EX-99 3 b8k091803.htm Untitled
A.G. Edwards Announces Results for the Second Quarter and First Half of Fiscal 2004
Second-Quarter Earnings Increase 41% Over Year-Ago Quarter, Rise 34% from First Quarter of Fiscal 2004

ST. LOUIS, Sept. 18, 2003 -- A.G. Edwards, Inc. (NYSE: AGE) today announced results for the second quarter and first half of fiscal 2004, which ended August 31, 2003.

Net earnings for the quarter were $37 million, or $0.46 diluted earnings per share, on net revenues of $632 million. For the same quarter last year, net earnings were $27 million, or $0.33 diluted earnings per share, on net revenues of $569 million. For the first quarter of fiscal 2004, the Company reported net earnings of $28 million, or $0.35 per diluted share, on net revenues of $552 million.

The firm's year-to-date results are essentially unchanged compared to the year-ago period. For the first six months of this fiscal year, A.G. Edwards' net earnings were $65.4 million, or $0.81 diluted earnings per share, on net revenues of $1.2 billion. For the same period last year, net earnings were $65.7 million, or $0.81 diluted earnings per share, on net revenues of $1.2 billion.

"Our second-quarter results reflect the hard work of our financial consultants and the growing confidence of our clients in the financial markets, particularly equity markets, over the past few months," said Robert L. Bagby, chairman, chief executive officer and president. "Our capital-market areas also deserve credit for their performance in addressing both individual and corporate clients' needs during a changing market environment.

"I am proud of all of our employees for the service they provide our clients every day. With the opening of our new Learning Center and the upcoming rollout of our branding initiative, we are excited about our opportunities to show investors how A.G. Edwards is the best investment firm for them."

RESULTS OF OPERATIONS

Commissions - Commission revenues for the second quarter increased 20 percent ($44 million) versus last year's second quarter, primarily reflecting increased investor activity in equities, mutual funds and variable annuities. When comparing the first six months of fiscal 2004 versus the same period last year, commission revenues increased 7 percent ($35 million) primarily as a result of greater investor interest in variable annuities and over-the-counter equities.

Asset management and service fees - Asset-management and service-fee revenues for the second quarter decreased 1 percent ($2 million) versus the second quarter last year. For the first six months of fiscal 2004, these revenues decreased 7 percent ($22 million) versus last year's first six months. Both periods' results were largely affected by lower distribution fees received from certain money funds imposing expense caps based on current money fund yields.

Principal transactions - Revenues from principal transactions decreased 2 percent ($2 million) compared to the year-ago quarter. Versus the first six months of last fiscal year, principal- transaction revenues decreased 9 percent ($15 million). These decreases reflect lower demand for fixed-income products.

Investment banking - Investment-banking revenues for the second quarter set the firm's quarterly record and increased 32 percent ($23 million) versus the same three-month period last year. For the first six months of fiscal 2004, investment-banking revenues increased 23 percent ($31 million) compared to the same period last year. In both periods, results reflected large increases in the underwriting of a variety of closed-end fund products as well as higher revenues from management fees.

Net interest revenue - Interest revenue net of interest expense in the second quarter decreased 13 percent ($3 million) from the year-ago quarter. Comparing this fiscal year's first six months to the same period last year, net interest revenue declined 13 percent ($7 million). The decreases from last year's second quarter and six-month period were due to declines in average client margin balances and the average interest rates charged on these balances.

Other revenue - Other revenue increased $3 million in the second quarter and decreased $4 million for the first six months of fiscal 2004 versus the like periods last year.

Non-interest expenses - During the second quarter, non-interest expenses increased 9 percent ($47 million) compared to last year's second quarter. For the first six months of fiscal 2004, non-interest expenses increased 2 percent ($19 million) compared to the same period last fiscal year.

Compensation and benefits in the second quarter increased 11 percent ($40 million) from the same quarter last year. Comparing the first six months of fiscal 2004 to the same period last year, compensation and benefits increased 2 percent ($18 million). Compensation and benefits in both periods primarily reflect increases in commissionable revenue, which were partially offset by decreases in general and administrative salary costs due to lower headcount.

Non-compensation-related expenses increased 5 percent ($7 million) from the same quarter last year primarily due to increased expenses for legal matters and the occupancy of the firm's newest headquarters expansion. These increases were partially offset by decreases in communication and technology expenses. For the current year's first six months, non-compensation-related expenses were essentially unchanged versus last year's first six months.

