-----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, SzBSE5KezDJJ2v3YuPL+/fi2lyr2u+HoZUrZwq9/wFJRxx05vd3oRBCkJGY4TXZv 1kt+kj2WZYx3mOEPeEY72A== 0000950150-00-000433.txt : 20000516 0000950150-00-000433.hdr.sgml : 20000516 ACCESSION NUMBER: 0000950150-00-000433 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RELIANCE STEEL & ALUMINUM CO CENTRAL INDEX KEY: 0000861884 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 951142616 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13122 FILM NUMBER: 633483 BUSINESS ADDRESS: STREET 1: 2550 EAST 25TH ST CITY: LOS ANGELES STATE: CA ZIP: 90058 BUSINESS PHONE: 2135822272 MAIL ADDRESS: STREET 1: 2550 E. 25TH STREET CITY: LOS ANGELES STATE: CA ZIP: 90058 10-Q 1 FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2000 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, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-13122 RELIANCE STEEL & ALUMINUM CO. (Exact name of registrant as specified in its charter) California 95-1142616 ------------------------------- ---------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2550 East 25th Street Los Angeles, California 90058 (323) 582-2272 ------------------------------------------------------------- (Address of principal executive offices and telephone number) 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 [ ] As of April 30, 2000, 27,786,030 shares of the registrant's common stock, no par value, were outstanding. 2 INDEX PART I -- FINANCIAL INFORMATION ............................................................ 1 Consolidated Balance Sheets ........................................................ 1 Consolidated Statements of Income (Unaudited) ...................................... 2 Consolidated Statements of Cash Flows (Unaudited) .................................. 3 Notes to Consolidated Financial Statements (Unaudited) ............................. 4 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS .............................................. 6 PART II -- OTHER INFORMATION ............................................................... 9 SIGNATURES ................................................................................ 10
3 PART I -- FINANCIAL INFORMATION RELIANCE STEEL & ALUMINUM CO. Consolidated Balance Sheets (In thousands except share amounts)
MARCH 31, DECEMBER 31, 2000 1999 ----------- ------------ (unaudited) (Note) ASSETS Current assets: Cash and cash equivalents $ 7,388 $ 9,862 Accounts receivable, less allowance for doubtful accounts of $7,152 at March 2000 and $6,351 at December 1999 206,384 167,674 Inventories 248,420 232,911 Prepaid expenses and other current assets 5,246 5,472 Deferred income taxes 13,079 12,999 --------- --------- Total current assets 480,517 428,918 Property, plant and equipment, at cost: Land 32,577 31,583 Buildings 138,141 132,165 Machinery and equipment 164,158 159,390 Allowances for depreciation (100,566) (95,756) --------- --------- 234,310 227,382 Investment in 50%-owned company 17,686 19,306 Goodwill, net of accumulated amortization of $14,428 at March 2000 and $12,957 at December 1999 213,766 215,247 Other assets 9,344 9,152 --------- --------- Total assets $ 955,623 $ 900,005 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 119,448 $ 103,968 Accrued expenses 31,399 27,820 Wages and related accruals 10,943 16,191 Income taxes payable 6,739 -- Deferred income taxes 7,749 7,749 Current maturities of long-term debt 150 150 --------- --------- Total current liabilities 176,428 155,878 Long-term debt 338,050 318,050 Deferred income taxes 26,586 25,749 Shareholders' equity: Preferred stock, no par value: Authorized shares - 5,000,000 None issued or outstanding -- -- Common stock, no par value: Authorized shares - 100,000,000 Issued and outstanding shares - 27,782,655 at March 2000 and 27,798,151 at December 1999, stated capital 153,215 153,120 Retained earnings 261,344 247,208 --------- --------- Total shareholders' equity 414,559 400,328 --------- --------- Total liabilities and shareholders' equity $ 955,623 $ 900,005 ========= =========
See Notes to Consolidated Financial Statements. NOTE: The Balance Sheet at December 31, 1999 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. 1. 4 RELIANCE STEEL & ALUMINUM CO. Consolidated Statements of Income (Unaudited) (In thousands except share and per share amounts)
