-----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, FDjIGA8fbt5vhK41PFkK0Ng7okGsNGuN4D9yrqkvxXFHEE1cY1rq2yZuCdIy0AM2 9nKkyQkDJPPZ8s0XGzIsLw== 0000914190-98-000006.txt : 19980115 0000914190-98-000006.hdr.sgml : 19980115 ACCESSION NUMBER: 0000914190-98-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971130 FILED AS OF DATE: 19980114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST TEAM SPORTS INC CENTRAL INDEX KEY: 0000820242 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 411545748 STATE OF INCORPORATION: MN FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16442 FILM NUMBER: 98506388 BUSINESS ADDRESS: STREET 1: 1201 LUND BLVD CITY: ANOKA STATE: MN ZIP: 55303 BUSINESS PHONE: 6127804454 MAIL ADDRESS: STREET 1: 1201 LUND BLVD CITY: ANOKA STATE: MN ZIP: 55303-1092 10-Q 1 FORM 10-Q FOR FIRST TEAM SPORTS, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended: Commission File No.: November 30, 1997 0-16442 FIRST TEAM SPORTS, INC. (Exact name of Registrant as specified in its charter) Minnesota 41-1545748 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1201 Lund Boulevard Anoka, Minnesota 55303 (Address of principal executive offices) Registrant's telephone number, including area code: (612) 576-3500 -------------------------------------- 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: 5,792,240 shares of Common Stock, $.01 par value per share, outstanding as of January 13, 1997. PART I FINANCIAL INFORMATION Item 1. Financial Statements FIRST TEAM SPORTS, INC. CONSOLIDATED BALANCE SHEETS November 30, 1997 and February 28, 1997
November 30, February 28, ASSETS 1997 1997 --------------------- --------------------- (Unaudited) CURRENT ASSETS Cash and cash equivalents $736,491 $381,427 Receivables: Trade, less allowance for doubtful accounts of $505,000 at November 30, 1997 and $565,000 at February 28, 1997 13,427,238 17,039,679 Refundable income taxes 677,162 258,492 Inventory 23,085,684 20,881,845 Prepaid expenses 341,327 612,880 Deferred income taxes 997,000 997,000 --------------------- --------------------- Total current assets $39,264,902 $40,171,323 --------------------- --------------------- PROPERTY AND EQUIPMENT, at cost Land $600,000 $600,000 Building 4,988,680 4,988,680 Production equipment 5,294,048 4,715,979 Office furniture and equipment 2,046,050 1,754,017 Warehouse equipment 826,509 325,361 Vehicles 110,726 19,567 --------------------- --------------------- $13,866,013 $12,403,604 Less accumulated depreciation 3,969,526 2,588,404 --------------------- --------------------- $9,896,487 $9,815,200 --------------------- --------------------- OTHER ASSETS License agreements, less accumulated amortization of $3,258,000 at November 30, 1997 and $3,039,000 at February 28, 1997 $1,846,623 $2,065,611 Other 2,046,445 291,367 --------------------- --------------------- $3,893,068 $2,356,978 --------------------- --------------------- $53,054,457 $52,343,501 ===================== =====================
See Notes to Consolidated Financial Statements FIRST TEAM SPORTS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) November 30, 1997 and February 28, 1997
November 30, February 28, LIABILITIES AND SHAREHOLDERS' EQUITY 1997 1997 --------------------- --------------------- (Unaudited) CURRENT LIABILITIES Notes payable to bank $7,880,000 $5,319,250 Current maturities of long-term debt 1,001,650 662,414 Accounts payable, trade 2,193,934 4,852,459 Accrued expenses 1,589,719 1,415,511 Income taxes 70,924 - --------------------- --------------------- Total current liabilities $12,736,227 $12,249,634 --------------------- --------------------- LONG-TERM DEBT, less current maturities $6,278,112 $6,217,936 --------------------- --------------------- DEFERRED INCOME TAXES $530,000 $530,000 --------------------- --------------------- DEFERRED REVENUE $600,000 $600,000 --------------------- --------------------- SHAREHOLDERS' EQUITY Common Stock, par value $.01 per share; authorized 10,000,000 shares; issued and outstanding 5,789,542 shares at November 30, 1997, 5,749,796 shares at February 28, 1997 $57,895 $57,498 Additional paid-in capital 9,797,405 9,586,340 Retained earnings 23,082,448 23,102,093 Currency Translation (27,630) - --------------------- --------------------- $32,910,118 $32,745,931 --------------------- --------------------- $53,054,457 $52,343,501 ===================== =====================
