-----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, H4WynOT0qS7tUAAgIpd80RWprETYwtMkYdELynGA3bD1T1jO+o4w4GFUGQU13RPp pzmT2WmTQvIRI2uQAZDSVg== 0000046080-96-000013.txt : 19961209 0000046080-96-000013.hdr.sgml : 19961209 ACCESSION NUMBER: 0000046080-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19960929 FILED AS OF DATE: 19961113 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: HASBRO INC CENTRAL INDEX KEY: 0000046080 STANDARD INDUSTRIAL CLASSIFICATION: 3944 IRS NUMBER: 050155090 STATE OF INCORPORATION: RI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06682 FILM NUMBER: 96661592 BUSINESS ADDRESS: STREET 1: 1027 NEWPORT AVE STREET 2: P O BOX 1059 CITY: PAWTUCKET STATE: RI ZIP: 02861 BUSINESS PHONE: 4014318697 FORMER COMPANY: FORMER CONFORMED NAME: HASBRO BRADLEY INC DATE OF NAME CHANGE: 19850814 FORMER COMPANY: FORMER CONFORMED NAME: HASBRO INDUSTRIES INC DATE OF NAME CHANGE: 19840917 FORMER COMPANY: FORMER CONFORMED NAME: HASSENFELD BROTHERS INC DATE OF NAME CHANGE: 19720615 10-Q 1 10-Q DOCUMENT 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 period ended September 29, 1996 Commission file number 1-6682 HASBRO, INC. -------------------- (Name of Registrant) Rhode Island O5-0155090 - - ------------------------ ------------------------------------ (State of Incorporation) (I.R.S. Employer Identification No.) 1027 Newport Avenue, Pawtucket, Rhode Island 02861 --------------------------------------------------- (Principal Executive Offices) (401) 431-8697 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 or No --- --- The number of shares of Common Stock, par value $.50 per share, outstanding as of November 8, 1996 was 86,222,330. HASBRO, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Thousands of Dollars Except Share Data) (Unaudited) Sep. 29, Oct.1, Dec. 31, Assets 1996 1995 1995 --------- --------- --------- Current assets Cash and cash equivalents $ 57,753 53,785 161,030 Accounts receivable, less allowance for doubtful accounts of $54,300, $49,000 and $48,800 1,184,615 1,128,119 791,111 Inventories: Finished products 315,227 296,358 240,126 Work in process 25,042 28,374 22,093 Raw materials 62,435 65,363 53,401 --------- --------- --------- Total inventories 402,704 390,095 315,620 Deferred income taxes 80,661 84,175 85,849 Prepaid expenses 75,280 74,089 71,888 --------- --------- --------- Total current assets 1,801,013 1,730,263 1,425,498 Property, plant and equipment, net 301,453 306,464 313,240 --------- --------- --------- Other assets Cost in excess of acquired net assets, less accumulated amortization of $111,367, $95,438 and $99,404 469,522 480,749 473,388 Other intangibles, less accumulated amortization of $96,172, $73,959 and $79,648 364,340 346,383 343,624 Other 63,147 53,650 60,638 --------- --------- --------- Total other assets 897,009 880,782 877,650 --------- --------- --------- Total assets $2,999,475 2,917,509 2,616,388 ========= ========= ========= HASBRO, INC. AND SUBSIDIARIES Consolidated Balance Sheets, Continued (Thousands of Dollars Except Share Data) (Unaudited) Sep. 29, Oct. 1, Dec. 31, Liabilities and Shareholders' Equity 1996 1995 1995 --------- --------- --------- Current liabilities Short-term borrowings $ 553,136 566,820 119,987 Trade payables 136,587 140,743 198,328 Accrued liabilities 417,338 448,243 433,567 Income taxes 101,022 84,635 117,982 --------- --------- --------- Total current liabilities 1,208,083 1,240,441 869,864 Long-term debt, excluding current installments 149,907 149,991 149,991 Deferred liabilities 70,556 65,143 70,921 --------- --------- --------- Total liabilities 1,428,546 1,455,575 1,090,776 --------- --------- --------- Shareholders' equity Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued - - - Common stock of $.50 par value. Authorized 300,000,000 shares; issued 88,088,968, 88,086,108 and 88,086,108 44,044 44,043 44,043 Additional paid-in capital 304,409 279,320 279,288 Retained earnings 1,270,758 1,120,707 1,201,242 Cumulative translation adjustments 18,631 25,588 23,450 Treasury stock, at cost; 1,930,844, 262,653 and 741,237 shares (66,913) (7,724) (22,411) --------- --------- --------- Total shareholders' equity 1,570,929 1,461,934 1,525,612 --------- --------- --------- Total liabilities and shareholders' equity $2,999,475 