THREE MONTHS ENDED MARCH 31, ------------------------ 2000 1999 --------- -------- Net sales $430,841 $371,884 Gain from SERP benefit -- 2,341 Other income 727 867 -------- -------- 431,568 375,092 Costs and expenses: Cost of sales 313,853 278,489 Warehouse, delivery, selling, administrative and general 79,296 62,461 Depreciation and amortization 6,879 5,967 Interest 5,623 5,839 -------- -------- 405,651 352,756 Income before equity in earnings of 50%-owned company and income taxes 25,917 22,336 Equity in earnings of 50%-owned company 967 898 -------- -------- Income before income taxes 26,884 23,234 Income taxes: Federal 9,409 7,876 State 1,344 1,301 -------- -------- 10,753 9,177 -------- -------- Net income $ 16,131 $ 14,057 ======== ======== Earnings per share - diluted $ .58 $ .51 ======== ======== Per share gain from SERP benefit - diluted $ -- $ .05 ======== ======== Weighted average shares outstanding - diluted 27,900 27,797 ======== ======== Earnings per share - basic $ .58 $ .51 ======== ======== Weighted average shares outstanding - basic 27,785 27,689 ======== ======== Cash dividends per share $ .055 $ .04 ======== ========
2. 5 RELIANCE STEEL & ALUMINUM CO. Consolidated Statements of Cash Flows (Unaudited) (In thousands)
THREE MONTHS ENDED MARCH 31, ------------------------- 2000 1999 -------- -------- OPERATING ACTIVITIES Net income $ 16,131 $ 14,057 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,879 5,967 Gain from SERP benefit -- (2,341) Deferred income taxes 757 20 (Gain) loss on sales of machinery and equipment (11) 81 Equity in earnings of 50%-owned company (967) (898) Changes in operating assets and liabilities: Accounts receivable (35,054) (9,394) Inventories (12,090) 23,129 Prepaid expenses and other assets 29 (265) Income taxes 7,872 6,858 Accounts payable and accrued expenses 12,448 (977) -------- -------- Net cash (used in) provided by operating activities (4,006) 36,237 -------- -------- INVESTMENT ACTIVITIES Purchases of property, plant and equipment (5,710) (4,926) Proceeds from sales of property and equipment 95 101 Acquisitions of metals service centers and asset purchases of metals service centers (13,545) (70,508) Dividends received from 50%-owned company 2,586 5,127 -------- -------- Net cash used in investing activities (16,574) (70,206) -------- -------- FINANCING ACTIVITIES Proceeds from borrowings 35,000 35,000 Principal payments on long-term debt and short-term borrowings (15,000) (3,681) Dividends paid (1,577) (1,201) Issuance of common stock 349 348 Repurchase of Common Stock (666) -- -------- -------- Net cash provided by financing activities 18,106 30,466 -------- -------- Decrease in cash (2,474) (3,503) Cash and cash equivalents at beginning of period 9,862 6,496 -------- -------- Cash and cash equivalents at end of period $ 7,388 $ 2,993 ======== ======== SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING AND INVESTING ACTIVITIES: Interest paid during the period $ 727 $ 912 Income taxes paid during the period 2,406 1,997
3. 6 RELIANCE STEEL & ALUMINUM CO. Notes to Consolidated Financial Statements (Unaudited) March 31, 2000 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for fair presentation, with respect to the interim financial statements have been included. The results of operations for the three month period ended March 31, 2000 are not necessarily indicative of the results for the full year ending December 31, 2000. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended December 31, 1999, included in the Reliance Steel & Aluminum Co. Form 10-K. 2. ACQUISITIONS Through its newly-formed company, Hagerty Steel & Aluminum Company ("Hagerty"), the Company purchased the assets and business of the metals service center division of Hagerty Brothers Company, located in Peoria, Illinois, on February 5, 2000. Hagerty processes and distributes primarily carbon steel products, and operates as a subsidiary of Liebovich Bros., Inc., a wholly-owned subsidiary of the Company. Net sales of the metals service center business of Hagerty Brothers Company were approximately $30,000,000 for the year ended December 31, 1999. The Hagerty assets were acquired with funds from borrowings under the Company's line of credit. 3. LONG-TERM DEBT Long-term debt consists of the following:
MARCH 31, DECEMBER 31, 2000 1999 --------- ------------ (IN THOUSANDS) Revolving line of credit ($200,000,000 limit) due October 22, 2002, interest at variable rates, weighted average rate of 6.4% during the three months ended March 31, 2000 .............. $ 45,000 $ 25,000 Senior unsecured notes due January 2, 2004 to January 2, 2009, average fixed interest rate 7.22% ........................ 75,000 75,000 Senior unsecured notes due January 2, 2002 to January 2, 2008, average fixed interest rate 7.02% ........................ 65,000 65,000 Senior unsecured notes due October 15, 2005 to October 15, 2010, average fixed interest rate 6.55% ........................ 150,000 150,000 Variable Rate Demand Industrial Development Revenue Bonds, Series 1989 A, due July 1, 2014, with interest payable quarterly .............................................. 3,200 3,200 --------- --------- 338,200 318,200 Less amounts due within one year ............................... (150) (150) --------- --------- $ 338,050 $ 318,050 ========= =========
