-----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, A+SMY4hmsb5y1AFOjSgYpDAo2OTq3exv1TPB3outzYaffhlYrP4RwgN/0eNUj4Wy ILTnKzPY3QOLPRxLbrn6zw== 0001398432-09-000173.txt : 20090512 0001398432-09-000173.hdr.sgml : 20090512 20090512100155 ACCESSION NUMBER: 0001398432-09-000173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090512 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090512 DATE AS OF CHANGE: 20090512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREAT ATLANTIC & PACIFIC TEA CO INC CENTRAL INDEX KEY: 0000043300 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 131890974 STATE OF INCORPORATION: MD FISCAL YEAR END: 0225 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04141 FILM NUMBER: 09817339 BUSINESS ADDRESS: STREET 1: 2 PARAGON DR CITY: MONTVALE STATE: NJ ZIP: 07645 BUSINESS PHONE: 2015739700 MAIL ADDRESS: STREET 1: 2 PARAGON DRIVE CITY: MONTVALE STATE: NJ ZIP: 07645 8-K 1 i10506.htm FORM 8-K APTEA Form 8-K


 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


 



 

FORM 8-K

 

Current Report

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

May 12, 2009

Date of Report (Date of earliest event reported)

 



 

THE GREAT ATLANTIC & PACIFIC

TEA COMPANY, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

 

1-4141

 

13-1890974

(State or other jurisdiction of

incorporation or organization)

 

(Commission file number)

 

(I.R.S. Employer

Identification No.)


 

Two Paragon Drive

Montvale, New Jersey 07645

(Address of principal executive offices)

 

(201) 573–9700

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

ٱ

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

ٱ

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

ٱ

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))

ٱ

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02

Results of Operations & Financial Conditions

 

On May 12, 2009, The Great Atlantic & Pacific Tea Company, Inc. (A&P, NYSE Symbol: GAP) announced fiscal 2008 fourth quarter and full year results for the 13 and 53 weeks ended February 28, 2009.  A copy of the press release is attached as Exhibit 99.1 to this Current Report.

 

In accordance with General Instruction B.2 of Form 8-K, the information furnished in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.


Effective March 28, 2003, the Securities and Exchange Commission (“SEC”) adopted new rules related to disclosure of certain financial measures not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). Such new rules require all public companies to provide certain disclosures in press release and SEC filings related to non-GAAP financial measures. We use the non-GAAP measures “Adjusted income (loss) from operations”, “EBITDA” and “adjusted ongoing operating EBITDA” to evaluate the Company’s liquidity and it is among the primary measures used by management for planning and forecasting of future periods. Adjusted income (loss) from operations is defined as income (loss) from operations adjusted for items the Company considers non-operating in nature that management excludes when evaluating the results of the ongoing business.  EBITDA is defined as earnings before interest expense, interest and dividend i ncome, taxes, depreciation, amortization, the (loss) gain on the sale of A&P Canada, the gain on the disposition of Metro, Inc., nonoperating income, equity in earnings of Metro, Inc., and discontinued operations. Adjusted ongoing, operating EBITDA is defined as EBITDA adjusted for items the Company considers non-operating in nature that management excludes when evaluating the results of the ongoing business.  The Company believes the presentation of these measures is relevant and useful for investors because it allows investors to view results in a manner similar to the method used by the Company’s management and makes it easier to compare the Company’s results with other companies that have different financing and capital structures or tax rates. In addition, these measures are also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the results of the Company to other companies in its indu stry. Adjusted ongoing, operating EBITDA is reconciled to Net Cash used in Operating Activities on Schedule 4 of this release.


Item 9.01

Financial Statements and Exhibits

 

(c).   Exhibits.


Exhibit 99.1  

Press Release of The Great Atlantic & Pacific Tea Company, Inc., dated May 12, 2009.





 


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.

 

THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC.

 

 

By:

 

 

Name:

 

Brenda Galgano

Title:

 

Senior Vice President

 And Chief Financial Officer


Dated:  May 12, 2009

 




EXHIBIT INDEX



Exhibit No.

Description


99.1

Press Release dated May 12, 2009.

 







 EX-99.1 2 exh99_1.htm PRESS RELEASE DATED MAY 12, 2009 Exhibit 99.1

News

[exh99_1001.jpg]

Exhibit 99.1


The Great Atlantic & Pacific Tea Company, Inc.

2 Paragon Drive

Montvale, NJ  07645

Investor contact:  William J. Moss

Vice President, Treasurer

(201) 571-4019


Press contact:  Lauren La Bruno

Senior Director, Public Relations

(201) 571-4495



THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. ANNOUNCES RESULTS FOR ITS FOURTH QUARTER AND FULL YEAR ENDED FEBRUARY 28, 2009

---------

COMPANY REPORTS FOURTH QUARTER AND FULL YEAR ADJUSTED EBITDA OF $85 MM AND $326 MM, RESPECTIVELY, VS. $72 MM AND

$159 MM LAST YEAR

---------

COMPANY COMPLETES PATHMARK INTEGRATION AND ACHIEVES

$150 MM SYNERGY RUN-RATE TARGET


MONTVALE, NJ – May 12, 2009 – The Great Atlantic & Pacific Tea Company, Inc. (A&P, NYSE Symbol: GAP) announced fiscal 2008 fourth quarter and full year results for the 13 and 53 weeks ended February 28, 2009.


Eric Claus, President and Chief Executive Officer, stated, “We are pleased that we were able to deliver respectable results for this latest quarter and for the year in this unprecedented time of economic recession. Although we are fortunate to be in the supermarket business, we are all feeling the effects of a cash strapped consumer. Despite the difficult environment we made much progress again this quarter, delivering positive cash flow and improved adjusted EBITDA.


This year we once again saw our Fresh, Gourmet and Discount businesses grow top and bottom line while attaining our synergy targets and completing the integration of the Pathmark business. Our Price Impact or Pathmark stores were a challenge for the year. However, our team has worked hard to create more value than ever for our customers and we will see this business grow as our value enhancing initiatives take hold. We will continue to innovate and negotiate, creating even more value for them as we navigate through this difficult environment. In addition, now that we have completed the integration of Pathmark, we are launching our business optimization program, whereby we are utilizing the knowledge and strengths from each business and incorporating best practices to further improve gross margins and reduce operating costs.”


Sales in the 13-week fourth quarter of fiscal 2008 were $2.3 billion, compared to $2.2 billion in the prior year’s 12-week fourth quarter. Comparable store sales decreased 1.3% during the comparable 13-week period.


For the 13-week fourth quarter, excluding non-operating items, adjusted EBITDA was $84.7 million versus $72.2 million for last year’s 12-week fourth quarter.  The estimated EBITDA benefit from the 13th week is approximately $6 million.   Adjusted income from operations was $25.1 million versus an adjusted income from operations of $8.0 million in last year’s fourth quarter. The non-operating items excluded from adjusted income from operations are listed on Schedule 3 of the press release and adjusted EBITDA is reconciled to net cash from operating activities on Schedule 4.


For the 13-week fourth quarter, reported loss from continuing operations was $83.4 million compared to a loss of $44.6 million for last year’s 12-week quarter.  


Sales for the 53-week full year were $9.5 billion versus $6.4 billion for the 52-week fiscal 2007.  Comparable store sales increased 2.0% for A&P and increased 0.8 % for Pathmark, when measured during the same period.  Prior year’s results exclude the results of Pathmark prior to the date of acquisition December 3, 2007.