2,917,509 2,616,388 ========= ========= ========= See accompanying condensed notes to consolidated financial statements. HASBRO, INC. AND SUBSIDIARIES Consolidated Statements of Earnings (Thousands of Dollars Except Share Data) (Unaudited) Quarter Ended Nine Months Ended ------------------- -------------------- Sep. 29, Oct. 1, Sep. 29, Oct. 1, 1996 1995 1996 1995 -------- -------- --------- --------- Net revenues $845,148 826,165 1,895,442 1,834,522 Cost of sales 372,273 360,852 844,228 807,509 ------- ------- --------- --------- Gross profit 472,875 465,313 1,051,214 1,027,013 ------- ------- --------- --------- Expenses Amortization 9,939 9,718 29,745 28,686 Royalties, research and development 85,929 78,318 204,707 195,487 Discontinued development project - - - 31,100 Advertising 116,446 123,537 252,893 261,934 Selling, distribution and administration 146,941 142,977 397,215 382,785 ------- ------- --------- --------- Total expenses 359,255 354,550 884,560 899,992 ------- ------- --------- --------- Operating profit 113,620 110,763 166,654 127,021 ------- ------- --------- --------- Nonoperating (income) expense Interest expense 9,419 10,932 19,678 24,139 Other (income), net (733) (3,539) (6,210) (11,528) ------- ------- --------- --------- Total nonoperating expense 8,686 7,393 13,468 12,611 ------- ------- --------- --------- Earnings before income taxes 104,934 103,370 153,186 114,410 Income taxes 34,465 39,798 52,366 44,048 ------- ------- --------- --------- Net earnings $ 70,469 63,572 100,820 70,362 ======= ======= ========= ========= Per common share Net earnings $ .81 .72 1.15 .80 ======= ======= ========= ========= Cash dividends declared $ .10 .08 .30 .24 ======= ======= ========= ========= See accompanying condensed notes to consolidated financial statements. HASBRO, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows Nine Months Ended September 29, 1996 and October 1, 1995 (Thousands of Dollars) (Unaudited) 1996 1995 ------- ------- Cash flows from operating activities Net earnings $100,820 70,362 Adjustments to reconcile net earnings to net cash utilized by operating activities: Depreciation and amortization of plant and equipment 71,016 65,652 Other amortization 29,745 28,686 Deferred income taxes 2,388 (6,652) Change in operating assets and liabilities (other than cash and cash equivalents): Increase in accounts receivable (400,077) (397,487) Increase in inventories (87,392) (137,331) Increase in prepaid expenses (3,573) (3,227) Decrease in trade payables and accrued liabilities (88,530) (8,437) Other 1,839 12,346 ------- ------- Net cash utilized by operating activities (373,764) (376,088) ------- ------- Cash flows from investing activities Additions to property, plant and equipment (62,504) (62,813) Investments and acquisitions, net of cash acquired (21,313) (112,531) Other (4,540) 4,912 ------- ------- Net cash utilized by investing activities (88,357) (170,432) ------- ------- Cash flows from financing activities Proceeds from borrowings with original maturities of more than three months 230,788 413,953 Repayments of borrowings with original maturities of more than three months (30,990) (32,071) Net proceeds of other short-term borrowings 231,603 89,733 Purchase of common stock (58,350) (312) Stock option transactions 11,318 6,476 Dividends paid (24,329) (20,170) ------- ------- Net cash provided by financing activities 360,040 457,609 ------- ------- Effect of exchange rate changes on cash (1,196) 5,668 ------- ------- Decrease in cash and cash equivalents (103,277) (83,243) Cash and cash equivalents at beginning of year 161,030 137,028 ------- ------- Cash and cash equivalents at end of period $ 57,753 53,785 ======= ======= Supplemental information Cash paid during the period for: Interest $ 12,892 15,558 Income taxes $ 59,165 60,320 See accompanying condensed notes to consolidated financial statements. HASBRO, INC. AND SUBSIDIARIES Condensed Notes to Consolidated Financial Statements (Thousands of Dollars) (Unaudited) (1) In the opinion of management and subject to year-end audit, the accompanying unaudited interim financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of September 29, 1996 and October 1, 1995, and the results of operations and cash flows for the periods then ended. The nine months ended