-----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, DdWIzHgB2Uqsr1ulyx8WtcIDhc3ozypVOAEylDNb3pCtUIumN+GITQBqRDCVSNbG gm/4WMve4OzSADYW72bp+Q== 0000950123-99-007639.txt : 19990816 0000950123-99-007639.hdr.sgml : 19990816 ACCESSION NUMBER: 0000950123-99-007639 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WYANT CORP CENTRAL INDEX KEY: 0000048569 STANDARD INDUSTRIAL CLASSIFICATION: CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670] IRS NUMBER: 112236837 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-08410 FILM NUMBER: 99688547 BUSINESS ADDRESS: STREET 1: 100 READINGTON ROAD STREET 2: P O BOX 8609 CITY: SOMERVILLE STATE: NJ ZIP: 08876 BUSINESS PHONE: 9087071800 MAIL ADDRESS: STREET 1: 100 READINGTON ROAD STREET 2: P O BOX 8609 CITY: SOMERVILLE STATE: NJ ZIP: 08876 FORMER COMPANY: FORMER CONFORMED NAME: HOSPOSABLE PRODUCTS INC DATE OF NAME CHANGE: 19920703 10-Q 1 WYANT CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1999 --------------------------------------------- OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ----------------- --------------------- Commission file number 0-8410 --------------------------------------- WYANT CORPORATION - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New York 11-2236837 - ------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1170 U.S. Highway 22 East, Suite 203, Bridgewater, New Jersey 08807 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code 514-636-9926 100 Readington Road Somerville, New Jersey 08876 - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports, and (2) has been subject to such filing requirement for the past 90 days. Yes X No ------- ----------- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the close of the latest practicable date. Class Outstanding at August 11, 1999 - ------------------------------------------------------------------------------- Common stock, $.01 par value 2,273,817 1 2 WYANT CORPORATION AND SUBSIDIARIES FORM 10-Q QUARTER ENDED JUNE 30, 1999 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The attached unaudited consolidated financial statements of Wyant Corporation and Subsidiaries reflect all adjustments which are, in the opinion of management, necessary to present a fair statement of the operating results for the interim periods. Consolidated balance sheet 3 Consolidated statement of operations 4 Consolidated statement of cash flows 5 Consolidated statement of stockholders' equity 6 Notes to consolidated financial statements 7-11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 2 3 PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS WYANT CORPORATION CONSOLIDATED BALANCE SHEET (UNAUDITED)
JUNE 30 December 31 1999 1998 ---- ---- ASSETS CURRENT Cash and cash equivalents $ 82,941 $ 59,985 Accounts receivable 14,501,287 10,215,812 Inventories (note 3) 8,842,826 8,576,960 Net assets held for divestiture (note 2) 9,684,231 9,203,356 Other 868,117 1,393,270 ----------- ----------- TOTAL CURRENT ASSETS 33,979,402 29,449,383 Property, plant and equipment, net of accumulated amortization of $12,381,330 (December 31, 1998 - $11,474,155) 10,813,372 8,593,460 Other assets 5,166,780 4,496,821 ----------- ----------- TOTAL ASSETS $49,959,554 $42,539,664 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT Revolving line of credit $ 7,704,525 $ 4,092,128 Committed revolving credit facility 4,894,262 4,238,720 Accounts payable 6,054,075 4,856,657 Accrued expenses 2,504,611 3,228,412 Income taxes payable 965,868 433,288 Current portion of long-term debt (note 4) 1,454,094 1,061,332 Current portion of preferred stock of subsidiary 537,864 513,204 ----------- ----------- TOTAL CURRENT LIABILITIES 24,115,299 18,423,741 Long-term debt (notes 4 & 6) 4,771,366 3,887,593 Preferred stock of subsidiary (note 6) 5,305,677 5,477,072 Deferred income taxes 1,790,448 2,076,416 STOCKHOLDERS' EQUITY Common stock, par value $0.01 per share 27,053 27,053 Additional paid-in capital 6,821,825 6,821,825 Retained earnings 7,380,759 6,326,679 Cumulative translation adjustment (252,873) (500,715) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 13,976,764 12,674,842 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $49,959,554 $42,539,664 =========== ===========
See accompanying notes 3 4 WYANT CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED)
THREE MONTHS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30 -------------------------- ------------------------ 1999 1998 1999 1998 ----- ---- ---- ---- (Restated) (Restated) Net sales $20,300,939 $15,862,699 $38,826,298 $31,412,811 Cost of sales 13,133,803 9,919,381 25,382,323 20,085,845 ----------- ----------- ----------- ----------- Gross profit 7,167,136 5,943,318 13,443,975 11,326,966 Expenses Selling 3,982,180 3,003,690 7,571,700 6,010,630 General and administration 2,385,554 1,872,863 4,571,687 3,709,991 Amortization 147,270 110,469 291,180 201,512 Interest expense 336,391 280,924 646,276 529,538 Other income (23,106) (6,084) (149,546) (85,679) ----------- ----------- ----------- ----------- 6,828,289 5,261,862 12,931,297 10,365,992 ----------- ----------- ----------- ----------- Income from continuing operations