Missouri
|
1-10596
|
43-1554045
|
(State or Other
|
(Commission
|
(I.R.S. Employer
|
Jurisdiction of Incorporation)
|
File Number)
|
Identification No.)
|
9900A Clayton Road, St. Louis, Missouri
|
63124-1186
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.113d-4 (c))
|
|
Exhibit No.
|
Exhibit
|
|
99.1
|
Press Release dated November 13, 2014
|
|
G.E. Muenster
|
|
Executive Vice President
|
|
and Chief Financial Officer
|
|
Exhibit No.
|
Exhibit
|
|
99.1
|
Press Release dated November 13, 2014
|
·
|
Q4 2014 sales increased $6 million, or 5 percent to $151 million compared to $145 million in Q4 2013;
|
·
|
2014 sales increased $41 million, or 8 percent to $531 million compared to $490 million in 2013. Compared to 2013, Filtration sales increased 9 percent, Test sales increased 9 percent, and Utility Solutions Group (USG, or Doble) sales increased 6 percent;
|
·
|
The annual effective tax rates used for calculating EPS from Continuing Operations – As Adjusted were 31.6 percent in 2014 and 31.4 percent in 2013;
|
·
|
GAAP EPS from Continuing Operations was $1.60 per share in 2014, compared to $1.17 per share in 2013;
|
·
|
Net cash provided by operating activities (Continuing Operations) was $45 million in 2014, compared to $37 million in 2013, resulting in a net debt position of $5 million at September 30, 2014;
|
·
|
Q4 2014 Orders were $162 million (book-to-bill of 1.07x), and total year orders were $562 million (book-to-bill of 1.06x), resulting in an order backlog of $303 million at September 30, 2014 (reflecting a $31 million and 11 percent annual increase);
|
·
|
The Company returned $20.5 million to shareholders through dividends ($8.5 million) and share repurchases ($12 million, and 350,000 shares) during 2014.
|
·
|
Filtration sales are expected to be lower than 2014 due to the VACCO and TEQ items noted above. Partially offsetting VACCO and TEQ, PTI and Crissair sales are expected to increase approximately 7 percent and 5 percent, respectively, with EBIT dollars expected to increase approximately 10 percent at both locations. Segment EBIT margin is expected to increase to approximately 19 percent of sales;
|
·
|
Test sales are expected to increase between 5 and 7 percent, with EBIT dollars expected to increase between 15 and 17 percent, resulting in an expected EBIT margin of approximately 13 percent of sales; and,
|
·
|
Doble sales are expected to increase between 8 and 10 percent with an expected EBIT margin percentage increasing to approximately 24 percent of sales.
|
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
|||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited)
|
|||||||||||||||||
(Dollars in thousands, except per share amounts)
|
|||||||||||||||||
|
|||||||||||||||||
Three Months
Ended
September 30,
2014
|
Three Months
Ended
September 30,
2013
|
||||||||||||||||
|
|||||||||||||||||
Net Sales
|
151,413 | 144,600 |
Cost and Expenses:
|
|||||||||||||||||
Cost of sales
|
92,613 | 86,658 | |||||||||||||||
Selling, general and administrative expenses
|
35,717 | 33,011 | |||||||||||||||
Amortization of intangible assets
|
1,697 | 1,637 | |||||||||||||||
Interest expense
|
73 | 695 | |||||||||||||||
Other (income) expenses, net
|
1,342 | 2,193 | |||||||||||||||
Total costs and expenses
|
131,442 | 124,194 | |||||||||||||||
|
|||||||||||||||||
Earnings before income taxes
|
19,971 | 20,406 | |||||||||||||||
Income taxes
|
7,044 | 6,526 | |||||||||||||||
|
|||||||||||||||||
Net earnings from continuing operations
|
