-----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, Sc5sQ0C5mE1irvWLcHQ4tsgaaRfAvBJ8Kl3LRGYd8JNpq//IGlmw9V5sFS4RD7Jd djQxLRlAqTckC4S/uadkTw== 0000892569-97-002086.txt : 19970807 0000892569-97-002086.hdr.sgml : 19970807 ACCESSION NUMBER: 0000892569-97-002086 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970806 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY NATIONAL FINANCIAL INC /DE/ CENTRAL INDEX KEY: 0000809398 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 860498599 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09396 FILM NUMBER: 97651921 BUSINESS ADDRESS: STREET 1: 17911 VON KARMAN AVE STREET 2: STE 300 CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 7148529770 MAIL ADDRESS: STREET 1: MLISS JONES KANE STREET 2: 17911 VON KARMAN AVE STE 300 CITY: IRVINE STATE: CA ZIP: 92614 10-Q 1 FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended June 30, 1997 Commission File Number 1-9396 FIDELITY NATIONAL FINANCIAL, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 86-0498599 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 17911 Von Karman Avenue, Irvine, California 92614 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (714) 622-4333 - -------------------------------------------------------------------------------- (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 ( ) Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. $.0001 par value common - 13,937,975 shares as of August 5, 1997 Exhibit Index appears on page 10 of 11 sequentially numbered pages. 1 2 FORM 10-Q QUARTERLY REPORT Quarter Ended June 30, 1997 TABLE OF CONTENTS -----------------
Page Number ----------- Part I: FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements A. Condensed Consolidated Balance Sheets as of 3 June 30, 1997 and December 31, 1996 B. Condensed Consolidated Statements of Earnings 4 for the three-month and six-month periods ended June 30, 1997 and 1996 C. Condensed Consolidated Statements of Cash Flows 5 for the six-month periods ended June 30, 1997 and 1996 D. Notes to Condensed Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial 7 Condition and Results of Operations Part II: OTHER INFORMATION Items 1.-3. of Part II have been omitted because they are not applicable with respect to the current reporting period. Item 4. Submission of Matters to Vote of Security Holders 10 Item 5. Omitted because it is not applicable with respect to the current reporting period. Item 6. Exhibits and Reports on Form 8-K 10
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. FIDELITY NATIONAL FINANCIAL, INC. - -------------------------------------------------------------------------------- (Registrant) By: /s/ Carl A. Strunk ------------------------------- Carl A. Strunk Executive Vice President, Chief Financial Officer and Treasurer Date: August 5, 1997 2 3 Part I: FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
June 30, December 31, 1997 1996 --------- ------------ (Unaudited) ASSETS Investments: Fixed maturities available for sale, at fair value $167,616 $166,329 Equity securities, at fair value 59,014 43,578 Other long-term investments, at cost, which approximates fair value 8,900 5,542 Short-term investments, at cost, which approximates fair value 1,381 873 Investments in real estate and partnerships, net 7,767 11,352 -------- -------- Total investments 244,678 227,674 Cash and cash equivalents 62,731 63,971 Trade receivables, net 51,572 54,355 Notes receivable, net 10,509 11,317 Prepaid expenses and other assets 56,448 55,072 Title plants 51,433 50,701 Property and equipment, net 44,779 38,617 Income taxes receivable -- 7,589 -------- -------- $522,150 $509,296 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued liabilities $ 45,158 $ 53,987 Notes payable 149,506 148,922 Reserve for claim losses 188,351 187,245 Deferred income tax liabilities, net 9,977 7,604 Income taxes payable 3,823 -- -------- -------- 396,815 397,758 Minority interest 1,252 1,287 Stockholders' equity: Preferred stock, $.0001 par value; authorized, 3,000,000 shares; issued and outstanding, none -- -- Common stock, $.0001 par value; authorized, 50,000,000 shares in 1997 and 1996; issued, 19,390,848 as of June 30, 1997 and 19,412,694 as of December 31, 1996 2 2 Additional paid-in capital 61,418 61,271 Retained earnings 101,187 91,019 -------- -------- 162,607 152,292 Net unrealized gains on investments 15,851 12,334 Less treasury stock, 5,492,138 shares as of June 30, 1997 and December 31, 1996, at cost 54,375 54,375 -------- -------- 124,083 110,251 -------- -------- $522,150 $509,296 ======== ========
See Notes to Condensed Consolidated Financial Statements. 3 4 FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data)
