EX-99.1 3 dex991.htm PRESS RELEASE Press Release

 

LOGO

  

NEWS RELEASE

STANDARD PACIFIC CORP.

15326 Alton Parkway, Irvine, California 92618-2338

Contact: Andrew H. Parnes, Senior Vice President (949) 789-1616

 

 

FOR IMMEDIATE RELEASE ON MONDAY, APRIL 28, 2003

 

STANDARD PACIFIC CORP. REPORTS FIRST QUARTER EARNINGS UP 27% TO $0.75 PER SHARE ON RECORD REVENUES AND RAISES GUIDANCE FOR FULL YEAR TO $4.65 TO $4.75 PER SHARE VS. $3.67 LAST YEAR

 

 

Financial and Operating Highlights – 2003 First Quarter vs. 2002 First Quarter

 

  •   Earnings per share rose 27% to $0.75

 

  •   Record revenues of $400 million, up 40% year-over-year

 

  •   Record deliveries of 1,470 new homes, up 64% from last year

 

  •   Gross margin improves 80 bp’s year-over-year

 

  •   EBITDA of $54.1 million, an increase of 33% over 2002*

 

  •   LTM return on beginning equity tops 21%

 

  •   New orders rise 41% to an all-time high of 2,293 homes, driven by recent acquisitions

 

  •   Record first quarter backlog of 4,019 presold homes valued at $1.3 billion, up 68%

 

  •   Raising full year guidance to $4.65 to $4.75 per share, a potential increase of 29% from last year

 

IRVINE, CALIFORNIA, April 28, 2003—Standard Pacific Corp. (NYSE:SPF) today reported the Company’s 2003 first quarter results. Net income for the three months ended March 31, 2003 increased 39% to $24.8 million, or $0.75 per diluted share, compared to $17.8 million, or $0.59 per diluted share last year. Revenues for the first quarter increased 40% to a record $400 million versus $286 million in the 2002 first quarter. EBITDA for the three months ended March 31, 2003 increased 33% to $54.1 million compared to $40.7 million in the year earlier period.

 

*  For a definition of EBITDA and a reconciliation of EBITDA to net income, please see the Selected Financial Data included herewith

 

“Our earnings growth is being driven by the continued strength of the California housing market, particularly in Southern California where we are ranked #1 based on 2002 revenues, and by the increasing contributions from our new Southeastern region,” Mr. Scarborough commented. “We are extremely pleased with the level of activity in our Florida and Carolina operations which generated 29% of the Company’s deliveries and 38% of our new home orders in the first quarter of our first full year on the East Coast.”

 

Mr. Scarborough continued, “Based on the strength of our first quarter operating results, new home order trends and $1.3 billion backlog of presold homes we are raising our earnings estimates for 2003 to $4.65 to $4.75 per share. Our 2003 guidance is based on the delivery of approximately 7,700 homes, including 625 joint venture deliveries, with revenues of approximately $2.1 billion, which would represent a 13% increase in homebuilding revenues and up to a 32% increase in net income. For the 2003 second quarter, our earnings are expected to be between $0.90 and $0.95 per share, based on the delivery of 1,750 new homes, including 150 joint venture deliveries, with homebuilding revenues approaching $450 million.”

 

“As we grow, we continue to carefully manage our balance sheet. We ended the quarter with a net debt-to-total capital ratio of 49.2% and borrowing capacity of approximately $375 million under our recently extended $450 million revolving credit facility. Our liquidity was further enhanced during the quarter through the issuance of $125 million of 7.75% 10-year senior notes, which brings our total outstanding public senior note balance to $600 million.”

 

“We are proud of our record of growth over the past five years during which we have tripled our revenues and quadrupled net income while generating nearly a three-fold increase in shareholders’ equity. The Company’s positive earnings trend over this period underscores the successful financial performance of the homebuilding sector relative to the other 48 industry groups measured in the most recent Fortune 1000 ranking,” Mr. Scarborough concluded. “The housing sector was recognized by Fortune as one of the fastest growing and most profitable industries and one of the best investments by industry during this period. In fact, the homebuilding industry was ranked in the top three for five-year profit growth and total return to shareholders. These impressive achievements were accomplished during a period of relatively flat new home construction starts nationally.”

