-----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, KE0V7PYzZP9StIQp+r5E5fW86kVlhahvWgMOa6uTFNKgd0MO4Z3esrtSnIMUL4iI JrPB9cOB8xfMi85k4FxUUQ== 0000077360-98-000012.txt : 19980812 0000077360-98-000012.hdr.sgml : 19980812 ACCESSION NUMBER: 0000077360-98-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980810 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENTAIR INC CENTRAL INDEX KEY: 0000077360 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550] IRS NUMBER: 410907434 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11625 FILM NUMBER: 98681135 BUSINESS ADDRESS: STREET 1: 1500 COUNTY RD - B2 WEST STREET 2: SUITE 400 CITY: ST PAUL STATE: MN ZIP: 55113-3105 BUSINESS PHONE: 6126367920 FORMER COMPANY: FORMER CONFORMED NAME: PENTAIR INDUSTRIES INC DATE OF NAME CHANGE: 19790327 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 Commission File No. 001-11625 PENTAIR, INC. (Exact name of Registrant as specified in its charter) Minnesota 41-907434 State of incorporation) (IRS Employer Identification No.) 1500 County B2 West, Suite 400 St. Paul, Minnesota 55113-3105 (Address of principal executive offices) (Zip Code) (612) 636-7920 (Registrant's telephone number, including area code) 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 The number of shares outstanding of Registrant's only class of common stock on June 30, 1998 was 38,557,008. PENTAIR, INC. AND SUBSIDIARIES FORM 10-Q TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Consolidated Statement of Income Consolidated Balance Sheet Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements Management's Discussion and Analysis of Financial Condition and Results of Operations PART II - OTHER INFORMATION Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K Signature Page PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS PENTAIR, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) ($ expressed in thousands except per share amounts)
Six Months Ended Quarter Ended June 30 June 30 1998 1997 1998 1997 Net sales $936,755 $833,444 $471,790 $422,305 Operating costs: Cost of goods sold 645,575 578,542 325,420 293,354 Selling, general and Administrative 202,593 178,855 101,672 90,383 Total operating costs 848,168 757,397 427,092 383,737 Operating Income 88,587 76,047 44,698 38,568 Interest expense - net 10,969 10,095 5,616 4,977 Income before income taxes 77,618 65,952 39,082 33,591 Provision for income taxes 29,495 26,051 14,668 13,107 Net income 48,123 39,901 24,414 20,484 Preferred dividend requirements 2,362 2,434 1,178 1,216 Income available to common shareholders $45,761 $37,467 $23,236 $19,268 Basic Earnings per Common Share $1.19 $0.99 $0.60 $0.51 Diluted Earnings per Common Share $1.10 $0.92 $0.56 $0.47 Weighted Average Common Shares Outstanding 38,408 37,896 38,525 37,950 Outstanding Assuming Dilution 43,336 42,977 43,381 43,015
PENTAIR, INC. CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands)
June 30, December 31, 1998 1997 ASSETS Current assets Cash and cash equivalents $35,343 $34,340 Accounts and notes receivable 372,947 369,220 Inventories 282,885 266,409 Other current assets 35,936 35,401 Total current assets 727,111 705,370 Property, Plant & Equipment - net 281,570 293,554 Goodwill 425,589 429,279 Other assets 46,698 44,659 TOTAL ASSETS $1,480,968 $1,472,862 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts and notes payable $123,574 $152,592 Compensation and other benefits accruals 67,516 70,758 Income taxes 1,291 15,158 Accrued product claims and warranties 32,585 35,114 Accrued rebates 11,777 21,658 Accrued expenses and other liabilities 62,354 62,194 Current maturities of long-term debt 40,000 34,703 Total current liabilities 339,097 392,177 Long-term debt 322,638 294,549 Pensions and other retirement compensation 54,849 52,470 Postretirement medical and other benefits 41,739 45,135 Reserves - insurance subsidiary 33,466 32,313 Other liabilities 23,146 25,656 Commitments and contingencies Preferred stock - at liquidation value 55,987 59,696 Unearned compensation relating to ESOP (4,365) (6,315) Common stock - par value, $.16 2/3 6,427 6,365 Additional paid-in capital 189,710 186,486 Accumulated other comprehensive income (5,600) (5,085) Retained earnings 423,874 389,415 Total shareholders' equity 666,033 630,562 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,480,968 $1,472,862
See Notes to Consolidated Financial Statements. PENTAIR, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (in thousands)