4. 7 The Company has a syndicated credit agreement with five banks for a revolving line of credit with a borrowing limit of $200,000,000. The syndicated credit agreement allows the Company to use up to $175,000,000 of the revolving line of credit for acquisitions. The Company has $290,000,000 of outstanding senior unsecured notes issued in private placements of debt. These notes bear interest at an average fixed rate of 6.83% and have an average life of 9.1 years, maturing from 2002 to 2010. The Company also entered into a credit agreement that allows the Company to issue and have outstanding up to a maximum of $10,000,000 of letters of credit. The Company's long-term loan agreements require the maintenance of a minimum net worth and include certain restrictions on the amount of cash dividends payable, among other things. 4. SHAREHOLDERS' EQUITY The Board of Directors authorized a 3-for-2 common stock split effected in the form of a 50% stock dividend distributed on September 24, 1999, to shareholders of record on September 2, 1999. All references in the financial statements to number of shares and per share amounts have been retroactively adjusted to reflect this stock split. In August 1998, the Board of Directors approved the purchase of up to an additional 3,750,000 shares of the Company's outstanding Common Stock through its Stock Repurchase Plan, for a total of up to 6,000,000 shares. The Stock Repurchase Plan was initially established in December 1994 and authorizes the Company to purchase shares of its Common Stock from time to time in the open market or in privately-negotiated transactions. Repurchased shares are redeemed and treated as authorized but unissued shares. As of March 31, 2000, the Company had repurchased a total of 2,709,175 shares of its Common Stock under the Stock Repurchase Plan, at an average cost of $10.02 per share. During the three month period ended March 31, 2000, the Company repurchased 36,850 shares of its Common Stock under this plan at an average cost of $18.08 per share. In March 2000, 10,854 shares of Common Stock were issued to division managers and officers of the Company under the 1999 Key-Man Incentive Plan. 5. 8 RELIANCE STEEL & ALUMINUM CO. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following table sets forth certain income statement data for the three month periods ended March 31, 2000 and March 31, 1999 (dollars are shown in thousands and certain amounts may not calculate due to rounding):
2000 1999 ----------------------- ----------------------- % OF % OF $ NET SALES $ NET SALES -------- --------- -------- --------- NET SALES .................. $430,841 100.0% $371,884 100.0% GROSS PROFIT ............... 116,988 27.2 93,395 25.1 OPERATING EXPENSES ......... 79,296 18.4 62,461 16.8 DEPRECIATION EXPENSE ....... 5,146 1.2 4,385 1.2 -------- ----- -------- ----- INCOME FROM OPERATIONS ..... $ 32,546 7.6% $ 26,549 7.1% ======== ===== ======== =====
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999 (DOLLAR AMOUNTS IN THOUSANDS OTHER THAN SHARE AND PER SHARE AMOUNTS) In the three months ended March 31, 2000, consolidated net sales increased 15.9% to $430,841, compared to the first three months of 1999, which reflects an increase of 19.4% in tons sold and a decrease in the average sales price per ton of 2.9%. The increase in tons sold was primarily due to the inclusion of a full three months of the sales of Liebovich Bros., Inc. ("LBI"), acquired March 1, 1999; Allegheny Steel Distributors, Inc. ("Allegheny"), acquired September 1, 1999; and Arrow Metals, acquired October 1, 1999; and the sales of Hagerty Steel & Aluminum Company ("Hagerty"), formed February 5, 2000 (collectively, the "Acquisitions") during the period ended March 31, 2000. The increase also reflects improvements in sales to the semiconductor and electronics industries. The increase was somewhat offset by a reduction in tons sold to the aerospace industry of 5% in the 2000 first quarter as compared to the 1999 first quarter. The average selling prices decreased for the 2000 period due mainly to the change in product mix from the first three months of 1999. The change in product mix resulted mainly due to the inclusion in 2000 of the net sales of the Acquisitions, which, except for Arrow Metals, primarily sell carbon steel products. Carbon steel products generally have lower prices than non-ferrous products and represented 55% of sales in the 2000 quarter compared to 42% in the 1999 quarter. Excluding the Acquisitions, the Company reported an increase in sales of $19,034, which includes an increase of 2.2% in tons sold, with the average selling price per ton increasing 2.9%. The increase in the average selling price is primarily due to increased selling prices of most of the Company's products during the 2000 period, as compared to the 1999 period. The selling price increases were based upon increased metal costs, with most of the cost increases effective in the quarter ended March 31, 2000. The reduced sales volume to the aerospace industry affected the average selling price, as the heat treated aluminum products sold to the aerospace industry are typically among the most high priced products sold by the Company. In addition, the prices of the heat treated aluminum products declined by approximately 13.8% in the 2000 period, as compared to the 1999 period. Excluding the Company's sales to the aerospace industry and the Acquisitions, the average selling price would have increased by 8.1%. 