September 29, 1996 consisted of 39 weeks while the nine months ended October 1, 1995 consisted of 40 weeks. The results of operations for the nine months ended September 29, 1996, are not necessarily indicative of results to be expected for the full year. (2) During the second quarter of 1995, the Company discontinued its efforts, begun in 1992, related to the development of a mass-market virtual reality game system. The impact of this decision on the quarter was a pretax charge of $31,100. (See further discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations.) (3) Earnings per common share are based on the weighted average number of shares of common stock and dilutive common stock equivalents outstanding during each period. Common stock equivalents include stock options and warrants for the period prior to their exercise. Under the treasury stock method, the unexercised options and warrants are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common stock at the average market price during the period. For each of the reported periods except the quarter ended September 29, 1996, the difference between primary and fully diluted earnings per share was not significant. For the quarter ended September 29, 1996, the primary and fully diluted earnings per share were $.81 and $.78, respectively. HASBRO, INC. AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations (Thousands of dollars) NET REVENUES - - ------------ Net revenues for the third quarter and nine months of 1996 were $845,148 and $1,895,442, respectively, up from the $826,165 and $1,834,522 reported for the same periods of 1995. Continuing the trend experienced during the first half of 1996, the increased volume during the quarter was primarily attributable to growth in games and boys' toys in the United States. During the quarter, the Company's revenues from its international operations remained flat although absent the adverse impact of the strengthened U.S. dollar they increased marginally. For the nine months, again absent the impact of currency, they were essentially flat. COST OF SALES - - ------------- For both the quarter and nine months, the Company's gross margin percentages showed a moderate decline. Contributing to this was the adverse impact of excess manufacturing capacity. As the Company has moved certain of its production requirements to lower-cost regions and contract manufacturers, excess capacity has resulted, a situation which led to the recently announced closing of a manufacturing facility. Also contributing to the reduced margins was the impact of sales made at less than normal margins. The aforementioned were partially offset by reduced prices on certain raw material commodities, most notably plastics and paper. EXPENSES - - -------- Royalties, research and development expenses for both the third quarter and nine months increased both in amount and as a percentage of net revenues. The increase in the royalty component reflected both the Company's revenue growth and the mix of products sold with more revenue being derived from items carrying higher royalty rates. Research and development was $36,583 and $102,093 for the quarter and nine months of 1996, respectively, compared with $34,576 and $102,004 for the same periods of 1995. During the second quarter of 1995, the Company discontinued its efforts, begun in 1992, related to the development of a mass-market virtual reality game system. The impact of this decision on the nine months of 1995 was a pretax charge of $31,100, the estimated costs associated with such action. Substantially all of these costs have now been paid. Advertising expense for both the quarter and nine months again reflected decreases both in amount and when expressed as a percentage of net revenues. For the third quarter and nine months of 1996, the amounts were $116,446 and $252,893, respectively, compared with $123,537 and $261,934 in the same periods of 1995. Expressed as a percentage of net revenues, 1996 was 13.8% and 13.3% while 1995 was 15.0% and 14.3%. The decreases in the HASBRO, INC. AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations (Thousands of dollars) current year continue to reflect the lower proportion of the Company's revenues arising from the international marketing units, which generally have