ADDITIONAL STOCKHOLDER INFORMATION

Total client assets at the end of the second quarter were $253 billion, an 8 percent increase when compared to the end of the second quarter last year and the firm's highest level of client assets since the first quarter of fiscal 2002.

As of August 31, 2003, stockholders' equity was $1.7 billion, for a book value per share of $21.13. Diluted per share earnings for the second quarter were based on 80.5 million average common and common equivalent shares outstanding compared to 80.3 million in the prior year. Diluted per share earnings for the current six-month period were based on 80.6 million average common and common equivalent shares outstanding compared to 81.0 million in the prior year.

ABOUT A.G. EDWARDS, INC.

A.G. Edwards, Inc. is a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edwards & Sons, Inc. For more than 116 years, individuals and businesses have turned to A.G. Edwards to develop strong personal relationships with financial consultants dedicated to a client-first philosophy of providing financial solutions tailored to their clients individual needs. A.G. Edwards and its affiliates encompass 7,024 financial consultants in 704 offices nationwide and two European locations in London, England and Geneva, Switzerland.

This material may contain forward-looking statements within the meaning of federal securities laws. Actual results are subject to risks and uncertainties, including both those specific to the Company and those to the industry, which could cause results to differ materially from those contemplated. The risks and uncertainties include, but are not limited to, general economic conditions, government monetary and fiscal policy, the actions of competitors, regulatory changes and actions, changes in legislation, risk management, legal claims, technology changes, compensation changes, and implementation and effects of expense-reduction strategies. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this release. The Company does not undertake any obligation to publicly update any forward-looking statements.

 
 

A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
 
 
 
 
 
 
August 31,
 
August 31,
 
Increase/
 
%
 
 
2003
 
2002
 
(Decrease)
 
Chg.
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commissions
 
$
268,393
 
$
224,284
 
$
44,109
 
 
19.7
Asset management and service fees
 
 
161,762
 
 
163,347
 
 
(1,585)
 
 
(1.0)
Principal transactions
 
 
82,178
 
 
83,732
 
 
(1,554)
 
 
(1.9)
Investment banking
 
 
94,557
 
 
71,857
 
 
22,700
 
 
31.6
Interest
 
 
23,986
 
 
27,821
 
 
(3,835)
 
 
(13.8)
Other
 
 
2,515
 
 
(482)
 
 
2,997
 
 
n.m.
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL REVENUES
 
 
633,391
 
 
570,559
 
 
62,832
 
 
11.0
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
950
 
 
1,418
 
 
(468)
 
 
(33.0)
 
 
 
 
 
 
 
 
 
 
 
 
 
NET REVENUES
 
 
632,441
 
 
569,141
 
 
63,300
 
 
11.1
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-INTEREST EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
419,094
 
 
378,670
 
 
40,424
 
 
10.7
Communication and technology
 
 
68,795
 
 
73,687
 
 
(4,892)
 
 
(6.6)
Occupancy and equipment
 
 
36,269
 
 
34,041
 
 
2,228
 
 
6.5
Marketing and business development
 
 
11,099
 
 
10,031
 
 
1,068
 
 
10.6
Floor brokerage and clearance
 
 
5,989
 
 
6,186
 
 
(197)
 
 
(3.2)
Other
 
 
33,800
 
 
25,240
 
 
8,560
 
 
33.9
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL NON-INTEREST EXPENSES
 
 
575,046
 
 
527,855
 
 
47,191
 
 
8.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS BEFORE INCOME TAXES
 
 
57,395
 
 
41,286
 
 
16,109
 
 
39.0
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME TAXES
 
 
19,907
 
 
14,690
 
 
5,217
 
 
35.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET EARNINGS
 
$
37,488
 
$
26,596
 
$
10,892
 
 
41.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
$
0.46
 
$
0.33
 
$
0.13
 
 
39.4
Basic
 
$
0.47
 
$
0.34
 
$
0.13
 
 
38.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVERAGE COMMON AND COMMON
 
 
 
 
 
 
 
 
 
 
 
 
EQUIVALENT SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
80,488
 
 
80,313
 
 
 
 
 
 
Basic
 
 
79,394
 
 
79,453
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY
 
$
1,666,738
 
$
1,627,319
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BOOK VALUE PER SHARE
 