See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three months ended Nine months ended November 30, November 30, 1997 1996 1997 1996 ------------------- -------------------- ------------------- -------------------- Net sales $10,350,148 $16,656,582 $46,459,022 $62,878,324 Cost of goods sold 8,326,845 12,930,350 35,321,334 45,909,026 ------------------- -------------------- ------------------- -------------------- Gross profit $2,023,303 $3,726,232 $11,137,688 $16,969,298 ------------------- -------------------- ------------------- -------------------- Operating expenses: Selling $1,112,682 $1,519,682 $4,368,598 $5,865,148 General and administrative 2,269,461 1,587,956 6,031,022 5,009,314 ------------------- -------------------- ------------------- -------------------- $3,382,143 $3,107,638 $10,399,620 $10,874,462 ------------------- -------------------- ------------------- -------------------- Operating income ($1,358,840) $618,594 $738,068 $6,094,836 Other income (expense): Interest expense (237,394) (334,757) (760,684) (1,060,938) Other - - - 3,254 ------------------- -------------------- ------------------- -------------------- Income/(loss) before income taxes ($1,596,234) $283,837 ($22,616) $5,037,152 Income taxes (548,972) 100,000 (2,671) 1,787,000 ------------------- -------------------- ------------------- -------------------- Net income/(loss) for the period ($1,047,262) $183,837 ($19,945) $3,250,152 =================== ==================== =================== ==================== Net income/(loss) per common share: ($0.18) $0.03 ($0.00) $0.55 =================== ==================== =================== ==================== Weighted average number of common shares outstanding including Common Share equivalents 5,872,910 5,832,643 5,764,680 5,903,226 =================== ==================== =================== ====================
See Notes to Consolidated Financial Statements FIRST TEAM SPORTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For Nine Months Ended November 30, 1997 and 1996 (Unaudited)
November 30, November 30, CASH FLOWS FROM OPERATING ACTIVITIES 1997 1996 ------------------- ------------------- Net Income/(Loss) Adjustments required to reconcile net ($19,645) $3,250,152 income/(loss) to net cash provided by (used in) operating activities: Depreciation Amortization 1,360,256 1,054,500 Deferred income taxes 309,634 475,348 Changes in assets and liabilities: - - Receivables Inventories 4,669,733 (2,349,710) Prepaid expenses (1,760,749) 1,528,114 Accounts payable 273,115 548,620 Accrued expenses (2,884,381) (6,939,813) Income taxes 174,208 (785,516) (17,188) 237,550 ------------------- ------------------- Net cash provided by (used in) operating activities $2,104,983 ($2,980,755) ------------------- ------------------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Purchase of Hespeler Hockey Company ($1,384,465) ($1,244,473) Purchase of Mothership Distribution, Inc. (1,632,482) - Other (285,460) - (217,066) (34,893) ------------------- ------------------- Net cash used in investing activities ($3,519,473) ($1,279,366) ------------------- ------------------- CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds on short-term borrowings $1,319,422 $3,491,250 Proceeds on long-term borrowings 1,125,301 Principal payments on long-term borrowings (725,888) (739,437) Net proceeds from issuances of common stock 1997; 10,169 shares, 1996; 17,750 shares 56,683 176,494 ------------------- ------------------- Net cash provided by financing activities $1,775,518 $2,928,307 ------------------- ------------------- Effect of foreign currency exchange rate changes on cash and cash equivalents ($5,964) - ------------------- ------------------- Increase (decrease) in cash and cash equivalents $355,064 ($1,331,814) Cash and cash equivalents: Beginning $381,427 $2,166,863 ------------------- ------------------- Ending $736,491 $835,049 =================== ===================
See Notes to Consolidated Financial Statements FIRST TEAM SPORTS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. The consolidated condensed balance sheet as of November 30, 1997, and the consolidated statements of operations for the three-month and nine-month periods ended November 30, 1997 and November 30, 1996 and the consolidated statements of cash flows for the nine-month periods then ended have been prepared by the Company without audit. In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated financial position, results of operations and cash flows at November 30, 1997 and November 30, 1996 and for all periods presented have been made. The operating results for the period ended November 30, 1997 are not necessarily indicative of the operating results to be expected for the full fiscal year. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with generally accepted accounting principles have been condensed or omitted. PER SHARE DATA In February 1997, the Financial Accounting Standards Board issued Statement No. 128, Earnings per Share, which is required to be adopted at our fiscal year end. At that time we will calculate "basic" and "diluted" earnings per share and restate prior periods. The changes from primary and fully diluted earnings per share are expected to be negligible. ACQUISITIONS In September 1997, the Company acquired substantially all of the assets and liabilities of Hespeler Hockey Company, and Mothership Distribution, Inc. for approximately $1.9 million in cash and $150,000 of the Company's common stock. The transactions were accounted for as purchases and, accordingly, the net assets and operation results are included in the Company's financial statements since the date of acquisition. The pro forma impact of the acquisitions on the Company's results of operation for all periods presented was not material. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS Net Sales. Net sales were $10.4 million in the third quarter of fiscal 1998, a decrease of 38% over sales of $16.7 million in the comparable quarter of fiscal 1997. Net sales for the first nine months of fiscal 1998 were $46.5 million, compared to $62.9 million for the first nine months of fiscal 1997, a decrease of 26%. In-line skate sales volume decreases, combined with a decrease in the average selling price of both the Company's Skate Attack(TM) and UltraWheels(TM) lines, were the principal factors in the Company's net sales decline in the third quarter and nine-month period of fiscal 1998. The Company experienced continued pricing pressures from all areas of the in-line skate marketplace due primarily to excess inventory levels held by retailers and subsequent competitive price cutting. The Company's product groups consist of in-line skates, ice skates, accessories and parts (primarily protective wear and replacement wheels and bearings) and roller hockey products. Within the product groups, the Company maintains an UltraWheels(TM) and Skate Attack(TM) line of products. The UltraWheels(TM) line consists of higher quality and higher priced products that are targeted for specialty and sporting goods chain store customers, and the Skate Attack(TM) line consists of lower priced products for mass merchant customers. During the third quarter the Company acquired Hespeler Hockey Company, a Canadian based company which markets and distributes ice hockey sticks and accessories (gloves and protective wear) and Mothership Distribution Inc., which markets and distributes aggressive in-line skate wheels, accessories and apparel. Sales in the quarter for both Hespeler and Mothership were negligible. In-line skates and parts and accessory sales decreased 38% and 36%, respectively, from the third quarter of fiscal 1997 to fiscal 1998 and have decreased 24% and 30%, respectively, from the nine month period of fiscal 1997 to fiscal 1998. Sales of in-line skates accounted for approximately 85% of total sales in the third quarter and for the nine month period of fiscal 1998, compared to 88% and 85%, respectively, in the third quarter and for the nine month period of fiscal 1997. Sales of parts and accessories accounted for approximately 12% and 14%, respectively, of total sales in the third quarter and for the nine month period of fiscal 1998, compared to 12% and 15%, respectively, in the third quarter and for the nine month period of fiscal 1997. The Company currently distributes products to more then 60 countries worldwide. Domestic sales were $8.3 million, or 80% of total sales, in the third quarter and $32.2 million, or 70% of total sales for the first nine months of fiscal 1998, compared to $13.5 million, or 81% in the third quarter and $42.8 million or 68% for the nine month period of fiscal 1997. Sales in Canada were $200,000, or 2%, and $5.7 million, or 12%, respectively, of total sales in the third quarter and for the nine month period of fiscal 1998 compared to $400,000, or 2%, and $4.1 million, or 7%, respectively, in fiscal 1997. Sales in Europe were $400,000, or 4%, and $5.6 million, or 12%, respectively, of total sales in the third quarter and for the nine month period of fiscal 1998 compared to $1.9 million, or 11%, and $10.5 million, or 17%, respectively, in fiscal 1997. Other international sales were $1.2 million, or 11%, and $2.7 million, or 6%, respectively, of total sales in the third quarter and for the nine month period of fiscal 1998, compared to $900,000, or 5%, and $5.5 million, or 9%, respectively, in fiscal 1997. Several factors contributed to the Company's sales performance in the third quarter of fiscal 1998. The decrease in domestic sales is the result of continued excess inventory levels at retail and competitive price cutting which continues to plague the in-line skate industry. The decrease in European sales is primarily the result of a slow spring and summer retail environment caused by inclement weather conditions, which has resulted in excess retail inventory levels. The increase in other international sales is primarily the result of sales to some new key accounts in Australia. The decrease in the sales for the nine month period is primarily the result of the continued excess inventory situation in the in-line skate industry both in the United States and worldwide. Gross Margin As a percentage of net sales, the gross margin was 19.6% in the third quarter of fiscal 1998 compared to 22% in the third quarter of fiscal 1997. The gross margin as a percentage of net sales for the nine month period of fiscal 1998 was 24%, compared to 27% for fiscal 1997. The decrease in the gross margin in the third quarter and for the nine month period is primarily due to competitive close-out sales, continued pricing pressures at all retail price points and fluctuations in certain foreign currency rates, principally Canada. The Company's UltraWheels(TM) brand of in-line skates accounted for approximately 51% and 62%, respectively, of total in-line skate sales in the third quarter and for the nine month period of fiscal 1998 compared to 38% and 51%, respectively, in fiscal 1997, while the