-----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, HqJ97RKOdpC16fY6XrxhdKhqAiFAOlIgVge4ggS581uBj1XvcPY40g3/rzIkYVKN s9IziPBOz2zjy5Hyqvprug== 0000812191-97-000012.txt : 19971117 0000812191-97-000012.hdr.sgml : 19971117 ACCESSION NUMBER: 0000812191-97-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: REHABCARE GROUP INC CENTRAL INDEX KEY: 0000812191 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOSPITALS [8060] IRS NUMBER: 510265872 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-19294 FILM NUMBER: 97720684 BUSINESS ADDRESS: STREET 1: 7733 FORSYTH BLVD 17TH FLR STREET 2: SUITE 1700 CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3148637422 FORMER COMPANY: FORMER CONFORMED NAME: REHABCARE CORP DATE OF NAME CHANGE: 19940218 10-Q 1 10-Q FOR QUARTER ENDED SEPTEMBER 30, 1997 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 September 30, 1997 Commission File Number 0-19294 REHABCARE GROUP, INC. (Exact name of Registrant as specified in its charter) Delaware 51-0265872 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 7733 Forsyth Boulevard, Suite 1700, St. Louis, MO 63105 (Address of principal executive offices and Zip Code) 314-863-7422 (Registrant's telephone number, including area code) Indicate by check mark 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 the Registrant's common stock, as of the latest practicable date. Class Outstanding at November 10, 1997 - -------------------------------------- -------------------------------- Common Stock, par value $.01 per share 5,766,557 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1 of 11 2 REHABCARE GROUP, INC. Index Part I. - Financial Information Item 1. - Condensed Consolidated Financial Statements Condensed consolidated balance sheets, September 30, 1997 (unaudited) and December 31, 1996 3 Condensed consolidated statements of earnings for the three months and nine months ended September 30, 1997 and 1996 (unaudited) 4 Condensed consolidated statements of cash flows for the nine months ended September 30, 1997 and 1996 (unaudited) 5 Notes to condensed consolidated financial statements (unaudited) 6 Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Part II. - Other Information Item 6. - Exhibits and Reports on Form 8-K 10 Signatures 11 2 of 11 3 PART 1. - FINANCIAL INFORMATION Item 1. - Condensed Consolidated Financial Statements REHABCARE GROUP, INC. Condensed Consolidated Balance Sheets (Dollar amounts in thousands)
September 30, December 31, 1997 1996 (unaudited) Assets: Current assets: Cash and cash equivalents $ 2,100 $ 772 Marketable securities 4,502 6,666 Accounts receivable, net of allowance for doubtful accounts of $2,013 and $1,386, respectively 22,148 15,546 Deferred tax assets 2,132 921 Prepaid expenses and other current assets 822 525 ------ ------ Total current assets 31,704 24,430 ------ ------ Investment in unconsolidated subsidiary 665 -- ------ ------ Marketable securities, noncurrent 1,718 1,310 ------ ------ Equipment and leasehold improvements, net 3,369 2,935 ------ ------ Other assets: Excess of cost over net assets acquired, net 53,314 47,119 Deferred contract costs, net 1,122 1,302 Pre-opening costs, net 2,758 2,295 Deferred tax assets 203 424 Other 1,035 987 ------ ------ Total other assets 58,432 52,127 ------ ------ $ 95,888 $ 80,802 ====== ====== Liabilities and Stockholders' Equity: Current liabilities: Revolving credit facility $ 1,500 $ 500 Current portion of long-term debt 3,500 2,967 Current portion of notes payable, related parties 770 -- Accounts payable 1,962 1,083 Accrued salaries and wages 10,063 6,969 Income taxes payable 1,481 1,631 Accrued expenses and other liabilities 3,483 2,026 ------ ------ Total current liabilities 22,759 15,176 ------ ------ Deferred compensation 2,423 1,956 ------ ------ Long-term debt, less current portion 28,000 8,000 ------ ------ Notes payable, related parties, less current portion 7,588 6,000 ------ ------ Stockholders' equity: Common stock, $.01 par value; authorized 20,000,000 shares, issued 7,152,191 shares and 7,040,043 shares, respectively 72 70 Additional paid-in capital 23,574 22,793 Retained earnings 32,448 24,577 Less common stock held in treasury at cost, 1,405,158 shares as of September 30, 1997 (21,678) -- Unrealized gain on marketable securities, net of tax 702 2,230 ------ ------ Total stockholders' equity 35,118 49,670 ------ ------ $ 95,888 $ 80,802 ====== ====== See notes to condensed consolidated financial statements.
