-----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, Lj4HFjgx2jkjtx+xrmAPKdq+wPmynfJlMZ6JnpGG7c4Gi/owkBpAY1ucaZ+ReRCi 55w5EgBJON2g2l2RMy9+PQ== 0000076744-96-000007.txt : 19960410 0000076744-96-000007.hdr.sgml : 19960410 ACCESSION NUMBER: 0000076744-96-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960224 FILED AS OF DATE: 19960409 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAYLESS CASHWAYS INC CENTRAL INDEX KEY: 0000076744 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211] IRS NUMBER: 420945849 STATE OF INCORPORATION: IA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08210 FILM NUMBER: 96545212 BUSINESS ADDRESS: STREET 1: TWO PERSHING SQ 2300 MAIN ST CITY: KANSAS CITY STATE: MO ZIP: 64108 BUSINESS PHONE: 8162346000 10-Q 1 FORM 10-Q 2/24/96 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (Mark One) / X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 24, 1996 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8210 PAYLESS CASHWAYS, INC. (Exact name of registrant as specified in its charter) Iowa 42-0945849 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Two Pershing Square 2300 Main, P.O. Box 419466 Kansas City, Missouri 64141-0466 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (816) 234-6000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 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. Common Stock, $.01 par value, outstanding as of March 29, 1996: Voting -- 37,669,436 shares Class A Non-Voting -- 2,250,000 shares 2 PAYLESS CASHWAYS, INC. AND SUBSIDIARY PART I -- FINANCIAL INFORMATION Item 1. Financial Statements CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (1) (In thousands, except per share amounts)
Thirteen Weeks Ended February 24, February 25, 1996 1995 ----------------- ---------------- Income Net sales $ 526,767 $ 556,218 Other income 1,597 1,344 ----------------- ---------------- 528,364 557,562 Costs and Expenses Cost of merchandise sold 372,916 389,065 Selling, general and administrative 141,405 142,669 Provision for depreciation and amortization 13,184 14,689 Interest expense 15,352 15,273 ----------------- ---------------- 542,857 561,696 ----------------- ---------------- LOSS BEFORE INCOME TAXES (14,493) (4,134) Federal and state income taxes (6,870) (1,770) ----------------- ----------------- Loss before equity in loss of joint venture (7,623) (2,364) Equity in loss of joint venture -- (1,500) ----------------- ----------------- NET LOSS $ (7,623) $ (3,864) ================= ================= Net loss per common share (2) $ (.23) $ (.13) ================= ================= Weighted average common shares outstanding 39,916 39,878 ================= ================= See notes to condensed consolidated financial statements
3 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (1)
February 24, November 25, February 25, (In thousands) 1996 1995 1995 ------------- -------------- ------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 23,165 $ 960 $ 19,209 Merchandise inventories (3) 388,584 392,604 397,935 Prepaid expenses and other current assets 19,896 29,375 15,465 Deferred income taxes 19,083 19,740 9,927 ------------- -------------- ------------- TOTAL CURRENT ASSETS 450,728 442,679 442,536 OTHER ASSETS Real estate held for sale 9,224 6,082 5,496 Cost in excess of net assets acquired, less accumulated amortization of $97,856, $95,372 and $85,610, respectively 322,686 323,819 435,057 Deferred financing costs 11,014 11,421 12,533 Other 15,054 14,925 20,978 LAND, BUILDINGS AND EQUIPMENT 797,795 826,455 824,635 Allowance for depreciation and amortization (261,665) (280,945) ------------- -------------- (246,522) TOTAL LAND, BUILDINGS AND EQUIPMENT 536,130 545,510 578,113 ------------- -------------- ------------- $ 1,344,836 $ 1,344,436 $ 1,494,713 ============= ============== ============= See notes to condensed consolidated financial statements
4 CONDENSED CONSOLIDATED BALANCE SHEETS - Continued (Unaudited) (1)
February 24, November 25, February 25, (In thousands) 1996 1995 1995 ------------- -------------- ------------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current portion of long-term debt $ 14,798 $ 31,472 $ 50,732 Trade accounts payable 179,622 159,844 142,250 Other current liabilities 147,090 146,278 117,466 Income taxes payable 5,304 6,685 8,929 ------------- -------------- ------------- TOTAL CURRENT LIABILITIES 346,814 344,279 319,377 LONG-TERM DEBT, less portion classified as current liability (4) 614,222 608,627 650,002 NON-CURRENT LIABILITIES Deferred income taxes 59,631 59,994 71,566 Other 23,507 23,373 23,204 SHAREHOLDERS' EQUITY Preferred Stock, $1.00 par value, 25,000,000 shares authorized; issued: Cumulative Preferred Stock, 406,000 shares, $74.0 million aggregate liquidation preference 40,600 40,600 40,600 Common Stock, $.01 par value: Voting, 150,000,000 shares authorized, 37,668,206, 37,663,922, and 37,662,022 shares issued, respectively 376 376 377 Non-Voting Class A, 5,000,000 shares authorized, 2,250,000 shares issued 23 23 23 Additional paid-in capital 487,206 487,083 486,703 Foreign currency translation adjustment -- -- (1,905) Accumulated deficit (227,543) (219,919) (95,234) ------------- -------------- ------------- TOTAL SHAREHOLDERS' EQUITY 300,662 308,163 430,564 ------------- -------------- ------------- $ 1,344,836 $ 1,344,436 $ 1,494,713 ============= ============== ============= See notes to condensed consolidated financial statements
