-----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, HTb0RJu0TZXbRWLgDh5977PXgAndGP3NxybdKri/BX47KtufT54VdZCnpblRZXB5 iP3sUHJ38Rb1BPxoRzFXPA== 0000897101-06-001496.txt : 20060726 0000897101-06-001496.hdr.sgml : 20060726 20060726172512 ACCESSION NUMBER: 0000897101-06-001496 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060726 DATE AS OF CHANGE: 20060726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MTS SYSTEMS CORP CENTRAL INDEX KEY: 0000068709 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 410908057 STATE OF INCORPORATION: MN FISCAL YEAR END: 1002 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-02382 FILM NUMBER: 06982388 BUSINESS ADDRESS: STREET 1: 14000 TECHNOLOGY DR CITY: EDEN PRAIRIE STATE: MN ZIP: 55344-2290 BUSINESS PHONE: 6129374000 MAIL ADDRESS: STREET 1: 14000 TECHNOLOGY DR CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: RESEARCH INC DATE OF NAME CHANGE: 19670216 8-K 1 mts062932_8k.txt FORM 8-K DATED JULY 26, 2006 ================================================================================ UNITED STATES 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 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 26, 2006 MTS SYSTEMS CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) MINNESOTA 0-2382 41-0908057 (STATE OR OTHER (COMMISSION FILE (I.R.S. EMPLOYER JURISDICTION OF NUMBER) IDENTIFICATION NO.) INCORPORATION) 14000 TECHNOLOGY DRIVE, EDEN PRAIRIE, MN 55344 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (952) 937-4000 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12 [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 26, 2006, the registrant issued a press release regarding the registrant's results of operations for the third quarter of fiscal 2006. The full text of the press release is furnished as Exhibit 99.1 to this Form 8-K. The furnished press release contains financial measures that are not presented in accordance with generally accepted accounting principles (GAAP), including "earnings per share before stock compensation expense" as well as amounts included in Exhibit A to the release, which contains a reconciliation of financial results before and after the impact of stock compensation expense. These non-GAAP financial measures and management's rationale for their use are discussed further below. The measures "gross profit before stock compensation expense," "selling expense before stock compensation expense," "general and administrative expense before stock compensation expense," "research and development expense before stock compensation expense," "total operating expenses before stock compensation expense," "income from operations before stock compensation expense," "net income before stock compensation expense," and "earnings per share - diluted before stock compensation expense" are not measures of financial performance presented in accordance with GAAP. The third quarter fiscal year 2006 amounts for these measures exclude the impact of the adoption of Statement of Financial Accounting Standard (SFAS) No. 123(R), "Accounting for Share-Based Payment," which resulted in the income statement recognition of non-cash, equity-based stock compensation expense. Because the Company adopted SFAS 123(R) prospectively in the first quarter of fiscal year 2006, management uses each of these non-GAAP measures to measure the results of the Company's operations before the effects of the newly required expensing of stock compensation. Management views all of these non-GAAP financial measures as valuable performance indicators because they allow management to meaningfully compare financial results (gross profit, selling expense, general and administrative expense, research and development expense, total operating expenses, income from operations, net income, and earnings per share) for the third quarter of fiscal 2006 to the respective financial results for the third quarter of fiscal 2005, in which the Company was not required to and did not record stock-based compensation expense in the income statement. While these non-GAAP financial measures are not used to compute incentive compensation or for any other substantive economic purpose, this comparison does provide management with a meaningful and consistent comparison of ongoing business performance between fiscal years 2006 and 2005. Management believes these measures may be useful to an investor in evaluating the Company's operating performance because they help investors more meaningfully evaluate and compare the current period financial results (gross profit, selling expense, general and administrative expense, research and development expense, total operating expenses, income from operations, net income, and earnings per share) to the respective financial results for the prior fiscal year, since