-----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, Ic71UwgDK/gXvZzLsrlk8EbywWpITp4HfdXRNwVAnkbTa23M1j08AKTyq4NNh6Kk VHsY7jdtGMBsxQH8zBslkg== 0000081050-97-000011.txt : 19970515 0000081050-97-000011.hdr.sgml : 19970515 ACCESSION NUMBER: 0000081050-97-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLICKER INDUSTRIES INC CENTRAL INDEX KEY: 0000081050 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 230991870 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03315 FILM NUMBER: 97604287 BUSINESS ADDRESS: STREET 1: 1445 E PUTNAM AVE CITY: OLD GREENWICH STATE: CT ZIP: 06870 BUSINESS PHONE: 2036374500 MAIL ADDRESS: STREET 1: 1445 EAST PUTNAM AVENUE CITY: OLD GREENWICH STATE: CT ZIP: 06870 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3315 PUBLICKER INDUSTRIES INC. (Exact name of registrant as specified in its charter) Pennsylvania 23-0991870 (State of incorporation) (I.R.S. Employer Identification No.) 1445 East Putnam Avenue, Old Greenwich, Connecticut 06870 (Address of principal executive offices) (203) 637-4500 (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 . Number of shares of Common Stock outstanding as of March 31, 1997: 14,498,585 PUBLICKER INDUSTRIES INC. AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 1997 AND DECEMBER 31, 1996 (in thousands of dollars) March 31, December 31, 1997 1996 (unaudited) ASSETS Current assets: Cash, including short-term investments of $15,688 in 1997 and $18,173 in 1996 $ 15,766 $18,318 Trade receivables, less allowance for doubtful accounts (1997 - $54; 1996 - $92) 3,552 3,008 Inventories 2,098 2,506 Other 626 667 Total current assets 22,042 24,499 Property, plant and equipment: Land 234 234 Buildi ngs 2,326 2,326 Machinery and equipment 3,370 3,322 Less - accumulated depreciation (1,913) (1,778) 4,017 4,104 Goodwill 2,732 2,752 Other assets 1,622 1,740 $ 30,413 $ 33,095 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term obligations, including current maturities $ 123 $ 489 Trade accounts payable 1,136 1,564 Accrued liabilities 5,111 5,012 Total current liabilities 6,370 7,065 Long-term debt 1,244 1,273 Other non-current liabilities 10,945 10,761 Total liabilities 18,559 19,099 Shareholders' equity: Common shares, $0.10 par value, Authorized, 40,000,000 shares Issued - 16,058,937 shares in 1997 and 16,037,937 in 1996 1,606 1,604 Additional paid-in capital 48,263 48,240 Accumulated deficit (since January 1, 1984) (32,695) (31,737) Common shares held in treasury, at cost (5,320) (4,111) Total shareholders' equity 11,854 13,996 $ 30,413 $ 33,095 PUBLICKER INDUSTRIES INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (in thousands of dollars except per share data) (unaudited) Three Months Ended March 31, 1997 1996 Sales and revenues: Sales of goods $ 4,115 $ 3,736 Revenues from services 1,713 2,005 5,828 5,741 Costs and expenses: Cost of sales 2,889 3,508 Cost of services 1,245 1,530 General and administrative expenses 1,942 2,475 Selling expenses 300 268 Special charge - 995 6,376 8,776 Income (loss) from operations (548) (3,035) Other (income) expenses: Interest income (194) (10) Interest expense 108 354 Cost of pensions - nonoperating 226 184 Other costs 270 143 410 671 Income (loss) from continuing operations before income taxes (958) (3,706) Income tax benefit - 1,556 Income (loss) from continuing operations (958) (2,150) Discontinued operations: Income from discontinued operations - 885 Gain on sale of discontinued operations - 8,764 Net income (loss) $ (958) $ 7,499 Earnings (loss) per common share: Continuing operations $ (.06) $ (.13) Discontinued operations - .59 $ (.06) $ .46 Common shares used in calculation of earnings per share 15,152,960 16,443,702 PUBLICKER INDUSTRIES INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 1997 (in thousands of dollars except share data) (unaudited) Accumulated Common Shares Additional Deficit Common Share- Shares Paid-in Since Treasury holders' Issued Amount Capital 1-1-84 Shares (1) Equity Balance - December 31, 1996 16,037,937 $ 1,604 $ 48,240 $(31,737) $(4,111) $13,996 Issuance of common shares 21,000 2 23 - - 25 Purchase of treasury shares - - - - (1,209) (1,209) Net loss - - - (958) - (958) Balance - March 31, 1997 16,058,937 $1,606 $48,263 $(32,695) $(5,320) $11,854 (1) Represents 1,560,352 and 678,352 of common shares held in treasury at March 31, 1997 and December 31, 1996, respectively. PUBLICKER INDUSTRIES INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996 (in thousands of dollars) (unaudited) Three Months Ended March 31, 1997 1996 Cash flows from operating activities: Income (loss) from continuing operations $(958) $(2,150) Adjustments to reconcile income (loss) to net cash provided by (used in) continuing operations: Income tax benefit - (1,556) Depreciation and amortization 275 170 Changes in operating assets and liabilities: Trade receivables (544) 