before income taxes 338,847 681,456 512,678 960,974 Income tax expense Current 133,800 268,800 203,500 364,400 Deferred 22,200 30,000 43,500 59,000 ----------- ----------- ----------- ----------- 156,000 298,800 247,000 423,400 ----------- ----------- ----------- ----------- Income from continuing operations 182,847 382,656 265,678 537,574 Discontinued operations, net of income taxes (note 2) (1) 567,353 348,141 974,053 703,197 ----------- ----------- ----------- ----------- Net income 750,200 730,797 1,239,731 1,240,771 Dividends and accretion of mandatorily redeemable preferred stock 90,690 85,740 185,651 161,186 ----------- ----------- ----------- ----------- Net income attributable to common shares $ 659,510 $ 645,057 $ 1,054,080 $ 1,079,585 =========== =========== =========== =========== Per common share (note 5) BASIC Income from continuing operations $ 0.02 $ 0.08 $ 0.02 $ 0.10 Discontinued operations 0.16 0.10 0.27 0.20 Net income 0.18 0.18 0.29 0.30 DILUTED Income from continuing operations 0.02 0.08 0.02 0.10 Discontinued operations 0.15 0.09 0.25 0.19 Net income 0.18 0.17 0.29 0.29 (1) Income taxes of discontinued operations $ 304,700 $ 192,200 $ 517,000 $ 386,600
See accompanying notes 4 5 WYANT CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED)
1999 1998 ---- ---- [Restated] CASH FLOWS FROM OPERATING ACTIVITIES Net income from continuing operations $ 265,678 $ 537,574 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 615,174 523,750 Gain on sale of fixed assets 1,715 9,107 Deferred income tax expense 92,818 40,000 Deferred pension costs (16,704) (63,040) Changes in non-cash working capital balances Accounts receivable (3,964,555) 222,430 Inventories (151,166) (668,136) Other current assets 98,770 (185,888) Accounts payable 473,617 199,470 Income taxes payable 532,580 (471,536) Cash provided by discontinued operations 562,341 943,488 ---------- ---------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (1,489,732) 1,087,219 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of businesses, net of cash acquired (1,053,625) (3,861,450) Capital expenditures (2,254,117) (412,248) Cash proceeds from sale of fixed assets 5,357 3,823 Decrease in other assets -- 16,220 Cash used for discontinued operations (69,163) (48,775) ---------- ---------- NET CASH USED IN INVESTING ACTIVITIES (3,371,548) (4,302,430) CASH FLOWS FROM FINANCING ACTIVITIES Increase (decrease) in committed revolving credit facility 655,542 (41,728) Repayment of long-term debt (657,019) (255,200) Increase in long-term debt 1,654,205 3,723,111 Redemption of preferred shares (513,204) (550,122) Dividends paid by subsidiary (84,380) (98,464) Issue of common shares -- 15,688 Increase in bank indebtedness 3,612,397 422,425 Cash provided by discontinued operations -- 80,101 ---------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES 4,667,541 3,295,811 Effect of exchange rate changes on cash 216,695 (157,181) ---------- ---------- Net increase (decrease) in cash and cash equivalents 22,956 (76,581) Cash and cash equivalents, beginning of period 59,985 156,131 ---------- ---------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 82,941 $ 79,550 ========== ==========
See accompanying notes 5 6 WYANT CORPORATION CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY SIX MONTHS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED)
1999 1998 ------ ------ COMMON STOCK AT PAR VALUE Balance at beginning of period $ 27,053 $ 27,037 Stock issued for options exercised -- 16 ----------- ----------- BALANCE AT END OF PERIOD 27,053 27,053 ----------- ----------- ADDITIONAL PAID-IN CAPITAL Balance at beginning of period 6,821,825 6,806,867 Stock issued for options exercised -- 15,671 ----------- ----------- BALANCE AT END OF PERIOD 6,821,825 6,822,538 ----------- ----------- RETAINED EARNINGS Balance at beginning of period 6,326,679 5,112,006 Net income 1,239,731 1,240,771 Dividends declared by subsidiary (84,380) (98,464) Accretion on preferred shares of subsidiary (101,271) (62,722) ----------- ----------- BALANCE AT END OF PERIOD 7,380,759 6,191,591 ----------- ----------- ACCUMULATED OTHER COMPREHENSIVE INCOME Balance at beginning of period (500,715) (165,925) Foreign currency translation adjustments 247,842 (129,793) ----------- ----------- BALANCE AT END OF PERIOD (252,873) (295,718) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY $13,976,764 $12,745,464 =========== =========== COMPREHENSIVE INCOME Net income $ 1,239,731 $ 1,240,771 Other - Foreign currency translation adjustments 247,842 (129,793) ----------- ----------- COMPREHENSIVE INCOME FOR PERIOD $ 1,487,573 $ 1,110,978 =========== =========== COMMON SHARES Number of common shares issued at beginning of period 2,273,817 2,271,484 Shares issued for options exercised during period -- 2,333 ----------- ----------- NUMBER OF COMMON SHARES ISSUED AND OUTSTANDING 2,273,817 2,273,817 COMMON SHARES ISSUABLE UPON CONVERSION OF EXCHANGEABLE SHARES 1,333,333 1,333,333 ----------- ----------- NUMBER OF COMMON SHARES ISSUED, ISSUABLE AND OUTSTANDING 3,607,150 3,607,150 =========== ===========