5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (1)
(In thousands) Thirteen Weeks Ended ---------------------------------------------------- February 24, February 25, 1996 1995 ----------------- ----------------- Cash Flows from Operating Activities Net loss $ (7,623) $ (3,864) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 13,184 14,689 Non-cash interest 600 550 Equity in loss of joint venture -- 1,500 Deferred income taxes 294 (941) Other 394 332 Changes in assets and liabilities 20,975 2,657 ----------------- ----------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 27,824 14,923 Cash Flows from Investing Activities Additions to land, buildings and equipment (4,375) (19,278) Proceeds from sale of land, buildings and equipment 11,893 22 Acquisition of business, excluding working capital Land, buildings and equipment (193) -- Purchase price in excess of net assets acquired (1,351) -- Investment in joint venture -- (2,941) Increase in other assets (129) (891) ----------------- ----------------- NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 5,845 (23,088) Cash Flows from Financing Activities Retirements of long-term debt (4) (20,079) (3,666) Proceeds from long-term debt 9,000 30,000 Sale of Common Stock under stock option plan 10 -- Other (395) (1,640) ----------------- ----------------- NET CASH USED IN FINANCING ACTIVITIES (11,464) 24,694 ----------------- ----------------- Net increase in cash and cash equivalents 22,205 16,529 Cash and cash equivalents, beginning of period 960 2,680 ----------------- ----------------- Cash and cash equivalents, end of period $ 23,165 $ 19,209 ================= ================= See notes to condensed consolidated financial statements
6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Thirteen weeks ended February 24, 1996 and February 25, 1995. (1) The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. To the extent that information and footnotes required by generally accepted accounting principles for complete financial statements are contained in or consistent with the audited consolidated financial statements incorporated by reference in the Company's Form 10-K for the year ended November 25, 1995, such information and footnotes have not been duplicated herein. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of financial statements have been reflected herein. The November 25, 1995, condensed consolidated balance sheet has been derived from the audited consolidated financial statements as of that date. (2) Net loss per common share has been computed based on the weighted average number of common shares outstanding during the period plus common stock equivalents, when dilutive, consisting of certain stock options and warrants. For purposes of this computation, net loss was adjusted for dividend requirements on preferred stock. (3) Approximately 83% of the Company's inventories are valued using the LIFO (last-in, first-out) method. Because inventory determination under the LIFO method is only made at the end of each fiscal year based on the inventory levels and costs at that time, interim LIFO determinations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Since future estimates of inventory levels and costs are subject to change, interim financial results reflect the Company's most recent estimate of the effect of inflation and are subject to final year-end LIFO inventory amounts. If the FIFO (first-in, first-out) method of inventory accounting had been used by the Company, inventories would have been $29.0 million, $27.5 million and $24.5 million higher than reported at February 24, 1996, November 25, 1995 and February 25, 1995, respectively. (4) Long-term debt consisted of the following:
February 24, November 25, February 25, (In thousands) 1996 1995 1995 ------------- -------------- --------------- Amended Credit Agreement $ 335,000 $ 326,000 $ 375,000 Mortgage loan payable to insurance company 118,934 138,987 150,551 Senior subordinated notes - 9-1/8% 173,655 173,655 173,655 Other senior debt 1,431 1,457 1,528 ------------- -------------- ------------- 629,020 640,099 700,734 Less portion classified as current liability (14,798) (31,472) ------------- -------------- (50,732) $ 614,222 $ 608,627 $ 650,002 ============= ============== =============
