-----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, PCTxHrxa64n8+AtDM/kWHEnvDxOD/1F5KONPH9sHWqyHeM+E4ylJroDhySoWLtjA g5zrrlBle8e1H3U/Wl/nxw== 0000868780-00-000003.txt : 20000509 0000868780-00-000003.hdr.sgml : 20000509 ACCESSION NUMBER: 0000868780-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000325 FILED AS OF DATE: 20000508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: R & B INC CENTRAL INDEX KEY: 0000868780 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 232078856 STATE OF INCORPORATION: PA FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-18914 FILM NUMBER: 621899 BUSINESS ADDRESS: STREET 1: 3400 E WALNUT ST CITY: COLMAR STATE: PA ZIP: 18915 BUSINESS PHONE: 2159971800 MAIL ADDRESS: STREET 1: 3400 E WALNUT ST CITY: COLMAR STATE: PA ZIP: 18915 10-Q 1 QUARTERLY REPORT - R&B, INC. - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------- FORM 10-Q ------------------- |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 25, 2000 OR |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------- Commission file number 0-18914 R&B, INC. Incorporated pursuant to the Laws of the Commonwealth of Pennsylvania ------------------- IRS - Employer Identification No. 23-2078856 3400 East Walnut Street, Colmar, Pennsylvania 18915 (215) 997-1800 ------------------- 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 May 5, 2000 the Registrant had 8,233,379 common shares, $.01 par value, outstanding. - -------------------------------------------------------------------------------- R & B, INC. AND SUBSIDIARIES INDEX TO QUARTERLY REPORT ON FORM 10-Q MARCH 25, 2000 Page Part I -- FINANCIAL INFORMATION Item 1.Consolidated Financial Statements (unaudited) Statements of Income: Thirteen Weeks Ended March 25, 2000 and March 27, 1999 3 Balance Sheets....................................... 4 Statements of Cash Flows............................. 5 Notes to Financial Statements........................ 6 Item 2.Management's Discussion and Analysis of Results of Operations and Financial Condition.............................. 8 Part II -- OTHER INFORMATION Item 1.Legal Proceedings.................................... 12 Item 6.Exhibits and Reports on Form 8-K..................... 12 Signature .............................................. 13 Page 2 of 13 PART I. FINANCIAL INFORMATION R&B, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (unaudited)
For the Thirteen Weeks Ended ------------------------------ March 25, March 27, (in thousands, except per share data) 2000 1999 - -------------------------------------------------------------------------------------------- Net Sales $53,246 $55,946 Cost of goods sold 34,637 34,261 - -------------------------------------------------------------------------------------------- Gross profit 18,609 21,685 Selling, general and administrative expenses 14,924 17,901 - -------------------------------------------------------------------------------------------- Income from operations 3,685 3,784 Interest expense, net 1,911 1,706 - -------------------------------------------------------------------------------------------- Income before taxes 1,774 2,078 Provision for taxes 603 727 - -------------------------------------------------------------------------------------------- Net Income $ 1,171 $ 1,351 ============================================================================================ Earnings Per Share: Basic $0.14 $0.16 Diluted 0.14 0.16 Average Shares Outstanding: Basic 8,413 8,348 Diluted 8,509 8,381 ============================================================================================
The accompanying Notes are an integral part of these Consolidated Financial Statements. Page 3 of 13
R&B, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 25, December 25, (in thousands, except share data) 2000 1999 - --------------------------------------------------- ----------------- ----------------- Assets (unaudited) Current Assets: Cash and cash equivalents $ 799 $ 1,467 Accounts receivable, less allowance for doubtful accounts and customer credits of $8,310 and $8,764 42,700 49,979 Inventories 60,112 70,272 Deferred income taxes 4,574 4,574 Prepaids and other current assets 5,911 2,543 - --------------------------------------------------- ----------------- ----------------- Total current assets 114,096 128,835 - --------------------------------------------------- ----------------- ----------------- Property, Plant and Equipment, net 21,895 22,919 Intangible Assets 32,797 33,212 Other Assets 3,433 3,038 - --------------------------------------------------- ----------------- ----------------- Total $ 172,221 $ 188,004 =================================================== ================= ================= Liabilities and Shareholders' Equity Current Liabilities: Current portion of long-term debt $ 3,134 $ 11,910 Accounts payable 11,378 12,867 Accrued compensation 2,558 2,820 Other accrued liabilities 5,015 4,626 - --------------------------------------------------- ----------------- ----------------- Total current liabilities 22,085 32,223 Long-Term Debt 78,464 85,283 Deferred Income Taxes 2,264 2,264 Commitments and Contingencies Shareholders' Equity: Common stock, par value $.01; authorized 25,000,000 shares; issued 8,428,528 and 8,393,796 84 84 Additional paid-in capital 33,597 33,517 Cumulative translation adjustments (258) (181) Retained earnings 35,985 34,814 Total shareholders' equity 69,408 68,234 - --------------------------------------------------- ----------------- ----------------- Total $ 172,221 $ 188,004 =================================================== ================= =================