Excluding non-operating items, adjusted EBITDA was $326.0 million for the 53-week full year versus $159.4 million for the 52-week fiscal 2007.   Adjusted income from operations was $65.0 million versus an adjusted loss from operations of $18.7 million last year. The non-operating items excluded from adjusted income from operations are listed on Schedule 3 of the press release and adjusted EBITDA is reconciled to net cash from operating activities on Schedule 4.


Reported loss from continuing operations for the 53-week full year was $86.2 million compared to income from continuing operations of $87.0 million for the 52-week fiscal 2007, which included a gain of $184.5 million from the sale of Metro Inc. shares.


Christian Haub, Executive Chairman of the Board, said, “The current challenging economic environment has clearly impacted our business, as it has all in our industry.  That being said, A&P has continued to make progress on many fronts and we have plenty of reasons to be optimistic for the future of our Company, including good performance in our Fresh, Gourmet and Discount businesses and the realization of target synergies from the Pathmark acquisition.


We are also confident that, similar to the improvements we have accomplished in the core A&P business, the initiatives we have recently enacted will improve the overall Pathmark business.


Clearly the U.S. retail market is facing one of the most challenging years in 2009; we are prepared to weather this economic storm and preserve the strategic value of A&P for the future.”


###


Founded in 1859, A&P is one of the nation's first supermarket chains. The Company operates 436 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.


The Company invites investors and other interested parties to listen to a live audio Webcast to be held at 11:00 AM Eastern Time today, at which members of the Company’s senior management team will discuss the Company’s fourth quarter and full year financial results.  The Webcast may be accessed through a link on the “Investors” page of the Company’s Website, www.aptea.com.  Listeners who cannot participate in the live broadcast will be able to hear a recorded replay of the broadcast beginning this afternoon and available through midnight on June 9, 2009.


Effective March 28, 2003, the Securities and Exchange Commission (“SEC”) adopted new rules related to disclosure of certain financial measures not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). Such new rules require all public companies to provide certain disclosures in press release and SEC filings related to non-GAAP financial measures. We use the non-GAAP measures “Adjusted income (loss) from operations”, “EBITDA” and “adjusted ongoing operating EBITDA” to evaluate the Company’s liquidity and it is among the primary measures used by management for planning and forecasting of future periods. Adjusted income (loss) from operations is defined as income (loss) from operations adjusted for items the Company considers non-operating in nature that management excludes when evaluating the results of the ongoing business.  EBITDA is defined as earnings before interest expense, interest and dividend i ncome, taxes, depreciation, amortization, the (loss) gain on the sale of A&P Canada, the gain on the disposition of Metro, Inc., nonoperating income, equity in earnings of Metro, Inc., and discontinued operations. Adjusted ongoing, operating EBITDA is defined as EBITDA adjusted for items the Company considers non-operating in nature that management excludes when evaluating the results of the ongoing business.  The Company believes the presentation of these measures is relevant and useful for investors because it allows investors to view results in a manner similar to the method used by the Company’s management and makes it easier to compare the Company’s results with other companies that have different financing and capital structures or tax rates. In addition, these measures are also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the results of the Company to other companies in its indu stry. Adjusted ongoing, operating EBITDA is reconciled to Net Cash used in Operating Activities on Schedule 4 of this release.


This release contains forward-looking statements about the future performance of the Company, which are based on Management’s assumptions and beliefs in light of the information currently available to it. The Company assumes no obligation to update the information contained herein. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements including, but not limited to: competitive practices and pricing in the food industry generally and particularly in the Company’s principal markets; the Company’s relationships with its employees and the terms of future collective bargaining agreements; the costs and other effects of legal and administrative cases and proceedings; the nature and extent of continued consolidation in the food industry; changes in the financial markets which may affect the Company’s cost of capital and the ability of the Company to access capital; supply or quality control problems with the Company’s vendors; and changes in economic conditions which affect the buying patterns of the Company’s customers.


###



 


The Great Atlantic & Pacific Tea Company, Inc.

Schedule 1 - GAAP Earnings for the 13 and 53 weeks ended February 28, 2009 and 12 and 52 weeks ended February 23, 2008

(Unaudited)

(In thousands, except share amounts and store data)



 

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

 

February 28, 2009

 

February 23, 2008

 

February 28, 2009

 

February 23, 2008(3)

 

 

 

 

 

 

 

 

 

Sales

$

2,289,931 

$

2,196,500 

$

9,516,186 

$

6,401,130 

Cost of merchandise sold

 

(1,582,409)

 

(1,529,963)

 

(6,613,150)

 

(4,431,299)

Gross margin

 

707,522 

 

666,537 

 

2,903,036 

 

1,969,831 

Store operating, general and administrative expense

 

(756,785)

 

(685,660)

 

(2,949,822)

 

(2,009,071)

Loss from operations

 

(49,263)

 

(19,123)

 

(46,786)

 

(39,240)

Loss on sale of Canadian operations

 

- 

 

(645)

 

- 

 

(436)

Gain on sale of Metro, Inc.

 

- 

 

- 

 

- 

 

184,451 

Nonoperating income (1)

 

2,595 

 

37,394 

 

116,864 

 

37,394 

Interest expense (2)

 

(37,516)

 

(63,010)

 

(154,137)

 

(111,816)

Interest and dividend income

 

38 

 

2,119 

 

591 

 

14,350 

Equity in earnings of Metro, Inc.

 

- 

 

- 

 

- 

 

7,869 

(Loss) income from continuing operations before income taxes

 

(84,146)

 

(43,265)

 

(83,468)

 

92,572 

Benefit from (provision for) income taxes

 

777 

 

(1,304)

 

(2,683)

 

(5,592)

(Loss) income from continuing operations

 

(83,369)

 

(44,569)

 

(86,151)

 

86,980 

Discontinued operations:  

 

 

 

 

 

 

 

 

Loss from operations of discontinued businesses, net of tax

 

(27,759)

 

(17,181)

 

(58,383)

 

(196,848)

Gain (loss) on disposal of discontinued businesses, net of tax

 

- 

 

227 

 

4,653 

 

(50,812)

Loss from discontinued operations

 

(27,759)

 

(16,954)

 

(53,730)

 

(247,660)

Net loss

$

(111,128)

$

(61,523)

$

(139,881)

$

(160,680)

 

 

 

 

 

 

 

 

 

Net loss per share - basic:

 

 

 

 

 

 

 

 

Continuing operations

$

(1.58)

$

(0.90)

$

(1.69)

$

2.00 

Discontinued operations

 

(0.53)

 

(0.34)

 

(1.05)

 

(5.69)

Net loss per share - basic

$

(2.11)

$

(1.24)

$

(2.74)

$

(3.69)

 

 

 

 

 

 

 

 

 

Net loss per share - diluted:

 

 

 

 

 

 

 

 

Continuing operations

$

(3.33)

$

(1.40)

$

(4.28)

$

1.37 

Discontinued operations

 

(0.82)

 

(0.33)

 

(1.13)

 

(5.59)

Net loss per share - diluted

$

(4.15)

$

(1.73)

$

(5.41)

$

(4.22)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

52,746,648 

 

49,494,373 

 

50,948,194 

 

43,551,459 

Weighted average common shares outstanding - diluted

 

33,901,805 

 

50,667,417 

 

47,691,002 

 

44,295,214 

 

 

 

 

 

 

 

 

 

Gross margin rate

 

30.90%

 

30.35%

 

30.51%

 

30.77%

Store operating, general and administrative expense rate

 

33.05%

 

31.22%

 

31.00%

 

31.39%

 

 

 

 

 

 

 

 

 

Depreciation and amortization

$

59,629 

$

64,175 

$

260,991 

$

186,789 

 

 

 

 

 

 

 

 

 

Number of stores operated at end of quarter

 

436 

 

447 

 

436 

 

447 



(1)

Non operating income reflects the marked-to-market adjustments related to the conversion features, financing warrants, and Series A and B warrants.

