-----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, A1YI79s+FdQWRLt8Eu+J0Z9FaMivytsg4YD2ol1FzbgKcWVHJ0geMmokbgJ5sJ/D GXTbYdxeQcgaTu4zt1wqgQ== 0000069499-98-000016.txt : 19980807 0000069499-98-000016.hdr.sgml : 19980807 ACCESSION NUMBER: 0000069499-98-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980806 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYLAN LABORATORIES INC CENTRAL INDEX KEY: 0000069499 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 251211621 STATE OF INCORPORATION: PA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09114 FILM NUMBER: 98678610 BUSINESS ADDRESS: STREET 1: 130 SEVENTH ST STREET 2: 1030 CENTURY BLDG CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122320100 MAIL ADDRESS: STREET 1: 1030 CENTURY BUILDING STREET 2: 130 SEVENTH STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 FORMER COMPANY: FORMER CONFORMED NAME: FRM CORP DATE OF NAME CHANGE: 19711003 10-Q 1 MYLAN LABORATORIES INC. FIRST QUARTER 10Q 1999 - ------------------------------------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q -------------------------------------------------------------- [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OR THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9114 MYLAN LABORATORIES INC. (Exact Name of registrant as specified in its charter) Pennsylvania 25-1211621 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 130 Seventh Street 1030 Century Building Pittsburgh, Pennsylvania 15222 (Address of principal executive offices) (Zip Code) 412-232-0100 (Registrant's telephone number, including area code) Not Applicable (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 twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: YES X NO Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date Outstanding at Class of Common Stock July 28, 1998 $.50 par value 122,389,664 - ------------------------------------------------------------------------------- MYLAN LABORATORIES INC. AND SUBSIDIARIES INDEX Page Number -------- PART I. FINANCIAL INFORMATION ITEM 1: Financial Statements Consolidated Balance Sheets - June 30, 1998 and March 31, 1998 2A and 2B Consolidated Statements of Earnings - Three Months Ended June 30, 1998 and 1997 3 Consolidated Statements of Cash Flows - Three Months Ended June 30, 1998 and 1997 4 Notes to Consolidated Financial Statements - Three Months Ended June 30, 1998 5, 6 and 7 ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 8, 9 and 10 PART II. OTHER INFORMATION 11 MYLAN LABORATORIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS June 30, March 31, 1998 1998 Unaudited Audited Current Assets: Cash and cash equivalents $139,111,000 $103,756,000 Marketable securities 17,979,000 20,967,000 Accounts receivable - net 137,229,000 136,864,000 Inventories: Raw materials 66,358,000 63,308,000 Work in process 27,525,000 27,858,000 Finished goods 56,149,000 54,875,000 ------------ ------------ 150,032,000 146,041,000 Deferred income tax benefit 9,559,000 7,845,000 Prepaid and refundable income tax 7,890,000 7,946,000 Other current assets 6,198,000 6,679,000 ------------ ------------ Total Current Assets 467,998,000 430,098,000 Property, Plant and Equipment - at cost 231,749,000 226,319,000 Less accumulated depreciation 78,542,000 74,907,000 ------------ ------------ 153,207,000 151,412,000 Marketable Securities - non-current 21,131,000 20,974,000 Investment in and Advances to Somerset 31,801,000 29,721,000 Intangible Assets-net of accumulated amortization 126,855,000 128,745,000 Other Assets 89,907,000 86,803,000 ------------ ------------ Total Assets $890,899,000 $847,753,000 ============ ============ See Notes to Consolidated Financial Statements -2A- LIABILITIES AND SHAREH0LDERS' EQUITY June 30, March 31, 1998 1998 Unaudited Audited Current Liabilities: Trade accounts payable $ 18,817,000 $ 15,957,000 Current portion of long-term obligations 9,118,000 8,477,000 Income taxes payable 18,376,000 5,377,000 Other current liabilities 35,069,000 36,635,000 Cash dividend payable 4,907,000 4,900,000 ------------ ------------ Total Current Liabilities 86,287,000 71,346,000 Long-Term Obligations 26,417,000 26,218,000 Deferred Income Tax Liability 3,490,000 5,724,000 Shareholders' Equity: Preferred stock, par value $.50 per share, authorized 5,000,000 shares, - - issued and outstanding - none Common stock, par value $.50 per share, authorized 300,000,000 shares, issued 123,216,807 shares at June 30, 1998 and 123,050,172 shares at March 31, 1998 61,609,000 61,525,000 Additional paid-in capital 94,778,000 92,405,000 Retained earnings 624,134,000 594,847,000 Accumulated other comprehensive income 78,000 1,570,000 ------------ 780,599,000 750,347,000 Less Treasury stock - at cost, 850,328 shares at June 30, 1998 and 849,858 shares at March 31, 1998 5,894,000 5,882,000 ------------ ------------ Net Worth 774,705,000 744,465,000 ------------ ------------ Total Liabilities and Shareholders' Equity $890,899,000 $847,753,000 ============ ============ See Notes to Consolidated Financial Statements -2B- MYLAN LABORATORIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997 UNAUDITED 1998 1997 ---- ---- NET SALES $166,718,000 $109,188,000 COST AND EXPENSES: Cost of Sales 81,564,000 61,379,000 Research and Development 14,084,000 11,691,000 Selling and Administrative 25,009,000 19,739,000 ------------ ------------ 120,657,000 92,809,000 EQUITY IN EARNINGS OF SOMERSET 2,350,000 4,136,000 OTHER INCOME 4,034,000 1,826,000 ------------ ------------ EARNINGS BEFORE INCOME TAXES 52,445,000 22,341,000 INCOME TAX RATE 35% 26% INCOME TAXES 18,263,000 5,743,000 ------------ ------------ NET EARNINGS $ 34,182,000 $ 16,598,000 ============ ============ EARNINGS PER SHARE: Basic $ .28 $ .14 ============ ============ Diluted $ .28 $ .13 ============ ============ Weighted Average Common Shares: Basic 122,295,000 122,065,000 ============ ============ Diluted 124,078,000 123,039,000 ============ ============ The Company has paid regular quarterly cash dividends of $.04 per share since October 1995. See Notes to Consolidated Financial Statements -3- MYLAN LABORATORIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997 UNAUDITED 1998 1997 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES Net Earnings $ 34,182,000 $ 16,598,000 Adjustments to reconcile net earnings to net cash provided from operating activities: Depreciation and amortization 5,528,000 5,146,000 Deferred income taxes (3,145,000) 871,000 Equity in the earnings of Somerset (2,350,000) (4,136,000) Cash received from Somerset 270,000 4,556,000 Allowances on accounts receivable 1,042,000 (4,199,000) Other non-cash items (250,000) 1,538,000 Changes in operating assets and liabilities: Accounts receivable (1,407,000) 12,223,000 Inventories (4,018,000) (20,396,000) Trade accounts payable 2,860,000 (1,183,000) Income taxes payable 13,055,000 (6,911,000) Other operating assets and liabilities (1,084,000) (6,526,000) ------------- ------------- Net cash provided from(used in)operating activities 44,683,000 (2,419,000) CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (5,430,000) (6,327,000) Increase in intangible and other assets (1,516,000) (4,307,000) Proceeds from investment securities 6,318,000 3,005,000 Purchase of investment securities (5,782,000) (2,303,000) ------------- ------------- Net cash used in investing activities (6,410,000) (9,932,000) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividend paid (4,888,000) (4,882,000) Payments on long-term obligations (15,000) (8,000) Proceeds from exercise of stock options 1,985,000 80,000 ------------- ------------ Net cash used in financing activities (2,918,000) (4,810,000) ------------- ------------- Net Increase(Decrease) in Cash and Cash Equivalents 35,355,000 (17,161,000) Cash and Cash Equivalents - Beginning of Period 103,756,000 126,156,000 ------------- ------------ Cash and Cash Equivalents - End of Period $139,111,000 $108,995,000 ============- ============ CASH PAID DURING THE PERIOD FOR: Interest $ 4,000 $ 5,000 Income Taxes $ 8,354,000 $ 15,698,000 See Notes to Consolidated Financial Statements -4- MYLAN LABORATORIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTH PERIOD ENDED JUNE 30, 1998 Unaudited A. In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 1998 and March 31, 1998 together with the results of operations and cash flows for the interim periods ended June 30, 1998 and 1997. The consolidated results of operations for the three months ended June 30, 1998 and 1997 are not necessarily indicative of the results to be expected for the full year. B. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's 1998 Annual Report and Report on Form 10-K. C. Equity in Earnings of Somerset includes the Company's 50% portion of the net earnings of Somerset Pharmaceuticals Inc. ("Somerset"), certain management fees and amortization of intangible assets resulting from the acquisition of Somerset. Such intangible assets are being amortized over a 15 year period using the straight line method. Condensed unaudited financial information of Somerset for the three month periods ended June 30, 1998 and 1997 are as follows: (in thousands) June 30, June 30, 1998 1997 Net Sales $12,630 $17,273 Costs and Expenses (4,902) (5,247) Income Taxes (3,175) (4,155) ------- ------ Net Earnings $ 4,553 $ 7,871 ======= ======= The above information represents 100% of Somerset's operations of which the Company has a 50% interest. D. Under the terms of the Company's supply and distribution agreement with Genpharm Inc. ("Genpharm") relating to sales of ranitidine HCL tablets ("ranitidine") the Company is to share in any benefit that Genpharm receives from its agreement with Novopharm Limited ("Novopharm"). The Company recognized revenue of $26,822,000 in the quarter ended