The accompanying Notes are an integral part of these Consolidated Financial Statements. Page 4 of 13 R&B, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the Thirteen Weeks Ended -------------------------------------- March 25, March 27, (in thousands) 2000 1999 - -------------------------------------------------------------- ------------------ ------------------- Cash Flows from Operating Activities: Net income $ 1,171 $ 1,351 Adjustments to reconcile net income to cash provided by(used in) operating activities: Depreciation and amortization 1,809 1,553 Provision for doubtful accounts 128 189 Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable 7,151 (4,679) Inventories 10,160 (10,851) Prepaid expenses and other (3,845) (598) Accounts payable (1,489) 3,352 Other accrued liabilities 127 (1,167) - -------------------------------------------------------------- ------------------ ------------------- Cash provided by (used in) operating activities 15,212 (10,850) - -------------------------------------------------------------- ------------------ ------------------- Cash Flows from Investing Activities: Property, plant and equipment additions (365) (1,397) - -------------------------------------------------------------- ------------------ ------------------- Cash (used) in investing activities ( 365) (1,397) - -------------------------------------------------------------- ------------------ ------------------- Cash Flows from Financing Activities: Net (repayment) proceeds of revolving credit (14,750) 12,750 Repayment of term loans and capitalized lease obligations (845) ( 426) Proceeds from common stock issuances 80 42 - -------------------------------------------------------------- ------------------ ------------------- Cash (used in) provided by financing activities (15,515) 12,366 - -------------------------------------------------------------- ------------------ ------------------- Net (Decrease) Increase in Cash and Cash Equivalents (668) 119 Cash and Cash Equivalents, Beginning of Period 1,467 915 - -------------------------------------------------------------- ------------------ ------------------- Cash and Cash Equivalents, End of Period $ 799 $ 1,034 ============================================================== ================== =================== Supplemental Cash Flow Information Cash paid for interest expense $ 1,784 $ 1,493 Cash paid for income taxes $ 55 $ 1,521
The accompanying Notes are an integral part of these Consolidated Financial Statements. Page 5 of 13 R&B, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THIRTEEN WEEKS ENDED MARCH 25, 2000 AND MARCH 27, 1999 (UNAUDITED) 1. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. However, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the thirteen week period ended March 25, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ending December 30, 2000. For further information, refer to the financial statements and footnotes thereto included in R&B, Inc.'s (the "Company") Annual Report on Form 10-K for the year ended December 25, 1999. 2. Restructuring Charges In the fourth quarter of fiscal 1999, the Company recorded a restructuring charge of $11.4 million ($7.5 million after tax or $0.90 per share) to reflect costs primarily related to inventory write downs associated with the elimination of a significant number of underperforming products, as well as the closing of a warehouse and production facility in Carrollton, Georgia, and a work force reduction of 158 people. A total of $9.8 million, representing inventory write downs, was charged to cost of sales and $1.6 million was charged to selling, general and administrative expenses. There were no significant changes to the plan in fiscal 2000. During the first quarter of 2000, the Company charged off approximately $2.2 million in inventory related to the restructuring and completed the planned workforce reduction. The closing of the Company's warehouse and production facility in Carrollton, Georgia is scheduled for the second quarter of 2000. The following summarizes the restructuring charge and activity through March 25, 2000:
Employee Facility Inventory Termination Shutdown Disposals Benefits Costs (in thousands) Total - ------------------------------------ ---------------- --------------- -------------- ---------------- Initial Charge $9,800 $ 475 $1,125 $11,400 Costs Incurred - 1999 - (124) (300) (424) - ------------------------------------ ---------------- --------------- -------------- ---------------- Balance at December 25, 1999 $9,800 351 825 10,976 Costs Incurred - 2000 (2,176) (156) (105) (2,437) - ------------------------------------ ---------------- --------------- -------------- ---------------- Balance at March 25, 2000 $7,624 $195 $720 $8,539 - ------------------------------------ ---------------- --------------- -------------- ----------------
