-----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, G62IbHQL7aLY45AaGBVIudbkF6LRJn7wB1jExXmM3x1EMyrZ/fp+Mrbty8pqiigW 4Pzrnfa0Aa3ikJGLz0Eueg== 0001104659-03-016196.txt : 20030731 0001104659-03-016196.hdr.sgml : 20030731 20030731060659 ACCESSION NUMBER: 0001104659-03-016196 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030731 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BECKMAN COULTER INC CENTRAL INDEX KEY: 0000840467 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 951040600 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10109 FILM NUMBER: 03812966 BUSINESS ADDRESS: STREET 1: 4300 N HARBOR BLVD STREET 2: PO BOX 3100 CITY: FULLERTON STATE: CA ZIP: 92834-3100 BUSINESS PHONE: 7147736907 MAIL ADDRESS: STREET 1: 4300 N HARBOR BLVD STREET 2: PO BOX 3100 CITY: FULLERTON STATE: CA ZIP: 92834-3100 FORMER COMPANY: FORMER CONFORMED NAME: BECKMAN INSTRUMENTS INC DATE OF NAME CHANGE: 19920703 8-K 1 a03-1678_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON, D.C.  20549

 

 

FORM 8-K

 

CURRENT REPORT

 

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

 

Date of report (Date of earliest event reported):  July 31, 2003

 

Beckman Coulter, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-10109

 

95-104-0600

(State of
Incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

 

4300 N. Harbor Boulevard
Fullerton, California 92834-3100

(Address of principal executive offices) (Zip Code)

 

(714) 871-4848

(Registrant’s telephone number, including area code)

 

 

 

Item 7.    Exhibits

 

99.1               Press Release “Beckman Coulter Announces Record Second Quarter 2003 Results, 22% Quarterly Dividend Increase”

 

Item 12. Results of Operations and Financial Condition

 

On July 31, 2003, Beckman Coulter, Inc. issued the press release attached to this report as Exhibit 99.1 announcing its results for the second quarter of 2003. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.

 

EXHIBIT INDEX

Exhibits

 

99.1               Press Release “Beckman Coulter Announces Record Second Quarter 2003 Results, 22% Quarterly Dividend Increase”

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated:  July 31, 2003

 

 

BECKMAN COULTER, INC.

 

 

 

 

 

By:

/s/William H. May

 

Name:  William H. May

 

Title: Vice President, General Counsel, and
Secretary

 

2

 EX-99.1 3 a03-1678_1ex991.htm EX-99.1

Exhibit 99.1

 

 

NEWS RELEASE

 

 

 

 

 

 

Contact:

Jeanie Herbert

(714) 773-7620

 

Director, Investor Relations

 

 

 

Beckman Coulter Announces Record Second Quarter 2003 Results,

22% Quarterly Dividend Increase

 

FULLERTON, California, July 31, 2003 - Beckman Coulter, Inc. (NYSE:BEC) announced today record results for the second quarter ended June 30, 2003.

 

Second Quarter Results
(Amounts in millions, except amounts per share)

 

2003

 

2002

 

% Chg

 

 

 

 

 

 

 

 

 

Sales

 

$

551.8

 

$

516.1

 

6.9

%

Constant Currency (A)

 

 

 

 

 

2.4

%

 

 

 

 

 

 

 

 

Net Earnings

 

$

52.2

 

$

41.9

 

24.6

%

 

 

 

 

 

 

 

 

Earnings Per Diluted Share

 

$

0.82

 

$

0.64

 

28.1

%

 

 

 

 

 

 

 

 

Segment Sales: (B)

 

 

 

 

 

 

 

Clinical Diagnostics

 

$

387.9

 

$

356.2

 

8.9

%

Constant Currency (A)

 

 

 

 

 

4.9

%

 

 

 

 

 

 

 

 

Biomedical Research

 

$

163.9

 

$

159.9

 

2.5

%

Constant Currency (A)

 

 

 

 

 

(3.1

)%

 

 

 

 

 

 

 

 

Geographic Sales:

 

 

 

 

 

 

 

Americas

 

$

337.2

 

$

331.3

 

1.8

%

Constant Currency (A)

 

 

 

 

 

1.5

%

 

 

 

 

 

 

 

 

Europe

 

$

145.1

 

$

123.2

 

17.8

%

Constant Currency (A)

 

 

 

 

 

2.5

%

 

 

 

 

 

 

 

 

Asia

 

$

69.5

 

$

61.6

 

12.8

%

Constant Currency (A)

 

 

 

 

 

6.8

%

 

(A)           Constant currency growth is not a U.S. GAAP defined measure of revenue growth.  We define constant currency sales as current period sales in local currency translated to U.S. dollars at the prior year’s foreign currency exchange rate.  This measure provides information on sales growth assuming foreign currency exchange rates have not changed between the prior year period and the current period.  Constant currency growth as defined or presented by the company may not be comparable to similarly titled measure reported by other companies.