60 Inventories 408 193 Other current assets 41 (82) Other assets (2) 116 Trade accounts payable (428) 536 Accrued liabilities (603) 1,055 Other non-current liabilities 184 (123) Net cash provided by (used in) continuing operations (1,627) (1,781) Income from discontinued operations - 9,649 Adjustments to reconcile income to net cash provided by (used in) discontinued operations: Gain on sale of discontinued operations - (13,658) Charge in lieu of income taxes - 5,535 Increase in net assets of discontinued operations (443) (1,795) Net cash provided by (used in) discontinued operations (443) (269) Net cash provided by (used in) operating activities (2,070) (2,050) Cash flows from investing activities: Proceeds from sale of discontinued operations 1,145 30,600 Capital expenditures (48) (297) Net cash provided by (used in) investing activities 1,097 30,303 Cash flows from financing activities: Repayments under revolving credit lines - (4,312) Repayments of term loans and notes payable (395) (964) Proceeds from the issuance of common shares 25 535 Purchase of treasury stock (1,209) - Net cash provided by (used in) financing activities (1,579) (4,741) Net increase (decrease) in cash (2,552) 23,512 Cash - beginning of period 18,318 874 Cash - end of period $15,766 $ 24,386 Note 1 - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position of Publicker Industries Inc. and subsidiary companies as of March 31, 1997 and the results of their operations and their cash flows for the three months ended March 31, 1997 and 1996. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Cash Flow Information Cash paid for interest during the three months ended March 31, 1997 and 1996 was approximately $48,000 and $70,000, respectively. Cash paid for income taxes was $115,000 for the three months ended March 31, 1996. No cash was paid for income taxes during the first three months of 1997. Net Income (Loss) Per Common Share Net income (loss) per common share in 1996 was computed using the weighted average number of common shares and the dilutive effect of share equivalents (stock options and warrants) outstanding during the period using the modified treasury method. The effect of stock options and warrants on the computation for 1997 were not included as they were antidilutive. In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share" ("SFAS No. 128") which establishes new standards for computing and presenting earnings per share ("EPS"). SFAS No. 128 replaces the presentation of primary EPS with basic EPS for which common stock equivalents are not considered in the computation and also revises the computation of diluted EPS. The statement is effective for financial statements issued for periods ending after December 15, 1997. Had EPS been determined in accordance with SFAS No. 128, the Company's basic and diluted EPS for the three months ended March 31, 1996 would have been $.50 and $.47, respectively. The application of SFAS No. 128 would have no effect on EPS reported in 1997. Note 2 - DISCONTINUED OPERATIONS In 1996, the Company completed the sale of substantially all of the assets of Masterview Window Company, Inc. ("Masterview"), Fenwal Electronics, Inc. ("Fenwal") and Bright Star Industries Incorporated ("Bright Star"). The aggregate sales price for the dispositions was $47,771,000. A portion of the sale prices amounting to $1,919,000 at December 31, 1996, were held in escrow to cover potential purchase price adjustments, indemnity claims and certain environmental remediation activities. In the first quarter of 1997, an additional $1,145,000 in cash was received principally relating to the finalization of the Masterview purchase price adjustment. Masterview, Fenwal and Bright Star have been reflected as discontinued operations in the accompanying 1996 financial statements. Net sales of discontinued operations for the three months ended March 31, 1996 were $12,654,000. The aggregate pre-tax gain on sale of discontinued operations recorded in the first quarter of 1996 of $15,110,000 was offset by a provision for income taxes of $6,346,000, of which $4,894,000 was credited directly to paid-in-capital due to the utilization of pre-corporate reorganization tax loss carryforwards. The pre-tax income from discontinued operations in 1996 of $1,526,000 was offset by a provision for income taxes of $641,000 which was also credited directly to paid-in-capital (see Note 6). Note 3 - DEBT In 1995, the Company entered into a three year $17,060,000 credit agreement ("Loan Agreement"). The Loan Agreement provided for a revolving credit line ("Revolver"), term promissory notes ("Term Notes") and a credit facility for future capital expenditure financing. The Loan Agreement was secured by substantially all of the Company's assets. In connection with the sale of discontinued operations, the outstanding borrowings under the