Page 6 of 13 3. Inventories Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of the Company's products. Inventories were as follows: March 25, December 25, (in thousands) 2000 1999 - ------------------- -------------- -------------- Bulk product $16,132 $20,665 Finished product 39,206 45,136 Packaging materials 4,774 4,471 - ------------------- -------------- -------------- Total $60,112 $70,272 =================== ============== ============== 4. Intangible Assets Intangible assets consist primarily of goodwill which is amortized over periods from 10 to 40 years. Total accumulated amortization as of March 25, 2000 was $6.5 million. Amortization expense of these assets was $0.4 million in the first quarter of 2000 and 1999. 5. Earnings Per Share Earnings Per share is computed under Statement of Financial Accounting Standards No. 128, "Earnings Per Share;" The Company has included basic and diluted earnings per share on the face of the Statements of Income for each period presented. Weighted average shares for "diluted" earnings per share includes the assumption of the exercise of all potentially dilutive securities ("in the money" stock options). Page 7 of 13 R&B, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Over the periods presented, the Company has focused its efforts on providing an expanding array of new product offerings and strengthening its relationships with its customers. To that end, the Company has made significant investments to increase market penetration, primarily in the form of product development, customer service, customer credits and allowances, and strategic acquisitions. The Company calculates its net sales by subtracting credits and allowances from gross sales. Credits and allowances include costs for co-operative advertising, product returns, discounts given to customers who purchase new products for inclusion in their stores, and the cost of competitors' products that are purchased from the customer in order to induce a customer to purchase new product lines from the Company. The credits and allowances are designed to increase market penetration and increase the number of product lines carried by customers by displacing competitors' products within customers' stores and promoting consolidation of customers' suppliers. The Company may experience significant fluctuations from quarter to quarter in its results of operations due to the timing of orders placed by the Company's customers. Generally, the second and third quarters have the highest level of customer orders, but the introduction of new products and product lines to customers may cause significant fluctuations from quarter to quarter. Results of Operations The following table sets forth, for the periods indicated, the percentage of net sales represented by certain items in the Company's Consolidated Statements of Income.
Percentage of Net Sales For the Thirteen Weeks Ended -------------------------------------------------- March 25, March 27, 2000 1999 - --------------------------------------- ------------------------- ------------------------ Net sales 100.0% 100.0% Cost of goods sold 65.1 61.3 - --------------------------------------- ------------------------- ------------------------ Gross profit 34.9 38.7 Selling, general and administrative expenses 28.0 32.0 - --------------------------------------- ------------------------- ------------------------ Income from operations 6.9 6.7 Interest expense, net 3.6 3.0 - --------------------------------------- ------------------------- ------------------------ Income before taxes 3.3 3.7 Provision for taxes 1.1 1.3 - --------------------------------------- ------------------------- ------------------------ Net Income 2.2% 2.4% ======================================= ========================= ========================
Page 8 of 13 Thirteen Weeks Ended March 25, 2000 Compared to Thirteen Weeks Ended March 27, 1999 Restructuring Charges - In the fourth quarter of fiscal 1999, the Company recorded a restructuring charge of $11.4 million ($7.5 million after tax or $0.90 per share) to reflect costs primarily related to inventory write downs associated with the elimination of a significant number of underperforming products, as well as the closing of a warehouse and production facility in Carrollton, Georgia, and a work force reduction of 158 people. A total of $9.8 million, representing inventory write downs, was charged to cost of sales and $1.6 million was charged to selling, general and administrative expenses. There were no significant changes to the plan in fiscal 2000. During the first quarter of 2000, the Company disposed of approximately $2.6 million in inventory related to the restructuring and completed the planned workforce reduction. The closing of the Company's warehouse and production facility in Carrollton, Georgia is scheduled for the second quarter of 2000. Sale of Lift Support Inventory - During the first quarter of fiscal 2000, the Company sold all of its inventory and certain other assets related to its lift support product line as a result of a strategic decision to eliminate this product line. First quarter 2000 results include non-recurring net sales of $5.5 million and gross profit of $1.6 million, attributable to the sale of the inventory and related assets. The gain on the sale was $1.6 million ($1.1 million after tax or $0.13 per share). Net sales decreased to $53.2 million for the thirteen weeks ended March 25, 2000 from $55.9 million for the same period in 1999, a decrease of 4.8%. The sales decline was approximately 13% without the effect of net sales from the lift support inventory sale. This decline is primarily attributable to lower sales levels in the Company's core business of hard-to-find parts and fasteners as a result of the flat automotive aftermarket and the Company's efforts to eliminate unprofitable products in its core business and launch fewer, but