12,927 | 13,880 | |||||||||||||||
|
|||||||||||||||||
Loss from discontinued operations, net of tax
|
|||||||||||||||||
benefit of $1,613 in 2013
|
0 | (46,185 | ) | ||||||||||||||
Loss on sale of discontinued operations,
|
|||||||||||||||||
net of tax benefit of $2,248 in 2014
|
(1,619 | ) | 0 | ||||||||||||||
Net loss from discontinued operations
|
(1,619 | ) | (46,185 | ) | |||||||||||||
|
|||||||||||||||||
Net earnings (loss)
|
$ | 11,308 | (32,305 | ) | |||||||||||||
|
|||||||||||||||||
Earnings (loss) per share:
|
|||||||||||||||||
Diluted - GAAP
|
|||||||||||||||||
Continuing operations
|
0.49 | 0.52 | |||||||||||||||
Discontinued operations
|
(0.06 | ) | (1.73 | ) | |||||||||||||
Net earnings
|
$ | 0.43 | (1.21 | ) | |||||||||||||
|
|||||||||||||||||
Diluted - As Adjusted Basis
|
|||||||||||||||||
Continuing operations
|
$ | 0.51 | (1) | 0.59 | (2) | ||||||||||||
|
|||||||||||||||||
Average common shares O/S:
|
|||||||||||||||||
Diluted
|
26,509 | 26,777 |
|
|||||||||||||||||
(1)
|
Adjusted basis includes $1.0 million (or $0.02 per share) of add back adjustments
|
||||||||||||||||
for restructuring charges incurred at Crissair during the fourth quarter of fiscal 2014.
|
|||||||||||||||||
(2)
|
Adjusted basis includes $2.0 million (or $0.07 per share) of add back adjustments
|
||||||||||||||||
for restructuring charges incurred at ETS and Doble Lemke during the fourth
|
|||||||||||||||||
quarter of fiscal 2013.
|
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
||||||||||
Condensed Consolidated Statements of Operations (Unaudited)
|
||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||
|
||||||||||
Year Ended
September 30,
2014
|
Year Ended
September 30,
2013
|
|||||||||
Net Sales
|
531,120 | 490,079 | ||||||||
Cost and Expenses:
|
||||||||||
Cost of sales
|
323,939 | 295,863 | ||||||||
Selling, general and administrative expenses
|
134,899 | 129,809 | ||||||||
Amortization of intangible assets
|
6,744 | 6,179 | ||||||||
Interest expense
|
1,567 | 2,693 | ||||||||
Other (income) expenses, net
|
1,764 | 5,940 | ||||||||
Total costs and expenses
|
468,913 | 440,484 | ||||||||
Earnings before income taxes
|
62,207 | 49,595 | ||||||||
Income taxes
|
19,594 | 18,335 | ||||||||
Net earnings from continuing operations
|
42,613 | 31,260 | ||||||||
Earnings (loss) from discontinued operations,
|
||||||||||
net of tax expense (benefit) of $5,713
|
||||||||||
and $(6,825), respectively
|
9,858 | (56,863 | ) | |||||||
Loss on sale of discontinued operations,
|
||||||||||
net of tax benefit of $11,747
|
(52,061 | ) | 0 | |||||||
Net loss from discontinued operations
|
(42,203 | ) | (56,863 | ) | ||||||
Net earnings (loss)
|
$ | 410 | (25,603 | ) | ||||||
Earnings (loss) per share:
|
||||||||||
Diluted - GAAP
|
||||||||||
Continuing operations
|
1.60 | 1.17 | ||||||||
Discontinued operations
|
(1.58 | ) | (2.13 | ) | ||||||
Net (loss) earnings
|
$ | 0.02 | (0.96 | ) | ||||||
Diluted - As Adjusted Basis
|
||||||||||
Continuing operations
|
$ | 1.65 | (1) |
|
1.47 | (2) |
|
|||
Average common shares O/S:
|
||||||||||
Diluted
|
26,644 | 26,802 |
|
|||||||||
(1)
|
Adjusted basis includes $1.7 million (or $0.05 per share) of add back adjustments for
|
||||||||
restructuring charges incurred at Crissair during the year ended September 30, 2014.
|
|||||||||
(2)
|
Adjusted basis includes $7.5 million (or $0.30 per share) of add back adjustments
|
||||||||
for restructuring charges incurred at ETS and Doble Lemke during the year ended
|
|||||||||
September 30, 2013.