See accompanying notes 6 7 WYANT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (INFORMATION AS AT JUNE 30, 1999 AND FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998 ARE UNAUDITED) 1. GENERAL The accompanying unaudited consolidated financial statements include the accounts of Wyant Corporation and its wholly-owned subsidiaries, IFC Disposables, Inc. and Wood Wyant Inc. They have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting only of normal recurring accruals considered necessary to present fairly the financial position as of June 30, 1999, the results of operations for the six months and three months ended June 30, 1999 and 1998 and cash flows and changes in stockholders' equity for the six months ended June 30, 1999 and 1998. For further information, refer to the financial statements and notes thereto included in the Company's annual report for the year ended December 31, 1998. 2. DISCONTINUED OPERATIONS On December 17, 1998, the Board of Directors authorized management to pursue the sale of the Company's Wyant Health Care Division ("Division"). On February 23, 1999 the Board approved the sale of the Division to Paper-Pak Products, Inc. ("PaperPak"), subject to completion of buyer financing, customary regulatory approvals and the approval of the Company's shareholders. Consequently, the results of the Division have been reported in these financial statements as discontinued operations. The operating results of the Division are as follows:
Six months ended June 30, -------------------------------- 1999 1998 ------ ------ Net sales $20,889,297 $19,399,393 Income before income taxes 1,491,053 1,089,796
The sale of the Division closed on July 21, 1999. Determination of the final selling price will be made during the third quarter of 1999. 7 8 3. INVENTORIES
June 30, December 31, 1999 1998 ------ ------ Raw materials $2,249,341 $2,065,073 Finished goods 6,593,485 6,511,887 ---------- ---------- $8,842,826 $8,576,960 ========== ==========
4. LONG-TERM DEBT
June 30, December 31, 1999 1998 ------ ------ Wood Wyant Inc. Term loan repayable in monthly installments of Cdn. $20,476 plus interest at prime plus 3/4% (prime at June 30, 1999 - 6.25%), maturing October 1, 2001. Principal amount Cdn. $1,569,999 (December 31, 1998 - Cdn. $1,692,856) $1,073,137 $1,104,060 Term loan repayable in monthly installments of Cdn. $35,000 plus interest at prime plus 3/4%, maturing April 30, 2003. Principal amount Cdn. $1,610,000 (December 31, 1998 - Cdn. $1,820,000) 1,100,478 1,186,982 Term loan repayable in monthly installments of Cdn. $49,523 plus interest at prime plus 3/4%, maturing June 30, 2003. Principal amount Cdn. $2,377,069 (December 31, 1998 - Cdn. $2,674,207) 1,624,791 1,744,086 Term loan repayable in monthly installments of Cdn. $41,667 plus interest at prime plus 3/4%, maturing March 15, 2004. Principal amount Cdn. $2,333,332 1,594,895 -- Revolving credit facility (Cdn. $1,217,449 - December 31, 1998 - Cdn. $1,401,125) 832,159 913,797 ---------- ---------- 6,225,460 4,948,925 Current portion 1,454,094 1,061,332 ---------- ---------- $4,771,366 $3,887,593 ========== ==========
8 9 5. EARNINGS PER SHARE
Three months ended Six months ended June 30 June 30 ------------------------- ------------------------ 1999 1998 1999 1998 ---- ---- ---- ---- Numerator Income from continuing operations $ 182,847 $ 382,656 $ 265,678 $ 537,574 Preferred stock dividends and accretion 90,690 85,740 185,651 161,186 ---------- ---------- ---------- ---------- Numerator for basic earnings per share - income from continuing operations available to common stockholders 92,157 296,916 80,027 376,388 Accretion on convertible preferred shares 29,035 8,722 57,342 8,722 ---------- ---------- ---------- ---------- Numerator for diluted earnings per share - income from continuing operations available to common stockholders $ 121,192 $ 305,638 $ 137,369 $ 385,110 ========== ========== ========== ========== Denominator Denominator for basic earnings per share - weighted-average shares issued, issuable and outstanding 3,607,150 3,605,835 3,607,150 3,605,329 Effect of dilutive securities Convertible securities 283,111 89,963 283,111 45,230 Stock options -- 153,307 -- 120,670 ---------- ---------- ---------- ---------- Denominator for diluted earnings per share - adjusted weighted-average shares 3,890,261 3,849,105 3,890,261 3,771,229 ========== ========== ========== ========== Basic earnings per share from continuing operations $ 0.02 $ 0.08 $ 0.02 $ 0.10 Diluted earnings per share from continuing operations $ 0.02 $ 0.08 $ 0.02 $ 0.10
The effect of the convertible preferred shares has not been included in computing the diluted earnings per share from continuing operations for both the three months and six months ended June 30, 1999, since to do so would be anti-dilutive. 6. PURCHASE OF BUSINESSES During the second quarter of 1998, the Company, through its wholly-owned subsidiary, Wood Wyant Inc. acquired 100% of the outstanding shares of the following companies: April 30, 1998 H.A. Perigord Company Limited June 26, 1998 Professional Sanitation Products Ltd. June 30, 1998 Midway Supply Ltd. Purnel Distributors Ltd. Midway Purnel Sanitary Supply Ltd. Fraser Valley Industrial Chemicals Inc.