 

Homebuilding

 

Homebuilding pretax income for the first quarter was up 37% to $38.9 million compared to $28.4 million last year. The higher level of pretax income was driven by a 40% increase in homebuilding revenues, an 80 basis point improvement in our homebuilding gross margin percentage and a $4.6 million increase in joint venture income. These increases were partially offset by a 180 basis point increase in the Company’s SG&A rate.

 

Homebuilding revenues for the first quarter were $399.7 million compared to $285.9 million in the year earlier period. The 40% increase in revenues was driven by a 55% increase in new home deliveries (exclusive of joint ventures), reflecting in part the delivery of 420 new homes from our new Florida and Carolina operations, which was offset in part by a 10% decrease in the Company’s average home price to $295,000. During the quarter the Company delivered 456 new homes in California (exclusive of joint ventures), a 12% increase over the 2002 first quarter. Deliveries were up 13% in Southern California to 333 new homes and up

 

2

 

11% in Northern California to 123 new homes. In Arizona, new home deliveries were up 17% to 328 new homes while deliveries were off 16% in Texas and 31% in Colorado, to 110 homes and 37 homes, respectively. The Company delivered 313 new homes in Florida and 107 new homes in the Carolinas for the first three months of the year.

 

During the first quarter the Company’s average home price in California (exclusive of joint ventures) was up 12% to $503,000. The higher price primarily reflects general increases in new home prices in the state. The average home price in Arizona decreased slightly to $173,000 and reflects the Company’s focus on entry level and first-time move-up housing. The Company’s average home price in Texas was off less than 1% while the Company’s average home price was down 5% in Colorado to $315,000. Home prices in both of these regions have been impacted by weakness in local economic conditions. The Company’s average home prices in Florida and the Carolinas were $179,000 and $135,000, respectively, and reflect a product orientation towards the entry level and first-time move-up buyer. Our consolidated average home price for 2003 is expected to be in the range of $290,000 to $300,000 compared to $314,000 in 2002 and reflects the Company’s efforts to broaden its price points in its existing markets as well as our expansion into the Southeastern United States where our average price is expected to be approximately $170,000.

 

The Company’s gross margin percentage was up 80 basis points to 19.5%. The increase in the year-over-year gross margin percentage was driven primarily by higher margins in California and Arizona and above average margins in Florida. Margins were off in Texas and Colorado reflecting the impact of slower economic conditions in those regions.

 

Selling, general and administrative expenses (including corporate G&A) for the first quarter were 11.5% of revenues compared to 9.7% last year. The increase in SG&A expenses as a percentage of revenues was due primarily to the increase in deliveries from markets outside of California, which generally incur higher levels of sales and marketing costs. We expect that our full year SG&A rate will be in the mid 10% range.

 

Income from unconsolidated joint ventures was up 129% to $8.2 million driven primarily by an increase in joint venture deliveries from 22 last year to 119 this year.

 

New orders for the quarter were up 41% to 2,293 new homes on a 37% increase in average community count reflecting the impact of our 2002 Florida and Carolina acquisitions. The Company’s cancellation rate declined for the quarter to 17% versus 19% last year. Orders were off 5% in Southern California on a 10% decline in average new home communities, down 18% in Northern California on a 7% higher community count, down 21% in Arizona on a flat community count, down 16% in Texas on a flat community count and down 6% in Colorado on a 20% increase in community count. For the 2003 first quarter the Company generated 713 net new orders in Florida from 28 active selling communities and 165 orders in the Carolinas from 9 communities. Despite the decline in orders in California and Arizona, the absolute level of new order activity in these markets reflects generally healthy housing market conditions and was consistent with the Company’s expectations at the beginning of the year. Also, the Company opened 47% fewer new communities in the first quarter of 2003 in its California and Arizona markets compared to the year earlier period. In Florida and the Carolinas, the new home order levels continue to reflect strong market conditions for the price points served by the Company’s

 

3

 

operations. Orders in Texas and Colorado continue to mirror the slow economic conditions in those regions.