(2)

Interest expense in 2007 includes one-time financing fees of $27.3 million related to the Bridge Loan Facility.

(3)

Results for the 52 weeks ended February 23, 2008 exclude the results of Pathmark prior to the date of acquisition December 3, 2007.





The Great Atlantic & Pacific Tea Company, Inc.

Schedule 2 - Condensed Balance Sheet Data

(Unaudited)

(In millions, except per share and store data)



 

 

February 28, 2009

 

February 23, 2008

 

 

 

 

 

Cash and short-term investments

$

175

$

101

 

 

 

 

 

Other current assets

 

742

 

783

 

 

 

 

 

Total current assets

 

917

 

884

 

 

 

 

 

Property-net

 

1,724

 

1,901

 

 

 

 

 

Other assets

 

905

 

859

 

 

 

 

 

Total assets

$

3,546

$

3,644

 

 

 

 

 

Total current liabilities

$

747

$

772

 

 

 

 

 

Total non-current liabilities

 

2,532

 

2,454

 

 

 

 

 

Stockholders' equity

 

267

 

418

 

 

 

 

 

Total liabilities and stockholders' equity

$

3,546

$

3,644

 

 

 

 

 

Other Statistical Data

 

 

 

 

 

 

 

 

 

Total Debt and Capital Leases

$

1,108

$

940

Total Long Term Real Estate Liabilities

 

330

 

346

Temporary Excess Cash and Investments

 

 

 

 

and Marketable Securities

 

(74)

 

(25)

Net Debt

$

1,364

$

1,261

 

 

 

 

 

Total Retail Square Footage (in thousands)

 

18,386

 

18,813

 

 

 

 

 

Book Value Per Share

$

4.64

$

7.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the 53

 

For the 52

 

 

weeks ended

 

weeks ended

 

 

February 28, 2009

 

February 23, 2008

 

 

 

 

 

Capital Expenditures

$

116

$

123





The Great Atlantic & Pacific Tea Company, Inc.

Schedule 3 - Reconciliation of GAAP Loss from Operations to Adjusted Income (Loss) from Operations

for the 13 and 53 weeks ended February 28, 2009 and 12 and 52 weeks ended February 23, 2008

(Unaudited)

(In thousands)



 

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

 

February 28,

 

February 23,

 

February 28,

 

February 23,

 

 

2009

 

2008

 

2009

 

2008(3)

 

 

 

 

 

 

 

 

 

As reported loss from operations

$

(49,263)

$

(19,123)

$

(46,786)

$

(39,240)

Adjustments:

 

 

 

 

 

 

 

 

Net restructuring costs

 

- 

 

- 

 

440 

 

4,420 

Pathmark integration

 

7,638 

 

20,933 

 

34,042 

 

27,694 

Real estate related activity

 

32,081 

(1)

(2,020)

 

40,161 

 

(14,057)

Benefit related costs

 

- 

 

- 

 

481 

 

- 

Pension withdrawal costs

 

28,911 

(2)

5,944 

 

28,911 

 

5,944 

Visa/Mastercard lawsuit settlement

 

- 

 

- 

 

(2,230)

 

- 

LIFO provision

 

3,586 

 

2,310 

 

7,817 

 

2,310 

Net loss on marketable securities

 

2,160 

 

- 

 

2,160 

 

- 

IT services agreement with Metro, Inc.

 

- 

 

- 

 

- 

 

(5,792)

Total adjustments

 

74,376 

 

27,167 

 

111,782 

 

20,519 

Adjusted income (loss) from operations

$

25,113 

$

8,044 

$

64,996 

$

(18,721)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations depreciation and amortization

$

59,629 

$

64,175 

$

260,991 

$

178,152 

Discontinued operations depreciation and amortization

 

- 

 

- 

 

- 

 

8,637 

Total A&P depreciation and amortization

$

59,629 

$

64,175 

$

260,991 

$

186,789 



(1)

Real estate related activity primarily relates to changes in estimates and impairments for closed stores.

(2)

Pension withdrawal costs relates to our Company's withdrawal from the UFCW Local 342 Amalgamated Pension Plan.  We believe that our cash flow and earnings will benefit from gaining a better control over future costs by limiting our obligation to fund pension benefits for our employees as compared to remaining in the multiemployer plan.

(3)

Results for the 52 weeks ended February 23, 2008 exclude the results of Pathmark prior to the date of acquisition December 3, 2007.





The Great Atlantic & Pacific Tea Company, Inc.

Schedule 4 - Reconciliation of GAAP Net Cash Provided By (Used In) Operating Activities to Adjusted EBITDA

for the 13 and 53 weeks ended February 28, 2009 and 12 and 52 weeks ended February 23, 2008

(Unaudited)

(In thousands)



 

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

 

February 28, 2009

 

February 23, 2008

 

February 28, 2009

 

February 23, 2008(3)

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

45,768 

$

(17,284)

$

(2,446)

$

(42,544)

Adjustments to calculate EBITDA:

 

 

 

 

 

 

 

 

Depreciation and amortization on discontinued operations

 

- 

 

- 

 

- 

 

(8,637)

Net interest expense

 

37,478 

 

60,891 

 

153,546 

 

97,466 

Asset disposition initiatives

 

(28,393)

 

(3,529)

 

(38,217)

 

(123,951)

Long lived asset impairment charges

 

(11,402)

 

(8,106)

 

(14,069)

 

(11,657)

Gain on disposal of owned property

 

(1,448)

 

16,257 

 

(1,086)

 

13,743 

Interest accretion on convertible notes

 

(2,775)

 

(2,313)

 

(12,027)

 

(2,313)

Loss from operations of discontinued operations

 

27,759 

 

17,181 

 

58,383 

 

196,848 

Financing fees relating to bridge loan facility

 

- 

 

(25,421)

 

- 

 

(25,421)

(Benefit from) provision for income taxes

 

(777)

 

1,304 

 

2,683 

 

5,592 

Other share based awards

 

(2,052)

 

(1,757)

 

(5,694)

 

(9,039)

Working capital changes

 

 

 

 

 

 

 

 

Accounts receivable

 

25,991 

 

(5,183)

 

28,625 

 

(37,098)

Inventories

 

(78,822)

 

(43,244)

 

(29,706)

 

(115,985)

Prepaid expenses and other current assets

 

(4,260)

 

(24,134)

 

(1,633)

 

(9,904)

Accounts payable

 

15,860 

 

45,429 

 

(5,850)

 

72,714 

Accrued salaries, wages, benefits and taxes

 

(9,146)

 

(10,491)

 

21,177 

 