9 10 6. PURCHASE OF BUSINESSES (Cont'd) Fraser Valley Industrial Chemicals Inc. is a manufacturer of sanitary chemical products. All of the other acquired companies are distributors of sanitation products. The acquisitions have been accounted for under the purchase method. Financial results of the companies are included in the Company's consolidated statement of operations from the respective dates of acquisition. The cost of purchase of the above companies totalled $5,715,895, including expenses related to the transactions but excluding cash acquired. This was financed by the issue of 283,111 Class F Preferred shares of Wood Wyant Inc., with a fair value of $1,861,876 at the respective transaction dates, with the balance paid in cash. The cash portion was financed by term bank loans, from which $3,525,440 had been drawn at June 30, 1999. The Class F Preferred shares are exchangeable at any time for common shares of Wyant Corporation on a one-for-one basis, and in addition holders have a one-time option in July 2000 to retract all of the Class F shares at Cdn. $11.250028 per share, payable in five equal annual instalments commencing August 3, 2000, with dividends at 3.5% per annum payable monthly from July 1, 2000 if the option is exercised. The pro-forma unaudited results of operations for the six months ended June 30, 1998, assuming consummation of the transactions as of January 1, 1998, are as follows:
Six months ended June 30, 1998 ------------------------------ Net sales $37,680,160 Income from continuing operations 530,185 Net income 1,233,382 Per common share Income from continuing operations 0.10 Net income 0.28
7. SEGMENT INFORMATION FROM CONTINUING OPERATIONS Three months ended June 30 --------------------------
Sanitation Wiping Products Products Corporate Total ---------- -------- --------- ----- 1999 ---- Revenues from external customers $15,607,889 $4,693,050 $20,300,939 Intersegment revenues 1,162,031 96,404 1,258,435 Segment income (loss) before taxes 429,442 64,423 (155,018) 338,847 Segment assets 33,388,590 6,364,403 522,330 40,275,323 1998 ---- Revenues from external customers 11,919,178 3,943,521 15,862,699 Intersegment revenues 1,100,734 98,687 1,199,421 Segment income (loss) before taxes 889,767 17,689 (226,000) 681,456
10 11 Six months ended June 30 ------------------------
Sanitation Wiping Products Products Corporate Total ---------- ----------- --------- ----- 1999 ---- Revenues from external customers $30,014,251 $8,812,047 $38,826,298 Intersegment revenues 1,975,486 181,542 2,157,028 Segment income (loss) before taxes 764,751 87,443 (339,516) 512,678 1998 ---- Revenues from external customers 23,419,960 7,992,851 31,412,811 Intersegment revenues 1,932,905 187,450 2,120,355 Segment income (loss) before taxes 1,355,296 101,678 (496,000) 960,974
8. RECLASSIFICATIONS Certain prior period amounts have been reclassified to conform with the presentation in the current period. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with the accompanying unaudited financial statements and the notes thereto included in Item I of this quarterly report, and the financial statements and the notes thereto and management's discussion and analysis of financial condition and results of operations contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. As indicated in Note 2 to the consolidated financial statements, the Company has sold its Wyant Health Care Division and substantially all of its operating assets. Accordingly, such consolidated financial statements, as well as the discussion below, reflect the consummation of this transaction by showing the health care business as "discontinued operations" for income statement purposes and as "net assets held for divestiture" for balance sheet purposes. The following information includes forward-looking statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve a number of risks and uncertainties that may influence the financial performance and earnings of the Company, and may cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, factors such as the ability of the Company to successfully integrate the business and personnel of various acquired businesses into its operations, the ability to adequately address Year 2000-related issues, the ability to maintain existing customer relationships and to secure new customers on satisfactory terms, whether by contract or otherwise, unforeseen price pressure on the Company's products or significant cost increases that cannot be recovered through price increases or productivity improvements, the ability to obtain any necessary financing on reasonably satisfactory terms, the effect of exchange rate fluctuations and the effect of competitive, capital market and general economic conditions. Such forward-looking statements, which reflect the Company's current views with respect to certain future events and financial performance, should be considered in light of such factors. 11 12 RESULTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, 1999 COMPARED WITH THE THREE MONTHS ENDED JUNE 30, 1998 SALES - ----- Sales of continuing operations for the three months ended June 30, 1999 increased by $4,438,240 or 28.0% to $20,300,939 from the total of $15,862,699 in the second quarter of 1998, after eliminating inter-segment sales of $1,258,435 in the current quarter and $1,199,421 in the corresponding quarter last year. Sales of the sanitation products segment were $16,769,920 in the second quarter of 1999, compared with $13,019,912 in the same quarter in 1998, an increase of $3,750,008 or 28.8%. The increase resulted primarily from the sales of the businesses acquired in the second quarter of 1998, together with an increase of $1,170,000 or 10.7% in direct sales of paper products from the Company's paper converting operation. Sales of the wiping products segment were $4,789,454 in the second quarter, an increase of $747,246 or 18.5% over the second quarter of 1998. The improvement was due to higher sales of both wipers and paper products. COST OF SALES AND GROSS PROFIT - ------------------------------ Gross profit of the sanitation products segment was 37.4% of sales for the current quarter, down from 39.7% in the second quarter last year. The reduction was due primarily to lower selling prices for paper products. Gross profit of the wiping products segment improved to 18.2% of sales from 17.2% of sales in the same quarter in 1998, primarily due to higher margins on paper products. SELLING EXPENSES - ---------------- Selling expenses for the second quarter of 1999 totalled $3,982,180, an increase of $978,490 or 32.6% over the same period last year. In the sanitation products segment, selling expenses at $3,342,243 were $874,294 or 35.4% higher than in the second quarter of 1998. The higher expenses resulted primarily from the added expenses of the acquired businesses, together with additional costs of approximately $154,000 incurred as a result of challenges associated with the implementation of new information systems. In the wiping products segment, selling expenses at $639,937 were $104,196 or 19.4% higher than in the same period last year. The increase reflected the higher variable costs associated with the increased level of sales in the quarter. GENERAL AND ADMINISTRATION EXPENSES - ----------------------------------- General and administration expenses amounted to $2,385,554 in the second quarter of 1999, an increase of $512,691 or 27.4% over the second quarter of 1998. In the sanitation products segment, expenses increased by $492,264 or 28.9% to $2,195,510, reflecting primarily the added expenses of the businesses acquired in the second quarter of 1998 and approximately $94,000 of costs resulting from the new information systems implementation and the reorganization of the national logistics group. General and administration expenses of the wiping products segment at $133,531 were $12,914 or 10.7% higher than in the same quarter last year, primarily as a result of higher staffing costs. Corporate charges in the current quarter at $56,513 were $7,513 higher than in the second quarter of 1998. AMORTIZATION - ------------ Amortization in the second quarter of 1999 totalled $147,270, an increase of $36,801 over the same quarter last year. The increase resulted from the additional amortization from the business acquired in mid-1998 and from the amortization of goodwill associated with their purchase. 