|
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||
Condensed Business Segment Information (Unaudited)
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Three Months
Ended
September 30,
GAAP
|
Adjustments
|
Three Months
Ended
September 30,
As Adjusted
|
||||||||||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||
Filtration
|
$ | 62,088 | 60,348 | 62,088 | 60,348 | |||||||||||||||||||||||||||
Test
|
56,224 | 54,011 | 56,224 | 54,011 | ||||||||||||||||||||||||||||
Utility Solutions Group
|
33,101 | 30,241 | 33,101 | 30,241 | ||||||||||||||||||||||||||||
Totals
|
$ | 151,413 | 144,600 | 0 | 0 | 151,413 | 144,600 | |||||||||||||||||||||||||
EBIT
|
||||||||||||||||||||||||||||||||
Filtration
|
$ | 11,528 | 11,971 | 1,002 | (1) | 12,530 | 11,971 | |||||||||||||||||||||||||
Test
|
8,199 | 9,389 | 54 | (2) | 8,199 | 9,443 | ||||||||||||||||||||||||||
Utility Solutions Group
|
7,733 | 6,847 | 1,930 | (3) | 7,733 | 8,777 | ||||||||||||||||||||||||||
Corporate
|
(7,416 | ) | (7,106 | ) | (7,416 | ) | (7,106 | ) | ||||||||||||||||||||||||
Consolidated EBIT
|
20,044 | 21,101 | 1,002 | 1,984 | 21,046 | 23,085 | ||||||||||||||||||||||||||
Less: Interest expense
|
(73 | ) | (695 | ) | (73 | ) | (695 | ) | ||||||||||||||||||||||||
Earnings before income
|
||||||||||||||||||||||||||||||||
taxes from Cont Ops
|
$ | 19,971 | 20,406 | 1,002 | 1,984 | 20,973 | 22,390 | |||||||||||||||||||||||||
Note: The above table is presented on a continuing operations basis.
|
||||||||||||||||||||||||||||||||
Note: Depreciation and amortization expense was $4.1 million and $3.9 million
|
||||||||||||||||||||||||||||||||
for the quarters ended September 30, 2014 and 2013, respectively.
|
|
||||||||||||||
(1)
|
Includes $1.0 million (or $0.02) of restructuring charges at Crissair during the fourth quarter 2014.
|
|||||||||||||
(2)
|
Includes $0.1 million (or $0.00) of restructuring charges for ETS during the fourth quarter 2013.
|
|||||||||||||
(3)
|
Includes $1.9 million (or $0.07) of restructuring charges for Doble Lemke during the fourth
|
|||||||||||||
quarter 2013.
|
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||
Condensed Business Segment Information (Unaudited)
|
||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Year Ended
September 30,
GAAP
|
Adjustments
|
Year Ended
September 30,
As Adjusted
|
||||||||||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||||||||||
Net Sales
|
||||||||||||||||||||||||||||||||
Filtration
|
$ | 233,697 | 214,089 | 233,697 | 214,089 | |||||||||||||||||||||||||||
Test
|
181,755 | 166,689 | 181,755 | 166,689 | ||||||||||||||||||||||||||||
Utility Solutions Group
|
115,668 | 109,301 | 115,668 | 109,301 | ||||||||||||||||||||||||||||
Totals
|
$ | 531,120 | 490,079 | 0 | 0 | 531,120 | 490,079 | |||||||||||||||||||||||||
EBIT
|
||||||||||||||||||||||||||||||||
Filtration
|
$ | 41,406 | 42,355 | 1,725 | (1) | 43,131 | 42,355 | |||||||||||||||||||||||||
Test
|
21,083 | 16,311 | 3,424 | (2) | 21,083 | 19,735 | ||||||||||||||||||||||||||
Utility Solutions Group
|
26,624 | 21,583 | 2,625 | (3) | 26,624 | 24,208 | ||||||||||||||||||||||||||
Corporate
|
(25,339 | ) | (27,961 | ) | 1,500 | (4) | (25,339 | ) | (26,461 | ) | ||||||||||||||||||||||
Consolidated EBIT
|
63,774 | 52,288 | 1,725 | 7,549 | 65,499 | 59,837 | ||||||||||||||||||||||||||
Less: Interest expense
|
(1,567 | ) | (2,693 | ) | (1,567 | ) | (2,693 | ) | ||||||||||||||||||||||||
Earnings before income
|
||||||||||||||||||||||||||||||||
taxes from Cont Ops
|
$ | 62,207 | 49,595 | 1,725 | 7,549 | 63,932 | 57,144 |
|
||||||||||||||
Note: The above table is presented on a continuing operations basis.