3 of 11 4 REHABCARE GROUP, INC. Condensed Consolidated Statements of Earnings (Amounts in thousands, except per share data) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1997 1996 1997 1996 ---- ---- ---- ---- Operating revenues $42,151 $31,310 $118,052 $87,035 Costs and expenses: Operating expenses 29,331 22,392 81,799 62,428 General and administrative 7,001 4,917 19,855 13,386 Depreciation and amortization 965 822 2,770 2,308 ------ ------ ------- ------ Total costs and expenses 37,297 28,131 104,424 78,122 ------ ------ ------- ------ Operating earnings 4,854 3,179 13,628 8,913 Interest income 48 33 141 230 Interest expense (779) (360) (2,010) (973) Other income(expense) 16 (1) 16 18 Gain on sale of investment -- -- 1,448 -- ----- ----- ------ ------ Earnings before income taxes 4,139 2,851 13,223 8,188 Income taxes 1,700 1,144 5,352 3,299 ------ ------ ------ ------ Net earnings $ 2,439 $ 1,707 $ 7,871 $ 4,889 ====== ====== ====== ====== Net earnings per common and common equivalent share: Primary $ .36 $ .23 $ 1.13 $ .67 ====== ====== ====== ====== Assuming full dilution $ .34 $ .22 $ 1.06 $ .64 ====== ====== ====== ====== Weighted average number of common and common equivalent shares outstanding: Primary 6,766 7,368 6,989 7,308 ===== ===== ===== ===== Assuming full dilution 7,276 7,902 7,611 7,784 ===== ===== ===== ===== See notes to condensed consolidated financial statements.
4 of 11 5 REHABCARE GROUP, INC. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited)
Nine Months Ended September 30, 1997 1996 Cash flows from operating activities: Net earnings $ 7,871 $ 4,889 ------ ------ Adjustments to reconcile net earnings to net cash provided by operating activities: Equity earnings in joint venture (10) -- Depreciation and amortization 2,770 2,308 Provision for losses on accounts receivable 492 441 Deferred compensation 467 524 Increase in accounts receivable (5,532) (1,902) Decrease (increase) in prepaid expenses and other current assets (280) 371 Decrease(increase) in other assets (38) 203 Increase (decrease)in accounts payable and accrued expenses 2,038 (2,262) Increase in accrued salaries and wages 2,524 1,539 Decrease in income taxes payable (1,652) (775) ------ ------ 779 447 ------ ------ Net cash provided by operating activities 8,650 5,336 ------ ------ Cash flows from investing activities: Additions to equipment and leasehold improvements, net (1,101) (778) Deferred contract costs (221) (327) Purchase of investments (738) (1,061) Repayment of advance to joint venture -- 265 Proceeds from sale/maturities of investments 1,477 1,815 Pre-opening costs (1,084) (470) Investment in joint venture (655) -- Acquisition of businesses, net of cash received (7,253) (19,258) ------ ------ Net cash used in investing activities (9,575) (19,814) ------ ------ Cash flows from financing activities: Proceeds from revolving credit facility, net 1,000 -- Payments on long-term debt (2,500) (1,250) Payments on subordinated notes (538) (814) Proceeds on issuance of note payable 1,825 6,000 Proceeds on issuance of long-term debt 24,000 7,250 Purchase of treasury stock (23,131) -- Proceeds on issuance of common stock 1,393 774 Other 204 -- ------ ------ Net cash provided by financing activities 2,253 11,960 ------ ------ Net increase (decrease) in cash and cash equivalents 1,328 (2,518) Cash and cash equivalents at beginning of period 772 3,963 ------ ------ Cash and cash equivalents at end of period $ 2,100 $ 1,445 ====== ====== See notes to condensed consolidated financial statements.