Six Months Ended June 30 June 30 1998 1997 Cash provided by (used for) Operating activities Net income $48,123 $39,901 Adjustments to reconcile to cash flow: Depreciation 27,683 28,630 Amortization 9,183 6,191 Deferred income taxes (1,230) (118) Changes in assets and liabilities, net of effects of acquisitions/dispositions Accounts receivable (15,085) (28,924) Inventories (15,924) (40,662) Accounts payable (24,650) 4,384 Compensation and benefits (3,474) 4,334 Income taxes (13,887) (17,457) Pensions and other retirement compensation 2,452 2,735 Reserves - insurance subsidiary 1,153 2,342 Other assets/liabilities - net (14,528) (7,687) Cash used for operating activities (184) (6,331) Investing activities Capital expenditures (15,569) (46,146) Payments for acquisition of businesses (15,925) (16,419) Proceeds from sale of businesses 13,001 0 Other 650 (7,654) Cash used for investing activities (17,843) (70,219) Financing activities Borrowings 69,689 92,267 Debt payments (34,454) (7,590) Repurchase of stock (2,577) 0 Unearned ESOP compensation decrease 1,950 1,980 Employee stock plans and other 2,365 3,279 Dividends paid (13,861) (12,663) Cash provided by financing activities 23,112 77,273 Effects of currency exchange rate changes (4,082) 4,896 Increase in cash and cash equivalents 1,003 5,619 Cash and cash equivalents - beginning of period 34,340 22,973 - end of period $35,343 $28,592
See Notes to Consolidated Financial Statements. PENTAIR, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions for Form 10-Q and, accordingly, do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring accruals, considered necessary for a fair presentation have been included. These statements should be read in conjunction with the financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 1997, previously filed with the Commission. The results of operations for the six months ended June 30, 1998 are not necessarily indicative of the operating results to be expected for the full year. Income tax provisions for interim periods are based on the current best estimate of the effective annual federal, state and foreign income tax rates. 2. Adoption of New Accounting Standards In 1997, the Company adopted the following new accounting standards: Statement of Financial Accounting Standard (FAS) No. 128, "Earnings per Share", Statement of Financial Accounting Standard (FAS) No. 130 "Reporting Comprehensive Income", and Statement of Financial Accounting Standard (FAS) No. 131 "Disclosures about Segments of an Enterprise and Related Information". FAS 128 requires the reporting of earnings per share (EPS) in two forms: basic EPS and diluted EPS. Pentair has historically reported its EPS on a fully diluted basis, which reflects the dilution resulting from employee stock options and convertible securities related to employee benefit plans, and is directly comparable to the new diluted EPS reported. See also Note 3. FAS 130 establishes standards for the reporting of comprehensive income and its components. Comprehensive income is defined as the change in equity during the period from transactions and other events and circumstances from non-owner sources. See also Note 4. FAS 131 requires the Company to report information about its operating segments based upon how the Company manages its operations. The Company manages its businesses in three distinct operating groups and has realigned its external reportable segments to conform with these internal management structures. The three reportable segments -- Professional Tools and Equipment, Water and Fluid Technologies, and Electrical and Electronic Enclosures - replace the Specialty Products and General Industrial Equipment segments which had been reported since 1991. Prior year financial statements have been restated accordingly. 3. Earnings per common share Basic earnings per common share is computed by dividing net income, after deducting preferred stock dividends, by the average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income after adjusting the tax benefits on deductible ESOP dividends by the average common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of dilutive stock options and upon the assumed conversion of each series preferred stock. The tax benefits applicable to preferred dividends paid to ESOPs are recorded in the following ways: for allocated shares, they are credited to income tax expense and included in the earnings per share calculation; for unallocated shares, they are credited to retained earnings and excluded from the earnings per share calculation. Effective December 15, 1997, the Company adopted Statement of Financial Accounting Standards No. 128, "Earnings per Share" (SFAS No. 128). Earnings per share amounts presented for 1997 have been restated for the adoption of SFAS No. 128. The following table reflects the calculation of basic and diluted earnings per share. (In thousands except per share amounts) June 30 June 30 1998 1997 Earnings per share Income from continuing operations $48,123 $39,901 Preferred dividend requirements 2,362 2,434 Income available to common shareholders 45,761 37,467 Weighted average shares outstanding 38,408 37,896 Basic Earnings per Common Share $1.19 $0.99 Earnings per share - assuming dilution Income available to common shareholders 45,761 37,467 Add back preferred dividend requirements due to conversion into common shares 2,362 2,434 Elimination of tax benefit on preferred ESOP dividend due to conversion into common shares (768) (743) Addition of tax benefit on ESOP dividend assuming conversion to common shares - at common dividend rate 444 387 Income available to common shareholders assuming dilution 47,799 39,545 Weighted average shares outstanding 38,408 37,896 Dilutive impact of stock options outstanding 524 413 Assumed conversion of preferred stock 4,404 4,668 Weighted average shares and potentially dilutive shares outstanding 43,336 42,977 Diluted Earnings per Common Share $1.10 $0.92