12 13 INTEREST EXPENSE - ---------------- Interest expense at $336,391 was $55,467 higher than in the corresponding quarter of 1998. The increase resulted from higher borrowing costs in Canada ($110,541), which were incurred primarily to finance the 1998 acquisitions, partially offset by a reduction of $55,074 in the United States in interest on the loan from Congress Financial Corporation, which is to be repaid from the proceeds of sale of the Wyant Health Care Division. OTHER INCOME - ------------ Other income increased to $23,106 from $6,084 in the second quarter of 1998. INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES - ----------------------------------------------------- Income from continuing operations before income taxes amounted to $338,847, a reduction of $342,609 from the amount of $681,456 earned in the second quarter of 1998. The sanitation products segment decreased by $460,325, while the wiping products segment improved by $46,734 and corporate expenses were $70,982 lower than in the second quarter of 1998. INCOME TAXES - ------------ Income tax expense at $156,000 was $142,800 lower than in the second quarter last year, reflecting the reduced level of pre-tax income in the current quarter. DISCONTINUED OPERATIONS - ----------------------- The discontinued health care operations generated after-tax income from operations of $567,353 or $0.16 per common share in the second quarter, compared with $348,141 or $0.10 per common share in the second quarter of 1998. The improved results were due to a 10.3% increase in sales revenue and higher margins, at 23.2% of sales compared with 20.5% of sales in the second quarter last year, partially offset by an increase of $166,253 or 12.3% in operating expenses. These included $83,725 of higher outward freight costs to support the increased sales volume. NET INCOME - ---------- Net income for the second quarter of 1999 amounted to $750,200, or $0.18 per common share after deducting dividends and accretion relating to the mandatorily redeemable preferred shares, compared with net income of $730,797 or $0.18 per common share in the second quarter of 1998. SIX MONTHS ENDED JUNE 30, 1999 COMPARED WITH THE SIX MONTHS ENDED JUNE 30, 1998 SALES - ----- Sales of continuing operations for the first half of 1999 at $38,826,298 were $7,413,487 or 23.6% higher than in the first half of 1998, after eliminating inter-segment sales of $2,157,028 in the current period and $2,120,355 in the same period last year. Sales of the sanitation products segment were $31,989,737 in the current period, an increase of $6,636,872 or 26.2% over the sales of $25,352,865 in the corresponding period last year. The increase reflected the added sales revenue from the businesses acquired in the second quarter of 1998 and the increase of $2,208,317 or 107.2% in direct sales of paper products from the Company's paper converting operation. Sales of the wiping products segment increased by $813,288 or 9.9% to $8,993,589 in the first half of 1999, as a result of higher sales of wipers and paper products. 13 14 COST OF SALES AND GROSS PROFIT - ------------------------------ Gross profit of the sanitation products segment declined to 36.9% of sales in the first half of 1999 from 39.1% of sales in the same period in 1998, reflecting primarily lower selling prices for paper products. In the wiping products segment, gross profit was 18.0% of sales, up from 17.2% of sales in the first half of 1998, primarily due to higher margins on sales of paper products. SELLING EXPENSES - ---------------- Selling expenses for the six months ended June 30, 1999 amounted to $7,571,700, an increase of $1,561,070 or 26.0% over the same period last year. In the sanitation products segment, selling expenses increased by $1,402,618 or 28.2% to $6,369,263, due to the added expenses of the businesses acquired in the second quarter of 1998 and additional costs of approximately $270,000 incurred as a result of challenges associated with the implementation of new information systems, partially offset by the favorable impact of the weaker Canadian dollar translation rate in the current period. In the wiping products segment, selling expenses were $1,202,437, an increase of $158,452 or 15.2% over the same period last year, resulting primarily from higher outward freight and staffing costs. GENERAL AND ADMINISTRATION EXPENSES - ----------------------------------- General and administration expenses increased by $861,696 or 23.2% to $4,571,687 in the first half of 1999. Expenses of the sanitation products segment at $4,180,988 were $850,514 or 25.5% higher than in the first half of 1998, as the added expenses of the businesses acquired in the second quarter of 1998 and costs of approximately $133,000 incurred as a result of the implementation of new information systems and the reorganization of the national logistics group more than offset the favorable impact of the weaker Canadian dollar translation rate in 1999. Expenses of the wiping products segment were $264,940, an increase of $33,423 or 14.4% over the first half of 1998 primarily as a result of higher staffing costs. Corporate charges in the first half of 1999 at $125,759 were $22,241 lower than in the corresponding period last year due to a reduction in professional fees. AMORTIZATION - ------------ Amortization in the first six months of 1999 amounted to $291,180, an increase of $89,668 over the same period last year. The increase resulted primarily from the additional amortization from the businesses acquired in 1998, together with the amortization of goodwill resulting from their acquisition. INTEREST EXPENSE - ---------------- Interest expense increased by $116,738 to $646,276 in the first half of 1999. The increase resulted from higher borrowing costs of $209,799 in Canada which were incurred primarily to finance the 1998 acquisitions, partially offset by a reduction of $93,061 in interest costs in the United States on the loan from Congress Financial Corporation. OTHER INCOME - ------------ Other income increased to $149,549 in the first half of 1999 from $85,679 in the corresponding period last year. The increase was primarily due to a higher amount of cash discounts taken. INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES - ----------------------------------------------------- Income from continuing operations before income taxes amounted to $512,678, compared with $960,974 in the first half of 1998. The sanitation products segment decreased by $590,545 and the wiping products segment was $14,235 lower, while corporate expenses were $156,484 lower than in the first half of 1998. INCOME TAXES - ------------ Income tax expense on continuing operations amounted to $247,000 in the first half of 1999, a decrease of $176,400 from the same period last year, due to the lower pre-tax income in the current period. 