 

The record level of new home orders resulted in an all-time high quarter-end backlog of 4,019 presold homes (including 304 joint venture homes) valued at an estimated $1.3 billion (including $155 million of joint venture backlog), an increase of 68% from the March 31, 2002 backlog value. The higher level of orders and backlog was driven primarily by our new Southeastern operations.

 

The Company ended the first quarter with 139 active selling communities, a 38% increase over the year earlier period. The Company is planning to open 75 – 80 new communities over the last three quarters of the year which would result in a total of 95 – 100 new community openings for all of 2003, a 60% increase over the total number of communities opened in 2002. By the end of 2003 the Company expects to have approximately 170 active subdivisions, which would be a 25% increase over the 2002 year-end community count level.

 

Financial Services

 

First quarter revenues for the Company’s financial services segment, which represents our mortgage banking operations throughout California and in South Florida, were up 61% to $4.3 million compared to $2.7 million last year. The higher level of revenues was driven by a 44% increase in the volume of mortgage loans sold, an increase in the margin on loans sold and, to a lesser degree, an increase in net interest income. The higher level of loan volume was driven by an increase in new homes delivered in California, an increase in our California capture rate to 66% and the commencement of loan originations in South Florida in the third quarter of last year.

 

Expenses for the financial services segment were up 60% and were the result of higher revenue and earnings levels and from the start-up expenses incurred in connection with our expansion into the South Florida market.

 

Financial services joint venture income, which is derived from mortgage banking joint ventures with third party financial institutions which operate in conjunction with our homebuilding divisions in Arizona, Texas, Colorado, Central and Southwestern Florida and the Carolinas, was up 67% to $655,000. The higher level of income was primarily due to increased deliveries in Arizona and the addition of the Florida and Carolina joint venture last year through the acquisition of Westfield Homes.

 

Stock Repurchases

 

During the quarter the Company repurchased 63,300 shares of its common stock for $1.6 million leaving $40.6 million available for future buybacks under the Boards’ existing $75 million authorization.

 

A conference call to discuss the Company’s first quarter earnings will be held at 11:00 a.m. Eastern time on Monday, April 28, 2003. The call will be broadcast live over the Internet and can be accessed through the Company’s website at www.standardpacifichomes.com/investor/investors.asp. The call will also be accessible via

 

4

 

telephone by dialing (800) 915-4836. The entire audio transmission with the synchronized slide presentation will also be available on our website for replay within 2 to 3 hours following the live broadcast.

 

Standard Pacific, one of the nation’s largest homebuilders, has built homes for more than 55,000 families during its 37-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in some of the strongest housing markets in the country with operations in major metropolitan areas in California, Texas, Arizona, Colorado, Florida and the Carolinas. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Family Lending Services, SPH Mortgage, WRT Financial, Westfield Home Mortgage, Universal Land Title of South Florida and SPH Title. For more information about the Company and its new home developments please visit our website at: www.standardpacifichomes.com.

 

This news release contains forward-looking statements. These statements include but are not limited to statements regarding: orders and backlog; the strength of the overall housing market and the visibility of our expected operating results for the balance of the year; expected new community openings; the Company’s earnings, deliveries and revenue estimates for the second quarter and full year 2003; the Company’s expected SG&A rate for 2003; and the Company’s expected average home price for 2003 Companywide and in the Southeastern region. Forward-looking statements are based on current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors — many of which are out of our control and difficult to forecast — that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions of terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; the demand for single-family homes; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of our business; governmental regulation, including the impact of “slow growth” or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to our mortgage banking operations, including hedging activities; future business decisions and our ability to successfully implement our operational, growth and other strategies; litigation and warranty claims; and other risks discussed in our filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2002. We assume no, and hereby disclaim any, obligation to update any of the foregoing or any other forward-looking statements. We nonetheless reserve the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

 

(end of text, tables follow)

 

5

 

STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

(Dollars in thousands, except per share amounts)

(Unaudited)

 

    

Three Months Ended March 31,

  
    

2003

     

2002

  

Homebuilding:

                  

Revenues

   

$

399,733

 

   

$

285,917

 

Cost of sales

   

 

(321,907

)

   

 

(232,347

)

    
  

Gross margin

   

 

77,826

 

   

 

53,570

 

    
  

Selling, general and administrative expenses

   

 

(45,835

)

   

 

(27,704

)

Income from unconsolidated joint ventures

   

 

8,228

 

   

 

3,587

 

Interest expense

   

 

(1,656

)

   

 

(1,078

)

Other income

   

 

314

 

   

 

8

 

    
  

Homebuilding pretax income

   

 

38,877

 

   

 

28,383

 

    
  

Financial Services:

                  

Revenues

   

 

4,272

 

   

 

2,650

 

Expenses

   

 

(3,122

)

   

 

(1,951

)

Income from unconsolidated joint ventures

   

 

655

 

   

 

393

 

Other income

   

 

35

 

   

 

59

 

    
  

Financial services pretax income

   

 

1,840

 

   

 

1,151

 

    
  

Income before taxes

   

 

40,717

 

   

 

29,534

 

Provision for income taxes

   

 

(15,928

)

   

 

(11,746

)

    
  

Net Income

   

$

24,789

 

   

$

17,788

 

    
  

Earnings Per Share:

                  

Basic

   

$

0.77

 

   

$

0.60

 

Diluted

   

$

0.75

 

   

$

0.59

 

Weighted Average Common Shares Outstanding:

                  

Basic

   

 

32,166,934

 

   

 

29,414,304

 

Diluted

   

 

32,987,420

 

   

 

30,342,527

 

 

 

6

 

Selected Operating Data

 

    

Three Months Ended

March 31,

    

2003

   

2002

New homes delivered:

              

Southern California

   

 

333

   

 

295

Northern California

   

 

123

   

 

111

    
  

Total California

   

 

456

   

 

406

    
  

Texas

   

 

110

   

 

131

Arizona

   

 

328

   

 

281

Colorado

   

 

37

   

 

54

Florida

   

 

313

   

 

—  

Carolinas

   

 

107

   

 

—  

    
  

Consolidated total

   

 

1,351

   

 

872

    
  

Unconsolidated joint ventures:

              

Southern California

   

 

103

   

 

22

Northern California

   

 

16

   

 

—  

    
  

Total unconsolidated joint ventures

   

 

119

   

 

22

    
  

Total

   

 

1,470

   

 

894

    
  

Average selling price of homes delivered:

              

California (excluding joint ventures)

   

$

503,000

   

$

449,000

Texas

   

$

274,000

   

$

275,000

Arizona

   

$

173,000

   

$

176,000

Colorado

   

$

315,000

   

$

330,000

Florida

   

$

179,000

   

$

—  

Carolinas

   

$

135,000

   

$

—  

Consolidated (excluding joint ventures)

   

$

295,000

   

$

328,000

Unconsolidated joint venture (California)

   

$

533,000

   

$

560,000

Total (including joint ventures)

   

$

314,000

   

$

333,000

Net new orders:

              

Southern California

   

 

523

   

 

599

Northern California

   

 

147

   

 

209

    
  

Total California

   

 

670

   

 

808

    
  

Texas

   

 

118

   

 

140

Arizona

   

 

383

   

 

487

Colorado

   

 

88

   

 

94

Florida

   

 

713

   

 

—  

Carolinas

   

 

165

   

 

—  

    
  

Consolidated total

   

 

2,137

   

 

1,529

    
  

Unconsolidated joint ventures:

              

Southern California

   

 

111

   

 

69

Northern California

   

 

45

   

 

24

    
  

Total unconsolidated joint ventures

   

 

156

   

 

93

    
  

Total

   

 

2,293

   

 

1,622

    
  

Average number of selling communities during the period:

              

Southern California

   

 

22

   

 

25

Northern California

   

 

12

   

 

14

Texas

   

 

23

   

 

23

Arizona

   

 

22

   

 

22

Colorado

   

 

12

   

 

10

Florida

   

 

28

   

 

—  

Carolinas

   

 

9

   

 