4. Comprehensive Income (in thousands) Six Months Ended June 30 1998 1997 Total Comprehensive Income $47,608 $35,853 Three Months Ended June 30 1998 1997 Total Comprehensive Income $23,991 $22,595 5. Inventories (In thousands) June 30, December 31, 1998 1997 Finished goods $153,455 $131,847 Work in process 60,097 58,047 Raw materials and supplies 69,333 76,515 Total $282,885 $266,409 6. Property Plant and Equipment (In thousands) June 30, December 31, 1998 1997 Land and land improvements $14,404 $14,278 Buildings 121,162 119,996 Machinery and equipment 386,422 374,967 Construction in progress 19,998 19,113 Accumulated depreciation (260,416) (234,800) Net Property Plant and Equipment $281,570 $293,554 7. The long-term debt is summarized as follows: (in thousands) June 30, December 31, 1998 1997 Revolving credit facilities $133,021 $102,119 Private placement debt 195,716 197,858 Other 33,901 29,275 TOTAL 362,638 329,252 Current maturities (40,000) (34,703) Total long-term debt $322,638 $294,549 Debt agreements contain various restrictive covenants, including a limitation on the payment of dividends and certain other restricted payments. Under the most restrictive covenants, $147 million of the June 30, 1998 retained earnings were unrestricted for such purposes. 8. Capital Stock Preferred - authorized 2,800,000 outstanding - Series 1988 108,224 outstanding - Series 1990 1,493,239 Common - authorized 122,200,000 outstanding 38,557,008 On December 29, 1997, the Company announced that the Pentair board had authorized the repurchase within the next 12 months of up to 350,000 shares of Pentair common stock. Any purchases would be made periodically in the open market, by block purchases or private transactions. The share repurchase is intended to offset the dilution caused by stock issuances under employee stock compensation plans. The Company has repurchased 70,000 shares through June 30, 1998. 9. Supplemental Statement of Cash Flows Information The following is supplemental information relating to the Statement of Cash Flows ($000's): Six Months Ended June 30 1998 1997 Interest paid $11,563 $7,130 Income tax payments 44,408 39,773 10. Reclassifications Certain reclassifications have been made to prior years' financial statements to conform to the current year presentation. ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION BUSINESS SEGMENT INFORMATION Selected information for business segments for the six months ended June 30, 1998 and 1997 follows: Segment Information ($000s): 1998 PTE WFT EEE Other Total Net sales from external customers $382,866 $270,365 $283,524 $0 $936,755 Intersegment net sales 3,369 3,452 0 (6,821) 0 Segment profit (loss) - operating income 43,298 33,164 29,343 (17,218) 88,587 Segment assets 434,322 511,743 470,895 64,008 1,480,968 1997 Net sales from external customers $325,962 $162,528 $286,613 $58,341 $833,444 Intersegment net sales 4,886 3,619 0 (8,505) 0 Segment profit (loss) - operating income 30,702 22,415 29,245 (6,315) 76,047 Segment assets 381,637 277,445 521,034 209,865 1,389,981
PTE = Professional Tools and Equipment WFT = Water and Fluid Technologies EEE = Electrical and Electronic Enclosures Other = Corporate expenses, captive insurance company, intermediate financial companies, charges that do not relate to current operations, divested operations (Federal Cartridge, 1997), intercompany eliminations, and all cash and cash equivalents. Second quarter 1998 included unusually heavy expenses associated with acquisition activities. RESULTS OF OPERATIONS Consolidated Results. Consolidated net sales increased to $936.8 million for the first six months of 1998, representing a 12.4% increase over 1997. The double-digit growth rate is attributed to excellent performance in the tools and equipment businesses and acquisitions (primarily the pump businesses purchased from General Signal), net of the divestiture of Federal Cartridge. Operating income increased to $88.6 million in 1998, up 16.5% over 1997, and operating income as a percent of sales improved from 9.1% to 9.5%. Gross profit margins increased in 1998 to 31.1% versus 30.6% in 1997. This is primarily due to internal cost reduction efforts. Selling, general and administrative expense (SG&A) as a percent of sales was 21.6% in 1998 as compared to 21.5% in 1997. Net income increased 20.6% over first half 1997. Earnings per share for the first six months of 1998 of $1.10 was an increase of 19.6%. The second quarter of 1998 is Pentair's 19th consecutive quarter in which earnings per share improved over the same quarter in prior years. The effect of foreign currency translation for the first half of 1998 on Pentair's operations has been unfavorable but, except for the impact on Electrical and Electronic Enclosures sales, has not been material. Professional Tools and Equipment Segment This segment continued to perform extremely well as a result of high consumer confidence levels and