42,345 

Other accruals

 

(14,576)

 

42,046 

 

(12,637)

 

47,590 

Other assets

 

6,416 

 

(20,080)

 

18,182 

 

(16,949)

Other non-current liabilities

 

3,699 

 

22,867 

 

52,741 

 

65,426 

Other, net

 

1,046 

 

619 

 

2,233 

 

686 

     Total A&P EBITDA

 

10,366 

 

45,052 

 

214,205 

 

138,912 

Adjustments:

 

 

 

 

 

 

 

 

Net restructuring costs

 

- 

 

- 

 

440 

 

4,420 

Pathmark integration

 

7,638 

 

20,933 

 

34,042 

 

27,694 

Real estate related activity

 

32,081 

 

(2,020)

 

40,161 

 

(14,057)

Benefit related costs

 

- 

 

- 

 

481 

 

- 

Pension withdrawal costs

 

28,911 

 

5,944 

 

28,911 

 

5,944 

Visa/Mastercard lawsuit settlement

 

- 

 

- 

 

(2,230)

 

- 

LIFO provision

 

3,586 

 

2,310 

 

7,817 

 

2,310 

Net loss on marketable securities

 

2,160 

 

- 

 

2,160 

 

- 

IT services agreement with Metro, Inc.

 

- 

 

- 

 

- 

 

(5,792)

      Total adjustments

 

74,376 

 

27,167 

 

111,782 

 

20,519 

Adjusted A&P ongoing operating EBITDA

$

84,742 

$

72,219 

$

325,987 

$

159,431 



(1)

Results for the 52 weeks ended February 23, 2008 exclude the results of Pathmark prior to the date of acquisition December 3, 2007.