the Company adopted SFAS 123(R) prospectively and did not restate prior periods. Management also believes these measures may provide useful information to enable investors to better compare the Company's operating performance with the operating performance of its peer companies that have not yet adopted SFAS 123(R). Management does not believe there are any material limitations to the use of any of the above non-GAAP financial measures when used to compare current fiscal period financial results to those of the prior year fiscal period and therefore does not believe it is necessary to compensate for their use in any way. Further, management will continue to assess the Company's performance and review its financial results in relation to budgeted or planned results from multiple perspectives, including before and after the effects of stock compensation expense. 2 These non-GAAP measures should be considered in addition to, not as a substitute for, other measures of the Company's results of operations prepared in accordance with GAAP. These non-GAAP measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation of gross profit before stock compensation expense, selling expense before stock compensation expense, general and administrative expense before stock compensation expense, research and development expense before stock compensation expense, total operating expenses before stock compensation expense, income from operations before stock compensation expense, net income before stock compensation expense, and earnings per share before stock compensation expense to gross profit, selling expense, general and administrative expense, research and development expense, total operating expenses, income from operations, net income, and earnings per share, respectively, which are the nearest GAAP measures, is included in Exhibit A to the press release furnished in this Form 8-K. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99.1 - Press Release issued on July 26, 2006 regarding the registrant's results of operations for the third quarter of fiscal 2006 furnished pursuant to Item 2.02 of this Form 8-K. 3 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. MTS SYSTEMS CORPORATION (Registrant) Date: July 26, 2006 By: /s/ Susan E. Knight -------------------------------------------- Susan E. Knight Vice President and Chief Financial Officer 4 MTS SYSTEMS CORPORATION FORM 8-K REPORT INDEX TO EXHIBITS Exhibit No. Description - ------------ ---------------- 99.1 Press Release issued on July 26, 2006 regarding the registrant's results of operations for the third quarter of fiscal 2006 furnished pursuant to Item 2.02 of this Form 8-K. 5 EX-99.1 2 mts062932_ex99-1.txt PRESS RELEASE DATED JULY 26, 2006 [LOGO] MTS SYSTEMS CORPORATION 14000 Technology Drive Eden Prairie, MN 55344-2290 Telephone 952-937-4000 FAX 952-937-4515 ------------------------------------------------------------------------------ NEWS RELEASE FOR IMMEDIATE RELEASE For More Information Contact: JULY 26, 2006 Susan Knight, Chief Financial Officer (952) 937-4000 Paul Runice, Treasurer (952) 937-4003 MTS REPORTS THIRD QUARTER EPS OF $0.49 BEFORE STOCK COMPENSATION EXPENSE; RAISES FULL YEAR EPS GUIDANCE TO $1.93-$1.98 ON STRONG FOURTH QUARTER OUTLOOK Eden Prairie, Minn., July 26, 2006 - MTS Systems Corporation (NASDAQ: MTSC) today reported earnings per diluted share of $0.49 before stock compensation expense of $0.8 million, or $0.04 per diluted share, flat with the comparable period in fiscal 2005. Third quarter net income was $8.5 million, or $0.45 per diluted share, a decrease of 14 percent compared to net income of $9.9 million, or $0.49 per diluted share, for third quarter fiscal 2005. "While third quarter orders rebounded nicely, significant Test segment order volume was booked late in the quarter, which reduced third quarter revenue and margin performance," said Sidney W. Emery, Jr., Chairman and CEO. "This revenue shortfall will impact the full year, and thus we expect fiscal 2006 revenue to be in the $392-$397 million range, versus $395-$405 million as previously communicated. Despite the revised full year outlook, we anticipate strong fourth quarter revenue growth, with margin rates returning to the levels experienced in the first half of the fiscal year. Based on a strong fourth quarter outlook, together with the favorable effects of reduced shares outstanding and a positive tax situation, we are raising our full year fiscal 2006 earnings per share outlook to $1.93-$1.98 from the previously communicated range of $1.80-$1.90." Third quarter orders totaled $97.7 million, up 20 percent compared to orders of $81.2 million for third quarter fiscal 2005, primarily driven by increased order volume in the Test segment across all geographies, particularly in North