5 of 11 6 REHABCARE GROUP, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. - Basis of Presentation The condensed consolidated balance sheets and related condensed consolidated statements of earnings and statements of cash flows contained in this Form 10-Q, which are unaudited, include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and activity have been eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been included. Adjustments consisted only of normal recurring items. The results of operations for the three months and nine months ended September 30, 1997, are not necessarily indicative of the results to be expected for the fiscal year. The condensed consolidated financial statements do not include all information and footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. Reference is made to the Company's audited consolidated financial statements and the related notes as of December 31, 1996 and February 29, 1996 and for the ten months ended December 31, 1996 and for each of the years in the two-year period ended February 29, 1996, included in the Annual Report on Form 10-K on file with the Securities and Exchange Commission, which provide additional disclosures and a further description of accounting policies. The Company changed its fiscal year end from the last day of February to December 31, effective as of December 31, 1996. For purposes of comparability, the condensed consolidated statements of earnings and statements of cash flows for the nine month periods ended September 30, 1997 and 1996 have been set forth herein. Note 2. - Acquisitions On January 28, 1997, the Company purchased 100% of the capital stock of TeamRehab, Inc. and Moore Rehabilitation Services, Inc. ("Team and Moore"). The aggregate purchase price of $5,600,000 paid at closing included $3,600,000 in cash, a $1,500,000 subordinated promissory note, and 25,365 shares of the Company's common stock. Additional consideration will be paid to the former Team and Moore stockholders contingent upon the attainment of certain target cumulative earnings before interest and income taxes, up to a maximum of $2,400,000 in additional consideration over four years. On June 12, 1997, the Company purchased 100% of the capital stock of Rehab Unlimited, Inc. The aggregate purchase price of $1,350,000 paid at closing included $675,000 in cash, a $325,000 subordinated promissory note, and 10,736 shares of the Company's common stock. The acquisitions have been accounted for by the purchase method of accounting, whereby the operating results have been included in the Company's results of operations commencing on the respective closing dates of the acquisitions. Goodwill related to the acquisitions totaling $6,254,000 is being amortized over 40 years. On August 15, 1997, the Company acquired a 40% interest in Allied Therapy Services, L.L.C. for $630,000 in cash and notes. The joint venture provides physical, occupational and speech therapy services to nursing homes, other long-term care facilities, outpatient clinics, school systems, and home health agencies in southern Georgia and northern Florida. The Company accounts for its investment using the equity method. 6 of 11 7 Note 3. - Common Stock Repurchase On January 31, 1997, the Company made a tender offer to purchase up to 925,000 shares of its common stock at a single purchase price, not less than $20.00 nor in excess of $22.50 per share. The actual purchase price was determined based on the lowest single purchase price at which stockholders tendered shares that was sufficient to purchase at least 925,000 shares. As of February 28, 1997, the closing date, shares totaling greater than 925,000 were tendered, resulting in the Company's repurchase on March 12, 1997, of a total of 999,955 shares at the single purchase price of $22.50 per share. To finance the repurchase, on March 5, 1997, the Company's bank term loan and revolving credit facility were restructured. Under the terms of the restructured loan agreement, the Company entered into a five-year, $25,000,000 bank term loan and a $20,000,000 revolving credit facility. The amount that may be borrowed under the revolving credit facility was increased to the lesser of $20,000,000 or 85% of eligible accounts receivable. Amounts borrowed under the revised term loan and revolving credit facility bear interest at the Company's option, at the bank's Corporate Base Rate, or London Interbank Offered Rates plus from 1.25% to 2.00%, or a combination of the two, such rates being dependent on the ratio of the Company's indebtedness, net of cash and marketable securities, to cash flow. The effective interest rate on the bank loans for the nine-month period ended September 30, 1997 was approximately 7.3%. Note 4. - Earnings Per Share In February 1997, Statement of Financial Accounting Standards No. 128 ("SFAS 128"), "Earnings Per Share," was issued establishing new standards for computing and presenting earnings per share. The historical measures of earnings per share (primary and fully diluted) are replaced with two new computations of earnings per share (basic and diluted). The Company will adopt SFAS 128 for the year ended December 31, 1997. Earnings per share, on a pro forma basis, for the three-month and nine-month periods ended September 30, 1997 and 1996, computed pursuant to the provisions of SFAS 128 and adjusted for the three-for-two stock split, would have been as follows: Three Months Ended Nine Month Ended September 30, September 30, 1997 1996 1997 1996 ---- ---- ---- ----
Basic earnings per share $ .43 $ .25 $ 1.30 $ .70 Diluted earnings per share $ .35 $ .23 $ 1.08 $ .66
Note 5. - Subsequent Event On August 26, 1997, the Company's Board of Directors approved a three-for-two split of the Company's common stock in the form of a stock dividend, payable October 1, 1997, to shareholders of record as of September 12, 1997. Share and per share amounts in the condensed consolidated financial statements have been restated to reflect the split. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The Company provides physical medicine, rehabilitation and chronic care services in a variety of settings under multi-year contracts. These settings include acute 7 of 11 8 rehabilitation units that may or may not be exempt from the Medicare Prospective Payment System (PPS), depending on their stage of development; subacute units that are operated within licensed skilled nursing units; and outpatient clinics, both on and off campus of the host hospital. The Company also is a contract provider of therapists on a continuing and temporary basis to hospitals and long-term care and rehabilitation facilities.