Company's Skate Attack(TM) brand accounted for 49% and 38%, respectively, of total in-line skate sales in the third quarter and for the nine month period of fiscal 1998 compared to 61% and 47%, respectively, in fiscal 1997. Operating Expenses. Selling expenses were $1.1 million, or 10.8% , of total net sales in the third quarter and $4.4 million, or 9.4%, of total net sales for the nine month period of fiscal 1998 compared to $1.5 million, or 9.1%, in the third quarter and $5.9 million, or 9.3%, for the nine month period of fiscal 1997. The decrease in selling expenses for the third quarter and the nine month period was primarily the result of a reduction in commissions, royalties and co-op advertising costs associated with the decreased sales volume and management's efforts to closely monitor and control its expenditures. General and administrative expenses were $2.3 million, or 21.9%, of total net sales in the third quarter and $6 million, or 13%, of total net sales for the nine month period of fiscal 1998, compared to $1.6 million, or 9.5 %, in the third quarter and $5 million, or 8%, for the nine month period of fiscal 1997. The increase in general and administrative expenses in the third quarter of fiscal 1998 was primarily due to expenses associated with the purchases of the Company's two new subsidiaries, (Hespeler Hockey Company and Mothership Distribution Inc.), costs associated with the Company's new European office and increases required in the bad debt reserve allowance. The increase in general and administrative expenses in the nine month period of fiscal 1998 was primarily due to an increase in expenses associated with the Company's computer systems, an increase in the real estate taxes associated with the Company's facility and the expenses related to and associated with the purchases of the Company's two new subsidiaries and the opening of the Company's new European office. In fiscal 1997 the Company purchased a new software system and appropriate computer hardware. As part of the Company's selection process the ability to recognize the year 2000 was a major requirement and thus the Company believes it is prepared for the change and should incur minimal costs related to this event. Other Income and Expense. Interest expense was $237,000 in the third quarter and $761,000 for the nine month period of fiscal 1998, compared to $335,000 in the third quarter and $1,061,000 for the nine month period of fiscal 1997. The decrease in interest expense for the both the third quarter and the nine month period is primarily due to a reduction of the interest expense related to the Company's line of credit facility. This interest expense reduction is the result of management's continued control over the Company's expenditures and cash management procedures, which has resulted in a decrease in the average outstanding balance on the Company's line of credit facility during the third quarter and for the nine month period of fiscal 1998 as compared to the same periods of fiscal 1997. Net Income/(Loss). The Company had a net loss of ($1,047,000), or ($.18) per share, in the third quarter of fiscal 1998, compared to net income of $184,000, or $.03 per share, in fiscal 1997. The Company had a net loss of ($20,000) for the nine month period of fiscal 1998, compared to net income of $3,250,000, or $.55 per share, in fiscal 1997. The decrease for the both the third quarter and the nine month period can be attributed to the decrease in both the sales volume and the gross margins, along with the increase in operating expenses as discussed above. LIQUIDITY AND CAPITAL RESOURCES Total cash and cash equivalents were $736,491 as of November 30, 1997, compared to $835,049 as of November 30, 1996. Net cash provided by operating activities was $2,104,983 for the nine month period ended November 30, 1997, compared to net cash used in operating activities of ($2,980,755) for the nine month period ended November 30,1996. Net cash used in investing activities was ($3,519,473) for the nine month period ended November 30,1997, compared to ($1,279,366) for the nine month period ended November 30,1996. Net cash provided by financing activities was $1,775,518 for the nine month period ended November 30, 1997, compared to $2,928,307 for the nine month period ended November 30, 1996. The net cash provided by operating activities for the nine month period ended November 30, 1997 was primarily from a decrease in accounts receivable and depreciation and amortization being offset by an increase in inventory and a decrease in accounts payable. The decrease in accounts receivable was the result of continued collections and a decrease in sales activities. The increase in inventory was due to the decreased sales activity. The decrease in accounts payable was the result of the Company paying certain larger suppliers on shorter terms to receive discounts and the reduced overall inventory purchases related to the decreased sales volume. The net cash used in operating activities for the nine month period ended November 30, 1996 was primarily from an increase in accounts receivable and a decrease in accounts