a higher advertising to sales ratio than the domestic groups. When expressed as a percentage of net revenues, the Company's selling, distribution and administration expenses remained relatively constant during both the third quarter and nine months of 1996 when compared with the same periods of 1995, although each period showed an increase in amount. Included in this expense category for the third quarter and nine months of 1996 is a charge of approximately $2,500 for costs associated with the previously announced closure of the Company's Amsterdam, New York manufacturing facility. NONOPERATING (INCOME) EXPENSE - - ----------------------------- Interest expense during the third quarter and nine months of 1996 decreased from the comparable 1995 levels continuing to reflect both lower interest rates and the Company's reduced borrowing requirements. Other income, net, also declined during both the quarter and nine months, again largely reflecting the lower interest rates being earned on the Company's short-term investments. INCOME TAXES - - ------------ Income tax expense as a percentage of pretax earnings for the nine months of 1996 and 1995 was 34.2% and 38.5%, respectively. The decrease in the effective rate reflects changes in the Company's operations as well as the impact of certain strategies implemented during 1996. These strategies included a tax benefit amounting to $3,500 arising from certain prior year international operating losses which are now expected to be utilized. The lower effective tax rate for the quarter results from the impact of the aforementioned tax benefit as well as the adjustment of first and second quarter earnings to a lower annual tax rate. OTHER INFORMATION - - ----------------- During the past several years the Company has experienced a shift in its revenue pattern wherein the second half of the year has grown in significance to its overall business and within that half the fourth quarter has become more prominent. The Company expects that this trend will continue. This concentration increases the risk of (a) underproduction of popular items, (b) overproduction of less popular items and (c) failure to achieve tight and compressed shipping schedules. The business of the Company is characterized by customer order patterns which vary from year to HASBRO, INC. AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations (Thousands of dollars) year largely because of differences in the degree of consumer acceptance of a product line, product availability, marketing strategies and inventory levels of retailers and differences in overall economic conditions. Also, more retailers are using quick response inventory management practices which results in fewer orders being placed in advance and more orders, when placed, for immediate delivery. As a result, comparisons of unshipped orders on any date in a given year with those at the same date in a prior year are not necessarily indicative of sales for the entire year. In addition, it is a general industry practice that orders are subject to amendment or cancellation by customers prior to shipment. At the end of its fiscal October (October 27, 1996 and October 29, 1995) the Company's unshipped orders were approximately $570,000 and $550,000, respectively. LIQUIDITY AND CAPITAL RESOURCES - - ------------------------------- Because of the seasonality of the Company's business coupled with certain customer incentives, mainly in the form of extended payment terms, the interim cash flow statements are not representative of those which may be expected for the full year. As a result of these extended payment terms, the majority of the Company's cash collections occur late in the fourth quarter and early in the first quarter of the subsequent year. As receivables are collected late in the fourth quarter and through the first quarter of the subsequent year, cash flow from operations becomes positive and is used to repay a significant portion of the short-term borrowings. As a result, management believes that on an interim basis, rather than discussing its cash flows, a better understanding of its liquidity and capital resources can be obtained through a discussion of the various balance sheet categories. Also, as several of the major categories, including cash and cash