Three Months Ended Nine Months Ended Operating Statistics September 30, September 30, 1997 1996 1997 1996 ---- ---- ---- ---- Inpatient Units (Acute and Subacute) Average bed capacity 2,149 1,820 2,070 1,801 Average billable length of stay (days) 15.0 15.6 15.1 16.0 Billable patient days served 135,083 105,783 390,211 314,014 Admissions 9,007 6,794 25,799 19,591 Average daily billable census 1,468 1,150 1,429 1,146 Average occupied beds per unit 13.0 12.6 13.3 12.8 Total units in operation at end of period 116 91 116 91 Outpatient Clinics Patient visits 53,494 47,976 174,401 174,554 Units of service 171,052 151,421 553,808 519,350 Total clinics in operation at end of period 16 19 16 19 Therapist Placement Weeks worked 7,726 6,850 21,943 N/A Contract Therapy Number of locations at end of period 43 N/A 43 N/A
Three Months Ended September 30, 1997 Compared to Three Months Ended September 30, 1996 Operating revenues during the third quarter of calendar 1997 increased by $10,841,000, or 34.6%, to $42,151,000. Acquisitions accounted for 24.9% of the net increase. A 24.3% increase in the average number of inpatient units from 91.0 to 113.1 units and an increase in the average daily billable census per inpatient unit of 3.2% from 12.6 to 13.0, generated a 27.7% increase in billable patient days to 135,083 and a 21.8% increase in revenue from inpatient units. The increase in billable census per unit for inpatient units is primarily attributable to a 6.7% increase in admissions per unit offset by a 3.8% decline in average billable length of stay. The decline in average billable length of stay reflects both the continued trend of reduced rehabilitation lengths of stay and the increase in subacute units operational in 1997, which carry a shorter length of stay than acute rehabilitation units. The increase in billable patient days was offset by a 4.6% decrease in average per diem billing rates, reflecting a greater mix of subacute units which carry lower average per diem rates than acute units. The $4,423,000 increase in inpatient unit revenue was offset by a 9.7% decrease in outpatient revenue to $2,155,000, primarily reflecting the loss of two units during the second quarter of calendar 1997 and one unit in the third quarter of calendar 1997. Operating expenses for the three-month periods compared increased by $6,939,000, or 31.0% to $29,331,000. Acquisitions accounted for 21.8% of the net increase. The remaining increase was attributable to the increase in patient days and increased placements at Healthcare Staffing Solutions, Inc. ("HSSI"). The excess of operating expenses over operating revenues associated with non-exempt units increased from $183,000 to $278,000, attributable to the increase in the average number of non-exempt units from 5.4 to 7.9. Average start-up losses 8 of 11 9 for units for which the company provides therapy staff during their non-exempt year can range to as high as $150,000 to $200,000. General and administrative expenses increased $2,084,000, or 42.4%, to $7,001,000, reflecting increases in professional services and business development compared to the previous year, plus the addition of corporate staff from acquisitions. Interest expense increased $419,000 reflecting an increase in interest rates and interest on additional debt arising from the repurchase of shares of the Company's common stock plus the acquisitions of Team and Moore and Rehab Unlimited, Inc. Earnings before income taxes increased by $1,288,000, or 45.2%, to $4,139,000. The provision for income taxes for the third quarter of calendar 1997 was $1,700,000, compared to $1,144,000 for 1996, reflecting effective income tax rates of 41.1% and 40.1% for the respective quarters. The higher rate is attributable to an increase in meal costs, which are subject to a 50% deduction limitation. Net earnings increased by $732,000, or 42.9% to $2,439,000. Earnings per share increased 56.5% to 36 cents from 23 cents on an 8.2% decrease in the weighted average shares outstanding. The decrease in shares outstanding is attributable to the repurchase of shares of the Company's common stock in the first quarter of 1997 offset by an increase in common stock equivalents resulting from an increase in the market price of the Company's stock relative to the underlying exercise prices of outstanding stock options. See "Liquidity and Capital Resources." Nine Months Ended September 30, 1997 Compared to Nine Months Ended September 30, 1996 Operating revenues during the first nine months of calendar 1997 increased by $31,017,000, or 35.6%, to $118,052,000. Acquisitions accounted for 37.2% of the net increase. A 19.3% increase in the average number of inpatient units from 90.2 to 107.6 units and an increase in the average daily billable census per inpatient unit of 4.7% from 12.7 to 13.3, generated a 24.3% increase in billable patient days to 390,211 and a 20.8% increase in revenue from inpatient units. The increase in billable census per unit for inpatient units is primarily attributable to a 10.3% increase in admissions per unit offset by a 5.6% decline in average billable length