-----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, QgxH9xrXiEaqGeKICN5MR/k9hDTc9sYlUicuLHqHY7/cDaqx633K3sJJ8UJB0446 t2jvj1DB/hgJqJM8vQkEUQ== 0000914233-95-000044.txt : 19951119 0000914233-95-000044.hdr.sgml : 19951119 ACCESSION NUMBER: 0000914233-95-000044 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: UTAH MEDICAL PRODUCTS INC CENTRAL INDEX KEY: 0000706698 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 870342734 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11178 FILM NUMBER: 95591870 BUSINESS ADDRESS: STREET 1: 7043 S 300 WEST CITY: MIDVALE STATE: UT ZIP: 84047 BUSINESS PHONE: 8015661200 10-Q 1 QUARTERLY REPORT FOR THIRD QUARTER OF 1995 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934 For quarter ended: September 30, 1995 Commission File No. 0-11178 UTAH MEDICAL PRODUCTS, INC. --------------------------- (Exact name of Registrant as specified in its charter) UTAH 87-0342734 ---- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 7043 South 300 West Midvale, Utah 84047 -------------------- Address of principal executive offices Registrant's telephone number: (801) 566-1200 -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and; (2) has been subject to such filing requirements for the past 90 days. Yes X No - The number of shares outstanding of the registrant's common stock as of November 10, 1995: 9,821,170 --------- UTAH MEDICAL PRODUCTS, INC. --------------------------- INDEX TO FORM 10-Q ------------------ PART I - FINANCIAL INFORMATION PAGE ---- Item 1. Financial Statements Balance Sheets as of September 30, 1995 and December 31, 1994 1 Statements of Operations for the three and nine months ended September 30, 1995 and September 30, 1994 2 Statements of Cash Flows for the nine months ended September 30, 1995 and September 30, 1994 3 Notes to Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 8 SIGNATURES 8 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS
UTAH MEDICAL PRODUCTS, INC. --------------------------- BALANCE SHEETS AS OF SEPTEMBER 30, 1995 AND ------------------------------------------- DECEMBER 31, 1994 ----------------- (unaudited) SEPTEMBER DECEMBER 30, 1995 31, 1994 ------------ ------------ ASSETS - ------ CURRENT ASSETS: Cash $4,397,979 $ 1,579,121 Investments 8,040,195 5,572,048 Accounts receivable - net 6,089,925 6,389,357 Inventories 3,670,871 4,023,939 Prepaid expenses 162,011 113,173 Other current assets 238,859 213,030 Deferred income taxes 365,512 390,941 ------------ ----------- Total current assets 22,965,352 18,281,609 PROPERTY AND EQUIPMENT - NET 8,355,583 8,137,248 INTANGIBLE ASSETS - NET 737,336 946,326 ------------ ----------- TOTAL $32,058,271 $27,365,183 ============ =========== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES: Accounts payable $ 1,645,492 $ 1,821,302 Accrued expenses: Payroll and payroll taxes 1,419,102 1,000,946 Other 526,401 502,591 Deferred revenue 85,600 85,600 ------------ ----------- Total current liabilities 3,676,595 3,410,439 DEFERRED REVENUE 194,457 258,204 DEFERRED INCOME TAXES 252,373 256,220 ------------ ----------- Total liabilities 4,123,425 3,924,863 ------------ ----------- STOCKHOLDERS' EQUITY: Preferred stock - $.01 par value; authorized - 5,000,000 shares; no shares issued or outstanding Common stock - $.01 par value; authorized - 50,000,000 shares; issued - September 30, 1995, 9,838,684 shares December 31, 1994, 9,993,559 shares 98,387 99,935 Unrealized loss on investments available-for-sale, net of tax - (101,815) Retained earnings 27,836,459 23,442,200 ------------ ----------- Total stockholders' equity 27,934,846 23,440,320 ------------ ----------- TOTAL $32,058,271 $27,365,183 ============ ===========
see notes to financial statements
UTAH MEDICAL PRODUCTS, INC. --------------------------- STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ------------------------------------------------------ ENDED SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994 ----------------------------------------------- (unaudited) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------------- --------------------------- 1995 1994 1995 1994 ------------ ----------- ----------- ------------ NET SALES $10,715,736 $10,018,705 $31,181,752 $29,487,035 COST OF SALES 5,699,886 5,590,034 16,789,520 16,373,756 ------------ ----------- ----------- ------------ GROSS MARGIN 5,015,850 4,428,671 14,392,232 13,113,279 ------------ ----------- ----------- ------------ EXPENSES: Selling, general and administrative 1,514,299 1,468,982 4,543,143 4,479,756 Research & development 463,719 331,173 1,335,311 1,073,954 ------------ ----------- ----------- ------------ Total 1,978,018 1,800,155 5,878,454 5,553,710 ------------ ----------- ----------- ------------ INCOME FROM OPERATIONS 3,037,832 2,628,516 8,513,778 7,559,569 OTHER INCOME 285,704 210,916 826,588 607,379 ------------ ----------- ----------- ------------ INCOME BEFORE INCOME TAX EXPENSE 3,323,536 2,839,432 9,340,366 8,166,948 INCOME TAX EXPENSE 1,163,237 991,537 3,269,126 2,871,108 ------------ ----------- ----------- ------------ NET INCOME $ 2,160,299 $ 1,847,895 $ 6,071,240 $ 5,295,840 ============ =========== =========== ============ EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE $ 0.21 $ 0.18 $ 0.60 $ 0.50 ============ =========== =========== ============ EARNINGS PER COMMON SHARE ASSUMING FULL DILUTION $ 0.21 $ 0.18 $ 0.60 $ 0.50 ============ =========== =========== ============ WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT SHARES 10,069,410 10,162,528 10,036,615 10,541,245 ============ =========== =========== ============ WEIGHTED AVERAGE NUMBER OF COMMON SHARES ASSUMING FULL DILUTION 10,093,855 10,196,305 10,143,691 10,597,406 ============ =========== =========== ============
see notes to financial statements
UTAH MEDICAL PRODUCTS, INC. --------------------------- STATEMENTS OF CASH FLOWS ------------------------ FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND SEPTEMBER 30, 1994 ------------------------------------------------------------------- (unaudited) SEPTEMBER 30, ------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES: 1995 1994 ------------- -------------- Net income $ 6,071,240 $ 5,295,840 ------------ ------------ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,245,398 885,474 Provision for losses on accounts receivable 5,709 22,000 Deferred income taxes (40,031) 47,757 Loss on disposal of assets 37,523 32,964 Tax benefit attributable to exercise and disposition of incentive stock options and stock purchase rights 244,501 8,216 Changes in operating assets and liabilities: Accounts receivable - trade 293,722 433,796 Inventories 353,068 (10,856) Prepaid expenses (48,841) 247,988 Other current assets (25,829) (26,464) Accounts payable (175,810) (401,573) Accrued expenses 441,967 101,996 Deferred revenue (63,747) (64,197) ------------ --------- Total adjustments 2,267,630 1,277,101 ------------ --------- Net cash provided by operating activities 8,338,870 6,572,941 ------------ --------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures for: OB Tech acquisition - (500,000) Property and equipment (1,192,645) (1,409,495) Intangible assets (48,564) (40,418) Purchases of investments (4,740,807) (2,333,220) Proceeds from sale of investments 2,394,223 6,150,588 ------------ ----------- Net cash provided by (used in) investing activities (3,587,793) 1,867,455 --------------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock 670,504 128,027 Common stock purchased and retired (2,602,723) (7,663,561) ------------ ----------- Net cash used in financing activities (1,932,219) (7,535,534) ------------ ----------- NET INCREASE IN CASH 2,818,858 904,861 CASH AT BEGINNING OF PERIOD 1,579,121 830,724 ------------ ------- CASH AT END OF PERIOD $ 4,397,979 $ 1,735,585 ============ ============ SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for income taxes: $3,069,260 $2,757,327
see notes to financial statements UTAH MEDICAL PRODUCTS, INC. --------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- (unaudited) (1) The unaudited financial statements presented above have been prepared in accordance with the instructions to form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes included in the Utah Medical Products, Inc. ("UTMD", or "the Company") annual report on form 10-K for the year ended December 31, 1994. The accompanying financial statements have not been examined by independent accountants in accordance with generally accepted auditing standards, but in the opinion of management such financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to summarize fairly the Company's financial position and results of operations. (2) Inventories at September 30, 1995 and December 31, 1994 consisted of the following: September 30, December 31, 1995 1994 ------------- ----------- Finished goods $ 785,471 $ 789,924 Work-in-process 811,936 822,102 Raw materials 2,073,464 2,411,913 ------------ --------- Total $ 3,670,871 $ 4,023,939 ============== =========== (3) The Company adopted SFAS No. 115 "Accounting for Certain Investments in Debt and Equity Securities" in 1994. All investments are classified as available-for-sale, and resulting adjustments are included in the accompanying financial statements. (4) In January 1995, the Company entered into two new purchase and distribution agreements with Baxter Healthcare Corporation. The new agreements supersede previous agreements with Baxter and are designed to increase the predictability of orders and to lower administrative costs for both companies. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Because of the relatively short span of time, results for any given three or nine month period in comparison with a previous three or nine month period may not be indicative of results for the year as a whole. a) Overview In third quarter (3Q) 1995 the Company set new income statement performance records for the second straight quarter. In 3Q 1995, sales and gross profits were up 7% and 13%, respectively, over 3Q 1994. Operating income, income before taxes and net profits were 16%, 17% and 17% higher, respectively, over the same quarter of 1994. EPS moved up 18% in 3Q 1995 over 3Q 1994. b) Revenues UTMD divides revenues into three product-line categories: 1) critical care, which is comprised primarily of components used in invasive blood pressure monitoring; 2) obstetrics, comprised mainly of devices for monitoring intrauterine pressure during labor and delivery; and 3) gynecology products including an electrosurgery system used in a procedure called LETZ , a uterine manipulator called LUMIN that is used during laproscopic procedures, and LIBERTY , an electrical stimulation device for controlling incontinence. In the three general product categories, UTMD's primary products sold in the U.S.: 1) are the accepted standard of care, 2) enjoy a number one or number two market share position, and 3) have important product features protected by patents. New products, including Lumin and Liberty, did not make a significant contribution to revenue in 3Q 1995. In the third quarter, the Company continued to increase its obstetrics and gynecology product revenues at a faster rate than critical care product revenues, causing an improvement in overall gross profit margins. Critical care product revenues represented 52% of total revenue in 3Q 1995 and 55% of revenue in the first nine months (3Qytd) of 1995, compared with 60% of 3Q 1994 and total 1994 revenue. In the U.S., this is a mature business dominated by two large suppliers, Baxter and Abbott. About 40% of the blood pressure monitoring market is made up of disposable pressure transducers ("DPT") and accessories which UTMD manufactures with the balance catheters. UTMD does not presently make or sell the catheters. Overseas, the market is much more fragmented with DPTs still growing in acceptance. Revenues from UTMD's largest OEM customer, Baxter, declined from 3Q 1994. As a percentage of total revenues, UTMD's Baxter revenues (all of which are included in the critical care category) declined to 34% in 3Q 1995 from 38% in 3Q 1994 and 39% in all of 1994. Sales of critical care products in 3Q 1995 were $5,610,000, compared with $5,965,000 in 3Q 1994. Sales to Baxter in 3Q 1995 were $3,634,000 compared to $3,823,000 in 3Q 1994. During the first nine months of 1995, total critical care sales were $17,055,000 compared with $17,612,000 in 3Qytd 1994. Sales to Baxter were $11,074,000 in 3Qytd 1995, compared to $11,508,000 in 3Qytd 1994. The obstetrics revenue category grew 26% and 21% during 3Q and 3Qytd 1995, respectively, over the same periods of 1994. Obstetrics revenue represented 40% of total sales in 3Q 1995 and 39% of total sales in 3Qytd 1995. New contracts with Group Purchasing Organizations (GPOs) and continued selective conversion from distributors to direct sales employees in the U.S. continue to contribute to obstetrics revenue growth. UTMD will begin marketing CORDGUARD II when the FDA's concurrence is received on its recent 510(k) submission for the product. Sales of obstetrics products in 3Q 1995 were $4,322,000 compared to $3,424,000 in 3Q 1994. For the first nine months of the year, obstetric sales were $12,018,000 in 1995 compared to $9,940,000 in 1994. The third category, gynecology products, increased 23% in 3Q 1995 over 3Q 1994, and represented 7% of total revenues. Gynecology product sales in 3Q 1995 were $786,000 compared to $639,000 in 3Q 1994, and were $2,117,000 for 3Qytd 1995 compared to $1,961,000 in 3Qytd 1994. UTMD's success and dominant market share position with its Finesse equipment and disposable electrodes is due to providing equipment that is custom designed for the LETZ gynecological procedure. Third quarter and first nine months 1995 foreign sales were $2,507,000 and $7,744,000, respectively, compared to $2,845,000 and $7,727,000, respectively, in the same periods of 1994. Practically all international sales continue to be critical care products, for which sales the Company has relied heavily on the efforts of other medical device