|
||||||||||||||
Note: Depreciation and amortization expense was $16.4 million and $14.8 million for
|
||||||||||||||
the years ended September 30, 2014 and 2013, respectively.
|
||||||||||||||
|
||||||||||||||
(1)
|
Includes $1.7 million (or $0.05) of restructuring charges at Crissair during the year ended
September 30, 2014.
|
|||||||||||||
(2)
|
Includes $3.4 million (or $0.08) of restructuring charges for ETS during the year ended
September 30, 2013.
|
|||||||||||||
(3)
|
Includes $2.6 million (or $0.10) of restructuring charges for Doble Lemke during the year ended September 30, 2013.
|
|||||||||||||
(4)
|
Includes $1.5 million (or $0.05) of restructuring charges for Doble Lemke during the year ended September 30, 2013.
|
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
|||||||||
Condensed Consolidated Balance Sheets (Unaudited)
|
|||||||||
(Dollars in thousands)
|
|||||||||
|
|||||||||
September 30,
2014
|
September 30,
2013
|
||||||||
Assets
|
|||||||||
Cash and cash equivalents
|
$ | 35,131 | 42,850 | ||||||
Accounts receivable, net
|
105,449 | 91,980 | |||||||
Costs and estimated earnings on
|
|||||||||
long-term contracts
|
27,798 | 20,717 | |||||||
Inventories
|
94,292 | 90,228 | |||||||
Current portion of deferred tax assets
|
19,946 | 23,349 | |||||||
Other current assets
|
13,337 | 15,930 | |||||||
Assets held for sale - current
|
0 | 108,867 | |||||||
Total current assets
|
295,953 | 393,921 | |||||||
Property, plant and equipment, net
|
76,465 | 75,536 | |||||||
Intangible assets, net
|
182,063 | 180,217 | |||||||
Goodwill
|
282,337 | 282,949 | |||||||
Other assets
|
9,088 | 9,469 | |||||||
Assets held for sale - other
|
0 | 150,236 | |||||||
$ | 845,906 | 1,092,328 |
Liabilities and Shareholders' Equity
|
||||||||
Current maturities of long-term debt
|
$ | 20,000 | 50,000 | |||||
Accounts payable
|
40,328 | 38,537 | ||||||
Current portion of deferred revenue
|
19,895 | 17,508 | ||||||
Other current liabilities
|
66,877 | 60,726 | ||||||
Liabilities held for sale - current
|
0 | 63,585 | ||||||
Total current liabilities
|
147,100 | 230,356 | ||||||
Deferred tax liabilities
|
77,440 | 99,795 | ||||||
Other liabilities
|
21,195 | 22,437 | ||||||
Long-term debt
|
20,000 | 122,000 | ||||||
Liabilities held for sale - other
|
0 | 16,026 | ||||||
Shareholders' equity
|
580,171 | 601,714 | ||||||
$ | 845,906 | 1,092,328 |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
||||
Consolidated Statements of Cash Flows (Unaudited)
|
||||
(Dollars in thousands)
|
||||
|
||||
Year Ended
September 30,
2014
|
||||
Cash flows from operating activities:
|
||||
Net earnings
|
$ | 410 | ||
Adjustments to reconcile net earnings
|
||||
to net cash provided by operating activities:
|
||||
Net loss from discontinued operations
|
42,203 | |||
Depreciation and amortization
|
16,362 | |||
Stock compensation expense
|
4,815 | |||
Changes in current assets and liabilities
|
(14,150 | ) | ||
Pension contributions
|
(2,700 | ) | ||
Change in deferred revenue and costs, net
|
2,458 | |||
Effect of deferred taxes
|
(2,664 | ) | ||
Change in uncertain tax position liability
|
(1,603 | ) | ||
Other
|
(246 | ) | ||