Revolver and the Term Loans related to Masterview, Fenwal and Bright Star were repaid. On February 28, 1997, the Company repaid the remaining balances outstanding under the Revolver and Term Notes and terminated the Loan Agreement. The Company recorded a charge associated with the termination amounting to $210,000 in the first quarter of 1997. In April 1996, the Company redeemed all of its outstanding 13% Subordinated Notes due December 15, 1996. The redemption price was equal to the principal amount of $7,500,000, plus accrued interest to the redemption date. Note 4 - INVENTORIES Inventories at March 31, 1997 and December 31, 1996, consisted of the following: March 31, December 31, 1997 1996 (in thousands) Raw materials and supplies $ 1,411 $ 1,589 Work in process 260 250 Finished goods 427 667 $ 2,098 $ 2,506 Note 5 - STOCKHOLDERS' EQUITY In August 1996, the Board of Directors of the Company authorized the repurchase of up to 1,000,000 shares of the Company's common stock. The Board of Directors increased the Company's share repurchase authorization to 2,000,000 shares in March 1997. Through March 31, 1997, the Company repurchased 1,002,200 shares of common stock under the buy-back program for an aggregate cost of $1,403,000. Note 6 - INCOME TAXES As of March 31, 1997, approximately $90,000,000 of U.S. tax loss carryforwards (subject to review by the Internal Revenue Service), expiring from 1997 through 2010, were available to offset future taxable income. As a result of a corporate revaluation during 1984, tax benefits resulting from the utilization in subsequent years of net operating loss carryforwards existing as of the date of the corporate revaluation will be excluded from the results of operations and directly credited to additional paid-in capital when realized. As of March 31, 1997, approximately $12,000,000 of the Company's U.S. tax loss carryforwards predated the corporate revaluation. As of March 31, 1997, deferred tax assets of approximately $34,000,000 relating to the tax benefit of the Company's U.S. tax loss carryforwards were offset by a full valuation allowance. As of March 31, 1997, approximately $4,000,000 of deferred tax assets predated the corporate revaluation. Subsequent adjustments to the valuation allowance with respect to the deferred tax assets which predated the corporate revaluation would be directly credited to additional paid-in capital. For the three months ended March 31, 1996, the Company recorded a charge in lieu of income taxes of $3,979,000 and a provision for income taxes currently payable of $1,452,000. The charge in lieu of income taxes relates to the utilization of net operating loss carryforwards which existed as of January 1, 1984, the date of the corporate revaluation. Such taxes will never be paid or payable and, accordingly, an amount equal to the charge has been credited to additional paid-in capital. No income tax provision or benefit was recognized in 1997 because the tax benefit associated with the Company's operating losses were offset in full by an increase in the valuation allowance. Note 7 - ENVIRONMENTAL LITIGATION On April 12, 1996, a Consent Decree among the Company, the Environmental Protection Agency, the U.S. Department of Justice and the Pennsylvania Department of Environmental Protection ("PADEP") was entered by the U.S. District Court for the Eastern District of Pennsylvania which resolved all of the United States' and PADEP's claims against the Company for recovery of costs incurred in responding to releases of hazardous substances at a facility previously owned and operated by the Company. The Company had previously funded $4,500,000 into a court administered escrow account. Following the entry of the Consent Decree, additional payments totaling $4,850,000 were made in April and May of 1996. In April 1997, the Company made additional payments totaling $796,000 plus interest. Further payments totaling $4,204,000 plus interest will be made to the United States and Commonwealth of Pennsylvania over the next five years. Note 8 - SPECIAL CHARGE During the fourth quarter of 1995, the Company decided to move the operations of its Greenwald Industries, Inc. subsidiary from a leased facility in Brooklyn, New York to a newly acquired facility in Chester, Connecticut. A special charge of $995,000 was recorded in the first quarter of 1996 which included $637,000 in severance costs associated with 110 terminated employees, $210,000 for lease termination costs and $148,000 for costs through March 31, 1996, related to plant and employee relocation, recruiting and training new personnel and for temporary living allowances. The move was completed by April 30, 1996. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1997 AND 1996 Operating Results - First Quarter Publicker's consolidated sales of $5,828,000 for the first quarter of 1997 increased by approximately 2% from $5,741,000 for the first quarter of 1996. The improvement in sales was due to a volume increase at the Company's manufacturing segment which was largely offset by a volume reduction at the Company's services segment. Cost of sales and services decreased from $5,038,000 in 1996 to $4,134,000 in 1997 principally as a result of manufacturing efficiency improvements. General and administrative expenses for the first quarter of 1997 decreased by approximately 22% to $1,942,000 from $2,475,000 in 1996 as a result of overhead expense reductions. The Company's pre-tax loss from operations for the first quarter of 1997 totaled $548,000 compared to a loss of $3,035,000 for the first quarter of 1996. The Company reported a net loss of $958,000, or $.06 per share, for the first quarter of 1997 compared to net income of $7,499,000, or $.46 per share, for the first quarter of 1996. The 1996 first quarter results included a loss from continuing operations of $2,150,000, or $.13 per share, and income and gains from discontinued operations of $9,649,000, or $.59 per share. Sales for the Company's manufacturing segment (which consists of one subsidiary company, Greenwald Industries, Inc.) for the first quarter of 1997 were $4,115,000 compared to $3,736,000 for the first quarter of 1996. The increase in sales was due to a 2% increase in selling prices and an 8% increase in volume. This segment had income from operations of $674,000 for the first quarter of 1997 compared to a loss from operations of $1,494,000 for the same period in 1996. The 1996 results were negatively impacted by a $995,000 special charge associated with Greenwald's move to a new facility in early 1996, a $372,000 writedown of certain obsolete inventories and a disruption in business activities caused by the move. Revenues for the Company's services segment (which consists of one subsidiary company, Orr-Schelen-Mayeron & Associates, Inc.) decreased by approximately 15% to $1,713,000 for the first quarter of 1997 compared to $2,005,000 for the first quarter of 1996. A 1% increase in OSM's fee schedule was more than offset by a reduction in production employee headcount versus 1996. The services segment had a loss from operations for the first quarter of 1997 of $210,000 compared to a $395,000 loss for the same period in 1996. Liquidity During the first three months of 1997, cash, including short-term investments, decreased by $2,552,000 to $15,766,000 at March 31, 1997. Operating activities consumed cash of $2,070,000, investing activities provided cash of $1,097,000 and financing activities consumed cash of $1,579,000. Operating activities principally consisted of the loss from continuing operations coupled with an increase in working capital. Investing activities consisted of additional proceeds of $1,145,000 received from the sale of discontinued operations offset by capital expenditures of $48,000. Financingactivities consisted of repayments of the Company's revolving credit line and term loans of $395,000 and treasury stock purchases of $1,209,000 offset by $25,000 of proceeds from the issuance of common shares upon the exercise of stock options. In October 1995, the Company entered into a three year $17,060,000 Loan Agreement. The Loan Agreement was secured by substantially all of the Company's assets. On February 28, 1997, the Company repaid the remaining balances outstanding under the Revolver and Term Notes and terminated the Loan Agreement. On April 12, 1996, the Consent Decree that settles the Company's environmental litigation with the United States and the Commonwealth of Pennsylvania was entered by the U.S. District Court for the Eastern District of Pennsylvania, and became effective. The Company previously funded $4,500,000 into a court administered escrow account. Following the entry of the Consent Decree, additional payments totaling $4,850,000 were made in April and May of 1996. In April 1997, the Company made additional payments totaling $796,000 plus interest. Further payments totaling $4,204,000 plus interest will be made to the United States and the Commonwealth of Pennsylvania over a six year period. In August 1996, the Board of Directors of the Company authorized the repurchase of up to 1,000,000 shares of the Company's common stock. The Board of Directors increased the Company's share repurchase authorization to 2,000,000 shares in March 1997. Through March 31, 1997, the Company repurchased 1,002,200 shares of common stock under the buy-back program for an aggregate cost of $1,403,000. An additional 860,900 shares were repurchased in April 1997 for an aggregate cost of $1,189,000. During the first three months of 1997, the Company's capital expenditures totaled $48,000. The Company anticipates that its level of capital expenditures for 1997 will be less than those of 1996. The Company has not entered into