 GRAPHIC 3 exh99_1001.jpg begin 644 exh99_1001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_X0`617AI9@``24DJ``@```````````#_ MVP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_VP!#`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0'_P``1"`!0`+(#`2(``A$!`Q$!_\0`'P```04!`0$!`0$```````````$" M`P0%!@<("0H+_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A M!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9 MFJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?H MZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+ M_\0`M1$``@$"!`0#!`<%!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1 MH;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U15 M5E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::G MJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W M^/GZ_]H`#`,!``(1`Q$`/P#^_BBBOBO]M[]MWX7?L0_"N7QOXUE76O&.N)>V M'PV^'%G=QV^L^-==MHHS(?,V3-I?AO2&N+6;Q+XCFMYH--@GM[:VAO\`6+_2 MM*O^3'8["9;A*^.QU>GAL+AJ;J5JU1VA"*:71-RG*34:<(ISJ3E&$(RE))_2 M<'\'\33NVXTJ&'H4HU,1C, M9B*E+"X+"4:V+Q=:CAJ-6K#Z,^*?Q<^&7P2\':E\0/BUXX\.>`/!^E*3=ZWX MDU&&Q@:;RWDAL-/A.^\U;5;L1NFGZ/I-O>ZKJ$W[FPL[F=EBK\$OV@O^#@OX M=^'KV^T/]FSX1ZG\17@>:&+QW\1;ZX\(>&I9%1?)N]+\*6,-QXGU:PE=OF_M M>^\&7T?E[/L>9$=/YVOVG?VL/C;^UW\0KGXA_&;Q5+J]TC7,7ASPSIXEL/!W M@G2KB82#1?">@F>>+3[55CA2ZO[B:\UO6'@AN=;U74KQ/M-?.-?SUQ%XN9KC M*M2AP]".68.+<88JK3IUL=7CMS\M15,/AHR7PPC"K5CI)5XM\J_WE\`?V6/A MIPKEF`SGQVQ5;Q#XLJTJ=;$<-99F&/RG@K)ZLHQFL-]8P$\#G?$&(H3M[3%U ML7E^6UKRH2R>M2BL17_7WQ?_`,%R?V_/$MQ--HOBWX<_#V.47.RU\(?#70KV M"W,Y!C:%O'S>.+DFS`VV_P!HN+A65C]I^TG84\[_`.'R7_!2/_HXX?\`AG_@ M/_\`.PK\QJ]3^"WP1^*'[0_Q$T/X5_"#PG?^,?&OB!Y3::;9M#;V]I9VRA[W M5M7U*\D@T[1]&T^,K)>:IJ5U;VL6^&$2/G2I9_GU6O7J1 MITJ.'S#&QE4J3<8QITZ.'JP3E.32C&$-9-)*[2?]L5OHW?17X3R7&9AF/@CX M(9;D>3X.OCLQS;B#@/@VOA\!@,)3E6Q.,S#-\[RVO.EAZ%&$ZM?$8K%*%.G& M4YR44VON;_A\E_P4C_Z..'_AG_@/_P#.PH_X?)?\%(_^CCA_X9_X#_\`SL*^ MV-*_X-X_CS<^%$U#5_CU\*M*\8R6JRCPU;Z+XKU/0H;EXW<6EQXK6"RNU\M_ M)BFGMO"US&KM,\`F2*/[3^._[37[*GQL_9&^('_"NOC9X6&AZG=6KZCH&LZ? M<+JOA;Q9I"SM`=5\-:W"B17T$4H6.ZL[B.SU;39)(8=5TVPFFA1_9S1>)62X M>&+S3'<3X3#5'%*O+-\;4IQE*W+&K*CC*BH3D[J,*_LY-Z)-IH_)_#:7[/?Q M>S[&<+^'/!GT;N)N(<%3K5JF3X?PKX1P6-Q%##6^L8C+*.:<+8%YSAJ$5SU\ M3E'UZA2IR56I4C3G&1]8?\/DO^"D?_1QP_\`#/\`P'_^=A1_P^2_X*1_]''# M_P`,_P#`?_YV%?F-7T?^RY^RC\9?VP?B1'\,?@SH=I?ZI!8'5M?U_6[N33/" M?A+14GCMSJ_B35H;6]FMK9[F6.WM;73K#4M6U"9BEAIMYY,WD^-AN(.,,9B* M.$PF>\18G$XB:IT:-'-,RJ5*DW]F$8XAMO1OHDKMM*+9^M<0^!?T4^$LCS3B M7B?P5\`<@X?R3"5,?FV<9KX9>'^#R_`8.BDZE?$XFOD<*=.-^6$(M\U6I.-* MFI5:D(2^JO\`A\E_P4C_`.CCA_X9_P"`_P#\["C_`(?)?\%(_P#HXX?^&?\` M@/\`_.PK[TG_`.#>CQJ-&FM;7]JWX>3?$A+?[2G@Z;P'JT&C&+R`RRS>)(_% M5SKT-N;HI"+A/`>-M6M MK?2O$VIW,NI>$=0\.W4.K7-MXM\/WME''+KNG:G%H6I6>CVJQV-W<:];_P#" M/:DFCZE#?PV?O8^AXFY9]4^O8[B2BL;B*6%P\XYWB*U.6)K24*5"=2ACZE.C M4J2;485Y4I.ST]V5OQ#@C._V='B-#B27!W!WT>,VGPCD>8\39[AJO@UD64XW M#\/Y10>*S/.<)@,YX+R_&YQEN!H0=3$8O)L/F%**E!7;K4E/UC_A\E_P4C_Z M..'_`(9_X#__`#L*/^'R7_!2/_HXX?\`AG_@/_\`.PKD?%?_``3._:,T;]L: MY_8P\.66D^+?&QL;/Q/IOC")[O2?!"<>/]6NKBVN+W1M$TV6632-8 M@^RZC>Q^(K670='36[R?3?[3_12+_@W=^-ABC,_[0_PLCF,<9FCC\->+)8DE M(!D2.9_(>6-7W*LK00M*N':)#A*K!X;Q0Q\L5#"XKBBJ\%B*F$Q3><8NE&GB M:32J45.KC81J2AO)TG-14H-NTH\V7%?$?[-_@C#<,XKB?ACZ-N74N,,@P/%/ M#T8>$O#.8XC'\/9G",\OS2>%ROA#&XK`T,8E-4(YC1P=6I.CB:2I^TP]>%+X M9_X?)?\`!2/_`*..'_AG_@/_`/.PH_X?)?\`!2/_`*..'_AG_@/_`/.PK[L_ MXAW/C/\`]'%?##_PEO%?_P`V?$G_@@1^V!X4L;G4?`? MBSX1_%40+F+1=.U_5?"/B6\8*"$MX/%FCV7A=,L&3==>+K7^#/#OL_'GXI?" M/XG?!+Q=?>`_BUX%\2_#[Q=8*LD^A^)],N--NGM9'>."_L7E7[/J>EW1CD^Q MZIILUUIMXBN]KWJX>LZ> M[QI=>*/@WJ5[HFIVL`.#*/!OC/4M9L=8NY%.YU7QIX=M_,#>7&D;I&O[\?LV M?MD_LZ?M::$VL?!