of stay. The decline in average billable length of stay reflects both the continued trend of reduced rehabilitation lengths of stay and the increase in subacute units operational in 1997, which carry a shorter length of stay than acute rehabilitation units. The increase in billable patient days was offset by a 2.8% decrease in average per diem billing rates, reflecting a greater mix of subacute units, which carry lower average per diem rates than acute units. The $12,430,000 increase in inpatient unit revenue was offset by a 7.7% decrease in outpatient revenue to $7,274,000, primarily reflecting the loss of three units. Operating expenses for the nine-month periods compared increased by $19,371,000, or 31.0% to $81,799,000. Acquisitions accounted for 36.7% of the net increase. The remaining increase was attributable to the increase in patient days and increased placements at HSSI. The excess of operating expenses over operating revenues associated with non-exempt units decreased from $696,000 to $645,000, on an increase in the average number of non-exempt units from 5.1 to 7.6. The per unit average excess of operating expenses over operating revenues declined from $136,000 to $85,000 reflecting a 16.0% increase in billable patients per unit to 2.9 plus a greater percentage of units where the Company is not obligated to provide therapy staff. Average start-up losses for units for which the Company provides therapy staff during their non-exempt year can range to as high as $150,000 to $200,000. 9 of 11 10 General and administrative expenses increased $6,469,000, or 48.3%, to $19,855,000, reflecting increases in professional services, business development and general office, compared to the previous year, plus the addition of corporate staff from acquisitions. Interest income decreased $89,000 as a result of reductions in investment balances, as cash was used to make acquisitions and make payments on Company debt. Interest expense increased $1,037,000 reflecting an increase in interest rates and interest on additional debt arising from the repurchase of shares of the Company's common stock and the acquisitions of HSSI and Team and Moore. Gain on sale of investment reflects the sale in the first quarter of 1997 of approximately 50% of the Company's investment in Intensiva Healthcare Corporation. Earnings before income taxes increased by $5,035,000, or 61.5%, to $13,223,000. The provision for income taxes for the first nine months of calendar 1997 was $5,352,000, compared to $3,299,000 for 1996, reflecting effective income tax rates of 40.5% and 40.3% for the respective periods. Net earnings increased by $2,982,000, or 61.0% to $7,871,000. Earnings per share increased 68.7% to $1.13 from 67 cents on a 4.4% decrease in the weighted average shares outstanding. The gain on sale of investment accounted for 12 cents of the increase in earnings per share. The decrease in shares outstanding is attributable to the repurchase of shares of the Company's common stock offset by an increase in common stock equivalents resulting from an increase in the market price of the Company's stock relative to the underlying exercise prices of outstanding stock options. See "Liquidity and Capital Resources." Liquidity and Capital Resources As of September 30, 1997, the Company had $6,602,000 in cash and current marketable securities and a current ratio of 1.4:1. Working capital decreased by $309,000 as of September 30, 1997, compared to December 31, 1996, due to the cash paid and debt arising from the acquisitions of Team and Moore and Rehab Unlimited, Inc. and the increase in current portion of long-term debt issued in the repurchase of shares of the Company's common stock, offset by cash flows generated by operations. Net accounts receivable were $22,148,000 at September 30, 1997, compared to $15,546,000 at December 31, 1996. The number of days average net revenue in net receivables was 48.3 at September 30, 1997 compared to 45.5 at December 31, 1996. The Company's operating cash flows constitute its primary source of liquidity and historically have been sufficient to fund its working capital and capital expansion requirements. The Company expects to meet its future working capital, capital expenditure, business expansion and debt service requirements from a combination of internal sources and outside financing. The Company has a $20,000,000 revolving line of credit and a balance outstanding as of September 30, 1997, of $9,500,000. Part II. - OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-k None 10 of 11 11 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. REHABCARE GROUP, INC. November 10, 1997 By:/s/ John R. Finkenkeller John R. Finkenkeller Senior Vice President and Treasurer (Chief Accounting Officer) 11 of 11 12 EXHIBIT INDEX Page Number 27 Financial Data Schedule Not Included in Paper Filing EX-27 2 FDS --
5 1,000 9-MOS DEC-31-1997 SEP-30-1997 2,100 4,502 24,161 2,013 0 31,704 3,369 0 95,888 22,759 35,588 0 0 72 35,046 95,888 118,052 118,052 81,799 104,424 0 0 2,010 13,223 5,352 7,871 0 0 0 7,871 1.13 1.06
-----END PRIVACY-ENHANCED MESSAGE-----