7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS INCOME Net sales for the quarter ended February 24, 1996 decreased 5.3% from the same period of 1995 in total and 6.8% on a comparable-store sales basis. (Comparable stores are those open one full year.) Sales for the first quarter of 1996 were negatively impacted by severe weather in many of the Company's markets and the factors that adversely affected fiscal 1995: deflated lumber costs, a slower housing environment, softness in consumer spending, competitive pressures and, in a number of markets, an excess of retail space devoted to the sale of building materials. Six stores were closed during the first quarter of 1996 in connection with the restructuring plan announced in the fourth quarter of 1995. Those six stores accounted for $4.9 million and $13.1 million of sales in the first quarters of 1996 and 1995, respectively. During the first quarter of 1995, the Company opened one new store and sold two stores. COSTS AND EXPENSES Cost of merchandise sold as a percent of sales was 70.8% and 70.0% for the first quarter of 1996 and 1995, respectively. The increase was primarily due to the Company's pricing initiatives. Selling, general and administrative expenses were 26.8% and 25.6% of sales for the first quarter of 1996 and 1995, respectively. The increase as a percent of sales was due primarily to lower sales in 1996. The provision for depreciation and amortization decreased from the first quarter of 1995 due primarily to goodwill written-off and assets removed from service in connection with the 1995 restructuring plan. Interest expense for the first quarter of 1996 was essentially unchanged compared to the same period of 1995. While borrowing levels were lower in 1996, this was offset by higher rates under the Amended Credit Agreement. The income tax benefit for the first quarter of 1996 was $6.9 million compared to $1.8 million for the first quarter of 1995. The effective tax rates for both periods were different from the 35% statutory rate primarily due to the effect of goodwill amortization, which is non-deductible for income tax purposes. Such tax benefits reflect management's estimates of the annual effective tax rates at the end of each quarter. NET LOSS Net loss for the quarter ended February 24, 1996 was $7.6 million compared to $3.9 million for the same period of 1995. The decrease in net loss was primarily the result of decreased comparable store sales. Net loss for the first quarter of 1995 also reflects a $1.5 million loss attributable to the Company's former joint venture in Mexico discussed further below. LIQUIDITY AND CAPITAL RESOURCES The Company's principal source of cash is from operations. Cash provided by operating activities was $27.8 million for the first quarter of 1996 compared to $14.9 million for the same period of 1995. The primary reason for the increase in cash from operating activities was an increase in trade accounts payable. During the first quarter of 1996, the Company used cash of approximately $3.7 million in operating activities related to the execution of the 1995 restructuring plan announced in the fourth quarter of 1995. Due to seasonally lower sales in the winter months, cash flow in the first quarter represents a small amount of annual operating cash flow. Borrowings are available under the Amended Credit Agreement to supplement cash generated by operations. At February 24, 1996, $74.5 million was available for borrowing under the Amended Credit Agreement. At February 24, 1996, working capital was $103.9 million compared to $98.4 million and $123.2 million at November 25, 1995 and February 25, 1995, respectively. The current ratios at February 24, 1996, November 25, 1995, and February 25, 1995 were 1.30 to 1, 1.29 to 1, and 1.39 to 1, respectively. 8 MANAGEMENT'S DISCUSSION AND ANALYSIS - Continued The Company's primary investing activities are capital expenditures for strategic initiatives, renovation of existing stores, and additional equipment. The Amended Credit Agreement governs the amount of capital expenditures which can be made. The Company spent approximately $5.9 million and $19.3 million during the first quarter of 1996 and 1995, respectively, for strategic initiatives including the acquisition of a door and trim manufacturer during January 1996, renovation of existing stores, additional equipment and, in fiscal 1995, new stores. The Company intends to finance the remaining fiscal 1996 capital expenditures of approximately $49 million, consisting primarily of strategic initiatives, renovation of existing stores and additional equipment, with funds generated from operations. For fiscal 1996, the Company has shifted its emphasis from new store openings to an initiative that further addresses the needs of the professional and do-it-yourself customers. Several stores have been reoriented to concentrate on the professional customer and merchandise