equivalents, accounts receivable, inventories and short-term borrowings, fluctuate significantly from quarter to quarter, again due to the seasonality of its business and the extended payment terms offered, management believes that a comparison to the comparable period in the prior year is generally more meaningful than a comparison to the prior year-end. Receivables were approximately $55,000 greater than at the same time in 1995, largely reflecting the Company's increased revenues in 1996 and, when expressed as days sales outstanding, are marginally higher than those of a year ago. The growth in inventories which has been evident during the past year moderated somewhat during the third quarter and reflects the Company's plan to have product available during the increasingly important fourth quarter. Other assets, as a group, increased from their level of a year ago, primarily resulting from the Company's acquisitions of product rights and licenses during the most recent twelve months, partially offset by twelve additional months of amortization expense. HASBRO, INC. AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations (Thousands of dollars) The Company attempts to keep its cash and cash equivalents at the lowest level possible whenever it has short-term borrowings, although at times the cash available and the borrowing requirement may be in different countries and currencies which may make it impractical to substitute one for the other. The Company's net borrowings (short-term borrowings less cash and cash equivalents), at $495,383 were approximately $18,000 less than last year. This decrease occurred even after the repurchase of approximately 2,100,000 shares of the Company's common stock during the past twelve months. At October 27, 1996, the Company had committed unsecured lines of credit totaling approximately $540,000 available to it. It also had available uncommitted lines approximating $810,000. The Company believes that these amounts are adequate for its needs. Of these available lines, approximately $575,000 was in use at October 27, 1996. RECENT EVENT - - ------------ As a part of its continuing focus on becoming a more global entity, the Company recently created two groups who will support its global brand marketing emphasis, while focusing the sales effort regionally. The first, a brands and product development group who will be responsible for the strategic marketing, management and development of all the Company's brands - - - both games and toys - with a global perspective. This group will be headed by Virginia Kent, formerly General Manager of Boys and Girls Toys. The second, an organization of regional sales and marketing teams who will help leverage brands, coordinate promotional activities and better serve customers around the world by focusing on their local market needs. This responsibility was split into three regions: The Americas, Europe (including the Middle East and Africa) and Asia/Pacific. E. David Wilson, formerly President of the Hasbro Games Group, will head the Americas, Norman Walker will continue with the European activities and a new head of Asia/Pacific will be named in the future. Both of these groups will report to the President of Global Marketing and Sales, a position for which the Company is actively recruiting. PART II. Other Information Item 1. Legal Proceedings. None. Item 2. Changes in Securities. None Item 3. Defaults Upon Senior Securities. None. Item 4. Submission of Matters to a Vote of Security Holders. None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. 11.1 Computation of Earnings Per Common Share - Nine Months Ended September 29, 1996 and October 1, 1995. 11.2 Computation of Earnings Per Common Share - Quarters Ended September 29, 1996 and October 1, 1995. 12 Computation of Ratio of Earnings to Fixed Charges - Nine Months and Quarter Ended September 29, 1996. 27 Article 5 Financial Data Schedule - Third Quarter 1996 (b) Reports on Form 8-K A Current Report on Form 8-K, dated October 21, 1996, was filed by the Company and included the Press Release dated October 21, 1996, announcing the Company's results for the current quarter. Consolidated Statements of Earnings (without notes) for the quarters and nine months ended September 29, 1996 and October 1, 1995 and Consolidated Condensed Balance Sheets (without notes) as of said dates were also filed. 