Three months ended Six months ended June 30, June 30, ----------------------------------------- 1997 1996 1997 1996 --------- --------- -------- -------- (Unaudited) (Unaudited) REVENUE: Title insurance premiums $129,458 $129,963 $240,372 $219,786 Escrow fees 21,044 17,810 37,594 33,828 Other fees and revenue 22,214 19,742 41,847 36,185 Interest and investment income, including realized gains and losses 5,742 4,113 11,837 8,227 -------- -------- -------- -------- 178,458 171,628 331,650 298,026 -------- -------- -------- -------- EXPENSES: Personnel costs 59,830 56,201 114,818 106,884 Other operating expenses 41,724 39,062 81,162 72,390 Agent commissions 50,574 52,697 94,635 78,344 Provision for claim losses 8,994 9,534 16,060 15,775 Interest expense 2,261 2,377 4,778 4,576 -------- -------- -------- -------- 163,383 159,871 311,453 277,969 -------- -------- -------- -------- Earnings before income taxes 15,075 11,757 20,197 20,057 Income tax expense 5,970 4,811 8,070 7,966 -------- -------- -------- -------- Net earnings $ 9,105 $ 6,946 $ 12,127 $ 12,091 ======== ======== ======== ======== Primary earnings per share $ .63 $ .49 $ .84 $ .85 ======== ======== ======== ======== Fully diluted earnings per share $ .52 $ .41 $ .72 $ .74 ======== ======== ======== ======== Primary weighted average shares outstanding 14,504 14,219 14,499 14,178 ======== ======== ======== ======== Fully diluted weighted average shares outstanding 19,104 18,663 19,073 18,535 ======== ======== ======== ======== Cash dividends per share $ .07 $ .06 $ .14 $ .13 ======== ======== ======== ========
See Notes to Condensed Consolidated Financial Statements. 4 5 FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Six months ended June 30, ----------------------- 1997 1996 (Unaudited) Cash flows from operating activities: Net earnings $ 12,127 $ 12,091 Reconciliation of net earnings to net cash provided by operating activities: Depreciation and amortization 6,853 5,693 Net increase (decrease) in reserve for claim losses 1,106 (212) Provision for possible losses on real estate and notes receivable 658 125 Gain on sales of investments, real estate and other assets (3,893) (1,985) Amortization of LYONs original issue discount and debt issuance costs 2,755 2,564 Other (24) 49 Change in assets and liabilities, net of effects from acquisition of subsidiaries: Net (increase) decrease in trade receivables 2,784 (11,338) Net (increase) decrease in prepaid expenses and other assets (2,946) 4,809 Net decrease in accounts payable and accrued liabilities (8,831) (724) Net increase in income taxes 11,411 6,272 --------- --------- Net cash provided by operating activities 22,000 17,344 --------- --------- Cash flows from investing activities: Proceeds from sales of property and equipment 258 1,521 Proceeds from sales of real estate 4,320 -- Proceeds from sales and maturities of investments 117,611 110,407 Collections of notes receivable 2,298 8,733 Additions to title plants (732) (613) Additions to property and equipment (11,972) (6,681) Additions to investments (128,444) (109,200) Additions to notes receivable (1,665) (5,976) Investments in real estate and partnerships (1,048) (700) Acquisition of subsidiaries, net of cash acquired -- (10,850) --------- --------- Net cash used in investing activities (19,374) (13,359) --------- ---------
See Notes to Condensed Consolidated Financial Statements. (continued) 5 6 FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In thousands)
Six months ended June 30, -------------------- 1997 1996 (Unaudited) Cash flows from financing activities: Borrowings $ 5,065 $ 7,000 Debt service payments (7,121) (5,025) Reissue of treasury stock -- 2,108 Dividends paid (1,957) (1,728) Stock options exercised 147 52 -------- -------- Net cash provided by (used in) financing activities (3,866) 2,407 -------- -------- Net increase (decrease) in cash and cash equivalents (1,240) 6,392 Cash and cash equivalents at beginning of period 63,971 47,431 -------- -------- Cash and cash equivalents at end of period $ 62,731 $ 53,828 ======== ======== Supplemental cash flow information: Income taxes (paid) refunded $ 3,341 $ (2,074) ======== ======== Interest paid $ 1,997 $ 2,240 ======== ======== Noncash investing and financing activities: Dividends declared and unpaid $ 976 $ 874 ======== ======== Acquisition of Nations Title: Assets acquired, net $ 54,907 Liabilities assumed (52,777) -------- Value of stock issued $ 2,130 ========