assortment is being added to many stores to address do-it-yourself customer demand for more choices of price, quality and style. During the first quarter of 1996, the Company sold a distribution center in connection with the 1995 restructuring plan, providing approximately $11.9 million of cash proceeds. During the first quarter of fiscal 1995, the Company had also invested $2.9 million in its joint venture, Total Home de Mexico, S.A. de C.V. Significant changes in the Mexican economy caused the Company to reassess its position and sell its Mexican investment to an affiliate of its former joint venture partner in October 1995. The Company's most significant financing activity is and will continue to be the retirement of indebtedness. In connection with the sale of the distribution center, discussed above, and in anticipation of selling real estate related to recently closed stores, the Company repaid approximately $16.5 million of related indebtedness during the first quarter of 1996. Although the Company's consolidated indebtedness is and will continue to be substantial, management believes that, based upon its analysis of the Company's financial condition, the cash flow generated from operations during the past 12 months and the expected results of operations in the future, cash flow from operations and borrowing availability under the Amended Credit Agreement should provide sufficient liquidity to meet all cash requirements for the next 12 months without additional borrowings. The Amended Credit Agreement and certain lease agreements contain covenants relating to, among other things, the maximum debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios and minimum interest coverage ratios. Compliance with these covenants is determined on a "rolling four-quarter" basis. In order to achieve compliance with these covenants during 1996, the Company's operating results must substantially meet management's expectations for the remainder of 1996. Management currently expects that it will achieve compliance with these covenants throughout 1996; however, factors beyond management's control, including economic conditions, lumber prices, competitive conditions and weather, could cause non-compliance. If compliance with these covenants is not achieved, the Company may be required to renegotiate its existing covenants with lenders or to refinance borrowings. During the past several years the Company has been able to negotiate operating flexibility with its lenders, although future success in achieving any such renegotiations or refinancings, or the specific terms thereof, including interest rates, capital expenditure limits or borrowing capacity, cannot be assured. Forward-looking statements in this Quarterly Report are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made above. Investors are cautioned that all forward-looking statements involve risks and uncertainty. In addition to the factors discussed above, among the other factors that could cause actual results to differ materially are the following: consumer spending and debt levels; interest rates; housing activity, including existing home turnover and new home construction; lumber prices; product mix; sale of certain real estate; growth of certain market segments; competitive pressure on sales and pricing, and an excess of retail space devoted to the sale of building materials. Additional information concerning those and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Form 10-K, copies of which are available from the Company without charge. 9 REVIEW BY INDEPENDENT AUDITORS The condensed consolidated financial statements of Payless Cashways, Inc. and its subsidiary for the thirteen week periods ended February 24, 1996 and February 25, 1995, have been reviewed by KPMG Peat Marwick LLP, independent auditors. Their report is included in this filing. PART II -- OTHER INFORMATION Item 1. Legal Proceedings. A group of terminated employees and others have filed a lawsuit against the Company and other named defendants in the United States District Court for the Southern District of Iowa. (See the full description of the lawsuit in Item 3-Legal Proceedings contained in the Company's Form 10-K for the year ended November 25, 1995.) The lawsuit was brought in connection with a reduction in force pursuant to a January 1994 restructuring. The suit has asserted a variety of claims including federal and state securities fraud claims, alleged violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act, federal and state claims of age discrimination, alleged violations of the Employment Retirement Income Security Act of 1974, and various state law claims including, but not limited to, fraudulent misrepresentation allegations. The Company filed a motion to dismiss the majority of the claims; and Rulings and an Order have been issued with respect thereto, substantially narrowing plaintiff's legal claims by dismissing some age discrimination counts, all federal securities fraud and RICO counts except one each, and all state law counts related to an alleged partnership. An Answer to the Complaint has been filed and discovery is proceeding. The Company denies any and all claimed liability and is vigorously defending this litigation, but, given the early state of this litigation, is unable to estimate a potential range of monetary exposure, if any, to the Company or to predict the likely outcome of this matter. Item 4. Submission of Matters to a Vote of Security Holders. None. Item 6. Exhibits and Reports on Form 8-K. a. Exhibits. 