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. HASBRO, INC. ------------ (Registrant) Date: November 14, 1996 By: /s/ John T. O'Neill --------------------- John T. O'Neill Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) HASBRO, INC. AND SUBSIDIARIES Quarterly Report on Form 10-Q For the Period Ended September 29, 1996 Exhibit Index Exhibit No. Exhibits - - ------- -------- 11.1 Computation of Earnings Per Common Share - Nine Months Ended September 29, 1996 and October 1, 1995 11.2 Computation of Earnings Per Common Share - Quarters Ended September 29, 1996 and October 1, 1995 12 Computation of Ratio of Earnings to Fixed Charges - Nine Months and Quarter Ended September 29, 1996 27 Article 5 Financial Data Schedule - Third Quarter 1996 EX-11 2 EXHIBIT 11.1 EXHIBIT 11.1 HASBRO, INC. AND SUBSIDIARIES Computation of Earnings Per Common Share Nine Months Ended September 29, 1996 and October 1, 1995 (Thousands of Dollars and Shares Except Per Share Data) 1996 1995 ----------------- ----------------- Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Net earnings $100,820 100,820 70,362 70,362 Interest and amortization on 6% convertible notes, net of taxes - 4,321 - 4,338 ------- ------- ------- ------- Net earnings applicable to common shares $100,820 105,141 70,362 74,700 ======= ======= ======= ======= Weighted average number of shares outstanding:(a) Outstanding at beginning of period 87,345 87,345 87,528 87,528 Actual exercise of stock options and warrants 217 217 169 169 Assumed exercise of stock options and warrants 1,090 1,324 600 704 Actual conversion of 6% convertible notes 1 1 - - Assumed conversion of 6% convertible notes - 5,112 - 5,114 Purchase of common stock (684) (684) (7) (7) ------- ------- ------- ------- Total 87,969 93,315 88,290 93,508 ======= ======= ======= ======= Per common share: Net earnings $ 1.15 1.13 .80 .80 ======= ======= ======= ======= (a) Computation to arrive at the average number is a weighted average computation. EX-11 3 EXHIBIT 11.2 EXHIBIT 11.2 HASBRO, INC. AND SUBSIDIARIES Computation of Earnings Per Common Share Quarter Ended September 29, 1996 and October 1, 1995 (Thousands of Dollars and Shares Except Per Share Data) 1996 1995 ----------------- ----------------- Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Net earnings $ 70,469 70,469 63,572 63,572 Interest and amortization on 6% convertible notes, net of taxes - 1,440 - 1,426 ------- ------- ------- ------- Net earnings applicable to common shares $ 70,469 71,909 63,572 64,998 ======= ======= ======= ======= Weighted average number of shares outstanding:(a) Outstanding at beginning of period 86,837 86,837 87,751 87,751 Actual exercise of stock options and warrants 34 34 36 36 Assumed exercise of stock options and warrants 1,096 1,352 560 561 Actual conversion of 6% convertible notes - - - - Assumed conversion of 6% convertible notes - 5,111 - 5,114 Purchase of common stock (554) (554) - - ------- ------- ------- ------- Total 87,413 92,780 88,347 93,462 ======= ======= ======= ======= Per common share: Net earnings $ .81 .78 .72 .70 ======= ======= ======= ======= (a) Computation to arrive at the average number is a weighted average computation. EX-12 4 EXHIBIT 12 EXHIBIT 12 HASBRO, INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges Nine Months and Quarter Ended September 29, 1996 (Thousands of Dollars) Nine Months Quarter ------- ------- Earnings available for fixed charges: Net earnings $100,820 70,469 Add: Fixed charges 31,002 13,053 Income taxes 52,366 34,465 ------- ------- Total $184,188 117,987 ======= ======= Fixed Charges: Interest on long-term debt $ 6,948 2,316 Other interest charges 12,730 7,103 Amortization of debt expense 255 85 Rental expense representative of interest factor 11,069 3,549 ------- ------- Total $ 31,002 13,053 ======= ======= Ratio of earnings to fixed charges 5.94 9.04 ======= ======= EX-27 5 EXHIBIT 27
5 1000 9-MOS DEC-29-1996 SEP-29-1996 57,753 0 1,238,915 54,300 402,704 1,801,013 551,057 249,604 2,999,475 1,208,083 149,907 0 0 44,044 1,526,885 2,999,475 1,895,442 1,895,442 844,228 844,228 487,345 7,203 19,678 153,186 52,366 100,820 0 0 0 100,820 1.15 0
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