more profitable programs. Cost of goods sold for the thirteen weeks ended March 25, 2000 increased to $34.6 million from $34.3 million for the same period in 1999, an increase of 1.1%. As a percent of net sales, gross profit for the thirteen weeks ended March 25, 2000 decreased to 34.9% from 38.7% for the thirteen weeks ended March 27, 1999. The reduction in gross profit percentage is the result of the non-recurring lift support line sale and a change in sales mix to an increased portion of total revenues attributable to sales of products other than hard-to-find parts and fasteners which carry a lower gross margin. In addition, continued selling price pressures negatively impacted gross profit in the Company's core business of hard-to-find parts and fasteners. Selling, general and administrative expenses for the thirteen weeks ended March 25, 2000 decreased to $14.9 million from $17.9 million for the thirteen weeks ended March 27, 1999, a decrease of 16.6%. As a percent of net sales, selling, general and administrative expenses decreased to 28.0% in 2000 from 32.0% in 1999. The percentage decrease is largely attributable to the revenues from the lift support line sale which had no selling, general and administrative expenses attributable to them. Selling, general and administrative expenses as a percentage of net sales before lift support sale revenue were 31.3% in the three months ended March 25, 2000. The decrease to 31.3% from 1999's level of 32.0% is primarily attributable to cost reductions in the Company's core business as a result of the restructuring plan recorded in the fourth quarter of 1999. Interest expense, net, increased to $1.9 million for the thirteen weeks ended March 25, 2000 from $1.7 million for the thirteen weeks ended March 27, 1999. This increase resulted from higher interest rates on the Company's Revolving Credit Facility in 2000. Provisions for income taxes of $0.6 million and $0.7 million were recorded for the thirteen weeks ended March 25, 2000 and March 27, 1999, respectively. The decrease in the Company's effective tax rate from 35.0% in 1999 to 34.0% in 2000 resulted primarily from a lower tax rate on the gain on the lift support line sale in 2000. Liquidity and Capital Resources The Company has financed its growth through the combination of cash flow from its operations, issuance of senior notes and borrowings under its credit facilities. Working capital was $92.0 million as of March 25, 2000 and $111.9 million as of March 27, 1999. The Company believes that the cash generated from operations and borrowings available under its revolving credit facility will be sufficient to meet the Company's working capital needs and to fund expansion for the foreseeable future. Page 9 of 13 Net cash provided from operating activities was $15.2 million in 2000 compared to net cash used in operating activities of $10.9 million in 1999. During 2000, net income as well as non-cash provisions for depreciation and amortization and lower accounts receivable and inventory levels due to lower sales and better working capital management provided $20.4 million in positive cash flow, however, these increases were partially offset by $5.2 million in cash used as a result of increases in prepaid expenses, other assets and reductions in accounts payable. During 1999, net income, depreciation and amortization and an increase in accounts payable provided the majority of the $6.4 million in positive cash flow, however these increases were more than offset by $17.3 million in cash used related primarily to increases in accounts receivable and inventories. Net cash used in investing activities amounted to $0.4 million in 2000 and $1.4 million in 1999. In both periods, additions to property, plant and equipment were the primary uses of cash. Net cash used in financing activities was $15.5 million in 2000 compared to net cash provided by financing activities of $12.4 million in 1999. During 2000, cash generated from operating activities net of investing activities was used to reduce borrowing levels. During 1999, revolving credit facility borrowings provided $12.8 million in cash which was used to fund cash used in operating and investing activities. Senior Notes. In August 1998, the Company completed a private placement of $60 million in 6.81% Senior Notes due August 21, 2008 on an unsecured basis. The ten-year Notes bear a 6.81 percent fixed interest rate, payable quarterly, with an initial four-year interest only period. Revolving Credit Facility. In August 1998, the Company amended its $35 million revolving credit facility with First Union National Bank and National City Bank. As amended, the commitment for the line was extended for a five-year term on an unsecured basis with interest at Libor plus 125 basis points. Proceeds from the Notes were used, among other things, to paydown the term debt portions of the bank credit facilities previously advanced to the Company by the bank syndicate. Borrowings under the revolving credit facility amounted to $13.8 million at March 25, 2000. In May 2000, the Company amended the revolving credit facility. The terms of the amended agreement include revisions to certain debt coverage covenants, required the Company to obtain $1.0 million in new financing and provides for mandatory reductions in the facility to $20.0 million and $15.0 million by December 31, 2000 and June 30, 2001, respectively. In addition, the amendment provides for an increase in the