See Notes to Condensed Consolidated Financial Statements. 6 7 Notes to Condensed Consolidated Financial Statements Note A - Basis of Financial Statements - -------------------------------------- The financial information included in this report includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, the "Company") and has been prepared in accordance with generally accepted accounting principles and the instructions to Form 10-Q and Article 10 of Regulation S-X. All adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. This report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Certain reclassifications have been made in the 1996 Condensed Consolidated Financial Statements to conform to the classifications used in 1997. Note B - Dividends - ------------------ On June 17, 1997, the Company's Board of Directors declared a cash dividend of $.07 per share, payable on July 22, 1997, to stockholders of record on July 11, 1997. Note C - Subsequent Events - -------------------------- Effective July 1, 1997, the Company sold a majority interest (60%) of its subsidiary American Title Company ("ATC"), an underwritten title company, to certain members of ATC's management. ATC will function as an exclusive agent of the Company. The sale price of the 60% interest was $6.0 million, resulting in a realized gain of approximately $1.3 million, before applicable income taxes. This transaction will be reflected in the third quarter 1997 financial statements. On July 22, 1997, the Company purchased 1,000,000 shares of common stock of GB Foods Corporation, which represents approximately 15.5% of the outstanding common stock of GB Foods Corporation. Additionally, the Company also purchased warrants to acquire an additional 3,500,000 shares of GB Foods Corporation at various prices. The purpose of the investment is consistent with the Company's strategic goal to diversify into non-interest rate sensitive businesses. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Total revenue for the second quarter of 1997 increased 4.0% to $178.5 million from $171.6 million in the second quarter of 1996. Total revenue for the six-month period ended June 30, 1997 increased 11.3% to $331.7 million from $298.0 million for the comparable 1996 period. The quarter over quarter increase can be attributed to increased escrow fees, other fees and revenue and investment income. The increase in total revenue for the six-month period ended June 30, 1997 compared to the 1996 period is primarily the result of the Company's expanded presence in agency operations resulting from the Company's acquisition of Nations Title Inc., which closed on April 1, 1996, as well as increases in escrow fees, other fees and revenue and investment income. The following table presents information regarding the components of title premiums (dollars in thousands):
Three months ended Six months ended June 30, June 30, ------------------------------------------ ---------------------------------------- 1997 % of Total 1996 % of Total 1997 % of Total 1996 % of Total -------- ---------- -------- ---------- -------- ---------- -------- ---------- Title premiums from direct operations $ 64,912 50.1% $ 63,767 49.1% $119,487 49.7% $120,063 54.6% Title premiums from agency operations 64,546 49.9% 66,196 50.9% 120,885 50.3% 99,723 45.4% -------- ----- -------- ----- -------- ----- -------- ----- Total title premiums $129,458 100.0% $129,963 100.0% $240,372 100.0% $219,786 100.0% ======== ===== ======== ===== ======== ===== ======== =====
The increase in escrow fees and other fees and revenue can be attributed to favorable title order openings and closings in our direct operations which began to trend upward at the end of the first quarter and remained strong throughout the second quarter. Additionally, the increase in other fees and revenue has been favorably affected by increased contributions made by the Company's title-related services subsidiaries, such as real estate information and technology services, foreclosure publishing and posting, recording services and exchange intermediary services. 7 8 Interest and investment income increased 39.0% to $5.7 million in the second quarter of 1997 from $4.1 million in the second quarter of 1996. For the six-month period ended June 30, 1997, interest and investment income was $11.8 million, a 43.9% increase over the $8.2 million of interest and investment income earned in the comparable 1996 period. The increase in interest and investment income earned during the 1997 periods is primarily due to an increase in the average invested asset base and an improvement in net realized gains compared to the same periods in 1996. Net realized gains from the sale of investments were $2.3 million in the second quarter of 1997 as compared to net realized gains of $784,000 in the corresponding 1996 period. Net realized gains for the six-month periods ended June 30, 1997 and 1996 were $3.9 million and $2.0 million, respectively. The Company's operating expenses consist primarily of personnel costs and other operating expenses which are incurred as title insurance orders are received and processed by the Company's direct operations. Title insurance premiums and escrow fees are recognized as income at the time the underlying real estate transaction closes. As a result, revenue lags approximately 60-90 days behind expenses and therefore gross margins may fluctuate. Personnel costs include both base salaries and sales commissions (direct operations) paid to employees and are the most significant operating expense incurred