America, plus increased volume in the Industrial segment in Europe and Asia. Backlog increased 2 percent in the quarter, to $198 million from $195 million. Revenue for the third quarter totaled $95.9 million, up 1 percent compared to $94.7 million for third quarter fiscal 2005. This increase was primarily attributable to increased short-cycle and service business in the Test segment and continued growth in the Industrial segment. There was no significant impact on revenue from currency translation in the quarter. Gross profit for the third quarter was $41.0 million, a decrease of 3 percent compared to $42.3 million for third quarter fiscal 2005. This decrease was primarily due to unfavorable product mix, higher engineering and manufacturing costs, and $0.3 million of stock compensation expense in the Test segment, partially offset by increased volume in the Industrial segment and an estimated $0.2 million favorable impact of currency translation. Third quarter income from operations totaled $11.8 million, down 22 percent compared to income from operations of $15.2 million for third quarter fiscal 2005. This decrease was due to lower gross profit in the Test segment, planned increases in operating expenses, and $1.0 million of stock compensation expense, partially offset by an estimated $0.1 million favorable impact of currency translation. Net income for the third quarter was $8.5 million, a decrease of 14 percent compared to net income of $9.9 million for third quarter fiscal 2005, driven by lower income from operations and $0.2 million income from discontinued operations in third quarter fiscal 2005, partially offset by a $1.2 million net favorable impact of foreign currency transaction gains. Reduced share count, resulting primarily from the Company's fiscal 2006 share purchases, contributed $0.03 to earnings per share in the third quarter. MTS News Release Page 2 Cash, cash equivalents and short-term investments at the end of the third quarter totaled $115 million, compared to $107 million at the end of second quarter fiscal 2006. The Company purchased 134,800 of its shares during the quarter. SEGMENT RESULTS TEST SEGMENT: Test segment orders totaled $80.7 million for third quarter fiscal 2006, an increase of 24 percent compared to orders of $65.2 million for third quarter fiscal 2005, reflecting an increase in large custom orders in North America and Asia. Backlog increased 1 percent in the quarter, to $191 million, from $189 million. Third quarter revenue was $79.3 million, an increase of 1 percent compared to $78.9 million for third quarter fiscal 2005, as increased short-cycle and service business was substantially offset by decreased custom revenue. There was no significant impact on revenue from currency translation for third quarter fiscal 2006. Third quarter gross profit was $31.9 million, a decrease of 7 percent compared to $34.2 million for third quarter fiscal 2005, primarily due to unfavorable product mix, higher engineering and manufacturing costs, and $0.3 million of stock compensation expense, partially offset by an estimated $0.2 million favorable impact of currency translation. Income from operations for third quarter fiscal 2006 totaled $8.9 million, down 28 percent compared to income from operations of $12.3 million for third quarter fiscal 2005. The decrease was primarily attributable to decreased gross profit and planned increases in operating expenses and $0.9 million of stock compensation expense, partially offset by an estimated $0.1 million favorable impact of currency translation. INDUSTRIAL SEGMENT: Industrial segment orders totaled $17.0 million for the quarter, an increase of 6 percent compared to orders of $16.0 million for third quarter fiscal 2005, reflecting continued growth in the Sensors business in Europe and Asia. Backlog increased 17 percent in the quarter, to $7 million from $6 million. Third quarter revenue was $16.6 million, an increase of 5 percent compared to revenue of $15.8 million for third quarter fiscal 2005. There was no significant impact on revenue from currency translation in the quarter. Third quarter gross profit was $9.1 million, an increase of 12 percent compared to $8.1 million for third quarter fiscal 2005, attributable to increased volume and improved capacity utilization. There was no significant impact on gross profit from currency translation in the quarter. Income from operations for third quarter fiscal 2006 was $2.9 million, flat compared to third quarter fiscal 2005, as higher gross margin was offset by planned increases in operating expenses. NON-GAAP FINANCIAL MEASURES A reconciliation of financial results before and after the impact of stock compensation expense is included in this release as Exhibit A. This reconciliation includes financial measures that do