(B)             Certain prior year amounts have been reclassified to conform to the current year presentation.

 

- more -

 

 

Beckman Coulter

 

First Half Results
(Amounts in millions, except amounts per share)

 

2003

 

2002

 

% Chg

 

 

 

 

 

 

 

 

 

Sales

 

$

1,019.1

 

$

962.8

 

5.8

%

Constant Currency (A)

 

 

 

 

 

1.8

%

 

 

 

 

 

 

 

 

Net Earnings

 

$

96.8

(C)(D)

$

69.9

 

38.5

%

 

 

 

 

 

 

 

 

Earnings Per Diluted Share

 

$

1.52

(C)(D)

$

1.06

 

43.4

%

 

 

 

 

 

 

 

 

Segment Sales (B):

 

 

 

 

 

 

 

Clinical Diagnostics

 

$

722.0

 

$

670.1

 

7.7

%

Constant Currency (A)

 

 

 

 

 

4.3

%

 

 

 

 

 

 

 

 

Biomedical Research

 

$

297.1

 

$

292.7

 

1.5

%

Constant Currency (A)

 

 

 

 

 

(3.7

)%

 

 

 

 

 

 

 

 

Geographic Sales:

 

 

 

 

 

 

 

Americas

 

$

638.6

 

$

626.8

 

1.9

%

Constant Currency (A)

 

 

 

 

 

1.7

%

 

 

 

 

 

 

 

 

Europe

 

$

263.9

 

$

229.5

 

15.0

%

Constant Currency (A)

 

 

 

 

 

1.1

%

 

 

 

 

 

 

 

 

Asia

 

$

116.6

 

$

106.5

 

9.5

%

Constant Currency (A)

 

 

 

 

 

4.0

%

 

(A)           Constant currency growth is not a U.S. GAAP defined measure of revenue growth.  We define constant currency sales as current period sales in local currency translated to U.S. dollars at the prior year’s foreign currency exchange rate.  This measure provides information on sales growth assuming foreign currency exchange rates have not changed between the prior year period and the current period.  Constant currency growth as defined or presented by the company may not be comparable to similarly titled measure reported by other companies.

(B)             Certain prior year amounts have been reclassified to conform to the current year presentation.

(C)             Includes a non-taxable credit of $28.9 million and related pretax expenses of $2.0 million ($1.2 million after taxes), resulting in a net credit of $27.7 million after taxes or diluted EPS credit of $0.44 from a litigation settlement and related expenses.

(D)            Includes a pretax restructure charge of $18.5 million ($11.8 million after taxes) or diluted EPS charge of $0.19 primarily associated with the formation of the Biomedical Research Division, a refocus of international operations and a workforce reduction of approximately 300 positions.

 

Second Quarter 2003 Discussion

 

Sales in the second quarter increased 6.9% over prior year quarter.  In clinical diagnostics the strongest performing product areas were routine chemistry and immunodiagnostics, both growing more than 10%, led by SYNCHRON LXâi 725 system placements.  Within immunodiagnostics, continued strength in the company’s immunoassay business was masked by softness in the dedicated protein product line.

 

2

 

In biomedical research, sales were generally weak, as expected, in light of existing market conditions.  Specialty testing had the best performance with revenues growing 15%, driven by the continued success of the Cytomics FC 500 flow cytometer and reagents.

 

Gross profit margin improved by 2.5 percentage points.  Currency accounted for about half of the margin improvement, while product mix and manufacturing efficiencies were also favorable.  The result was operating income growth of nearly 20% to $81.2 million.

 

Non-operating expense in the second quarter of 2003 was $9.7 million, an increase of $1.7 million over prior year quarter.  Higher currency-related expenses were partially offset by lower interest expense and a $2.5 million net gain on disposition and write-down of assets, including the sale of LAO announced in May.  The tax rate was 27%, down from 30% in the prior year quarter.  Net earnings grew 25%, resulting in diluted earnings per share growth of 28% to $0.82.