September 30, 1997 in connection with the Genpharm Novopharm arrangement. However, as a result of a dispute between Genpharm and Novopharm relating to -5- MYLAN LABORATORIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTH PERIOD ENDED JUNE 30, 1998 Unaudited contract interpretation, the Company has not recognized any additional revenue. Based upon an independent audit, Genpharm has recently initiated suit against Novopharm to resolve and collect any additional funds due. E. As a result of price increases initiated by the Company during the past six months, the Company has received notification from the Federal Trade Commission that it is investigating whether the Company and others have engaged in activities restricting competition in the manufacture or sale of pharmaceutical ingredients or products. The Company is cooperating fully with the review and is providing all the information requested by the Commission. As with all governmental inquiries the process is inherently uncertain. However, management believes that the Company has acted properly and in full compliance with the Federal Trade Commission Act and all other laws and regulations governing trade and competition in the marketplace, and that the ultimate resolution of this matter will not have a material adverse effect on the Company's financial position or results of operations. F. For the quarter ended June 30, 1998, the Company adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" ("SFAS 130"). SFAS 130 establishes new rules for recording and disclosing comprehensive income and its components in the financial statements. Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. The Company's comprehensive income is compromised of net earnings and the unrealized gain or loss on marketable securities net of tax. The adoption of SFAS 130 had no effect on the Company's consolidated results of operations, financial position or cash flows. The components of comprehensive income during the three months ended June 30, 1998 and 1997 were: (in thousands) Three Months Ended une 30, 1998 1997 ---- ---- Net earnings $34,182 $16,598 Unrealized (loss)gain on marketable securities, net of tax (1,492) 1,091 Comprehensive Income $32,690 $17,689 ======= ======= -6- MYLAN LABORATORIES INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTH PERIOD ENDED JUNE 30, 1998 Unaudited G. On June 24, 1998 the Company entered into a definitive agreement to acquire Penederm Inc. of Foster City, California. Penederm develops and markets patented topical prescription products. The transaction, which is expected to be completed by November 1998, will be accounted for under the purchase method of accounting. Payment of approximately $205,000,000 (based on the closing price of the Company's common stock on June 23, 1998) will be made through the issuance of newly registered common stock of the Company. The transaction is subject to various conditions and regulatory requirements and no assurances can be given that it will be consummated upon the terms proposed, if at all. H. In August 1997, Key Pharmaceuticals filed suit in the United States District Court for the Western District of Pennsylvania against the Company and certain subsidiaries alleging patent infringement relating to the marketing of its nitroglycerin transdermal system. The Company received FDA approval for its nitroglycerin transdermal system in September 1996 and immediately began marketing the product. The relief sought includes a preliminary and permanent injunction, treble damages along with interest and attorney's fees and expenses. Key Pharmaceuticals' request for a preliminary injunction has been denied. The Company believes the suit is without merit and intends to vigorously defend its position. -7- PART 1 - FINANCIAL INFORMATION ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Net earnings for the quarter ended June 30, 1998 were $34,182,000, representing a 106% increase over the prior year's first quarter. Diluted earnings per share were $.28 for the quarter ended June 30, 1998 compared to $.13 for the prior year's first quarter. Net sales increased 53% to $166,718,000 and gross profit dollars increased by 78% to $85,154,000. Gross profit as a percent of net sales was 51% for the current quarter compared to 44% for the quarter ended June 30, 1997. While the improvement from the prior year's first quarter net sales and gross profit was primarily attributable to the Company's core generic product line, the branded and unit dose product lines also realized marked growth. Net sales for Bertek Pharmaceuticals Inc., the Company's branded division, increased by almost 30% from a year ago and unit dose sales increased by almost 40%. The most significant improvements came from the Company's core generic product line as a result of 1) higher overall shipment volumes (1.91 billion units versus 1.57 billion units for the same