payable being offset by net income, depreciation and amortization and a decrease in inventory. The increase in accounts receivable was the result of very strong sales in the month of November 1996. The decrease in accounts payable was the result of reduced purchases due to declining sales volume and the seasonally of the inventory purchases. The decrease in inventory was primarily due to delays in the receipt of the Company's new skate models. The net cash used in investing activities for the nine month period ended November 30, 1997 was primarily for capital expenditures relating to new production tooling and warehousing equipment and the purchase of the Company's new subsidiaries Hespeler Hockey Company and Mothership Distribution, Inc. The net cash used in investing activities for the nine month period ended November 30, 1996 was primarily for capital expenditures relating to new production tooling and new computer hardware and software. The net cash provided by financing activities for the nine month period ended November 30, 1997 was primarily from proceeds from the Company's line of credit facility and a new term note being offset by payments on the Company's long-term debt obligations. The proceeds on the line of credit facility was primarily for the purchase of the Company's new subsidiaries and the new term note was for the financing of new production tooling costs. The net cash provided by financing activities for the nine month period ended November 30, 1996 was primarily from proceeds on the Company's line of credit facility. The proceeds were required to finance the cash required from operating activities. The Company's debt to worth ratio was .6 to 1 as of November 30, 1997, February 28, 1997 and November 30, 1996. As of November 30, 1997, the Company's long-term debt, which consists primarily of a mortgage note on the Company's facility and obligations under endorsement license agreements, less current maturities, was $6,342,147. As of November 30,1997, the Company had a revolving line of credit with a bank that provides for borrowings of up to $15,000,000, of which $7,880,000 was outstanding. In addition, the Company had a line of credit established with the bank providing for borrowings of up to $1,000,000 for the purchase of equipment and improvements. As of November 30, 1997 there was a $700,000 balance outstanding on this credit facility. The Company believes its current cash position, funds available under existing bank arrangements and cash generated from operations will be sufficient to finance the Company's operating requirements through fiscal 1998. PART II OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. See Exhibit Index immediately following the signature page of this Form 10-Q. (b) Reports on Form 8-K. No reports on Form 8-K were filed by the Registrant during the quarter to which this Form 10-Q relates. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. FIRST TEAM SPORTS, INC. By: /s/ John J. Egart John J. Egart President and CEO and By: /s/ Robert L. Lenius, Jr. Robert L. Lenius, Jr. Vice President and CFO Dated: January 13, 1998 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 EXHIBIT INDEX TO FORM 10-Q For Quarter Ended: Commission File No.: 0-16422 November 30, 1997 ------------------------------------------------------------------- FIRST TEAM SPORTS, INC. ------------------------------------------------------------------- Exhibit Number Description - ------- ----------- 3.1 Restated Articles of Incorporation -- incorporated by reference to Exhibit 3.1 to the Company's Form 10-K for the year ended February 28, 1997 3.2 Bylaws -- incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form S-18 Reg. No. 33-16345C 4.1 Specimen of Common Stock Certificate -- incorporated by reference to 4.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended February 28, 1991 4.2 Certificate of Designations of Series A Preferred Stock(included in Restated Articles of Incorporation -- see Exhibit 3.1) 4.3 Rights Agreement dated as of March 15, 1996 between the Company and Norwest Bank Minnesota, N.A. as Rights Agent -- incorporated by reference to Exhibit 2.1 to the Company's Registration Statement on Form 8-A, Reg. No. 0-16422 4.4 Form of Right Certificate -- incorporated by reference to Exhibit 2.2 to the Company's Registration Statement on Form 8-A, Reg. No. 0-16422 4.5 Summary of Rights to Purchase Share of Series A Preferred Stock- incorporated by reference to Exhibit 2.3 to the Company's Registration Statement of Form 8-A, Reg. No. 0-16422 27 Financial Data Schedule (included in electronic version only) EX-27 2 ART 5 FDS FOR 3RD QUARTER 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FORM 10-Q FOR THE QUARTER ENDED NOVEMBER 30, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 U.S. Dollars 9-MOS FEB-28-1998 MAR-01-1997 NOV-30-1998 1 736,491 0 13,932,238 505,000 23,085,684 39,264,902 13,866,013 3,969,526 53,054,457 12,736,227 6,278,112 0 0 57,895 32,852,223 32,910,118 46,459,022 46,459,022 35,321,334 35,321,334 0 0 760,684 (22,616) (2,671) (19,945) 0 0 0 (19,945) .00 .00
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