not reflect generally accepted accounting principles (GAAP). These non-GAAP financial measures are provided for additional clarification of the Company's comparable financial performance. Investors should consider these non-GAAP financial measures in addition to, not as a substitute for or better than, financial measures prepared in accordance with GAAP. MTS News Release Page 3 THIRD QUARTER CONFERENCE CALL A conference call will be held on Thursday, July 27, at 10:00 a.m. EDT (9:00 a.m. CDT). Call +1-785-832-1508; and state the Conference ID "MTS" or Program Title "MTS Quarterly Conference Call." Telephone re-play will be available through 11:59 p.m. EDT, August 10, 2006. Call +1-402-220-2673. If you prefer to listen live over the Internet, please log on to the web at http://www.mts.com/news/financial_news.htm and click on the webcast image. The call will be archived through 11:59 p.m. EDT, November 15, 2006. ABOUT MTS SYSTEMS CORPORATION MTS Systems Corporation is a leading global supplier of test systems and industrial position sensors. The Company's testing hardware and software solutions help customers accelerate and improve their design, development, and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. MTS' high-performance position sensors provide controls for a variety of industrial and vehicular applications. MTS had 1,549 employees and revenue of $374 million for the fiscal year ended October 1, 2005. Additional information on MTS can be found on the worldwide web at http://www.mts.com. THIS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" MADE PURSUANT TO THE SAFE HARBOR PROVISION OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES, AS WELL AS ASSUMPTIONS, THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS AND THOSE PRESENTLY ANTICIPATED OR PROJECTED. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. IN ADDITION TO THE FACTORS DISCUSSED ABOVE, OTHER IMPORTANT RISK FACTORS ARE DELINEATED IN THE COMPANY'S MOST RECENT SEC FORM 10-Q AND 10-K FILINGS. MTS News Release Page 4 MTS SYSTEMS CORPORATION Consolidated Statements of Income (unaudited - in thousands, except per share data)
Three Months Ended Nine Months Ended ---------------------- ---------------------- JULY 1, July 2, JULY 1, July 2, 2006 2005 2006 2005 --------- --------- --------- --------- Revenue: Product $ 83,335 $ 83,452 $ 251,859 $ 250,281 Service 12,552 11,245 38,739 33,612 --------- --------- --------- --------- Total revenue 95,887 94,697 290,598 283,893 --------- --------- --------- --------- Cost of sales: Product 48,245 46,359 144,143 142,335 Service 6,675 6,065 19,138 17,203 --------- --------- --------- --------- Total cost of sales 54,920 52,424 163,281 159,538 --------- --------- --------- --------- Gross profit 40,967 42,273 127,317 124,355 --------- --------- --------- --------- Operating expenses: Selling 16,142 15,727 48,079 46,926 General and administrative 8,300 7,980 25,300 22,725 Research and development 4,787 3,353 13,628 10,978 --------- --------- --------- --------- Total operating expenses 29,229 27,060 87,007 80,629 --------- --------- --------- --------- Gain on sale of assets 12 -- 872 -- --------- --------- --------- --------- Income from operations 11,750 15,213 41,182 43,726 --------- --------- --------- --------- Interest expense (426) (524) (1,295) (1,639) Interest income 734 682 2,198 1,572 Other income (expense), net 717 (704) 1,044 (280) --------- --------- --------- --------- Income before income taxes and discontinued operations 12,775 14,667 43,129 43,379 Provision for income taxes 4,286 4,969 15,385 15,270 --------- --------- --------- --------- Income before discontinued operations 8,489 9,698 27,744 28,109 --------- --------- --------- --------- Discontinued operations: Income (loss) from discontinued operations, net of tax -- 209 -- (1,537) --------- --------- --------- --------- Net income $ 8,489 $ 9,907 $ 27,744 $ 26,572 ========= ========= ========= ========= Earnings per share: Basic- Income before discontinued operations $ 0.46 $ 0.49 $ 1.47 $ 1.42 Discontinued operations: Income (loss) from discontinued operations, net of tax -- 0.01 -- (0.07) --------- --------- --------- --------- Earnings per share $ 0.46 $ 0.50 $ 1.47 $ 1.35 ========= ========= ========= ========= Weighted average number of common shares outstanding - basic 18,258 19,639 18,928 19,735 ========= ========= ========= ========= Diluted- Income before discontinued operations $ 0.45 $ 0.48 $ 1.43 $ 1.37 Discontinued operations: Income (loss) from discontinued operations, net of tax -- 0.01 -- (0.08) --------- --------- --------- --------- Earnings per share $ 0.45 $ 0.49 $ 1.43 $ 1.29 ========= ========= ========= ========= Weighted average number of common shares outstanding - diluted 18,747 20,339 19,444 20,529 ========= ========= ========= =========