 

In the second quarter of 2003, the company generated $55 million of free cash flow(1).  Bank debt was reduced by $37 million, while approximately $20 million of cash was used to repurchase 500,000 shares of common stock at an average cost of $39.52.

 

John P. Wareham, chairman, president and chief executive officer, said, “With our new product flow in clinical diagnostics and improving gross profit margins, we delivered sales results within our range and earnings above our outlook.  While the market for research and development testing systems is still soft, both the patient care testing and clinical research markets are experiencing modest growth.  A robust new product flow in the second half should allow Beckman Coulter to continue to gain market share in clinical diagnostics, offsetting a sluggish biomedical research market.”

 

(1)               Net cash from operating activities ($84 million) less capital expenditures ($29 million).

 

3

 

The following business developments and product announcements were significant in the second quarter:

 

Business Developments:

 

•                  Signed agreement with Biositeâ Incorporated to manufacture a b-type natriuretic peptide (BNP) test commercialized by Biosite for use on Beckman Coulter immunoassay systems.

•                  Sold assets of LAO, a New Jersey-based software operation.

 

Product Announcements:

 

•                  Shipped the UniCelä DxIä 800 Accessâ immunoassay system, a state-of-the-art, high-throughput analyzer for large diagnostics laboratories.

•                  Launched Accessâ OV monitor, a laboratory test to aid in the management of ovarian cancer.

•                  Released ICONâ microALB, a point-of-care test to aid in the early identification of kidney disease.

•                  Shipped ProteomeLabä PF 2D, an automated two-dimensional protein fractionation system to enhance protein analysis.

 

2003 Outlook

 

According to Wareham, “In the third quarter, we expect sales to be up 7 to 8%, including about a 3.5% currency effect.  Clinical Diagnostics sales growth should be in the 8 to 10% range.  Biomedical Research sales should grow in the low single digits.  Diluted earnings per share is expected to be in the $0.59 to $0.64 range.

 

4

 

“With two significant new products for the patient care market, our Clinical Diagnostics sales should continue to climb.  Both the SYNCHRON LXâi 725 combined routine chemistry and immunoassay system, along with the recently shipped UniCelä DxIä immmunoassay system, have great potential to dramatically increase our current 5 to 6% market share in immunoassay testing.

 

“In Biomedical Research we are cautiously optimistic about R&D spending in the government funded and pharmaceutical sectors, but still bearish on biotechnology R&D spending.  New product introductions for biomedical research, such as the ProteomeLabä PF 2D and the ProteomeLab PA 800 protein characterization system, plus the CEQä 8800 genetic analysis system, should aid sales growth in the second half.”

 

Concluded Wareham, “Assuming currency rates continue at their current levels, we now expect our total year sales to increase 6.5 to 7.5%, including a currency effect of about 4%.  Operating profit margin should improve by 0.6 percentage points over prior year.  Non-operating expenses should increase due to currency-related expenses to the $50 to $54 million range.  Diluted earnings per share growth for the year should be in the range of 12 to 14%, before the litigation settlement and restructure charge recorded in the first quarter.”

 

Quarterly Dividend Increase

 

The company’s Board of Directors declared a quarterly cash dividend of $0.11 per share, a 22% or $0.02 per share increase, payable on September 4, 2003 to stockholders of record on August 15, 2003.  This dividend represents the 58th consecutive quarterly dividend payout and 12th consecutive year of increase in annual dividends since the company’s relisting on the New York Stock Exchange in 1988.  This dividend increase reflects the Board’s intention to return the annual dividend payout ratio to the 15 to 20% range over time.

 

5

 

Investor Conference Call

 

As previously announced, there will be a conference call today, Thursday, July 31, 2003 at 9:30 am ET to discuss the second quarter ended June 30, 2003 results.  The call will also be webcast live.  The call is accessible to all investors through Beckman Coulter’s website at www.beckmancoulter.com or at www.streetevents.com.  When accessing the webcast through the Beckman Coulter site, select the Investor Relations icon and find the call listed under “What’s New”.  The webcast will be archived on the Beckman Coulter website for future replay.