6. 9 During the three months ended March 31, 1999, the Company recorded a one-time gain of $2,341 from a life insurance policy, which was not taxable to the Company, in connection with the Company's Supplemental Executive Retirement Plan ("SERP"). Total gross profit increased $23,593, or 25.3%, in the first three months of 2000 compared to the first three months of 1999, primarily due to the inclusion of the gross profit of the Acquisitions and increased selling prices. Expressed as a percentage of sales, gross profit increased to 27.2% in 2000 from 25.1% in 1999. The improvement was primarily due to increasing selling prices in advance of increased metal costs. The Company's sales force has been successful in increasing selling prices at a rate ahead of the receipt of higher cost material for most products sold by the Company. As the price increases slow and the higher cost material is received, the margins are reduced, as occurred in the three months ended March 31, 2000, as compared to the margins realized in the latter half of 1999. Significant improvements in demand in the semiconductor and related electronics industries resulted in increased gross margins for products sold to these industries. In addition, certain of the Acquisitions operate at higher gross margin percentages than the Company has historically operated at on a consolidated basis. Warehouse, delivery, selling and general and administrative ("G&A") expenses increased $16,835, or 27.0%, in the first three months of 2000 compared to the corresponding period of 1999 and amounted to 18.4% and 16.8% of sales, respectively. The dollar increase in expenses reflects the increase in sales volume for the 2000 period, which includes the sales and related expenses of the Acquisitions. The increase as a percent of sales is consistent with the latter half of 1999 and is primarily due to certain of the Acquisitions operating at higher expense levels than those historically experienced by the Company on a consolidated basis. In addition, expenses as a percentage of sales increased at those locations with reduced sales volume to the aerospace industry, due to the fixed cost component of their expenses. Depreciation and amortization expense increased $912 during the three months ended March 31, 2000 compared to the corresponding period of 1999. This increase is primarily due to the inclusion of depreciation expense related to the assets of the Acquisitions, along with the amortization of goodwill resulting from the Acquisitions. Interest expense decreased by 3.7% in the three months ended March 31, 2000, due to a lower level of borrowings outstanding, as the 1999 acquisition activity was reduced as compared to the 1998 activity, and due to the Company's ability to pay down debt during 1999, primarily by reducing inventory levels. The effective income tax rate was 40.0% for the three months ended March 31, 2000, compared to 39.5% for the 1999 period. The 1999 period included the benefit of the tax free life insurance proceeds discussed above. Earnings per diluted share of $.51 for the three month period ended March 31, 1999 included $.05 related to the tax free gain on the life insurance policy discussed above. LIQUIDITY AND CAPITAL RESOURCES (DOLLAR AMOUNTS IN THOUSANDS OTHER THAN SHARE AND PER SHARE AMOUNTS) At March 31, 2000, working capital amounted to $304,089 compared to $273,040 at December 31, 1999. The slight increase was primarily due to the working capital of Hagerty, which was acquired in 2000, and increases in receivables and inventory resulting from the increased sales activity. The Company's capital requirements are primarily for working capital, acquisitions, and capital expenditures for continued improvements in plant capacities and material handling and processing equipment. The Company's primary sources of liquidity are generally from internally generated funds from operations and the Company's revolving line of credit. The syndicated credit facility has a borrowing limit of $200,000. As of March 31, 2000, $45,000 was outstanding under this credit facility. The Company also has agreements with insurance companies for private placements of senior unsecured notes in the aggregate amount of $290,000. The senior notes 7. 