$
21.13
 
$
20.59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHARES OUTSTANDING (end of period)
 
 
78,866
 
 
79,023
 
 
 
 
 
 

 

A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended
 
 
 
 
 
 
 
August 31,
 
August 31,
 
Increase/
 
%
 
 
2003
 
2002
 
(Decrease)
 
Chg.
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commissions
 
$
510,193
 
$
475,657
 
$
34,536
 
 
7.3
Asset management and service fees
 
 
310,197
 
 
332,202
 
 
(22,005)
 
 
(6.6)
Principal transactions
 
 
152,574
 
 
167,378
 
 
(14,804)
 
 
(8.8)
Investment banking
 
 
164,241
 
 
133,715
 
 
30,526
 
 
22.8
Interest
 
 
48,172
 
 
56,793
 
 
(8,621)
 
 
(15.2)
Other
 
 
896
 
 
5,243
 
 
(4,347)
 
 
(82.9)
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL REVENUES
 
 
1,186,273
 
 
1,170,988
 
 
15,285
 
 
1.3
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
1,734
 
 
3,656
 
 
(1,922)
 
 
(52.6)
 
 
 
 
 
 
 
 
 
 
 
 
 
NET REVENUES
 
 
1,184,539
 
 
1,167,332
 
 
17,207
 
 
1.5
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-INTEREST EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
791,949
 
 
774,179
 
 
17,770
 
 
2.3
Communication and technology
 
 
133,314
 
 
146,713
 
 
(13,399)
 
 
(9.1)
Occupancy and equipment
 
 
68,511
 
 
66,029
 
 
2,482
 
 
3.8
Marketing and business development
 
 
20,891
 
 
20,151
 
 
740
 
 
3.7
Floor brokerage and clearance
 
 
10,649
 
 
11,606
 
 
(957)
 
 
(8.2)
Other
 
 
58,495
 
 
46,369
 
 
12,126
 
 
26.2
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL NON-INTEREST EXPENSES
 
 
1,083,809
 
 
1,065,047
 
 
18,762
 
 
1.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS BEFORE INCOME TAXES
 
 
100,730
 
 
102,285
 
 
(1,555)
 
 
(1.5)
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME TAXES
 
 
35,366
 
 
36,625
 
 
(1,259)
 
 
(3.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET EARNINGS
 
$
65,364
 
$
65,660
 
$
(296)
 
 
(0.5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
$
0.81
 
$
0.81
 
$
-
 
 
-
Basic
 
$
0.82
 
$
0.82
 
$
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVERAGE COMMON AND COMMON
 
 
 
 
 
 
 
 
 
 
 
 
EQUIVALENT SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
80,615
 
 
81,042
 
 
 
 
 
 
Basic
 
 
79,865
 
 
80,092
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY
 
$
1,666,738
 
$
1,627,319
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BOOK VALUE PER SHARE
 
$
21.13
 
$
20.59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SHARES OUTSTANDING (end of period)
 
 
78,866
 
 
79,023
 
 
 
 
 
 
 

 
 
A. G. EDWARDS, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
 
 
 
 
For the Three Months Ended
 
August 31,
 
May 31,
 
February 28,
 
November 30,
 
 
August 31,
 
 
2003
 
2003
 
2003
 
2002
 
 
2002
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commissions
 
$
268,393
 
$
241,800
 
$
214,698
 
$
204,664
 
$
224,284
Asset management and service fees
 
 
161,762
 
 
148,435
 
 
146,480
 
 
146,944
 
 
163,347
Principal transactions
 
 
82,178
 
 
70,396
 
 
74,328
 
 
69,418
 
 
83,732
Investment banking
 
 
94,557
 
 
69,684
 
 
51,913
 
 
65,552
 
 
71,857
Interest
 
 
23,986
 
 
24,186
 
 
23,249
 
 
25,985
 
 
27,821
Other
 
 
2,515
 
 
(1,619)
 
 
3,522
 
 
1,474
 
 
(482)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL REVENUES
 
 
633,391
 
 
552,882
 
 
514,190
 
 
514,037
 
 
570,559
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
950
 
 
784
 
 
507
 
 
1,051
 
 
1,418
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET REVENUES
 
 
632,441
 
 
552,098
 
 
513,683
 
 
512,986
 
 
569,141
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NON-INTEREST EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation and benefits
 