+XD:3XBO[6UCN=;\'7Q;1?'GAM'*1G^V_">H^5JL5LEPQ MMEUBSCO=!O+A'33M6O$_>'_.ZKJ_`OCWQK\,?%>B^.OAYXIUSP9XP\.W:WVB M^)/#FI7.EZKI]P`58PW5JZ.T,\326]U:R>9:WEK)-9WD,]M--"_M9#XK\09= M4IT\U<T5^+'_!+W_@JGI/[6UE:?!KXUW&D^&_VC=*LI'TV[MXH= M*T'XOZ9I]LTUUJVB6:D6NF^,[*VAFO?$7A>S6.RNH(KG7_#%M!I4.IZ/X<_: M>OZ*R;."?&^:\`>(63SRC/LKE&I"47*MEV;9=5E-8/.H?FQQ_CSQOX:^&?@GQ9\0_&6IPZ/X3\#^ M'=8\4^(]2F/R6>CZ'8W&HW\P3.991;6\@AMT_>W$YCAB#RNJG_/L_;*_:I\: M?MB?'GQ=\8O%DES::=>W+Z5X$\+23F6W\&>!=/GF&@>'[<;C";L0R-J&N7D* MQQZEX@OM2OTAAAN8;:#^F3_@OE\>[OX>_LR^#/@MHMY]EU3X[^,9/[;V.1++ MX#^'0TW7=6M@$`>/[9XJU+P5OE\Q%FL[>_LGBGAN)C%_'M7\Z^+_`!!5KYC0 MX=H5''"X&%+%8V,6U[7&5X*=&%2S]Z-##2A4@GHYXB3E%NG!G^^/[*;P(RW) M.`LY\>\XP-.MQ#QECLQX;X0Q%:FIO+>$\EQ4<)FV+P!Q4U% MSAA"/@/XW_:+US3EC\0_&?Q! M)X=\)7:'X=>!;FXL+B:UD>-);>/7O&QUV+4(4:2*ZC\*Z)=;BRJJ?RA? M#_P1X@^)GCSP9\.?"=K]M\3^//%6@>#O#UGG:MQK7B35;71]-B=\$1PM=WD/ MG3-\L,>]W^1*_P!&_P"#?PN\/?!+X4_#GX1>%%QX?^''@[0/"&FRF%89KZ'1 M--@LI=4NT4R#[?JUS'-J>H2"21IKV\N9G>1W=S^N^$&2_7,ZQ6<587HY30]G M0;2M]=QB<%)7T;I8:->ZMS1E5I3TT4O\J/VK?C!_JIX1\-^$V68MT\V\3LY> M.SBG3G:<.$>%*N&QE2E6C%J=-9EQ#6R94)-\F(HY9F5#EFE4Y/3:_)7_`(+. M?LY1?';]C+Q7XJTS3Q<^-O@)<_\`"UM!FBA5KM_#6GPFU^(VFF?8\L6GGPG) M<^)KB&(?Z1J'A/2D=T1-Z_HG=_&;P#9_&O1?V?Y]71/B7KOPVUSXJV.C;HE' M_"(:%XCTGPO)G2UZ-J>FV&M:;J&CZ MM96^HZ5JMC=:;J6G7L*3V=_87MO):WMG=02!HYK6ZMII()XI%*21R-&QP>?W MS-<'A<]RO,\KE4ISAB*-?!591M/V&(=.,Z1PQU;#8RC3G)1=3+<[PE#,\ MHK5H>[4H5<1&,[:G^917]-7_``0KNC+^S=^VMH_PMO\`3[3]HJ>"*Z\,"\6P M9USX#\0VWPROS%:=8^.9=;_`+06:;[#;FXM4F>![PR3?@[^UM\"+_\` M9G_:0^+WP1O!,+ZTT"YNB3<:CX0U(1:WX-U25@JJTVI>%M2TF\N/+^ M1+B:=/\`EGS_`$+?L>?"'X2_\$E_V7[C]M+]I235IOCM\5/#T6C>%/A]I^H7 M%GJ-MH_B.*SU_1?AG9:2+H6%WXBU0Z39^)/''B#7+>:'PC:V,6FVEM;7FE7S M^)?YIX"P>+P/%&(KXJG#"X;(Z.8PSK%UJKHQRZFZ-?!5)TZRA-K%QJN4<-", M'*K*,E'ECS3A_P!$'TW.+N&>-/HVY%DO#V*QF?\`$7C/FW`.,\(.&,IRZGF^ M(X]S"CFN1\78/!XW+*F(P\)<-2RVG2K9]CJ^(IX;+:5?"5:KKU:F'P>*_FGN M?&WQ:\(?%.^\++^_U3Q5>ZQKFG_$/2O&=C>3V^JW&HZMK=6NI?:YEO%F^TVUS_&E?I3^R+9_M=?\%'?VYO@S\5/&_B7Q!XWN M_@_XE^&VN^-/B?-IFC^'-+\$^`OA[XKC\4V6B6C^&]*T31;36]7O6U*/0M/L M;)M5U+6M4O\`6[R.>UMM;U*V][^`7[,OCK_@LA^T)\0_VJ_C%8^'?@G\$-%U M33]!\22_#_3;?3M4\57FD6`O(_#>EZOJ,-S%?^(-,T&XTN;QI\0O$5O<20V] MYHUKIND/!Y-GH'Z4?#O_`(*>?\$W/V>?'FD_L@_"32+WPC\';(W7AR\^,?A* M)K;X?6_BNZ9+&6]O_$D.HKXUUN"Y=9(=3^*^^Y,-]'9ZA;7MSX?C?Q+8=W#W M#M*->CC\XX@EEW"^*S:-7+HXJM/"5N(:^%KVC\;X\>/>9ULGS7@CPJ\"Z''?TD>'O#&MEG'M;AG*,#Q1EG@3D_$>44IY MUP_3XKI8/"5<[S.<$UE?"625*5'-*^"A4Q5&K/`RRO$=$/VSO@1HO_!8CQGX M-\0>(]#T*UT* MZ6:Y9%\8>&X=`F*:E,EM#^VE?PN_\%1_V![_`/8S^*>E^)?#&N:OXS^"_P`8 M)M6UGP7XGUNZ.J:YIFMQ217NM^%O$NLKE=7ODCO[?5M'UZ989O$&FW4SLES? MZ3JMR_[6_P#!OEJ6H:A^S+\9#J%_>7WV/XW&UM?MEU/=?9K:/P!X.\NVMS,[ MB&WCS^[AC"QJ.405^B\)\69K_K/F?"N<973P^)JX[,,?3K4Z]U0HU(+$PI-* MDXXJ$X.,J.)C.BY0FG*ET7\"_2<^C%X:?\2X>'GTEO"KQ'QV?>9G@L1'AS&9I&M+,(U>&L;A,=3Q5#->'JN$S.G0Q>&E3H8Y)RJU/ MWS9E12[D*J@LS,0`H`R68\```%]E]5>&5E;#8CGY_K#_EY>5?%?3\C^AK]#7#?2PPOB'B,1XA5^!7P-7X8H MPC1X7I\1K,O]8J>?S?Y(\)]4>2)**6(]O]9=Y4?9+VG^G17R9^V+^Q_\ M+/VS/A'J_P`-?B'IUM;ZS%;7EY\/_'D%I'+K_@#Q3)`4M-8TV;,4UQIDTJV\ M7B'P^]S%9:_IJ&VE:VO(=.U&Q_G#_P""&_[8?Q3T;]H?1_V6/$WBK6/$_P`, M/B5X?\4OX2T/7+^^U0>"?%7@_P`.:CXP6?PS-+/A_XHUOPEK]M&Q>%=3T*_GT^XEM92J_:+ M*Y:#[18W2KY=U9S0W*'9-&#Q%?KE_P`%O_!=EX3_`&^_&NIV5M':CQ_X$^'? MC2[2'8L$;FY,*82&6Z?PD)K@A=UQ=R37DP>:Y=V_(VOY0SO+UE.E34)2MHF[+8_P"G[P;X[GXG^$WAOXAU M:-/#XGC+@KASB#'8:BFJ&&S+,L7_A_Q/X8U:PUWP_KFESM;:AI.KZ9CI\@_OO_P""?7[7.G?MG?LV>%/BDZVEEXYTR1_!WQ3T.S*Q MQ:9X\T6VM)-1NK.WWL\&D^([*ZL?$FCQ-))]EL]4_LU[BXNM.N9#_GZU^Y__ M``03^/5WX`_:E\0_!&^O-OASX[^#K[['9R2,J+X[^'EK?