companies and distributors. Critical care products represented 96% of international sales in 3Q 1995 compared to 95% in 3Q 1994. UTMD believes it has substantial sales potential for its products in international markets, and therefore will continue to commit resources to international business expansion. c) Gross Profit Gross margins (profit after subtracting costs of manufacturing products from revenues) in 3Q 1995 were 46.8% compared to 44.2% in 3Q 1994. For the first nine months of 1995, gross margins were 46.2% compared to 44.5% in 1994. The primary cause of gross margin improvement continues to be product mix, as obstetric and gynecology products both increased as a percentage of sales, while critical care products declined. Because UTMD anticipates a continuation of this trend (obstetrics and gynecology product lines have higher margins than critical care products), and because of more sales productivity from its directly employed sales representatives, the Company foresees continued gross margin improvements. d) Income from Operations Operating profit, or income from operations, is the profit achieved after subtracting operating expenses from gross profit. As a percentage of sales, operating expenses increased to 18.5% in 3Q 1995 compared to 18.0% in 3Q 1994, and increased to 18.9% in 3Qytd 1995 compared to 18.8% in 3Qytd 1994. Selling, general and administrative (SG&A) expenses decreased to 14.1% of sales in 3Q 1995 compared to 14.7% of sales in 3Q 1994, and decreased to 14.6% of sales in 3Qytd 1995 from 15.2% of sales in 3Qytd 1994. Due to costs associated with introducing new products (Cordguard II, Liberty and Lumin) in the near future, sales and marketing expenses may increase as a percentage of sales. Third quarter 1995 R&D expenses were 4.3% of sales compared to 3.3% in 3Q 1994. For 3Qytd, R&D expenses were 4.3% of sales in 1995 compared to 3.6% of sales in 1994. R&D expenses fluctuate based on the different stages that various projects are in, and the costs associated with preparing products for market. Third quarter 1995 income from operations was $3,038,000 compared to $2,629,000 in 3Q 1994. Third quarter 1995 operating margins were 28.3% compared to 26.2% for the same quarter in 1994. First nine months 1995 operating income was $8,514,000 compared to $7,560,000 in 1994, while operating margins were 27.3% and 25.6% for the same periods, respectively. e) Non-operating Income Non-operating income, or other income, for UTMD includes principally royalties from licensing UTMD's technology to other companies and interest and capital gains from investing the Company's cash. Third quarter 1995 other income was $286,000 compared to $211,000 in 3Q 1994. Royalties from other medical device companies comprise about 60% of the total, representing about 1 cents per share earnings in the quarter. The other 40% of non-operating income is essentially investment income from cash balances. For 3Qytd 1995, other income was $827,000, compared to $607,000 in 3Qytd 1994. Most of this increase is from interest and dividends on higher cash balances in 1995 from 1994. f) Net Income and EPS After income taxes, 3Q 1995 net income was $2,160,299, compared to $1,847,895 in 3Q 1994. Net income for 3Qytd 1995 was $6,071,240 compared to $5,295,840 in 3Qytd 1994. The effective income tax rate was 35% in all periods of 1995 (to date) and 1994. Fully diluted 3Q 1995 EPS were up 18.1% to $.214 compared to $.181 in 3Q 1994. Third quarter 1995 ending weighted average number of common shares assuming full dilution (the number used to calculate EPS) were 10,093,855 shares compared to 10,196,305 in 3Q 1994. For the first nine months, EPS were up 19.8% in 1995 over 1994 to $.599 from $.500. Actual outstanding common shares as of September 30, 1995 were 9,838,684. Fully diluted shares outstanding were impacted by the recent increase in UTMD stock price (from $12 on June 30, 1995 to $16 at September 30). The dilution calculation added about 280,000 shares to weighted actual shares outstanding for the nine months ended 9/30/95, compared to about 194,000 for the six months ended 6/30/95, and just 96,000 for the three months ended 3/31/95. If the share price continues to appreciate during the fourth quarter, the impact of the dilution calculation may result in total year 1995 EPS a full penny-per-share less than the sum of the four quarters EPS. g) Return on Equity Net income divided by average accumulated shareholders' equity during the period is return on shareholders' equity (ROE). This ratio determines how fast the Company can afford to grow without external financing. ROE in 3Qytd 1995 (annualized) was 31.5%, and has averaged 30% during the last 7 