period in the prior year), 2) thirteen product line additions since June 30, 1997, including four new products additions and the reintroduction of glyburide since March 31, 1998, and 3) the favorable impact of selective price increases on fourteen products, seven of which were implemented in the last half of fiscal 1998 and seven more which were implemented during the June 1998 quarter. The decision to increase prices was made in light of continued price deterioration and increased costs involved in bringing new products to market, primarily resulting from legal challenges under the Hatch-Waxman Act. The products selected for increase and the amount of the increases were based on numerous factors including, product line contribution, market size, competition, raw material suppliers and manufacturing capacity. The Company has chosen to increase prices in order to ensure the Company's full line of low-cost, effective, quality generic alternatives continues to be available to the American public. While these price increases have favorably impacted earnings in the current quarter, the extent if any in future quarters depends upon several factors, some of which are beyond the Company's control. During the quarter ended June 30, 1998, the Company received notice that the Federal Trade Commission (the "FTC"), in light of the price increases, was investigating whether the Company and others had engaged in activities restricting competition in the manufacture or sale of pharmaceutical ingredients or products. The Company is cooperating fully with this investigation and is supplying the documents requested. Management believes that the Company has acted properly and in full compliance with the Federal Trade Commission Act and all other laws and regulations governing trade and competition in the -8- marktetplace. The Company fully intends to (1) assert its positions vigorously with the FTC, (2) fulfill its contractual obligations under existing supply agreements for pharmaceutical ingredients, (3) maintain its current pricing levels for products for which prices have recently been increased, and (4) continue to examine other products to determine if price increases are appropriate. The Company believes the ultimate resolution of this matter will not have a material adverse effect on the Company's financial position or results of operations. Research and development expenses were $14,084,000 for the quarter ended June 30, 1998, which represents a 20% increase over the first quarter of the prior year. Increased spending was realized in all areas of research: transdermal, innovative compounds and generic. The Company is currently in litigation with respect to its previous equity and funding investments in VivoRx, Inc. ("VI") and VivoRx Diabetes, Inc. ("VDI") based upon certain improprieties of which the Company was made aware during the quarter ended June 30, 1998. The Company is continuing to evaluate its options regarding the future funding of certain diabetes research by VDI pursuant to its Exclusive License Agreement with VDI. Selling and administrative expenses were $25,009,000 for the quarter ended June 30, 1998, which represents a 27% increase over the first quarter of the prior year. Reflected as a percentage of net sales, these expenses amounted to 15% this quarter and 18% for the quarter ended June 30, 1997. The significant dollar change from the June 1997 quarter is related primarily to 1) advertising and promotions including shelf-stocking programs on generic products which began in the September 1997 quarter, 2) higher legal fees due to patent challenges and 3) payroll and related expenses, principally incentive programs, which are higher than last year given the improvements in operating results. Investment and other income was $4,034,000 for the quarter ended June 30, 1998, an increase of $2,208,000 over the prior year's first quarter. The increase is primarily attributable to the increase in cash and short term investments and the earnings related to pooled asset funds. The increase in the effective tax rate to 35% for the quarter ended June 30, 1998 from 26% at June 30, 1997 is primarily attributable to the increase in domestic earnings versus Puerto Rico earnings. The Company expects the tax rate to remain relatively unchanged through fiscal 1999. Liquidity and Capital Resources and Financial Condition Working capital increased from $358,752,000 at March 31, 1998 to $381,711,000 at June 30, 1998. The ratio of current assets to current liabilities was 5.4 to 1 at June 30, 1998 compared to 6.0 to 1 at March 31, 1998. -9- Net cash provided from operating activities was $44,683,000 for the three months ended June 30, 1998 compared to net cash used in operating activities of $2,419,000 for the three months ended June 30, 1997. This significant change primarily resulted from improved operating results in the current year period