^)M&NHBP98_-\*G MQI9W$:^4UW-+IN^5WLX8)/M/"_B"KD_$-#+YU']0SF<,'6IOX88MNV"K0C=> M_P"U:P[=]85FY-NG!+^/_P!I!X$9=XJ^`N<<;X+`TWQMX1X7$\5Y7CJ<$L1B M>&*/LY\7Y1B*BO*>#IY53GGM&+C.5/&Y/2ITI4:>,Q6O[3WP7\7NLGV'7/@+:^&[9B@$)O?"WQ# M\<:I?JDFXEI%A\9:?YBA5\I6A?>Y?"?@/7\?\?\`M/\`7'/_`&E^;ZY&U]_9 M_5Z'LOE[+DY?[O*?]7/T&?J7_$I?@A]05-4/]5*WM/97Y?KBSO-5F-[Z^T_M M'ZTZO_3UST2L%%%??GPW_P""6O[>_P`6?"6E>.O!/[.OB"?PUKD"7>DWGB+Q M5\._`=[?V^@T3QWXP\-:Z;"[B99K.^;35M;RV=+JSFFA=)'^;P>79AF M-25++\!C,?4A'GG3P6%KXJ<(74>:4*$*DHQN[<:\)\$Y?C*[PN$Q_%W$>3\-X/%8E1]H\/A\3G.-P5&O75-.HZ-*6-9()?B#XY@U+P_X:B= M)6"R?8-"A\7:S'(J3&PU33]'G_<3/;35_9+7YN_\$L_V2M?_`&0/V5M%\&^/ M='MM&^+'C+Q%K?CGXEV,%_IFK_V;JMY+'I6B:$-7T:[U#3K^/2?"^E:2)CI] M]M?@#X;G\4_&/6/!>J>'_`.EVVM MZ#X)KK38?."30^(-.OO$W MCS2[>9UACUS6(;ET@>%$A_M3@GANH8;BWFBGM9XHY[>X@D26">"5`\4L4J%H MY8I8V5XY$8I*A#H<=?X6/^'-O_!2/_HW$?\`AX/@/_\`//K^O;]A?2?CAX:_ M94^$'@W]HKPE<>#OBOX$\-1^!]IJ2WOVE#\DTWS?AGB>(HX[/Z&>97FN#AF6(GG-*MC,! MC,-0CBJE14\51C5KT84TYPG0=*DI)^SP\^6+2=OZ&_:(\.^`U3@CP-S?P:\2 MO#3BO$^'V08/PDS'*>%...%>(<\K<,Y?@'C>&LUQ&7Y-FF*Q;H8'&8?/(9GC MI49QEC<^POM:L9U(NI^47_!6O]E[P_K/[6?["G[06I:?#+X-\9_&_P"$_P`! M?C([Q+]E.GR^/].U?PY>7N]9[>0:AX>N?&VEWUQ<6^R.VT?1K5OM*3)##\.? M\'!WBOQ=>_M2?"?P9J+W$7@OP]\$K+Q!X7M#*KVSN2B0WB._]*?[:'P-F_:*_9F^*_P`+M-9X?%E_X?/B M#X>W\,OV>XTWXD>#;J#Q7X$O+>[5DELR?$VDZ=9W=Q&ZL=/NKR)RZ2O&_P"1 MOQ+^'?@3_@M?^R/X&\<>!]?\/^"?VN?@G;R:1XH\/ZX9K%-.\17-M#!XI\)> M)+.U6?4=/\'^+=1TR/Q%X'\2KI^I#2)8;G2GACO'\4VUH<8\/SK+B3+(,ZV+X.\!J_'G@[Q)GDJ-;'QX`RWQ/H4,R\.>,%(?M:^+/%EKXH\?:'K5X+*SM[=);K2/$7@674O"&IZLDTEAIEG#=0 MW\T.R&UD_`ZOL?QK_P`$\?VXO`>NW7A[6/V5?CAJ5Y9R2(UWX*^'VO\`Q$T* M4(Y3?:^(_`=EXCT&XC;&Z,PZ@S,OS^6*^QOV5O\`@BM^U9\:?$^E7?QB\-WG MP`^%\=U!+KFL>*FL#X[U&QC<276G>&?!27-QJ5KJD\>V&/4/%5OH^E6GG/>( MFL3V;Z5-^18K!\4\1ULHRW^PL;"ME.78?)Z45A,51BJ.'G-QKXR>(:H4)_O$ MJU5NE!\D7+WK17^J/#/%_P!&KZ/N4>*?'\O&GA'%91XG\?9YXKYCB*O%'#6< M8JKF.=X++J=?*>%L-D3JYMGF#C]2=;+,OH0S+$TWBJL:*C"]F1$DF2/Z`_P"#>?\`Y-G^-?\`V7:3_P!5]X/KX"_X*_\` M[5'PDC\'_"O]@3]FF^T^[^%OP(.F2>--3T2^CU/2I?$7AC2KCP[X:\&6VLPN MXUF[\-V]WJ^I>-+UI;R"^\5ZA9PW,ZZWH.I(GW[_`,&\_P#R;/\`&O\`[+M) M_P"J^\'U^D9)B:%;Q)RG"T:]/%5,IX;IY1C<72?-3Q..P6`G'$U(SWGRSG[) MR>O-3-P3X-\6JJEF?PSKR MJ!R2QTJZ``'4L3C`'7'%?YLW_"$^,_\`H4?$_P#X(-5_^1*_TP:*^YXUX'CQ MC++92S*67_V?'%I*.$6)]K]:>&;;OBVT^;GZ)6E_>0/IEXKZ)V' MX^P^'\/:''2XZK\,UIRK<45.'7ECXO:1)I+>;3=!281:G?Z3V91EN3^'_#U2G5Q;CA*$ZN,Q MF,Q'+"=?$5(PA[E*/VY0ITZ.'P]/GJ24(QC[2I)RE\?XI>(7BO\`3D\>,OQ^ M6\*1Q'$^=83+>%>%N%,@CB<5A'>*Q6(G#!8.G3HTOYD/^"T_P`1].^(7[?7Q(L]+N1>6?PW\.>"?APUTAB, M+:CI6BKKVN6\12..3.F:[XDU+2;K[1YLBWUA>(CFU^S(GY25M>)_$NN^-/$O MB'QAXIU.YUGQ-XKUS5_$WB+6;PI]KU;7==O[C5-7U.Z,:1QFYO\`4+JXNI_+ MCC423/L1$`QBU_*&;YA+-LVS+,Y1<'CL;B,4J;=W3A6JRG3IMW=_9P<:=TW? MEW9_T^^$_`E'PP\,/#[P[HUXXN/!7"'#_#=7&0C*,,=BLJRO"X7&X^,)*+@L M=C*=?%\C47'VW*XQLD%?7O\`P3]\27OA3]N#]D[5+!F$]U\>_AGX4?L M7C+Q1I_A#4E+^7)E3IVNW221[?WT8>+?#O\`.3Y"KZ^_X)]^&[WQ7^W#^RAI MEBLC36OQZ^&WB1Q&HD;['X-\3Z?XOU!BI92L:V&AW33-N_=Q*[^6^S9(\F]I M_;.4^RO[3^TL#[/E^+VGUJCR6\^:UO,7BY]2_P"(3^)_]I*F\N_XAYQI]?\` M:_POJ7^K>9/%>UM9^S^KJISV^S<_T*J***_MX_XV#\(?^"^7P&O?B#^S)X+^ M-&C6AN]0^`OC*5M;"*?,M_`WQ)_LS0=8O$",6E^R>*=,\#F2/8RPV,]]>/-# M#;3"7^/6O]+CQYX(\-?$SP3XL^'GC+3(=8\)^./#NL>%O$>FS#Y+S1]<1S1%)45A_GV?ME?LK>-/V._CSXN^#OBR.YN].LKE M]5\">*9(#%;^,_`NH3S'0/$%N=HA%V88VT_7+.%I(]-\06.I6"330VT-S/\` MSMXO\/U:&8T.(J%-RPV.ITL+C9Q3?LL90@J="=2R]V-?#1A3@WHIX=J4DZD$ M?[X_LI?'?+;X7!P;?M,1 MDO$.*Q>.Q<(M3J87/J$Z5*4,'BZL/-_V>KOP/8?'SX'WWQ.6S?X;67Q@^&EW M\0DU&(3:>W@>V\::+/XL6^B)VRV9T%-06ZCX\R'>F*_T@K>2":&&6W:*2V>* M-X'@9&A>%T4Q21/&?+:)H\-&T>4*$%2017^9!7];7_!`77_B_P",_A+\6M7\ M[L["2TU;P[ M8:-IMG>1Z;I\=OJJ+9KYT+IEX09XL)F6)R)X1U7FK6(ABZ