facility's interest rate to a maximum of Libor plus 300 basis points. Upon an occurrence of an Event of Default, as defined in the loan agreement, the banks, at their option, may require a lien on substantially all of the Company's assets. The Company satisfied its requirement to obtain $1.0 million in new financing by securing a $1.0 million subordinated loan from Richard and Steven Berman, the President and Executive Vice President of the Company, respectively. The subordinated loan bears interest at prime plus 100 basis points with interest only payments during the term of the loan. The loan is due on April 30, 2002 unless repaid earlier in accordance with the terms of the amended revolving credit facility. The Company believes that the amended facility together with cash generated from operations will provide sufficient funding to meet the Company's working capital needs for the foreseeable future. Industrial Revenue Bonds. Construction of the Company's Warsaw, Kentucky facility in 1990 was funded by the Bonds. The Bonds bear interest at an annual rate of 4% payable monthly and require annual principal payments of $300,000 or $350,000 in alternating years with the final payment due in July, 2009. Bond borrowings amounts to $3.1 million at March 25, 2000. Capitalized Leases. The Company's leases for its Pennsylvania and Georgia facilities are recorded as capitalized leases in the Company's financial statements. In addition, in 1999 and 1998, the Company entered into three sale/leaseback transactions relating to computer hardware and software. The aggregate amount outstanding under all capital leases amounted to $3.8 million at March 25, 2000. Foreign Currency Fluctuations. Approximately 35% of the Company's products were purchased from a variety of foreign countries. The products generally are purchased through purchase orders with the purchase price specified in U.S. dollars. Accordingly, the Company does not have exposure to fluctuation in the relationship between the dollar and various foreign currencies between the time of execution of the purchase order and payment for the product. However, to the extent that the dollar decreases in value to foreign currencies in the future, the price of the product in dollars for new purchase orders may increase. The Company attempts to lessen the impact of these currency fluctuations by resourcing its purchases to other countries. Page 10 of 13 Impact of Inflation The Company has not generally been adversely affected by inflation. The Company believes that price increases resulting from inflation generally could be passed on to its customers, since prices charged by the Company are not set by long-term contracts. Cautionary Statement Regarding Forward Looking Statements Certain statements periodically made by or on behalf of the Company and certain statements contained herein including statements in Management's Discussion and Analysis of Financial Condition and Results of Operation; such as statements regarding litigation; and certain other statements contained herein regarding matters that are not historical fact are forward looking statements (as such term is defined in the Securities Act of 1933), and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. Factors that cause actual results to differ materially include but are not limited to those factors discussed in the Company's Annual Report on Form 10-K under "Business - Investment Considerations." Quantitative and Qualitative Disclosure about Market Risk The Company's market risk is the potential loss arising from adverse changes in interest rates. With the exception of the Company's revolving credit facility, long-term debt obligations are at fixed interest rates and denominated in U.S. dollars. The Company manages its interest rate risk by monitoring trends in interest rates as a basis for determining whether to enter into fixed rate or variable rate agreements. Under the terms of the Company's revolving credit facility, a change in either the lender's base rate or LIBOR would affect the rate at which the Company could borrow funds thereafter. The company believes that the effect of any such change would be minimal. Although the Company continues to evaluate derivative financial instruments to manage foreign currency exchange rate changes, the Company does not currently hold derivatives for managing these risks or for trading purposes. Page 11 of 13 PART II: OTHER INFORMATION Item 1. Legal Proceedings In addition to commitments and obligation which arise in the ordinary course of business, the Company is subject to various claims and legal actions from time to time involving contracts, competitive practices, trademark rights, product liability claims and other matters arising out of the conduct of the Company's business. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit No. Description 27 Financial Data Schedule (b) Reports on Form 8-K None Page 12 of 13 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. R & B, INC. Date May 8, 2000 \s\ Richard Berman Richard Berman President Date May 8, 2000 \s\ Mathias Barton Mathias Barton Chief Financial Officer and Principal Accounting Officer Page 13 of 13 EX-27 2 3/25/2000
5 1,000 OTHER DEC-30-2000 DEC-26-1999 MAR-25-2000 799 0 51,010 (8,310) 60,112 114,096 47,467 (25,572) 172,221 22,085 78,464 0 0 84 69,324 172,221 53,246 53,246 34,637 14,924 0 0 1,911 1,774 603 1,171 0 0 0 1,171 0.14 0.14
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