14 15 DISCONTINUED OPERATIONS - ----------------------- After-tax income from the discontinued health care operations amounted to $974,053 or $0.27 per common share in the first half of 1999, up from $703,197 or $0.20 per common share in the same period in 1998. The improvement resulted primarily from a 7.7% increase in sales revenue and higher margins, at 22.4% of sales compared with 20.3% of sales in the first half of 1998. These were partially offset by an increase of $341,677 or 12.7% in operating expenses, including $171,661 of higher outward freight costs related primarily to the increased level of sales. NET INCOME - ---------- Net income for the first half of 1999 was $1,239,731, or $0.29 per common share after deducting dividends and accretion on the mandatorily redeemable preferred shares, compared with $1,240,771 or $0.30 per common share in the corresponding period last year. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- Liquidity and capital resources of the Company's Canadian operations (Wood Wyant) and United States operations (IFC Disposables) are discussed separately, as each is self-financing and has separate banking facilities. CANADIAN OPERATIONS - ------------------- Cash utilized during the first quarter of 1999 amounted to $3,792,580. Operating activities utilized $1,449,758, due to an increase in non-cash working capital of $2,347,945 which resulted from an increase in receivables of $3,367,907, partially offset by higher payables ($471,901) and income taxes payable ($150,455), together with lower inventories ($268,129) and prepaid expenses ($129,477). The increase in receivables was due to a higher level of sales activity in June 1999, poorer collection performance due in part to problems associated with the implementation of new applications software and a stronger Canadian dollar translation rate in June 1999 compared with December 1998. The higher payables also reflected the increased business activity in June 1999 and the stronger Canadian dollar translation rate, partially offset by the effect of a new contract for paper purchases which provides less favorable payment terms. Capital expenditures in the first half of 1999 amounted to $2,225,851. This was primarily for the purchase of the new applications software and related hardware, which was financed for the most part by a five-year term bank loan of Cdn. $2,500,000 ($1,708,817). Expenditures for the purchase of businesses amounted to $1,053,625 in the first half of 1999. Repayments of long-term debt during the period totalled $657,019. In addition, $513,204 of outstanding Class A Preferred shares of Wood Wyant were redeemed in January 1999 and dividends of $84,380 were paid in the first half of 1999 on the outstanding Class A and Class B Preferred shares. The Company's secured revolving line of credit was increased from Cdn. $7,500,000 to Cdn. $9,500,000 on March 10, 1999 to meet increased working capital requirements, and to Cdn. $10,500,000 ($7,177,033) on June 22, 1999. The latter increase, together with a bridge loan of Cdn. $850,000 ($580,998), were obtained to finance the purchase of businesses and are repayable by July 31, 1999. At June 30, 1999, approximately $900,000 was available under the secured revolving line of credit and an additional amount of approximately $675,000 was available to finance future capital expenditures under a revolving credit facility of Cdn. $3,000,000 ($2,050,581). All borrowings of the Canadian Operations are with the Bank of Nova Scotia. Long-term debt outstanding at June 30, 1999 amounted to $6,225,460, including $1,454,094 due within one year. All of the loans were at the commercial prime rate in Canada (6.25% at June 30, 1999) plus 0.75%. The secured revolving line of credit bears interest at the prime rate in Canada. Under the terms of the loan agreements, covenants exist which require Wood Wyant to meet certain ratios relating to debt to tangible net worth, current assets to current liabilities and cash flow to debt service, as well as maintaining a minimum level of tangible net worth. Also, borrowings under the revolving credit facility must not exceed a given proportion of accounts receivable. The Company was in compliance with all of the covenants at June 30, 1999. 15 16 CANADIAN OPERATIONS (CONT'D) - ---------------------------- The Company has no commitments for material capital expenditures and has no plans for major capital expenditures for existing businesses during the next five years. Payments on long-term debt obligations existing at June 30, 1999 average less than $1,000,000 annually over the next five years, with a maximum of $1,536,000 in 2000. Amounts required to redeem Class A and Class B Preferred shares approximate $540,000 per annum during that period, while redemption of the Class F Preferred shares in the event that the option to redeem is exercised by the holders of those shares would require an additional annual amount of approximately $435,000 for five years commencing in 2000. Management believes that future operating cash flows and the unused balance available under existing credit facilities will be sufficient to meet its ongoing operating cash requirements, to repay the term debt and redeem the Preferred shares as they become due and to meet cash requirements for capital asset additions. U.S. OPERATIONS - --------------- Continuing operations in the United States utilized $410,358 of cash during the six months ended June 30, 1999. Working capital increased by $607,726, primarily due to increases in receivables ($567,760) and inventories ($428,515), partially offset by an increase of $376,972 in income taxes payable. Capital expenditures amounted to $343,263 during the first half of 1999. A total of $655,542 was drawn on the committed revolving credit facility with Congress Financial Corporation during the period. Borrowings of the U.S. Operations consist of a committed revolving credit facility of $13,000,000 with Congress Financial Corporation which bears interest at commercial prime rate plus 1% (prime at June 30, 1999 was 7.75%). Unused availability was approximately $3,200,000 at June 30, 1999. Maximum borrowing under the facility is determined by certain advance formulas applicable to the level of accounts receivable and inventories and the value of property, plant and equipment, net of guarantees. Management believes that future operating cash flows and the unused balance available under the existing credit facility will be sufficient to enable the Company to meet its ongoing operating cash requirements and to finance capital asset additions until the sale of the Wyant Health Care Division. Thereafter, following the repayment of the balance outstanding under the secured line of credit with Congress Financial Corporation, management believes that future operating cash flows and excess cash on hand will be sufficient to meet operating cash requirements and to finance capital asset additions. DISCONTINUED OPERATIONS - ----------------------- On February 23, 1999, the Board of Directors approved the sale of the Company's Wyant Health Care Division, subject to completion of buyer financing, customary regulatory approvals and the approval of the Company's shareholders, for cash on closing of $11,500,000 and $550,000 which will be held in escrow for twenty-four months. These cash proceeds are subject to adjustment on closing, which took place on July 21, 1999. Results of operations between the measurement date of December 17, 1998 and the closing date are expected to contribute positively to the Company's overall results. 