 

This press release contains forward-looking statements regarding anticipated product introductions and gains in market share, sales and earnings per share growth, effects of currency, increases in dividends, and increases in R&D spending in the government funded and pharmaceutical sectors.  These statements are based on information available at the time they are made and are subject to a number of risks and uncertainties.  Actual results could differ from those anticipated by these forward-looking statements as a result of a number of factors, some of which may be beyond the company’s control.  Among other things, these factors include the effects of cost containment initiatives by both government and industry and the availability of capital to clinical diagnostics and biomedical research customers.  Other factors include the actual timing of product introductions, the impact of global economic, health and political conditions, consolidation among customers, introduction of competitive systems and products, and potential cost, interest rate, and currency fluctuations.

 

Beckman Coulter, Inc. is a leading manufacturer of instrument systems, chemistries and supplies that simplify and automate laboratory processes.  At the forefront of medical discovery, in clinical research and through the often life-saving process of clinical diagnostics, Beckman Coulter’s 200,000 installed systems provide essential biomedical intelligence to enhance health care around the world.  The company, based in Fullerton, Calif., reported 2002 annual sales of $2.06 billion with 62% of this amount generated by recurring revenue from supplies, test kits and services. For more information, access the Beckman Coulter World Wide Web Information Service at www.beckmancoulter.com.

 

6

 

BECKMAN COULTER, INC.

SECOND QUARTER REPORT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in million, except amounts per share)

(Unaudited)

 

 

 

Three Months Ended
June 30,

 

Six  Months Ended
June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

551.8

 

$

516.1

 

$

1,019.1

 

$

962.8

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

287.9

 

282.1

 

538.6

 

521.9

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

263.9

 

234.0

 

480.5

 

440.9

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

134.7

 

118.4

 

254.2

 

234.4

 

Research and development

 

48.0

 

47.8

 

94.0

 

89.7

 

Restructure charge

 

—

 

—

 

18.5

 

—

 

Litigation settlement and related expenses

 

—

 

—

 

(26.9

)

—

 

Total operating cost and expenses

 

182.7

 

166.2

 

339.8

 

324.1

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

81.2

 

67.8

 

140.7

 

116.8

 

 

 

 

 

 

 

 

 

 

 

Non-operating (income) and expense:

 

 

 

 

 

 

 

 

 

Interest income

 

(2.3

)

(2.0

)

(4.3

)

(4.2

)

Interest expense

 

9.6

 

11.1

 

21.0

 

22.9

 

Other, net

 

2.4

 

(1.1

)

4.8

 

(1.7

)

Total non-operating expenses

 

9.7

 

8.0

 

21.5

 

17.0

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

71.5

 

59.8

 

119.2

 

99.8

 

Income taxes

 

19.3

 

17.9

 

22.4

 

29.9

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

52.2

 

$

41.9

 

$

96.8

 

$

69.9

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.86

 

$

0.68

 

$

1.59

 

$

1.13

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of basic shares outstanding (in thousands)

 

60,724

 

61,805

 

60,877

 

61,630

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.82

 

$

0.64

 

$

1.52

 

$

1.06

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of basic and dilutive shares outstanding (in thousands)

 

63,919

 

65,848

 

63,704

 

65,643

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.090

 

$

0.085

 

$

0.180

 

$

0.170

 

 

7

 

BECKMAN COULTER, INC.

SECOND QUARTER REPORT

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions)

 

 

 

June 30,
2003
(unaudited)

 

December 31,
2002

 

 

 

 

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

66.6

 

$

91.4

 

Trade and other receivables

 

544.1

 

544.4

 

Inventories

 

396.2

 

363.7

 

Other current assets

 

74.2

 

56.7

 

Total current assets

 

1,081.1

 

1,056.2

 

 

 

 

 

 

 

Property, plant and equipment, net

 

379.1

 

370.8

 

Goodwill

 

363.4

 

357.8

 

Other intangibles

 

345.8

 

346.2

 

Other assets

 

134.1

 

132.6

 

Total assets

 

$

2,303.5

 

$

2,263.6

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Notes payable and current maturities of long-term debt

 

$

39.0

 

$

140.2

 

Accounts payable, accrued expenses and other liabilities

 

416.6

 

400.4

 

Income taxes

 

80.6

 

71.0

 

Total current liabilities

 

536.2

 

611.6

 

 

 

 

 

 

 

Long-term debt, less current maturities

 

658.0

 

626.6

 

Other liabilities

 