several new tool introductions, such as Porter- Cable's cordless nailer, called the Bammer. In the equipment businesses, the benefits of recent acquisitions and closer cooperation among these units are beginning to be reflected in increased sales and lower costs. Net sales increased to $386.2 million in 1998, representing a 16.7% increase over 1997. Operating income increased to $43.3 million in 1998, up 41.0% over 1997, and operating income as a percent of sales improved from 9.3% to 11.2%. Water and Fluid Technologies Segment In this segment, efforts are continuing to focus on bringing the pump businesses we acquired from General Signal up to our performance standards. Great progress has been made in rationalizing the Pump Group product line, streamlining manufacturing operations, and taking advantage of joint purchasing opportunities among all the pump businesses. Similarly, the results of efforts to improve production capacity in the water conditioning control valve business favorably impacted the first half. As for overseas markets, European sales were strong this quarter. Net sales increased to $273.8 million in 1998, representing a 64.8% increase over 1997. Excluding the effects of acquisitions, sales grew due to improving European markets and weather patterns in the central US that increased demand for sump pumps. Operating income increased to $33.2 million in 1998, up 48.0% over 1997, but operating income as a percent of sales declined from 13.5% to 12.1%. This decrease is due to lower initial margins from newly acquired businesses. Electrical and Electronic Enclosures Segment Sales in North American enclosure markets were down slightly in the first half compared to the same period last year. Sales of electronic enclosures were affected by weakness in the Asian markets, while reduced capital spending in the semiconductor and automotive markets dampened demand for enclosures in North America. The European enclosure situation is improving and order intake has been stronger in 1998. European enclosure sales in the first half of this year increased as measured in local currency, but were unfavorably impacted when translated to US dollars. Net sales were $283.5 million in 1998, representing a 1.1% decrease from 1997. Operating income increased to $29.3 million in 1998, up 0.3% over 1997, and operating income as a percent of sales improved from 10.2% to 10.3%. LIQUIDITY AND CAPITAL RESOURCES Cash flow from operating activities was negative $.2 million in 1998 compared to negative $6.3 million in 1997. This improvement was achieved despite a one- time $17 million tax payment in the first quarter of 1998 associated with the Federal Cartridge divestiture. Capital expenditures were $15.6 million in 1998 compared to $46.2 million in 1997. The Company had a negative free cash flow of $15.8 million in 1998 compared to a negative $52.5 million in 1997. Free cash flow, a measure of the internal financing of operational cash needs, is defined as cash from operations less capital expenditures. One of Pentair s primary financial goals is to maximize free cash flow within the framework of supporting the operations of all of its businesses. Historically, cumulative free cash flow is negative during the first part of each fiscal year and positive thereafter. Borrowings in the first half of 1998 financed capital expenditures and acquisitions. The percentage of long-term debt to total capital was 33% at June 30, 1998 compared to 32% at December 31, 1997. OUTLOOK While the outlook for each of its segments in 1998 is encouraging, Pentair wishes to further improve its performance on a company-wide basis in profitability and generation of free cash flow. The Company has implemented a program (named "PACE" - Pentair Accelerating Competitive Excellence) to reduce the costs of its operations over the next two years and to maintain those reductions in future years through improvements in purchasing and supply management and reengineering of support services. In addition, Pentair continues to look for synergistic acquisitions in each of its business segments, in line with its pattern over the past three years. Pentair will continue to pursue complementary acquisitions to fold into current operations, but will also carefully review larger targets, which would significantly expand its current segments. Other acquisitions are possible, but only if they present Pentair extraordinary opportunities. Acquisition and internal growth initiatives, coupled with the savings anticipated from our cost-reduction activities, should generate consistent and attractive results for Pentair shareholders in 1998 and beyond. YEAR 2000 and "Euro" CURRENCY ISSUES The Company has been evaluating its computer, telecommunications, and embedded logic systems since 1995 for compliance with Year 2000 requirements and over the past year for the new "Euro" currency. The Company has determined that expected costs for compliance will not be material to its results of operations, liquidity or capital expenditures. Most of the businesses have installed or are in the process of installing complete new business