by the Company. These costs generally fluctuate with the level of direct orders opened and closed and with the mix of revenue between direct and agency operations. Personnel costs, as a percentage of total revenue, have remained stable at 33.5% for the three-month period ended June 30, 1997 compared to 32.7% for the corresponding period in 1996. The slight increase is primarily the result of a 10% increase in orders opened and the growth of the Company's ancillary title-related services subsidiaries. Personnel costs as a percentage of total revenue for the six-month period ended June 30, 1997 have decreased to 34.6% from 35.9% for the corresponding 1996 period. Other operating expenses consist primarily of facilities expenses, title plant maintenance, premium taxes (which insurance underwriters are required to pay on title premiums in lieu of franchise and other state taxes), escrow losses, courier services, computer services, professional services, general insurance, trade and notes receivable allowances and depreciation. Other operating expenses increased slightly as a percentage of total revenue to 23.4% in the second quarter of 1997 from 22.8% in the second quarter of 1996. As a percentage of total revenue, other operating expenses for the six-month period ended June 30, 1997 increased to 24.5% from 24.3% for the same period in 1996. The Company previously implemented and remains committed to aggressive cost control programs which will help maintain operating expense levels consistent with the levels of title-related revenue production; however, certain fixed costs are incurred regardless of revenue levels, resulting in period over period fluctuations. The period over period fluctuations in personnel costs and other operating expenses are primarily the result of the fluctuations in total revenue, as well as the changes in the direct operation and agency operation title premium mix. The addition of Nations Title Inc. title premiums, which are primarily agency-related, has provided a balance between direct operations and agency operations revenue. Agent commissions represent the portion of policy premiums retained by agents pursuant to the terms of their respective agency contracts. Agent commissions were 78.4% of agent policy premiums in the second quarter of 1997 compared to 79.6% of agency policy premiums in the second quarter of 1996. Agent commissions were 78.3% of agency policy premiums in the first half of 1997 compared to 78.6% in the first half of 1996. Agent commissions and the resulting percentage of agency premiums retained by the Company varies according to regional differences in real estate closing practices and state regulations. The provision for claim losses includes an estimate of anticipated title claims and major claims. The estimate of anticipated title claims is accrued as a percentage of title premium revenue based on the Company's historical loss experience and other relevant factors. The Company monitors its claims experience on a continual basis and adjusts the provision for claim losses accordingly. The Company believes that as a result of its underwriting and claims handling practices, as well as the refinancing business of prior years, the Company will maintain a trend of favorable claim loss experience. The Company has provided for claim losses at 7.0% of title insurance premiums prior to the impact of major claims expense, recoupments and the impact of certain state promulgated title premium rates. Application of these factors resulted in a net provision for claim losses as a percentage of premiums of 6.9% and 7.3% for the three-month periods ended June 30, 1997 and 1996, respectively, and 6.7% and 7.2% for the six-month periods ended June 30, 1997 and 1996, respectively. 8 9 Interest expense is incurred by the Company in financing its capital asset purchases and certain acquisitions. Interest expense consists of interest related to the Company's outstanding debt and the amortization of original issue discount and debt issuance costs related to the Liquid Yield Option Notes ("LYONs"). Interest expense of "non-LYONs" debt totaled $894,000 and $1.1 million for the three-month periods ended June 30, 1997 and 1996, respectively; and $2.1 million and $2.0 million for the six-month periods ended June 30, 1997 and 1996, respectively. The LYONs related component of interest expense amounted to $1.4 million for the second quarter of 1997 and $1.3 million for the second quarter of 1996; and $2.7 million and $2.6 million for the six-month periods ended June 30, 1997 and 1996, respectively. Interest rates being paid by the Company on certain "non-LYONs" debt in 1997 are lower than those paid in 1996 as a result of decreases in certain rates (e.g., LIBOR) to which certain of the interest rates being paid by the Company are indexed. Income tax expense for the three-month periods ended June 30, 1997 and 1996, as a