4.0 Long-term debt instruments of Payless in amounts not exceeding ten percent (10%) of the total assets of Payless and its subsidiary on a consolidated basis will be furnished to the Commission upon request. 11.1 Computation of per share earnings. 15.1 Letter re unaudited financial information - KPMG Peat Marwick LLP. 27.1 Financial data schedule. b. Reports on Form 8-K. No reports on Form 8-K were filed by Payless during the quarter ended February 24, 1996. 10 PAYLESS CASHWAYS, INC. AND SUBSIDIARY SIGNATURE 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. PAYLESS CASHWAYS, INC. (Registrant) Date: April 8, 1996 By s/Stephen A. Lightstone --------------------------------------------- Stephen A. Lightstone, Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) EX-11 2 EARNINGS PER SHARE CALCULATION 1 Exhibit 11.1 PAYLESS CASHWAYS, INC. AND SUBSIDIARY COMPUTATION OF PER SHARE LOSS - ------------------------------------- (In thousands, except per share amounts)
Quarter and Year Ended ----------------------------------------------- February 24, February 25, 1996 1995 ------------ ------------ PRIMARY - ------- Net loss $ (7,623) $ (3,864) Less: Preferred stock dividends (1,452) (1,341) ------------ ------------ Net loss available to common shareholders $ (9,075) $ (5,205) ------------ ------------ Weighted average common and dilutive common equivalent shares outstanding 39,916 (1) 39,878 (1) ------------ ------------ Net loss per common share $ (.23) $ (.13) ============ ============ FULLY DILUTED - ------------- Net loss $ (7,623) $ (3,864) Less: Preferred stock dividends (1,452) (1,341) ------------ ------------ Net loss available to common shareholders $ (9,075) $ (5,205) ------------ ------------ Weighted average common and dilutive common equivalent shares outstanding 39,916 (1) 39,878 (1) ------------ ------------ Net loss per common share $ (.23) $ (.13) ============ ============ (1) Due to a loss being incurred for the period, dilutive common equivalent shares have not been computed as the resulting earnings per share would be antidilutive.
EX-15 3 AUDITOR'S LETTER 1 EXHIBIT 15.1 - ------------ [Letterhead of KPMG Peat Marwick LLP] INDEPENDENT AUDITORS' REPORT ---------------------------- The Board of Directors Payless Cashways, Inc.: We have reviewed the accompanying condensed consolidated balance sheets of Payless Cashways, Inc. and subsidiary as of February 24, 1996 and February 25, 1995 and the related condensed consolidated statements of operations and cash flows for the thirteen week periods then ended. These financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such as opinion. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Payless Cashways, Inc. and subsidiary as of November 25, 1995 and the related consolidated statements of operations, shareholders' equity and cash flows for the fiscal year then ended (not presented herein); and in our report dated January 9, 1996, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of November 25, 1995 is fairly presented, in all material respects, in relation to the consolidated balance sheet from which it has been derived. s/ KPMG Peat Marwick LLP Kansas City, Missouri March 11, 1996 2 EXHIBIT 15.1 - ------------ [Letterhead of KPMG Peat Marwick LLP] Payless Cashways, Inc. Kansas City, Missouri Gentlemen: With respect to the subject registration statements on Form S-8 and Form S-3, we acknowledge our awareness of the use therein of our report dated March 11, 1996 related to our review of interim financial information. Pursuant to Rule 436(c) under the Securities Act of 1993, such report is not considered a part of a registration statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of the Securities Act. s/ KPMG Peat Marwick LLP Kansas City, Missouri April 8, 1996 EX-27 4 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the February 24, 1996, financial statements and is qualified in its entirety by reference to such financial statements. 1000 3-MOS NOV-30-1996 FEB-24-1996 23165 0 0 0 388584 450728 797795 261665 1344836 346814 614222 0 40600 399 259663 1344836 526767 528364 372916 372916 0 0 15352 (14493) (6870) (7623) 0 0 0 (7623) (.23) 0
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