Net cash provided by operating activities - continuing operations
|
44,885 | |||
Net cash used by operating activities - discontinued operations
|
(1,443 | ) | ||
Net cash provided by operating activities
|
43,442 | |||
Cash flows from investing activities:
|
||||
Capital expenditures
|
(12,714 | ) | ||
Additions to capitalized software
|
(8,629 | ) | ||
Net cash used by investing activities - continuing operations
|
(21,343 | ) | ||
Net cash provided by investing activities - discontinued operations
|
123,512 | |||
Net cash provided by investing activities
|
102,169 | |||
Cash flows from financing activities:
|
||||
Proceeds from long-term debt
|
84,000 | |||
Principal payments on long-term debt
|
(216,000 | ) | ||
Dividends paid
|
(8,472 | ) | ||
Purchases of common stock into treasury
|
(11,970 | ) | ||
Other
|
(45 | ) | ||
Net cash used by financing activities
|
(152,487 | ) | ||
Effect of exchange rate changes on cash and cash equivalents
|
(843 | ) | ||
Net decrease in cash and cash equivalents
|
(7,719 | ) | ||
Cash and cash equivalents, beginning of period
|
42,850 | |||
Cash and cash equivalents, end of period
|
$ | 35,131 |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
||||||||||||||||
Other Selected Financial Data (Unaudited)
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
|
||||||||||||||||
Backlog And Entered Orders - Q4 FY 2014
|
USG
|
Test
|
Filtration
|
Total
|
||||||||||||
Beginning Backlog - 7/1/14
|
$ | 28,421 | 102,853 | 161,449 | 292,723 | |||||||||||
Entered Orders
|
37,773 | 44,110 | 79,702 | 161,585 | ||||||||||||
Sales
|
(33,101 | ) | (56,224 | ) | (62,088 | ) | (151,413 | ) | ||||||||
Ending Backlog - 9/30/14
|
$ | 33,093 | 90,739 | 179,063 | 302,895 | |||||||||||
|
||||||||||||||||
Backlog And Entered Orders - FY 2014
|
USG
|
Test
|
Filtration
|
Total
|
||||||||||||
Beginning Backlog - 10/1/13
|
$ | 24,047 | 90,427 | 157,675 | 272,149 | |||||||||||
Entered Orders
|
124,714 | 182,067 | 255,085 | 561,866 | ||||||||||||
Sales
|
(115,668 | ) | (181,755 | ) | (233,697 | ) | (531,120 | ) | ||||||||
Ending Backlog - 9/30/14
|
$ | 33,093 | 90,739 | 179,063 | 302,895 |
|
||||||||||||||||
Note: The above table is presented on a continuing operations basis and excludes Aclara.
|
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
|
||||
Reconciliation of Non-GAAP Financial Measures (Unaudited)
|
||||
|
||||
EPS – Adjusted Basis Reconciliation – Q4 FY 2014
|
||||
EPS from Continuing Ops – GAAP Basis – Q4 2014
|
$ | 0.49 | ||
Adjustments (defined below)
|
0.02 | |||
EPS from Continuing Ops – As Adjusted Basis – Q4 2014
|
$ | 0.51 | ||
|
||||
Adjustments exclude $0.02 per share consisting of restructuring costs
|
||||
associated with the Filtration segment facility consolidation.
|
||||
|
||||
EPS – Adjusted Basis Reconciliation – FY 2014
|
||||
EPS from Continuing Ops – GAAP Basis – FY 2014
|
$ | 1.60 | ||
Adjustments (defined below)
|
0.05 | |||
EPS from Continuing Ops – As Adjusted Basis – FY 2014
|
$ | 1.65 |
|
||||
Adjustments exclude $0.05 per share consisting of restructuring costs
|
||||
associated with the Filtration segment facility consolidation.
|
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