10 that were issued in the private placements have maturity dates ranging from 2002 to 2010, with an average life of 9.1 years, and bear interest at an average fixed rate of 6.83% per annum. Cash was used in operations during the three month period ended March 31, 2000, as compared to cash provided by operations during the corresponding 1999 period, primarily due to increased working capital needs during the 2000 period necessary to support the increased sales activity. Capital expenditures, excluding acquisitions, were $5,710 for the three months ended March 31, 2000. The Company had no material commitments for capital expenditures as of March 31, 2000. The Company anticipates that funds generated from operations and funds available under its line of credit will be sufficient to meet its working capital needs for the foreseeable future. The purchase of Hagerty was funded with borrowings on the Company's line of credit. The Board of Directors declared a 3-for-2 common stock split, in the form of a 50% stock dividend, effective September 24, 1999, to shareholders of record September 2, 1999. On August 31, 1998, the Board of Directors of the Company approved the purchase of up to an additional 3,750,000 shares of the Company's outstanding Common Stock through its Stock Repurchase Plan, for a total of 6,000,000 shares. During the three months ended March 31, 2000, the Company repurchased 36,850 shares of its Common Stock at an average purchase price of $18.08 per share. The Company has purchased a total of 2,709,175 shares of its Common Stock, at an average purchase price of $10.02 per share, as of March 31, 2000, all of which were treated as authorized but unissued shares. The Company believes such purchases enhance shareholder value and reflect its confidence in the long-term growth potential of the Company. SEASONALITY The Company recognizes that some of its customers may be in seasonal businesses, especially customers in the construction industry. As a result of the Company's geographic, product and customer diversity, however, the Company's operations have not shown any material seasonal trends. Revenues in the months of November and December traditionally have been lower than in other months because of a reduced number of working days for shipments of the Company's products and holiday closures for some of its customers. There can be no assurance that period-to-period fluctuations will not occur in the future. Results of any one or more quarters are therefore not necessarily indicative of annual results. IMPACT OF YEAR 2000 In prior years, the Company discussed the nature and progress of its plans to become Year 2000 ready. In 1999, the Company completed its conversions, testing and modifications of systems. As a result of those planning and implementation efforts, the Company experienced no significant disruptions in mission critical information technology and non-information technology systems and believes those systems successfully responded to the Year 2000 date change. The Company is not aware of any material problems resulting from Year 2000 issues, either with its products, its internal systems, or the products and services of third parties. The Company will continue to monitor its mission critical computer applications and those of its suppliers throughout the Year 2000 to ensure that any latent Year 2000 matters that may arise are addressed promptly. THIS FORM 10-Q MAY CONTAIN FORWARD-LOOKING STATEMENTS RELATING TO FUTURE FINANCIAL RESULTS. ACTUAL RESULTS MAY DIFFER MATERIALLY AS A RESULT OF FACTORS OVER WHICH RELIANCE STEEL & ALUMINUM CO. HAS NO CONTROL. THESE RISK FACTORS AND ADDITIONAL INFORMATION ARE INCLUDED IN THE COMPANY'S ANNUAL REPORT ON FORM 10-K. 8. 11 PART II -- OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. Not applicable. ITEM 2. CHANGES IN SECURITIES. (a) Not applicable. (b) Not applicable. ITEM 3. DEFAULTS UPON SENIOR SECURITIES. (a) Not applicable. (b) Not applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Not applicable. ITEM 5. OTHER INFORMATION. Not applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) Reports on Form 8-K None 9. 12 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. RELIANCE STEEL & ALUMINUM CO. Dated: May 15, 2000 By: /s/ David H. Hannah ------------------------------------- David H. Hannah President and Chief Executive Officer By: /s/ Karla R. McDowell ------------------------------------- Karla R. McDowell Senior Vice President and Chief Financial Officer 10. EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 U.S. DOLLARS 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 1 7,388 0 213,536 (7,152) 248,420 480,517 334,876 (100,566) 955,623 176,428 0 0 0 153,215 261,344 955,623 430,841 431,568 313,853 313,853 86,175 0 5,623 26,884 10,753 16,131 0 0 0 16,131 .58 .58
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