 
419,094
 
 
372,855
 
 
342,509
 
 
336,983
 
 
378,670
Communication and technology
 
 
68,795
 
 
64,519
 
 
68,112
 
 
67,778
 
 
73,687
Occupancy and equipment
 
 
36,269
 
 
32,242
 
 
33,712
 
 
34,408
 
 
34,041
Marketing and business development
 
 
11,099
 
 
9,792
 
 
9,643
 
 
10,383
 
 
10,031
Floor brokerage and clearance
 
 
5,989
 
 
4,660
 
 
4,820
 
 
6,038
 
 
6,186
Other
 
 
33,800
 
 
24,695
 
 
22,057
 
 
21,077
 
 
25,240
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL NON-INTEREST EXPENSES
 
 
575,046
 
 
508,763
 
 
480,853
 
 
476,667
 
 
527,855
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS BEFORE INCOME TAXES
 
 
57,395
 
 
43,335
 
 
32,830
 
 
36,319
 
 
41,286
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME TAXES
 
 
19,907
 
 
15,459
 
 
11,629
 
 
4,352
 
 
14,690
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET EARNINGS
 
$
37,488
 
$
27,876
 
$
21,201
 
$
31,967
 
$
26,596
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
$
0.46
 
$
0.35
 
$
0.26
 
$
0.39
 
$
0.33
Basic
 
$
0.47
 
$
0.35
 
$
0.26
 
$
0.40
 
$
0.34
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVERAGE COMMON AND COMMON
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EQUIVALENT SHARES OUTSTANDING:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
80,488
 
 
80,738
 
 
81,574
 
 
81,013
 
 
80,313
Basic
 
 
79,394
 
 
80,337
 
 
80,400
 
 
79,945
 
 
79,453
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY
 
$
1,666,738
 
$
1,674,808
 
$
1,688,537
 
$
1,668,482
 
$
1,627,319
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BOOK VALUE PER SHARE
 
$
21.13
 
$
20.99
 
$
20.92
 
$
20.85
 
$
20.59

 

A.G. EDWARDS, INC.
QUARTERLY STATISTICAL INFORMATION
(Dollars in thousands, except per share amounts)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2Q FY04
 
1Q FY04
 
4Q FY03
 
3Q FY03
 
 
2Q FY03
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Revenues
 
$
632,441
 
$
552,098
 
$
513,683
 
$
512,986
 
$
569,141
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
 
$
57,395
 
$
43,335
 
$
32,830
 
$
36,319
 
$
41,286
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings
 
$
37,488
 
$
27,876
 
$
21,201
 
$
31,967
 
$
26,596
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings as a
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of Net Revenues
 
 
5.9%
 
 
5.0%
 
 
4.1%
 
 
6.2%
 
 
4.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Diluted Shares-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(000's Omitted)
 
 
80,488
 
 
80,738
 
 
81,574
 
 
81,013
 
 
80,313
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Share (Diluted)
 
$
0.46
 
$
0.35
 
$
0.26
 
$
0.39
 
$
0.33
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends Per Share
 
$
0.16
 
$
0.16
 
$
0.16
 
$
0.16
 
$
0.16
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders' Equity
 
$
1,666,738
 
$
1,674,808
 
$
1,688,537
 
$
1,668,482
 
$
1,627,319
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Book Value Per Share
 
$
21.13
 
$
20.99
 
$
20.92
 
$
20.85
 
$
20.59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return On Average Equity-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Quarter Results Annualized)
 
 
9.0%
 
 
6.6%
 
 
5.1%
 
 
7.8%
 
 
6.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
4,066,745
 
$
3,921,934
 
$
3,980,094
 
$
3,912,376
 
$
3,922,854
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Consultants
 
 
7,024
 
 
7,121
 
 
7,255
 
 
7,320
 
 
7,372
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Full-time Employees
 
 
15,948
 
 
16,079
 
 
16,354
 
 
16,490
 
 
16,698
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Locations
 
 
706
 
 
707
 
 
709
 
 
709
 
 
708
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Client Assets
 
$
253,000,000
 
$
248,000,000
 
$
228,000,000
 
$
236,000,000
 
$
234,000,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets In Fee-based Accounts
 
$
23,405,000
 
$
21,769,000
 
$
19,973,000
 
$
20,882,000
 
$
20,339,000