and the settlement of the Internal Revenue Service audit and the increase in inventory levels to meet the increase in demand for the Company's products in the prior year period. Proposed Penederm Merger On June 24, 1998, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Penederm Incorporated ("Penederm") and the Company's wholly-owned subsidiary, MLI ("MLI"). The Merger Agreement provides for the merger of MLI into Penederm, with Penederm to survive the merger ("the Merger") as a wholly-owned subsidiary of the Company. If the Merger is consummated in accordance with the terms set forth in the Merger Agreement, each share of common stock of Penederm will be exchanged for 0.68 shares of common stock of the Company. Based upon the closing market price of the Company's common stock on June 23, 1998, this transaction is valued at approximately $205,000,000. It is anticipated that a portion of the purchase price will be allocated (upon receipt of a final independent valuation) to in-process research and development and accordingly will result in a charge to earnings upon consummation of the transaction. The Merger, which is expected to close in the third quarter, is subject to the satisfaction of various conditions, including, without limitation, that Penederm's stockholders approve the transaction, that any required regulatory consents or approvals are received, that the registration statement for the registration of the Company's shares to be issued to the Penederm stockholders is declared effective by the Securities and Exchange Commission and that there are no material adverse changes in the business or affairs of either party through the closing date. Forward Looking Statements The statements set forth in this Item 2 under "Results of Operations" concerning the manner in which the Company intends to respond to the FTC investigation and to conduct its operations in the face of this investigation are forward-looking statements. The Company may be unable to realize the plans and objectives described therein due to various important factors, including, but not limited to, the factors described under "Forward Looking Statements" in Item 7 of the Company's Annual Report on Form 10-K for the year ended March 31, 1998, or if the FTC concludes, on the basis of its investigation, that the Company has acted improperly. -10- PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) 2.1 Agreement and Plan of Merger dated June 24, 1998 by and among the Company, Penederm Incorporated and MLI Acquisition Corp., included as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on June 30, 1998 and incorporated herein by reference. 10.1 Stock Option Agreement dated June 24, 1998 between the Company and Penederm Incorporated, included as Exhibit 99.1 to the Company's Current Report on Form 8-K filed on June 30, 1998 and incorporated herein by reference. 10.2 Voting Agreement dated June 24, 1998 among the Company, Gerald and Marcia Weinstein, David Collins, Harvey S. Sadow, Lloyd Malchow, Robert R. Allnut, William Bergman and Joseph E. Smith, included as Exhibit 99.2 to the Company's Current Report on Form 8-K filed on June 30, 1998 and incorporated herein by reference. 10.3 Alternate Voting Agreement dated June 24, 1998 between the Company and Prince Venture Partners III L.P., included as Exhibit 99.3 to the Company's Current Report on Form 8-K filed on June 30, 1998 and incorporated herein by reference. 27.1 Financial Data Schedule. (b) Reports on Form 8-K - On June 30, 1998 the Company filed a report on Form 8-K dated June 24, 1998 covering Item 5 thereof regarding the announcement of the acquisition of Penederm Inc. 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. Mylan Laboratories Inc. (Registrant) DATE 7/4/98 /s/ Milan Puskar ----------------- ------------------------------------------- Milan Puskar Chairman of the Board, Chief Executive Officer and President (Principal executive officer) DATE 8/4/98 /s/ Donald Schilling ----------------- -------------------------------------------- Donald C. Schilling Vice President of Corporate Finance (Principal financial officer) -11- EX-27 2 FDS --
5 Financial Data Schedule Mylan Laboratories Inc. and Subsidiaries Article 5 of Regulation S-X The schedule contains summary financial information extracted from the Consolidated Balance Sheets at June 30, 1998 and the Consolidated Statement of Earnings for the three months ended June 30, 1998 and is qualified in its entirety by reference to such financial statements. 0000069499 none 3-MOS MAR-31-1999 JUN-30-1998 139,111,000 17,979,000 112,802,000 24,427,000 150,032,000 467,998,000 231,749,000 78,542,000 890,899,000 86,287,000 22,327,000 0 0 61,609,000 78,000 890,899,000 166,718,000 166,718,000 81,564,000 81,564,000 39,093,000 151,000 416,000 52,445,000 18,263,000 34,182,000 0 0 0 34,182,000 .28 .28
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