16 17 DISCONTINUED OPERATIONS (CONT'D) - -------------------------------- Cash received on closing will be utilized to pay off the balance under the secured line of credit with Congress Financial Corporation ($4,894,262 as at June 30, 1999), and to pay the withdrawal liability and income taxes generated by the transaction. The Company is in the process of evaluating possible alternative uses of the balance of the net cash proceeds from the sale, including the acquisition of assets or businesses in North America that are consistent with its overall strategy of growing as a North American janitorial and sanitation products manufacturer and distributor. Although the Company is evaluating several opportunities, currently, there are no significant acquisitions of assets or businesses that would be considered probable. To the extent that it acquires any such assets or businesses, whether related to its overall strategy or otherwise, there can be no assurance that such acquisitions will be successfully integrated with its operations or that such acquisitions will ultimately be profitable for the Company. Pending the application of such proceeds, the Company intends to use such proceeds to repay certain short-term debt of its subsidiaries. Following completion of the sale, the Company will cease the manufacture of adult incontinent products and the sale of the Division is not expected to materially affect the operations of the Company's other operating units as each is autonomous and separately managed. The Company will be precluded from re-entering the adult incontinent products business for a period of five years following the sale. The Division supplies airlaid non-woven fabric and incontinent products to IFC which will be subject to a three-year supply agreement upon completion of the sale. IFC will supply PaperPak with Quickable(TM) absorbent washcloths at an agreed upon price, which will be renegotiated every twelve months, and at a volume which will be predetermined. SIGNIFICANT FACTORS AND KNOWN TRENDS WITH REGARD TO DISCONTINUED OPERATIONS PENSION PLAN - ------------ Certain employees of the Wyant Health Care Division are members of a multi-employer defined benefit Pension Plan (the "Plan" or "Pension Plan"). The Company was informed by the Pension Plan administrators that the Plan had failed to meet minimum legal funding requirements and that the Company's pro-rata share of the minimum funding deficiency was $370,000. The Plan has applied to the IRS for a waiver from the minimum funding requirements and awaits a response. If the waiver is obtained, the employers contributing to the Plan would be required to fund and charge to earnings the funding deficiency, and corresponding interest charges, over a 15 year period. If the waiver is not obtained, an excise tax may be imposed on the Plan and such excise tax could be as much as 100% of the funding deficiency. The sale of the Wyant Health Care Division will trigger a withdrawal liability as PaperPak, the acquirer of the Division, will not assume the Company's obligation under the Plan. This withdrawal liability will be funded through the proceeds from the sale of the Division. In addition to the withdrawal liability, the Plan may also seek to collect the Division's pro-rata share of the funding deficiency discussed above. ENVIRONMENTAL - ------------- The Company has been participating with the New Jersey Department of Environmental Protection ("DEP") in the investigation and potential clean-up of the Company's former site of operation located at 5 and 6 Easy Street, Bridgewater, New Jersey. As a tenant, the Company is potentially responsible to the DEP for environmental contamination based solely upon it having been a tenant at the site where there is contamination. Similarly, the Company is potentially jointly and severally liable with the landlord for both the investigation and clean-up costs. To date, the investigation has established that, in addition to on-site contamination, some of the contamination on the site is or has come from off site. The Company disputes it caused any such contamination and maintains that on-site contamination was a result of prior tenants' acts. 17 18 ENVIRONMENTAL (CONT'D) - ---------------------- Nevertheless, the Company has fully cooperated with the DEP and has presently been directed by the DEP to delineate the ground water contaminant plume, which may result in establishing that the contamination is a regional problem rather than one specific to the former site that the Company leased. The Company has entered into a flat fee contract with its environmental consultants for $11,750 for the delineation investigation. Upon determination of the contaminant plume, the Company will petition the DEP for a classification exception area where the remedial action will be natural attenuation. After the investigation is completed, the DEP could require clean-up or remediation of the contamination on site, the cost of which could potentially be in the range of $100,000 to $150,000. However, present technology is such that no remedial action plan could bring the site in conformity with the present DEP regulations, regardless of the funds spent. The Company is unaware of any other environmental or similar matters that would have a material effect on the capital expenditures, earnings or competitive position of the Company. BACKLOG, IMPACT OF INFLATION, SEASONALITY - ----------------------------------------- The Company attempts to maintain sufficient inventory levels for all products to allow shipment against most orders for wiping products within a one week period and next day for core stocking items of the Company's sanitation products. To some extent, however, certain components must be inventoried further in advance of actual orders to ensure availability. For the most part, purchases are based upon quarterly requirements as projected after calculating sales indications from the sales and marketing departments. The Company's products are not subject to significant seasonal influences. Because its products are sold primarily to distributors throughout the United States and to distributors and end-users in Canada, the Company is affected by general economic conditions. Accordingly, any adverse change in the economic climate may have an adverse impact on the Company's sales and financial condition. YEAR 2000 - --------- The Year 2000 problem arises because many computer systems and software products currently in use are coded to accept only two digit entries in the date code field. Four digit entries will be required to identify 21st century dates. Consequently, the use of software and computer systems that are not Year 2000 compliant could result in the disruption of operations. As a result, many companies' computer systems and software may need to be upgraded or replaced to