percentage of earnings before income taxes was 39.6% and 40.9%, respectively. Income tax expense for the six-month periods ended June 30, 1997 and 1996 was 40.0% and 39.7%, respectively. The fluctuations in income tax expense as a percentage of earnings before income taxes are attributable to the characteristics of net income, i.e., operating income versus investment income; and the components of investment income, taxable versus non-taxable. Liquidity and Capital Resources The Company's insurance subsidiaries and wholly-owned underwritten title companies collect premiums and pay claims and operating expenses. Fluctuations in operating cash flows are primarily the result of increases or decreases in revenue. The insurance subsidiaries also have cash flow sources derived from investment income, repayments of principal and proceeds from sales and maturities of investments and dividends and distributions from subsidiaries. Positive cash flow from the insurance subsidiaries is invested primarily in short-term investments, medium-term bonds and certain equity securities. Cash, cash equivalents and short-term investments held by the Company's insurance subsidiaries and underwritten title companies ("UTCs") provide liquidity for projected claims and operating expenses. The Company's cash requirements include debt service, operating expenses, taxes and dividends on its common stock. As a holding company, the Company receives cash from its subsidiaries as reimbursement for operating and other administrative expenses it incurs. The reimbursements are executed within the guidelines of various management agreements between the holding company and its subsidiaries. The Company also receives funds from dividend distributions from its insurance subsidiaries and UTCs. The insurance subsidiaries and UTCs are restricted by state regulations in their ability to pay dividends and make distributions. Each state of domicile regulates the extent to which the Company's title underwriters and UTCs can pay dividends or make other distributions to the Company. The Company believes that all anticipated cash requirements for current operations will be met from internally generated funds and short-term bank borrowings through existing credit facilities. The short- and long-term liquidity requirements of the Company and its subsidiaries are monitored regularly to match cash inflows with cash requirements. The Company and subsidiaries forecast their daily cash needs and periodically review their short- and long-term projected sources and uses of funds, as well as the asset, liability, investment and cash flow assumptions underlying these projections. 9 10 Part II: OTHER INFORMATION Item 4. Submission of Matters to Vote of Security Holders On June 17, 1997, the Company held its Annual Meeting of Stockholders pursuant to a Notice and Proxy Statement dated May 9, 1997. At the meeting, stockholders elected J. Thomas Talbot (12,501,557 for and 13,921 withheld) and Stephen C. Mahood (12,501,557 for and 13,921 withheld) as Directors recommended by management. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit 11 Computation of Primary and Fully Diluted Earnings Per Share Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K: None 10 EX-11 2 COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11 FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE (In thousands, except per share amounts)
Three months ended Six months ended June 30, June 30, ------------------ ----------------- 1997 1996 1997 1996 ------- ------- ------- ------- (Unaudited) (Unaudited) Primary net earnings $ 9,105 $ 6,946 $12,127 $12,091 Add: Amortization of original issue discount and debt issuance costs, net of income tax effect, applicable to LYONs 808 774 1,615 1,537 ------- ------- ------- ------- Fully diluted earnings $ 9,913 $ 7,720 $13,742 $13,628 ======= ======= ======= ======= Weighted average shares outstanding during the period 13,884 13,709 13,903 13,604 Common stock equivalent shares - primary 620 510 596 574 ------- ------- ------- ------- Common and common stock equivalent shares for purpose of calculating primary earnings per share 14,504 14,219 14,499 14,178 Incremental shares to reflect full dilution 4,600 4,444 4,574 4,357 ------- ------- ------- ------- Total shares for purpose of calculating fully diluted earnings per share 19,104 18,663 19,073 18,535 ======= ======= ======= ======= Primary earnings per share $ .63 $ .49 $ .84 $ .85 ======= ======= ======= ======= Fully diluted earnings per share $ .52 $ .41 $ .72 $ .74 ======= ======= ======= =======
EX-27 3 FINANCIAL DATA SCHEDULE
7 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 167,616 0 0 59,014 0 7,767 244,678 62,731 0 0 522,150 188,351 0 0 0 149,506 0 0 2 124,081 522,150 240,372 7,944 3,893 79,441 16,060 0 295,393 20,197 8,070 12,127 0 0 0 12,127 .84 .72 0 0 0 0 0 0 0
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