—  

    
  

Consolidated total

   

 

128

   

 

94

    
  

Unconsolidated joint ventures:

              

Southern California

   

 

6

   

 

6

Northern California

   

 

4

   

 

1

    
  

Total unconsolidated joint ventures

   

 

10

   

 

7

    
  

Total

   

 

138

   

 

101

    
  

 

 

7

 

Selected Operating Data (continued)

 

    

At March 31,

    

2003

   

2002

Backlog (in homes):

              

Southern California

   

 

1,046

   

 

862

Northern California

   

 

181

   

 

173

    
  

Total California

   

 

1,227

   

 

1,035

    
  

Texas

   

 

154

   

 

156

Arizona

   

 

622

   

 

732

Colorado

   

 

139

   

 

118

Florida

   

 

1,434

   

 

—  

Carolinas

   

 

139

   

 

—  

    
  

Consolidated total

   

 

3,715

   

 

2,041

    
  

Unconsolidated joint ventures:

              

Southern California

   

 

232

   

 

60

Northern California

   

 

72

   

 

24

    
  

Total unconsolidated joint ventures

   

 

304

   

 

84

    
  

Total

   

 

4,019

   

 

2,125

    
  

Backlog (estimated dollar value in thousands):

              

Consolidated total

   

$

1,099,303

   

$

701,048

Unconsolidated joint ventures (California)

   

 

154,609

   

 

43,214

    
  

Total

   

$

1,253,912

   

$

744,262

    
  

Building sites owned or controlled:

              

Southern California

   

 

8,105

   

 

5,748

Northern California

   

 

3,667

   

 

2,998

    
  

Total California

   

 

11,772

   

 

8,746

    
  

Texas

   

 

2,086

   

 

2,478

Arizona

   

 

4,464

   

 

4,404

Colorado

   

 

1,755

   

 

1,900

Florida

   

 

10,093

   

 

2,786

Carolinas

   

 

3,037

   

 

—  

    
  

Total

   

 

33,207

   

 

20,314

    
  

Total building sites owned

   

 

16,474

   

 

11,766

Total building sites optioned

   

 

11,852

   

 

6,575

Total joint venture lots

   

 

4,881

   

 

1,973

    
  

Total

   

 

33,207

   

 

20,314

    
  

Completed and unsold homes

   

 

191

   

 

222

    
  

Homes under construction

   

 

3,591

   

 

2,023

    
  

 

 

8

 

Selected Financial Data

(Dollars in thousands, except per share amounts)

 

    

Three Months Ended

March 31,

  
    

2003

       

2002

  

Net cash provided by (used in) operating activities(1)

   

$

(97,652

)

     

$

(2,547

)

EBITDA(2)

   

$

54,145

 

     

$

40,691

 

Homebuilding SG&A as a percentage of homebuilding revenues

   

 

11.5

%

     

 

9.7

%

Homebuilding interest incurred

   

$

16,001

 

     

$

12,259

 

Homebuilding interest capitalized to inventories

   

$

14,345

 

     

$

11,181

 

Ratio of LTM EBITDA to homebuilding interest incurred

   

 

4.3x

 

     

 

4.4x

 

 

Balance Sheet Data

 

    

At March 31,

  
    

2003

       

2002

  

Stockholders’ equity per share

   

$

24.72

 

     

$

20.04

 

Ratio of net homebuilding debt to total book capitalization

   

 

49.2

%

     

 

50.0

%

Ratio of net homebuilding debt to LTM EBITDA

   

 

3.0x

 

     

 

2.6x

 

Homebuilding interest capitalized in inventories

   

$

36,686

 

     

$

30,985

 

Homebuilding interest capitalized as a percentage of inventories

   

 

2.4

%

     

 

2.7

%

(1)   As determined in accordance with accounting principles generally accepted in the United States.

