1 Computation of weighted average number of shares outstanding used in determining primary and fully diluted earnings per share. 27.1 Financial data schedule (b) Reports on Form 8-K. The Company did not file any reports on Form 8-K during the quarter ended July 31, 1995. 11 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 hereunto duly authorized. HARCOURT GENERAL, INC. Date: September 12, 1995 _________________________________________ John R. Cook Senior Vice President and Chief Financial Officer Date: September 12, 1995 _________________________________________ Stephen C. Richards Vice President and Controller Principal Accounting Officer 12 EXHIBIT 11.1 HARCOURT GENERAL, INC. AND SUBSIDIARIES Computation of weighted average number of shares outstanding used in determining primary and fully diluted earnings per share:
(In thousands) Nine Months Three Months Ended July 31, Ended July 31, 1995 1994 1995 1994 PRIMARY 1. Weighted average number of common shares outstanding 75,737 77,774 72,702 77,872 2. Assumed conversion of Series A Cumulative Convertible Stock 1,526 1,702 1,417 1,614 3. Assumed exercise of certain stock options based on average market value 294 343 272 314 4. Weighted average number of shares used in primary per share computations 77,557 79,819 74,391 79,800 FULLY DILUTED (A) 1. Weighted average number of common shares outstanding 75,737 77,774 72,702 77,872 2. Assumed conversion of Series A Cumulative Convertible Stock 1,526 1,702 1,417 1,614 3. Assumed exercise of all dilutive options based on higher of average or closing market value 312 345 291 315 4. Weighted average number of shares used in fully diluted per share computations 77,575 79,821 74,410 79,801 (A) This calculation is submitted in accordance with Securities Exchange Act of 1934 Release No. 9083 although not required by Footnote 2 to Paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.
13 EX-27.1 2
5 This schedule contains a summary field of financial information extracted from the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations and is qualified in its entirety by reference to such financial statements. 1000 9-MOS OCT-31-1995 JUL-31-1995 194700 297847 474502 21708 531350 1626313 878679 332108 2920284 781447 823956 72785 0 1246 829005 2920284 2251041 2251041 1325425 2029134 0 22552 68577 185285 62997 122288 (11727) 0 0 110561 1.43 1.43