394.4

 

433.3

 

Total liabilities

 

1,588.6

 

1,671.5

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock

 

6.1

 

6.1

 

Additional paid-in-capital

 

281.3

 

259.4

 

Treasury stock, at cost

 

(76.5

)

(38.3

)

Common stock held in grantor trust

 

(14.2

)

(14.1

)

Grantor trust liability

 

14.2

 

14.1

 

Retained earnings

 

543.0

 

457.4

 

Unearned compensation

 

(3.2

)

—

 

Accumulated other comprehensive loss

 

(35.8

)

(92.5

)

Total stockholders’ equity

 

714.9

 

592.1

 

Total liabilities and stockholders’ equity

 

$

2,303.5

 

$

2,263.6

 

 

8

 

BECKMAN COULTER, INC

SECOND QUARTER REPORT

KEY PRODUCT SALES

(Amounts in millions)

(Unaudited)

 

 

 

Three Months Ended
June 30, 2003

 

Six Months Ended
June 30, 2003

 

 

 

$

 

Reported
Growth %

 

Constant
Currency
Growth %

 

$

 

Reported
Growth %

 

Constant
Currency
Growth %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Routine Chemistry

 

$

160.7

 

12.5

 

9.0

 

$

295.6

 

9.0

 

6.0

 

Immunodiagnostics

 

104.6

 

10.2

 

5.4

 

199.1

 

11.2

 

7.0

 

Subtotal Chemistry

 

265.3

 

11.6

 

7.6

 

494.7

 

9.9

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hematology

 

122.6

 

3.5

 

(0.6

)

227.3

 

3.4

 

(0.1

)

Total Clinical Diagnostics

 

387.9

 

8.9

 

4.9

 

722.0

 

7.7

 

4.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Robotic Auto/Genetic Analysis

 

39.2

 

(10.3

)

(15.1

)

70.1

 

(5.0

)

(10.0

)

Centrifuge/Analytical Systems

 

69.7

 

1.9

 

(2.9

)

125.2

 

(2.9

)

(7.2

)

Specialty Testing

 

55.0

 

15.1

 

7.7

 

101.8

 

13.1

 

6.4

 

Total Biomedical Research

 

163.9

 

2.5

 

(3.1

)

297.1

 

1.5

 

(3.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Beckman Coulter

 

$

551.8

 

6.9

 

2.4

 

$

1,019.1

 

5.8

 

1.8

 

 

##

 

9

 GRAPHIC 4 g16781ksimage002.gif GRAPHIC begin 644 g16781ksimage002.gif M1TE&.#EAD`!!`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y M!`$`````+`````"0`$$`A(&!@0````$"`P$"`P$"`P$"`P$"`P$"`P$"`P$" M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$" M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P+_A(^I%^VQHIRTVHNS?KSK#X;B*'6F M2:;JFIXNRL;RC+P<`]/Z#MHG_N`)AR7?"^@@*H=&'Q*RC,Z:3<--BFU1JX!@ M]MO;7Z>5G.7!/4'!DJQ-^%1:AJT=Z2Z2N2:EA/+`ULW^V,K M1):*UH?+2T,ZZA0L/"RS1L(<5ZN\#`4!G<$934RM77EV+.B+/1J,?)V+:%X= M7C).KKN+7LO]?.F,S*Y0+YD;L=;O7@[$W#=8FR[AL8?/X,%O"_Q-^R>/H<1Y M7D[Y<<:LV#-T_PD5LJL(,=V]A?HX"EJ(L1@XC0@E@@S)%7?5,B7$44^>!Z=HISZ\R!<,JXN[#U+-NB^GF@#2LUK;^X[ M8-WJX@T,5:;DM&AA:`4GM*_?OS@EWYQ,]:5EA9CIBK*VM;-G0C\?!][&L5[I MFE=1'SG,.M37M:^/8G4LEG;$#1%O%[39*G2RWX+GJA/X7(?@Z+%$4F<$T,IU M/:1WL]28G++;P[84G^4I.W=FLWRC3G(^L25X]4:A0_9L*&;\N]W5-HGGS$]K MG\"'WSWS^=>;?9\5E5]PONG57U()SI2@?H`0"!]O,SEWX%+N-1A@O?1%."*($ZGVDWX>9D6,)-*1XOT*0SYBY_C88 -----END PRIVACY-ENHANCED MESSAGE-----