years. It is management's objective to maintain ROE in excess of the 25% per annum EPS growth target so that UTMD can afford to grow at a 25% rate without diluting shareholders' interests. External financing would only be considered if an exceptional business growth opportunity presented itself that would allow long term increased EPS. h) Cash Flows Cash and investments balances were $12.4 million at the end of 3Q 1995, an increase of $5.3 million from December 31, 1994. Cash provided by operating activities, including adjustments for depreciation and other non-cash operating expenses, along with changes in working capital, totaled $8,338,870 in 3Qytd 1995, up from $6,572,941 in 3Qytd 1994. Apart from net income, which contributed 73% of the 3Qytd 1995 total, a total of nearly $1,250,000 in depreciation and amortization, an increase of $442,000 in accrued expenses, and a total decrease of $650,000 in accounts receivable and inventories were predominately responsible for the additional cash generated in 3Qytd 1995 compared to 3Qytd 1994. As of September 30, 1995, accounts receivable balances were $6.1 million which equates to about 52 days in receivables (based on 3Q sales), compared to end-of-year accounts receivable of $6.4 million which equates to about 58 days in receivables. Receivables over 90 days from invoice continue to represent less than 1% of the total. Inventory balances are $353,000 lower than at the end of 1994, with inventory turns now at 5.5 times based on 3Q cost of sales. Cash of $1.2 million was used for capital expenditures in property and equipment, nearly equal to the amount of depreciation and amortization for the period. Accordingly, net property and equipment, along with intangibles, were $9.1 million at both 9/30/95 and 12/31/94. The expected $4 million capital investment to build a plant in Ireland (as announced on May 5, 1995) is now beginning, and a substantial amount of cash can be expected to be used in the next six months. Capital expenditures for property and equipment during 3Qytd 1995 were made, in part, in automation of key assembly operations and for new product tooling and equipment. Net purchases and sales of investments used $2.3 million in 3Qytd cash. First nine months 1995 financing activities used net cash of $1,932,000 after repurchases of shares are netted against sales of shares from option exercises, compared to $7,536,000 in the same period of 1994. The Company repurchased its own common stock during 3Q 1995 in the amount of $296,000, for a total of $2,603,000 for the first nine months of 1995. This is down from $7,664,000 used in 3Qytd 1994. To September 30, 1995, UTMD has invested about $19.3 million in repurchasing 2,334,000 of its common shares since November 1992. In 3Qytd 1995, the Company received $671,000 from issuing stock (on exercise of employee options), compared to $128,000 in 3Qytd 1994. Since there are now outstanding employee options issued in 1990 with a remaining exercisable balance of nearly 60,000 shares that expire in December 1995, proceeds from issuing stock will continue to exceed those of 1994. The Company did not enter into any long term debt agreements during the first nine months of 1995. Management believes that current cash balances plus future income from operations will provide the liquidity needed to finance current growth plans. UTMD plans to use cash during the remainder of 1995 for investing in its new Ireland manufacturing facility, continued automation and other manufacturing improvements in Utah, tooling for new products, selective infusions of technological, marketing or product manufacturing rights to broaden the Company's product offerings, and for continued share repurchases. PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: None b) Reports on Form 8-K: None 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. UTAH MEDICAL PRODUCTS, INC. --------------------------- REGISTRANT Date: 11/13/95 By: /s/ Kevin L. Cornwell -------------- --------------------- Kevin L. Cornwell President and CEO Date: 11/13/95 By: /s/ Kevin L. Cornwell -------------- --------------------- Kevin L. Cornwell Secretary and CFO EX-27 2 FINANCIAL DATA SCHEDULES
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE SHEETS AS OF SEPTEMBER 30, 1995 AND STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS DEC-31-1995 JAN-01-1995 SEP-30-1995 9-MOS 4,397,979 8,040,195 6,173,296 (83,371) 3,670,871 22,965,352 14,038,198 (5,682,615) 32,058,271 3,676,595 0 98,387 0 0 27,836,459 32,058,271 31,181,752 31,181,752 16,789,520 5,878,454 (460,201) 0 (366,387) 9,340,366 3,269,126 6,071,240 0 0 0 6,071,240 0.60 0.60
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