management systems which go beyond just Year 2000 and "Euro" compliance. Some businesses have chosen to upgrade existing systems to be compliant. Under current plans, the Company does not anticipate significant risks to its operations from internal noncompliance with these issues. While the Company's businesses are working with their respective customers and suppliers to certify compliance within their organization, the Company cannot predict whether noncompliance by third parties will affect their operations. Significant noncompliance by customers and suppliers would be expected to adversely impact sales and operating income. NOTIFICATION REGARDING FORWARD-LOOKING INFORMATION Except for historical information contained herein, certain statements are forward-looking statements that involve risks and uncertainties, including, but not limited to, the effect of economic conditions, product demand and market acceptance risks, customer mix, the impact of competitive products and pricing, product development, commercialization and technological difficulties, production efficiency improvement opportunities, capacity and supply constraints or difficulties, the results of financing efforts, actual purchases under agreements and the effect of the Company's accounting policies. The actual results that the Company achieves may differ materially from these forward-looking statements due to such risks and uncertainties. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of the Company's Annual Report. Readers are urged to carefully review and consider the various disclosures made by the Company in this report and in the Company's other filings with the Securities and Exchange Commission from time to time that advise interested parties of the risks and uncertainties that may affect the Company's financial condition and results of operations. PART II - OTHER INFORMATION ITEM 5 - Other Information On April 30, 1998, Century Manufacturing acquired the assets of T-Tech Industries, which designs, manufactures, and markets automatic transmission fluid exchanger systems and accessories. The company is profitable and results will likely be accretive to Pentair's 1998 earnings. On May 5, 1998, the board of directors of Pentair announced its intention to make a cash offer for the entire issued and to-be-issued share capital of VERO Group plc, of Southampton, England, a supplier of racks, subracks, and enclosures to the general electronics, networking and telecommunications industries. Following a subsequent increased offer by a competing bidder, Pentair declined to increase its offer, which it considered to have been fully priced. Shareholder Proposal Amendments Effective May 21, 1998 As of the date of the 1998 Annual Meeting of Shareholders, Rule 14a-4(c) under the Securities and Exchange Act of 1934 provided that a proxy could grant discretionary authority to vote on matters at an annual stockholders' meeting if (i) the person or persons soliciting the proxy did not know that such matters were to be presented at the annual stockholders' meeting at least a reasonable time before the solicitation and (ii) a specific statement to that effect is made in the proxy statement or form of proxy. In a recent release by the Securities and Exchange Commission, Rule 14a- 4(c) was revised to remove the ambiguity of a "reasonable time" and establish a bright-line test for when proxies could grant discretionary authority to vote on matters not submitted to the company in compliance with Rule 14a-8. As revised, Rule 14a-4(c) provides that a proxy can grant discretionary authority to vote on matters at an annual stockholders' meeting if (i) the company has not received notice of the matter at least 45 days before the date on which the company first mailed its proxy materials for the prior year's annual stockholders' meeting and (ii) a specific statement that the company has not received such notice is included in the proxy statement or form of proxy. As a result of the revisions, the Company advises all stockholders that the deadline for submitting non-Rule 14a-8 stockholder proposals for the Company's 1999 Annual Meeting of Shareholders will be January 19, 1999. Any shareholder proposals submitted after January 19,1999 will be considered untimely for purposes of Rules 14a-4 and 14a-5(e). ITEM 6 - Exhibits and Reports on Form 8-K (a) Exhibits. The following exhibits are included with this Form 10-Q Report as required by Item 601 of Regulation S-K. Exhibit Description Number 27 Financial Data Schedule (b) Reports on Form 8-K. No reports on Form 8-K were filed during the quarter ended June 30, 1998. 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 hereunto duly authorized. /s/ Richard W. Ingman Executive Vice President and Chief Financial Officer August 10, 1998 EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 1,000 6-MOS DEC-31-1998 JAN-01-1998 JUN-30-1998 35343 0 372947 8000 282885 727111 541986 260416 1480968 339097 0 0 51622 614411 0 1480968 936755 936755 645575 848168 202593 0 10969 77618 29495 48123 0 0 0 48123 0.00 1.19 1.10
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