 

(2)   As used in this report, EBITDA means net income (plus cash distributions of income from unconsolidated homebuilding joint ventures) before (a) income taxes, (b) homebuilding interest expense, (c) expensing of previously capitalized interest included in cost of sales, (d) depreciation and amortization, (e) income from unconsolidated homebuilding joint ventures and (f) income from financial services subsidiary. Other companies may calculate EBITDA differently. EBITDA is a non-GAAP measure of profitability and is a widely accepted financial indicator of a company’s ability to service debt. However, EBITDA should not be considered in isolation or as an alternative to net income or to cash flows from operating activities (as determined in accordance with accounting principles generally accepted in the United States). EBITDA is used in covenants in our revolving credit facility and our public senior and senior subordinated notes. The calculations of EBITDA below are presented in accordance with the requirements of our debt covenants. The table set forth below reconciles net income to EBITDA:

 

    

Three Months Ended March 31,

    

2003

   

2002

    

(Dollars in thousands)

Net Income

   

$

24,789

   

$

17,788

Add:

              

Cash distributions of income from unconsolidated homebuilding joint ventures

   

 

10,806

   

 

4,700

Income taxes

   

 

15,928

   

 

11,746

Homebuilding interest expense

   

 

1,656

   

 

1,078

Expensing of previously capitalized interest included in cost of sales

   

 

9,519

   

 

9,086

Depreciation and amortization

   

 

825

   

 

579

Less:

              

Income from unconsolidated homebuilding joint ventures

   

 

8,228

   

 

3,587

Income from financial services subsidiary

   

 

1,150

   

 

699

    
  

EBITDA

   

$

54,145

   

$

40,691

    
  

 

 

9

 

STANDARD PACIFIC CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(Dollars in thousands)

 

    

March 31, 2003

   

December 31, 2002

    

(Unaudited)

     

ASSETS

              

Homebuilding:

              

Cash and equivalents

   

$

9,590

   

$

22,245

Mortgage notes receivable and accrued interest

   

 

4,015

   

 

3,682

Other notes and receivables

   

 

26,018

   

 

34,451

Inventories

   

 

1,503,411

   

 

1,375,763

Investments in and advances to unconsolidated joint ventures

   

 

136,769

   

 

122,460

Property and equipment, net

   

 

7,591

   

 

7,524

Deferred income taxes

   

 

12,176

   

 

18,611

Other assets

   

 

19,792

   

 

19,097

Goodwill

   

 

58,537

   

 

58,062

    
  
    

 

1,777,899

   

 

1,661,895

    
  

Financial Services:

              

Cash and equivalents

   

 

10,689

   

 

5,406

Mortgage loans held for sale

   

 

86,996

   

 

109,861

Other assets

   

 

4,929

   

 

14,964

    
  
    

 

102,614

   

 

130,231

    
  

Total Assets

   

$

1,880,513

   

$

1,792,126

    
  

LIABILITIES AND STOCKHOLDERS’ EQUITY

              

Homebuilding:

              

Accounts payable

   

$

63,119

   

$

71,439

Accrued liabilities

   

 

157,073

   

 

193,832

Revolving credit facility

   

 

21,000

   

 

—  

Trust deed and other notes payable

   

 

12,716

   

 

16,670

Senior notes payable

   

 

597,458

   

 

473,469

Senior subordinated notes payable

   

 

148,873

   

 

148,854

    
  
    

 

1,000,239

   

 

904,264

    
  

Financial Services:

              

Accounts payable and other liabilities

   

 

1,315

   

 

2,116

Mortgage credit facilities

   

 

84,022

   

 

111,988

    
  
    

 

85,337

   

 

114,104

    
  

Total Liabilities

   

 

1,085,576

   

 

1,018,368

    
  

Stockholders’ Equity:

              

Preferred stock, $.01 par value; 10,000,000 shares authorized;
none issued

   

 

—  

   

 

—  

Common stock, $.01 par value; 100,000,000 shares authorized;
32,155,088 and 32,183,630 shares outstanding, respectively

   

 

322

   

 

322

Additional paid-in capital

   

 

368,689

   

 

369,723

Retained earnings

   

 

425,926

   

 

403,713

    
  

Total Stockholders’ Equity

   

 

794,937

   

 

773,758

    
  

Total Liabilities and Stockholders’ Equity

   

$

1,880,513

   

$

1,792,126

    
  

 

10