MTS News Release Page 5 MTS SYSTEMS CORPORATION Consolidated Balance Sheets (unaudited - in thousands, except per share data)
JULY 1, October 1, 2006 2005 --------- --------- ASSETS Current Assets: Cash and cash equivalents $ 91,445 $ 83,143 Short-term investments 23,900 76,650 Accounts receivable, net of allowances for doubtful accounts 71,462 64,363 Unbilled accounts receivable 31,076 25,093 Inventories 44,055 38,029 Prepaid expenses 4,368 2,600 Current deferred tax assets 7,857 6,415 Other current assets 1,368 2,351 Assets of discontinued operations 1,400 1,710 --------- --------- Total current assets 276,931 300,354 --------- --------- Property and Equipment: Land 1,668 1,668 Buildings and improvements 41,890 40,906 Machinery and equipment 77,516 72,837 Accumulated depreciation (77,130) (72,458) --------- --------- Total property and equipment, net 43,944 42,953 --------- --------- Goodwill 4,472 4,423 Other assets 2,131 2,291 Non-current deferred tax assets 1,792 1,711 --------- --------- Total Assets $ 329,270 $ 351,732 ========= ========= LIABILITIES AND SHAREHOLDERS' INVESTMENT Current Liabilities: Notes payable $ 287 $ 1,582 Current maturities of long-term debt 6,683 6,708 Accounts payable 17,159 16,142 Accrued payroll-related costs 25,079 31,059 Advance payments from customers 58,986 49,901 Accrued warranty costs 5,022 5,333 Accrued income taxes 7,513 3,643 Current deferred income taxes 3,993 3,767 Other accrued liabilities 17,181 15,026 Liabilities of discontinued operations 168 890 --------- --------- Total current liabilities 142,071 134,051 --------- --------- Deferred income taxes 2,347 2,310 Long-term debt, less current maturities 14,519 15,673 Other long-term liabilities 12,250 11,266 --------- --------- Total Liabilities 171,187 163,300 --------- --------- Shareholders' Investment: Common stock, $.25 par; 64,000 shares authorized: 18,172 and 19,664 shares issued and outstanding 4,543 4,916 Retained earnings 140,704 173,487 Accumulated other comprehensive income 12,836 10,029 --------- --------- Total shareholders' investment 158,083 188,432 --------- --------- Total Liabilities and Shareholders' Investment $ 329,270 $ 351,732 ========= =========
MTS News Release Page 6 EXHIBIT A MTS SYSTEMS CORPORATION Stock Compensation Expense Reconciliation (unaudited - in thousands, except per share data)
Three Months Ended Nine Months Ended ------------------- ------------------- JULY 1, July 2, JULY 1, July 2, 2006 2005 2006 2005 -------- -------- -------- -------- REVENUE $ 95,887 $ 94,697 $290,598 $283,893 -------- -------- -------- -------- GROSS PROFIT: Before stock compensation expense $ 41,290 $ 42,273 $128,131 $124,355 Stock compensation expense 323 -- 814 -- -------- -------- -------- -------- Gross profit $ 40,967 $ 42,273 $127,317 $124,355 -------- -------- -------- -------- OPERATING EXPENSES: Selling expense before stock compensation expense $ 15,876 $ 15,727 $ 47,289 $ 46,926 Stock compensation expense 266 -- 790 -- -------- -------- -------- -------- Selling expense $ 16,142 $ 15,727 $ 48,079 $ 46,926 -------- -------- -------- -------- General and administrative expense before stock compensation expense $ 7,843 $ 7,920 $ 23,754 $ 22,609 Stock compensation expense 457 60 1,546 116 -------- -------- -------- -------- General and administrative expense $ 8,300 $ 7,980 $ 25,300 $ 22,725 -------- -------- -------- -------- Research and development expense before stock compensation expense $ 4,770 $ 3,353 $ 13,573 $ 10,978 Stock compensation expense 17 -- 55 -- -------- -------- -------- -------- Research and development expense $ 4,787 $ 3,353 $ 13,628 $ 10,978 -------- -------- -------- -------- Total operating expenses before stock compensation expense $ 28,489 $ 27,000 $ 84,616 $ 80,513 Stock compensation expense 740 60 2,391 116 -------- -------- -------- -------- Total operating expenses $ 29,229 $ 27,060 $ 87,007 $ 80,629 -------- -------- -------- -------- INCOME FROM OPERATIONS: Before stock compensation expense $ 12,813 $ 15,273 $ 44,387 $ 43,842 Stock compensation expense 1,063 60 3,205 116 -------- -------- -------- -------- Income from operations $ 11,750 $ 15,213 $ 41,182 $ 43,726 -------- -------- -------- -------- NET INCOME: Before stock compensation expense $ 9,251 $ 9,944 $ 30,078 $ 26,644 Stock compensation expense 762 37 2,334 72 -------- -------- -------- -------- Net income $ 8,489 $ 9,907 $ 27,744 $ 26,572 -------- -------- -------- -------- EARNINGS PER SHARE - DILUTED: Before stock compensation expense $ 0.49 $ 0.49 $ 1.55 $ 1.29 Stock compensation expense 0.04 -- 0.12 -- -------- -------- -------- -------- Earnings per share - diluted $ 0.45 $ 0.49 $ 1.43 $ 1.29 -------- -------- -------- --------
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