conform with Year 2000 requirements. In order to properly address the Year 2000 Issue, the Company has appointed the Vice President, Information Technology of Wood Wyant as Year 2000 Project Director to direct a project team which will coordinate the implementation of a Year 2000 Plan by identifying Year 2000 issues and coordinating solutions. The project team has been assembled and is conducting Year 2000 readiness assessment audits at all of the Company's facilities, encompassing all equipment and processes deemed important to the facility's operation. Wood Wyant has installed new applications software for which it has obtained written confirmation from the vendor that it is Year 2000 compliant. This software became operational in the first quarter of 1999. The software currently in use at IFC is not Year 2000 compliant and will be replaced by hardware and applications software which will be Year 2000 compliant by the end of the third quarter of 1999. As an additional precaution, the technical infrastructure of all the Company's businesses will be audited and tested to ensure Year 2000 compliance under normal business conditions. 18 19 YEAR 2000 (CONT'D) - ------------------ The total cost of purchasing and installing the new Wood Wyant software is estimated to be $2,222,000 (Cdn. $3,250,000), and is being financed primarily through a five-year term loan with the Bank of Nova Scotia. The cost to replace computer hardware and applications software at IFC is estimated to be $75,000. The Company has requested confirmation of suppliers' readiness and follow-up discussions will take place for all business-critical suppliers. Major customers are being contacted to confirm their Year 2000 readiness. To date, the Company has not incurred significant incremental costs in order to comply with Year 2000 requirements and does not believe it will incur significant incremental costs in the foreseeable future. However, there can be no assurance that Year 2000 errors or defects will not be discovered in the Company's software systems and, if errors or defects are discovered, there is no assurance that this would not result in a material financial risk to the Company. In addition, the Company purchases goods and services from third party vendors that may not be Year 2000 compliant. While the Company intends to obtain confirmation of vendors' state of readiness during the third quarter of 1999, their failure to operate properly with regard to Year 2000 requirements could require the Company to incur material expenses to rectify the impact on the Company of such failure. However, all of the Company's raw materials are widely available and the Company is not dependent on any one supplier or group of suppliers. The Company does not know the state of preparedness for Year 2000 issues of all of its customers. However, no single customer exceeds 2% of consolidated sales and therefore the risk the Company faces is broad based if many customers are unable to use information systems necessary to place orders for Company products. The Company's Year 2000 Issue involves significant risks. There can be no assurance that the Company will succeed in implementing its Year 2000 Plan. The following describes the Company's most reasonably likely worst-case scenario, given current uncertainties. If the Company's replaced internal information technology systems fail the Company will experience significant difficulties in supplying customers and such a failure could hamper the Company's ability to manage the orderly replenishment of inventories. If the Company's vendors or suppliers of its required power, telecommunications, transportation and financial services, fail to provide the Company with products and services, it will be unable to provide services to its customers. If any of these uncertainties were to occur, the Company's business, financial condition and results of operations would be adversely affected. The Company is unable to assess the likelihood of such events occurring or the extent of the effect on the Company. Although the Company has not yet developed a comprehensive contingency plan to address situations that may result if the Company or any of the third parties upon which the Company is dependent is unable to achieve Year 2000 readiness, the Company's Year 2000 compliance program is ongoing and its ultimate scope, as well as the consideration of contingency plans, will continue to be evaluated as new information becomes available. The Company plans to achieve Year 2000 compliance by the end of the third quarter of 1999. 19 20 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is subject to market risk principally in two areas, interest rate risk and foreign currency exchange rate risk. INTEREST RATE RISK - ------------------ The Company's lines of credit and long-term debt are all at rates of interest which fluctuate with changes to bank prime rates in either the United States or Canada. Consequently, increases in interest rates could have an adverse effect on the Company's future results. FOREIGN CURRENCY EXCHANGE RATE RISK - ----------------------------------- The Company's results of operations are significantly dependent on, and materially affected by, the results of operations of Wood Wyant and the attendant business risks that are associated with the operation of Wood Wyant as a going concern. These material risks include the following: - A significant portion of the Company's earnings, on a consolidated basis, will come from Wood Wyant, a Canadian corporation. As a result, the Company's results of operations and earnings may be adversely affected by the fluctuation in the currency exchange rate between US and Canadian dollars. - Since Wood Wyant conducts its business using Canadian dollars as its operational currency, to the extent the Canadian dollar strengthens against the US dollar, United States competitors in the institutional sanitation business may become more active in the Canadian market. As a result, the Company's results of operations and earnings may be adversely affected in light of potential greater competition in times of a stronger Canadian dollar. PART II - OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS The Company is not involved in any material legal proceedings. ITEMS 2, 3, 4 & 5 Not applicable ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K a) Not applicable b) Reports on Form 8-K A current report on Form 8-K, dated April 1, 1999, was filed on April 8, 1999, reporting information under Item 5, Other Events. 20 21 WYANT CORPORATION SIGNATURES Pursuant to the requirement 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. Wyant Corporation (Registrant) Date: August 12, 1999 SIGNATURE: /s/ Marc D'Amour ------------------ ---------------------- Marc D'Amour Vice President, Chief Financial Officer and Treasurer (For the registrant and as Principal Financial Officer) 21 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WYANT CORPORATION FORM 10-Q RE QUARTER-ENDED JUNE 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q FOR QUARTER-ENDED JUNE 30, 1999. 6-MOS DEC-31-1999 JAN-01-1999 JUN-30-1999 82,941 0 14,501,287 0 8,842,826 33,979,402 10,813,372 0 49,959,554 24,115,299 4,771,366 5,305,677 0 27,053 13,949,711 49,959,554 38,826,298 38,826,298 25,382,323 37,816,890 (149,546) 0 646,276 512,678 247,000 265,678 974,053 0 0 1,239,731 0.02 0.02
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