any material commitments for acquisitions or capital expenditures and retains the ability to increase or decrease capital expenditure levels as required. The Company anticipates that it will be able to fund its capital expenditures during 1997 with its available cash resources as well as through capital equipment financing. At March 31, 1997, approximately $90 million of U.S. tax loss carryforwards (subject to review by the Internal Revenue Service), expiring from 1997 through 2010, were available to offset future taxable income. Outlook The Company's primary objective for 1997 is to identify a suitable acquisition candidate. As mentioned above, in 1996 and 1997, the Company met its obligations under the terms of the settlement of its environmental litigation and also repaid the balances outstanding under the Revolver and Term Notes. As of April 30, 1997, the Company had approximately $13,000,000 on hand. The Company intends to use such funds, together with other potential indebtedness, to finance the acquisition purchase price. The Company has not yet identified any potential acquisition candidates or determined the amount or source of any indebtedness which would be incurred to finance future acquisitions. Special Note Regarding Forward Looking Statements: A number of statements contained in this discussion and analysis are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and unccertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: Greenwald's dependence on the mechanical coin meter market and its potential vulnerability to technological obsolescence; OSM's dependence on key personnel and general economic conditions in the Midwest; and the Company's ability to successfully implement its business strategy including the identification, financing and consummation of an acquisition. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS General Litigation Various legal proceedings are pending against the Company. The Company considers all such proceedings to be ordinary litigation incident to the character of its business. Certain claims are covered by liability insurance. The Company believes that the resolution of those claims to the extent not covered by insurance will not, individually or in the aggregate, have a material adverse effect on the financial position or results of operations of the Company. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits required by Item 601 of Regulation S-K. Exhibit 11: Calculation of earnings per share Exhibit 27: Financial data schedule (b) Reports on Form 8-K: None PUBLICKER INDUSTRIES INC. AND SUBSIDIARY COMPANIES 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. PUBLICKER INDUSTRIES INC. (Registrant) Date: May 14, 1997 /s/ James J. Weis James J. Weis, President and Chief Executive Officer /s/ Antonio L. DeLise Antonio L. DeLise, Vice President Finance, Principal Financial and Accounting Officer Exhibit 11 PUBLICKER INDUSTRIES INC. AND SUBSIDIARY COMPANIES CALCULATION OF EARNINGS PER SHARE (Unaudited) Three Months Ended March 31, 1997(b) 1996(a) (in thousands except per share data) Income (loss) from continuing operations $(958) $(2,150) Add - Interest savings, net of tax effect - 26 Adjusted income (loss) from continuing operations (958) (2,124) Income and gains from discontinued operations - 9,649 Adjusted net income (loss) $(958) $7,525 Average common shares 15,153 15,034 Add - Stock options and common stock purchase warrants - 1,409 Adjusted common shares 15,153 16,443 Earnings (loss) per common share Continuing operations $(.06) $(.13) Discontinued operations - .59 $(.06) $.46 (a) Earnings per common share is computed using the modified treasury method. In accordance with this method, proceeds from the exercise of stock options and warrants are first used to buy back up to 20% of the Company's common stock at the average price for the period. Any remaining proceeds are used to retire debt. An adjustment is made to net income to reflect interest assumed to be saved on the debt retirement, net of income taxes. (b) Earnings per common share is computed using the weighted average number of common shares outstanding during each period. The effect of stock options and warrants were not included as they were antidilutive. EX-27 2
5 3-MOS 3-MOS DEC-31-1997 DEC-31-1996 MAR-31-1997 MAR-31-1996 15,766,000 28,886,000 0 0 3,606,000 3,843,000 54,000 86,000 2,098,000 2,694,000 22,042,000 43,014,000 5,930,000 5,454,000 1,913,000 1,534,000 30,413,000 51,598,000 6,370,000 29,088,000 1,244,000 1,824,000 1,606,000 1,591,000 0 0 0 0 10,248,000 7,828,000 30,413,000 51,598,000 5,828,000 5,741,000 5,828,000 5,741,000 4,134,000 5,038,000 4,134,000 5,038,000 2,544,000 4,055,000 0 0 108,000 354,000 (958,000) (3,706,000) 0 1,556,000 (958,000) (2,150,000) 0 9,649,000 0 0 0 0 (958,000) 7,499,000 (.06) .46 (.06) .46
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