'^I4*LYQKQ MDU*=&:?[MP;E"K)IPE&JY4^[]JSX,SXG\/>'O&>/%-++J7AI"ID>)X:QM'$U MJ>=KBW.TC4M)?&7B36_#7A#0_&^M:;I'A? MP_J.KW=SHF@:?8VMYY%O;:1IDEK8QJI9F^S[W>:9W=_UWBWC3`<(PP3Q>'KX MJICI5E2HX9TU.,*"I\]2?M)12CS58175MRM=0E;_`"R^BW]$3CGZ5&)XOAPK MG>2<-8#@W#Y3/'YKG]+,*F%Q&,SFKC(X/+\(L!AZ\YXCV&7XO$UG*T*-.%%3 M:>(IM_WT45_GM_\`#PC]N+_HZ[X[?^'%\1?_`";5FQ_X**?MR:??65^G[4WQ MKNWL;NWNUMK_`,>:[>6,[6TR3+!>V<]VT-W:3&/R[BUF5H[B)GA?Y'KXI>-& M3:7R?,UJK^_A=$[7?\35J^VE[']>S_9#^+:A*4/%3PZG)1;C%X3B6*E*UXQ< MGESY>9Z7M*VKLTC_`$&Z_B5_X*/^%?BC^P1_P4%\<>/?@=XK\3?#*+XGI_PM MOP7KOA>ZDTR)K+QG?7$OC/PW<00)_9.H:3:>.-/UK=X9OK6ZT^/1Y-!^V6'D MR6Q?^Q#X$_%C1?CI\&?AA\8O#[0KI7Q(\$>'?%D=O!,)UTV[U;3H+C4]&EE& M=UWH>IF\T>^4_-'>V4\+_.C8_'3_`(+[?`_3/&?[,G@[XWP+##XD^"WC>STZ M>X*QJ][X.^(TMKHFHV1D"B66:V\36GA6\LT:1H;:W.L%(]]RSCZ#Q%P"S?A5 MYI@*LEB,J]CG.!Q-";IU%148NO*G5BU.$7A*DJZY6G*=&G;HU^%_0%XVGX7_ M`$FZ/AOQKEU&ID'B7_:GA'QGP[F^$HX[!/.*N+<,GH8_+L13K8;$U:?$F"IY M)5A7A4I0PF;8_FC*,I)_D?X>_P""[/[>6B:5!8:EJ'PD\6W<0'F:WXB^'2VV MJ7/RHO[^/PIK7AG15&59_P#1]'M\-(_1`B)\[_'G_@J=^VW^T+H^H>%_%OQ? MN_#/@_58)[34?"GPUTRQ\"Z=J-E=!5N['4=3TF,>*-4TVZA`M[K3=4\07FG7 M%NTT,ULZ7%SYWYZ45_.N(XKXFQ5!X6OGV:UC5P5*A.BM*3@@K^NC_@WG_Y-G^-?_9=I/_5?>#Z_D7K^NC_@ MWG_Y-G^-?_9=I/\`U7W@^OI_"G_DLL'_`-@F/_\`4:1_./[3?_E$OBO_`+*C M@C_U?X8_;?XP^,K_`.'/PD^*?Q"TNUM+[5/`GPY\;>,M.LK\3FQO+_POX9U/ M6[2VO1;2P7)L[BXLHX;CR)H9?)>01S(^UQ_*VW_!PS^TX%(7X*_`D-@A2T'Q M!90V,`E1XT0L`<_+N7=D8?/3^G?]J3_DV7]HO_LA/Q=_]5_XAK_.-K]`\5.( ML[R+&913RG,:V"AB,-B9UHTHTFJDZ=6E&,I<].6J3:5K*S9_"W[,WP!\'?&7 MA7Q5Q_B?P'E'&.+R+B'AO"937S*KF-.6"PV,RW,:V)HTU@L;A8RC6JT:JZMJ=[.VZ:\U#4;Z6>\OKJ9OFDN+B:6:1N7<5G45^$YCG M&:YO.-3-,QQ>/E!MTUB:]2K&FWI^ZA*3ITTUNH1C=ZG^U?`/A1X9>%F$K8+P MYX"X5X,H8I16,EP]DN!R[%8_D?-3>8X[#T8XW,94]J-KJYD7SFM7CTU)(4^V0S+^)7A?PQXA\:^(]"\(>$]'O\`Q!XG M\3ZM8:%X?T/2X&N=0U;5]3N8[.PL+.!/FDGN;F6..-N6862+4_'FM6UI'J-K9W&Q7GTGPY M96MCX;T>5HX_M5GI?]I/;V]UJ-S&/TCPOX?JYQQ#0S"=-_4,EG#&5:DE[LL7 M%\V!HPE_.JJ6(:MI"A:7*YPO_GM^T@\=\N\*O`7.>!\'CJ7^NOB[A<3PIEF! MISOB,/PO6]G#B_-\125G'!U,JJSR*C*4HNIC)P MN)ING6HU%>$XMI]&G&<9)2ISBU.G.,9PE&44U])P?QAQ-P!Q-DO&7!VO2E4P^,P>(IU<+C<)6K83%T:V&K5: M4_\`.E_:<_9-^-W[(GQ`NOA]\9O"LVD7#23OX=\4Z?YU_P"#/&NF0R;$U?PI MKY@@AO[9T,E:;>?Z,GUC_P3:_X*1Z]^PAX@\6:/K'A6 MZ^('PA^(,^G7WB/PY8:C'IVO:#K^F0S6MOXF\,2W:2:=-=7-A-]AUG2KXV<> MK0VNE-_:M@VFIYW]L7Q0^$OPT^-GA#4?`/Q:\#^'/B!X/U1)M-@U&V2 MX5'2&_L9)%%UIFK6HD9['5M+N+/5-/F/GV=W;S;7'X(_M!?\&^GP[\0WM]KG M[-GQ<<'8E8I4)2G1HU)T88VA&47"=*2K\N%QE%TVX. M\H59J5E0C6^L)X7NP$USPWX?T3P]J.M M6I3Q#:F32=2U>^U@[=%N+^SAT&KB:'1?"7PY M^(4<0N=EUX0^)6A64%P8"!&L*^/E\#W(-X#NM_M%O;JJJ?M/V8[`_G?_``YM M_P""D?\`T;B/_#P?`?\`^>?7Q7$&!X^S[&K%9ODN=8BO2IQH4E1RC$^QI4HM MRY*2PU"5-WE.4I3YI2G)ZR:2M_87@5QC]!_P2X/J<->%/C!X/Y#DV89A4SC, M)YOXI\/K.LSS&M2HX?ZUF-3B'.J68\U+#4*.'H8;V5##8:G3?L:$*E2M.K^8 MU%?IS_PYM_X*1_\`1N(_\/!\!_\`YY]'_#FW_@I'_P!&XC_P\'P'_P#GGUX7 M^JO%'_1-Y]_X:,Q_^9O7^GI^T_\`$RWT7_4^\_P?8^B MO^";W_!8!/V0?AQ_PHWXQ>!O$7C[X8Z5JFHZMX(UCP=>::/%G@]-:O9M2UO0 M#H^N7FFZ3K6B7FJW5YK5BW]L:/>:7J-]JJ3/J5K?VR:/Q7_!2K_@JY>_ML>& M]#^$OPY\$ZK\/?A#I.N6WBG6#XCO;.Y\7>,M=L(+NVTE-1@TF6;2]&T/24OK MJ=-)AOM8;4-4%GJ4U[#_`&?;6R>5?\.;?^"D?_1N(_\`#P?`?_YY]'_#FW_@ MI'_T;B/_``\'P'_^>?7U$\3XE3R./#TLKS_^S(THX?D_L/%^V>&BTXX9XA8- M570BERQ@Y7]FHT7)TER'\V87AS]GIA/&2KX\4/$KP-CXAULRK9X\6_&GA>64 M0XBQ,91Q'$5/(GQ1_9<(?V#O$_BK3M5\*R^/_`(1?$*73;GQ5X?7?EF4<:Y/CL/F.79%G^'Q>&DY M4JL?1_P`.;?\`@I'_`-&XC_P\'P'_`/GG MUUYYAN/>(\7'&9MDF>UZM.FJ5*,,DQM&C1IIN3C3IT\)%)RG*4ISES5)OE4I M.,8J/RW@OQ!]"/P`X9Q/"GAAXQ>"62Y=C\PEFN:8C$^,G!^:9GFF/E1I8>.( MQV88[B.K6FJ&'IPHX?#4O8X3#0525'#PJ5L14J_F-17Z<_\`#FW_`(*1_P#1 MN(_\/!\!_P#YY]='X>_X(H?\%#M:G6+4OA)X:\(1-*8S=>(OBI\-KJW2,1AO M/9?"7B7Q1=&(M^[VI;M-E<^2$_>5X\>%.*9R45PYGB;V(KM;'1?#?AS3;G5-5U"X(+,(; M6U1W6&")9+BZNI/+M;.UCFO+R:"VAFF3^B+X(_\`!O)XLNKFUO\`]HOX[:'H MVGH\;W7A?X-Z;>ZWJ=U`3DQ#QEXSTW1K'1[N-1M=E\%^(K?S"WER/&B2-^_' M[-G[&W[.G[)>A-H_P2^&^D^';^ZM8[;6_&-\&UKQYXD1"DA_MOQ9J/FZK+;/ M<*;E='LY++0;.X=WT[2;-/W8^SR'PHX@S&I3J9JHY/@KIS]I*G6QM2-T[4L/ M3E*--M73EB9TY0=I*E4V?\B^-O[3WP,X!R_&8'PQJ8CQ:XN]G.GA%@,/COCZ-.3A5C1X?P>/IXM1EAY9E@)2]O3_/O_@E[_P2LTG] MDFRM/C+\:[?2?$G[1NJV4B:;:6\L.JZ#\(-,U"V:&ZTG1+Q0;74O&=[;3367 MB+Q19M)96L$MSH'ABYGTJ;4]8\1_M/117]%9-DV7Y#@*679;05'#TM7?WJM: MK))3KUZEDZM:HTG*;222C"$84X0A'_`SQ9\6N.O&SC?->/\`Q"SB>;Y]FDHT MX1BI4 -----END PRIVACY-ENHANCED MESSAGE-----